AlphaEdge
Value a business properly, and know when the market has already priced it in.
What you will be able to do
Not topics covered — things you will be able to do when you finish.
Valuation is not a calculation. It is a way of being explicit about your assumptions so that you can find out which one was wrong.
Anyone can build a DCF. The skill is knowing that your terminal growth rate is doing 70% of the work, and being honest with yourself about that.
About this programme
This programme assumes you can already read a balance sheet. It is about the harder question: what is this business actually worth, and is that different from what it is trading at?
We build a DCF from scratch, then spend equal time on why a DCF is usually wrong and what to do about that. We cover relative valuation properly, including why P/E comparisons across sectors are close to meaningless.
Before you start: You should be comfortable reading a P&L and a balance sheet. BullRun Blueprint covers that.
The curriculum
Every module below leaves you with one named skill. Open a level to see them.
1 The idea of value 450 XP
What a business is worth, and why that is a different question from what it costs.
The distinction everything else rests on, and the one most market commentary quietly ignores.
- Price, value, and the gap between them 6 min
- Why the market is usually right and occasionally very wrong 5 min
- What "margin of safety" means in practice 5 min
Profit is an opinion. Cash is a fact. Businesses fail with healthy profits and no cash.
- From net profit to free cash flow, step by step 6 min
- Working capital: the cash that disappears into the business 5 min
- Capex: maintenance versus growth, and why it matters 5 min
One number tells you more about a business than almost any other. This is it.
- ROCE and ROE: what each actually measures 5 min
- Why a high ROE with high debt is not a compliment 5 min
- Return on incremental capital: the version that predicts 5 min
2 Discounted cash flow 530 XP
Build one, then learn exactly how much to trust it.
The standard tool of professional valuation, built once, properly, so you know what is inside it.
- Forecasting free cash flow honestly 6 min
- Discount rate: WACC and why it is partly a guess 6 min
- Terminal value: the 70% of your answer nobody examines 6 min
- Building the whole thing, one number at a time 6 min
A DCF gives one number. A stress-tested DCF gives you a range and a reason.
- Sensitivity analysis: which input moves the answer 5 min
- Reverse DCF: what is the market already assuming 5 min
- When to abandon a DCF entirely 5 min
Some businesses cannot be sensibly discounted. Knowing which, and what to do instead, is a real skill.
- Asset-based valuation and when it applies 5 min
- Sum-of-the-parts for conglomerates 5 min
- Businesses where valuation is genuinely guesswork 5 min
3 Relative valuation 500 XP
Multiples, done properly. Which is rarer than you would think.
P/E is the most quoted and least understood number in Indian markets.
- P/E, P/B, EV/EBITDA: what each is blind to 5 min
- Why cross-sector P/E comparison is close to meaningless 5 min
- Choosing a genuine peer set 5 min
Good businesses trade expensive. Sometimes that is correct and sometimes it is a bubble.
- What justifies a higher multiple, mathematically 6 min
- How much growth is already in the price 5 min
- When quality becomes a crowded trade 5 min
The trap that has caught more good investors than any other: buying a cyclical at peak earnings on a low P/E.
- Why cyclicals look cheapest at the top 7 min
- Normalised earnings and mid-cycle margins 5 min
- Commodity, auto and real estate cycles in India 6 min
4 Quality and moats 500 XP
What makes a good business good, and how long that lasts.
Before you value the earnings, find out whether they are real.
- Cash conversion: the first test 5 min
- Revenue recognition and receivables that grow too fast 5 min
- Related-party transactions and what they can hide 5 min
- Auditor changes and other quiet signals 5 min
A moat is not a slogan. It is a specific, testable reason a competitor cannot do the same thing cheaply.
- The five real sources of durable advantage 6 min
- Testing a moat against actual numbers 5 min
- How long moats last, and what erodes them 5 min
The single most useful discipline in investing, and the least practised.
- Writing the disconfirming condition 5 min
- Pre-mortems: assuming you were wrong and asking why 5 min
- Distinguishing a broken thesis from a bad quarter 5 min
The certificate
Awarded when you finish every level and pass the final exam (25 questions, 75% to pass).
- Lists the specific skills you proved — not just the programme name
- Carries a QR code anyone can scan to verify it independently
- Merit at 85%, Distinction at 95%
- One click to add it to your LinkedIn profile
This is a programme certificate issued by NexImpera Academy. It is not a regulatory qualification and does not confer any licence to advise on investments.
Questions people ask
Do I need BullRun Blueprint first?
Is there a spreadsheet?
Does this make me able to value any company?
Educational content only. Nothing here is investment advice, and no example is a recommendation to buy or sell. NexImpera is not a SEBI-registered investment adviser.