Course details

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VAT on Virtual and Online Programmes

VAT is applicable on virtual programmes to delegates attending from the UK*. If participating from the EU, a valid VAT number is required to ensure VAT will not be charged under the reverse charge mechanism. VAT is not applicable to attendees from all other countries.
*For virtual courses ran through our Asia office, VAT may be applicable to HK and Singapore residents only. Find out more by contacting learning@euromoney.com

 

Claiming Back Your VAT

All attendees of a London based course incur VAT as a part of the cost of attendance.

Euromoney Learning have partnered with VAT IT to allow you the unique opportunity to recoup the VAT incurred.

Using VAT IT's extensive experience and simple sign-up and refund process, every invoice can be turned into cash for your business.


Claim the VAT that's rightfully yours in four simple steps:

1. Register your interest

2. Sign a few simple documents

3. VAT IT processes your claim

4. Receive your refund




Why choose VAT IT 

VAT IT have spent two decades identifying, researching and perfecting the foreign VAT Reclaim process and built the best back end technology in the industry. By partnering with Euromoney Learning, we can provide you with a fast and effective way to reclaim your VAT which helps reduce the cost of your training.

VAT IT will charge a percentage of the VAT refund if/when it is successful. 


Can I claim back the VAT myself?

You can claim back VAT directly from the UK Tax Authority (HMRC) by completing the following form. 
For European clients, please refer to form VAT 65
All other clients, please refer to form VAT 65A.

 

You may also be able to claim back your VAT against courses taking place outside of the UK, and we would recommend contacting VAT IT, our specialist partner, to discuss how to do this.

Financial Analysis for Corporate Valuation

Understand the building blocks of financial analysis for corporate valuation
  • This course represents module one of the virtual course Corporate Analysis & Valuation and is made up of the following modules;


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

    This comprehensive 2-day programme comprises two days of training in financial analysis underlying corporate valuations, and is broken down into three inter-active sessions of three hours each, covering financial analysis for corporate valuations.

     

    There is a break in the middle of each session


    This 2 day Module 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


    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.

     

    This course represents module one of the virtual course Corporate Analysis & Valuation and is made up of the following modules;

     


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

    ________

     

    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


    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


    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

     

  • 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.