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Investing · Intermediate

Valuation

What a business is worth, why every model is an argument, and how to be wrong in a controlled way.

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18 lessons · ~181 min

What value is: claims on future cash, discounted

10 min readFree preview

The time value of money from first principles

10 min readFree preview

Discounted cash flow: building one honestly

10 min readFree account

The discount rate: risk, opportunity cost and where CAPM breaks

11 min readFree account

Terminal value: the part of the model that dominates the answer

10 min readFree account

Free cash flow to the firm versus to equity

10 min readFree account

Multiples: what P/E actually says and what it hides

11 min readFree account

EV/EBITDA, EV/Sales and choosing the right denominator

11 min readFree account

Comparables: the art of picking a peer group you cannot rig

11 min readFree account

Book value, tangible book and where asset-based valuation still works

9 min readFree account

Return on invested capital and the engine of compounding

9 min readFree account

Growth: what it costs and when it destroys value

9 min readFree account

Moats: identifying durable competitive advantage and testing it

9 min readFree account

Valuing banks and insurers, where the normal rules do not apply

10 min readFree account

Valuing loss-making and pre-profit companies

9 min readFree account

Reverse DCF: asking what the price already assumes

9 min readFree account

Margin of safety and sizing your ignorance

10 min readFree account

Scenario and sensitivity analysis instead of false precision

13 min readFree account

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