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Valuation Training with Prof. Damodaran in Munich (09 & 10 November 2017)

1.950,00 1.750,00 plus VAT

09 & 10 November – Two full days with Prof. Damodaran.

Description

Enjoy two days of extensive course work with valuation guru Aswath Damodaran

The valuation of companies involves many factors and particularities. The different sources of synergies and their valuation can make a crucial contribution to overpaying for deals or buying at the right price to keep the options and ultimately achieve value creation. When getting involved in transactions in Emerging Markets, expectations and valuations can be quite different. Approaching additional investors for the first time, increasing equity in different rounds or taking over startup or rapidly growing companies require a particular skill and method set for valuation. The valuation of businesses in distress, turnaround situation or bankruptcy may require different ways of valuation than profitable and stable companies. Private equity investors are a very important player in the M&A markets and have very specific forms and needs in valuations when arranging a Leveraged Buy Out situation. In the last section, some other models and variation of valuation techniques are presented.

Course Objectives

  • 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

What is included in this Program?

  • Course materials & presentations
  • Refreshment breaks & lunch
  • Come together & networking reception
  • Certificate from IMAA Institute signed by Prof. Damodaran

 

Save your Early Bird rate till July 31.

TimeContent
Day 1 - morningThe Discounted Cash Flow Model
Setting up the Model
The Big Picture of DCF Valuation
Valuation Examples
The Discount Rate Question
Day 1 - afternoonRisk premiums and Betas
The Cost of Debt
Estimating Cash Flows
Estimating Growth Rates
Estimating Growth Patterns
The Terminal Value
Closing Thoughts on DCF valuation
Day 1 - eveningNetworking Reception
Day 2 - morningLoose Ends in Valuation
- Cash, Cross holdings and other assets
- The Value of Control, Synergy and Transparency
- The Liquidity Discount
- Employee Stock Options
Challenges in Valuation
- Valuing young, growth companies
- Valuing mature companies in transition
- Valuing declining and distressed companies
Day 2 - afternoonChallenges in Valuation - Continued
- Valuing cyclical companies
- Valuing commodity companies
- Valuing financial service companies
- Valuing private businesses
Relative Valuation
- Deconstructing multiples
- Comparable company valuation

Aswath Damodaran is a Professor of Finance at the Stern School of Business at New York University (Kerschner Family Chair in Finance Education), where he teaches corporate finance and equity valuation. He is best known as author of several widely used academic and practitioner texts on Valuation, Corporate Finance and Investment Management. Damodaran is widely quoted on the subject of valuation, with “a great reputation as a teacher and authority”. He has written several books on equity valuation, as well on corporate finance and investments. He is also widely published in leading journals of finance, including The Journal of Financial and Quantitative Analysis, The Journal of Finance, The Journal of Financial Economics and the Review of Financial Studies. He is also known as being a resource on valuation and analysis to investment banks on Wall Street.

Prior to joining NYU, he served as visiting lecturer at the University of California, Berkeley from 1984 to 1986. He was profiled in Business Week as one of the top 12 U.S. business school professors; he has also received awards for excellence in teaching from both universities. Damodaran also teaches on the TRIUM Global Executive MBA Program, an alliance of NYU Stern, the London School of Economics and HEC School of Management, and for the Master of Science in Global Finance (MSGF), which is a joint program between Stern and the Hong Kong University of Science and Technology. He also teaches the “Valuation” Open Enrollment program for Stern Executive Education.

Damodaran holds M.B.A. and Ph.D. degrees from the University of California, Los Angeles Anderson School of Management, along with a B.Com. in Accounting from Madras University and a MS in Management from the Indian Institute of Management Bangalore.

Books

  • Applied Corporate Finance (ACF) (4th Edition)
  • Investment Valuation: Tools and Techniques for Determining the Value of Any Asset (1995)
  • The Little Book of Valuation: How to Value a Company, Pick a Stock and Profit (2011)
  • Damodaran on Valuation: Security Analysis for Investment and Corporate Finance (1994)
  • The Dark Side of Valuation: Valuing Old Tech, New Tech, and New Economy Companies (2001)
  • Corporate Finance: Theory and Practice (1996)
  • Investment Fables: Exposing the Myths of “Can’t Miss” Investment Strategies (2004)
  • The Analysis And Use Of Financial Statements Second Edition And Investment Valuation: Tools And Techniques For Determining The Value Of Any Asset
  • Strategic Risk Taking: A Framework For Risk Management (2007)
  • Applied Corporate Finance: A User’s Manual (1998)
  • Investment Philosophies: Successful Investment Philosophies and the Greatest Investors Who Made Them Work (2003)
  • Applied Corporate Finance
  • Damodaran on Valuation, Study Guide: Security Analysis for Investment and Corporate Finance(1994)
  • Investment Philosophies: Successful Strategies and the Investors Who Made Them Work (2003)
  • Foundations and Trends: Valuation Approaches and Metrics: A Survey of the Theory and Evidence (2005)
  • Corporate Finance: Theory & Practice Test Bank
  • Corporate Finance, Study Guide and Problems Manual: Theory and Practice
  • Core Concepts of Applied Corporate Finance
  • Caliber Course Using Corporate Finance
  • Building Public Trust: The Future of Corporate Reporting
  • Valuation Approaches and Metrics: A Survey of the Theory and Evidence

Source: Wikipedia.org

Applied Corporate Finance Corporate Finance Theory and practice Damodaran on Valuation Dark Side of Valuation Investment Fables Investment Management Investment philosophies Investment Valuation