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Course details

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Advanced Company Analysis, Valuation and Financial Modelling (BIBF)

Enhance your skills in valuation methodologies & modelling techniques
  • This course is run in partnership with the Bahrain Institute of Banking and Finance 

    To book your place please contact learning@euromoney.com


    Company valuation is used for the purposes of investment, M&A or as part of internal measures of financial control. It is extensively applied when companies issue new shares, divest operations or acquire other companies. The rapidly growing private equity industry is also dependent on solid analysis. There are many different approaches to the analysis and valuation of companies and it is paramount to know when and how
to apply what method. It is also essential to understand that company analysis is not an absolute science but also based on interpretation and judgment. This highly practical course will lead you quickly from the basics through to the more advanced valuation methodologies and modelling techniques.

    Methodology

    This practical course is taught using formal lectures combined with practical and interactive case studies and exercises to reinforce the concepts covered in each teaching session. Emphasis is placed on you gaining hands­-on experience of the various valuation techniques.

  • Day 1

     

    Advanced financial analysis and modelling


    Forecasting the income statement

    • Calculating underlying EBITDA(R) and net income - adjusting earnings for exceptional, non-recurring items, discontinued items, joint venture earnings, operating leases and other items
    • Detailed revenue and earnings forecasts
    • Fixed vs variable costs: operating leverage – how to model in Excel
    • Calculating net finance expense
    • Hedging policies


    Taxation issues

    • Current tax vs deferred tax
    • Do deferred tax liabilities change the valuation?
    • Estimating the effective tax rate
    • Operating losses: carry-back and carry forward


    Non-current assets

    • Understanding capital intensity
    • Maintenance vs expansionary capex
    • Understanding asset lives
    • Forecasting disposals – cashflow and gains or losses on disposal
    • Impairment of assets – how does this affect valuation?
    • Dealing with intangible assets


    Net working capital

    • Components of cash and non-cash net working capital
    • Working capital ratios and their interpretation
    • The relationship between working capital and margins


    Provisions

    • The different types of provisions and their accounting treatment
    • Impact of provisions on valuation


    Joint ventures, associates, investments

    • Is there any value in non-consolidated entities?
    • Accounting for joint ventures, joint arrangements, associates and investments
    • Forecasting joint venture, associates and investment income and cashflow


    Related parties

    • What are related parties?
    • How related parties can distort results, cause accounting scandals and sharp valuation declines


    Day 2

    Advanced financial analysis and modelling (continued)


    Equity financing

    • The importance or not of the book value of equity to valuation
    • The impact on valuation of share buy-backs, rights issues, convertible bond and preference share issues
    • Non-controlling interests - impact on equity financing; dividend leakage
    • Discounts to apply to NCI valuations
    • Forecasting dividends

     

    Debt financing – impact on valuation

    • Different types of debt financing (Bank debt, RCF vs term loans, private placements, public debt, equity linked debt, commodity linked debt, debt maturity profile, project finance, debt structure and subordination)
    • Derivative liabilities and hedging
    • How do sovereign and corporate credit ratings affect valuation?
    • Defining gross debt, financial assets and net debt
    • Dealing with non-available financial assets
    • Dealing with different kinds of provisions and deferred revenues
    • Dealing with pension liabilities
    • Adjusting for off balance sheet liabilities eg contingent liabilities, receivables funding, operating leases, vendor funding, recourse financing, letters of credit, performance guarantees etc


    Advanced ratio analysis

    • Calculating and interpreting ratios for the income statement, balance sheet and cashflow statement
    • The importance of ROIC – is the firm creating value?
    • Impact of vertical integration and accounting treatments on ratios
    • Which ratios for which sectors? Performance linked ratios
    • How to adjust valuations for different ratios


    Review of good modelling practices


    Scenario analysis

    • What are scenarios?
    • Developing flexible scenarios with Excel
    • Review of completed model for target company


    Return analysis 

    • Working out IRRs, MM, NPVs
    • Working out returns with equity kickers


    Other topics

    • Overview of major new IFRS accounting standards (IFRS 9, 15, 16)
    • Accounting tricks to enhance profitability and operating cashflow

     

