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Valuation (Aswath Damodaran, NYU Stern, Spring 2024)

By Aswath Damodaran

Course audio
Course audio: English
Level
Advanced
Length
29 lessons · 39.3 hours

What you'll be able to do

  • Build a discounted cash flow valuation
  • Estimate growth and terminal value from a company story
  • Use multiples and peer groups for relative valuation
  • Value private, declining and emerging market firms

About this course

Aswath Damodaran's undergraduate valuation class at NYU Stern from spring 2024, a preview and 28 sessions of about 75 minutes, close to 40 hours. It first sets out intrinsic valuation: the architecture of a DCF, risk-free rates, implied equity risk premiums, relative risk, the cost of capital, free cash flows to the firm and to equity, growth, value inputs and terminal value, and turning stories into numbers. It then values declining firms, financial service firms and emerging market companies, moves on to relative valuation and pricing tests, private company valuation, real options and distressed equity. This teaches how to think about value, not which shares to buy.

Before you start: Basic accounting and comfort with spreadsheets

Syllabus

29 lessons · 39:20:13 in total

  1. 1Valuation: A Preview4:59
  2. 2Session 1 (Val Undergrads): introduction to class1:15:36
  3. 3Session 2 (Val Undergrads): The Bermuda Triangle of Valuation1:18:38
  4. 4Session 3 (Val Undergrads):: First Steps on Intrinsic Valuation1:16:26
  5. 5Session 4 (Val Undergrads): The Architecture of DCFs and Riskfree Rates1:01:29
  6. 6Session 5: (Val Undergrads) More on Riskfree Rates and First Steps on Equity Risk Premiums1:17:00
  7. 7Session 6 (Val Undegrads): Implied Equity Risk Premiums and First Steps on Relative Risk1:15:06
  8. 8Session 7 (Val Undergrads): Alternatives to Beta,, Cost of Equity and Cost of Debt1:17:02
  9. 9Session 8 (Val Undergrads): Cost of Capital and First Steps on Cash Flows1:18:12
  10. 10Session 9 (Val Undergrads): More on cash flows1:21:06
  11. 11Session 10 (Val Undergrads): Free Cashflows to Equity and First Steps on Growth1:18:13
  12. 12Session 11 (Val Undergrads): Sustainable (Fundamental) Growth42:48
  13. 13Session 12 (Val Undergrad): Value Inputs and Terminal Value3:20:07
  14. 14Session 13 (Val Undergrad): Loose Ends in Valuation1:26:32
  15. 15Session 14 (Val Undergrad): Loose Ends Closure & From Stories to Numbers3:12:38
  16. 16Session 15 (Val Undergrad): More on Stories and Numbers1:14:43
  17. 17Session 16 (Val Undergrad): DCF Valuations (finally)1:16:20
  18. 18Session 17 (Val Undergrad): More intrinsic valuations!42:36
  19. 19Session 18 (Val Undergrad): Valuing Declining, Financial Service and Emerging Market firms1:36:28
  20. 20Session 19 (Val Undergrad): Valuation Closure and Pricing 1011:19:28
  21. 21Session 20 (Val Undergrad): Pricing - Descriptional and Analytical Tests1:32:30
  22. 22Session 21 (Val Undergrad): Pricing - Peer Groups and Controlling for Differences1:29:45
  23. 23Session 22 (Val Undergrad): Asset-based and Private company valuation1:20:44
  24. 24Session 23 (Val Undergrad): Private Company & IPO Valuation1:19:41
  25. 25Session 24 (Val Undergrad): Introduction to Real Options44:21
  26. 26Session 25 (Val Undergrad): Real Option Applications - Patents and Natural Resource Reserves1:17:01
  27. 27Session 26 (Val Undergrad): Distressed Equity as an Option and Acquirers' Anonymous1:17:26
  28. 28Session 27 (Val Undergrad): Acquisitions Completed and Value Enhancement1:20:07
  29. 29Session 28 (Val Undergrad): Closing the sale!1:23:11

What to take next

Related courses

Videos by Aswath Damodaran, played from their official YouTube channel. Subscribe on YouTube

Official upload by the teacher or institution on their own channel, shown with YouTube's embedded player.

Lessons listed from the official YouTube playlist. Full playlist on YouTube

Lessons last checked Oct 2026. Course summary and lesson structure by Sabaq.

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