This three-day equity valuation class was offered in New York from June 4-6, and the lectures are available for download. To get a full flavor for the class, you may want to start with the website that I put together for the class.
You can then follow up by downloading the lecture note packet for the class
I also provided a data addendum with updated data on risk free rates and key valuation parameters that you can also download here
And here are the webcasts, organized into twelve hour and a half sessions, with the lecture note pages that are relevant for each session.
| Session (Click here) | Topics covered | Lecture notes |
1 (June 4, 9-10.30) |
Introduction to Class Approaches to Valuation |
Page 1-7 |
| 2 (June 4, 11-12.30) Live Stream Video download Audio download |
Big Picture of valuation - The inputs to value - Amgen valuation |
Page 8-12 |
| 3
(June 4, 1.30-3) Live Stream Video download Audio download |
Tata Motors valuation Estimating riskfree rates Historical Equity Risk Premiums |
Page 13-25 |
| 4 (June 4, 3.30-5) Live Stream Video download Audio download |
Implied Equity Risk Premiums Estimating betas - The perils of regression betas - Bottom up or sector betas |
Page 26-49 |
5 (June 5, 9-10.30) |
The cost of debt Estimating earnings - Updating - Cleaning up leases/ R&D Tax rates |
Page 50-67 |
| 6 (June 5, 11-12.30) Live Stream Video download Audio download |
Cap ex and working capital Expected growth Terminal value Value Enhancement 101 - Increasing cash flows & growth - Acquisitons as value enhancers |
Page 68-102 |
| 7
(June 5, 1.30-3) Live Stream Video download Audio download |
Common errors in acquisition valuation Competitive Advantages and value Lowering cost of capital |
Page 103-135 |
| 8 (June 5, 3.30-5) Live Stream Video download Audio download |
Loose Ends in Valuation - The value of cash - Cross holdings - Complexity - Synergy - Lawsuits and underfunded pension/health plans |
Page 136-158 |
9 (June 6, 9-10.30) |
More loose ends - The value of control - Equity options The Dark Side of Valuation - Valuing young, growth companies |
Pages 159-176 |
| 10 (June 6, 11-12.30) Live Stream Video download Audio download |
More on valuing young, high growth companies Valuing mature companies going through change Valuing distressed companies |
Pages 177-209 |
| 11
(June 6, 1.30-3) Live Stream Video download Audio download |
Valuing commodity & cyclical companies Valuing financial service companies Valuing companies with intangible assets Valuing private businesses |
Page 210-232 |
| 12 (June 6, 3.30-5) Video downloads of topics (replacement for last session) |
Valuing private businesses | Page 233-241 |
| Mind the Gap: Value versus Price | Page 242-252 | |
| Relative valuation | Page 253-End |
And once you get done, here is my post-seminar website to test out your knowledge