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Valuation Undergraduate Spring 2020 - Shared screen with speaker view
Seok Min Yoon
20:38
It looks good!
Max Liu
20:45
yes
Saif Ali AlQubaisi
21:47
Professor where can I find this presentation?
Dev Devnani
21:51
Nice haircut!
Max Liu
22:03
link attached in the email'
Brandon Eap
22:05
http://people.stern.nyu.edu/adamodar/pdfiles/eqnotes/valUGclose2020.pdf
Adar Alguetti
22:30
How did you get a haircut? Any barbershops open?
Patrick Newland
22:40
His son aha
Max Liu
22:41
his son did it
Dev Devnani
22:47
LOL
Seok Min Yoon
28:21
Risk of failing?
Karolina Czop
28:41
FCFF
Brooke Kazandjian Fuller
28:42
not calculating reinvestment
Divyesh Sipani
28:44
you’re using historical numbers from before the crisis
Adar Alguetti
28:46
2008 revenues
Dev Devnani
28:49
Depreciation
Cindy Huang
28:51
Not enough reinvestment
Alex Brzozowski
29:08
Is your conservative stable growth into perpetuity? Because we are running out of their product, no?
Jonathan Lee
29:11
oil price crash
Dev Devnani
29:11
Oil is gonna run out
Niti Parekh
29:23
revenue depends on oil prices... account for changes in price fluctuation?
Alex Brzozowski
29:35
@Dev good minds think alike cheers
Cole Roseborough
30:04
https://www.bloomberg.com/features/2020-exxonmobil-coronavirus-oil-demand/?utm_campaign=socialflow-organic&utm_medium=social&utm_source=facebook&utm_content=business&cmpid=socialflow-facebook-business&fbclid=IwAR3S00RYWGSZXBKZbn1JXrCZI-FFABtJwThRTHzoKLtGQWmSYmZkkYDlSAM
Seok Min Yoon
31:54
100
Ayaan Ali Shah
31:55
100?
Salma Soliman
32:08
60
Brandon Eap
32:11
60
Laura Bokser
32:12
50
Laura Bokser
32:14
60*
Luca Rivoira
32:15
60?
Dev Devnani
32:45
debt shield
Seok Min Yoon
33:02
Tax shield
Eui Hyun Kim
33:16
it is for all investors not just equity
Will Chen
33:24
We are calculating FCF to firm
Bill He
33:26
after tax cost of debt
Seok Min Yoon
34:06
No growth
Seok Min Yoon
41:00
they just add a arbitrary value
Eui Hyun Kim
41:03
it is just getting closer to 1
Sanjana Gupta
41:05
It pushes it closer to 1
Jared Patel
41:11
Just moved closer to 1
Seok Min Yoon
41:56
kmplied
Seok Min Yoon
41:58
implied
Salma Soliman
42:28
0
Luca Rivoira
42:29
0
Paul Nolan
42:30
0
Sebastian Caro
42:30
0
Adar Alguetti
42:31
0
Dev Devnani
42:31
None
Laura Bokser
42:33
0
Hieu Pham
42:38
0
Eui Hyun Kim
43:35
synthetic rate
Eui Hyun Kim
45:14
marginal tax rate
Jonathan Lee
45:28
reflects tax benefits
Francesco Graziani
47:06
What if you have a different risk appetite than the marginal investor? Should you use a different ERP?
Francesco Graziani
47:51
thank you
Jonathan Lee
48:52
what’s the sales to cap
Eui Hyun Kim
49:01
cost of capital and return on capital?
Salma Soliman
51:27
beta changes
Seok Min Yoon
51:29
Wouldn’t your cost of debt change
Divyesh Sipani
51:30
no because your cost of equity will change too
Rahi Parikh
51:31
no
Julius Gruener
53:04
Change over time
Giuseppe Anzalone
53:05
Change over time
Eui Hyun Kim
54:41
b
Brandon Eap
54:41
multiple
Will Chen
54:41
b
Brooke Kazandjian Fuller
54:42
b
Dev Devnani
54:43
b
Cindy Huang
54:43
b
Seok Min Yoon
54:43
b
Konnor Rustad
54:43
b
Laura Bokser
54:51
b
Dev Devnani
56:06
1.2 b
Seok Min Yoon
56:19
would doing a method or c method depend on the company
Ayaan Ali Shah
56:37
1.5b
Eui Hyun Kim
56:55
depends on the reinvestment
Giuseppe Anzalone
56:56
we need the reinvestment
Salma Soliman
57:04
we need to know inv. capital
Dev Devnani
57:23
Can there be growth with reinvestment?
