Corporate Analysis School: Techniques, Modelling & Valuation

5 days 9-13 Oct 2017, London UK £4,995.00 + VAT* Download brochure Add to basket

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Overview

This course is made up of two separately bookable courses, book the whole programme and save £1750!

Days 1 to 3 - Fundamentals of Corporate Valuation & Modelling

Days 4 to 5 - Advanced Corporate Valuation Analysis & Methodology

 

This course comprises three days of training in corporate valuation techniques, followed by an additional, optional two days of training that cover more advanced concepts. The three day foundation training course is designed to provide delegates


With an understanding of the following:

  • Financial analysis underlying corporate valuations
  • Valuation fundamentals
  • Multiple valuations
  • DCF valuations
  • Applying different valuation techniques using Excel


The subsequent two day training is designed to cover the following:

  • More advanced DCF techniques
  • The impact of capital structure on valuation
  • The impact of corporate finance transactions on valuation, including LBOs
  • Specific valuations eg. high growth, cyclical and distressed companies
  • Advanced financial analysis for corporate valuation

Who should attend

  • Investment bankers
  • Fund managers
  • Equity analysts
  • Equity traders
  • Equity sales
  • Corporate finance lawyers
  • Credit analysts
  • Strategists
  • Treasurers and finance directors
  • Compliance officers 

Instructors

We work with a series of expert instructors, please select the course location of interest to review the credentials of who will be delivering the programme.

London
Sarah Martin

Former Executive Director of CSFB and Lehman Brothers, the Course Director has spent seventeen years working as an investment banker in Europe and the US. She has principally worked in the credit markets and has experience of the US and European high grade and high yield markets, the European new issue markets, the Asian convertible bond markets and of corporate restructurings of distressed credits. She specialised in the telecoms sector and was closely involved in the structuring, raising and/or trading of bank and public debt for telecoms companies in many countries, including Europe, South Africa, Asia and Latin America. She also has extensive experience of corporate finance transactions, including mergers, disposals, privatisations, IPOs and capital raisings. Until 2003, she was an Executive Director at Lehman Brothers in Fixed Income Research in London, having also worked for CS First Boston and Kleinwort Benson. She now works on an independent basis advising the legal and private equity professions on credit analysis and company valuation. She has a degree in economics from the London School of Economics and stock exchange qualifications from London and New York.

Venue

London

Central London Hotel Venue

All courses are held at four or five star venues in Central London, Zone 1. We strive to provide you with a training environment of the highest quality, to ensure that the whole learning experience exceeds your expectations.

Your training venue will be confirmed by one of our course administrators approximately 3-4 weeks before the course start date.

Related Courses

Inhouse


 

Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company's exact requirements? If you'd like to do either of these, we can bring this course to your company's office. You could even save up to 50% on the cost of sending delegates to a public course.

To find out more about running this course in-house:





Our Tailored Learning Offering

If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.

We produce learning solutions that are completely unique to your business. We'll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.

inhouse-learn-more

We can offer any of our public courses delivered at your office or we can devise completely tailored solutions:


Read more about our offering or complete a call back request to speak to a learning specialist.

 

Agenda

Part 1: The Fundamentals of Corporate Valuation & Modelling (Days 1 - 3)
 
Day 1

 
Introduction to corporate valuations

 
Valuation fundamentals

  • Drivers of valuation – ROIC, WACC, growth, size
  • The FCF perpetuity valuation formula; single and double period
  • The key value driver valuation formula
  • Economic profit and enterprise value added
  • ROIC vs. WACC – computation and drawbacks

Case studies: valuing companies using the above formulae

Financial analysis for valuation

  • Cleaning up the reported results to derive underlying performance
  • Calculating key financial ratios to assess a firm’s performance relative to its sector
  • Enterprise value versus equity value – what to include in net debt
  • Adjusting for operating leases and other off balance sheet liabilities

Valuations based on multiples

  • Multiple valuations based on revenues, EBIT, EBITDA(R), Net income/EPS, NAV
  • Overview of following ratios: PE, PEG, EV/EBITDA(R), PB, NAV
  • Choosing comparable firms
  • Dividend yield valuations
  • Reconciliation of multiple valuations to the key value driver formula
      
     

Day 2

 
Valuations based on multiples contd

  • Earnings versus cashflow
  • EPS dilution/enhancement
  • Case studies: valuing companies using multiple analysis

DCF valuations and financial modelling with Excel

  • Calculating OPAT and unlevered free cashflow
  • The CAPM; unlevered and levered betas, risk premia, kd, ke, tax shields and WACC
  • Explicit forecast period and terminal value
  • Assessing the terminal value (multiple or perpetuity method)
  • Case studies: modelling in Excel to produce DCF valuations

Day 3

 
DCF Valuations contd

  • Importance of final year forecasts – fading the forecasts
  • Comparing valuations using multiples vs. DCF
  • Advantages and drawbacks of each valuation method
  • Calculating NPV and IRRs

 

Part 2: Advanced Corporate Valuation Analysis & Methodology (Days 4 & 5)
 
Day 4

 
Advanced DCF methods

  • Changing annual WACC
  • 3 stage DCF
  • Adjusted Present Value (APV)
  • Compressed APV and recursive WACC
  • Calculating debt and equity values directly

Impact of corporate finance transactions on valuations

  • Friendly/hostile takeover
  • Merger
  • Demerger/spinoff/break-up
  • IPO
  • New equity offerings – calculating the TERP

The premium payable

  • Market conditions/sentiment/liquidity
  • Operational and financial synergies; cost savings
  • Shareholder concerns

The impact of capital structure on valuation

  • Increasing equity value through use of debt
  • Focus on shareholder value – dividend policy and share buybacks
  • Companies suited to leverage
  • Debt markets and credit ratings
  • Analysing debt capacity
     
     

Day 5

 
Leveraged Buyouts (LBOs)

  • Structuring LBOs
  • Short-cut method to see if an LBO may be financially viable
  • Typical covenants and financial forecasting

Specific valuations

  • High growth firms
  • Cyclical firms
  • Distressed firms; predicting default rates

Reversing into the terminal growth rate

Advanced financial analysis for corporate valuation

  • More advanced case studies to assess underlying performance
  • Overview of manor new IFRS accounting standards (IFRS 9, 15, 16)
  • Accounting tricks to enhance profitability

 
Course summary and close

Why us


We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.

We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:

  • Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
  • Track record – we have delivered training solutions for 95% of worlds’ top 100 banks and have trained over 250,000 professionals.
  • Knowledge – our 150 strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
  • Reliability – if we promise it, we deliver it. We have delivered over 20,000 events both in person and online, using simultaneous translation to delegates from over 180 countries.
  • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 96% on service and 95% on product