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Company Analysis and Valuation School: Module 1 - Financial Statement and Business Analysis
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This is the first of two modules for this course. Attendees are also able to book:
Company Analysis and Valuation School: Module 2 - Corporate Valuation and Modelling (Day 3 - 5)
Corporate Financial Analysis and Valuation SchoolCorporate Financial Analysis and Valuation School
Course agenda
Module 1: Financial analysis for corporate valuation
This training course will run as a hybrid course and delegates are invited to join either
(i) in the classroom
(ii) on a virtual basis using ZoomModule 1 will run for two days, with a 3 ¼ hour session in the morning and in the afternoon. There will be a 15-minute mid-break during each session and a one-hour lunch break. Delegates must bring a lap-top to the course to carry out the case studies.
Course background
The valuation of corporates is a fundamental skill required of a wide range of finance professionals including equity analysts, strategists, corporate finance executives, fund managers, PE/VC executives and general bankers. The recent volatility of corporate valuations, combined with the emergence of new sectors, makes understanding the theory and practice of valuation essential.
Module 1 of the course offers a comprehensive introduction to financial analysis from the point of view of valuation.
Course aims and objectives
Module 1 – after completing this Module, delegates will learn:
• 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, and returns to firm and equity
• the impact on valuation of debt, financial assets, quasi-debt, provisions, deferred taxes, off balance sheet liabilities and other factorsMethodology
This practical course is taught using an inter-active webinar or classroom format that 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 delegates gaining handson experience of the various valuation techniques.
Course Director
Sarah M Martin
Former Executive Director of CSFB and Lehman BrothersWho could benefit from this course?
• Investment bankers
• Equity analysts and strategists
• Equity sales and traders
• Equity capital markets executives
• Fund managers
• In-house corporate M&A specialists
• Private equity executives
• Credit analysts
• Treasurers
• Compliance officers and internal audit
• Corporate finance lawyersModule 1: Financial analysis for corporate valuation
Day 1: Morning
Session 1: Income statement analysis• Analysing and forecasting revenues
• The impact of IFRS15
• What are the key revenue drivers and what are their trends?
• Pricing, volumes, currencies, acquisitions, disposals
• Customer, product/service and geographical concentration
• The nature of the cost base including sources of volatility
• How depreciation policies impact EBIT, net income and eps
• How different inventory policies impact earnings
• Fixed versus variable costs – impact on margins
• Provision charges and write-backs
• Defining finance expense and finance income
• Capitalised interest and other capitalised expenses
• Dealing with lease expense (following the introduction of IFRS 16)
• Dealing with exceptional and non-core items
• Assessing underlying EBITDA
• Case studies: calculating underlying earnings and net finance expenseDay 1: Afternoon
Session 2: Income statement analysis continued• Analysing the differences between IFRS earnings and management’s adjusted earnings
• The impact of joint ventures, associates and NCI
• Taxation rates and deferred tax
• Detailed ratio analysis
• Calculating and analysing key operational and financial ratios
• Gross margin, EBITDA margin, EBIT margin, pre-tax margin, net margin
• Interest cover ratios
• Dividend cover and enhanced dividend cover ratios
• Case studies: calculating revisions to management’s adjusted earnings; calculating and interpreting income statement ratiosCashflow statement analysis
• Direct versus in-direct cashflow statements
• Understanding the volatility and predictability of the firm’s cashflow
• Deriving operating cashflow, including changes in NWC
• Understanding typical non-cash and cash adjustments (provisions, extra pension contributions, gains/losses on disposal, impairments, stock option expense etc)
• Do operating earnings generate operating cashflow?
• Case study: moving from EBIT to operating cashflowDay 2: Morning
Session 3: Cashflow statement analysis continued• 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?
• The financing section of the cashflow statement
• How lease repayments are treated in the cashflow statement
• 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?
• Case studies: commenting on a variety of cashflow statements; calculating and analysing cashflow ratios – interest cover, debt service cover, years to repay gross debt, investment cover, dividend cover, cash conversion ratios, dependence on external fundingDay 2: Afternoon
Session 4: Balance sheet analysis• 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
• 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?
