Session 15: More on the Dark Side of Valuation
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Episode description
In this session, we continued our travels on the dark side, starting by valuing financial service companies (where loss of trust has driven us from dividend discount models), moving on to emerging market companies (with corporate governance, cross holdings and country risk all playing starring roles) and then looking at companies with intangible assets (where capitalizing R&D-like expenses can increase or decrease value) and to commodity and cyclical companies. I suggested that you use Monte Carlo simulations to bring in uncertainty into your valuations. Start of the class test: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/tests/dcfvaltests3.pdf Slides: http://www.stern.nyu.edu/~adamodar/podcasts/valfall16/valsession15.pdf Post class test: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/postclass/session15Atest.pdf Post class test solution: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/postclass/session15Asoln.pdf
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