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Aswath Damodaran
United States
Приєднався 5 вер 2012
I teach corporate finance, valuation and investment philosophies at the Stern School of Business at New York University. I have online versions of all three courses here, as well as other finance-related videos.
1. The Corporate Finance Online playlist has an introductory video and 36 sessions that cover all of corporate finance (at least as I see it).
2. The Valuation playlist has 25 sessions that cover valuation approaches, issues and questions.
3. The Investment Philosophies playlist has sessions that cover different investment philosophies.
4. The Accounting and Statistics playlists reflect my quirky and unorthodox introductions to two disciplines that are critical to my valuation and corporate finance classes.
5. The Blog Posts playlist has sessions that go wit my blog posts and reflect my standing as a dabbler, rather than expert, in all things finance-related.
If you need the supporting material for any of the classes, check the links below.
1. The Corporate Finance Online playlist has an introductory video and 36 sessions that cover all of corporate finance (at least as I see it).
2. The Valuation playlist has 25 sessions that cover valuation approaches, issues and questions.
3. The Investment Philosophies playlist has sessions that cover different investment philosophies.
4. The Accounting and Statistics playlists reflect my quirky and unorthodox introductions to two disciplines that are critical to my valuation and corporate finance classes.
5. The Blog Posts playlist has sessions that go wit my blog posts and reflect my standing as a dabbler, rather than expert, in all things finance-related.
If you need the supporting material for any of the classes, check the links below.
Session 28 (Val Undergrad): Closing the sale!
In this final session for the class, I use your valuation/pricing of companies as a vehicle to review the class, from intrinsic valuation to pricing to real options.
Slides: pages.stern.nyu.edu/~adamodar/pdfiles/eqnotes/valUGclosespr24.pdf
Project valuations: www.stern.nyu.edu/~adamodar/pc/eqrec/sprUG2024.xlsx
Slides: pages.stern.nyu.edu/~adamodar/pdfiles/eqnotes/valUGclosespr24.pdf
Project valuations: www.stern.nyu.edu/~adamodar/pc/eqrec/sprUG2024.xlsx
Переглядів: 8 250
Відео
Session 26 (Val MBAs): The Grand Finale!
Переглядів 3,2 тис.Місяць тому
In this final session for the class, I use your valuation/pricing of companies as a vehicle to review the class, from intrinsic valuation to pricing to real options. Slides: pages.stern.nyu.edu/~adamodar/pdfiles/eqnotes/valclosespr24.pdf Project valuations: www.stern.nyu.edu/~adamodar/pc/eqrec/spr2024.xlsx
Session 26: The Fat Lady is Singing!
Переглядів 3,2 тис.Місяць тому
In this session, I used the results you got from the corporate financial analyses of your companies to review the class, starting with corporate governance, wending my way through hurdle rates and topping off with capital structure and dividend policy. Slides: pages.stern.nyu.edu/~adamodar/pdfiles/cfovhds/ProjSumm24New.pdf Corporate Finance Project numbers: pages.stern.nyu.edu/~adamodar/pc/cfan...
Session 25 (Val MBAs): Acquisitions (Completed) and Value Enhancements!
Переглядів 3,8 тис.Місяць тому
In this class, we continued to make a case against acquisition practices, with transaction multiples, accretion and defensive deals all under fire, before looking at the narrow pathways to generating value from acquisitions (go small, buy private, focus on cost synergies). We then started our discussion of value enhancement, by drawing a contrast between price and value enhancement. With value ...
Session 27 (Val Undergrad): Acquisitions Completed and Value Enhancement
Переглядів 1,9 тис.Місяць тому
In this class, we continued to make a case against acquisition practices, with transaction multiples, accretion and defensive deals all under fire, before looking at the narrow pathways to generating value from acquisitions (go small, buy private, focus on cost synergies). We then started our discussion of value enhancement, by drawing a contrast between price and value enhancement. With value ...
Session 25: Valuation - The Last Frontier!
Переглядів 3,2 тис.Місяць тому
In thissession, we continued on the question of how best to value a company by first looking at the four key components of value - cash flows from existing investments, growth in the future, discount rates and the terminal value. With cash flows, we noted the contrast between cash flows to equity and cash flows to the firm, with the former being after debt payments and the latter before. With d...
Session 26 (Val Undergrad): Distressed Equity as an Option and Acquirers' Anonymous
Переглядів 1,6 тис.Місяць тому
We started this session by looking at the value of flexibility through the option pricing lens and concluding that the value of flexibility is greatest at capital constrained firms, with uncertain and lucrative investment opportunities. We then turned to looking at distressed equity as an option, focusing on money-losing companies with a lot of debt, and used that template to talk about why equ...
Session 24 (Val MBAs): Distressed Equity as an Option + Acquirers' Anonymous
Переглядів 2,7 тис.Місяць тому
We started this session by looking at the value of flexibility through the option pricing lens and concluding that the value of flexibility is greatest at capital constrained firms, with uncertain and lucrative investment opportunities. We then turned to looking at distressed equity as an option, focusing on money-losing companies with a lot of debt, and used that template to talk about why equ...
