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Course details

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Corporate Analysis & Valuation

Elevate your knowledge of financial analysis and corporate valuation techniques
  • This Corporate Analysis & Valuation virtual course is made up of two separately bookable courses

    Days 1-2 - Financial Analaysis for Corporate Valuation 
    Days 3-5 - Corporate Valuation - Techniques and Application 

    This comprehensive 5-day programme comprises two days of training in financial analysis underlying corporate valuations, followed by the three days of training in corporate valuation techniques.

     

    Module 1 comprises three inter-active sessions of three hours each, covering financial analysis for corporate valuations. There is a 25-minute break in the middle of each webinar.
    Module 2 comprises six inter-active sessions of three hours each, covering corporate valuation techniques. There is a 25-minute break in the middle of each webinar.

    Delegates can choose to do either or both modules.

    Module 1 will give delegates an understanding of:
    • How to analyse a firm’s financial statements when undertaking corporate valuations, including how to derive underlying earnings and cashflow
    • Ratio analysis, including profitability, performance, leverage, liquidity, returns to firm and equity
    • The impact on valuation of debt, financial assets, quasi-debt, provisions, deferred taxes, off balance sheet liabilities and other factors

    Module 2 will give delegates an understanding of:
    • Valuation fundamentals
    • Equity and EV multiple valuations
    • DCF valuations
    • Applying different valuation techniques and forecasting, using Excel
    • The impact of capital structure on valuation
    • The impact of corporate finance transactions on valuation
    • How qualitative factors influence valuations

    Methodology

     

    This practical course is taught using video conferencing technology that will allow you to enter into the classroom with the course trainer and other participants virtually.   It comprises lectures followed by short, practical and inter-active 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.


    Who could benefit from this course?

     

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

     

     

    Note - A good level of spoken and written English is required to attend this course. Delegates should be of an intermediate standard in English at a minimum. Please refer to the Common European Framework of Reference for Languages - as a guide the level required is B2. 

  • This course in June will be delivered virtually using online meeting rooms technology. To understand more, please contact learning@euromoney.com


    The virtual course will run with regular breaks throughout the day, and the start time will be 9am UK British Summer Time

    This course is fully interactive and delegates will each receive copies of materials electronically.

     


    ________

     

    Module 1: Financial Analysis for Corporate Valuation

    Session 1 - Income statement analysis
    Day 1: Morning - Three hours
    9am - Midday - BST

    • Analysing and forecasting revenues
    • What are the key revenue drivers and what are their trends?
    • Pricing, volumes, currencies, acquisitions, disposals
    • Understanding revenue volatility and predictability
    • Revenue recognition and IFRS 15
    • Customer, product/service and geographical concentration
    • The nature of the cost base including sources of volatility (commodity prices, currency, regulation, interest rates, tax rates and other risk factors)
    • The impact of hedging (currencies, interest rates, commodities)
    • Fixed versus variable costs: operating leverage
    • Defining finance expense and finance income
    • Capitalised interest and other capitalised expenses
    • Dealing with lease expense (following the introduction of IFRS 16)
    • Calculating underling earnings and EBITDA
    • Analysing the differences between IFRS earnings and management’s adjusted earnings
    • Dealing with exceptional items, hedging gains/losses, restructuring costs, “one-off items”, gains/losses on disposals etc to work out underlying EBITDA
    • The impact of joint ventures, associates and NCI
    • Taxation issues
    • Current vs deferred tax
    • Estimating the effective tax rate
    • Tax loss carry-forwards
    • Detailed ratio analysis
    • Calculating and analysing key operational and financial ratios
    • Gross margin, EBITDA margin, EBIT margin, pre-tax margin, net margin
    • Productivity ratios
    • Interest cover ratios
    • Dividend cover and enhanced dividend cover ratios



    Module 1: Financial analysis for corporate valuation continued

    Session 2 - Cashflow statement analysis

    Day 1: Afternoon - Three hours
    2pm - 5pm - BST

    • Analysing the cashflow profile of the firm
    • Understanding the volatility and predictability of the firm’s cashflow
    • Deriving operating cashflow, including changes in NWC and provisions
    • Do operating earnings generate operating cashflow?
    • Net operating cashflow – deducting net finance expense and tax paid
    • Understanding dividends received from joint ventures, associates and investments
    • Investment spending, gross and net - are new investments adding value?
    • Does the firm generate sufficient cashflow to cover its tax, debt servicing, investment spending and any dividends?
    • What is the potential for paying dividends and for share buybacks?
    • Analysing dependence on external funding
    • Analysing cashflow ratios – interest cover, debt service cover, years to repay gross debt, investment cover, dividend cover, cash conversion ratios, dependence on external funding


