Archive 2017-109: Best Practices DCF

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Archive 2017-109: Best Practices: Business Valuation Methods – The Discounted Cash Flow Method

**Webinar 109: Live Broadcast Date: June 28, 2017

VPS StraightTalk Webinar Series: Business Valuation Methods – The Discounted Cash Flow Method with Jim Hitchner, CPA/ABV/CFF, ASA

Learn the Best Practices of the Business Valuation Methods in this VPS StraightTalk webinar series

The discounted cash flow method is a bedrock valuation technique. This session will cover the issues every analyst needs to consider to master this common but complex method.

Outline:

Best Practices – Discounted Cash Flow will cover

  • How to apply best practices in the cost of equity capital
  • How to apply best practices in the weighted average cost of capital
  • Proper use of the mid-year convention in the terminal year
  • Normalizing capital expenditures and depreciation
  • Accounting for excess depreciation and amortization
  • Risk analysis and adjustments – discount rate, margins, or growth
  • Normalization adjustments
  • Comparison to historical earnings
  • Minority vs. control cash flows
  • Direct to equity vs. invested capital applications
  • The use and misuse of exit multiples
  • Working capital assumptions – debt-free vs. direct to equity
  • Normalizing debt
  • Supporting a long-term growth rate
  • Perpetuity growth – yes or no?
  • Sensitivity analyses and sanity checks
  • Weighting and reconciling values

Learning Objectives:

Using a detailed case study (including report language), the participant will learn:

  • How to apply best practices in the DCF method
  • How to defend the DCF method
  • How to select the proper level of reliability of the DCF method


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Information on CPE credits, refund policies, and complaint resolution can be found at www.valuationproducts.com/cpe.html.

This downloadable archived webinar package is an interactive video of the webinar with the original webinar handouts.


    The format of the archived webinar package is an Adobe Presenter PDF file that allows you to view the video of the webinar with the synced audio so that you see the presentation just as it was presented “live.” The Presenter format also allows for easy navigation through the webinar so you can quickly go to a specific section in the presentation. The handout materials are included in the file. To view the Webinar Presenter file, you must have the current version of Adobe Reader. You can download the free Adobe Reader at http://get.adobe.com/reader Please save the file to your hard drive or server. This is a very large file so please allow sufficient time for the download to complete.
    You will also need to have the current version of Adobe Flash enabled on your computer. The file may not display in your browser window, (you may see a blank image) so be sure to download the file first and then open it on your computer using Adobe Reader.

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