Maximise your competitiveness through the application of best-practice corporate valuation techniques to optimise decision- making across your financial institution.
Throughout this intensive 3-day training course, attendees will be led through every component of a holistic corporate valuation strategy, whether it be for mergers and acquisitions, risk mitigation and management, selling, restructuring, shareholder value etc.
The course will cover the various approaches to the analysis and valuation of companies with a focus on successfully determining when and how to apply which method, no matter how complex the valuation.
The format of this 3-day intensive training course will be a mixture of interactive exercises and scenarios, group discussions, real case studies, focused tuition, and practical problem-solving.
• Limited class size: Class size is limited to 30 delegates to ensure effective one-to-one interactivity
• Gain an in-depth understanding of the fundamental elements of company valuation
• Discover best-practice methodologies for comparable company analysis and multiples-based valuation
• Master techniques for accurate measurement and modeling of cost of capital
• Understand the strengths and weaknesses of the corporate financing structure and its impact on the company valuation
• Gage the importance of qualitative factors impacting company valuation
• M&A
• Corporate Finance
• Equity Analysis
• Fund / Portfolio Management
• Investment Analysis
• Private Equity
• Venture Capital
• Treasury
• Credit / Business Analysis
| Day 1 | |
| 8.30 | Registration |
| 9.00 | Gaining an in-depth understanding of the fundamental elements of company valuation • The valuation framework: - Premium price for premium return - The main methodologies available: absolute or relative? - Valuation: art or science? • The concept of Enterprise value: valuing the business or the equity? • The key drivers of company valuation: growth return and risk |
| Coffee break | |
| Gaining an in-depth understanding of the fundamental elements of company valuation: understanding business models and their impact on valuation • Frameworks available to analyse businesses strengths and weaknesses • The long-run view: business life-cycle analysis • How businesses generate a return: the asset minimisers vs the profit maximisers • Porter analyses: why competitive advantage is the ultimate driver of company valuation • Porter’s five forces: - The industry - Customers - Suppliers - New entrants - stitutes • SWOT analysis • Challenges involved in analysing High growth vs mature vs cyclical businesses • Understanding business risk: cyclicality and operating leverage |
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| 12.30 | Lunch |
| 14.00 | Methodologies for comparable company analysis and multiples-based valuation • The fundamental concepts within comparable valuation • Exploring the pros & cons of comparable valuation • Issues and strategies in choosing comparable companies • Equity vs Enterprise value multiples - Definitions - Calculating EV: core vs non-core • Assessing liabilities - Dealing with different kinds of provisions - Dealing with pension liabilities - Off balance sheet liabilities • Return driven or asset driven valuation: Valuing assets or future cash-flows? Practical exercises in comparable company analysis |
| Lunch | |
| Methodologies for comparable company analysis and multiples-based valuation (Continued) • Equity multiples - What do equity ratios tell us? - Decomposing P/Es: linking growth, Cost of equity and RoE - The P/BV ratio: measuring downside risk? • EV multiples - What do EV multiples tell us? - Choosing the most relevant multiples - Theoretical EV ratios • Interpreting ratios - Which ratios for which companies? - Different ratios different answers? • Implied valuation: how to apply multiple-based valuation methodologies to private companies and conglomerates- sum of the parts valuation • The drawbacks of multiples based valuation when applied to cyclical and fast growing companies Practical exercises in multiples-based valuation |
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| 17.30 | End of Day One |
| Day 2 | |
| 9.00 | Cost of capital: Methodologies for accurate measurement and modelling The company’s cost of capital vs the investor’s cost of capital • What the theory says • The elusive equity risk premium • Is Beta a reliable measure of risk? • Estimating beta: asset beta vs company beta • Which cost of capital? • Whose cost of capital? • WACC in emerging markets • Valuing negative cash flows • Time Varying Cost of Capital Practical exercises in measuring and modeling cost of capital |
| Coffee break | |
| An in-depth examination of specific company valuation and modeling methodologies and their advantages and disadvantages • Valuation through Discounted Cash Flows • Calculating unlevered cash flows: valuing the core operations • Examining the difficulties in accurately measuring FCF • Establishing the appropriate time horizon • Calculating the terminal value using the standard perpetuity calculation • Interpretation of the results: why is DCF so sensitive to the choice in growth rate and WACC |
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| 12.30 | Lunch |
| 14.00 |
An in-depth examination of specific company valuation and modeling methodologies and their advantages and disadvantages (Continued) |
| Tea break | |
| …continued - The link between ROCE and ROE - Distortions in calculating ROCE - The impact of changing asset lives - The invisible assets: valuing intangibles - Historic capitalisation - Estimating the current value of intangibles • Valuing fast growing companies - The concept of fades - Fading ROCE and growth - Choosing an appropriate fade period Impact of fades on DCF valuation |
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| 17.00pm | End of Day Two |
| Day 3 | |
| 9.00 | EVA® • Economic Value Added® • The range of performance evaluation techniques • Detailed calculations • Analysis of results of analysis • Market Value Added (MVA) • Correlation of market price to EVA® performance • Strategic interpretation of EVA® • EVA as an alternative to DCF • Definition • Using EVA to better understand value creation • The potential pitfall of EVA • Building an EVA model Practical exercises in valuation methodologies and strategies |
| Coffee break | |
| A focus on financial structuring and its impact on company valuation • The credit rating agency approach to assessing risk • Overall risk as a function of operating and financial leverage • How leverage creates value: the tax shield • Which companies make good LBO candidates • Structuring an LBO - Establishing the debt capacity - Secure vs unsecure debt - Repayment characteristics - Mezzanine finance • LBO modeling an LBO - Main structure of the model - Accurate modeling of cash flows - Optimizing the financial structure |
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| 12.30 | Lunch |
| 14.00 |
Company valuation in practice: A scrutiny of the issues and methodologies inherent in a merger / acquisition |
| Tea break | |
| An overall round-up and focus on the most important and topical subject areas of the three days Interactive discussion and evaluation of the key features of the course proceedings |
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| 17.00pm | Close of Programme |
Sophie Blanpain-Forder graduated in 1990 from the Institut d’Etudes Politiques de Paris with the highest honours following which she joined Lehman Brothers in Equity Research and Strategy. She has worked at Credit Suisse First Boston, Crédit Lyonnais Securities and Citibank, where she was working mainly on quantitative stock selection and asset allocation. After Citibank, Sophie joined BG Consulting as a specialist trainer in asset management and valuation.
Sophie then returned to asset management with Morley Fund Management, one of the largest fund management companies in the UK, where she was Head of Equities Research with a team of 20. Sophie subsequently became an independent consultant in 2004 training in valuation techniques, modern portfolio theory, asset allocation and aspects of financial analysis and financial modeling.
During her career, Sophie has worked with most of the largest investment banks, and is currently a retained speaker for the CFA Institute, The Matchett Group (leaders in financial education for investment bankers) and Euromoney Training, Sophie is a contributor to the publication “Equity Valuation in a Global Context” (available through Amazon, under Sophie Blanpain).
This is one of the best-designed diploma programmes to provide Asian financial institutions with the tools and expertise necessary manage their liquidity to ensure maximum competitiveness and watertight liquidity risk mitigation.
Register today by completing the registration form below or contact Mr Gerald Rubio tel: +65 6236 6514or email grubio@theasianbanker.com for more information.