    Module 1: Financial analysis for corporate valuation continued

    Session 3 – Balance sheet analysis

    Day 2: Morning - Three hours
    9am - Midday - BST

    • The nature of the asset base: PP&E, intangibles, financial assets, joint ventures and investments
    • How are the assets valued?
    • What is the outlook for impairments or revaluations?
    • What are the assets lives and what is the outlook for maintenance and expansionary capex?
    • Understanding the firm’s capital intensity and operating leverage
    • Understanding NWC and accrued income, including seasonality
    • Is there any value in non-consolidated entities?
    • What to include in gross debt: bank debt, bonds, derivative liabilities, supplier finance, leases, shareholder loans, pension deficits etc
    • How should hybrid financing instruments be treated?
    • What to include in financial assets: cash, investments, derivative assets
    • Valuation adjustments for off balance sheet liabilities:, short term operating leases, contingent liabilities, securitised receivables etc
    • Valuation adjustments for NWC, deferred tax assets and liabilities, provisions, cash pledges, restricted cash, deferred revenues
    • Is the book value of equity important to the valuation?
    • What is the impact of credit metrics (leverage, interest cover, interest rates, liquidity, covenant breaches) on valuation?
    • Calculating key balance sheet ratios to assess a firm’s financial position relative to its sector

     

    __________



    Module 2: Corporate Valuation – Techniques and Application

    Session 4 – Introduction to corporate valuations

    Day 3: Morning - Three hours
    9am - Midday - BST


    Analysing recent trends in corporate valuations

    Enterprise value versus equity value
    • Calculating equity value including NCI
    • Calculating gross debt and net debt
    • Adjusting for provisions, quasi-debt, equity linked instruments, equity kickers, options etc
    • Adjusting for off balance sheet liabilities

    Background to corporate valuations

    • Valuation fundamentals
    • Drivers of valuation – ROIC, WACC, growth, size
    • The FCF perpetuity valuation formula
    • 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


    Session 5 – Multiple valuations
    Day 3: Afternoon - Three hours
    2pm - 5pm - BST

    • Equity multiple valuations based on net income, EPS, dividends and NAV
    • PE ratios, PB ratios and dividend yields
    • EV multiple valuations based on revenues, EBIT, EBITDA
    • Adjustments to group EV to derive operating EV
    • Adjustments to EV multiples to derive the correct underlying multiple
    • Choosing comparable firms and creating a peer group
    • Reconciliation of multiple valuations to the key value driver formula
    • Examining how using different multiples gives different valuations
    • Earnings versus cashflow
    • Case studies: valuing companies using multiple analysis

    Session 6 – DCF valuations
    Day 4: Morning - Three hours
    9am - Midday - BST

    • Background to DCF valuations
    • Calculating OPAT and unlevered free cashflow
    • Explicit forecast period and terminal value
    • Calculating the terminal value: perpetuity method, multiple method, liquidation method
    • Importance of final year forecasts – fading the forecasts


    Session 7 – DCF valuations, continued
    Day 4: Afternoon - Three hours
    2pm - 5pm - BST

    • Calculating the WACC
    • Calculating the cost of debt; different types of debt and multi-currency debt
    • Working out the value of the tax shield
    • The CAPM
    • Calculating the “risk free rate”
    • Calculating the equity risk premium
    • Calculating the RFR and ERP for firms with multi-national operations
    • Betas – levered and unlevered
    • Case studies: modelling DCF and sensitivity tables valuations in Excel
    • Comparing valuations using multiples vs. DCF
    • The Adjusted Present Value method of DCF


    Session 8 – The impact of corporate finance transactions and capital structure on valuation
    Day 5: Morning - Three hours
    9am - Midday - BST

    The impact of corporate finance transactions on valuation
    • Friendly/hostile takeover
    • Merger
    • Demerger/spinoff/break-up
    • IPO of subsidiary or affiliate business
    • New equity offerings – calculating the TERP
    • EPS dilution/enhancement


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


    Session 9 – The impact of qualitative factors on valuation
    Day 5: Afternoon - Three hours
    2pm - 5pm - BST

    What are the key business risks faced by the firm and are there any mitigating factors?

    Analysis of the sovereign and macro-economic conditions

    • What are the levels of and trends in sovereign credit ratings where the firm has its main areas of activity?
    • What are the macro-economic influences?
    • Currencies, inflation, interest rates, growth rates, political risks etc?

    Analysis of the industry and market
    • Is the business environment changing?
    • What are the main threats and opportunities facing the industry?
    • technological, demographic, political, ESG, climate change, new entrants, disruption, consolidation
    • What is the competitive landscape - Porter’s five forces?
    • What is the growth outlook? - industry life cycle and cyclicality
    • What is the capital intensity and cost base profile of the sector?
    • What is the earnings quality?
    • What are the leading indicators?
    • What are the pricing dynamics?
    • Is regulation a threat or a support?


    Analysis of the company’s specific characteristics
    • What are the firm’s strategies?
    • Commercial, treasury, capital and corporate finance
    • What are the firm’s market positions, competitive advantages and cost position – does the firm create value?
    • How does the firm compare to the peer group?
    • What is the product/service offering?
    • Is it differentiated, is there any pricing power?
    • Does the firm suffer from buyer power or supplier power?
    • Does the firm benefit from geographical and revenue diversification?
    • Does the firm benefit from vertical integration?
    • Does the firm have currency or commodity exposures?
    • Management, the Board and corporate governance

     

     

  • 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 – 10/10 of the world’s largest banks have chosen us as there training provider and we have delivered training across the largest banks and have trained over 25,000 professionals.
    • Knowledge – our 100+ 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 25,000 events both in person and online, using simultaneous translation to delegates from over 99 countries.
    • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 4.2/5 on service and 4.7/5 on Coursecheck
This course can be run virtually online or as an in-house, tailored learning solution

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.