Session 24: Closure on Dividends and first steps on Valuation
Переглядів 2,3 тис.Місяць тому
In this class, we started by using the dividend assessment process of looking at FCFE/cash return and then gauging trust in management, using the companies that we have used as lab experiments in the class (Vale in 2013, Tata Motors in 2013) and peer group analysis. In the process, we looked at why it is so difficult to get out of a dysfunctional dividend policy, as control trumps sanity and wo...
Session 25 (Val Undergrad): Real Option Applications - Patents and Natural Resource Reserves
Переглядів 2,6 тис.Місяць тому
In this session, we moved on with an examination of option pricing models, and used real options to examine why the rights to non-viable technology can be valuable and why the values of natural resource companies are affected by both the level and variability of commodity prices . As a cautionary note, you are pushing option pricing models to breaking point when using them to value these option...
Session 23 (Val MBAs): Real Option Applications
Переглядів 1,8 тис.Місяць тому
In this session, we moved on with an examination of option pricing models, and used real options to examine why the rights to non-viable technology can be valuable and why the values of natural resource companies are affected by both the level and variability of commodity prices . As a cautionary note, you are pushing option pricing models to breaking point when using them to value these option...
Session 23: Good & Bad Reasons for paying dividends
Переглядів 3,4 тис.Місяць тому
In this session, we started by looking at some bad reasons for paying dividends and a couple of good ones, including having an investor base that likes dividends, one iffy reason (dividends as a signal) and one borderline reason (that you can rip of lenders). We then looked at three questions that need to be asked in assessing dividend policy, starting with how much a company can afford to retu...
Session 24 (Val Undergrad): Introduction to Real Options
Переглядів 2,5 тис.Місяць тому
After we got the third quiz done, we moved on to looking at real options in corporate finance and valuation. We started by looking at the basic option pricing models, and the ingredients that make for real option applications - that there be an option at play (with an underling asset and contingent cash flows), that the option have significant economic value (and the importance of exclusivity) ...
Session 22 (Val MBAs): Introduction to options
Переглядів 1,7 тис.Місяць тому
After we got the third quiz done, we moved on to looking at real options in corporate finance and valuation. We started by looking at the basic option pricing models, and the ingredients that make for real option applications - that there be an option at play (with an underling asset and contingent cash flows), that the option have significant economic value (and the importance of exclusivity) ...
Session 22: Dividends - First Steps (Quiz shortened)
Переглядів 3,7 тис.Місяць тому
We started this class with the third and final quiz of the class, before moving on to the dividend principle. We started with an assessment of what dividends would look like if they were truly residual cash flows before looking how they have evolved in practice - they are sticky, they follow earnings and the shift towards buybacks in recent decades, and how that shift can be explained by the in...
Session 23 (Val Undergrad): Private Company & IPO Valuation
Переглядів 3,7 тис.Місяць тому
Session 23 (Val Undergrad): Private Company & IPO Valuation
Session 21 (Val MBAs): Valuing Private Companies and IPOs
Переглядів 2,4 тис.Місяць тому
Session 21 (Val MBAs): Valuing Private Companies and IPOs
Session 22 (Val Undergrad): Asset-based and Private company valuation
Переглядів 2,9 тис.2 місяці тому
Session 22 (Val Undergrad): Asset-based and Private company valuation
Session 20 (Val MBAs): Asset Based Valuation & First Steps on Private Business Valuation
Переглядів 2,1 тис.2 місяці тому
Session 20 (Val MBAs): Asset Based Valuation & First Steps on Private Business Valuation
Session 20: Optimizing Debt Mix - APV and Peer Group Pressure
Переглядів 1,7 тис.2 місяці тому
Session 20: Optimizing Debt Mix - APV and Peer Group Pressure
Session 21 (Val Undergrad): Pricing - Peer Groups and Controlling for Differences
Переглядів 3,2 тис.2 місяці тому
Session 21 (Val Undergrad): Pricing - Peer Groups and Controlling for Differences
Session 19 (Val MBAs): More on Pricing - Applications
Переглядів 2,5 тис.2 місяці тому
Session 19 (Val MBAs): More on Pricing - Applications
Session 19: Optimizing Financing Mix (Continued)
Переглядів 2,5 тис.2 місяці тому
Session 19: Optimizing Financing Mix (Continued)
Session 20 (Val Undergrad): Pricing - Descriptional and Analytical Tests
Переглядів 3,3 тис.2 місяці тому
Session 20 (Val Undergrad): Pricing - Descriptional and Analytical Tests
Session 18 (Val MBAs): More on Pricing - Descriptional & Analytical Tests
Переглядів 2 тис.2 місяці тому
Session 18 (Val MBAs): More on Pricing - Descriptional & Analytical Tests
Session 18: Optimizing the Debt Mix
Переглядів 2,6 тис.2 місяці тому
Session 18: Optimizing the Debt Mix
Session 19 (Val Undergrad): Valuation Closure and Pricing 101
Переглядів 3,5 тис.2 місяці тому
Session 19 (Val Undergrad): Valuation Closure and Pricing 101
Session 17 (Val MBAs): Pricing 101
Переглядів 4,6 тис.2 місяці тому
Session 17 (Val MBAs): Pricing 101
Session 17: The Debt/Equity Trade off
Переглядів 4,4 тис.2 місяці тому
Session 17: The Debt/Equity Trade off
how to find divident and buyback for nifty 50 ?
