| Executive Program
APPLIED CORPORATE FINANCE
Real Companies, Real Data, Real Time
Lectured by Aswath Damodaran
2025 Edition Participants were executives from
Venue & Date
Hilton - Boeira Garden Hotel, Porto, Portugal.
5, 6 & 7th February 2027.
Program Fee & Audience
3800€ + VAT. CFO and other Senior Finance executives. Limited to 30 participants.
A Message From Aswath Damodaran
The program begins by discussing the different stakeholders in a modern corporation—managers, shareholders, lenders, analysts and society—and their often conflicting objectives. Many corporate finance challenges arise from these conflicts.
We then address the first major question in corporate finance: what is risk and how do we translate it into a hurdle rate? We explore models of risk and return, how they apply across currencies, countries and companies, and how to estimate the cost of debt and overall cost of capital.
Next, we focus on investment analysis, examining how to define projects and estimate their cash flows. We distinguish accounting earnings from cash flows and review decision rules used to evaluate whether investments create value.
We then analyze financing choices, including how much firms should borrow and what types of financing they should use. Different approaches to determining the optimal debt ratio are discussed, along with strategies for moving from a current to an optimal capital structure.
The session also examines dividend policy—how much firms return to shareholders and when share buybacks may be preferable to dividends—linking these decisions to value creation.
In the final part, we bring these elements together in a value assessment, exploring the drivers of intrinsic value and how managerial decisions can enhance company value.
This is a practical, big-picture program rather than a theoretical one. Concepts will be applied to real companies—Disney and Indofood—to estimate cost of capital, evaluate financing policies and assess value. Participants are encouraged to actively contribute, bring their experiences to the discussion, and, if possible, analyze a company of their choice during the program.
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5th February
17:30 - 21:00
Meet and Greet Cocktail and Dinner
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Kick-off with a concise preview of the next two days and set expectations for outcomes. Each participant briefly shares current challenges to build context and rapport.
6th February
09:00 - 10:00
The Objective in Corporate Finance
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Dueling interests
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First steps on hurdle rates
10:15 - 13:00
Risk
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Risk free rates & Currencies
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Risk premiums
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Relative risk measures
14:00 - 16:00
From Beta to Cost of Equity
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Debt & its cost
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Cost of Capital
16:00 - 18:00
Measuring returns
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Accounting returns & cash flows
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Side costs & side benefits
18:00 - 21:00
Network Dinner Experience with Damodaran
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Savor premium-cut meat, with music setting the perfect backdrop for engaging conversations.
7th February
09:00 - 11:00
The rest of investment analysis
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The Financing Trade off
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The optimal mix of debt & equity
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Judging and evaluating investment decisions
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Case studies on capital allocation
11:15 - 13:00
More on optimizing debt
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The right type of financing for a firm
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The financing principle
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Case Studies
14:00 - 16:00
Dividend policy
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Should you return more cash or less?
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Rethinking valuation
16:15 - 17:15
Value Enhancement
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The nuances of Value creation
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Rethinking the “Value” concept - Case studies
18:00 - 18:30
Open Dialogue and Reflections
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Some free discussion and considerations.
18:00 - 18:30
Closing Session
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A moment to take a photo with Professor Damodaran and receive the signed certificate.
Audience Is Composed by European Executives
“The attention to detail and professionalism were exceptional, making the experience informative, practical, and enjoyable. The high-quality program reflected a deep understanding of best management practices.”
"Thank you Professor Damodaran and Arc! It was a very good and fruitful opportunity."
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"The session went beyond formulas and models, focusing on judgement, narratives and realism. It’s very well explained."
"I attended the program last year and really enjoyed the structure; the way Professor Aswath Damodaran led the sessions was excellent and interactive. Furthermore, Arc’s organization was impressive."
The program promoted by Arc excelled in the content and in the organization. The team brought the world reference in the theme – Prof. Aswath Damodaran – and elevated all the ancillary to the same level, creating a world class experience!
"It's an intense but rewarding three-day experience. I'm looking to join the next Arc program."
The Venue
Hilton – Boeira Garden Hotel, Porto has been chosen as the venue to host the People & Organization Executive Program. Located just 15 minutes from Porto Airport, the hotel offers exactly what Arc looks for: an intimate setting that fosters ample opportunities for one-on-one conversations between Professor Dave and participants.
Network Dinner Experience
Porto Ferreira Wine House, founded in 1751, has been selected as the venue for the network dinner. The setting is ideal for Professor Dave to move easily from table to table and engage in conversation with each attendee.
