CFA LEVEL 1- Equity Analysis And Valuation

Regular price Rs.5,499.00


Basic Info : CFA LEVEL 1- Equity Analysis and Valuation
Level : CFA LEVEL 1
Commitment  : 12 hour (6 sessions of 2 hours each)
Language : English
Schedule Date To Be Announced Soon

What Will I Learn

When you are done with this course, you will be able to:

  • Determine the characteristics of equity securities and conduct analysis and valuation of equity securities
  • Gain a holistic approach for global equities and attain framework for conducting industry and individual company analysis
  • Understand various equity types including public and private equities
  • Evaluate companies with three main equity valuation approaches (present value, multiplier, and asset based)

Curriculum

Overview Of Equity Securities

  • Characteristics of types of equity securities
  • Describe differences in voting rights and other ownership characteristics among different equity classes
  • Public and private equity securities
  • Methods for investing in non-domestic equity securities
  • The market value and book value of equity securities
  • Compare a company’s cost of equity, its (accounting) return on equity, and investors’ required rates of return

Introduction To Industry And Company Analysis- I

  • Uses of industry analysis and the relation of industry analysis to company analysis
  • Compare methods by which companies can be grouped, current industry classification systems, and classify a company, given a description of its activities and the classification system
  • Explain the factors that affect the sensitivity of a company to the business cycle and the uses and limitations of industry and company descriptors such as “growth,” “defensive,” and “cyclical”
  • Learn how a company’s industry classification can be used to identify a potential “peer group” for equity valuation

Introduction To Industry And Company Analysis- II

  • Elements that need to be covered in a thorough industry analysis
  • The principles of strategic analysis of an industry
  • The effects of barriers to entry, industry concentration, industry capacity, and market share stability on pricing power and price competition
  • Industry life cycle models, classify an industry as to life cycle stage
  • Limitations of the life-cycle concept in forecasting industry performance
  • Characteristics of representative industries from the various economic sectors
  • Macroeconomic, technological, demographic, governmental, and social influences on industry growth, profitability, and risk

Equity Valuation: Concepts And Basic Tools- I

  • Evaluation of a security, given its current market price and a value estimate, is overvalued, fairly valued, or undervalued by the market
  • Major categories of equity valuation models
  • Regular cash dividends, extra dividends, stock dividends, stock splits, reverse stock splits, and share repurchases
  • Dividend payment chronology
  • The rationale for using present value models to value equity

Equity Valuation: Concepts And Basic Tools- II

  • Dividend discount and free-cash-flow-to-equity models
  • Calculate the intrinsic value of a non-callable, non-convertible preferred stock
  • Calculate and interpret the intrinsic value of an equity security based on the Gordon (constant) growth dividend discount model or a two-stage dividend discount model, as appropriate
  • Identify characteristics of companies for which the constant growth or a multistage dividend discount model is appropriate

Equity Valuation: Concepts And Basic Tools- III

  • Rationale for using price multiples to value equity, how the price to earnings multiple relates to fundamentals, and the use of multiples based on comparable
  • Calculate and interpret the following multiples: price to earnings, price to an estimate of operating cash flow, price to sales, and price to book value
  • Enterprise value multiples and their use in estimating equity value
  • Asset-based valuation models and their use in estimating equity value
  • Advantages and disadvantages of each category of valuation model

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