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.
Program Takeaways
During this course, participants will:
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Business Value Estimation
Gain the skills needed to estimate the value of any business, small or large, private or public, in a developed or an emerging market. -
Pricing Methodologies
Learn to use earnings, book value, revenue, or other pricing multiples and comparables to price any business. -
Data-Driven Storytelling
Grow 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.
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Years of Experience
Participants with all levels of work experience are welcome to attend -
Job Functions
Ideal for analysts, financial officers, and portfolio managers -
Prerequisites
Intended 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
Agenda
The following agenda is a sample and subject to change.
Course Access
- 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.
Workload
- Please expect to invest about 10 to 15 hours of your time per week to course lessons, exercises, and assignments.
Week 1: August 28
- Course Introduction
- Valuation: The Big Picture
- Introduction to Intrinsic Value
Week 2: September 4
- The Risk Free Rate
- The Equity Risk Premium
- Relative Risk Measures
- The Costs of Debt and Capital
- Live Online Meetup 1: Wednesday, September 6 at 1pm ET
Week 3: September 11
- Estimating Cash Flows
- Estimating Growth
Week 4: September 18
- Terminal Value
- Value Enhancement
- Quiz 1: Friday, September 22
Week 5: September 25
- Loose Ends 1: From Asset Value to Equity Value
- Loose Ends 2: Acquisition Ornaments
- Live Online Meetup 2: Wednesday, September 27 at 1pm ET
Week 6: October 2
- Loose Ends 3: Dilution & Illiquidity
- Narrative to Numbers: Connecting Stories to Value
Week 7: October 9
- The Pricing Imperative: Relative Valuation
- The Most-Used Multiple: PE Ratio
- Live Online Meetup 3: Tuesday, October 10 at 1pm ET
Week 8: October 16
- Other Earnings Multiples
- Book Value Multiples
- Quiz 2: Friday, October 20
Week 9: October 23
- Revenue Multiples and Mopping Up
- Asset Based Valuation
- Live Online Meetup 4: Thursday, October 26 at 1pm ET
Week 10: October 30
- Private Company Valuation
- The Essence of Real Options
Week 11: November 6
- The Option to Delay
- The Option to Expand & Abandon
Week 12: November 13
- Valuing/Pricing Start-Ups & Young Companies
- Valuing/Pricing Declining & Distressed Companies
- Live Online Meetup 5: Monday, November 13 at 1pm ET
- Quiz 3: Friday, November 17
Week 13: November 20
- Valuing/Pricing Financial Service Companies
- Valuing/Pricing Cyclical & Commodity Companies
- Live Online Meetup 5: Tuesday, November 21 at 1pm ET
Week 14: November 27
- Valuation: Looking Back & Looking Forward
Week 15: December 4
- Live Online Meetup 6: Tuesday, December 5 at 1pm ET
- Final Exam: Saturday, December 9
Week 16: December 11
- Final Project: Friday, December 15
Participant Reviews
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