CFA L2 | Equity Valuation | 4. Market Based Valuation (Multiples)

Описание: This overview aims to cover Learning Module 4: Market Based Valuations (Price and Enterprise Value Multiples).

Learn the core differences between the *Method of Comparables* and the *Method of Forecasted Fundamentals**, how to calculate **justified multiples* using discounted cash flow drivers, how to handle cyclical earnings with *normalized EPS**, and why the **weighted harmonic mean* is required for portfolio averaging.

00:00 - Introduction to Market-Based Valuation
00:45 - Comparables vs. Forecasted Fundamentals
02:15 - Price-to-Earnings (P/E): Trailing vs. Forward
04:10 - Price-to-Book (P/B) & Price-to-Sales (P/S)
06:00 - Price-to-Cash Flow (P/CF); Dividend Yield
07:45 - Normalizing EPS for Cyclical Firms
09:15 - Justified Multiples & Fundamentals
11:00 - Predicted P/E via Regression Analysis
12:30 - PEG Ratio & Key Limitations
14:00 - Estimating Terminal Value with Multiples
15:30 - Enterprise Value & EV/EBITDA
17:15 - Cross-Border Valuation Issues
18:30 - Momentum Indicators (SUE & Relative Strength)
19:45 - Weighted Harmonic Mean for Portfolios
21:00 - Summary & Valuation Decision Rules