1

Introduction

• Introduction to valuation
• Not to be confused: value and price, value of the company and value of equity.
• The business plan.
• Strategic analysis to assist with the BP.

2

The main types of valuation methods

• Asset-based methods.
• Analog methods (by comparison).
• Cash-flow based methods.
• Intangible capital method.

3

Using the main asset-based methods

• Adjusted net asset value.
• Adjusted net asset value and goodwill income.

4

Using the main analog methods

• Sector comparables.
• Stock market comparables. The sample. Corrections (EG GRENAT tasks).
• Multiples used and values obtained.
• Focus on two multiples. PER. EBITDA.

5

Implementing the main cash-flow methods

• Risk, beta and discount rate. The sample. The corrections.
• The weighted average cost of capital (WACC).
• Discounted dividends.
• Discounted free cash flow (free cash flow or DCF method).
• Drawbacks of the DCF method. Business plan. Growth rate and terminal value.

6

Valuing the new method by assessment of the intangible capital

• Mapping of the intangible capital in assets.
• Non-financial valuation of the assets and rating.
• Financial valuation of intangible capital.
• Analysis and comparison of the profit with the DCF method.
• Use of non-financial evaluation in the management.
• Intangible Due Diligence.