Events

Business Valuation Seminar with Prof. Aswath Damodaran

From first principles to practice

15 - 16 May 2018 | Manila Marriott Hotel

Event details

Date 15 - 16 May 2018
Time 08:00 AM - 05:30 PM
On 15 May, there will be cocktails after the seminar, from 5:30 PM to 7:30 PM
Venue Manila Ballroom
Manila Marriott Hotel
2 Resorts Drive
Pasay City, Manila
Registration fee P48,000 (US$960)/pax

Due to limited seats, please note that payment - not just registration - is needed to guarantee your slot.
Early bird rates
P43,000 (US$860)/pax
P38,000 (US$760)/pax for a group of 3 or more attendees

Early bird registration and payment deadline: 16 April 2018 (Monday)
Deadline for registration and payment 4 May 2018 (Friday)
Inclusions • Certificate signed by Prof. Aswath Damodaran
• Lunch, snacks, and cocktails (on 15 May)
• CPE credits
Modes of payment • Bank transfer
• Check payment
• Cash payment
• Bank deposit
For inquiries, call or email
ph_fas@deloitte.com
Andre Tan: +63 2 730 5037
Arjay Bautista: +63 2 864 1332
Elmer Daguasi: +63 2 730 5031

Online registration

Business Valuation Seminar with Prof. Aswath Damodaran

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Overview

Mergers and acquisitions (“M&A”) activities in the Philippines have been ramping up in recent years. Mergermarket has cited the Philippines as the 3rd top target for inbound M&A transactions in Southeast Asia in 2017, with 34 transactions amounting to US$12.8 billion. As such, there is a growing need for both analysts and regulators to adapt to the various business valuation methodologies -- from unique deal structure arrangements to start-up business valuation.

This two-day seminar by Professor Aswath Damodaran, a globally recognized and leading valuation practitioner, will help align different valuation viewpoints and orient new and developing valuation professionals to the valuation framework recognized and accepted worldwide. This also provides a perfect opportunity for equity analysts and other fundamentalists to take a deep dive into company analysis and various valuation methodologies.

The seminar aims to discuss the following:

  • Estimation issues and basics of intrinsic valuation, with big picture perspective that has to be brought to the estimation of cash flows, discount rate, and growth rate
  • Discussion on the “dark side” of valuation, pertaining to difficult-to-value companies across sectors (intangible assets, cyclical and financial service companies) and life cycle (start-up, developing, and declining/distressed companies)
  • Analyze and critique the use and misuse of multiples in relative valuation

Who should attend

The mix of valuation techniques and applications provided in this seminar should appeal to a diverse audience. In particular, it should be useful for:

  • Corporate finance officers and executives who want to understand the details of valuation, either because they are planning acquisitions or are interested in value enhancement strategies for their companies
  • Financial analysts involved in mergers and acquisitions services for further understanding of the different valuation approaches
  • Equity research analysts who are interested in examining alternatives to the multiples that they use or the linkage to discounted cash flow models
  • Academics who would want to compare the applied practice of valuation theories
  • Regulators who want to better understand and review the business valuation models used in reviewing fairness opinion reports and other company valuation disclosures
  • Anyone interested in business valuation

Speaker's profile

Aswath Damodaran, Professor, Stern School of Business, New York University

Aswath Damodaran is the Kerschner Family Chair Professor of Finance at the Stern School of Business at New York University. He teaches the corporate finance and valuation courses in the MBA program. He received his MBA and Ph.D from the University of California at Los Angeles. His research interests lie in valuation, portfolio management, and applied corporate finance. He has published in the Journal of Financial and Quantitative Analysis, the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies.

Agenda

Tuesday, 15 May 2018
AM PM
• The DCF model

• Setting up the model

• The big picture of DCF valuation

• Valuation examples

• The discount rate question






• Risk premiums and betas

• The cost of debt

• Estimating cash flows

• Estimating growth rates

• Estimating growth patterns

• The terminal value

• Closing thoughts on DCF valuation
 
Wednesday, 16 May 2018
AM PM
• The loose ends in valuation
 - Cash, cross holdings, and other assets
 - The value of control, synergy, and transparency
 - The liquidity discount
 - Employee stock options

• The dark side of valuation
 - Valuing young, growth companies
 - Valuing mature companies in transition
 - Valuing declining and distressed companies

 
• The dark side of valuation (continued)
 - Valuing cyclical companies
 - Valuing commodity companies
 - Valuing financial service companies
 - Valuing private business

• Relative valuation
 - Deconstructing multiples
 - Comparable company valuation

• Q&A