Advanced
Advanced Valuation: Sum of the Parts and Special Situations
A hands-on course on valuing businesses that a single P/E or DCF cannot handle: conglomerates, holding companies, and companies going through demergers, buybacks, open offers, delistings, and mergers. Teaches experienced retail investors, active traders, and HNIs to build a sum-of-the-parts valuation segment by segment, apply and defend a holding company discount, and work out the arbitrage math in Indian special situations. Built entirely on real NSE and BSE cases including Reliance Industries, Grasim, Bajaj Holdings, ITC Hotels, Jio Financial Services, and the HDFC merger, using segment reporting under Ind AS 108, SEBI regulations, Screener.in, and exchange filings throughout.
MODULES
6
DURATION
~4 hrs
TRACK
Value Investing
Access Level
LEARNER
Everything included
Full Text Playbooks
Actionable Exercises
Mobile Reading Mode
Lifetime Updates
Curriculum Breakdown
Chapter 1: When a Single Multiple Stops Working
3 LessonsChapter 2: The Sum of the Parts Framework
4 Lessons▶
Segmenting a Business: Reading Segment Reporting under Ind AS 10810 min read
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Choosing a Method per Segment: EV/EBITDA, P/E, P/B, or DCF11 min read
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From Segment Values to Equity Value: Net Debt, Minority Interest, and Unallocated Costs10 min read
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Worked SOTP: Reliance Industries Across O2C, Retail, and Jio12 min read
Chapter 3: Valuing Holding Companies and Listed Stakes
4 Lessons▶
Valuing Listed Stakes at Market Value and Why the Market Still Discounts Them9 min read
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Valuing Unlisted Subsidiaries, Associates, and Joint Ventures10 min read
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How Much Holdco Discount Is Fair and What Makes It Narrow10 min read
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Worked SOTP: Grasim Industries with UltraTech, Aditya Birla Capital, and the Paints Business12 min read
Chapter 4: Demergers and Spin-offs
4 Lessons▶
Demerger Mechanics in India: NCLT Approval, Record Date, and Share Entitlement Ratio10 min read
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Pricing the Pieces Before Listing: Implied Value and the Special Pre-open Session10 min read
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Case Study: Jio Financial Services Demerger from Reliance Industries11 min read
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Case Study: ITC Hotels Demerger and the Capital Gains Cost Split11 min read
Chapter 5: Buybacks, Open Offers, Delistings, and Mergers
4 Lessons▶
Tender Offer Buybacks: Acceptance Ratio, Arbitrage Math, and the Post-October 2024 Tax Rules11 min read
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Open Offers under SEBI Takeover Regulations: Offer Price, Timeline, and Arbitrage10 min read
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Delistings: Reverse Book Building, the Fixed Price Route, and Where Retail Gets Trapped11 min read
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Merger Arbitrage and Swap Ratios: The HDFC and HDFC Bank Merger11 min read
Chapter 6: Building and Using Your Own SOTP Model
4 Lessons▶
Building an SOTP Model in Excel or Google Sheets Step by Step12 min read
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Common SOTP Errors: Double Counting, Mismatched Multiples, and Ignoring Tax on Stake Sales10 min read
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Sourcing the Inputs: Annual Reports, BSE Filings, Screener.in, and Rating Rationales9 min read
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Running a Special Situations Watchlist: Screening, Position Sizing, and Exit Rules11 min read