
Development Program
THE CRAFT OF VALUATION
Company Valuation: Navigating The Nuances of Company Valuation
Instructor:
Professor Aswath Damodaran.
The Dean of Valuation.
Program Fee: 3800€ +VAT
Increases to 4800€ +VAT at 19th December 2025.
0% VAT for non-portuguese companies.
Date:
04, 05 & 06 February 2026
Location: Tomar, Portugal
Hotel dos Templários
Audience:
CFO, CFA, M&A, Private Investors, Portfolio Managers. 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.
04 February 2026
(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
Increases to 4800€ +VAT
at 19th December 2025.
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. 05 & 06 February at Hotel dos Templários, Tomar
The Craft Of Valuation 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 on 04 February at the picturesque city of Tomar.
Hotel & Food Included
04 & 05 February accommodation included.
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. 05 Februry at Taverna Antiqua.
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
05 February, 2026
09:00 - 10:30 | Rethinking the DCF Model: Architecture and Assumptions
A re-examination of discounted cash flow valuation — from philosophy to structure. Understanding how cash flows, risk, and growth interact to drive value, and how judgment shapes each input.
10:30 - 12:00
The Big Picture of DCF Valuation & Valuation Examples.
14:15 - 15:30 | Risk Premium, Beta, Return, and the Cost of Debt/Capital
Reassessing risk, return, and cost of capital/debt amid volatile rates, geopolitical shocks and market dispersion. How to derive meaningful discount rates in a world that rarely fits the textbook.
16:00 - 17:00 | Forecasting Value: Cash Flows, Growth Rates & Growth Patterns.
Connecting business life cycles and macroeconomic context to sustainable growth estimation. Linking growth to reinvestment discipline.
17:00 - 18:00 | The Terminal Value.
Analytical approaches to terminal value estimation and the psychology of valuation closure. Rethinking perpetuities and assumptions — and exploring alternative ways to close the valuation loop credibly.
18:00 - 18:30 | Open Dialogue: Intrinsic Value in Today’s Market
18:30 - 21:30 | Cocktail Backyard Grill
06 February, 2026
09:00 - 10:30 | Loose Ends in Valuation
Reflection on the value of control, synergy, transparency and how cash, cross holdings, hiden assets, liquidity and employee stock options can influence valuation.
10:30 - 13:00 | The Dark Side of Valuation
Young, Growth, Mature, Transition, Declining, Cyclical, Distressed, Commodity, Financial Services, Private - What Else?
Incorporating scenarios, narratives, news, uncertainty, optionality and survival probabilities.
14:15 - 15:15 | The Dark Side of Valuation Continued.
15:15 - 16:30 | The Art of Pricing
Deconstructing multiples and comparable company valuations. Case studies.
16:30 - 18:00
Open dialogue, Closing Session & Signing Certificates & Photos
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Instructor:
Professor Aswath Damodaran The Dean of Valuation.
Program Fee: 3800€ +VAT
Increases to 4800€ +VAT at 19th December, 2025
0% for non-portuguese companies.
Date:
04, 05 & 06 February 2026
Location:
Tomar, Portugal
Audience:
CFO, CFA, M&A, Private Investors, Portfolio Managers. 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,”

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Overview
This program is developed for seasoned finance and investment professionals who already know the mechanics of valuation — but seek to deepen how they think about value itself.
Across 3 intensive days of lectures and interactive discussions, Professor Aswath Damodaran will go beyond models and formulas to explore the art and judgment that underpin sound valuation. Drawing on current market dynamics and the latest global challenges — Professor Damodaran will connect timeless principles with today’s evolving financial reality.
Through real-world cases, debate, and open dialogue, participants will rethink their ability to assess risk, growth, and narrative — and to apply valuation frameworks with intellectual precision and practical relevance.
04 February, 2026
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.
05 February, 2026
09:00 - 10:30 | Rethinking the DCF Model: Architecture and Assumptions.
A re-examination of discounted cash flow valuation — from philosophy to structure. Understanding how cash flows, risk, and growth interact to drive value, and how judgment shapes each input.
10:30 - 12:00
The Big Picture of DCF Valuation & Valuation Examples.
14:15 - 15:30 | Risk Premium, Beta, Return, and the Cost of Debt/Capital
Reassessing risk, return, and cost of capital/debt amid volatile rates, geopolitical shocks and market dispersion. How to derive meaningful discount rates in a world that rarely fits the textbook.
16:00 - 17:00 | Forecasting Value: Cash Flows, Growth Rates & Growth Patterns.
Connecting business life cycles and macroeconomic context to sustainable growth estimation. Linking growth to reinvestment discipline.
17:00 - 18:00 | The Terminal Value.
Analytical approaches to terminal value estimation and the psychology of valuation closure. Rethinking perpetuities and assumptions — and exploring alternative ways to close the valuation loop credibly.
18:00 - 18:30
Open Dialogue: Intrinsic Value in Today’s Market
18:30 - 22:00
Cocktail Backyard Grill
06 February, 2026
09:00 - 10:30 | Loose Ends in Valuation
Reflection on the value of control, synergy, transparency and how cash, cross holdings, hiden assets, liquidity and employee stock options can influence valuation.
10:30 - 13:00 | The Dark Side of Valuation
Young, Growth, Mature, Transition, Declining, Cyclical, Distressed, Commodity, Financial Services, Private - What Else?
Incorporating scenarios, narratives, news, uncertainty, optionality and survival probabilities.
14:15 - 15:15
The Dark Side of Valuation Continued.
15:15 - 16:30 | The Art Of Pricing
Deconstructing multiples and comparable company valuations. Case studies.
16:30 - 18:00
Open Dialogue, Closing Session & Signing Certificates & Photos
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Program Fee: 3800€ +VAT
Increases to 4800€+VAT at 19th December 2025
Two-Day Program
Aswath will share his experience and frameworks, and answer your questions in an immersive learning experience. 05 & 06 February at Hotel dos Templários, Tomar
The Craft of Valuation 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 on 04 February at the picturesque city of Tomar.
Hotel & Food Included
04 & 05 February accommodation included at Hotel dos Templários.
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. 05 February at Taverna Antiqua.
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.
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,



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