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Valuation Explained Simply

4 Weeks

·

Cohort-based Course

Learn the art and science of valuing a business.

Hosted by

Brian Feroldi and Brian Stoffel

Demystifying finance for 600,000 people each week.

Course overview

What's a business worth?

Most investors have no clue. That's because they've never learned how to value a business.


This 4-week course will teach you the six valuation methods professional investors use to calculate a company's value. From multiples to discounted cash flow models to earnings power to yields, understanding these methods will help you make better investing decisions.

Who is this course for

01

Investors who want to learn how to value a business and make better decisions.

02

Entrepreneurs who want to learn how different types of investors think about business valuation.

03

Executives and aspiring professionals who want to gain fluency in business valuation.

What you’ll get out of this course

The Valuation Mindset Spectrum

You'll learn how different investors think about valuation and uncover your valuation style.

Understand the Business Growth Cycle

You'll master the six stages of the business growth cycle, learn to identify which phase a business is currently in, and know which valuation methods work best in each phase.

Total Addressable Market

Practice using the big-picture valuation methods favored by venture capitalists, such as total addressable market & serviceable addressable market.

Stock Multiples

Learn how to calculate common valuation multiples, such as the price-to-earnings ratio, price-to-sales ratio, and price-to-free-cash-flow ratio -- and uncover their limitations.

Shareholder Yields

Discover how earnings yield, free cash flow yield, shareholder yield, and dividend yield can be used to estimate a company's valuation range.

Value Investing In The Digital Age

Learn to look beyond the current numbers to uncover a company's hidden earnings power -- a powerful valuation technique for valuing today's dynamic growth businesses.

Discounted Cash Flow (DCF Model)

Learn the basics of the value investor's favorite tool: the discounted cash flow model. We'll cover what it is, how to use it, and its drawbacks.

Reverse Discounted Cash Flow

Learn a valuation method that flips the DCF model on its head by starting with the stock price and solving for expectations.

Valuation Pitfalls

Learn how to identify and avoid the most common valuation mistakes.

Tools of the trade

Gain access to useful tools that professional investors use to calculate valuation (most of which are free).

What people are saying

        Brian Feroldi has a unique gift for explaining complex subjects in plain English."
Annie Duke

Annie Duke

Author, Speaker, Decision Strategist, and Former Professional Poker Player.
        Brian’s the real deal. From finance to finance writer to finance instructor. You’re lucky to learn from him."
Codie Sanchez

Codie Sanchez

Founder Contrarian Thinking, Investor, Entrepreneur
        Brian Feroldi is an outstanding financial educator. He not only helps folk understand the fundamental principles of investing but also demonstrates how to apply these principles to real-life companies. I have no doubt this course will enrich all those who take it.
10k Diver

10k Diver

Investor, Financial Educator
        "The Brians take a refreshingly straightforward approach to market instruction. Their deep knowledge & experience equips them with a unique ability to teach, while their patience enables that teaching to be done in a way that is learnable for all."
Brad Freeman

Brad Freeman

Investor
        Brian & Brian are genuinely fun people who love teaching and REALLY care about student outcomes."
Helena Wu

Helena Wu

Investor | Professional
        Brian and Brian make the learning process interesting, efficient, and fun!"
Sunny Sharma

Sunny Sharma

Investor | Financial Statements Explained Simply Student

Course syllabus

01

Valuation Spectrum + Business Growth Cycle

We'll start with an overview of the valuation mindset spectrum and dive into the six phases of the business growth cycle.

02

Total Addressable Market

Next, we'll uncover how venture capitalists estimate a company's total addressable market, serviceable market, and current market potential.

03

Common Stock Multiples

We'll cover how to calculate the most common stock multiples, including price to sales, price to earnings, and price to book. We'll cover their meaning, how to find them, and their limitations.

04

Earnings Power Multiples

We'll learn to look beyond the current numbers to uncover a company's hidden earnings power -- a powerful valuation technique for valuing today's dynamic growth businesses.

05

Discounted Cash Flow

The mother of all valuation tools. We talk about what a DCF Model is, how it works, and practice using it in today's most well-known businesses.

06

Reverse Discounted Cash Flow

We'll practice using a valuation method that flips the DCF model on its head by starting with the stock price and solving for expectations.

07

Yields

Discover how earnings yield, free cash flow yield, shareholder yield, and dividend yield can be used to estimate a company's valuation range.

08

Avoiding Common Mistakes

Valuation is an art and a science. We uncover some of the most common mistakes that investors make when evaluating a business.

