Euromoney Learning On-Demand
Powered by Finance Unlocked
Learn about every aspect of finance, delivered through one-off videos and in-depth pathwaysLearn More
VAT on Virtual and Online Programmes
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.
Initial Public Offerings (IPO) & Equity Capital Markets (ECM)
This course is being offered as a hybrid course with delegates able to attend in-person in London or virtually via Zoom. If you would like to book on to the virtual course, you can do so on the location menu to the right and select virtual.
This two-day training covers the main characteristics of Equity Capital Markets. Participants will start by covering the main functions of the capital markets, including the key players, markets, banks and investors. Using real life case studies, they will go through in detail Initial Public Offerings including drafting the prospectus, the roadshow, the book-building, pricing, allocation of shares and price stabilisation mechanisms. Participants will discuss the different types of follow-on offerings, namely private placements, accelerated book-buildings and rights issues as well as public takeovers. Finally, participants will review equity valuation in the context of an IPO pricing and share allocation.
The course will be delivered in a highly interactive, participative way, involving many activities and exercises, thereby ensuring maximum learning and integration of the learning points into the workplace, when the participants return to their regular roles.
To find out more, please contact email@example.com
Capital Markets Fundamentals
In this session participants will cover the main functions of the capital markets. Most importantly, the key players, banks and investors are covered in detail. Participants will then examine the life of a corporate and review the funding options
- What financial markets do?
- Who are the major players?
- Domestic and international capital markets
- Debt versus equity
- Primary versus secondary market
- Distinguishing between retail, corporate and investment banking
- Buy side versus sell side
- League tables, equity underwriting
- Where transactions take place: Exchanges vs. OTC vs. ECNs
- The buy-side industry/investors
- Active vs. passive investment management
- Placing an order
In this session we introduce the different types of equity, their description and significance
- Ordinary shares
- Authorised, issued, outstanding and free float
- With one voting rights or with different voting rights
- “Cum-div” and “ex-div” price
- Corporate governance
- Preferred stocks
- Equity warrants
- Convertible debt
- Issuer motivation and investor base
- Bond floor and option value
- Issuer call
Equity Capital Markets
In this session we introduce equity markets and products. We will drill down on the characteristics of equity and equity valuation. We will introduce the life-cycle of equities. We will also look at the differences between primary and secondary shares and primary and secondary markets, including motivations of investors.
- Company life cycle, pros and cons
- Primary vs. secondary markets
- Main equity markets
- What is an IPO, a secondary offering?
- What are primary shares, secondary shares?
- Equity markets and trading systems
- Criteria for admission and voting rights
Initial Public Offerings
This session focuses entirely on the characteristics of IPOs. We will focus on analysing the Facebook IPO.
- ECM functions
- Origination and execution
- Syndicate desk
- Sales team
- Banking roles (bookrunner, manager, underwriter) and fees
- Best efforts vs. underwriting
- International offerings vs. Dutch auctions
- Steps in equity offerings
- Share allocation
- Price stabilisation mechanism/greenshoe
- What are the criteria of a successful IPO from vendors and banks viewpoint
Case study: Detailed analysis of the Facebook IPO
During the final session of our training, we will focus entirely on the characteristics of the different type of offerings available following the Initial Public Offering. We will analyse the Barclays right issue in detail.
- The need for re-capitalization and follow-on placements
- Process and recent market deals
- Pros and cons of various processes
- ABBs (Accelerated book build)
- Block trades
- Overnight public offering
- Rights issues
- Depositary receipts (eg, GDR, ADR, etc.)
Case study: Detailed analysis of the Barclays rights issues
Public Takeover, Equity Valuation and IPO Pricing
During the final session of our training, we will focus on the Public Takeovers and the different rules that apply.
- Public takeovers vs. private transactions
- General principles of the takeover code
- Mandatory offer
- Squeeze-out mechanism
- Offer price
- Bidder’s strategy and tactics
- Different types of buy-side approaches: from friendly to bearhug and hostile
- Target’s defense strategy and tactics
Case study: Review of strategies used in Sanofi’s bid
During this session, we will discuss the main equity valuation methods to derive a price for the equity offering
- Determining fair value of the equity for an IPO
- Trading comparables and discounted cash flow analysis (DCF)
- Discount to fair value in the primary market
- Value range and decision on final pricing for allocation
- Trading comps as the main driver
- Enterprise Value vs. equity multiples
- Lack of cash flows and valuation methods
- The five steps of DCF
- Free cash flow
- Terminal value
- Weighted average cost of capital
- Discounting cash flows to present value
- From enterprise value to equity value
Case study: Valuation of a large private food manufacturer for its IPO
Role Play on Valuation/IPO
During this session, we will perform basic modelling impact on the company and shareholders
- Assessment of fair value: DCF and trading multiples
- IPO modelling review
- Pre-money and post money valuation
- Earnings per share accretion and dilution
Case study: Financial modelling of Ferrero Rocher, a chocolate manufacturer
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
BiographySerge is an experienced Corporate Finance professional with over 20 years’ experience in M&A and capital market transactions. He has successfully completed in excess of EUR 30 billion across multiple geographies (US, Europe, MENA).He began his career as a Credit Analyst at Banque Continentale in Luxembourg, before moving to the Investment Banking division at Citigroup (ex-Salomon Smith Barney) in London and New York where he worked on variety of M&A, LBO and debt offerings, mainly for financial services clients. He became Vice-President in the internal M&A department of Barclays Bank in London before moving on to a Directorship role at the Investment Banking division of Commercial International Bank (CIB), Egypt. Whilst there, he successfully completed several transactions including two sell-side M&A, one follow-on equity offering and a delisting. He worked extensively with leading sovereign wealth funds, private equity firms and prominent families in the Middle East.