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All-Inclusive Program Experience
Meet & Greet
A roundtable where Prof. Aswath will talk with each participant one-on-one. Dinner is included.
Two Day Program
Prof. Aswath will share his experience and frameworks, and answer your questions in an immersive learning experience. 6th & 7th February at Porto.
Applied Corporate Finance Workbook
An exclusive workbook filled with Damodaran's frameworks and systems, designed to guide your journey.
Accommodation & Meals & Airport-Hotel Transfer
5th & 6th February accommodation included.
Enjoy all-inclusive meals and transfer throughout the program.
Network Dinner Experience
Founded in 1751, Porto Ferreira Wine House will host the network dinner, offering an ideal setting for Professor Damodaran to move between tables and engage with attendees.
Signed Certificate
Take home a personalized, hand-signed certificate from Aswath, verifying your participation.
Venue & Date
Hilton - Boeira Garden Hotel, Porto, Portugal.
5, 6 & 7th February 2027
Program Fee & Audience
3800€ + VAT. CFO and other Senior Finance executives. Limited to 30 executives.
Last Edition Gallery
About Arc Executive Education
Founded in 2018, Arc is an executive education company based in the historic city of Tomar, Portugal. After more than 100 programs delivered, and over 1,000 alumni, Arc now dedicates itself exclusively to bringing together experts from the world’s most respected companies to share their knowledge and lived experience.
Built around real case studies, open discussion, and peer exchange. Arc programs emphasize practical insight and applied thinking. Over the years, has earned the trust of executives across Europe through consistently high-quality programs.
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"Arc is very professional and trustworthy"
Aswath Damodaran
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Instructor:
Professor Aswath Damodaran.
The Dean of Valuation.
Program Fee: 3800€ +VAT
0% VAT for non-portuguese companies.
Date:
5, 6 & 7th February 2027
Location:
Hilton - Boeira Garden Hotel, Porto, Portugal
Audience:
CFO and other Senior Finance and Investment executives. Limited to 30 participants.
Enquiries:
Contact: antonio@businessretreats.net
Professor Damodaran Message
“The class I teach is not just the mechanics, but the mindset behind assessing the worth of a business. There are countless models for valuing stocks and companies, each reflecting the analyst’s approach. In this three-day program, we focus on the common principles that underpin these models and the practical challenges in applying them to real-world scenarios.
We’ll review the fundamentals of intrinsic valuation — estimating cash flows, growth rates, and discount rates — using real companies as case studies. Once the foundation is set, we move into the “loose ends” of valuation, exploring concepts such as control, synergy, and cross holdings. The program also examines the “dark side” of valuation — assessing firms that are inherently difficult to value, including those with intangible assets, cyclical operations, or startup dynamics. The final session turns to relative valuation, analyzing both the use and misuse of multiples and the nuances of comparables across markets and time.
But what truly enriches this class goes beyond the content itself — it’s the people in the room. The participants are not only senior but come from a remarkably diverse range of sectors and backgrounds, both finance and investing. The discussion that emerges from this diversity, shaped by experiences across different geographies, brings depth and perspective that no textbook can capture.
If you want to enrich your understanding on how to apply these tools with judgment and context, this program offers an exceptional learning experience.
Sincerely,”
What You'll Learn
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Value any kind of firm in any market, using discounted cash flow models (small and large, private and public).
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Value a firm using multiples and comparable firms.
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Analyze and critique the use of multiples in valuation.
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Value “problem” firms, such as financially troubled firms and start up firms.
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Estimate the effect on value of a restructuring a firm.
5 February 2027
(16:30 - 21:00) Meet & Greet
Kick-off with a concise preview of the next two days and set expectations for outcomes. Each participant briefly shares current challenges to build context and rapport.
Program Fee: 3800€ +VAT
0% VAT for non-portuguese companies.
Two-Day Program
Aswath will share his experience and frameworks, and answer your questions in an immersive learning experience.
Applied Corporate Finance Workbook
Receive an exclusive workbook filled with Aswath's frameworks and systems, designed to guide your journey.
Meet & Greet
Kick off the program by connecting with Aswath and fellow participants.
Hotel & Food Included
Accommodation included at Hilton - Boeira Garden Hotel, Porto.
Enjoy all-inclusive meals throughout the program.
Network Dinner Experience
Savor premium cuts of meat grilled to perfection, with music setting the perfect backdrop for engaging conversations.
Airport & Hotel Transfer
Our team will take care of your transportation during the 3 days.
