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Business Valuation & Financial Modeling

Business Valuation & Financial Modeling: in 6 days you learn how to build financial models in Excel to determine the value of a company

Business Valuation & Financial Modeling – mode of study

Option 1: 6-day top-level ' hands-on' in-class training
Option 2: In-company training

Also see: Certified Fraud Examiner (CFE); Certified Anti-Corruption Manager® (CACM); Certified Cost Professional (CCP); Certified ISO 31000 Risk Management.

Business Valuation & Financial Modeling – what will you learn?

In this top-level Business Valuation & Financial Modeling training we will give you hands-on tools to build financial models in Excel to determine the value of a company on a stand-alone basis; in a Leveraged Buy-Out (LBO) situation and in a buy-side Merger & Acquisition (M&A) scenario. You will learn all the Excel shortcuts to become an excellent financial modeller. We will look at different valuation techniques to calculate enterprise value like comparable companies analysis; precedent transaction analysis; Discounted Cash Flow (DCF) analysis; Leveraged Buy-Out (LBO) analysis and buy-side Merger & Acquisition (M&A) analysis. We will also look at different techniques to get from enterprise value to the value of the shares, taking (adjusted) net debt into account. The trainer will explain the concepts first and will then apply them to real companies.

Business Valuation & Financial Modeling – for who?

This top-level Business Valuation & Financial Modeling training is meant for consultants and analysts in Mergers & Acquisitions (M&A), private equity and venture capital consultants and analysts, CFO's, financial managers, bankers (in credit analysis), accountants, tax lawyers, analysts and associates from (inter)national (investment) banks and many other professionals.

Business Valuation & Financial Modeling – prerequisites

As a delegate of this top-level Business Valuation & Financial Modeling training you need to have a basic knowledge of the balance sheet, profit & loss statement, and cash flow statement. In addition, you need to have a basic understanding of Microsoft Excel.

Business Valuation & Financial Modeling – language

The top-level Business Valuation & Financial Modeling training will be held in English. All study materials and books will also be in English.

Business Valuation & Financial Modeling – training details

As a delegate of the Business Valuation & Financial Modeling training you need to bring your own laptop with you with Microsoft Excel on it. All the shortcuts in Excel that will be discussed are based on Windows. Therefore it is highly recommended to work on a Windows laptop/computer and not on an Apple/IOS.

Business Valuation & Financial Modeling – documentation

You will receive 2 books. In addition to these books you will receive documentation material specifically written for this Business Valuation & Financial Modeling training.

Business Valuation & Financial Modeling – number of delegates

The number of training attendees is limited.

Business Valuation & Financial Modeling – level of the training

This top-level Business Valuation & Financial Modeling training will be held on a higher educational level.

Business Valuation & Financial Modeling – CPE credits

This Business Valuation & Financial Modeling training may qualify for CPE credits pursuant to the rules of many professional organizations in many countries. Please check with the professional organisation(s) in your country to determine eligibility in this respect.

Partners

Business Valuation & Financial Modeling – partnership

Would you like your logo/banner to be displayed here and are you interested in becoming a partner? Join us now and your business will have top exposure on our website, in our marketing brochures and in our newsletter. Please contact us for more information.

In-company

Business Valuation & Financial Modeling – in-house (and customized)

With at least 5 delegates an in-house Business Valuation & Financial Modeling training could be your best choice. An in-company training on Business Valuation & Financial Modeling, customized to your organization, has many advantages and:

  • saves you and your collegues time;
  • enables you to train in the comfort of your own working environment;
  • saves travel and accomodation costs;
  • can be arranged at a time convenient for you;
  • sensible issues can be openly discussed because there are no outsiders.

Do you prefer an in-house Business Valuation & Financial Modeling training? Please call us at +31 (0)40 246 02 20 or send an e-mail to info@imfacademy.com to discuss the possibilities.

Content

Business Valuation & Financial Modeling – program


DAY I

COMPARABLE COMPANIES ANALYSIS

Select the universe of comparable companies

  • Identify key characteristics of the target for comparison purposes
  • Screen for comparable companies

Locate the necessary financial information

  • SEC filings: 10-K, 10-Q, 8-K, and proxy statements
  • Equity research
  • Press releases and news runs
  • Financial information services
  • Summary of financial data primary resources

Spread key statistics, ratios and trading multiples

  • Calculation of key financial statistics and ratios
  • Supplemental financial concepts and calculations
  • Calculation of key trading multiples

Benchmark the comparable companies

  • Benchmark the financial statistics and ratios
  • Benchmark the trading multiples

Determine valuation

  • Valuation implied by Enterprise Value (EV)/EBITDA
  • Valuation implied by Price/Earning (PE)

Key pros and cons of comparable companies analysis

DAY II

COMPARABLE TRANSACTIONS ANALYSIS

Select the universe of comparable acquisitions

  • Screen for comparable acquisitions 
  • Examine other considerations 

Locate the necessary deal-related and financial information

  • Public targets
  • Private targets
  • Summary of primary SEC filings in M&A transactions

Spread key statistics, ratios and trading multiples

  • Calculation of key financial statistics and ratios
  • Calculation of key trading multiples

Benchmark the comparable companies

Determine valuation

Key pros and cons of comparable transactions analysis

DISCOUNTED CASH FLOW (DCF) ANALYSIS

Study the target and determine key performance drivers

Project free cash flow

  • Considerations for projecting free cash flow
  • Projection of sales, EBITDA and EBIT
  • Projection of free cash flow

