Masterclass on Business Valuation with Aswath Damodaran

Masterclass on Business Valuation With Aswath Damodaran - 25 & 26 May 2017

Trainer: Aswath Damodaran Professor, Stern School of Business at New York University

There are as many models for valuing stocks and businesses as there are analysts doing valuations. While we often talk about the differences across valuation models, we seldom talk about what they share in common. In this seminar, we hope to emphasize the shared foundations of valuation approaches and how to bridge differences among them.

The first part of the seminar will cover the discounted cash flow valuation, and the estimation issues that come up when estimating discount rates, cash flows and expected growth. In addition, it will look at value enhancement through the prism of discounted cash flow models. The second part of the seminar will focus on what we term the loose ends in valuation and follow up by looking at “difficult-to-value” companies across the spectrum (life cycle, sectors). The third part of the seminar will examine relative valuation, i.e., the valuation of assets/businesses by looking at how similar assets/businesses are priced by the market.

Objective

The objective of the seminar is to provide the fundamentals of each approach to valuation, together with limitations and caveats on the use of each, as well as extended examples of the application of each.

At the end of the seminar, participants should be able to –

 - Value any kind of firm in any market, using discounted cash flow models (small and large, private and public)

 - Value a firm using multiples and comparable firms

 - Analyze and critique the use of multiples in valuation

 - Value “problem” firms, such as financially troubled firms and start-up firms

 - Estimate the effect on value of restructuring a firm


 

Who Should attend?

 - The mix of basic valuation techniques & applications provided in this seminar will appeal to a widely diverse audience.

 - Equity research analysts, who are interested in examining alternatives to the multiples that they use or the linkage to discounted cash flow models

 - Corporate financial officers, who want to understand the details of valuation, either because they are planning acquisitions or are interested in value enhancement strategies for their firms

 - Analysts involved in mergers and acquisitions, who would like to acquire a wider repertoire of valuation skills

 - Portfolio Managers who are interested in the effects of corporate restructuring on firm value, and the implications for portfolio management

    - Anyone interested in valuation

Agenda

 Day1

 - The Discounted Cash Flow Model

 - Setting up the Model

 - The Big Picture of DCF Valuation

 - Valuation Examples

 - The Discount Rate Question

 - Risk premiums and Betas

 - The Cost of Debt

 - Estimating Cash Flows

 - Estimating Growth Rates

 - Estimating Growth Patterns

 - The Terminal Value

 - Closing Thoughts on DCF valuation

 

 

 

 

 

 Day2

 - Loose Ends in Valuation

    - Cash, Cross holdings and other assets

    - The Value of Control, Synergy and

 - Transparency

    - The Liquidity Discount

    - Employee Stock Options

 - The Dark Side of Valuation

    - Valuing young, growth companies

    - Valuing mature companies in transition

    - Valuing declining and distressed companies

 - The Dark Side of Valuation

 - (Continued)

    - Valuing cyclical companies

    - Valuing commodity companies

    - Valuing financial service companies

    - Valuing private businesses

 - Relative Valuation

    - Deconstructing multiples

    - Comparable company valuation

This workshop is eligible for 14 CE credit hours.

Course Fee:

CFA Singapore member price : S$2,834* (Early Bird fee before 15 April 2017)

                                                S$2,990* (Early Bird fee before 30 April 2017)

                                                S$3,149* (Standard fee)

Non-member price : S$3,149* (Early Bird fee before 15 April 2017)

                                S$3,324* (Early Bird fee before 30 April 2017)

                                S$3,499* (Standard fee)

* Prices before 7% GST

Please email eventmanagement@cfasingapore.org for more details

Download course brochure here   |   Click here for our CFA Singapore official webpage

Aswath Damodaran - Professor - Stern School of Business at New York University

Aswath Damodaran is the Kerschner Family Chair Professor of Finance at the Stern School of Business at New York University. He teaches the corporate finance and valuation courses in the MBA program. He received his MBA and Ph.D from the University of California at Los Angeles. His research interests lie in valuation, portfolio management and applied corporate finance. He has published in the Journal of Financial and Quantitative Analysis, the Journal of Finance, the Journal of Financial Economics and the Review of Financial Studies. He has written four books on valuation (Damodaran on Valuation, Investment Valuation, The Dark Side of Valuation, The Little Book of Valuation), and two on corporate finance (Corporate Finance: Theory and Practice, Applied Corporate Finance: A User’s Manual). He has co-edited a book on investment management with Peter Bernstein (Investment Management), has a book on investment philosophies (Investment Philosophies) and one on “can’t miss” investment strategies, titled Investment Fables. He also has a book on the relationship between risk and value, Strategic Risk Taking, which takes a big picture view of how risk management affects value. Aswath was a visiting lecturer at the University of California, Berkeley, from 1984 to 1986, where he received the Earl Cheit Outstanding Teaching Award in 1985.

DATE:
Thursday, May 25, 2017-
Friday, May 26, 2017

TIME:
09:00 a.m.-05:00 p.m.

LOCATION:
Four Season Hotel, Singapore
190 Orchard Blvd, Singapore 248646

Speaker(s):
Aswath Damodaran


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