In this session, we continued on the dark side of valuation with a look at mature companies on the verge of transitions, and how you have to value the status quo company and the restructured one to make a judgment on investing in it. Finally, we looked at declining companies, where your forecasts may have to show declining revenues and margins, and added a twist with distressed companies, where you have to follow up your DCF. In the last part of the class, we looked at the challenges in valuing emerging market companies, from country risk to currency choices to corporate governance and cross holdings. None of these are unique to emerging market companies and learning how to deal with them becomes central to valuing any company. Start of the class test: www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/dcfvaltests2.pdf Slides: www.stern.nyu.edu/~adamodar/podcasts/valUGspr21/session17slides.pdf Post class test: www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/postclass/session17Dtest.pdf Post class test solution: www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/postclass/session17Dsoln.pdf

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