We started this class by tying up two last loose ends, what to count as debt when you net out to get to equity value and how to deal with stock based compensation. The rest of today’s class was about connecting stories to numbers. Using Uber as an example, I went through the process of telling a story about a company and then converting that number into a valuation. Ultimately, valuation is as much about story telling as it is about modeling.
Start of the class test: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/tests/loosends2.pdf
Slides: http://www.stern.nyu.edu/~adamodar/podcasts/valspr19/session12slides.pdf
Post Class Test: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/postclass/session12test.pdf
Post Class Test Solution: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/postclass/session12soln.pdf


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