Předchozí Příští

Advanced Corporate Valuation Workshop

Termín:
7. - 8. 12. 2017
Cena:
37.000 Kč
Místo:
Praha, hotel NH Prague
Jazyk:
Angličtina
Lektor:
Alastair Day
The seminar is qualified for 12 credit hours.

A two-day workshop to review different methods of corporate valuation and introduce advanced techniques.

  • Corporate Valuation Framework
  • Forecast Statements, Discount Rates and Terminal Values
  • Initial Valuation and DCF Models
  • Peer Group Comparative Valuation
  • Alternative Valuation Techniques
  • Real Options and Option-Based Valuation
  • Case Studies, Excel Models and Exercises
The workshop begins with a discussion and brief description of the main techniques used by banks and corporate finance houses to value start-ups, technology companies, mergers, acquisitions and buyouts.

The workshop then introduces a comprehensive case study to be developed over the two days. The initial sessions review the historic performance and examine the strategies used by the company's divisions and geographic subsidiaries to provide substance and specimen data for financial forecasts.

The attendees work through the historic analysis and forecasts individually or in small groups to develop forecast financial statements, cash flow and ratios. Problems such as operating leases, tax, inflation and research and development are included. The workshop then moves on to discuss the mechanics of calculating discount rates, terminal values and free cash flow valuation.

There are many methods of valuing companies and the workshop includes methods to apply sensitivity to the initial valuation and comparisons with accounting and market values. Furthermore it includes alternative approaches such as adjusted present value, economic profit and real options to provide more comprehensive information.

The workshop is practical in nature and uses case studies, Excel models and exercises to outline and develop the techniques and methods.

To get the most out of the workshop, attendees are required to bring a laptop running Windows and Excel 2010+ with Analysis Toolpak and Solver installed. Attendees will use models and calculators to perform the calculations and analysis.

At the end of the workshop, attendees will possess a working knowledge of the different valuation techniques together with how to apply them in their own environment.
Laptop based
Seminář bude velmi praktický a výuka bude probíhat v MS Excelu. Žádáme účastníky, aby si přinesli notebook vybavený Excelem. Účastníci budou provádět praktická cvičení, aby zvládli různé analytické techniky a metody.

09.00 - 09.15 Welcome and Introduction

Module 1: Valuation Framework

  • Models and methods
  • Distinction between cash and accounting
  • Accounting and adjusted accounting approach
  • Dividend discount models
  • Cash based - discounted cash flow, adjusted present value, economic profit, options approach

Module 2: Case Study

  • Case study outline
  • Initial accounting data
  • Historic analysis
  • Strategy evaluation
  • Forward drivers
  • Problem areas - leases, tax rates, research and development

12.00 - 13.00 Lunch

Module 3: Forecast Statements

  • Reviewing forecast statements
  • Checking inputs and outputs
  • Deriving cash flow
  • CFADS and FCF

Module 4: Discount Rates and Terminal Value

  • Terminal methods and alternatives
  • Capital asset pricing model - criticisms and alternatives
  • Betas and asset betas
  • Peer group and industry betas
  • Optimum capital structure
  • Cost of capital calculations
  • Time varying WACC
  • Handling inflation
  • Deriving a final cost of capital

Friday, December 8

09.00 - 09.15 Recap of Day One

Module 5: Initial Valuation

  • Two and three stage DCF models
  • Fade factors
  • NPV/IRR refresher
  • Initial valuation
  • Comparison to current prices
  • Sensitivity and stress testing

Module 6: Comparison to Peer Group

  • Deciding on peer groups
  • Comparative ratios
  • Multiples and their variants
  • Cash flow ratios
  • Developing a valuation
  • Comparison of accounting, dividend and cash flow values

12.00 - 13.00 Lunch

Module 7: Alternative Tools

  • APV methodology
  • Advantages over traditional FCF models
  • Worked example
  • Economic profit method
  • Calculation of NOPAT and capital
  • Typical accounting adjustments
  • Worked example reconciled to free cash flow values

Module 8: Real Options

  • Review of options theory
  • Binomial and Black Scholes models
  • Application of the real options method to technology, biotech and other industries
  • Issues using real options models
  • Worked example

Evaluation and Termination of the Seminar


As a participant in the CFA Institute Approved-Provider Program, MONECO Financial Training has determined that this program qualifies for 12 credit hours. If you are a CFA Institute member, CE credit for your participation in this program will be automatically recorded in your CE tracking tool.

Zpět do kalendáře
Stáhnout pozvánku
Podrobný program
Lektor
Kontaktujte nás
  Mapa stránek   
COPYRIGHT © 2017 MONECO