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Techniques in Finance & Valuation 1 What is Valuation? Valuation: Methods of quantifying how much money something should be exchanged for today, considering future benefits. We will teach 4 valuation methods Trading Comparables Transaction Comparables $ Sum-of-the-Parts Valuation Discounted Cash Flow Analysis (DCF) 2 Why is Valuation important? Acquisitions: How much should we pay for the company? Divestitures: How much should we Sell-side Research: sell our company for? Should our clients buy, sell or hold a given stock (fixed income security, option etc.,)? Valuation Initial Public Offering (IPO): Hostile defense: How much is the Is our company company worth? undervalued/vulnerable (price per share ) to a hostile bidder? Debt offerings: What is the value of the company against which debt is being issued? (collateral) 3 Trading Comparables Relative Valuation Technique 4
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