• Aswath Damodaran: "Valuation: Four Lessons to Take Away" | Talks at Google

    The tools and practice of valuation is intimidating to most laymen, who assume that they do not have the skills and the capability to value companies. In this talk, I propose to lay out four simple propositions about valuation. The first is that valuation is not an extension of accounting, insofar as it is not about recording the past but forecasting the future. The second is that valuation is not just modeling, where people put numbers into Excel spreadsheets and pump out values. A good valuation requires a narrative that binds the numbers together. The third is that valuing an asset or business is very different from pricing that asset or business, a difference that is often blurred in practice. The fourth is that luck plays a disproportionate role in whether you make money off your valu...

    published: 17 Feb 2015
  • Valuation Tools Webcast: Reading a 10K

    Financial statements are increasingly filled with fluff and knowing how to separate what matters from what does not is critical. In this webcast, I look at the P&G 10K, with the intent of extracting the information that matters. Slides: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/PG/Reading10KPG.pdf P&G 10K: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/PG/ProcterGamble10K.pdf P&G Spreadsheet: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/PG/P&Gvaluationfixed.xls

    published: 20 Feb 2015
  • Valuation Tools Webcast #1: Getting Data

    A webcast on how to get data/information on companies so as to assess their corporate finance health & value.

    published: 05 Sep 2014
  • Valuation Tools Webcast #8: Terminal Value

    The terminal value in a discounted cash flow valuation is the elephant in the room. In this webcast, I look at simple rules to keep it in check.

    published: 08 Oct 2014
  • Valuation Tools Webcast #6: Estimating Trailing 12-month number

    The key to getting an updated value is working with updated numbers. In this webcast, I look at how use an annual and quarterly report to construct a twelve-month earnings number. I use Apple's 10K from 2012 and a 10Q from 2013 to illustrate the process: Apple 10K: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/TTM/Apple10K.pdf Apple 10Q: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/TTM/Apple10Q.pdf Spreadsheet: http://www.stern.nyu.edu/~adamodar/pc/blog/AppleTTM.xls

    published: 27 Sep 2014
  • Valuation Tools Webcast #9: Dealing with Employee Options

    In this webcast, I look at the process of valuing employee options and incorporating that value into the value of equity per share. I use Cisco to illustrate. Cisco 10K: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/webcasts/EmployeeOptions/cisco10K.pdf Cisco Option spreadsheet: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/webcasts/EmployeeOptions/ciscooptions.xls

    published: 16 Oct 2014
  • Valuation Tools Webcast #7: Measuring Accounting Returns

    The return on equity and invested capital are key to estimating growth and value at companies, but they are accounting numbers and need tender care and attention. Walmart (2013): http://www.stern.nyu.edu/~adamodar/pdfiles/cfovhds/webcasts/ROIC/walmart10K.pdf Walmart (2012): http://www.stern.nyu.edu/~adamodar/pdfiles/cfovhds/webcasts/ROIC/walmart10Klastyear.pdf Spreadsheet:http://www.stern.nyu.edu/~adamodar/pdfiles/cfovhds/webcasts/ROIC/walmartreturncalculator.xls

    published: 03 Oct 2014
  • How to Value Stocks

    GuruFocus team will be demonstrating the most widely used methods to value common stocks. These include the discount cash flow method, earnings yield, Yacktman rate of return, industry comparisons and others. GuruFocus screeners and valuation tools will give you tremendous edge in your research and analysis. Visit http://www.gurufocus.com/

    published: 06 May 2015
  • Valuation Tools Webcast #12: Analyzing data for multiples

    Look at how to go from raw data to analyzing and assessing multiples.

    published: 07 Nov 2014
  • EBITDA vs Cash Flow: Company valuation tools

    Ken Boyd is the Co-Founder of Accountinged.com, and owns St. Louis Test Preparation (accountingaccidentally.com). He provides writing, video and speaking services on accounting and finance topics. Ken is the author of Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies. As a former CPA, Auditor, Tax Preparer and College Professor, Boyd brings a wealth of business experience to education.

    published: 03 May 2017
  • How to Value a Company in 3 Easy Steps - Valuing a Business Valuation Methods Capital Budgeting

    Clicked here http://www.MBAbullshit.com/ and OMG wow! I'm SHOCKED how easy.. Just for instance I possessed a company comprising of a neighborhood store. To put together that center, I invested $1,000 one year ago on apparatus along with other assets. The equipment in addition to other assets have depreciated by 10% in a single year, so now they're valued at only $900 inside the accounting books. In case I was going to make an effort to offer you this company, what amount would an accountant value it? Relatively easy! $900. The cost of the whole set of assets (less liabilities, if any) can give accountants the "book value" of a typical organization, and such is systematically how accountants observe the worth of an enterprise or company. (We employ the use of the word "book" because th...

