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Corporate Finance 101: Equity Valuation
You, Us & This Course
You, Us & This Course
Price, Value and Valuation
Intrinsic Value
Valuation Models
Valuation and Market Cap
A Taxonomy of Valuation Methods
NPV and Discounting Cash Flows
Absolute Valuation Models and NPV
Compound Interest and NPV
NPV and Price
A Simple NPV Example
Future Value of a Present Cash Flow
Semi-Annual Compounding
Continuous Compounding
NPV of a Stream of Cash Flows
Valuing Uncertain Cash Flows
Discounting Risky Cash Flows
Risk Return Models
The Capital Asset Pricing Model
WACC: The Weighted Average Cost of Capital
Tax adjusting the cost of debt
WACC for consistency
Beta: Top-down or bottoms-up?
Market Beta or Total Beta?
Levering and Unlevering Betas
Debt and Operating Leases
Cost of Debt: Some additional factors
Dividend Discount Models
Dividend Discount Models
Present Value, Future Value and Capital Appreciation
Modeling Future Dividends
Cash Cows: Constant Dividends and Growth Opportunities
Sustainable Growth Rate of Equity
Gordon Growth Model
The h-Model
Free Cash Flow Models
Introducing FCF Valuation
FCFF and FCFE Details
Introducing FCFF and FCFE
FCFF from CFO
FCFE from FCFF
FCFF or FCFE? Also, the APV Method
Why not Net Income or EBITDA?
FCFF from Net Income or EBITDA
Tying Up Loose Ends
Relative Valuation
Introducing Relative Valuation Models
The P/E Ratio: Pros and Cons
Mechanics of calculating the P/E ratio
Market P/E and Macro-economics
Other Valuation Ratios: P/B and EV/EBITDA
Capital Structure and the M-M Propositions
Capital Structure Introduced
Leverage, and the second M-M proposition
No Free Borrowed Lunch: The First M-M Proposition
Behind the Numbers: The Intuition Behind M-M
The Inevitability of Taxes
Wrapping up MM in a world with taxes
Beta: Top-down or bottoms-up?
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