Proces voor transactieanalyse

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Deze oefening maakt deel uit van de cursus

Introductie tot bedrijfswaardering

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This chapter introduces key valuation techniques and the principles behind them. It also introduces football field charts, used extensively to visualize the results of a business valuation

Exercise 1: Course Introduction Exercise 2: Why Perform Valuation Exercise 3: Valuation is an Art and a Science Exercise 4: Valuation Reasons Exercise 5: Valuation Techniques Exercise 6: Focus of this Course Exercise 7: Company Valuation Methods Exercise 8: Football Field Chart Exercise 9: Check-in 1

This chapter explores the differences between enterprise value and equity value, including their calculations, advantages, and key valuation multiple. It also emphasizes the importance of numerator/denominator consistency in financial analysis.

Exercise 1: Enterprise Value vs Equity Value Exercise 2: Value of a House Exercise 3: Calculating Enterprise Value Exercise 4: Enterprise Valuation Exercise 5: Enterprise vs Equity Mulitple Exercise 6: Advantages and Disadvantages of Enterprise and Equity Value Exercise 7: Enterprise and Equity Value Exercise 8: Check-in 2 Exercise 9: Valuation Consistency Exercise 10: Multiples

This chapter provides a comprehensive guide to discounted cash flow (DCF) valuation, covering free cash flow types, key assumptions, forecasting, and UFCF calculation. It covers the cost of capital, including the weighted average cost of capital (WACC), the Capital Asset Pricing Model (CAPM), equity risk factors, and industry beta.

Exercise 1: Types of Free Cash Flows Exercise 2: Numerator and Denominator Consistency Exercise 3: Two Parts to a DCF Forecast Exercise 4: Key Assumptions Exercise 5: Unlevered Free Cash Flow Calculations Exercise 6: Introduction to the Main Model Exercise 7: Calculating UFCF Overview Exercise 8: Calculating UFCF Walkthrough Exercise 9: Mid-point Checkin Exercise 10: Calculating UCFC Exercise 11: Spectrum of risk Exercise 12: Calculating WACC Exercise 13: Capital Asset Pricing Model Exercise 14: Cost of Equity Factors Exercise 15: Understanding the CAPM Exercise 16: Beta and Industry Beta Exercise 17: WACC Calculation Scatter Plot Exercise 18: Calculating WACC Slope Function Exercise 19: Industry Beta Exercise 20: Weighted Average Cost of Capital Exercise 21: Discounting UFCF

Firstly, This chapter explores terminal value in discounted cash flow (DCF) analysis, covering different calculation methods, value per share estimation, and the advantages and disadvantages of DCF valuation. Secondly, it focuses on calculating net present value (NPV) and internal rate of return (IRR) using Excel functions, covering standard and extended formulas and practical modeling applications. Lastly, it covers the principles of relative valuation, including the selection of appropriate valuation multiples, firm life cycle considerations, and the advantages and disadvantages of this approach.

Exercise 1: Terminal Value Methods Exercise 2: Terminal Value Walkthrough Exercise 3: Calculating Terminal Value Exercise 4: Calculating Value per Share Exercise 5: DCF Advantages and Disadvantages Exercise 6: NPV Function Exercise 7: XNPV Function Exercise 8: Internal Rate of Return Exercise 9: DCF Using Excel Functions Exercise 10: Applying Excel Functions in our Model Part 1 Exercise 11: Applying Excel Functions in our Model Part 2 Exercise 12: Internal Rate of Return Definition Exercise 13: Check-in 4 Exercise 14: Relative Valuation Exercise 15: Appropriate Multiple Exercise 16: Firm Life Cycle Exercise 17: Relative Valuation Advantages and Disadvantages Exercise 18: Differences in Multiples Exercise 19: Multiple Calculation

This chapter covers comparable company valuation, including selecting appropriate comps, distinguishing between good and bad comps, using Capital IQ, and building a valuation model through a step-by-step walkthrough. It also explores precedent transaction analysis, covering the transaction selection process, valuation techniques, and the use of a football field chart to compare valuation ranges effectively.

Exercise 1: Comps selecteren Exercise 2: Goede vergelijkbare bedrijven Exercise 3: Slechte comps Exercise 4: Capital IQ-comps Exercise 5: Introductie van het waarderingsmodel voor vergelijkbare bedrijven Exercise 6: Stapsgewijze uitleg: waardering met vergelijkbare bedrijven Exercise 7: Check-in 5 Exercise 8: Proces voor transactieanalyse

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Exercise 9: Transacties selecteren Exercise 10: Waardering op basis van precedenttransacties Exercise 11: Een football-fieldgrafiek bouwen Exercise 12: Cursusoverzicht