This course is available on an in-house basis only - To have this delivered for your team, please contact us.
Pricing is from GBP7995 + VAT (where applicable) for a group of up to 8 attendees
For bigger groups or for training delivered outside London, please contact us for a quote
Corporate Valuation -The valuation of companies is fundamental to higher level managers in corporations and to the operation of capital markets. It drives corporate finance activity, including capital raising, mergers & acquisitions and corporate disposals.
The goal of this 2- day programme is to understand and gain practical knowledge of a range of corporate valuation techniques. Attendees will learn about their appropriate applicability, about advantages and disadvantages of various techniques.
Even though the course is expected to “cover” theoretical valuation, i.e. Discounted Cash Flow (DCF), its main focus lays in the market based techniques, i.e. Equity Price Multiples, and more importantly Firm Value Multiples; a valuation approach that has become bread and butter of corporate valuations in the past years. With the help of several examples and real case studies, the course is expected to “develop a feel and natural instinct” for this core subject of corporate finance.
Aleksander Grzeszczak has for the past 10 years been a senior advisor to Value Discovery Partners (VDP), a major private equity investment fund focused on emerging markets, particularly on South Eastern Europe. Alek has executed a number of acquisitions in the region and is currently responsible for restructuring of the operating companies, executing business plans, acquiring and selling assets. To read Alek's full profile, please click here.
• Bankers and corporate financiers
• Corporate M&A teams
• Senior management
• Finance managers
• Private equity professionals
The course is intended to deliver a practical skill-set that can be applied immediately in the workplace. Attendees of this 2-day course will gain an understanding of:
• Determining value
• Comparable based valuation
• Understanding the market impact on valuation
• Methods tools and techniques
• Valuation context & subjectivity in corporate valuations
Pre-Requisites: The course requires a reasonable knowledge of accounting, basics of corporate finance, and basics of excel.
Note – This programme requires you to bring your own laptop loaded with Excel spreadsheet software
The Valuation Process
Valuation as a process of “triangulation” of insights from various, relevant methodologies:
- Discounted Cashflow
- Trading comparables valuation
- Precedent transactions valuation
- Leveraged buyout valuation
Science of valuation: performing each valuation method correctly
Art of valuation: using each method to propose a valuation recommendation
Discussion on Value, Invested Capital and Firm Value
Profitability, Earnings & Earnings Growth; FCF example; Investment Returns (ROE & ROIC)
ROE & ROIC Financing Adjustments & accounting distortions
From Invested Capital to Firm Value; Firm Value multiples & calculation examples
Firm Value & capital structure
Comparables & Comparables Based Valuation
Why we do “comps”?
Public vs. private comparables; Mechanics of building “comps”
Comparables based valuation; & comps selection criteria
Firm Value vs. Equity Value multiples
Precedent transaction multiples
Straight vs. growth adjusted multiples.
- Proforma adjustments
How to read transaction multiples from companies disclosures (examples)
Valuation discounts & premia (control premia,minority discounts; etc.)
Case study - E-Plus comparables based valuation (comprehensive analysis).
Market Impact on Valuation
Market vacuum or prevailing conditions?
Absolute & relative stock market performance
Market statistics – “Heist of the Century” – June 1997; To March 2000; To June 2007; to present; Comparables over time – evolution of metrics
Case Study – TPSA Secondary Share Sale – Who was the big winner? (June 2000 vs. today’s markets).
Sum of the parts valuation
DCF vs. comps – valuation considerations & discussion
Quantitative and qualitative factors that determine valuations.
Valuation Context & “Project”
Multiples based valuations in the context of:
- Corporate M&A
- Private equity investments
- Stock market portfolio investments
Case Study – Telekom Austria.
Case Study – Confectionery opportunity in Croatia.
A number of case studies from several industries are presented to help students practice valuation techniques, as well as to illustrate the “huge” degree of subjectivity in corporate valuations.
1. Online: using the ‘Book Now’ button found on this webpage
2. Email: Scan and email to us your completed 1-page registration form, found on this webpage by using the ‘Download Brochure’ link (located top right of this page). Please email the completed form to firstname.lastname@example.org
3. Telephone: Call us on +44 207 193 5423