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Company Analysis and Valuation School: Module 2 - Corporate Valuation and Modelling

Learn to model complex valuations with our 3 day course
  • The Corporate Analysis and Valuation School is made up of 2 individually bookable

    Company Analysis and Valuation School: Module 1 - Financial Statement and Business Analysis (Day 1 & 2)

    Company Analysis and Valuation School: Module 2 - Corporate Valuation and Modelling (Day 3 - 5)


    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. 

    Module 2 This course gives a detailed overview of a range of valuation techniques and methodologies. The course reviews the theory underlying valuations (the key value driver formula) and how to move between EV and equity value.  The course then covers multiple valuations (EBITDA, EBIT, EPS, NAV, DDM and other). The course also reviews DCF valuations, including WACC, OPAT and unlevered FCF.  The course also reviews how capital structure adjustments can impact valuations. The course uses a range of case studies to apply these theories to real life situations.


    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 factors

    Module 2 - after completing this Module, delegates will learn:
    •    valuation fundamentals
    •    equity and EV multiple valuations
    •    DCF valuations
    •    how to apply different valuation techniques 
    •    forecasting techniques, using Excel, to establish valuation ranges 
    •    the impact of capital structure on valuation
    •    the impact of corporate finance transactions on valuation
    •    how qualitative factors influence valuations


    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. 

    Who 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 lawyers


  • The Corporate Analysis and Valuation School is made up of 2 individually bookable

    Company Analysis and Valuation School: Module 1 - Financial Statement and Business Analysis (Day 1 & 2)

    Company Analysis and Valuation School: Module 2 - Corporate Valuation and Modelling (Day 3 - 5)


    Module 2: Corporate Valuation – techniques and application

    Day 3: Morning
    Session 5: Introduction to corporate valuations

    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, capital commitments etc
    •    Adjusting for off balance sheet liabilities
    •    Case study: moving between EV and equity value

    Background to corporate valuations 
    •    Valuation fundamentals
    •    Drivers of valuation – ROIC, WACC, growth, size
    •    The FCF perpetuity valuation formula
    •    The key value driver valuation formula
    •    ROIC vs. WACC – computation and drawbacks
    •    Case study: valuing companies using the above formulae

    Day 3: Afternoon
    Session 6: Multiple valuations

    •    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

    Day 4: Morning 
    Session 7: DCF valuations

    •    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
    •    Case studies: calculating OPAT, unlevered FCF and TVs

    Day 4: Afternoon
    Session 8: DCF valuations continued

    •    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
    •    Betas – levered and unlevered
    •    Case studies: modelling DCF valuations in Excel; comparing valuations using multiples vs. DCF

    Day 5: Morning
    Session 9: The impact of corporate finance transactions and capital structure on valuation

    The impact of corporate finance transactions on valuation
    •    Friendly/hostile takeover
    •    Merger
    •    Demerger/spinoff/break-up
    •    IPO of subsidiary or affiliate business
    •    Case study: review and comment on recent corporate finance transactions and the valuation impact

    The impact of capital structure on valuation
    •    Increasing equity value through the use of debt
    •    The impact of hybrid securities – convertible/exchangeable debt and deeply subordinated hybrids
    •    Focus on shareholder value – dividend policy and share buybacks
    •    Companies suited to leverage
    •    Debt markets and credit ratings
    •    Analysing debt capacity
    •    Case study: working out a firm’s debt capacity 

    Day 5: Afternoon
    Session 10: The impact of qualitative factors on valuation

    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

    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
    •    Case study: assess the main risks and mitigating factors for a chosen group

    Webinar/Session 11: Course recap and final valuation exercise
    •    Delegates are introduced to a financial forecasting model with embedded scenarios
    •    Final case study: Delegates undertake valuations of a firm relative to a peer group and on a DCF basis, using a financial forecasting model and taking account of qualitative factors; they vary the valuation using the scenario functions.


  • 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 as an In-house or Tailored Learning programme



    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.