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Seminars and Presentations

Executive Valuation Class (3 days) at Stern School of Business

I do one intensive three-day valuation class every June/July, which covers all of the topics of my regular valuation class. It is an open enrollment class and it is run by the Stern School of Business. You can get more information about the session (including the cost, dates and logistical details) by contacting the Executive programs office at Stern.

Presentations- Upcoming
I am listing the open seminars that I will be doing in the near or far future. Since I am not involved in the logistics of these seminars, I have linked each to the entities responsible for running the seminars. If you have any administrative questions, please contact them. If you have questions about content, you can email me or check past seminar presentations (below).

Seminar Location Date Seminar Topic Contact Entity
Shanghai, China January 12 (pm), 2015 A seminar on teaching  
Singapore January 13 &14, 2015 Valuation: Two day seminar  
Los Angeles February 19, 2015 Valuation: One day session CalCPA
Tampa Bay March 5, 2015 Corporate Finance: One day session  
Chicago April 23, 2015 Numbers & Narrative Chicago BVA
Moscow, Russia May 25, 26 Valuation: A two day seminar Skolkovo
Sao Paulo, Brazil July 1 Valuation: A one-day seminar

HSM

New York July 20, 21 & 22 Valuation: A three-day seminar NYU Stern Executive Programs
Las Vegas November 10 Valuation Session (Topic to be determined) AICPA
Philadelphia November 17 Valuation Session (Topic to be determined) AIMR (CFA Annual Conference)

Seminar Materials
In this section of my site, you can download copies of the power point presentations (in pdf format) on a variety of topics. Some of these presentations are from outside the US, and the examples from each setting/country can be downloaded in excel format. I will be updating this site at regular intervals and adding material from other presentations.

Setting Topic of Presentation Date Material that can be downloaded
Boston AIMR/CFA Annual Conference November 20, 2014 Presentation
Mexico City, Mexico Valuation October 9,10, 2014 Presentation
Arca: Valuation
Moscow, Russia Corporate Finance & Valuation July 9,10, 2014 Presentation
Yandex: Optimal Capital Structure
Yandex: Dividend Assessment
Yandex: Valuation
Yandex: Most recent 10K
Yandex: Summary of financial data
Jakarta (Deloitte) Valuation May 22, 23 Presentation
Valuation of Indofoods (April 2014)
Singapore (Temasek) Price and Value (shorter version) May 21, 2014 Presentation
Relative valuation (Pricing) Presentation
The Dark Side of Valuation (Valuing Difficult to value companies) Presentation
Seattle (CFA Session) Watch the Gap: Price and Value May 6, 2014 Presentation
Sao Paulo, Brazil Valuation March 28, 2014 Presentation
Valuation of Natura (Jan '14)
Valuation of Vale (Nov '13)
Tel Aviv, Israel (Amir Barnea's retirement session) Valuation: Dreams and Delusions December 5, 2013 Presentation
New York (CFA Session) Bias, Uncertainty and Complexity: The Bermuda Triangle of Valuation (Extended Version) November 21, 2013 Presentation
Wake Forest University The Barbarians are at the Gate: Universities and the Online Threat October 24, 2013 Presentation
Santiago, Chile Valuation: Day and a half seminar September 12-13, 2013
  1. Presentation
  2. Valuation of LATAM
New York (Bankseta) Corporate finance in two hours: A South African perspective July 24, 2013
  1. Presentation
  2. Sasol: Optimal Capital Structure
  3. Sasol: Valuation
Belgrade, Serbia A one-day valuation seminar July 8, 2013
  1. Presentation
  2. Metalac Ad Gornji - valuation
New York A three-day valuation seminar June 3-5, 2013
  1. Pre-session website
  2. Presentation
  3. Company valuations
  4. Spreadsheets: General , Financial Service Firms & Value of growth
  5. Post-session website
Singapore A two-day valuation seminar May 2013 Presentation
Singapore - Temasek Noise: Dealing with uncertainty in valuation (the short version) May 2013 Presentation
New York Macro Inputs in Valuation: Hubris and Happenstance April 5, 2013 Presentation
Philadelphia Noise: Dealing with uncertainty in valuation Dec 6, 2012 Presentation
New York Corporate Finance: The New World Order
Dec 4, 2012 Presentation
New York A three-day valuation seminar June 4-6, 2012
  1. Pre-session website
  2. Presentation
  3. Company valuations
  4. Tests
  5. Data Addendum
  6. Spreadsheets: General , Financial Service Firms & Value of growth
  7. Post-session website
Delhi Valuing Young Companies May 2012 Presentation
Mumbai Valuation: A two-day session May 2012 Presentation
Implied equity risk premium for India
Dr. Reddy's Labs: A valuation
Omaha Is there "value" in "value investing"? May 2012 Presentation
San Francisco Fair Value Accounting: Visionary Thinking or Oxymoron April 2012 Presentation
Toronto Valuation across sections and the life cycle February 2012 Presentation
New York The Dark Side of Valuation: Valuing difficult-to-value companies November 2011 Presentation
Las Vegas The Discount Trifecta in Private Company Valuation: Lack of diversification, Illiquidity and Control (or lack of it) November 2011 Presentation
New York Risk Premiums: Looking Backwards and Forwards October 2011 Presentation
Fortaleza, Brazil Dante meets DCF: The Brazilian edition April 2011 Presentation
Mumbai, India Dante meets DCF: The Indian edition January 2011 Presentation
Lima, Peru Market Frictions: Liquidity, Diversification and other issues August 2010 Presentation
Lima, Peru Dealing with Risk: Definition, Measures and Tools August 2010 Presentation
Bogota, Colombia Valuation in a day August 2010

