Damodaran On Valuation Pdf Free Download

V aluation

This web site is designed to provide supporting material for valuation related topics. I generally categorize material by the three basic approaches to valuation - discounted cash flow valuation, relative valuation and option pricing applications on valuation. You can read an overview of the three approaches to valuation before you begin.

1. Books:
If you are using one of my valuation books, you can go to the sites that support these books. You can also get supporting material for these books on these sites.

2. Classes

I teach a valuation class stretching over a semester in the MBA program. You can access webcasts, lecture notes and other material for the class by going here:

MBAValuation Class at Stern School of Business

I also teach an executive valuation class of shorter duration and you can get the materials for it by going here:

Executive Valuation Class at Stern School of Business

3. Topic
You can also pick a topic to browse through material available on the topic. You can also go directly to the material that you are interested in and download data or spreadsheets.

The overheads and solutions to the problems are stored in pdf format, and you need Adobe Acrobat to read pdf files. (You can download Acrobat Reader directly from the Adobe site at http://www.adobe.com) The spreadsheets are in Microsoft Excel format, and can be used on either a Mac or Windows system.

You can pick the valuation approach that you would like to go to, to see illustrations, solutions and other supporting material.

	Discounted Cashflow Valuation
	Relative Valuation
	Option Pricing Approaches to Valuation
	Acquisition Valuation
	EVA, CFROI and other Value Enhancement Strategies

Or you can pick the material that you are interested in.

Spreadsheets	Overheads	Datasets	References
Problems & Solutions	Derivations and Discussion	Valuation Examples	PowerPoint presentations

Discounted Cashflow Valuation

Overheads	Basics of Discounted Cashflow Valuation (Download pdf file) Estimating Inputs for DCF Valuation (Download pdf file) Choosing the Right Model (Download pdf file) Dividend Discount Models (Download pdf file) FCFE Discount Models (Download pdf file) FCFF Discount Models (Download pdf file) Valuing Cash in a Firm (Download pdf file) Valuing a Private Firm (Download pdf file) Equity Value per Share with Options and Warrants outstanding (Download pdf file)
Datasets	Fundamental Growth Rate in EPS: By Sector Fundamental Growth Rate in EBIT: By Sector Net Capital Expenditure Ratios: By Sector Working Capital: By Sector PE, PEG and Fundamentals: By Sector PBV, ROE and Fundamentals: By Sector PS, Net Margin and Fundamentals: By Sector Value/EBITDA: By Sector
Spreadsheets	Model Chooser: Helps choose the right model for a firm Stable Growth DDM Two Stage DDM Three Stage DDM Stable Growth FCFE Model Two Stage FCFE Three Stage FCFE Stable Growth FCFF Two Stage FCFF Three Stage FCFF Capital Expenditure Estimator
Problems and Solutions	DCF Valuation (with solutions)
Derivations, In-Practice Questions and Discussion	Estimating Discount Rates Estimating Cash Flows Estimating Growth Rates Estimating Growth Patterns
Readings	Equity Readings
Valuation Examples	Con Ed: A Stable Growth Dividend Discount Valuation ABN Amro: A Two-stage Dividend Discount Model Valuation S&P 500: A Conservative Dividend Valuation S&P 500: An Optimistic FCFE Valuation Sony: A Stable Growth FCFE Valuation Nestle: A Two-stage FCFE Valuation Nestle: Valuation after New Information Tsingtao Breweries: Valuation with Changing ROE... Brahma: A Three-stage FCFE Valuation Brahma: An Updated Valuation Daimler Chrysler: A Stable Growth FCFF Valuation Tube Investments: A Two-stage FCFF Valuation Tube Investments: Higher Marginal Return on Capital Tuble Investments: Higher Return on Capital (both existing assets and marginal) The Home Depot: An Operating Lease Adjusted Valuation Global Crossing: Valuing a company in distress Bristol Myers: An R&D Adjusted Valuation Amazon.com in January 2000: A Valuation of a Company on the Dark Side Amazon.com in January 2001