    published: 15 Mar 2010
  • Valuation Tools Webcast #11: Enterprise Value, Firm Value and Equity Value

    Looks at the contrast between three widely used measures of market value and how to compute each.

    published: 31 Oct 2014
  • Commercial Real Estate - How to Value a Property

    We talk about 3 valuation methods in this video - Sales Comparison, Capitalization, and Replacement Cost Methods. Each has its own use, and appropriate circumstances.

    published: 12 Jul 2012
  • Valuation Tools Webcast #5: Capitalizing R&D

    R&D is really capital expenditures (for technology and pharmaceutical companies) but accountants treat it as operating expenses. In this webcast, I look at the process of capitalizing R&D and how it affects earnings and reinvestment rates. I use Microsoft to illustrate the process. Microsoft 10K (2012): http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/webcasts/R&D/Microsoft10K.docx Microsoft 10K (2011): http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/webcasts/R&D/Microsoftlastyear10K.docx Spreadsheet: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/webcasts/R&D/MicrosoftR&D.xls

    published: 27 Sep 2014
  • Valuation Tools Webcast #14: Valuing Equity as an Option

    In this webcast, I look at using option pricing techniques to value equity in a deeply distressed company (losing money, with a lot of debt).

    published: 22 Nov 2014
  • Valuation Tools Webcast #2: Estimating Risk free Rates

    A webcast on how to estimate the risk free rate in any currency.

    published: 12 Sep 2014
Aswath Damodaran: "Valuation: Four Lessons to Take Away" | Talks at Google

Aswath Damodaran: "Valuation: Four Lessons to Take Away" | Talks at Google

  • Order:
  • Duration: 1:01:30
  • Updated: 17 Feb 2015
  • views: 176795
videos
The tools and practice of valuation is intimidating to most laymen, who assume that they do not have the skills and the capability to value companies. In this talk, I propose to lay out four simple propositions about valuation. The first is that valuation is not an extension of accounting, insofar as it is not about recording the past but forecasting the future. The second is that valuation is not just modeling, where people put numbers into Excel spreadsheets and pump out values. A good valuation requires a narrative that binds the numbers together. The third is that valuing an asset or business is very different from pricing that asset or business, a difference that is often blurred in practice. The fourth is that luck plays a disproportionate role in whether you make money off your valuations. Put differently, you can do everything right and still walk away with nothing or worse at the end. About the Author I view myself, first and foremost, as a teacher. I do teach valuation and corporate finance not only to MBAs at Stern but to anyone who will listen (on iTunes U, online and on YouTube). I love to write books, teaching material and blog posts. After 30 years of teaching finance, I still find it fascinating as an interplay of economics, psychology and number crunching.
https://wn.com/Aswath_Damodaran_Valuation_Four_Lessons_To_Take_Away_|_Talks_At_Google
Valuation Tools Webcast: Reading a 10K

Valuation Tools Webcast: Reading a 10K

  • Order:
  • Duration: 43:27
  • Updated: 20 Feb 2015
  • views: 14880
videos
Financial statements are increasingly filled with fluff and knowing how to separate what matters from what does not is critical. In this webcast, I look at the P&G 10K, with the intent of extracting the information that matters. Slides: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/PG/Reading10KPG.pdf P&G 10K: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/PG/ProcterGamble10K.pdf P&G Spreadsheet: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/PG/P&Gvaluationfixed.xls
https://wn.com/Valuation_Tools_Webcast_Reading_A_10K
Valuation Tools Webcast #1: Getting Data

Valuation Tools Webcast #1: Getting Data

  • Order:
  • Duration: 15:03
  • Updated: 05 Sep 2014
  • views: 7548
videos
A webcast on how to get data/information on companies so as to assess their corporate finance health & value.
https://wn.com/Valuation_Tools_Webcast_1_Getting_Data
Valuation Tools Webcast #8: Terminal Value

Valuation Tools Webcast #8: Terminal Value

  • Order:
  • Duration: 14:35
  • Updated: 08 Oct 2014
  • views: 4198
videos
The terminal value in a discounted cash flow valuation is the elephant in the room. In this webcast, I look at simple rules to keep it in check.
https://wn.com/Valuation_Tools_Webcast_8_Terminal_Value
Valuation Tools Webcast #6: Estimating Trailing 12-month number