Presentation
Valuation of Isagen and Capital Structure
Implied Premium for Colombia

Pune, India Valuation and Corporate Finance in a Family-run Corporate Group: The Tata Group May 2010 Presentation
Valuation of Tata Chemicals and Capital Stucture
Valuation of Tata Steel and Capital Structure
Valuation of Tata Motors and Capital Structure
Valuation of TCS and Capital Structure
Slovenia & Croatia Value: Not just a number May 2010

Presentation
Valuation of KRKA and KRKA Capital Structure
Valuation of Adris Grupa and Adris Grupa Capital Structure

Bogota, Colombia Danger and Opportunity: Ruminations on Risk March 2010 Presentation
Rio & Sao Paulo Market Revelations: Lessons learned, unlearned and relearned from a crisis August 2009 Presentation
Valuation of Embraer (2009)
Lima, Peru Valuation in Emerging Markets August 2009

Presentation
Implied Premium for Peru (2009)
Valuation of Cementos Pacasmayo
Valuation of Sociedad Minera

Zurich, Switzerland
Firenze, Italy
Dante meets DCF & Ten Lessons from Valuation Hell May 2009

Presentation
A pre-session test

Stamford, Connecticut

Valuation: DCF, Relative and Real Options
Webcasts of the sessions:
1: Introduction and DCF Big Picture
2: DCF Details
3: Value Enhancement and Loose Ends, Intro to Relative Valuation
4: Relative valuation continued and Real Options

March 2009 Presentation
Valuation of Hyundai Heavy Industries

Valuation of Kristin Kandy
Valuation of Wells Fargo
Valuation of Amazon - 2000
Valuation of Amazon - 2001
Hyundai Optimal Capital structure
Valuation of Hyundai restructured
Implied Premium for Korea
New York, NY One day valuation session March 2009 Presentation
New York, NY Fair Value Accounting: Visionary Thinking or Oxymoron February 2009 Presentation
New York, NY

Valuation: DCF, Relative and Real Options
Webcasts of the sessions:
1: Introduction and DCF Big Picture
2: DCF Details
3: Value Enhancement and Loose Ends, Intro to Relative Valuation
4: Relative valuation continued and Real Options

October 2008 Presentation
Valuation of Hyundai Heavy Industries

Valuation of Kristin Kandy
Valuation of Wells Fargo
Valuation of Amazon - 2000
Valuation of Amazon - 2001
Hyundai Optimal Capital structure
Valuation of Hyundai restructured
Implied Premium for Korea
New York, NY Six Weeks from Hell - 9/12-10/16: Valuation Consequences October 2008 Presentation
Implied Premiums & other data: 9/12-10/16

Valuation of 3M: 9/12
Valuation of 3M: 10/16
Seoul, Korea Valuation: DCF, Relative and Real Options July 2008 Presentation
Valuation of Hyundai Heavy Industries
Hyundai Optimal Capital structure
Valuation of Hyundai restructured
Implied Premium for Korea
Rio & Sao Paulo, Brazil Top Valuation Mistakes and Loose Ends June 2008

