Business Valuation Seminar with

Aswath Damodaran
Thursday Friday, 22 23 May 2014
9 am 5 pm (Registration starts at 8 am)

The Ritz-Carlton Jakarta, Mega Kuningan

Jl. Lingkar Mega Kuningan Kav. E.1.1 No.1
Mega Kuningan, Jakarta 12950, Indonesia

Secure your seats now before they are sold out!

Email your registration form before 14 May 2014
to [email protected]
or fax it to +6221 29928200/29928300

Early bird save up to USD 220! (*) Get a Certificate signed by

Expires on 11 April 2014 Aswath Damodaran
Overview
There are as many models for valuing stocks and businesses as there are analysts doing valuations. While we often talk about the
differences across valuation models, we seldom talk about what they share in common. In this seminar, we hope to emphasize
the shared foundations of valuation approaches and how to bridge differences across them.

The first part of the seminar will cover discounted cash flow valuation, and the estimation issues that arise when information is
imprecise or unavailable; in addition, it will look at value enhancement through the prism of discounted cash flow models. The
second part of the seminar will focus on what we term the loose ends in valuation and follow up by looking at difficult-to-
value companies across the spectrum (life cycle, sectors). The third part of the seminar will examine relative valuation, i.e., the
valuation of assets/businesses by looking at how similar assets/businesses are priced by the market.

Objective
The objective of the seminar is to provide a big picture perspective on valuation and to see how the pieces of the valuation
puzzle fit together. In particular, we hope to bring across the idea of valuation as a narrative about a company, rather than a
collection of numbers. By the end of the sessions, we hope to be able to give you the tools and the confidence to:
Value any kind of firm in any market, using discounted cash flow models (small and large, private and public)
Value a firm using multiples and comparable firms,
Analyze and critique the use of multiples in valuation,
Value problem firms, such as financially troubled firms and start-up firms,
Estimate the effect on value of restructuring a firm

Speakers profile
Aswath Damodaran
Professor, Stern School of Business at New York University

Aswath Damodaran is the Kerschner Family Chair Professor of Finance at the Stern School of Business
at New York University. He teaches the corporate finance and valuation courses in the MBA program
as well as occasional short-term classes around the world on both topics. He received his MBA and
Ph.D degrees from the University of California at Los Angeles. His research interests lie in valuation,
portfolio management and applied corporate finance. He has published papers in the Journal of
Financial and Quantitative Analysis, the Journal of Finance, the Journal of Financial Economics and the
Review of Financial Studies.

He has written four books on valuation (Damodaran on Valuation, Investment Valuation, The Dark
Side of Valuation, The Little Book of Valuation) and two on corporate finance (Corporate Finance:
Theory and Practice, Applied Corporate Finance: A Users Manual). He has co-edited a book on
investment management with Peter Bernstein (Investment Management) and has two books on
portfolio management one on investment philosophies (Investment Philosophies) and one titled
Investment Fables. He also has a book titled Strategic Risk Taking, which is an exploration of how
people think about risk and the implications for risk management.

Aswath was a visiting lecturer at the University of California, Berkeley, from 1984 to 1986, where
he received the Earl Cheit Outstanding Teaching Award in 1985. He has been at NYU since 1986,
received the Stern School of Business Excellence in Teaching Award (awarded by the graduating class)
in 1988, 1991, 1992, 1999, 2001, 2007 and 2008, and was the youngest winner of the University-
wide Distinguished Teaching Award (in 1990). He was profiled in Business Week as one of the top
twelve business school professors in the United States in 1994 and was elected as the most popular
business school professor in the US by MBA students across the country in a 2011 survey by Business
Week. In 2012, he was chosen as one of the top ten business school professors in the world by Poets
and Quants, and his blog, Musings on Markets, was selected by the Times of London as one of the
top ten stock market blogs in the world. Of course, as with any finance oriented post, it should be
emphasized that past performance is not an indicator of future results.

In addition to his blog, Aswath has an active presence online, on Twitter (@AswathDamodaran) and
with his website (http://www.damodaran.com). His corporate finance and valuation classes are carried
online and his online classes were chosen as one of the top ten MOOCs in the world in 2012.
Agenda
The first part of the seminar will establish the fundamentals of discounted cash flow valuation, with a special emphasis on the
estimation issues that come up when estimating discount rates, cash flows and expected growth. It will look at the choices in
terms of DCF models and how to pick the right model to value a specific firm. In addition, we will use the basic structure of
the discounted cash flow model to take a comprehensive look at how to enhance firm value. In addition, we will focus on a
myriad of estimation questions related to cash flows, discount rates and growth rates. We will end the section by looking at the
terminal value in DCF valuation: how best to estimate it and common errors made in computation.

The second part will begin with an analysis of what we call the loose ends in valuation how to deal with cash, cross holdings
and other assets, what the value of control, synergy and liquidity are and how best to deal with employee and management
equity and option grants. We will then venture into the dark side of valuation, where we look at companies that are atypical,
across the life cycle (from young start-ups to declining businesses), across sectors (commodity, cyclical, intangible asset and
financial service firms) and across the ownership cycle (privately owned, VC/PE and publicly traded).

The third part will be dedicated to relative valuation. A range of multiples that are used currently in valuation, from earnings
multiples (such as PE, Value/EBIT, Value/EBITDA) to sales multiples (Revenue/Sales, Price/Sales), will be discussed and compared.
The relationship between multiples and discounted cash flow models will be explored, and the notion of a comparable firm
will be examined. (What is a comparable firm? How do you adjust for differences in growth, risk and cash flow capabilities
across firms, when estimating multiples?) Finally, the special difficulties associated with comparing multiples across time, and
across markets, will be highlighted.

Who Should Attend:

The mix of basic valuation techniques and applications provided in this seminar should appeal to a widely diverse
audience. In particular, it should be useful for:
Equity research analysts, who are interested in examining alternatives to the multiples that they use or the linkage
to discounted cash flow models.
Corporate financial officers, who want to understand the details of valuation, either because they are planning
acquisitions or are interested in value enhancement strategies for their firms.
Analysts involved in Mergers and Acquisitions, who would like to acquire a wider repertoire of valuation skills.
Portfolio managers who are interested in the effects of corporate restructuring on firm value, and the implications
for portfolio management.
Investors of all stripes.
Business owners who are valuing their own businesses for a public offering, sale or other reasons.
 Registration Form

Business Valuation with Aswath Damodaran

Thursday Friday, 22 23 May 2014
9 am 5 pm (Registration starts at 8 am)

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Participation fee USD 1,980/person inclusive of VAT.
The participation fee includes certificate, seminar materials, lunch and coffee breaks for two days.
Early bird USD 1,760/person inclusive of VAT expires on 11 April 2014 (RSVP and settled payment).
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