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Corporate Finance 101: Equity Valuation
You, Us & This Course
You, Us & This Course
Price, Value and Valuation
Intrinsic Value (2:42)
Valuation Models (1:38)
Valuation and Market Cap (4:38)
A Taxonomy of Valuation Methods (9:09)
NPV and Discounting Cash Flows
Absolute Valuation Models and NPV (4:15)
Compound Interest and NPV (10:28)
NPV and Price (7:28)
A Simple NPV Example (4:35)
Future Value of a Present Cash Flow (1:53)
Semi-Annual Compounding (4:12)
Continuous Compounding (3:43)
NPV of a Stream of Cash Flows (5:00)
Valuing Uncertain Cash Flows
Discounting Risky Cash Flows (11:06)
Risk Return Models (11:17)
The Capital Asset Pricing Model (16:53)
WACC: The Weighted Average Cost of Capital (6:49)
Tax adjusting the cost of debt (6:43)
WACC for consistency (2:21)
Beta: Top-down or bottoms-up? (5:57)
Market Beta or Total Beta? (3:34)
Levering and Unlevering Betas (2:55)
Debt and Operating Leases (6:59)
Cost of Debt: Some additional factors (1:41)
Dividend Discount Models
Dividend Discount Models (9:10)
Present Value, Future Value and Capital Appreciation (5:39)
Modeling Future Dividends (6:25)
Cash Cows: Constant Dividends and Growth Opportunities (9:34)
Sustainable Growth Rate of Equity (10:55)
Gordon Growth Model (5:27)
The h-Model (4:38)
Free Cash Flow Models
Introducing FCF Valuation (13:59)
FCFF and FCFE Details
Introducing FCFF and FCFE (10:17)
FCFF from CFO (10:17)
FCFE from FCFF (3:23)
FCFF or FCFE? Also, the APV Method (5:39)
Why not Net Income or EBITDA? (6:57)
FCFF from Net Income or EBITDA (8:26)
Tying Up Loose Ends (9:29)
Relative Valuation
Introducing Relative Valuation Models (6:36)
The P/E Ratio: Pros and Cons (6:05)
Mechanics of calculating the P/E ratio (8:38)
Market P/E and Macro-economics (4:31)
Other Valuation Ratios: P/B and EV/EBITDA (5:53)
Capital Structure and the M-M Propositions
Capital Structure Introduced (17:28)
Leverage, and the second M-M proposition (16:21)
No Free Borrowed Lunch: The First M-M Proposition (13:14)
Behind the Numbers: The Intuition Behind M-M (7:53)
The Inevitability of Taxes (9:09)
Wrapping up MM in a world with taxes (11:41)
Absolute Valuation Models and NPV
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