Uploaded January 2025 | Updated September 2026, 1 week ago

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We are officially rolling and class is in session. During this introductory session, I told you that that this was a class about valuation in all of its many forms – different approaches (intrinsic, relative & contingent claim), different forums (for acquisitions, value enhancement, investing) and across different types of businesses (private & public, small and large, developed & emerging market). After spending some time laying out the script for the class (quizzes, exams, weekly tortures), I laid out the philosophical foundations for valuation, by noting that it is a bridge between story and numbers and that it is different from pricing.
Start with a self test: https://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/tests/firstclass.pdf
Slides: https://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/eqUGsyllspr25.pdf (Syllabus)
Post class test: https://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/postclass/session1test.pdf
Post class session: https://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/postclass/session1soln.pdf