2017_cfa二级基础班_equity_hzj &alternative investments_hzj

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1、www.gfedu.netEquityInvestments2017年CFA二级培训项目讲师：韩霄1-237www.gfedu.net韩霄•工作职称：金程教育资深培训师•教育背景：南京大学外国语学院主修英语专业、副修国际金融专业；美国特许金融分析师（CFA）、中国注册会计师（CPA）证券从业资格•工作背景：曾在安永华明会计师事务所上审计部和普华永道企业并购服务部担任高级审计师和助理经理。负责负责针对并购投资项目目标公司的财务尽职调查工作即相关市场及行业分析。现在某公司担任投资发展部经理，负责各类医药并购项目的分析评估，尽职调查、估值、谈判等。

2、累计课时超过2000小时，课程清晰易懂，深受学员欢迎。•讲授课程：CFA财报、权益、企业、衍生CPA会计、财管•服务客户：•主编出版：•新浪微博：•联系方式：2-237www.gfedu.netTopicWeightingsinCFALevelIISessionNO.ContentWeightingsStudySession1-2Ethics&ProfessionalStandards10-15StudySession3QuantitativeMethods5-10StudySession4EconomicAnalysis5-10StudyS

3、ession5-6FinancialStatementAnalysis15-20StudySession7-8CorporateFinance5-15StudySession9-11EquityAnalysis15-25StudySession12-13FixedIncomeAnalysis10-20StudySession14DerivativeInvestments5-15StudySession15AlternativeInvestments5-10StudySession16-17PortfolioManagement5-103-23

4、7www.gfedu.netSS9:ValuationConceptsFramework•R27EquityValuation:ApplicationsandProcessesEquityInvestments•R28ReturnConceptsSS10:IndustryandCompanyAnalysisandDiscountedDividendValuation•R29IndustryandCompanyAnalysis•R30DiscountedDividendValuationSS11:FreeCashFlowandOtherV

5、aluationModels•R31FreeCashFlowValuation•R32Market-BasedValuation:PriceandEnterpriseValueMultiples•R33ResidualIncomeValuation•R34PrivateCompanyValuation4-237www.gfedu.netReading27EquityValuation:ApplicationsandProcesses5-237www.gfedu.net1.ValuationprocessFramework2.Quantitat

6、iveandQualitativefactorsinvaluation3.IntrinsicValueandAlpha4.Typesofvaluationmodels6-237www.gfedu.netValuationandIntrinsicValueValuationistheprocessofestimatingthevalueofanassetby:UsingamodelbasedonvariablestheanalysisbelievesinfluencethefundamentalvalueoftheassetCompari

7、ngittotheobservablemarketvalueof“similar”assetsGeneralstepsintheequityvaluationprocess:Understandthebusiness.Forecastcompanyperformance.Selecttheappropriatevaluationmodel.Converttheforecastsintoavaluation.Applythevaluationconclusions.7-237www.gfedu.netDifferentKindsof

8、Values&ValuationIntrinsicvalue(IV):thevaluationofanassetorsecuritybysomeonewhohas