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Colin Bryar, VP & Bezos's Shadow at Amazon.
The person who documented Amazon management system.
Arc Retreats & MOI Global Presents
THE CRAFT OF VALUATION
Company Valuation: Navigating the Nuances
Aswath Damodaran
The Dean of Valuation and NYU's Corporate Finance Professor.
Ticket
4800€ + vat*
Admittance
4800€ +VAT*
*vat 0% for international companies, vat 23% for portuguese companies
*vat 0% for international companies, vat 23% for portuguese companies
Date
27, 28th February & 1st March 2025
Date
27, 28th February & 1st March 2025
Location
Santa Iria Hotel, Mouchão Garden
Tomar, Portugal
Tomar, Portugal
Location
Santa Iria - Mouchão Garden
Equity research analysts, CFO, Analysts involved in mergers and acquisitions, Portfolio Managers.
Audience
Audience
Equity research analysts, CFO, Analysts involved in mergers and acquisitions, Portfolio Managers.
Mihir Desai
Harvard Business School, author of The Wisdom of Finance
"There is no better guide to the world of finance than Aswath Damodaran. In this wonderful contribution, he creates a readable, rigorous and provocative guide to investing across the life cycle"
Michael Maubonssin
Head of Research, Morgan Stanley
"I can say without hesitation that Aswath Damodaran is the best teacher of valuation that I have ever encounterd..."
Meb Faber
Co-founder and the CIO of Cambria Investment Management
"You can't skip a single class taught by my favorite Professor, Aswath Damodaran..."
Program Overview
Program Overview
There are as many models for valuing stocks and businesses as there are analysts doing valuations. The differences across these models are often emphasized and the common elements are generally ignored. In this two-day seminar, I will start with the estimation issues and basics of intrinsic valuation, talking about the big picture perspective that must be brought to the estimation of cash flows, growth rates and discount rates. I will use real companies as lab experiments to bring home the estimation questions that have to be dealt with in valuation. Once I have the foundation laid, I will launch into an assessment of the loose ends in valuation and talk about valuing control, synergy and cross holdings in companies. Then, we will move on to what I term the dark side of valuation, valuing difficult-to-value companies across sectors (intangible assets, cyclical and financial service companies) and across the life cycle (small private, young growth, mature transition and declining/distressed companies). In the last part of the session, we will cover the use and misuse of multiples in relative valuation.
The objective of the training is to provide the fundamentals of each approach to valuation, together with limitations and caveats on the use of each, as well as extended examples of the application of each. At the end of the seminar, participants should be able to:
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Value any kind of firm in any market, using discounted cash flow models (small and large, private and public)
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Value a firm using multiples and comparable firms,
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Analyze and critique the use of multiples in valuation,
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Value “problem” firms, such as financially troubled firms and start up firms,
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Estimate the effect on value of a restructuring a firm
The first day of the seminar will establish the fundamentals of discounted cash flow valuation, with a special emphasis on the estimation issues that come up when estimating discount rates, cash flows and expected growth. It will look at the choices in terms of DCF models and how to pick the right model to value a specific firm. In addition, we will use the basic structure of the discounted cash flow model to take a comprehensive look at how to enhance firm value. In addition, we will focus on a myriad of estimation questions related to cash flows, discount rates and growth rates. We will end the day by looking at the terminal value in DCF valuation: how best to estimate it and common errors made in computation.
The second day’s discussion will begin with an analysis of what we call the loose ends in valuation – how to deal with cash, cross holdings and other assets, what the value of control, synergy and liquidity are and how best to deal with employee and management equity and option grants. It will also then extend into the discussion of difficult to value companies. The last part of the day will be dedicated to relative valuation. A range of multiples that are used currently in valuation, from earnings multiples (such as PE, Value/EBIT, Value/EBITDA) to sales multiples (Revenue/Sales, Price/Sales), will be discussed and compared. The relationship between multiples and discounted cash flow models will be explored, and the notion of a “comparable” firm will be examined. (What is a comparable firm? How do you adjust for differences in growth, risk and cash flow capabilities across firms, when estimating multiples?) Finally, the special difficulties associated with comparing multiples across time, and across markets, will be highlighted.
Meet & Greet
27th February
An Historic Evening at the Convento de Cristo
Imagine walking through the grand halls of the Convento de Cristo, a site where history whispers from every stone, and being greeted by none other than Aswath Damodaran. On 27th February, you will join 29 other individuals for an unparalleled meeting where Aswath will reveal the inner workings of valuation principles—right in the heart of this UNESCO World Heritage site.
16:30 - 21:00
The Valuation Retreat start with a captivating Meet & Greet at Convento de Cristo.
Prepare to embark on an enlightening journey as Aswath offers an insightful overview of the upcoming two days, setting the stage for an engaging exchange. Each participant will be gently prompted with simple questions, fostering a connection among us.
As the evening unfolds, indulge in a sumptuous dinner, a fitting culmination to a day filled with exploration.
Day 1
09:00 - 10:30
The Discounted Cash Flow Model & Setting up the Model.
10:30 - 12:00
The Big Picture of DCF Valuation & Valuation Examples.
12:00 - 13:00
The Discount Rate Question.
13:00 - 14:15
Lunch
14:15 - 15:30
Risk Premiums and Betas.
The Cost of Debt.
16:00 - 17:00
Estimating Cash Flows, Growth Rates & Growth Patterns.
17:00 - 18:00
The Terminal Value.
Closing Thoughts on DCF Valuation.
28th February
30th October
Day 2
1st March
09:00 - 10:30
Loose Ends in Valuation:
Cash, Cross Holdings and Other Assets.
The Value of Control, Synergy and Transparency.
The Liquidity Discount.
Employee Stock Options.
10:30 - 13:00
The Dark Side of Valuation:
Valuing Young, Growth Companies.
Valuing Mature Companies in Transition.
Valuing Declining and Distressed Companies.
13:00 - 14:15
Lunch
14:15 - 15:15
The Dark Side of Valuation Continued:
Valuing Cyclical Companies.
Valuing Commodity Companies.
Valuing Financial Service Companies.
Valuing Private Businesses.
15:15 - 16:30
Pricing:
Deconstructing Multiples.
Comparable Company Valuation.
Open Q&A.
16:30 - 17:00
Closing Session & Signing Certificates & Photos
31th October
Package
Admittance of 4800€ + vat*
*vat 0% for international companies, vat 23% for portuguese companies
Meet & Greet
Kick off the retreat by connecting with Aswath and fellow participants on 27th February at the picturesque Convento de Cristo, Tomar.
2-day Masterclass
Aswath will reveal secrets and answer your questions in an immersive learning experience. 28th February & 1st March at Santa Iria Hotel, Mouchão Garden, Tomar
The Valuation Workbook
Receive an exclusive workbook filled with Aswath's frameworks and systems, designed to guide your journey.
Hotel & Food Included - 27th and 28th accommodation included.
Stay in comfort at Estalagem Santa Iria or Hotel dos Templários, Tomar. Enjoy all-inclusive meals throughout the retreat.
Backyard Grill Experience
Savor premium cuts of meat grilled to perfection, with music setting the perfect backdrop for engaging conversations. 28th February at Jardim Mouchão.
Airport & Hotel Transfer
Our team will take care of your transportation during the 3 days.
Signed Certificate
Take home a personalized, hand-signed certificate from Aswath, verifying your participation and achievement
Past Arc participants: