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Course details

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Corporate Finance & Valuation

Gain a complete understanding of Corporate Finance and Valuation at our 3 day overview
  • Corporate Finance is an important foundation for all financial decisions of a firm. A vast range of business decisions from credit analysis to merger and acquisition activity require knowledge of basic financial principles. These basic principles are taught in a course by a seasoned instructor who will use both theory and practical applications. While there are procedures and formulas, they need to be integrated with good business judgments. Included in the practical applications will be exercises and reference to a company cases. The eventual objective will be to explore methods of valuating a firm and enhancing it with various corporate finance strategies.
    Targeted Audience

    Individuals in financial intern programs; those wishing to seek and enhance their positions in investment banking, private equity, venture capital, and valuation. Knowledge of the capital markets and financial accounting statements. A financial calculator is required. (Texas Instruments BA II Plus will be taught.) At times, Excel techniques will be demonstrated, but not taught.

    Learning Objectives

    Students will be able to:
    • Solve problems using various time value of money concepts
    • Identify statistical issues
    • Identify the relevant costs in a project
    • Calculate and compare advantages and weaknesses of capital budgeting techniques, especially the NPV and IRR of a project
    • Demonstrate how different qualitative factors impact on value
    • Calculate free cash flow forecasts and the challenges in determining their proper use
    • Calculate the terminal value of a business and determine its appropriate use
    • Calculate the enterprise and equity value of a business
    • Discuss Behavioral Issues
    • Discuss Relative Valuations Techniques among comparable companies
    • Explain why WACC is used to discount company free cash flows
    • Calculate WACC, cost of debt and cost of equity
    • Discuss other valuation methods including CAPM and Arbitrage Pricing Theory
    • Determine the optimal capital structure of a company and its dividend policy

  • DAY ONE - Corporate Finance Fundamentals

    Introduction and course overview
    • The importance and benefits of Corporate Finance
    • Examples of where and how Corporate Finance is used in capital markets
    • Linkage between investment and financing decisions
    • Agency issues and Ethics
    • Capital Market Risk/Reward concepts and Index Issues
    • Overview of topics to be covered

     

    Basic Calculations
    Time Value of Money
    • Present and Future Value Concepts and Calculations
    • Compounding (annual, periodic, continuous)
    • Annuities and Perpetuities
    • Complex Problems
    • Statistical issues

     

    Exercises: Class participants will do Time Value Problems

     

    Project Analysis / Capital Budgeting
    • Capital budgeting
    • Process of capital budgeting
    • Identifying cash flows
    • Incremental cash flows
    • Inflation i.e., constant vs. current dollar cash flows
    • Issues around identification of cash flows
    • Working Capital Considerations

     

    Exercise: Identifying relevant costs

    Payback and Discounted Payback

    • Drawbacks: time value of money; life after payback period
    • Internal Rate of Return (IRR)
    • Drawbacks: lending/borrowing; multiple rates of return; mutually exclusive projects
    • Net present value (NPV)
    • Making decisions with NPV
    • Profitability Index
    • Modified IRR, calculations and reasons
    • Separating the financing and investment decisions

     

    Exercise: Using different methods to evaluate projects

    DAY TWO - Company Financials and Discounted Cash Flow Valuation

     

    Financials Section

     

    Brief Review of Financial Statements
    • Locating Financial Information
    • Issues and hidden traps with accounting numbers
    • Accruals versus cash flows
    • Differential interpretation of GAAP and IFRS, non-Gaap and non-IFRS

     

    Dividend Valuation Model
    • Dividend Discount Model and the key decisions on time periods
    • Perpetual and Gordon Growth Model
    • Estimating growth with various methods and their challenges

     

    DCF Overview
    • Rationale for DCF valuation
    • Characteristics of a DCF
    • Analyzing the historic performance and looking at the operating environment with tools such as PESTEL, Porter, SWOT, Product life cycle

     

    Exercise: Determining the operating environment of the case study

     

    Forecasting Cash Flows
    • Cash Flows: Accounting and the challenging economic environment
    • Behavioral issues with forecasting cash flows
    • Calculating various free cash flows, Firm, Equity, EBITDA, NOPAT
    • Key areas to forecast and their sources
    • Determining the tradeoff on yearly cash flows and the Terminal Value
    • Real versus nominal returns

     

    Exercise: Calculate the free cash flows for the company case study

     

    Terminal Value
    • Asset Values
    • Using relative or comparable values (EV/EBITDA and EV/EBIT)
    • Perpetuities and growing perpetuities
    • Exotic measures for special industries

     

    Exercise: Determine an appropriate terminal value for the company case study

     

    Valuation Enterprise Value versus Equity Value
    • Calculate Enterprise and Equity Values
    • Enterprise back door and front door methods
    • EVA

     

    Exercise: Calculate the company case study Enterprise and Equity values

    DAY THREE - Cost of Capital and Capital Structure

    Risk and Valuation Section

     

    Relative Valuation Techniques
    • Peer group valuation challenges
    • Key ratios and their trade-offs, especially with the ratios of P/E, PEG, EV/EBITDA, MV/BV
    • Special ratios for unique industries

     

    Exercise: Calculate the value of the company case study using peer group analysis

     

    Basics of the cost of capital
    • Risk versus Return overview
    • Theoretical perspectives
    • Systematic and unsystematic risk
    • Beta concepts

     

    Weighted Average Cost of Capital
    • WACC overview

     

    Cost of Debt -
    • Yield-to-maturity and spreads over US Government bonds
    • Impact of taxes
    • Bank Debt
    • Straight bonds - fixed and floating rates
    • Concepts on Convertible Bonds
    • Leases

     

    Exercise: Calculate the cost of debt for the company case study if there is debt, but also if the company has to incur debt

     

    Cost of Equity
    • Preferred Shares
    • Common Shares
    • Dividend Discount Model
    • Leveraged Beta Considerations
    • Capital Asset Pricing Model
    • Arbitrage Pricing Theory

     

    Exercise: Calculate the company case study cost of equity using different approaches
    Weighted Average Cost of Capital
    • Time Varying
    • Factors that can affect WACC

     

    Exercise: Calculate the company’s case study WACC

     

    Optimal Capital Structure
    • In theory
    • In practice
    • Dividend policy

     

    Exercise: What is the optimal capital structure for the company case study, and how can it be influenced by strategic growth objectives

    Putting It All Together

    Determining valuations with company cases




     

     

     

  • 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

  • John Palicka

    Biography

    John has over 30 years of experience in researching and managing money in global, emerging, and US small-cap stocks. He is currently in his 27th year as President and Chief Portfolio Manager at Global Emerging Growth Capital (GEGC). GEGC provides three major financial services: asset management, corporate finance, and knowledge consulting which includes financial training. John’s investment record has been ranked consistently in the upper quartile by consultants and reporting agencies such as Russell, Nelson, PSN, and MMR. Since 1980, his funds have doubled client money every five years, on average* This has been done with excellent risk measures, such as Sharpe and the Information Ratio. He has also advised a niche offshore institutional global fixed income fund for a major bank. Currently, GEGC operates as a family office. John also beat out several prominent global money managers for the award of a major Polish NIF government fund, and evaluated the largest private equity voucher fund in Bulgaria. He also created an institutional research list of Central and Eastern European companies that outperformed the respective index of MSCI; developed and marketed corporate finance deals in the region, and negotiated joint investment ventures in Russian and the Ukraine. He has also teamed with other managers in advising and developing asset management products in Eastern Europe, GCC, and Asia. Previously, Mr. Palicka spent 11 years as Managing Director and Chief Portfolio Manager for Midco Investors, an investment boutique in small/mid-cap stocks of the Prudential Insurance Company. During this time, he took an original investment of $25 million and grew it to over $1.5 billion, ranking high against performance measures. Mr. Palicka also spent seven years as an officer of Bankers Trust Co., where he was involved with various commercial banking activities, such as emerging markets lending in the Middle East.John’s knowledge consulting includes global financial training courses to major asset management, training, and regulatory firms, open public courses, and private tutorial classes with top ratings. John has taught courses in China, Europe, South America, and Europe. He has also created online training programs for major learning companies, such as NYIF and Fitch. He also consults to HNWs, hedge funds, and asset management firms on investment strategies, including Fusion Analysis. He is a member of the Financial Analysts and Money Managers of New York, and has taught finance courses at the Columbia Business School, Baruch, St. John’s University and New York University. He also teaches the CFA program, CMT Technical Analysis, and several finance courses, such as, portfolio theory, investments, and corporate finance for leading training firms. John has been quoted in business periodicals such as Business Week, Emerging Markets, Equity magazine, and the Wall Street Journal and has been interviewed on CNBC. He has also written articles in various business publications, and is the author of the finance book, Fusion Analysis. Fusion Analysis has attracted global interest and has been translated into Mandarin. Fusion Analysis predicted the post 08’ super bull market in the sweet spots during the dark days of the Great Recession. It produced the ultimate valuation model of combining all four investment forces.