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.
Corporate Valuation Techniques & Modelling
The Corporate Valuation Techniques & Modelling course forms Module 2 of the Corporate Analysis and Valuation School.
This practical three-day course explores techniques used for analysis, modelling and valuation - including DCF valuations, LBOs and EV multiple valuation. It will equip you with an understanding of important techniques used to measure performance and calculate key financial indicators.
• 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
• More advanced DCF techniques
• The impact of capital structure on valuation
• The impact of corporate finance transactions on valuation, including LBOs
• Specific valuations eg. high growth, cyclical and distressed companies
• 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
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
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
- 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
- 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
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
- 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
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
- 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
- Credit ratings and outlooks, country risk premia, CDS spreads, interest rates, currencies, geo-political risks
- 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
- 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 – 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
Sarah MartinBanks 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.
BiographyFormer 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.
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