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Valuation

Publicat: 19 Apr 2011 00:00

By Aswath Damodaran - New York University
Licence:

Course Description:
NYU's Stern Business School Professor Aswath Damodaran teaches Valuation.
Lectures:








Lecture 1 - Introduction to Valuation



Class Introduction












Lecture 2 - Approaches to Valuation



Approaches to ValuationIntroduction to DCF valuationFirm vs Equity Valuation












Lecture 3 - Valuation Riskfree Rates



The Big Picture of ValuationRiskfree Rates- Necessary Ingredients- What if the government is not default free?












Lecture 4 - Equity Risk Premiums



Equity Risk Premiums- What are they?- Historical Risk Premiums- Country Risk Premiums- Company Exposure to Country Risk- Implied Equity Risk Premiums












Lecture 5 - Equity Risk Premia and Bond Default



Equity Risk Premia and Bond default spreadsEquity Risk Premia and Real Estate Cap RatesImplied premia for emerging marketsBetas- The problem with regression betas- Solutions












Lecture 6 - New ERP for September 2009



Updated ERP for September 2009The Cost of DebtWhy we use market value debt ratios.Cost of Capital - From one currency to another.












Lecture 7 - Hybrid Securities Measurings Earnings



Hybrid SecuritiesMeasuring Earnings- Updated values- Corrrecting for leases- Correcting for R&D












Lecture 8 - Accounting Fraud



Accounting fraud- Dealing with money losing companies- Tax rates- Cap Ex












Lecture 9 - Working Captial



Working Capital: Definition and ForecastingCash flow to Equity: Dividends, Earnings and FCFEExpected growth- The problems with historical growth- Analyst and Management forecasts of growth- Fundamental Growth












Lecture 10 - Fundamental Growth



Fundamental Growth- EPS versus Net Income- Organic vs Efficiency Growth-Operating Income Growth-Growth with money losing companiesTerminal Value-Why multiples don't work- Consistency rules (Growth rate, Length of growth, Excess Returns)












Lecture 11 - Terminal Value



Terminal value: Final thoughtsPicking the "right" DCF modelLoose ends in valuation- The value of cash- The value of cross holdings












Lecture 12 - Other Missed Assets



Other missed assets?The value of complexityDefining debt: Cost of capital versus Debt to net out...Equity Options












Lecture 13 - Valuation Examples



Valuation examples- Implied growth rate & Target prices- Financial service firms: pre and post crisis- Valuing the S&P 500- Negative FCFE and dilution effects












Lecture 14 - Valuing Corporate Governance Lambdas



Valuing Corporate GovernanceLambdas and valueThe Dark Side of Valuation- Valuing young companies












Lecture 15 - Valuing Companies with R&D



Valuing companies with R&DDealing with uncertainty in valuationValuing declining and distressed companiesMacro effects on valuationRelative Valuation- Introduction- Definition and Descriptive Tests












Lecture 16 - Analysis and Application of the PE Ratio



Analysis and Application TestsThe PE Ratio- Definiton- Descroption- Deternimnats












Lecture 17 - PE Ratios continued



More on PE ratios- Comparing PE ratios across markets- Comparing PE ratios across companies- Cross sectional regressionsPEG Ratios- Definition and Determinants












Lecture 18 - PEG Ratios



PEG Ratios- ApplicaitonsValue Multiples- EV/EBITDA and determinantsPrice to Book Ratios












Lecture 19 - Visualizing Cheap Companies



Visualizing cheap companies - PBV versus ROEEV to Book Capital RatiosFinding the companion variablePS and EV/Sales RatiosBrand Name Value












Lecture 20 - Option Pricing Redux



Option Pricing ReduxThe Option to Delay- Valuing Patents- Valuing undeveloped natural reserves












Lecture 21 - Valuing Equity as an Option



Final thoughts on valuing equity as an optionAcquirers' Anonymous: Seven Steps to Sobriety- Evidence on acquisitions- Acquisition tests












Lecture 22 - Acquisition Tests, Price v. Value



More acquisition testsPrice versus Value EnhancementPathways to Value EnhancementThe value of control












Lecture 23 - Closing Thoughts on Value Enhancement



Closing thoughts on Value EnhancementDante meets DCF: Ten Sins in ValuationProject Findings





Source: http://academicearth.org/courses/valuation

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