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What's a Company Really Worth? From Multiples to DCF
by JoySchooler LearnerA hands-on journey through stock valuation: learn to read financial statements, compare companies with the right multiples for the right business, and finally build an intrinsic valuation with discounted cash flows.
Library
Reading the Raw Material
Lesson 1
The $100 Billion Illusion: Why Price Tells You Nothing
In June 2014, Apple's stock price collapsed 86% overnight — and not a single investor lost a cent. What is a share price actually telling you?
StartLesson 2
The $5 Latte Autopsy: Where Did the Money Go?
A grocery giant sells 37 times more than a small software firm, yet somehow it isn't 37 times the business — following one dollar of a latte's price down the income statement reveals why most of every sale quietly disappears.
StartLesson 3
Record Profits, Empty Vault: The Death of W.T. Grant
A retail giant reported profits almost every year for decades, right up until it suddenly went bankrupt — the income statement said everything was fine, so what was it hiding?
StartComparing Companies: Relative Valuation
Lesson 4
The $150,000 Lemonade Stand
Two companies earn exactly the same profit, yet the market pays more than twice as much for one of them — is somebody making a mistake, or does the most famous number in investing know something you don't?
StartLesson 5
When Profits Don't Exist: P/S and the Story of Unprofitable Giants
Amazon lost money for years while its stock soared. How do you value a company with no profits?
Locked till you take the prior lessonLesson 6
EV/EBITDA: The Multiple Professionals Prefer
Two companies with identical P/E ratios can be wildly different deals. Find the number that reveals why.
Locked till you take the prior lessonLesson 7
Growth Changes Everything: The PEG Ratio
A high P/E might be a bargain and a low P/E a trap. Learn to price growth itself.
Locked till you take the prior lessonLesson 8
Horses for Courses: Matching Multiples to Business Types
Why banks, supermarkets, and software firms need completely different yardsticks — and what happens when analysts mix them up.
Locked till you take the prior lessonValuing From Scratch: Intrinsic Valuation
Lesson 9
A Dollar Tomorrow: The Time Value of Money
The single idea underneath every valuation ever done. Master it, and DCF becomes simple.
Locked till you take the prior lessonLesson 10
Building Your First DCF
Forecast cash flows, discount them, add them up — value a real company with your own assumptions.
Locked till you take the prior lessonLesson 11
The Terminal Value Problem: Where DCFs Go Wrong
Most of a DCF's value comes from one fragile number. Learn why small tweaks swing valuations wildly.
Locked till you take the prior lessonLesson 12
Putting It Together: The Full Valuation Verdict
Multiples say one thing, your DCF says another. Learn how real analysts reconcile them and decide.
Locked till you take the prior lesson