    Multiples based valuations


    Defining enterprise and equity value

    • Gross and net debt and equivalents; off balance sheet exposures


    Equity multiples

    • What drives equity multiples? Variations across time and sectors
    • Overview of PE ratios, PEG ratios, dividend yield, NAV
    • Drawbacks and advantages of equity multiples
    • Adjusting for net derivatives, provisions, contingent liabilities


    EV multiples

    • Overview of EV multiples – EV/EBITDAR, EV/EBIT, EV/revenues etc
    • Review of adjustments required for EV multiples
    • What drives EV multiples? Variations across time and sectors

    Case studies

    • Valuing firms in different sectors using a range of multiples

     

    Day 3


    DCF and cost of capital

    • Background to DCF valuations


    Forecasting unlevered FCF

    • Estimating normalised unlevered FCF
    • Pitfalls in calculating unlevered FCF
    • Forecasting of unlevered FCF for target company



    Terminal value

    • TV using the perpetuity method – what terminal growth rate?
    • TV using exit multiples
    • TV using liquidation value
    • Can some firms generate excess returns in the long run?
    • Should ROIC equal or exceed WACC in the long run?
    • Running sensitivities

     

    Advanced considerations for cost of capital

    • Background to WACC
    • Historic and implied equity risk premium
    • ERPs for firms with international operations
    • Examining beta; calculating betas for private firms
    • Calculating a bottom up beta
    • Calculating the cost of debt and quasi-debt
    • Is it possible to estimate an optimal capital structure?
    • Review of final DCF model


    Understanding ROIC

    • Components of capital employed
    • Decomposing ROIC
    • ROIC versus WACC
    • The ROIC “frontier” trade-off
    • The link between ROIC and ROE
    • Distortions in calculating ROIC

    Advanced DCF methods and EVA


    Advanced DCF methods

    • 3 stage DCF; modelling the fade timeframe
    • Adjusted present value DCF
    • Compressed DCF
    • Recursive DCF
    • Drawbacks of using time adjusted WACC
    • Calculating debt and equity values directly
    • Cash flow return on invested capital (CFROIC)
    • Reversing into the terminal growth rate


    EVA as an alternative to DCF

    • Definitions
    • The mathematical equivalence of EVA and DCF
    • Using EVA to better understand value creation
    • The potential pitfalls of EVA
    • Building an EVA model


    Valuing high growth firms

    • What influences the valuation of high growth firms
    • Overview of fast growth firm successes and failures
    • Fading ROIC and growth; choosing an appropriate fade period



    Valuing EM firms

    • Sovereign risk premia
    • Adjustments to the WACC – CDS spreads and standard deviations
    • Competitive advantages and disadvantages of EM firms
    • Reliability of macro and firm data
    • Currency risk and macro-economic risks


    Valuing a conglomerate

    • Sum of the parts valuation; holding company adjustments
    • How to improve the valuation of a conglomerate


    Valuing distressed assets

    • Distressed assets as options
    • Potential equity outcomes for distressed firms
    • Using DCF, forward multiples and NAV
    • Estimating default risks
    • The impact of refinancings and new equity offerings
    • Forecasting creditor behaviour


    Valuing private firms

    • Different methods
    • Adjusting the WACC
    • Illiquidity discounts eg for non-controlling stakes


    Scenarios and real options

    • Normal distributions and DCF
    • When the world is not normally distributed
    • Real options: how they can impact valuation

    Mergers and Acquisitions

    Background to M&A valuations

    • Recent M&A trends
    • The main rationale behind M&A


    Valuing the target

    • On a standalone basis; as a break-up candidate; in combination with the offeror
    • Valuing synergies
    • Operational and financial synergies; cost and capex savings
    • Estimating the price premium – the value of control and voting rights
    • Do public M&A deals create value for buying and selling shareholders?


    Financing the acquisition

    • Using shares or cash or other instruments eg contingent value rights
    • EPS accretion and dilution

  • Our Tailored Learning Offering

    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 and dramatically increase your ROI.

    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.

  • 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
This course can be run as an In-house or Tailored Learning programme

Instructor

  • Sarah Martin

    Banks and other financial institutions can lose billions of dollars annually due to their failure to analyse and anticipate risks correctly. That's where my training course comes in.

    Biography

    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.