Investment Valuation - free course from Skillbox, training, Date: November 26, 2023.

Introduction to Investment Valuation
Become familiar with the concept of cost and the concept of fair value of an asset. Learn the basic principles of investment valuation. Study the efficient market hypothesis and be able to explain market anomalies.

Approaches to asset and project valuation
Get acquainted with different investment valuation methods, their advantages and disadvantages. Learn to choose the appropriate method depending on the technical specifications.

Income Approach: Time Value of Money
You will understand how the time value of money affects financial and economic calculations. Understand the relationship between inflation and interest rates. Learn to apply simple and compound interest formulas. You will be able to calculate discount rates for investment projects using MS Excel.

Income approach: basic tools
Get acquainted with the concept of terminal value and determine it using the Gordon model. You will be able to calculate discounted cash flows in MS Excel and determine the net present value.

Income approach: valuation of companies and projects
Learn to estimate the fair value of a company using free cash flows to the firm (FCFF) and free cash flows to equity (FCFE). You will understand how to choose and calculate the desired discount rate. You can calculate the weighted average cost of capital (WACC) and the required return for shareholders using the CARM model.

Comparative Approach: Basics
Learn how to use the multiplier for valuation. Study the classification of price and value multipliers. You will be able to calculate the main multipliers, as well as the average multiplier value for the sample.

Comparative approach: evaluation of companies and projects
Calculate the fair value of the company based on the financial model using multipliers. You will understand how to determine a sample of companies for calculation. Learn how to choose the right multiple to value a company depending on its industry.

Other approaches and methods of assessment
Get acquainted with other assessment methods, their advantages and disadvantages. Learn to use the liquidation value method and the economic value added method to estimate the fair value of an asset.

Business valuation as a reflection of value creation
Learn to interpret and reconcile assessment results obtained from different methods. You will understand how investment valuation is related to creating business value. Get to know the problems and risks that arise when valuing a business.

Investment analysis
Learn how to calculate net present value, internal rate of return, payback period and profitability index. Based on them, you can evaluate the investment attractiveness of the project.

Applied aspects of cost estimation
Learn the specifics of valuing diversified, cyclical and venture-backed companies. You will understand the specifics of business valuation in emerging markets.

Valuation of non-public companies
Consider the specifics of valuing non-public companies. Understand how to use the income and comparative approach. Learn to apply discounts and bonuses to valuation.

Valuation of M&A transactions
Get acquainted with the classification of mergers and acquisitions. You will be able to estimate the fair value of a company as part of an M&A transaction.

Stock valuation
Learn what types of shares exist and how to calculate their fair value. You will be able to use the discounted dividend model, price multiples, and free cash flow model to estimate the value of a stock.

Bond valuation
Study the basic parameters of bonds. Learn to determine a bond's yield to maturity and calculate its fair value.

Valuation of futures and forwards
You will understand how a forward differs from a futures. Learn what arbitration is and what the concept of non-arbitration valuation is. Learn to calculate the fair value of a forward with the cash flows of the underlying asset.

Option pricing
Become familiar with the classification of options and understand the concept of risk-neutral pricing. Learn to calculate the fair value of an option using the Black-Scholes model and the binomial model.

Property valuation
You will learn what types of real estate exist and understand how to apply classical approaches to their valuation.

Valuation of intangible assets
Study different types of intangible assets and understand how to apply classical valuation approaches to them. You will be able to conduct investment assessment of intangible assets.

Final project
Investment assessment of the project. You will receive a ready-made financial model of the project and estimate its fair value in several ways. Interpret the assessment results and formulate a conclusion about the investment attractiveness of the project.