Business Valuation

Day One

Session One: 
• The Discounted Cash Flow Model
• Setting up the Model

Session Two : 
• The Big Picture of DCF Valuation
• Valuation Examples
• The Discount Rate Question

Session Three : 
• Open Q&A

Session Four : 
• Risk premiums and Betas
• The Cost of Debt
• Estimating Cash Flows

Session Five : 
• Estimating Growth Rates
• Estimating Growth Patterns
• The Terminal Value
• Closing Thoughts on DCF valuation

Session Six : 
• Open Q&A

Day Two

Session Seven : 
• Loose Ends in Valuation
-Cash, Cross holdings and other assets
-The Value of Control, Synergy and Transparency
-The Liquidity Discount
-Employee Stock Options

Session Eight : 
• The Allure of Relative Valuation
• Categorizing Multiples
• The Four Steps in Analyzing Multiples

Session Nine : 
• Open Q&A

Session Ten :
• Applying Multiples in Valuation
• Finding Comparable firms
• Controlling for differences
• Picking the Right Multiple

Session Elven :
• The Real Options Story
• The Option to Delay (and valuing patents and natural resource companies)
• The Option to Abandon
• The Option to Expand
• Equity in Troubled firms as options

Session Twelve : 
• Open Q&A

http://events.vccircle.com/events_details.php?event_id=72&ntype=1