Valuation: Alternative Methods

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Description

When you enroll for courses through Coursera you get to choose for a paid plan or for a free plan

  • Free plan: No certicification and/or audit only. You will have access to all course materials except graded items.
  • Paid plan: Commit to earning a Certificate—it's a trusted, shareable way to showcase your new skills.

About this course: This course is a rigorous introduction to alternative methods of valuation and will enable the learner to conduct analysis of most projects and companies. This course will also serve useful to anyone interested in, or required to, critically evaluating project and company analyses conducted by experts. It is the third course in a sequence of four courses that is part of a Specialization in Valuation and Investing and an important learning experience to help you learn important real world applications and a capstone project that comprise the fourth and final course of the specialization.

Who is this class for: This course is an intermediate graduate level course f…

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When you enroll for courses through Coursera you get to choose for a paid plan or for a free plan

  • Free plan: No certicification and/or audit only. You will have access to all course materials except graded items.
  • Paid plan: Commit to earning a Certificate—it's a trusted, shareable way to showcase your new skills.

About this course: This course is a rigorous introduction to alternative methods of valuation and will enable the learner to conduct analysis of most projects and companies. This course will also serve useful to anyone interested in, or required to, critically evaluating project and company analyses conducted by experts. It is the third course in a sequence of four courses that is part of a Specialization in Valuation and Investing and an important learning experience to help you learn important real world applications and a capstone project that comprise the fourth and final course of the specialization.

Who is this class for: This course is an intermediate graduate level course for working professionals or learners interested in a career in business. It will also prepare you well for a graduate program in business.

Created by:  University of Michigan
  • Taught by:  Gautam Kaul, Professor of Finance & Fred M. Taylor Professor of Business Administration

    Ross School of Business
Basic Info Course 3 of 4 in the Introduction to Finance: Valuation and Investing Specialization Level Intermediate Commitment It will take between 5-10 hours a week for about six weeks to master the content. Language English How To Pass Pass all graded assignments to complete the course. User Ratings 4.7 stars Average User Rating 4.7See what learners said Coursework

Each course is like an interactive textbook, featuring pre-recorded videos, quizzes and projects.

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Syllabus


WEEK 1


Overview of the Specialization & Course



This module contains detailed videos and syllabi of both the Specialization and this course. This specialization has been designed to enable you to learn and apply the powerful tools of modern finance to both personal and professional situations. The courses within progress linearly and build on each other and it is important for you to get an understanding of why this specialization may be relevant to your goals, again both personal and professional. Please review the videos and syllabi as they will give you a sense of the specialization and how this specific course fits within. The teaching style and philosophy of the instructors is also presented to you (hopefully) in sufficient detail. Most importantly, it will give you enough information for you to make a decision about whether you want to take this course, by itself or as part of a specialization.


11 videos, 3 readings expand


  1. Video: Specialization: An Overview
  2. Video: Specialization: A Collaboration
  3. Video: Specialization: Content and Structure
  4. Video: Specialization: Courses
  5. Video: Specialization: Process
  6. Video: Specialization: Philosophy
  7. Video: Specialization: Prerequisites
  8. Video: Specialization: Assumptions
  9. Video: Specialization: Thank You!
  10. Video: Specialization: Closed Captioning
  11. Reading: Specialization-Syllabus
  12. Video: Welcome to Alternative Valuation Methods
  13. Reading: Course 3-Syllabus
  14. Reading: Help us learn more about you!


Module 1



In module 1, we will first introduce a simple valuation approach using a detailed example and highlighting the effects of leverage. We will deliberately ignore real world issues such as taxes and bankruptcy costs to determine the fundamentals of valuation. This module will bring together the two building blocks of finance: Time Value of Money (Course 1) and Risk & Return (Course 2).


17 videos, 1 reading expand


  1. Video: 1.1 Leverage & Cost of Capital
  2. Video: 1.2 Leverage & Risk
  3. Video: 1.3 Leverage & WACC
  4. Video: 1.4 Valuation : Mega Example Set Up
  5. Video: 1.5 Mega Example: Question 1
  6. Video: 1.6 Mega Example: Question 1 Analysis
  7. Video: 1.7 Mega Example: Question 2
  8. Video: 1.8 Mega Example: Question 2 Analysis
  9. Video: 1.9 Mega Example: Question 3
  10. Video: 1.10 Mega Example: Question 3 Analysis
  11. Video: 1.11 Mega Example: Question 4
  12. Video: 1.12 Mega Example: Question 4 Analysis
  13. Video: 1.13 Mega Example: Question 5 & Analysis
  14. Video: 1.14 Mega Example: Question 6
  15. Video: 1.15 Mega Example: Question 6 Analysis
  16. Video: 1.16 Mega Example: Question 7 & Analysis
  17. Video: 1.17 Wrap Up: Real World Twists
  18. Reading: Note-ValuationNoFrictions

Graded: Assignment 1
Graded: Assignment 2

WEEK 2


Module 2



We will use our understanding of valuation from Module 1 to introduce a framework of valuation that will highlight the main drivers of the value of a company. This will serve as our basis for all valuation and we will then gradually introduce "frictions" created by us in the real world, like taxes and bankruptcy costs.


2 videos expand


  1. Video: 2.1 Valuing a Firm
  2. Video: 2.2 Valuing a Firm with No Frictions

Graded: Assignment 3
Graded: Assignment 4

WEEK 3


Module 3
In Module 3, we will introduce the effects of taxes on valuation. We will build gradually on the effects of taxes on a company's cash flows and then introduce the much more complex treatment of leverage to highlight its effects on valuation.


4 videos, 1 reading expand


  1. Video: 3.1 Valuing the Firm: With Taxes
  2. Video: 3.2 Valuing a Firm: With Tax Deductibility of Interest
  3. Video: 3.3 Value of the Levered Firm
  4. Video: 3.4 Value of Equity & Debt
  5. Reading: Note-ValuationWithFrictions

Graded: Assignment 5
Graded: Assignment 6

WEEK 4


Module 4
Module 4 is a natural extension of Module 3 because the presence of frictions and the availability of information allows us to value companies using alternative valuation methods. These methods will be developed and applied in detail in this concluding module.


4 videos expand


  1. Video: 4.1 Methods of Valuation: Enterprise Value, APV, Equity Valuation
  2. Video: 4.2 Multiples: Introduction
  3. Video: 4.3 Multiples: P/E Ratios
  4. Video: 4.4 Multiples: EBITDA Ratios

Graded: Assignment 7
Graded: Assignment 8

WEEK 5


Module 5:



This week will be spent on a short wrap video of the course and time for assimilation and review by learners to be prepared to take the final exams. In the past, learners have really valued this time and hence it is built into this new structure/platform as well.


1 video expand


  1. Video: Alternative Valuation Methods: Wrap-Up!


WEEK 6


Module 6
This is finals week. Please note there are two finals and you need to attempt both.


1 reading expand


  1. Reading: Post-course Survey

Graded: Final 1
Graded: Final 2
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