Valuation Training with Prof. Aswath Damodaran

I decided to take the valuation training because I wanted to expand my knowledge in this matter, and to reintroduce myself into the world of M&A, since I had been doing consulting mainly in strategic planning and financial analysis. To accomplish this, I trusted the combination of the Institute for Mergers, Acquisitions and Alliances (IMAA) and Prof. Aswath Damodaran, known as the “Dean of Valuation”. The virtual classroom format was appropriate, since it allowed me to receive the knowledge of and carry out live interactions with prof. Damodaran, without having to travel and from the comfort of my home. After the live sessions, I was able to review the recorded classes. Definitively, I do recommend this training to any professional who wants to expand their knowledge of valuations. In the course, I learned the following: 1) valuations should be simple; 2) valuations should follow a narrative; and 3) try to eliminate biases and preconceptions when making assumptions in valuations.

I participated in Prof. Aswath Damodoran’s valuation training in May 2023. The course was a practical deep dive into various valuation methods and a breath of fresh air, addressing a range of topics from what makes up a good valuation (e.g. narrative AND numbers), the key drivers of value (e.g. cash flows, growth, risk) and how the internet age as defined by zero distribution/marginal costs has changed the way we need to look at valuing companies in the modern world. Prof. Damodaran’s engaging teaching style, iconoclastic perspectives, and hands-on learning made this week-long training an entertaining and can’t miss seminar. Overall, the course was an enriching experience that stepped outside of classroom theories, zeroing-in on real-world valuation scenarios from early stage private ventures to mature, Fortune 500 public companies undergoing digital transformation. If you’re new to valuation and looking to develop your own framework, open to challenging conventional wisdom, or are simply interested in how Prof. Damodoran cooks up engaging content that adds spice to important topics in corporate finance, his materials extend well beyond the conventional training program and would highly recommend to others looking for the same. 

I have been following Prof. Damodaran for a long time, reading some of his books, his blog and papers. I think that Prof. Damodaran has a “gift” for everything to make sense within a valuation, while keeping it simple and transparent. During my career of more than 20 years as a fundamental institutional investor, I have dealt with extreme scenarios like the 2000 Internet bubble, 2007/2008 GFC, QE, negative interest rates, COVID-19, etc. I think it is convenient to come back to fundamental basics, from time to time.

The online classroom was quite dynamic, with different profiles and interesting discussions. Prof. Damodaran is an excellent communicator and perfectly manages the time and attention to capture the audience. I found the course useful. I was afraid it was too basic but, on the contrary, it is quite actual, and it helped us to better undertake valuations of non-traditional businesses and startups, always from a fundamental and common-sense perspective.

I strongly recommend the course, both to junior practitioners to strengthen the basic pillars of valuation, and to senior professionals as a healthy upgrade of the valuation foundations and its application to new businesses.