Course schedule

4-6 hours per week
  • March 14th, 2023

    The three-week course kicks off

    Tue, Mar 14 - Valuation Spectrum

    Thur, Mar 16 - Total Addressable Market

    Tue, Mar 21 - Stock Multiples

    Thur, Mar 23 - Earnings Power

    Tue, Mar 28 - Discounted Cash Flow

    Thur, Mar 30 - Reverse DCF

    Tue, Apr 4 - Yields

    Thur, Apr 6 - Avoiding Mistakes

  • Tuesdays & Thursdays

    12:00pm - 1:30pm EST

    9:00 AM - 10:30 AM PST

    5:00 PM - 6:30 PM GMT

    10:30 PM - 12:00 AM IST


    Each class features 30 minutes of lecture followed by 60 minutes of case studies, practice, and Q&A.


    An optional 30-minute of small group discussion follows each class.

  • Office Hours

    Ask us anything!

    Fri, March 24 - 3:00 PM - 4:00 PM EST

    Fri, March 31 - 3:00 PM - 4:00 PM EST

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100% Risk-Free

100% Risk-Free

If you attend the sessions, actively participate, and still don’t find the course valuable, we’ll happily refund your payment in full. Simply let us know before the end of the 4th class, and we will issue you a speedy refund.

Meet your instructor

Brian Feroldi

Brian Feroldi

Author | Financial Educator

Brian Feroldi is a financial educator, author, speaker, and YouTuber. He has an MBA in finance and has been investing since 2004. Brian is the author of the best-selling book, Why Does the Stock Market Go Up?


Brian’s career mission statement is “to spread financial wellness.” He loves to help other people do better with their money, especially their investments. He has written more than 3,000 articles on stocks, investing, and personal finance for the Motley Fool.

Brian Stoffel

Brian Stoffel

Financial Educator

Brian Stoffel is a teacher at heart. Brian has been investing for more than a decade and he has written more than 4,000 articles for The Motley Fool.


Brian worked as a middle school teacher in Washington DC for more than 5 years. He and his wife had a "mini-retirement" in Costa Rica and now spent a portion of their year there in a containership home. Brian plans his life and his investments around "antifragile" principles.

Who Should NOT Enroll:

You're interested in technical analysis

We don't use technical analysis ourselves, so we won't be covering it in this course.

You're looking for complex valuation formulas

Some investors use highly complex academic formulas to calculate valuation. Many of those formulas are far too academic in nature to be useful to investors, so we won't be diving deep into them.

You want to become an expert in DCF modeling

This course is designed for beginner and intermediate investors. While we will provide an overview of how DCF models work and practice using them, we'll be focusing on simple inputs. DCF models can get complex, so we won't be diving deep into their complextity.

You want to value options & derivatives

Valuing options, stock-based compensation, and complex financial derivatives is highly complex and beyond the scope of this course.

You're looking for stock recommendations

While we will be looking at company valuations in real-time, we won't be making any stock recommendations.

More Praise for Brian & Brian

        Brian is super knowledgeable about stocks and breaks down concepts clearly and simply for anyone to understand."
Sharon Tseung

Sharon Tseung

Investor, Personal Finance Expert
        Brian Feroldi and Brian Stoffel are the most amazing educators in the financial industry. They can break down the jargon and explain it like you are 5."
Dhaval Kotecha

Dhaval Kotecha

Investor, Co-Host of Fintwit Summit
        I have followed the Brian’s for years and continue to learn new things from them. They use the perfect blend of academic principles and real-life examples that I can immediately apply to my investment process."
Austin Lieberman

Austin Lieberman

Investor, Creator
        Things that matter most in choosing the right course or instructor are a) Knowledge b) Integrity c) Mission d) Passion for what they do. Both Brian Feroldi and Brian Stoffel fulfill these criteria with maximum points."
Rajeev Aggarwal

Rajeev Aggarwal

Former CNBC Journalist
        Brian and Brian are proof that whatever the subject matter, with the right teachers, any material will become interesting."
Adam Krupa

Adam Krupa

Cohort 3 Student of Financial Statements Explained Simply
        The Brians do a phenomenal job at explaining ALL concepts succinctly and clearly. They have a student-centric approach and show encouragement every step of the way."
Ernesto Estigarribia

Ernesto Estigarribia

Cohort 3 Student of Financial Statements Explained Simply
        Brian and Brian make what tends to be a dry subject really fun and engaging."
Robert Jaques

Robert Jaques

Cohort 3 Student of Financial Statements Explained Simply
        I enjoyed learning from "The Brians".
Julian Restrepo

Julian Restrepo

Cohort 3 Student of Financial Statements Explained Simply
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Frequently Asked Questions

How long will I have access to the materials and recordings?
What happens if I can’t make a live session?
I work full-time, what is the expected time commitment?
What’s the refund policy?
Can I expense this course?
What if I don't live in the U.S. Will this course still help me?

Learning is better with cohorts

Learning is better with cohorts

Active hands-on learning

This course builds on live workshops and hands-on projects

Interactive and project-based

You’ll be interacting with other learners through breakout rooms and project teams

Learn with a cohort of peers

Join a community of like-minded people who want to learn and grow alongside you