Dev Devnani
58:45
can there be growth without reinvestment?
Jonathan Edelstein
58:50
What was the answer for the second part?
Dev Devnani
58:54
Low operating leverage
Salma Soliman
01:00:17
+
Dev Devnani
01:00:18
addd
Paul Nolan
01:00:20
+
Konnor Rustad
01:00:20
add
Ayaan Ali Shah
01:00:20
add
Jeff Zhou
01:00:21
add
Adar Alguetti
01:00:21
add
Laura Bokser
01:00:23
add
Dev Devnani
01:00:39
Cash belongs to equity holers
Dev Devnani
01:01:12
ah makes sense
Salma Soliman
01:01:17
-
Jeff Zhou
01:01:18
Subtract
Ayaan Ali Shah
01:01:20
-
Jorge Andres Barreno
01:01:20
substract
Dev Devnani
01:01:21
subtract
Rey Edrick
01:01:27
—-
Laura Bokser
01:01:40
-
Salma Soliman
01:01:40
+
Jorge Andres Barreno
01:01:42
add
Dev Devnani
01:01:45
subtract
Patrick Newland
01:01:46
add
Rey Edrick
01:01:46
+
Jeff Zhou
01:01:48
Add
Patrick Newland
01:02:01
net income not booked since minority
Salma Soliman
01:02:27
200 M
Seok Min Yoon
01:02:29
marketvalue
Rey Edrick
01:02:42
-
Paul Nolan
01:02:43
subtract
Ayaan Ali Shah
01:02:43
-
Luca Rivoira
01:02:48
-
Eui Hyun Kim
01:02:49
subtract
Jeff Zhou
01:02:49
subtract
Dev Devnani
01:02:53
subtact
Salma Soliman
01:03:29
subtract minority interest at market value?
Seok Min Yoon
01:03:34
Can you explain the different between 5% holding and minority interest ?
Rahi Parikh
01:03:53
could you explain again why we add the 5%?
Patrick Newland
01:04:03
20% - 50% ownership
Eui Hyun Kim
01:04:05
% of losing x $100 and substact
Seok Min Yoon
01:04:12
chance of winning
Patrick Newland
01:04:16
is minority
Rey Edrick
01:05:51
down
Brandon Eap
01:05:52
Down
Will Chen
01:05:55
Go down
Eui Hyun Kim
01:06:27
time value
Dev Devnani
01:06:32
Probability of (in the money)
Seok Min Yoon
01:07:30
target
Dev Devnani
01:07:31
target
Eui Hyun Kim
01:07:31
target
Brandon Eap
01:07:31
Target
Sean Lyons
01:07:32
target
Dora Zhou
01:07:33
target
Natalie Abbud-Racho
01:07:33
target
Dev Devnani
01:07:57
equity
Eui Hyun Kim
01:07:58
equity
Dora Zhou
01:08:00
equity
Eui Hyun Kim
01:08:03
cost of equity
Dev Devnani
01:08:05
COE
Dev Devnani
01:08:15
In real life they used th wrong one right?
Seok Min Yoon
01:12:03
You froze
Dev Devnani
01:12:07
f
Jeff Zhou
01:12:18
yes
Adar Alguetti
01:12:18
yea
Saichinmaya Satyasi
01:12:18
yes
Patrick Newland
01:12:18
yes
Dev Devnani
01:12:19
yes
Brandon Eap
01:12:19
Yeah
Max Liu
01:12:20
yes
Dev Devnani
01:13:24
They have a 14% divided
Dev Devnani
01:13:29
FCF dividend
Salma Soliman
01:14:42
froze?
