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2nd Edition

MANAGING LIKE AMAZON

Adopt Bezos Management System.

Colin Bryar, VP & Bezos's Shadow at Amazon.

The person who documented Amazon management system.

1st Edition


THE CRAFT OF VALUATION


COMPANY VALUATION: NAVIGATING THE NUANCES

Reserve - Invitation Only
Brochure


ASWATH DAMODARAN
THE DEAN OF VALUATION AND NYU'S CORPORATE FINANCE PROFESSOR.

ADMITTANCE


3800€ +VAT


UNTIL 29TH NOVEMBER.
INCREASES TO 4800€ + VAT

TICKET

3600€ + vat

15th Nov. increases to 4600€+vat

DATE


27, 28TH FEBRUARY & 1ST MARCH 2025

DATE

27, 28th February & 1st March 2025

LOCATION


SANTA IRIA HOTEL, MOUCHÃO GARDEN


TOMAR, PORTUGAL

Tomar, Portugal

LOCATION

Santa Iria - Mouchão Garden

Equity research analysts, CFO, Analysts involved in mergers and
acquisitions, Portfolio Managers.

AUDIENCE

AUDIENCE


EQUITY RESEARCH ANALYSTS, CFO, ANALYSTS INVOLVED IN MERGERS AND
ACQUISITIONS, PORTFOLIO MANAGERS.



MIHIR DESAI, HARVARD BUSINESS SCHOOL, AUTHOR OF THE WISDOM OF FINANCE


"THERE IS NO BETTER GUIDE TO THE WORLD OF FINANCE THAN ASWATH DAMODARAN. IN THIS
WONDERFUL CONTRIBUTION, HE CREATES A READABLE, RIGOROUS AND PROVOCATIVE GUIDE TO
INVESTING ACROSS THE LIFE CYCLE"

MICHAEL MAUBONSSIN  - HEAD OF RESEARCH, MORGAN STANLEY


"I CAN SAY WITHOUT HESITATION THAT ASWATH DAMODARAN IS THE BEST TEACHER OF
VALUATION THAT I HAVE EVER ENCOUNTERD..."

MEB FABER, CO-FOUNDER AND THE CHIEF INVESTMENT OFFICER OF CAMBRIA INVESTMENT
MANAGEMENT


"YOU CAN'T SKIP A SINGLE CLASS TAUGHT BY MY FAVORITE PROFESSOR, ASWATH
DAMODARAN..."


PROGRAM OVERVIEW

PROGRAM OVERVIEW

There are as many models for valuing stocks and businesses as there are analysts
doing valuations. The differences across these models are often emphasized and
the common elements are generally ignored. In this two-day seminar, I will start
with the estimation issues and basics of intrinsic valuation, talking about the
big picture perspective that must be brought to the estimation of cash flows,
growth rates and discount rates. I will use real companies as lab experiments to
bring home the estimation questions that have to be dealt with in valuation.
Once I have the foundation laid, I will launch into an assessment of the loose
ends in valuation and talk about valuing control, synergy and cross holdings in
companies. Then, we will move on to what I term the dark side of valuation,
valuing difficult-to-value companies across sectors (intangible assets, cyclical
and financial service companies) and across the life cycle (small private, young
growth, mature transition and declining/distressed companies). In the last part
of the session, we will cover the use and misuse of multiples in relative
valuation.


The objective of the training is to provide the fundamentals of each approach to
valuation, together with limitations and caveats on the use of each, as well as
extended examples of the application of each. At the end of the seminar,
participants should be able 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 a restructuring a firm

 

The first day 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 day by looking at the
terminal value in DCF valuation: how best to estimate it and common errors made
in computation.

 

The second day’s discussion 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. It will also then
extend into the discussion of difficult to value companies. The last part of the
day 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.




MEET & GREET

27th February

An Historic Evening at the Convento de Cristo

Imagine walking through the grand halls of the Convento de Cristo, a site where
history whispers from every stone, and being greeted by none other than Aswath
Damodaran. On 27th February, you will join 29 other individuals for an
unparalleled meeting where Aswath will reveal the inner workings of
valuation principles—right in the heart of this UNESCO World Heritage site.



16:30 - 21:00

The Valuation Retreat start with a captivating Meet & Greet at Convento de
Cristo.

 

Prepare to embark on an enlightening journey as Colin offers an insightful
overview of the upcoming two days, setting the stage for an engaging exchange.
Each participant will be gently prompted with simple questions, fostering a
connection among us.

 

As the evening unfolds, indulge in a sumptuous dinner, a fitting culmination to
a day filled with exploration.


DAY 1

09:00 - 10:30

The Discounted Cash Flow Model & Setting up the Model.



10:30 - 12:00

The Big Picture of DCF Valuation & Valuation Examples.



12:00 - 13:00

The Discount Rate Question.



13:00 - 14:15

Lunch



14:15 - 15:30

Risk Premiums and Betas.
The Cost of Debt.



16:00 - 17:00

Estimating Cash Flows, Growth Rates & Growth Patterns.



17:00 - 18:00

The Terminal Value.

Closing Thoughts on DCF Valuation.

28th February

30TH OCTOBER


DAY 2

09:00 - 10:30

Loose Ends in Valuation:

Cash, Cross Holdings and Other Assets.

The Value of Control, Synergy and Transparency.

The Liquidity Discount.

Employee Stock Options.



10:30 - 13:00

The Dark Side of Valuation:

Valuing Young, Growth Companies.

Valuing Mature Companies in Transition.

Valuing Declining and Distressed Companies.



13:00 - 14:15

Lunch



14:15 - 15:15

The Dark Side of Valuation Continued:

Valuing Cyclical Companies.

Valuing Commodity Companies.

Valuing Financial Service Companies.

Valuing Private Businesses.



15:15 - 16:30

Pricing:

Deconstructing Multiples.

Comparable Company Valuation.

Open Q&A.



16:30 - 17:00

Closing Session & Signing Certificates & Photos

1st March

31TH OCTOBER




PACKAGE

Admittance of 3800€ + vat until 29th November. Increases to 4800€ + vat.

Reserve - Invitation Only

Meet & Greet

Kick off the retreat by connecting with Aswath and fellow participants on 27th
February at the picturesque Convento de Cristo, Tomar.



2-day Masterclass

Aswath will reveal secrets and answer your questions in an immersive learning
experience. 28th February & 1st March at Santa Iria Hotel, Mouchão Garden, Tomar



The Valuation Workbook

Receive an exclusive workbook filled with Aswath's frameworks and systems,
designed to guide your journey.



Hotel & Food Included

Stay in comfort at Estalagem Santa Iria or Hotel dos Templários, Tomar. Enjoy
all-inclusive meals throughout the retreat.



Backyard Grill Experience

Savor premium cuts of meat grilled to perfection, with music setting the perfect
backdrop for engaging conversations. 28th February at Jardim Mouchão.



Airport & Hotel Transfer

Our team will take care of your transportation during the 3 days.



Signed Certificate

Take home a personalized, hand-signed certificate from Aswath, verifying your
participation and achievement

Past Arc participants:

Contact Arc

enquiries@arc-retreats.com

+351 914 793 351

(Call to national mobile network)

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