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Course details

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Corporate Valuation Techniques & Modelling

Learn to model complex valuations with our 3 day course
  • This course forms Module 2 (3 days) of the Corporate Analysis ad Valuation School   (5 days)


    A 3-day case study based workshop exploring issues in corporate valuation and financial modelling.

    Corporate valuation is used for the purposes of investment, M&A or as part of internal measures of financial control. It is extensively applied when companies issue new shares, divest operations or acquire other companies.
    This highly practical course will lead you quickly from the basics through to the more advanced valuation methodologies and modelling techniques.

    Highlights include:

    • Building a comprehensive financial model.
    • Understanding business models.
    • Absolute valuation methods DCF, EVA and CFROI.
    • Developing an appropriate cost of capital.
    • Decomposing sources of return.
    • Using comparative valuation measures.
    • Understanding the basics of real options.
    • Dealing with intangibles.
    • Valuing fast growing companies.

    Course Methodology

    This hands-on programme is taught using a combined interactive approach which incorporates case studies and exercises to reinforce the concepts covered in each teaching session. Emphasis is placed on delegates gaining practical experience of the various valuation techniques. Case studies from recent deals are included, as are practical exercises involving problem areas in valuation.
    The programme also includes critiques of the conventional techniques and considers suitable alternatives to be deployed in differing circumstances as well as an update on the latest valuation reporting guidelines and their interpretation.

     

    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 forms Module 2 (3 days) of the Corporate Analysis and Valuation School (5 days)

    Module 2: Corporate Valuation Techniques and Modelling


    Day 1

    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

    Introduction 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

    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, EBITDAR
    • Adjustments to group EV to derive operating EV
    • Adjustments to EV multiples to derive the correct underlying multiple


    Day 2

    Multiple valuations continued

    • Choosing comparable firms
    • Reconciliation of multiple valuations to the key value driver formula
    • Examining how using different multiples gives different valuations
    • Earnings versus cashflow
    • EPS dilution/enhancement
    • Case studies: valuing companies using multiple analysis

    DCF valuations


    • Calculating OPAT and unlevered free cashflow
    • The CAPM; unlevered and levered betas, risk premia, kd, ke, tax shields and WACC
    • Explicit forecast period and terminal value
    • Assessing the terminal value (multiple or perpetuity method)
    • Case studies: modelling in Excel to produce DCF valuations


    Day 3


    DCF valuations continued

    • Importance of final year forecasts – fading the forecasts
    • Comparing valuations using multiples vs. DCF
    • Advantages and drawbacks of each valuation method
    • Calculating NPV and IRRs

    Impact of corporate finance transactions on valuations


    • Friendly/hostile takeover
    • Merger
    • Demerger/spinoff/break-up
    • IPO
    • New equity offerings – calculating the TERP

    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

    The impact of qualitative factors on valuation



    Sovereign, macro-economic

    • Credit ratings and outlooks, country risk premia, CDS spreads, interest rates, currencies, geo-political risks

    Industry Specific

    • Growth outlook, volatility, technological risks, impact of internet, regulation, level of competition, scope for differentiation, barriers to entry, new competitive threats, capital intensity, changes in vertical integration, buyer power and supplier power, changing consumer habits, product life cycle, degree of consolidation vs fragmentation

    Firm specific

    • Market position, competitive advantages, cost position, ability to innovate and re-act, new product introductions, product and geographical diversification, level of vertical integration, event risk management, M&A track-record
    • Corporate governance, management, operating, financing and corporate finance strategies

  • 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

  • Sarah Martin

    Banks and other financial institutions can lose billions of dollars annually due to their failure to analyse and anticipate credit 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.