Intermediate module
Valuation without the jargon
What 'expensive' and 'cheap' really mean. P/E, P/B and the mental models behind them — used as questions, not magic numbers.
1What value means
The bedrock idea — that a business is worth the cash it returns over its life — and the time and discounting that turn future rupees into present worth.
- 1
Price is what you pay, value is what you get
The single most important distinction in investing, made concrete.
13 min read
- 2
The time value of money, felt not memorised
Why a rupee today beats a rupee later — compounding, discounting and the cost of waiting, made intuitive.
14 min read
- 3
DCF without the spreadsheet dread: valuing future cash
What a discounted-cash-flow valuation really does, why its answer is a range not a point, and how to use it as a thinking tool.
14 min read
2Multiples in practice
The shorthand ratios investors actually quote — P/E and its cousins — read as questions about price relative to earnings, assets, sales and cash.
- 4
The P/E ratio: a question, not an answer
What a P/E of 15 vs 60 is actually telling you about expectations.
13 min read
- 5
EV/EBITDA, P/B and P/S: the other multiples and when each fits
Beyond P/E — the multiples that handle debt, losses and asset-heavy businesses, and how to pick the right lens.
15 min read
3Judgement calls
Where the ratios run out and judgement begins — why cheap isn't good, and why different kinds of business demand different yardsticks entirely.