Amortization is the reduction of a debt or asset over a specific period of time. When referring to debt, amortization is simply the debt payment schedule. Amortization is found on the Income Statement and Cash Flow Statement and is used for loss of value on intangible assets. For assets the concept is similar to depreciation, except amortization is only applied to intangible assets (patents, contracts, trademarks) whereas depreciation is used for tangible assets (property, plants, equipment etc). An example of amortization of an intangible is if a company owns a patent for 10 years worth $20 million, it would be assumed that each year the value of the patent would decrease by $2 million so as to be worthless after expiry. Amortization is found both on the Income Statement and the Cash Flow Statement.
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Module 1: Introduction
Module 2: Valuation: The Big Picture
Module 3: Enterprise Value & Equity Value Practice
Module 4: Trading Comparables Introduction
Module 5: Trading Comps: The Setup
Module 6: Trading Comps: Spreading Nike (NKE)
Module 7: Trading Comps: Spreading Adidas (ADS.DE)
Module 8: Trading Comps: Spreading Lululemon (LULU)
Module 9: Trading Comps: Spreading Under Armour (UA)
Module 10: Trading Comps: Benchmarking and Outputs
Module 11: Precedent Transactions: Introduction
Module 12: Precedents: The Setup
Module 13: Spreading Tiffany & LVMH
Module 14: Spreading FitBit & Google
Module 15: Spreading Reebok & Adidas
Module 16: Spreading Jimmy Choo & Michael Kors
Module 17: Spreading Dickies & VF
Module 18: Valuation Wrap-Up
Module 19: Bonus: Non-GAAP Practice
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