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Session 18: Deconstructing Multiples
In this session, we continued with our discussion of pricing, starting with the analytics that drive PEG, PBV, EV/EBITDA and revenue multiples. Durin…
1 week ago
Terminal Value Myth 2: As g approaches r, it is to Infinity and beyond!
Many analysts when they first see the perpetual growth model feel the call of Buzz Lightyear, since moving the growth rate towards the discount rate …
1 week, 1 day ago
Session 20: Analyzing Multiples
In this session, we continued with our discussion of pricing, starting with the analytics that drive PEG, PBV, EV/EBITDA and revenue multiples. Durin…
1 week, 1 day ago
Terminal Value Myth 1: Don't believe in forever? You can't do DCF!
In classrooms and textbooks, you are taught that there is only one way to estimate a terminal value and that is to assume cash flows grow at a consta…
1 week, 1 day ago
Session 19: Optimal Financing Mix - Determinants and Drivers
In this class, we started by tying up loose ends on the cost of capital approach, starting with why moving to the optimal changes the value of a busi…
1 week, 1 day ago
Session 21: IPO and VC Valuation and First Steps on Real Options
In today's class, we put the finishing touches on private company valuation by looking at key questions that arise in private company valuation (illi…
1 week, 2 days ago
Session 19: Pricing Closure
In this class, we closed the book on relative valuation by looking at how to price young companies, using forward multiples, and how to pick the "rig…
1 week, 2 days ago
Faith, Fear and Feedback: Ready for the Valeant Test?
In May 2016, I bought Valeant at $27, contending that it was worth $44. The stock dropped to $15 on November 9, 2016, leading me to a decision of whe…
1 week, 2 days ago
Session 21: Closure on Pricing
In today's class, we closed the book on relative valuation by looking at how to price young companies, using forward multiples, and how to pick the "…
1 week, 2 days ago
Session 20: Following up on optimizing debt mix
We started this class with the adjusted present value approach, where we begin with the unlevered firm value, and then add the tax benefits of debt a…
1 week, 3 days ago