Presentation
Embraer Valuation
Implied Premium for Brazil - 2008

Stern Alumni Conference Danger and Opportunity: Musings on Risk May 2008 Presentation
Los Angeles, California Anatomy of a Leveraged Buyout December 2007 Presentation
Valuation of Haman
Optimal Capital Structure: Harman
Enhanced Capital Structure: Harman
APV Analysis: Harman
Restructured Valuation: Harman
Wichita, Kansas Equity Risk Premiums July 2007 Presentation
Historical Risk Premiums
Implied Equity Premiums (past)
Implied Premium calculator (Try it out yourself)
Sao Paulo, Brazil Valuation: First Principles and Loose Ends June 2007 Presentation
Valuation of Gerdau Steel
Rio, Brazil The Value of Control and Corporate Governance June 2007 Presentation
Gerdau optimal capital structure
Boston (MFS) Valuation Seminar (1 day) May 2007 Presentation
Valuation of Amgen
New York (PWC) Valuation Seminar (2 days) April 2007 Presentation
Dartmouth Dante meets DCF: Ten Valuation Sins February 2007 Presentation
UPenn Law Conference The Value of Control December 2006 Presentation
AIMR Conferenence Leverage and Value (Expanded Versions) December 2006 Presentation
AICPA Conference The Cost of Illiquidity December 2006 Presentation
Rio De Janeiro Investment Philosophies October 2006 Presentation
New York Leverage and Value September 2006 Presentation
GE (Connecticut) Acquirer's Anonymous: Seven Steps to Sobriety October 2006 Presentation (updated from 2003)
Mexico Valuation June 2006 Presentation
Valuations of Banorte and Cemex
Implied risk premium for Mexico
Brazil Discounted Cash Flow Valuation
Relative Valuation and Real Options
March 2006

DCF Presentation (ppt version)
Relative Valuation & Real Options Presentation (ppt version)

Dartmouth Loose Ends in Valuation March 2006 Presentation (ppt version)
Papers on loose ends
Chennai, India Valuation: Ten Principles and Tying up Loose Ends Feb 2006 Presentation (ppt or pdf versions)
See 7/7/04 presentation for Tata Chemical and Wipro valuations
Amsterdam Fair Value Accounting: Mission Impossible? Jan 2006 Presentation
Las Vegas The Value of Control Nov 2005

Presentation
Read the full paper
Valuation of Blockbuster: status quo and optimal
Valuation of SAP: status quo and optimal
Valuation of Nintendo: status quo and optimal

New York
Applied Corporate Finance July 2005 Presentation
Project Description
Web site
Brazil

Investment Analysis/ Capital Budgeting
Valuation
Advanced Valuation

June 2005
June 2005
June 2005

Presentation (Investment Analysis/Capital Budgeting)
Presentation (Valuation)
Presentation (Advanced Valuation)
Valuation of Kristin Kandy
Implied Risk Premium for Brazil (2005)
Ambev: Valuation, Capital Structure, Restructured
Vale: Valuation, Capital Structure
Valuation of Embraer
Valuation of Embraer restructured

Frankfurt, Germany
Valuation May 17, 18/05 Presentation
SAP : Valuation, Optimal Capital Structure, Restructured
Valuation of Kristin Kandy
Implied Risk Premium for Germany
Relative Valuation data for Germany (2005)
Athens, Greece
Valuation May 19, 20/05 Presentation
Titan Cement: Valuation, Optimal Capital Structure, Restructured
Implied Risk Premium for Greece
Relative Valuation data for Greece (2005)
New York, NY ( S & P)
Valuation Summer 2005 Presentation
Titan Cement: Valuation, Optimal Capital Structure, Restructured
Valuation of Kristin Kandy
Implied Risk Premium for Greece
Implied Risk Premium for US
Frankfurt, Germany
Valuation 10/1, 10/2 /04 Presentation
BMW: Valuation, Optimal Capital Structure, Restructured
Implied Risk Premium for Germany
Milan, Italy
Value Enhancement 7/9/04

Presentation
Ducati: Valuation, Capital Structure, Restructured

Hyderbad, India
Intrinsic and Relative Valuation 7/7/04 Presentation
Implied Risk Premium for India
Tata Chemicals: Valuation, Capital Structure, Restructured
Wipro: Valuation, Capital Structure
Relative valuation data for India
Grace Kennedy, Jamaica
Corporate Finance - Grace Kennedy 6/29/04

