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Title

Masterclass on Business Valuation With Aswath Damodaran

Event Description

​​Masterclass on Business Valuation With 

Aswath Damodaran - 25 & 26 May 2017

Trainer: Aswath Damodaran

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

Event Type

Society; Educational

Education Topic

Performance Measurement and Evaluation

Start Time

5/25/2017 9:00

End Time

5/26/2017 17:00

City

Singapore

State/Province

 

Event Country

Singapore

Event Region

Asia Pacific

Location Info

Four Season Hotel, Singapore 
190 Orchard Blvd, Singapore 248646

Speaker

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

CE Credits

14

SER Credit

NA

Currency

SGD

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)

Candidate Price

NA

Registration

Please email registration form to eventmanagement@cfasingapore.org​

All Day Event

 

Recurrence

 

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Event Type

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Function Type:

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Attachments

2017-05-25 and 26 Business Valuation Workshop with Aswath Damodaran.pdf    
Content Type: MyCFA Calendar
Created at 3/27/2017 16:28 by peiyun@cfasingapore.org[CASMSTS:username]
Last modified at 3/27/2017 16:39 by peiyun@cfasingapore.org[CASMSTS:username]