Discounted Cash Flow (DCF) and Other Valuation Methodologies
Hier kannst du der Eggheads Community deine Fragen zu diesem Kurs stellen. Auch Kursleiter können mitdiskutieren.
Du must angemeldet sein um zu antworten
- In this course, weâll look at the various methods for conducting DCF valuations (no growth, constant growth and variable growth), source of input values and when each is appropriate. Weâll explain the rationale for using free cash flows versus other measures of net resource flows (e.g. dividends, earnings, EBITDA, etc.) when valuing a firm or its common equity. Weâll also learn how to calculate free cash flow (to the firm and to the equity holders) using information from corporate financial statements Next, weâll discuss the factors that would need to be factored into a free cash flow projection for a DCF valuation, including but not limited to issues impacting sales growth, margins (net and operating) and leverage (operating and financial). Weâll also cover the macroeconomic, industry sector and company-specific factors that color the context for cash flow projections (e.g. industry/product lifecycle or competitive analysis). Next, weâll learn how to calculate a terminal value for a DCF valuation and discuss issues regarding the sensitivity of a terminal value to assumed growth and discount rates as well as a factor related to the determination of reasonable estimates for those inputs. Weâll also learn how to calculate the value of a firm and the value of its equity using DCF analysis given the appropriate free cash flow projections and discount rates. Next, weâll discuss alternative methods for determining enterprise value and equity value based on either excess cash and non-operating assets or economic profit and invested capital. Weâll wrap up this course with a look at the components of the widely used valuation ratios and how they are employed in assessing relative value. This course is part 3 of the New York Institute of Financeâs Corporate Finance & Valuation Methods Professional Certificate.
- USD 250