|
所在平台: Udemy |
课程主页: https://www.udemy.com/course/company-valuation-methods/
课程评论：没有评论
课程名称：公司估值 课程概述：本课程旨在教授学员公司估值在股权分析和企业财务估值中使用的基本实用技巧。适合对估值知识了解不深的学员，同时也为需要实际洞见和应用的学员提供了一个很好的复习机会，使其能够自信地开展估值工作。课程分为两个主要部分：可比公司分析（Comps）和折现现金流（DCF）。学员将获得DCF和Comps的检查清单，以帮助他们制作高质量、一致的估值。课程重点关注实现估值的一致性和稳健性。 本课程模块涵盖以下主题： 1. 估值简介 - 估值技术介绍及内容概述。 2. 概念基础 - 年金、永续年金、股本成本及市盈率、资本回报率（ROCE）和股本回报率（ROE）。 3. Comps分析 - 什么是可比公司分析，它是如何运作的，市盈率（P/E）、市销率（P/S）、企业价值/税息折旧及摊销前盈利（EV/EBITDA）的应用场景及Excel实践练习，辅以完整的导师评估。 4. 估值背景 - 市场市盈率及不同地区和不同规模公司所显示的不同特征如何影响可比公司的选择。 5. 可比公司的标准 - 在寻找可比公司作为基准时应考虑的因素，以及这种选择对估值的关键影响。 6. 可比公司总结检查表（PDF）。 折现现金流（DCF）部分： 7. DCF比较 - DCF的使用对象及其原因。 8. DCF组成与计算：现金流（FCFF与FCFE）、相关现金流、永续年金的应用及二阶段DCF计算的实施，辅以完整的导师评估的可下载练习。 9. 加权平均资本成本（WACC）：如何对债务成本和股本成本进行加权; 如何利用市场数据和统计来估算Kd和Ke，及风险调整。 10. DCF首次应用：完成一份DCF的全方位应用，包含WACC计算及对FCFF的运用，提供DFCC总结备忘单（PDF）。 11. 高级DCF考量：反推隐含增长、贝塔（Beta）杠杆化与去杠杆化（资产贝塔与股权贝塔）。 通过本课程，学员将掌握稳健的一致性估值方法，为未来的投资分析和财务决策打下坚实基础。
The aim of the course is to teach delegates the principle practical techniques used in company valuation for equity analysis and corporate finance valuation. Suitable for those with little valuation knowledge, and a great refresher for those who need some practical insight and application - this is all you need to approach valuation with confidence. The program comes in two main sections: Comps, and DCF. Delegates will also be supplied with our DCF and Comps checklists to help them produce quality consistent valuations. The course will focus on the key issue of achieving consistency and robustness in valuation. The modules in this program cover the follow topics:1. Introduction to valuation - what are the techniques and what are we going to cover2. Conceptual foundations - annuities, perpetuities, Cost of Equity and P/E ratios, ROCE and ROECOMPS (Comparable company analysis)3. What is Comps all about and how it works - P/E, P/S, EV/EBITA: which to use when and some practical exercises to work through in excel, with a full tutor debrief4. Valuation in context - a look at some market P/Es and how different geographies and different sized companies show different characteristics. How does that influence your choice of comparable?5. What makes a company comparable? When looking for comparable companies as a benchmark, what are we looking for and how critical this is to our valuation: no company is average!Take away a Comparables summary checklist (PDF)DCF (Discounted Cash Flow)6. How does DCF compare - who uses it and why?7. DCF Components and Calculations: What cash flow (FCFF vs FCFE), relevant cash flows, perpetuities and how to apply a 2-stage DCF computation. A downloadable exercise with a full tutor debrief will ensure you get to grips with the numbers. 8. The WACC: what weights to we apply to Costs of Debt and Cost of Equity; how to estimate the Kd and Ke using market data and statistics, adjusting for risk. 9. First DCF: Completing a full application of a DCF in a downloadable exercise, with full tutor debrief showing computation of the WACC, and the application to FCFF. Take away a DCF summary cheat-sheet (PDF)10. Advanced DCF considerations: reversing out implied growth, leveraging and deleveraging the Beta (asset beta vs equity beta)