Dev Devnani
01:14:53
yes
Brandon Eap
01:14:54
Youre fine
Yuan Yue
01:14:54
youre good
Dev Devnani
01:16:10
Buy BA
Dev Devnani
01:16:15
Its undervalued
Raphael Zerah
01:16:50
What did you Buy in 2019
Raphael Zerah
01:18:49
thank you
Seok Min Yoon
01:20:38
Didn’t you say we shouldn’t use price / sales
Chloe Tran
01:26:32
a
Konnor Rustad
01:26:47
a
Dev Devnani
01:26:48
c
Jeff Zhou
01:26:50
a
Sean Lyons
01:26:51
a
Austin Rodriguez
01:26:51
a
Saichinmaya Satyasi
01:26:52
a
Max Liu
01:26:53
a
Jared Patel
01:26:53
b
Jonathan Lee
01:26:54
a
Paul Nolan
01:26:54
depends on the sector!
Natalie Abbud-Racho
01:26:55
a
Brandon Eap
01:26:56
a
Leandro De Los Reyes
01:26:56
a
Saif Ali AlQubaisi
01:26:56
a
Tara Surya Rangwani
01:26:58
b
Francis Zhan
01:26:58
a
Rohan Mathur
01:26:58
a
Dev Devnani
01:27:00
c
Hieu Pham
01:27:07
c :
Serra Topalismailoglu
01:27:08
a
Rey Edrick
01:27:11
c
Jorge Andres Barreno
01:27:12
b
Diana Oros
01:27:14
a
Ryan Xin Lin
01:27:27
f
Adar Alguetti
01:27:28
f
Rey Edrick
01:35:17
Thanks a lot Prof!
Saichinmaya Satyasi
01:35:22
Thank you!
Chloe Tran
01:35:25
thanks a lot prof
Anania Koyachew
01:35:31
Thanks
Eui Hyun Kim
01:35:34
professor could we take photos with you next semester if we return to school?
Natalie Abbud-Racho
01:35:34
Thank you!
Dev Devnani
01:35:36
Are you going to have office e house?
Sean Lyons
01:35:38
Thank you
Dev Devnani
01:35:39
hours*
Rachel Tong
01:35:40
Thank you professor!
Max Liu
01:35:40
thank you!
Austin Rodriguez
01:35:41
Thanks!
Karolina Czop
01:35:44
Thank you!
Yoon Choi
01:35:46
Thank you!
Konnor Rustad
01:35:48
Thank you!
Francis Zhan
01:35:49
thank you!
Ryan Xin Lin
01:35:52
Thank You!
Yu Yang
01:36:03
Thank you!
Saif Ali AlQubaisi
01:36:03
Thank you!
Seok Min Yoon
01:36:04
He’s so cute haha
Zheng Ye
01:36:13
Thank you!
Divyesh Sipani
01:36:19
thank you professor!
Sebasti?!n Zarate
01:36:19
Thank you professor
Bill He
01:36:21
thank you!
Laura Cristina Moreno
01:36:21
thank you!!!
Stefano Herrera
01:36:23
Thank you!
Brooke Kazandjian Fuller
01:36:24
thank you so much!
Flora Qian
01:36:25
Thank you!
Salma Soliman
01:36:27
THANK YOU
Diego Ruiz-Huidobro
01:36:28
Thank you
Patrick Newland
01:36:28
thank you!
Rohan Mathur
01:36:28
Thank you!
Shannon Yu
01:36:28
thank you Professor!!!
Luca Rivoira
01:36:29
Thank you
Laura Bokser
01:36:29
THANK YOU !!!!
Raymond Wang
01:36:32
Thank you
Will Chen
01:36:34
Thank you Professor!
Chris Bao
01:36:35
thanks professor
Isha Huston
01:36:35
thank you!!!
Brandon Eap
01:36:35
Thank you so much!
Cole Roseborough
01:36:35
Thank you!
Irene Soekiswo
01:36:35
Thank you!
Julius Gruener
01:36:36
Thank you
Adrien Lepleux
01:36:36
cute
Luca Rivoira
01:36:37
U’re the best
Laura Bokser
01:36:38
best class ever!
Jared Patel
01:36:41
Thank you
Dora Zhou
01:36:41
thank you!
Javier Sebastian Caro Cardona
01:36:43
Thank you professor!!
Paul Erlanger
01:36:44
Thank you!
Max Liu
01:36:45
thank you!