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Corporate Valuation

Start Date:
1. March 2019
Finish date:
9. October 2019
Code:
PE240
Buy Now!
Price:
9594.00 GBP (VAT incl.)
Location:
In-House
Tutor:
Mr. Aleksander Grzeszczak

Description

Corporate Valuation

 2-Day Executive Education Training Programme

 

 

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

 

 

Programme Overview

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.

Course Director 

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

This course is aimed at:              

• Bankers and corporate financiers
• Corporate M&A teams
• Senior management
• Finance managers
• Private equity professionals
• Accountants
• Consultants
• Lawyers 

Key Learning Outcomes:

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 

Course Outline

Day 1 Topics

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).

Day 2  Topics

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
    - Introduction
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.
 

  


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For Frequently Asked Questions, please click here

Why Train with Us?

You can register for this programme in 3 easy ways:

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 info@ascentium-associates.com
3. Telephone: Call us on +44 207 193 5423

 

 

 


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Cancellation Policy - Attendee cancellations received more than fifty (50) days in advance of the course will receive a full refund of the fees paid for a course. Cancellations received from forty-nine (49) to thirty six (36) days in advance of the course will be subject to a fee of 50% of fees paid. All cancellations must be made in writing (by letter, or email - proof of receipt will be required) to the relevant contact at Ascentium Associates or via This email address is being protected from spambots. You need JavaScript enabled to view it.">This email address is being protected from spambots. You need JavaScript enabled to view it. .Unfortunately no refunds will be made for cancellations made within thirty five (35) days of a course. Cancellations received less than thirty five (35) days in advance of a course will receive a 100% credit to be used at another course for up to 12 months from the cancellation date.

Substitution Policy - A registered attendee may transfer this place on a course to another colleague from the same organisation provided we are notified in advance of the commencement of the course.

Postponement Policy - Ascentium Associates reserves the right to postpone a course at any time in advance of a course if it becomes necessary to do so. Examples include but are not limited to: if the course trainer were to become unavailable and no alternative replacement found in time, or if we receive an insufficient number of registered attendees that would be required to effectively run a course.

If a course is postponed, delegate payments already received are entitled to a full refund of fees paid or they can elect to have the funds credited towards the fees of a future course and receive a 10% discount.

Ascentium Associates will confirm the status (running or postponed) of a course up to 2-3 weeks (or earlier) before a course’s scheduled dates and will contact attendees by email. It is advised that attendees do not undertake any accommodation or travel  arrangements until it is confirmed that a course will run. Ascentium Associates are not liable for any costs incurred by delegates if it becomes necessary to postpone a course.

Force Majeure - Force Majeure refers to circumstances beyond our control that make it impossible to run a course.  This includes but is but not limited to circumstances such as: bad weather conditions, acts of God, disasters, acts of terrorism, acts of war, strike action, regulations or orders of governmental authorities, civil unrest. In the case of force majeure, we reserve the right to keep attendee fees as a contribution to all incurred course related costs, such as venue and administrative costs.

Travel and accommodation - The course fee does not include any travel or accommodation costs incurred by attendees. Whilst Ascentium Associates may suggest accommodation nearby the training venue, we are not accountable for making any bookings for accommodation or transportation arrangements on behalf of attendees. Attendees are responsible for their own transfers to and from the training venue and we will not accept any liability for any transport disruption an attendee may encounter. Our cancellation policy applies if an attendee is unable to attend all or part of a course.

Course Leader and External Experts - Whilst course trainers and any external speakers and subject matter topics are confirmed in advance of the course, there may be circumstances beyond our control for which we reserve the right to change any aforementioned trainers, speakers or topics.

Programme contents – The course contents delivered verbally or provided in any format are purely for education and information purposes only and do not constitute advice or any course of action. Whilst all reasonable care has been taken for contents to be accurate and up to date, Ascentium Associates accepts no liability for any incompleteness or inaccuracy. Ascentium Associates accepts no liability whatsoever for any direct or consequential loss arising from the use of the contents of a course.

Programme Fee -  Fees allow attendees to go to all the training sessions and food and beverage refreshment breaks at the course. The fee also includes tuition and the training materials, which will be given at the course. Where applicable, the fees  are subject to local taxes such as VAT and these are charged upon registration.

  1. Payment - Full cleared payment of the fees must be received in advance of attending a course. Failure to do so may result in an attendee not being allowed to participate in the course. Payments can be made by most credit cards or wireRegistrations received fifteen (15) days or less before a course commences, then the payment must be via credit card.

Membership fees - Full cleared payment of the membership fees must be received in order to benefit from member rates. The annual membership fee applies for a full calendar year and is only refundable if the very first programme related to the member is postponed and a refund is requested. Even if only one programme is booked per annum, the membership fee is not refundable even if no more courses are booked during the remainder of year. 

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