Valuation Masterclass

Day 4 – Valuation and Unlocking Value

Agenda

• DCF

• Comps and Precedents

• Multiples

• Application on Microcaps. Being approximately rights vs precisely wrong

• Examples: Apple, Google, Calnano, Shelly, BluMetric

• Introduction to Activism

• Value generation mechanism: tenders, buybacks, spin-offs, governance plays, and aligned incentives (e.g. Constellation Software)

• Examples: corruption greenmailing, Ackman Herbalife, etc.

Resources

Buffet on Reputation

Damodaran on Value Enhancements

At Home Sosin Activism

https://www.businesswire.com/news/home/20210517005277/en/CAS-Investment-Partners-Sends-Letter-to-At-Home-Group%E2%80%99s-Board-of-Directors

Icahn Greenmailing

https://www.investopedia.com/articles/financial-theory/08/carl-icahn-lift.asp

Constellation Execute Pay Scheme

https://www.csisoftware.com/docs/default-source/investor-relations/2023-agm/2023---csi-management-information-circular-en.pdf?sfvrsn=42371622_3/%202023---CSI-Management-Information-Circular-EN%20.pdf

Valuation Sheet

11.3KB ∙ XLSX file

Download

Download