Class Logistics and Structure
1:15:51The Bermuda Triangle of Valuation
1:17:16Valuation Approaches (Continued) and First Steps on Intrinsic Value
1:17:50The DCF Big Picture and First Steps on Risk-Free Rates
1:17:38Finishing up Riskfree Rates and Moving on to Risk Premiums
1:17:02Implied Equity Risk Premiums
1:18:22Betas, Relative Risk and First Steps on Cost of Debt
1:17:16Cost of Capital Closure + First Steps on Cash Flows
1:19:56Tax Rates, Cap Ex and Working Capital
1:18:35FCFE Closure and First Steps on Growth
1:49:10Closure on Growth and First Steps on Terminal Value
1:33:01The Terminal Value
44:54Loose Ends in Valuation
1:20:42Last Loose Ends + First Steps on Storytelling
1:17:17More Storytelling and First Company Valuations
1:16:58Valuing the market and companies across the life cycle
1:17:09Valuing Declining, Emerging Market and Financial Service companies
1:34:58Intrinsic Value Closure and Pricing Beginnings
1:27:59Pricing Continued
1:17:10Tariff Talk
46:44Pricing Analytics and Peer Groups
1:16:15Pricing Closure and Asset-based Valuation/Pricing
1:17:37Closure on Growth and First Steps on Terminal Value
This session concludes the discussion on sustainable growth, examining growth in net and operating income using reinvestment rates and accounting returns. It then introduces terminal value, highlighting the limitations of using a terminal multiple for intrinsic valuation.
In this session, we continued with our discussion of sustainable growth, by looking at growth in net income and operating income, using versions of the reinvestment rate and accounting returns for each. We then moved on to building cash flows in a general case, starting with revenue growth, moving on to operating margins and reinvestment, with a sales to capital ratio. With each, we looked the determinants, with Airbnb as an illustrative example. In the final part of the class, we started the discussion of terminal value, by noting that using a terminal multiple undercuts an intrinsic value by making it a forward pricing.