Presentation
Optimal Capital Structure for Grace Kennedy
Valuation of Grace Kennedy

Rio De Janeiro, Brazil
Estimating Cost of Capital, Acquisition Valuation and Real Options (short) 6/15/04 Presentation
Implied Risk Premium for Brazil
Ambev: Valuation, Capital Structure, Restructured
Vale: Valuation, Capital Structure
Valuation of Aracruz
Sponsors for Educational Opportunity
Corporate Finance in a day 6/1/04 Presentation
Greece
Valuation 5/20/04 Valuation Presentation
Implied Risk Premium for Greek market (xls)
Valuation of Titan Cements (xls)
Optimal Capital Structure for Titan Cements
Titan Restructured Valuation
M & A Conference
Acquirer's Anonymous: Seven Steps to Sobriety 11/11/03 Presentation
Sao Paulo, Brazil
Valuation in Brazil 10/24/03 Valuation Presentation
Implied Risk Premium for Brazil
Valuation of Embraer
Valuation of Embraer restructured
FMA Meetings (Denver)
Intrinsic Valuation in a Relative Valuation World 10/9/03 Intrinsic Value in a Relative Valuation World
Milan
Investment Philosophies: Seeing the Big Picture 9/25/03 Investment Philosophies
NACVA Conference
Value Enhancement 5/30/03 Value Enhancement
Greece
Valuation 5/22,5/23, 2003 Valuation Presentation
Implied Risk Premium for Greek market (xls)
Valuation of Titan Cements (xls)
Optimal Capital Structure for Titan Cements
Titan Restructured Valuation
AIMR
Loose Ends in Valuation 12/05/02 Loose Ends Presentation
Closed End Fund Discount
Complexity Score
Valuing Synergy
Valuing Control
Valuing Options
Estimating Probability of Distress
Valuing Illiquidity
AICPA
The Value of Transparency 11/02 Value of Transparency
Graduate Finance Association (Stern)
Investment Philosophies 10/02 Investment Philosophies presentation
United States
Valuing Distressed Companies 7/02

Valuation Presentation (pdf)
Valuation of Global Crossing

Greece
Valuation 9/27,9/28, 2002

Valuation Presentation (pdf)
Relative Valuation Presentation (pdf)
Implied Risk Premium for Greek market (xls)
Valuation of Titan Cements (xls)
Optimal Capital Structure for Titan Cements
Titan Restructured Valuation

Stern Undergraduate
Twleve Myths in Valuation (2 hours) 10/26/01 Valuation Presentation
AIMR (Cambridge)
Valuation ( 1-day) 7/2/01 Valuation Presentation
Valuation of Titan (in Euros)
U.S.
Corporate Finance (2-day session) Summer 2001

Corporate Finance Presentation
Spreadsheets
Data

General
Valuation (1-day seminar) Summer 2001 Valuation Presentation
General
Relative Valuation (1/2 day) Summer 2001 Relative Valuation Presentation
General
Real Options (1/2 day) Summer 2001 Real Options Presentation
Brazil
Corporate Finance 3/22/01

Corporate Finance Presentation
Optimal Capital Structure - Embraer
Optimal Capital Structure - Aracruz

Brazil
Valuation 3/23/01 Valuation Presentation
Implied Risk Premium for Brazil
Valuation of Embraer
Valuation of Embraer (restructured)
Brazil
Valuation 4/14/00 Valuation Presentation (pdf)
Implied Risk Premium for Brazil Market
Valuation of Brahma
Valuation of Brahma (restrctured)
India
Valuation 6/27/00

Valuation Presentation (pdf)
Tube Investments valuation
Tube Investments capital structure
Parry's valuation
Parry's capital structure

Portugal
Valuation 5/20/99

Valuation Presentation (pdf)
Implied Risk Premium for Portuguese market (xls)
Valuation of Portugal Telecom (xls)
Optimal Capital Structure for Portugal Telecom

US
Valuation of Technology firms March 2000 Valuation presentation
Valuation of Amazon.com
Valuation of Compaq
Optimal Capital Structure: Compaq
Optimal Capital Structure: Amazon
Valuation: Compaq Restructured
Italy
Value Enhancement 1/10/00 Value Enhancement Presentation (pdf)
Implied Risk Premium for Milan Index (xls)
Valuation of Telecom Italia (xls)
Restructured Valuation of Telecom Italia
Optimal Capital Structure for Telecom Italia