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Course details

Dates are currently being finalised. Get in touch to find out more
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Financial Analysis of Distressed Companies

Learn the key concepts in analysis of distressed companies with LIVE Session
  • Following the outbreak of the Covid-19 pandemic, the global financial markets have suddenly become burdened with a large number of distressed firms. This is the first of a series of three LIVE sessions that cover distressed corporates.

    The aim of this
    LIVE (Live Interactive Virtual Education) Session is to provide delegates with an understanding of how to analyse the financial statements of firms that are becoming or are already distressed. The other webinars in this three-part series include:


    Other Masterclasses in the series: Distressed Corporates: LIVE Session 1: Early Warning Signs and Causes of Distress
    Distressed Corporates: LIVE Session 3: Operational and capital solutions for distressed firms
    Our LIVE sessions are a series of short and interactive instructor led sessions, enabling the participant learn from our industry-leading faculty, designed specifically for learning from the office or at home.
    Find out more by contacting learning@euromoney.com

     

     

    Early warning signs and causes of distress (60 minutes)
    11.00 BST (British Summer Time)


    Objectives

    By the end of this one-hour session, partticipants will be able to:

     

    • analyse the income statements of distressed firms
    • analyse the cashflow statements of distressed firms
    • analyse the balance sheet of distressed firms, including off balance sheet items
    • review the links between the financial statements and the implications for the distressed firm


     

  • An interactive, 60 minute, Instructor led, session

     

    11.00 - BST (British Summer Time)
     

    Following the outbreak of the Covid-19 pandemic, the global financial markets have suddenly become burdened with a large number of distressed firms. This is the first of a series of three Online Masterclasses that cover distressed corporates. The aim is to provide delegates with an understanding of early warning signs (EWS) and causes of distress.

     

    Other Masterclasses in the series: Distressed Corporates: Live Online Masterclass 2: Financial analysis of Distressed Corporates
    Distressed Corporates: Live Online Masterclass 3: Operational and Capital Solutions for Distressed Firms

     

    Objectives
    By the end of this one-hour webinar, participants will be able to:
    • appreciate a wide range of common early warning signs (EWS) of corporate distress
    • understand the common causes of corporate failure
    • differentiate between causes of distress that are within or beyond the firm’s control
    • understand how identifying the causes of distress is key to any work-out solution


    Session 1: Analysing the income statement of distressed firms

     Is there a top-line, revenue problem?
     Is there a cost problem – fixed, or variable costs?
     Is there an asset turnover problem?
     Are there material exceptional costs or losses?
     Are the losses cash or non-cash losses?
     What do provisions and impairment charges signify?
     Can the firm cover its interest payments?
     Why interest cover ratios may give a mis-leading impression
     Can the firm cover last year’s tax payments?
     Is the firm hiding negative trends through creative accounting?

    Session 2: Analysing the cashflow statement of distressed firms

     What are the trends in operating cashflow? Is it negative?
     Are reported earnings turning into cashflow?
     Is net working capital a problem?
     Can the firm’s cashflow cover mandatory outgoings (interest, tax, maintenance capex)?
     Is the firm capital intensive and can it cover investment spending?
     Is the firm still making shareholder distributions?
     How are cash shortfalls being funded? Is this sustainable?
     What is the outlook for cash burn?
     Does the firm have committed available funding or other sources of cash to meet cashflow shortfalls?

    Session 3: Analysing the balance sheet of distressed firms

     What is the asset base? Are the assets over-valued?
     Are there any assets that could be disposed of readily?
     What are the trends in net working capital and what do they signify?
     What are the trends in the levels of debt and quasi debt?
     Has leverage become excessive such that refinancing risk is high?
     What is the debt maturity profile and level of short-term debt?
     Does the firm have high provisions that will result in cash outflows?
     Does the firm have cash, equivalents and/or access to debt or equity funding?
     Does the firm have negative equity? Does this matter?
     Does the firm have off balance sheet liabilities, including contingent liabilities?
     What is the liquidation value of the assets?
     Is the firm worth more as a going concern or should it be liquidated?


    Session 4: Conclusions

     The impact of treating the firm as if it is not a going concern
     Looking at the financial statements as a whole
     Drawing conclusions about the level of distress and possibility for recovery

     

  • 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.

Venue

LIVE Session

This course has been designed as a short, interactive and engaging session to be taken online.


For more information, please contact learning@euromoney.com