Master Valuation Techniques That Actually Matter in 2025
Financial analysis has changed. The DCF models you learned five years ago aren't enough anymore. Markets move differently now, and analysts who stick to traditional methods miss what's happening underneath the numbers.
We've spent years working with analysts across Asia who needed something more practical than textbook theory. Something that works when markets behave unpredictably.

Three Valuation Approaches We Actually Use
These aren't theoretical frameworks. They're methods we've refined through hundreds of real company valuations across different market cycles and industries.
Relative Valuation
Most analysts rush through comparables without understanding what makes them truly comparable. We spend serious time on peer selection because getting this wrong invalidates everything downstream.
- Building meaningful peer groups that reflect actual business similarities
- Adjusting multiples for structural differences in operations
- Understanding when trailing metrics mislead and forward estimates help
- Regional considerations that affect multiple application in Asian markets
Discounted Cash Flow
DCF remains powerful when you understand its limitations. The problem isn't the method—it's analysts who input garbage assumptions and expect meaningful outputs.
- Building realistic cash flow projections that reflect business cycles
- Terminal value calculations that don't dominate your entire valuation
- Cost of capital estimation for emerging market companies
- Sensitivity analysis that reveals which assumptions actually matter
Asset-Based Methods
When companies hold significant tangible assets or when liquidation scenarios become relevant, balance sheet analysis tells stories that income statements hide.
- Identifying when asset values diverge significantly from book values
- Real estate and inventory adjustments in Southeast Asian contexts
- Intangible asset recognition and measurement challenges
- Combining asset approaches with going concern valuations

Who Teaches This Program
We're practitioners who still do valuation work. Teaching forces us to explain what we often do intuitively, which makes our own analysis sharper.

Sirilak Chen
Valuation Methods LeadSpent twelve years valuing companies across six industries before teaching. Started in equity research at a Singapore firm, moved into advisory work, now splits time between client projects and program development.
Focuses on relative valuation techniques and how to build defensible peer analyses. Often shares mistakes she's made so others can skip those particular learning curves.

Dr. Patricia Rawlings
DCF Modeling SpecialistAcademic background in corporate finance, but spent most of her career doing actual valuations for M&A transactions. Joined us in early 2024 after consulting work across Southeast Asia.
Teaches discounted cash flow methods with emphasis on assumption testing and scenario analysis. Known for pushing students to question every input until they understand what truly drives value.
How the Program Actually Works
Eighteen weeks starting September 2025. Two sessions weekly, plus case work you complete between classes. Expect to spend 8-12 hours per week total.
Understanding What Drives Value
We start by examining how different business models create value and why valuation approaches must adapt accordingly. You'll analyze several companies to understand operational differences that matter for valuation.
This phase establishes the framework for everything else. Rush through it and you'll struggle later when models produce counterintuitive results.

Building Valuations That Hold Up
You'll value six companies using different methods. Each valuation gets reviewed by instructors and peers who'll challenge your assumptions. This is where theoretical knowledge meets practical application.
Expect to rebuild models multiple times as you discover what works and what creates false precision. The goal isn't perfect valuations—it's developing judgment about which approaches suit different situations.
Synthesizing Multiple Perspectives
Final project involves a comprehensive valuation using all three major approaches. You'll reconcile different value indications and explain which methods deserve more weight given the specific company characteristics.
This mirrors real analytical work where you rarely have the luxury of clear-cut answers. Learning to communicate valuation conclusions with appropriate confidence levels matters as much as the technical work.
Next Program Begins September 2025
Applications open in June. We typically accept 24 participants to maintain quality interaction during case discussions.
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