Relative Valuation

Overheads	The Anatomy of a Multiple (Download pdf file) PE Ratios (Download pdf file) PEG Ratios (Download pdf file) Relative PE (Download pdf file) Value/EBITDA Multiples (Download pdf file) PBV Ratios (Download pdf file) PS Ratios (Download pdf file) Value of a Brand Name (Download pdf file)
Data Sets	PE, PEG and Fundamentals: By Sector PBV, ROE and Fundamentals: By Sector PS, Net Margin and Fundamentals: By Sector Value/EBITDA: By Sector
Spreadsheets	Estimating Equity Multiples Estimating Firm Value Multiples
Problems and Solutions	Relative Valuation (with solutions)
Derivations, In-Practice Questions and Discussion
Readings	Equity Readings
Valuation Examples	PE and Fundamentals Developed Market PE Ratios: 2000 Emerging Market PE Ratios: 2000 US Market PE Ratios: 1960-2000 Beverage Companies Global Telecommunication firms PEG Ratios and Fundamentals Beverage Company PEG Ratios Relative PE and Fundamentals Auto firm Relative PE ratios Value/EBITDA and Fundamentals Trucking Company Value/EBITDA Multiples PBV Ratio and Fundamentals Oil Company PBV Ratios: 2000 Large Cap PBV Ratios Bank PBV Ratios IBM: PBV and ROE Value/Book and Fundamentals PS Ratios and Fundamentals Greek Retailers PS ratios Internet Stock PS Ratios Coca Cola: Valuing a Brand Name

Option Pricing Applications in Valuation

Overheads	Option Pricing Applications (Download pdf file)
Data Sets	Variances in Firm Value: By Sector
Spreadsheets	delay.xls: Estimate the value of an option to delay an investment. product.xls: Estimate the value of a patent. natres.xls: Estimate the value of an undeveloped natural resource reserve expand.xls: This spreadsheet allows you to estimate the value of the option to expand a project to cover new markets or new products, using the Black-Scholes model. abandon.xls: Estimate the value of the option to abandon an investment. finflex.xls: Estimate the value of financial flexibility as an option. equity.xls: Estimate the value the equity in a troubled firm as an option.
Problems and Solutions	Option Pricing Applications (with solutions)
Derivations, In-Practice Questions and Discussion	When are option pricing models useful in valuing equity? What is the right option pricing model to use in valuation? How do you estimate the inputs to the option pricing model?
Readings	Equity Readings
Valuation Examples	Value of Avonex: A Patent Valuation Value of Financial Flexibility: Disney Eurotunnel DCF Valuation Eurotunnel Option Pricing Valuation

Acquisition Valuation

Overheads	Acquisition Analysis (Download pdf file)
Data Sets
Spreadsheets	synergy.xls: This spreadsheet allows you to estimate the approximate value of synergy in a merger or acquisition. merglbo.xls: This spreadsheet allows you to evaluate the cash flows and the value of a leveraged buyout.
Problems and Solutions	Problems on acquisitions (with solutions)
Derivations, In-Practice Questions and Discussion
Readings	Synergy in Mergers The Keys to Success in M & A: The KPMG Report Stocks versus Cash Acquisitions: The Performance of Acquirerer
Valuation Examples	Valuing Digital (status quo) Valuing Digital (optimally managed) Valuing Compaq (stand-alone) Valuing Compaq-Digital (no synergy) Valuing Compaq-Digital (with synergy)

EVA, CFROI and Other Value Enhancement Strategies

Overheads	EVA Valuation (Download pdf file)
Data Sets	EVA and Equity EVA: By Sector
Spreadsheets	EVA Analysis of a Project EVA Valuation of a Firm
Problems and Solutions	Problems with EVA/CFROI (with solutions)
Derivations, In-Practice Questions and Discussion	EVA and NPV: The Parallels Does increasing EVA increase firm value? Are firms which increase EVA good investments?
Readings	EVA as elixir An EVA debate
Valuation Examples	Valuing Compaq (status quo) Valuing Compaq (restructured) Valuing Telecom Italia (status quo) Valuing Telecom Italia (restructured Compaq's optimal capital structure Telecom Italia's optimal capital structure

Problems and Solutions

	Dicounted Cashflow Valuation
	Relative Valuation
	Option Pricing Approaches to Valuation
	Acquisition Valuation
	EVA, CFROI and other Value Enhancement Strategies

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Source: https://pages.stern.nyu.edu/~adamodar/New_Home_Page/valuation/val.htm

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