Udemy – Learn DCF Valuation: Cash Flows, Risk, and Value Creation

This course contains the use of artificial intelligence. This an Unofficial Course. This course is a comprehensive and concept-driven guide to Discounted Cash Flow (DCF) valuation, designed to help you understand how intrinsic value is truly created, estimated, and interpreted in real-world finance and investment decision-making. Rather than treating DCF as a mechanical spreadsheet exercise, the course focuses on building the right valuation mindset so you can think like a professional analyst, investor, or corporate finance practitioner.

You will begin by understanding the purpose of valuation and why DCF sits at the core of modern finance. The course explains the economic intuition behind valuation, the logic of discounting future cash flows, and how the time value of money directly influences investment decisions. You will learn how different valuation approaches compare, where DCF is most powerful, and when its limitations must be respected.

A major emphasis of the course is on cash flow analysis, which forms the foundation of any credible valuation. You will learn how to define free cash flow correctly, distinguish between free cash flow to the firm and free cash flow to equity, and understand the role of operating cash flows, capital expenditures, and working capital. The course also teaches how to normalize cash flows by adjusting for non-recurring, cyclical, or distorted items to arrive at sustainable cash-generating ability.

The course then moves into risk and discount rates, helping you understand how required returns are determined and why they matter. You will explore the conceptual foundations of the cost of equity, the cost of debt, and the impact of taxes. You will learn how the weighted average cost of capital (WACC) is constructed, why it reflects the risk of the business, and how to correctly match cash flows with the appropriate discount rate—one of the most critical and commonly misunderstood aspects of DCF valuation.

Forecasting is covered in depth, with a strong focus on logical and defensible assumptions. You will learn how to think about revenue growth, margins, cost structures, and reinvestment needs, while respecting long-term economic constraints. The course explains how to estimate terminal value using both the perpetuity growth model and exit multiple logic, and more importantly, how to judge whether your terminal assumptions are realistic and internally consistent.

Finally, the course connects enterprise value to equity value by walking through key adjustments for debt, cash, and non-operating assets. You will learn how to interpret DCF results, identify the true value drivers of a business, and avoid common valuation pitfalls. Sensitivity analysis and scenario thinking are introduced to help you understand how changes in assumptions affect value and how to communicate uncertainty with confidence. By the end of this course, you will not only know how to build and interpret a DCF valuation, but also why each step matters.

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