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EQUITY VALUATION


5 :Learn with the most experienced expert instructors in a balanced and comprehensive mix of CFA® Equity Valuation curriculum. Master by Building confidence for CFA Levels. Publisher's Tutorchrome
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Salary Detail


$ 25,000 - 35,000 JUNIOR EXECUTIVE (0-1 YEARS)
$ 25,000 - 35,000 SENIOR EXECUTIVE (1-3 YEARS)
$ 50,000 - 75,000 MANAGER
(3+ YEARS)
$ 80,000+ DIRECTOR/VP
(10+ YEARS)

Course Details

lesson 1 - Equity Valuation: Application and processes
calendar Monday, 03 Apr 18:00 PM GMT

a) Define Valuation and intrinsic value and describe applications of equity valuation

b) Contrast absolute and relative valuation models and describe examples of each type of model

c) Describe sum-of-the-parts valuation and conglomerate discounts

lesson 2 - Return Concepts
calendar Wednesday, 05 Apr 18:00 PM GMT

a) Distinguish among realized holding rate return, expected holding return, required return, IRR, discount rate

b) CAPM Model, Fama-French Model, Pastor-Stambaugh model, macro-economic multifactor model, build up method

c) Explain beta estimation for public companies, thinly traded public companies, and nonpublic companies

lesson 3 - Industry and Company Analysis
calendar Monday, 10 Apr 18:00 PM GMT

a) Compare top-down and bottom-up approach, compare "growth relative to GDP growth" and "market growth and market share"

b) Estimation of COGS, SG&A, Financing costs, and income taxes, describe approaches to balance sheet modeling, RoIC and competitive advantage

c) Demonstrate the development of a sales-based pro forma company model

lesson 4 - Discounted Dividend Valuation
calendar Wednesday, 12 Apr 18:00 PM GMT

a) Compare dividends, free cash flow, and residual income as inputs to discounted cash flow models

b) Calculate and interpret the value of a common stock using the dividend discount model (DDM)

c) Calculate and interpret the justified leading and trailing P/Es using the Gordon growth model

lesson 5 - Free Cash Flow Valuation
calendar Monday, 17 Apr 18:00 PM GMT

a) Compare the free cash flow to the firm (FCFF) and free cash flow to equity (FCFE) approaches to valuation

b) Compare the FCFF, FCFE model and dividend discount models

c) Explain the use of sensitivity analysis in FCFF and FCFE valuations

lesson 6 - Market-Based Relative Valuation: Price and Enterprise Value Multiples
calendar Wednesday, 19 Apr 18:00 PM GMT

a) Distinguish between the method of comparables and the method based on forecasted fundamentals as approaches

b) Calculate and interpret alternative price multiples and dividend yield

c) Calculate and interpret the justified price-to-earnings ratio (P/E), price-to-book ratio (P/B), and price-to-sales ratio (P/S)

d) Explain alternative definitions of cash flow used in price and enterprise value (EV) multiples and describe limitations of each definition

lesson 7 - Residual Income Valuation
calendar Monday, 24 Apr 18:00 PM GMT

a) Calculate and interpret residual income, economic value added, and market value added

b) Calculate the intrinsic value of a common stock using the residual income model and compare value recognition

c) Explain the relation between residual income valuation and the justified price-to-book ratio

d) Calculate the implied growth rate in residual income, given the market price-to-book ratio and an estimate of the required rate of return on equity

e) Compare residual income models to dividend discount and free cash flow models

lesson 8 - Private Company Valuation
calendar Wednesday, 26 Apr 18:00 PM GMT

a) Compare public and private company valuation

b) Describe uses of private business valuation and explain applications of greatest concern to financial analysts

c) Explain the income, market, and asset-based approaches to private company valuation and factors relevant to the selection of each approach

d) Calculate the value of a private company using free cash flow, capitalized cash flow, and/or excess earnings methods

  • Revision and Doubts Sessions after completing Half syllabus
  • Revision and Doubts Sessions after completing Full syllabus
1,000,890 Successful Graduates

8 Live Interactive Lessons

4 Weeks

8 hours +


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Homework is designed to help students

Some homework and assignments are designed to help students develop their grasp over a topic which they have just started learning. Unfamiliar concepts and topics make it difficult for students to finish their assignments easily.

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