Valuation Tools Webcast #6: Estimating Trailing 12-month number

  • Order:
  • Duration: 17:16
  • Updated: 27 Sep 2014
  • views: 2249
videos
The key to getting an updated value is working with updated numbers. In this webcast, I look at how use an annual and quarterly report to construct a twelve-month earnings number. I use Apple's 10K from 2012 and a 10Q from 2013 to illustrate the process: Apple 10K: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/TTM/Apple10K.pdf Apple 10Q: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/TTM/Apple10Q.pdf Spreadsheet: http://www.stern.nyu.edu/~adamodar/pc/blog/AppleTTM.xls
https://wn.com/Valuation_Tools_Webcast_6_Estimating_Trailing_12_Month_Number
Valuation Tools Webcast #9: Dealing with Employee Options

Valuation Tools Webcast #9: Dealing with Employee Options

  • Order:
  • Duration: 13:30
  • Updated: 16 Oct 2014
  • views: 1142
videos
In this webcast, I look at the process of valuing employee options and incorporating that value into the value of equity per share. I use Cisco to illustrate. Cisco 10K: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/webcasts/EmployeeOptions/cisco10K.pdf Cisco Option spreadsheet: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/webcasts/EmployeeOptions/ciscooptions.xls
https://wn.com/Valuation_Tools_Webcast_9_Dealing_With_Employee_Options
Valuation Tools Webcast #7: Measuring Accounting Returns

Valuation Tools Webcast #7: Measuring Accounting Returns

  • Order:
  • Duration: 20:42
  • Updated: 03 Oct 2014
  • views: 1760
videos
The return on equity and invested capital are key to estimating growth and value at companies, but they are accounting numbers and need tender care and attention. Walmart (2013): http://www.stern.nyu.edu/~adamodar/pdfiles/cfovhds/webcasts/ROIC/walmart10K.pdf Walmart (2012): http://www.stern.nyu.edu/~adamodar/pdfiles/cfovhds/webcasts/ROIC/walmart10Klastyear.pdf Spreadsheet:http://www.stern.nyu.edu/~adamodar/pdfiles/cfovhds/webcasts/ROIC/walmartreturncalculator.xls
https://wn.com/Valuation_Tools_Webcast_7_Measuring_Accounting_Returns
How to Value Stocks

How to Value Stocks

  • Order:
  • Duration: 59:51
  • Updated: 06 May 2015
  • views: 12794
videos
GuruFocus team will be demonstrating the most widely used methods to value common stocks. These include the discount cash flow method, earnings yield, Yacktman rate of return, industry comparisons and others. GuruFocus screeners and valuation tools will give you tremendous edge in your research and analysis. Visit http://www.gurufocus.com/
https://wn.com/How_To_Value_Stocks
Valuation Tools Webcast #12: Analyzing data for multiples

Valuation Tools Webcast #12: Analyzing data for multiples

  • Order:
  • Duration: 16:03
  • Updated: 07 Nov 2014
  • views: 1293
videos
Look at how to go from raw data to analyzing and assessing multiples.
https://wn.com/Valuation_Tools_Webcast_12_Analyzing_Data_For_Multiples
EBITDA vs Cash Flow: Company valuation tools

EBITDA vs Cash Flow: Company valuation tools

  • Order:
  • Duration: 3:54
  • Updated: 03 May 2017
  • views: 91
videos
Ken Boyd is the Co-Founder of Accountinged.com, and owns St. Louis Test Preparation (accountingaccidentally.com). He provides writing, video and speaking services on accounting and finance topics. Ken is the author of Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies. As a former CPA, Auditor, Tax Preparer and College Professor, Boyd brings a wealth of business experience to education.
https://wn.com/Ebitda_Vs_Cash_Flow_Company_Valuation_Tools
How to Value a Company in 3 Easy Steps - Valuing a Business Valuation Methods Capital Budgeting

How to Value a Company in 3 Easy Steps - Valuing a Business Valuation Methods Capital Budgeting

