Business Valuation Seminar with Aswath Damodaran
Art, Science or Magic?
7 - 8 December 2017 | JW Marriott Hotel Jakarta
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 seminar, we hope to emphasize the shared foundations of valuation approaches and how to bridge differences across them.
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.
The objective of the seminar 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:
- Value any kind of firm in any market, using discounted cash flow models (small and large, private and public)
- Value a firm using multiples and comparable firms,
- Analyze and critique the use of multiples in valuation,
- Value “problem” firms, such as financially troubled firms and start up firms,
- Estimate the effect on value of a restructuring a firm
Regular fee: IDR 19,250,000 (inclusive of 10% VAT)
Early bird: IDR 16,500,000 (inclusive of 10% VAT)*
*expires on 7 November 2017
Please register the latest by Thursday, 30 November 2017.
Registration is valid by returning the completed registration form by email/fax together with the transfer payment slip and copy of your company’s NPWP card to our representative.
Secure your seats now before they are sold out!
To download our Registration Form, please click on the link on the right.
For further registration & information please contact:
Phone: +62 21 29923100 ext 32463
Fax: +62 21 29928200, 29928300