Session 21: Valuing Private Companies
In this session, we started by looking at the challenges of valuing private-to-private transactions, where the buyer of a private business is undiversified and cares deeply about illiquidity, and how the values are depressed as a consequence. We then drew a contrast to the same company being valued by a public company, and argued that this should lead to private businesses increasingly become parts of public companies or going public themselves. In the final section of the class, we looked at valuing/pricing IPOs, and how to deal with offer proceeds from the IPO and the IPO process itself.
Start of the class test: https://pages.stern.nyu.edu/~adamodar/pdfiles/eqnotes/tests/pvtcotest.pdf
Slides: https://www.stern.nyu.edu/~adamodar/podcasts/valspr23/session21slides.pdf
Post class test: https://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/postclass/session21Ftest.pdf
Post class test solution: https://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/postclass/session21Fsoln.pdf
Видео Session 21: Valuing Private Companies канала Aswath Damodaran
Start of the class test: https://pages.stern.nyu.edu/~adamodar/pdfiles/eqnotes/tests/pvtcotest.pdf
Slides: https://www.stern.nyu.edu/~adamodar/podcasts/valspr23/session21slides.pdf
Post class test: https://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/postclass/session21Ftest.pdf
Post class test solution: https://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/postclass/session21Fsoln.pdf
Видео Session 21: Valuing Private Companies канала Aswath Damodaran
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Session 2B: Valuation Inputs - Equity Risk Premiums, Growth Rates and Terminal ValueSession 23: IPO Valuation and Real Options IntroductionSession 4A: Statistical Distributions - Applications in Finance & InvestingSession 22: Asset Based and Private Company ValuationSession 3A: Loose Ends in ValuationSession 16: Tying up Intrinsic ValueSession 26: T'is the End!Session 25: Undeveloped Reserves and Options to Expand and DelaySession 25: Acquisitions (continued) and Value EnhancementSession 14: Last loose end and story telling in valuationSession 11: Costs of Debt and CapitalSession 20: Other Approaches to Optimizing Debt Mix & Follow upSession 16: The Google Car - Case Discussion and Project OptionsSession 12: ValuationSession 21: Debt Design (Continued)Data Update 5 for 2023: Profitability, Returns and ValueSession 12: Measuring Investment ReturnsSession 6: Implied Equity Risk Premiums and BetasSession 25: More on Real OptionsSession 14: Last Loose Ends and Story to Numbers - Part 1Session 12: Measuring Investment Returns (Show me the money!)