I estimate BYD’s value at RMB277 per share, implying an upside of 30% from today’s price. This is derived from my DCF-based valuation using a WACC of 9.7% and a terminal growth rate of 3%.
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Equity Analysis: Art or Science?
I’ve seen a lot of equity analysts come and go throughout my 25 years in the business. I have seen…
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If I Pass the CFA Exam Will I Get Higher Pay?
The CFA exams are favored as one of the top financial services qualifications to achieve—across the world. A common misconception…
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What to Expect on the CFA Level 1 Exam
Becoming a Chartered Financial Analyst (CFA) is now one of the most popular career choices in the investment world. The…
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Introducing the Valuation Master Class
The Right Tools When it comes to making crucial business and financial decisions, the savvy financial analyst wants the right…
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How to Value Cyclical Companies
Cyclical companies have different characteristics compared to non-cyclical companies. One of the main differences is that these companies have volatile earnings due to economic conditions.
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Valuation Master Class FAQ Index
Answers and guides to common questions and challenges that you face in the Valuation Master Class.
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Sector specific issues
All industry-related issues regarding your forecast. Common-sized P&L and Balance Sheet data will help put your forecast into perspective
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Abbreviations
Abbreviations you might encounter working with the ValueModel or any forecasting and valuation: WACC, COE, ROIC, DPR, CAPEX, FCFF, EPS…
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P&L Forecasting
Three things that really matter on “Profit and Loss statement” or what we also call “Income statement” in the US or “P&L” in the UK. First …
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