Valuing companies with R&D Dealing with uncertainty in valuation Valuing declining and distressed companies Macro effects on valuation Relative Valuation - Introduction - Definition and Descriptive Tests
Course
Valuation
NYU's Stern Business School Professor Aswath Damodaran teaches Valuation.
26 Lectures
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Class Introduction
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Approaches to Valuation Introduction to DCF valuation Firm vs Equity Valuation
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The Big Picture of Valuation Riskfree Rates - Necessary Ingredients - What if the government is not default free?
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Equity Risk Premiums - What are they? - Historical Risk Premiums - Country Risk Premiums - Company Exposure to Country Risk - Implied Equity Risk Premiums
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Equity Risk Premia and Bond default spreads Equity Risk Premia and Real Estate Cap Rates Implied premia for emerging markets Betas - The problem with regression betas - Solutions
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Updated ERP for September 2009 The Cost of Debt Why we use market value debt ratios. Cost of Capital - From one currency to another.
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Hybrid Securities Measuring Earnings - Updated values - Corrrecting for leases - Correcting for R&D
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Working Capital: Definition and Forecasting Cash flow to Equity: Dividends, Earnings and FCFE Expected growth - The problems with historical growth - Analyst and Management forecasts of growth - Fundamental Growth
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Fundamental Growth - EPS versus Net Income - Organic vs Efficiency Growth -Operating Income Growth -Growth with money losing companies Terminal Value -Why multiples don't work - Consistency rules (Growth rate, Length of growth, Excess Returns)
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Terminal value: Final thoughts Picking the "right" DCF model Loose ends in valuation - The value of cash - The value of cross holdings
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Valuation examples - Implied growth rate & Target prices - Financial service firms: pre and post crisis - Valuing the S&P 500 - Negative FCFE and dilution effects
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Analysis and Application Tests The PE Ratio - Definiton - Descroption - Deternimnats
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More on PE ratios - Comparing PE ratios across markets - Comparing PE ratios across companies - Cross sectional regressions PEG Ratios - Definition and Determinants
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PEG Ratios- Applicaitons Value Multiples - EV/EBITDA and determinants Price to Book Ratios
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Valuing Corporate Governance Lambdas and value The Dark Side of Valuation - Valuing young companies
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Visualizing cheap companies - PBV versus ROE EV to Book Capital Ratios Finding the companion variable PS and EV/Sales Ratios Brand Name Value
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Option Pricing Redux The Option to Delay - Valuing Patents - Valuing undeveloped natural reserves
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Final thoughts on valuing equity as an option Acquirers' Anonymous: Seven Steps to Sobriety - Evidence on acquisitions - Acquisition tests
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More acquisition tests Price versus Value Enhancement Pathways to Value Enhancement The value of control
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Closing thoughts on Value Enhancement Dante meets DCF: Ten Sins in Valuation Project Findings
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