Signed Certificate
Take home a personalized, hand-signed certificate from Aswath, verifying your participation and achievement.
Braden Dennis - CEO - Fiscal.ai (Formerly Finchat.ai)
"Arc were the most organized planners I have ever worked with. From prior to the event with clear communications to the day of, everything went smoothly. Antonio went out of his way to make sure the events surrounding the program were also very worthwhile to attend. Definitely recommended for a future business event."
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Attendees are senior executives from companies like
6 February 2027
09:00 - 10:30 | The Objective in Corporate Finance and Hurdle Rates
-
Dueling interests
-
Hurdle rates and their nuances
10:30 - 12:00 | Risk - Refining the concept and judgement
-
Risk free rates & Currencies
-
Risk premiums
-
Relative risk measures
13:00 - 14:15 Lunch
14:15 - 15:30 | From beta to cost of equity
-
Debt & its cost
-
Cost of Capital
16:00 - 17:00 | Measuring returns - Navigating the art and nuances
-
Accounting returns & cash flows
-
Side costs & side benefits
18:00 - 18:30 | Open Dialogue
18:30 - 21:30 | Network Dinner
7 February 2027
09:00 - 10:30 | The art of investment analysis and capital allocation
-
The Financing Trade off
-
The optimal mix of debt & equity
-
Judging and evaluating investment decisions
-
Case studies on capital allocation
10:30 - 13:00 | Optimizing debt
-
The right type of financing for a firm
-
The financing principle
-
Case studies
13:00 - 14:15 Lunch
14:15 - 15:15 | More on optimizing debt - Continued
15:15 - 16:30 | Dividend and return policy
-
Should you return more cash or less?
-
Rethinking valuation and its importance - Case studies
16:30 - 17:30 | Value Enhancement
-
The nuances of Value creation
-
Rethinking the “Value” concept - Case studies
17:30 - 19:00 | Open dialogue and reflections. Closing Session & Signing Session & Photos
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30th April 2025
10th November
Imagine walking through the grand halls of the Convento de Cristo, a site where history whispers from every stone, and being greeted by none other than Dave Ulrich. On 10th November, you will join 30 other executives for an unparalleled meeting where Greg will reveal the inner workings of branding with emotion—right in the heart of this UNESCO World Heritage site.
16:30 - 21:00
Dave Ulrich will kick things off with a comprehensive preview of the next two days, laying the groundwork for engaging discussions.
Everyone will be guided through thoughtful questions to build connections.
As night falls, we´ll enjoy a lavish dinner - a perfect end to a day of first meet and great.
Transfers will be available between the hotel and the Convento de Cristo.
Program Overview
A Retreat Inside an UNESCO World Heritage Monument. A Letter Written by Greg Hoffman.
I'm honored to welcome you to the "Branding with Emotion" retreat, a dynamic three-day journey where we'll explore how our brands can forge deeper, lasting connections in the hearts and minds of customers.
The program I'll share with you has been shaped by my 27-year journey at NIKE, where I worked across marketing, innovation, advertising, and design. I witnessed firsthand how the Swoosh transcended its role as a logo to become a symbol of human potential, how "Just Do It" evolved beyond a tagline into a global mindset, and how sneakers transformed into vessels of profound personal connection. Drawing from these experiences, I've designed this program to help you develop the leadership mindset and strategies needed to create powerful emotional bonds between your brand and customers.
Begins with an exploration of emotion's role in distinguishing extraordinary brands from ordinary ones. We'll then delve into "Sparking a Movement" - examining how brands can evolve beyond transactions to become meaningful forces in customers' lives. Through engaging case studies and interactive exercises, we'll push ourselves to create a more audacious vision of our brands' future and discover how to define and amplify each brands' unique personality.
Last day opens with "Dare to Be Remembered", focusing on brand storytelling and cultural relevance. Because no brand story worth telling should be forgotten, we'll examine the principles that make stories resonate and endure. In "Never Play it Safe, Play to Win", we'll explore how to foster a culture of calculated risk-raking that generates bold, innovative ideas. Through case studies and hands-on exercises, you'll gain practical tools to energize creativity within your organizations.
We'll conclude by looking toward the future with "Leave a Legacy, Not Just a Memory", examining how brands can contribute meaningfully to global progress while achieving their business objectives.
I look forward to collaborating with you over these next three days, in the UNESCO Heritage Christ Convent, as we unlock new ways to strengthen our brands and drive business growth through the power of emotion.
Sincerely,