Class starts 2:10
Professor, I am still having difficulty understanding the reasoning. If I am valuing a company that earns 75% of its income in India and I choose the dollar as the currency for the valuation, using the US market risk-free rate and ERP, is it reasonable to project the growth rate in terms of India's economic growth? Wouldn't this mean that I am scaling revenue in dollars using a growth rate based on the Indian economy, which seems incorrect? I feel like I'm missing something.
ginsu knives analogy.... :Whatta bargain'...... Thank you professor
CAPM... "gets beaten all the time but hangs in there" 🤣
1:01:06
Very clear explanation. Agree with everyone that Prof Damodaran is the best at what he does
Big fan !
Por favor me pueden indicar de donde se tomo el dato de los 85,6 mil de investigación y desarrollo? Gracias
shouldn't you be looking at median rather than average returns? Because then you get bias from large moves
@17:05 -> In order to get Unlevered beta of business, what was the tax rate taken? (From country of incorporation of vale or by geography ie where it gets most of its revenues?)
Class starts at min 1:44
@1:14:18 => In conventional approach formula, why (1-t) multiplies whole Debt ('D') as only the interest payments are tax deductible & not the principle amount right?
Well well, NVIDIA is now trading at $1200+ …..definitely a bubble !
Well well, NVIDIA is now trading at $1200+ …..definitely a bubble
Not sure how the guy who valued Indigo calculated his debt/equity. Would love to know. Should'nt he be considering Lease Liability in debt which is around INR 49400 Cr.
What time period and what tick data (daily/weekly/monthly) do you prefer when calculating raw betas in your datasets which have been uploaded online..?
how is ev/sales different than p/e ratio?
Top class content for free, many people charge 000s of $$ for a hyped but average and basic valuation courses...Hats off to you Aswath
zero practical application ...all theory and very limited example usuage ...Overrated
28:34 (ua-cam.com/video/niH52NaFbAs/v-deo.html ). Professor makes a small mistake in claiming that Greeks were advanced in Mathematics and that they thought of Least Square method first. The truth is that Greeks used a number system which as precursor to the Roman numeral. Indian place value system (called as Hindu/Hindu Arabic/Arabic numerals depending on proper referencing) reached Europe in 11th Century and widely adopted in 15th century. You can imagine what we can do in Roman numerals in terms of mathematical operation. Forget square root, multiplication and division is next to impossible. Even addition is a pain using this numerals with no concept of decimal and fractions in addition. Such stories of Greek superiority is merely Eurocentric version of historical fiction with no evidence or primary sources.
Thank you Professor!
what if NI is negative? Or dividend payout is greater than 100%. You will get a negative retention ratio or it will be greater than 1.
i did not understood the part in which he keeps reinvestment rate 10% for stable growth period
My god, thank you!
Does warren Buffett compute all this?
The best!
You rock prof!🎉❤
Please add the Nepal in the list too sir
Awesome 🙌 Thank you professor ! It is helpful.
🛐🛐🛐
starts at 2:03
What if the 2 yr, 5yr betas are wildly different? What one would you pick?
Thank you very much
Fantastic!
How to contact you
In most Indian companies today, the promoters hold over 50% stake. It is said that it is good for the stockholders as these promoters have skin in the game. But, as per your teachings, if I am getting it correctly, that's bad for the stakeholders? I am confused. Could you please clarify?
Great sessions! Loved the explanations. All the very best sir!
thank you Professor
I noticed a quote by Sir that said, "The definition of insanity is doing the same thing over and over again." It gives me serious chills. 🥵 did he copied that dialog from vaas . can;t anything sir could be a far cry 3 fan .
Great wrap up. I loved reading each chapter and following up watching the videos. Thank you.
This is really annoying, I want to watch anime on my day off but Damodaran is so compelling
What a great explanation sir
starts at 6:08
Thanks for your kindness to share with us your knowledge it is useful course for me to inter the evaluation world. best regard
Hello everyone. Can anyone tell me how Prof. Damodaran got figures of Operating Lease Commitments from Amazon 10K? I'm unable to figure it out
His Voice is like He is on the Verge of telling Joke....feels like it will happen any time but never happens😂
beautiful!!!
It is so helpful to read a chapter and then listen to your commentary. You add much more clarity to the subject this way. This was my favorite section - partly because it was so simple to follow. I am curious why there has not been implementation of any MOS (margin of safety) when doing final evaluations. Thanks!
Can i get these notes for revision please