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
1:17:37More Storytelling and First Company Valuations
This session extends the discussion on narrative valuation, emphasizing the importance of feedback loops in refining business stories and identifying pitfalls like runaway stories and the big market delusion. It applies these concepts to initial company valuations.
In this class, we continued our discussion of stories, and how critical it is to keep the feedback loop open, so that you can make your stories better. I also talked about runaway stories and the big market delusion, and if you are interested, here are my posts on the topics: Big Market Delusions: We also talked about how story breaks, shifts and changes. Since I talked about dealing with new earnings reports, I thought you may find these two posts of interest in how narratives shift, and with them, values: Reacting to Earnings Reports: Toward the end of the class, we valued a mature, dividend paying company in ConEd and a mature growth company in 3M, before and after a market crisis.
Last Loose Ends + First Steps on Storytelling
Next · Lecture 16Valuing the market and companies across the life cycle