Valuation Class: Full Semester Materials (NYU Stern)
by Aswath Damodaran · NYU Stern
Damodaran's complete semester valuation course published free: syllabus, lecture notes, 26 session webcasts, practice problems with solutions, past exams, downloadable valuation spreadsheets, and sample student valuation projects on real listed companies.
More resources on Valuation (DCF, Multiples)
Valuation: Measuring and Managing the Value of Companies (8th Edition)
McKinsey's corporate-finance text, tying company value to return on invested capital and growth rather than to modelling mechanics. Covers reorganising financial statements into economic form, forecasting, cost of capital, and application to portfolio strategy and acquisitions.
Investment Banking: Valuation, LBOs, M&A, and IPOs (3rd Edition)
Two practising bankers walk step by step through comparable companies analysis, precedent transactions, DCF and LBO analysis exactly as they are built on Wall Street, including the accounting adjustments, calendarisation and output formats deal teams expect.
Investment Valuation: Tools and Techniques for Determining the Value of Any Asset (4th Edition)
Damodaran's reference text, updated January 2025, treating discount rates, cash flow estimation, terminal value and relative valuation, then the hard cases: start-ups, distressed and private firms, real estate, commodities and digital assets. The only text that handles the cases where standard DCF templates fail — negative earnings, no history, cyclical peaks, distress — and explains why the standard approach breaks there.
The Little Book of Valuation
A 230-page condensation of Damodaran's framework written for non-specialists, covering intrinsic and relative valuation plus the specific adjustments young, cyclical, financial-services and declining companies require. Readers finish able to sanity-check a published price target.
Damodaran Online: Current Valuation Data
Datasets Damodaran rebuilds every January from thousands of listed firms: country equity risk premiums, industry betas and costs of capital, operating margins, reinvestment rates, and trading multiples by sector and region.
Valuation Online Class (25 Webcasts)
Twenty-five short webcasts of 12 to 20 minutes each from NYU Stern's Aswath Damodaran, covering discount rates, cash flow estimation, growth, terminal value and every major multiple. Slides and post-session tests accompany each session.