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How to Value Companies
Homework 1
Introducing Guess the Stock
C1 Introduction to Valuation: Theory Part 1
Course Welcome (3:09)
Module Welcome Video (0:46)
Course Introduction (2:30)
Two Approaches to Valuation (3:37)
3 Golden Rules of Valuation (2:15)
Introducing Damodaran (1:54)
Intrinsic Valuation 1 (1:49)
Intrinsic Valuation II (2:29)
Intrinsic Valuation III: Further Reading
History of The Science of Investing (7:43)
Wrap Up (0:42)
C2 Introduction to Valuation: Theory Part 2
Welcome Video (0:59)
Introduction to Module
Central Concept - WACC
Modern Portfolio Theory I (5:02)
Modern Portfolio Theory II (6:08)
Evidence Against MPT I (8:32)
Evidence against MPT II (8:14)
DCF Valuation I (5:56)
DCF Valuation II (6:11)
DCF Exercise
Other Intrinsic Valuation Methods: DDM (2:47)
Other Intrinsic Valuation Methods: EVA (6:39)
CFROI (10:58)
Relative Valuation I (3:59)
Relative Valuation II (5:05)
Relative Valuation III (3:52)
Hybrid Methods (4:33)
Gordon Growth Model (2:05)
Conclusions (1:05)
Wrap Up (1:10)
Resources
Homework 2
Guess the Stock 1
GTS 1 Answer
C3 Enterprise Value: An Essential Building Block
1 Welcome Video (1:11)
2 Introduction (2:41)
3 Theory – An Aside
4 Why EV Based Measures are Useful (1:41)
5 Advantages of EV (1:24)
6 Calculating EV - I Basics (2:06)
7 Calculating EV II Associates (5:02)
8 Calculating EV III Minorities (4:10)
Exercise - Minority Valuations
Exercise Answer - Minority Valuations
9 Calculating EV IV Debt at Market Value (3:52)
10 Calculating EV V - Stock Options etc (1:53)
11 Calculating EV VI - Rolling forward the EV (1:44)
12 Applying EV - Using EV per Unit (1:57)
13 EV Wrap up (1:34)
14 EV ClosingVideo (1:39)
Homework 3
Guess the Stock 2
GTS 2 Answer
C4 Stockmarket Multiples
1 Welcome Video (1:28)
2 Introduction (2:50)
3 Overview of Multiples (2:07)
4 P/E I (3:54)
5 P/E II (3:51)
6 P/E III - Forward P/E (4:35)
7 P/E IV – Formulaic Approach to P/E Valuation (6:58)
8 P/E V – Conclusions on PE (2:09)
9 Price to Book (4:07)
10 PEG Ratio (2:46)
11 Cash flow multiples (3:55)
12 Dividend Yield (5:09)
13 Others including Price:Sales (3:46)
14 EV/EBITDA (5:08)
15 Other EV Based Measures (4:43)
16 EV:Sales I (3:08)
17 EV:Sales II: Applying it in Practice (5:11)
18 FCF Yield to EV (0:38)
19 Average P/E (1:39)
20 Wrap up (1:25)
21 Closing Video (0:48)
Homework 4
Guess the Stock 3
GTS 3 Answer
Module C5 - Other Valuation Techniques
1 Welcome Video (1:19)
2 Introduction (0:56)
3 DCF I (7:11)
4 DCF II (2:04)
5 DCF III - Mechanics (2:44)
6 Reverse DCF (2:23)
7 Sum of the Parts (6:58)
8 Comps Analysis (3:11)
9 Comparable Transaction Multiples (2:46)
10 Football Field Analysis
11 Wrap up (1:01)
12 Closing Video (0:44)
Valuation Exercise
Valuation Exercise Suggested Solution
Homework 5
Guess the Stock 4
GTS 4 Answer
C6 Refining Valuation Techniques
Welcome Video (2:41)
1 Module Overview (2:41)
2 Compounders I (4:56)
3 Compounders II (3:36)
4 Compounders III (3:18)
5 Case Study I - Microsoft (3:41)
6 Case Study II - Starbucks (1:17)
7 Case Study III - Coke (1:58)
8 Compounders – Conclusions (1:26)
9 Tying Multiples to Returns/Growth/Rates (3:40)
10 Sensitivity Analysis (3:12)
11 Sensitivity Analysis II (1:40)
12 Balance Sheet and Cash Flow Effects (3:26)
13 Common Valuation Misconceptions (3:33)
14 Balance Sheet Impact on Multiples I (2:53)
15 Balance Sheet Impact on Multiples II (2:04)
16 Balance Sheet Impact on Multiples III (2:48)
17 Sum of the Parts Revisited (6:38)
18 IPOs (3:52)
19 The Perils of Debt (3:18)
20 Value Traps (2:32)
21 Displaying Valuation Data (5:26)
22 LTV vs CAC I (6:42)
23 LTV vs CAC II (4:23)
24 LTV vs CAC III - Churn (2:43)
25 LTV vs CAC IV - Conclusions (2:08)
26 Sector Valuation (5:07)
27 Valuation of Markets (5:59)
28 Conclusions (2:04)
Valuation Exercise
Valuation Exercise Suggested Solution
29 Module Closing Video (1:13)
30 Course Closing Video (2:43)
Homework 6
Guess the Stock 5
GTS 5 Answer
Course Welcome
Complete and Continue