• Case studies: finding the valuation impact of line items in a range of balance sheets; calculating and interpreting key balance sheet ratios to assess a firm’s financial position relative to its sector – leverage, liquidity, working capital, ROCE, ROETrainer Biography
Sarah M Martin
Sarah Martin has worked as a financial trainer for over ten years for many major financial institutions in Europe, Asia, the Middle East and Africa. Recent clients include: The EBRD, The EIB, BBVA, Gibbs Business School in Johannesburg, Bahrain Institute of Business Finance, Bank of China, Erste Bank, Raiffeisen Bank, Standard Bank and Mizuho Bank. The delegate profile ranges from graduates to board members. She trains in financial analysis, basic and advanced credit analysis, LBOs, company valuation, financial modelling and distressed debt. The training involves classroom learning and also blended training using videos, webinars and other forms of e-learning.
She has a degree in economics from the London School of Economics and stock exchange qualifications from London and New York. A former Executive Director of CSFB and Lehman Brothers, the trainer 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, high yield and mezzanine 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. She has also worked as an expertise witness in financial lawsuits.
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The Corporate Analysis and Valuation School is made up of 2 individually bookable
Company Analysis and Valuation School: Module 2 - Corporate Valuation and Modelling (Day 3 - 5)
Module 1: Financial analysis for corporate valuation
Day 1: Morning
Session 1: Income statement analysis• Analysing and forecasting revenues
• The impact of IFRS15
• What are the key revenue drivers and what are their trends?
• Pricing, volumes, currencies, acquisitions, disposals
• Customer, product/service and geographical concentration
• The nature of the cost base including sources of volatility
• How depreciation policies impact EBIT, net income and eps
• How different inventory policies impact earnings
• Fixed versus variable costs – impact on margins
• Provision charges and write-backs
• Defining finance expense and finance income
• Capitalised interest and other capitalised expenses
• Dealing with lease expense (following the introduction of IFRS 16)
• Dealing with exceptional and non-core items
• Assessing underlying EBITDA
• Case studies: calculating underlying earnings and net finance expenseDay 1: Afternoon
Session 2: Income statement analysis continued• Analysing the differences between IFRS earnings and management’s adjusted earnings
• The impact of joint ventures, associates and NCI
• Taxation rates and deferred tax
• Detailed ratio analysis
• Calculating and analysing key operational and financial ratios
• Gross margin, EBITDA margin, EBIT margin, pre-tax margin, net margin
• Interest cover ratios
• Dividend cover and enhanced dividend cover ratios
• Case studies: calculating revisions to management’s adjusted earnings; calculating and interpreting income statement ratiosCashflow statement analysis
• Direct versus in-direct cashflow statements
• Understanding the volatility and predictability of the firm’s cashflow
• Deriving operating cashflow, including changes in NWC
• Understanding typical non-cash and cash adjustments (provisions, extra pension contributions, gains/losses on disposal, impairments, stock option expense etc)
• Do operating earnings generate operating cashflow?
• Case study: moving from EBIT to operating cashflowDay 2: Morning
Session 3: Cashflow statement analysis continued• 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?
• The financing section of the cashflow statement
• How lease repayments are treated in the cashflow statement
• 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?
• Case studies: commenting on a variety of cashflow statements; calculating and analysing cashflow ratios – interest cover, debt service cover, years to repay gross debt, investment cover, dividend cover, cash conversion ratios, dependence on external fundingDay 2: Afternoon
Session 4: Balance sheet analysis• 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
• 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?
• Case studies: finding the valuation impact of line items in a range of balance sheets; calculating and interpreting key balance sheet ratios to assess a firm’s financial position relative to its sector – leverage, liquidity, working capital, ROCE, ROE -
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.
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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
Instructor
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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.
Venue
London
The map attached details some of our most frequently used venues
If you need help booking accommodation for your visit, please contact accommodation@euromoney.com and one of our partners will help you get the best rate possible.
