Deep Valuation
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The aim of this Deep Valuation course is to provide an introduction to cash flow return based valuation modelling covering both theory and a practitioners insight.
The course is suitable both for those who will be using proprietary CFROI tools and those seeking to include elements into their own valuation models.
Suitability
This Deep Valuation course is for analysts with a good understanding of traditional valuation, accounting and cash flow, who want to understand alternative perspectives on stocks and include CFROI insights elements within their own valuation models.
Learning Outcomes
- After completing this course you will be able to:
- Critically appraise common valuation approaches and understand the impact of different approaches on stock selection across the cycle
- Analyse the key adjustments made to company accounts under a cash flow return based approach
- Apply storytelling techniques based on growth in returns, asset growth & productivity and valuation
- Apply the analytical tools that allow stocks to be ranked & screened, and a fair value to be deduced
- Analyse the key ‘behind the scenes’ issues that can have a significant impact on the valuation
Course Content
- Valuation as a component of The Investment Process
- Traditional valuation where the “Book Value” is non-meaningful
- Recap of advantages/disadvantages of techniques, advantages/disadvantages and impact on fund styler
- DCF
- Multiples (Multiple based approaches (P/B, DY, P/E, EV/EBITDA. FCF Yield)
- Sum of the parts
- Data Analysis: regression across accounting metrics
- Real Options
- Deep Dive: CFROI analysis and methodology
- Basic ideas – EV, CFROI, CoC, EVA/EP, EV/NCI, Ec P/Er
- Transitioning to corporate economic data, the key adjustments
- Storytelling using CFROI type analysis
- Analysing and investing using CFROI analysis
- Value destruction, cash flow and valuation
- Deducing a fair value
- Reverse DCF analysis (implied returns)
- Incorporating growth
- Fade models and CoC reversion
- Incorporating the cycle
- Shorting stocks on valuation grounds
- Tax
- Pensions liabilities
- Extractive industries
- Financial services (standalone or embedded)
- Behind the scenes issues
- Cost of Capital (CoC)
- Revenue recognition
- Share options
- Extractive industries
- Tax
- Pension liabilities
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