  • Order:
  • Duration: 9:40
  • Updated: 15 Mar 2010
  • views: 219158
videos
Clicked here http://www.MBAbullshit.com/ and OMG wow! I'm SHOCKED how easy.. Just for instance I possessed a company comprising of a neighborhood store. To put together that center, I invested $1,000 one year ago on apparatus along with other assets. The equipment in addition to other assets have depreciated by 10% in a single year, so now they're valued at only $900 inside the accounting books. In case I was going to make an effort to offer you this company, what amount would an accountant value it? Relatively easy! $900. The cost of the whole set of assets (less liabilities, if any) can give accountants the "book value" of a typical organization, and such is systematically how accountants observe the worth of an enterprise or company. (We employ the use of the word "book" because the worth of the assets are penned within the company's accounting "books.") http://www.youtube.com/watch?v=6pCXd4i7DM0 However, imagine this unique company is earning a juicy cash income of $2,000 annually. You would be landing a mighty incredible deal in the event I sold it to you for just $900, right? I, on the flip side, might be taking out a pretty sour pact in the event I offered it to you for just $900, on the grounds that as a result I will take $900 but I will shed $2,000 per annum! Due to this, business directors (dissimilar to accountants), don't make use of merely a company's book value when assessing the value of an organization.So how do they see how much it really is worth? To replace utilizing a business' books or even net worth (the market price of the firm's assets minus the business enterprise's liabilities), financial managers opt to source enterprise worth on how much money it gets in relation to cash flow (real cash acquired... contrary to only "net income" that may not generally be in the format of cash). Basically, a company making $1,000 "free cash flow" monthly having assets worth a very small $1 would remain to be worth a great deal more versus a larger company with substantial assets of $500 in the event the humongous company is attaining only $1 yearly.So far, how do we achieve the exact value of your business? The simplest way would be to mainly look for the net present value of the total amount of long run "free cash flows" (cash inflow less cash outflow).Needless to say, you will come across much more sophisticated formulas to find the value of a company (which you wouldn't genuinely need to learn in detail, since there are numerous gratis calculators on the web), but practically all of such formulas are in a way driven by net present value of cash flows, plus they are likely to take into consideration a few factors for example growth level, intrinsic risk of the company, plus others.
https://wn.com/How_To_Value_A_Company_In_3_Easy_Steps_Valuing_A_Business_Valuation_Methods_Capital_Budgeting
Valuation Tools Webcast #11: Enterprise Value, Firm Value and Equity Value

Valuation Tools Webcast #11: Enterprise Value, Firm Value and Equity Value

  • Order:
  • Duration: 23:07
  • Updated: 31 Oct 2014
  • views: 2853
videos
Looks at the contrast between three widely used measures of market value and how to compute each.
https://wn.com/Valuation_Tools_Webcast_11_Enterprise_Value,_Firm_Value_And_Equity_Value
Commercial Real Estate - How to Value a Property

Commercial Real Estate - How to Value a Property

  • Order:
  • Duration: 5:54
  • Updated: 12 Jul 2012
  • views: 63665
videos
We talk about 3 valuation methods in this video - Sales Comparison, Capitalization, and Replacement Cost Methods. Each has its own use, and appropriate circumstances.
https://wn.com/Commercial_Real_Estate_How_To_Value_A_Property
Valuation Tools Webcast #5: Capitalizing R&D

Valuation Tools Webcast #5: Capitalizing R&D

  • Order:
  • Duration: 13:12
  • Updated: 27 Sep 2014
  • views: 2228
videos
R&D is really capital expenditures (for technology and pharmaceutical companies) but accountants treat it as operating expenses. In this webcast, I look at the process of capitalizing R&D and how it affects earnings and reinvestment rates. I use Microsoft to illustrate the process. Microsoft 10K (2012): http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/webcasts/R&D/Microsoft10K.docx Microsoft 10K (2011): http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/webcasts/R&D/Microsoftlastyear10K.docx Spreadsheet: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/webcasts/R&D/MicrosoftR&D.xls
https://wn.com/Valuation_Tools_Webcast_5_Capitalizing_R_D
Valuation Tools Webcast #14: Valuing Equity as an Option

Valuation Tools Webcast #14: Valuing Equity as an Option

  • Order:
  • Duration: 15:42
  • Updated: 22 Nov 2014
  • views: 1563
videos
In this webcast, I look at using option pricing techniques to value equity in a deeply distressed company (losing money, with a lot of debt).
https://wn.com/Valuation_Tools_Webcast_14_Valuing_Equity_As_An_Option
Valuation Tools Webcast #2: Estimating Risk free Rates

Valuation Tools Webcast #2: Estimating Risk free Rates

  • Order:
  • Duration: 13:59
  • Updated: 12 Sep 2014
  • views: 5751
videos
A webcast on how to estimate the risk free rate in any currency.
https://wn.com/Valuation_Tools_Webcast_2_Estimating_Risk_Free_Rates
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