Calculate Weighted Avarage Cost of Capital (WACC)

  • Determine target capital structure 
  • Estimate cost of debt
  • Estimate cost of equity
  • Calculate WACC

DAY III

DISCOUNTED CASH FLOW (DCF) ANALYSIS

Determine terminal value

  • Exit multiple method
  • Perpetuity growth method

Calculate present value and determine value 

  • Calculate present value
  • Determine valuation
  • Perform sensitivity analysis

Key pros and cons of Discounted Cash Flow (DCF)

LEVERAGED BUY-OUTS (LBO)

Key participants

  • Financial sponsors
  • Investment banks
  • Bank and institutional lenders
  • Bond investors
  • Target management

Characteristics of a strong Leveraged Buy-Out (LBO) candidate

  • Strong cash flow generation
  • Leading and defensible market positions
  • Growth opportunities
  • Low capex requirements
  • Strong asset base
  • Proven management team

Economics of Leveraged Buy-Outs (LBO)

  • Return analysis: internal rate of return (IRR)
  • Return analysis: cash return
  • How Leveraged Buy-Outs (LBO) generate return
  • How leverage is used to enhance returns

Primary exit/monetization strategies

  • Sale of business
  • Initial Public Offering (IPO)
  • Dividend recapitalisation
  • Below par debt repurchase

Leveraged Buy-Out (LBO) financing: structure

Leveraged Buy-Out (LBO) financing: primary sources

  • Bank debt
  • High yield bonds
  • Mezzanine debt
  • Equity contribution

Leveraged Buy-Out (LBO) financing: selected key terms

  • Security
  • Seniority
  • Maturity
  • Coupon
  • Call protection
  • Covenants
  • Term sheets

Leveraged Buy-Out (LBO) financing: determine financing structure

DAY IV

LEVERAGED BUY-OUT (LBO) ANALYSIS

Locate and analyse the necessary information

Build the pre-Leveraged Buy-Out (LBO) model

  • Build historical and projected income statement through EBIT
  • Input opening balance sheet and project balance sheet items
  • Build cash flow statement through investing activities 

Input transaction structure

  • Enter purchase price assumptions
  • Enter financing structure into sources and uses
  • Link sources and uses to balance sheet adjustments columns

Comlete the post-Leveraged Buy-Out (LBO) model

  • Build debt schedule
  • Complete pro forma income statement from EBIT to net income
  • Complete pro forma balance sheet
  • Complete pro forma cash flow statement

DAY V

LEVERAGED BUY-OUT (LBO) ANALYSIS

Perform Leveraged Buy-Out (LBO) analysis

  • Analyse financing structure
  • Perform return analysis
  • Determine valuation
  • Create transaction summery page

SELL-SIDE MERGERS & ACQUISITIONS (M&A)

Auctions

Organisation and preparation

First round

Second round

Negotiations

Closing

Negotiated sale

DAY VI

BUY-SIDE MERGERS & ACQUISITIONS (M&A)

Buyer motivation

  • Synergies
  • Cost synergies
  • Revenue synergies

Acquisition strategies

  • Horizontal integration
  • Vertical integration
  • Conglomeration

Form of financing

  • Cash on hand
  • Debt financing
  • Equity financing
  • Debt vs. equity financing summary - acquirer perspective

Deal structure

  • Stock sale
  • Asset sale

Buy-side valuation

  • Football field
  • Analysis at various prices
  • Contribution analysis

Merger consequences analysis

  • Purchase price assumptions
  • Balance sheet effects
  • Accretion/dilution analysis
  • acquisition scenario's: 50% stock/50% cash, 100% cash, 100% stock

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Certificate

Business Valuation & Financial Modeling – certificate

All participants will receive a personal certificate acknowledging full participation of this top-level Business Valuation & Financial Modeling training.

Trainer(s)

Business Valuation & Financial Modeling – top-level international trainer

Your trainer is a very experienced and highly educated advisor and trainer who lectures all over the world.

Start date(s)

Business Valuation & Financial Modeling – start date(s)

The Business Valuation & Financial Modeling training consists of 6 days. All training days start at 10.00 hrs and end at 19.00 hrs. The Business Valuation & Financial Modeling training will take place in Amsterdam (The Netherlands) on the following dates:

Business Valuation & Financial Modeling – training I

  • October 2 + 3 + 4 + 5 + 7 + 8, 2019

Fee / Registration

Business Valuation & Financial Modeling – fee/registration

The fee for the 6-day training on Business Valuation & Financial Modeling is € 3.900,- (VAT excl.) per person. The fee includes all lunches, coffee/tea, documentation material and 2 books (value € 100,-).



Step 1/4: Your selection


Terms & Conditions
In case you are not able to attend the Business Valuation & Financial Modeling training, delegate substitution may be made up to 3 days before the start date of the training without any additional charge. Written cancellations will be accepted up to 4 weeks prior to the starting date of the Business Valuation & Financial Modeling training. Later cancellations will not be accepted, but we will always try to book you over to a later Business Valuation & Financial Modeling training.

Payments
Payment of training fees (VAT incl.) must be received before the start of the Business Valuation & Financial Modeling training.

Business Valuation & Financial Modeling

Register! Brochure IN-COMPANY