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Free Download Udemy - Company Valuation (2024)
Published: 12/2024
MP4 | Video: h264, 1920x1080 | Audio: AAC, 44.1 KHz
Language: English | Size: 1.21 GB | Duration: 3h 59m
The complete valuation guide with practical examples and downloadable exercises and cases.
What you'll learn
Understand the scope of valuation techniques used in the real world
Learn and Apply Comps and DCF valuation techniques and all the detail that goes into the methods
Understand how to choose a comparable company - what makes a company comparable?
Apply Comps valuation to a real-life case company using sector comparables
Learn how DCF is applied and why it is relevant, and how it links to the company's fundamental cash flows
Understand and calculate the components of a WACC, converting them into a single WACC appropriate for DCF
Practice DCF techniques in downloadable exercises, fully explained by your expert tutor
Requirements
Although all concepts are explained from scratch, delegates will progress more efficiently if they have a basic knowledge of numbers that come out of Financial Statements that will be used (essentially EBITDA, EBIT, balance sheet liabilities, Earnings) and some understanding of ROCE.
Description
The aim of the course is to teach delegates the principle practical techniques used in company valuation for equity analysis and corporate finance valuation. Suitable for those with little valuation knowledge, and a great refresher for those who need some practical insight and application - this is all you need to approach valuation with confidence. The program comes in two main sections: Comps, and DCF. Delegates will also be supplied with our DCF and Comps checklists to help them produce quality consistent valuations. The course will focus on the key issue of achieving consistency and robustness in valuation. The modules in this program cover the follow topics:1. Introduction to valuation - what are the techniques and what are we going to cover2. Conceptual foundations - annuities, perpetuities, Cost of Equity and P/E ratios, ROCE and ROECOMPS (Comparable company analysis)3. What is Comps all about and how it works - P/E, P/S, EV/EBITA: which to use when and some practical exercises to work through in excel, with a full tutor debrief4. Valuation in context - a look at some market P/Es and how different geographies and different sized companies show different characteristics. How does that influence your choice of comparable?5. What makes a company comparable? When looking for comparable companies as a benchmark, what are we looking for and how critical this is to our valuation: no company is average!Take away a Comparables summary checklist (PDF)DCF (Discounted Cash Flow)6. How does DCF compare - who uses it and why?7. DCF Components and Calculations: What cash flow (FCFF vs FCFE), relevant cash flows, perpetuities and how to apply a 2-stage DCF computation. A downloadable exercise with a full tutor debrief will ensure you get to grips with the numbers. 8. The WACC: what weights to we apply to Costs of Debt and Cost of Equity; how to estimate the Kd and Ke using market data and statistics, adjusting for risk. 9. First DCF: Completing a full application of a DCF in a downloadable exercise, with full tutor debrief showing computation of the WACC, and the application to FCFF. Take away a DCF summary cheat-sheet (PDF)10. Advanced DCF considerations: reversing out implied growth, leveraging and deleveraging the Beta (asset beta vs equity beta)
Overview
Section 1: Introduction to Valuation - the plan
Lecture 1 Introduction and core concepts
Section 2: Conceptual foundations
Lecture 2 Annuities and Perpetuities
Lecture 3 Cost of Equity and P/Es
Lecture 4 Perpetuity Exercise debrief - growth and P/Es
Lecture 5 ROCE, ROIC and ROE
Section 3: Comparable Company Analysis
Lecture 6 Comparable Co - Intro and Exercise breifing
Lecture 7 Comparables Exercise - debrief 1
Lecture 8 Comparables Exercise - debrief 2
Lecture 9 Comparables Exercise - debrief 3
Lecture 10 Options in the Real World - Farfetch
Lecture 11 Comparables Exercise - debrief 4
Section 4: Valuation - some history!
Lecture 12 Some market history of P/Es
Section 5: What makes a Co comparable? And Unilever case study.
Lecture 13 What makes a company comparable?
Lecture 14 Unilever comps case - Intro
Lecture 15 Define the Universe - debrief
Lecture 16 Valuation briefing on Relative Value
Lecture 17 Valuation case - debrief
Section 6: Introduction to DCF
Lecture 18 Why DCF?
Lecture 19 Who used DCF?
Section 7: DCF Components and Calculations
Lecture 20 Questions linked to DCF
Lecture 21 What cash flow do we use?
Lecture 22 FCFF calculation - debrief
Lecture 23 Cash flow.....forever!
Lecture 24 Basic DCF - debrief
Section 8: WACC detail and weightings
Lecture 25 WACC weights
Lecture 26 Cost of Debt
Lecture 27 Cost of Equity - part 1
Lecture 28 Cost of Equity - part 2
Section 9: Complete DCF
Lecture 29 First DCF debrief
Lecture 30 Improving your DCF
Section 10: Advanced DCF considerations
Lecture 31 Reversing out 'g'
Lecture 32 Reversing out 'g' - exercise debrief
Lecture 33 Leveraging and Deleveraging Beta
Beginner and and basic-level analysts with little finance knowledge or graduates in a non-finance degree looking to kick start their career in finance or, specifically, investment banking
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