Whether it’s managing a portfolio, preparing for an imminent merger or acquisition, or marveling over the newest dollar figure attached to a tech wunderkind, valuation is the key to parsing and understanding the numbers. Taught by Professor Aswath Damodaran, one of the leaders in the field, Advanced Valuation is for analysts, financial officers, and portfolio managers seeking a deeper understanding of valuation, and the skills and knowledge to confidently make financial decisions.
Through video lectures, live online meetups, and a hands-on valuation project, students will learn how to estimate the value of any business, small or large, private or public, in a developed or an emerging market. They will also be able to price businesses using earnings, book value, revenue, or other pricing multiples and comparables.
This course includes a free bonus course for students looking to enhance their accounting skills: Essentials of Financial Accounting taught by NYU Stern Professor Amal Shehata.
Our online certificate courses are asynchronous with optional synchronous elements. Asynchronous activities are things you do independently, like watch videos and complete assignments, and interactions with others over time via email, discussion forums, collaborative documents, and other channels. Synchronous learning includes interacting with other students and faculty in real time. Our courses are designed by educational experts from our Learning Science Lab to deliver courses that are designed with attention to user experience, learning science, and video production to build immersive digital learning environments for business school education.
This course is a non-credit, pass/fail program. To pass this course, you will need a cumulative score of at least 55%. Upon successful completion of this course, participants will receive the NYU Stern Certificate in Advanced Valuation.
During this course, participants will:
Business Value EstimationGain the skills needed to estimate the value of any business, small or large, private or public, in a developed or an emerging market.
Pricing MethodologiesLearn to use earnings, book value, revenue, or other pricing multiples and comparables to price any business.
Data-Driven StorytellingGrow your confidence with numbers and develop the storytelling skills you need to complement your numerical skills.
Who Should Attend
Although there are no formal education or background requirements, this course is designed for participants who meet the criteria below. While we strongly encourage global participation, please note that all courses are taught in English. Proficiency in written and spoken English is required.
Years of ExperienceParticipants with all levels of work experience are welcome to attend
Job FunctionsIdeal for analysts, financial officers, and portfolio managers
PrerequisitesIntended for individuals with knowledge of financial statement analysis, basic statistics, time value of money, and Microsoft Excel; additionally, students must have a desktop or laptop computer with an internet connection
The following agenda is a sample and subject to change.
- In order to access the course, you will receive login credentials via email on the start date of the course. Activation instructions for your login credentials will be provided.
Live Online Meetups with Faculty
- Our live online meetups provide you with the opportunity to engage face-to-face with Professor Damodaran. Please note that all online meetups are recorded and available for your viewing at a later time. Missing a meetup will not impact your grade, however, we recommend attending all sessions.
- Please expect to invest about 10 to 15 hours of your time per week to course lessons, exercises, and assignments.
Week 1: January 23rd
- Course Introduction
- Valuation: The Big Picture
- Introduction to Intrinsic Value
Week 2: January 30th
- The Risk Free Rate
- The Equity Risk Premium
- Relative Risk Measures
- The Costs of Debt and Capital
Week 3: February 6th
- Estimating Cash Flows
- Estimating Growth
- Live Online Meetup 1: Tuesday, February 7th at 10:00 - 11:00 AM ET
Week 4: February 13th
- Terminal Value
- Value Enhancement
- Quiz 1: Friday, February 17
Week 5: February 20th
- Loose Ends 1: From Asset Value to Equity Value
- Loose Ends 2: Acquisition Ornaments
Week 6: February 27th
- Loose Ends 3: Dilution & Illiquidity
- Narrative to Numbers: Connecting Stories to Value
- Live Online Meetup 2: Tuesday, February 28th at 10:00 - 11:00 AM ET
Week 7: March 6th
- The Pricing Imperative: Relative Valuation
- The Most-Used Multiple: PE Ratio
Week 8: March 13th
- Other Earnings Multiples
- Book Value Multiples
- Quiz 2: Friday, March 17
Week 9: March 20th
- Revenue Multiples and Mopping Up
- Asset Based Valuation
- Live Online Meetup 3: Tuesday, March 21st at 10:00 - 11:00 AM ET
Week 10: March 27th
- Private Company Valuation
- The Essence of Real Options
Week 11: April 3rd
- The Option to Delay
- The Option to Expand & Abandon
- Live Online Meetup 4: Tuesday, April 4th at 10:00 - 11:00 AM ET
Week 12: April 10th
- Valuing/Pricing Start-Ups & Young Companies
- Valuing/Pricing Declining & Distressed Companies
Week 13: April 17th
- Valuing/Pricing Financial Service Companies
- Valuing/Pricing Cyclical & Commodity Companies
- Live Online Meetup 5: Tuesday, April 18th at 10:00 - 11:00 AM ET
- Quiz 3: Friday, April 21st
Week 14: April 24th
- Valuation: Looking Back & Looking Forward
Week 15: May 1st
- Live Online Meetup 6: Tuesday, May 2nd at 10:00 - 11:00 AM ET
- Final Exam: Saturday, May 6th
Week 16: May 8th
- Final Project: Friday, May 19th
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