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Business Valuation & Financial Modelling

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

€1.000,- early bird discount if you book before 31st of July 2019

Business Valuation & Financial Modelling – 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

What you will learn in this top-level financial training

During this top-level training we will provide you with hands-on tools for building financial models in Excel in order to determine the value of a company:

  • On a stand-alone basis
  • In a Leveraged Buy-Out (LBO) situation
  • In a buy-side Merger & Acquisition (M&A) scenario

You will learn all the Excel shortcuts needed to become an excellent financial modeller. We will look at various valuation techniques for calculating enterprise value, such as:

  • Comparable companies analysis
  • Precedent transaction analysis
  • Discounted Cash Flow (DCF) analysis
  • Leveraged Buy-Out (LBO) analysis
  • Buy-side Merger & Acquisition (M&A) analysis

We will also look into various techniques for making the step from enterprise value to the value of the shares, taking into account (adjusted) net debt. The trainer will first explain the concepts and then apply them to real companies.

Who this is for

This top-level financial training is meant for the following professionals:

  • Mergers & Acquisitions (M&A) consultants and analysts
  • Private equity and venture capital consultants and analysts
  • CFOs and financial managers
  • (Credit analysis) bankers
  • Accountants
  • Tax lawyers
  • Analysts and associates from national and international (investment) banks
  • Many other professionals

Prerequisites

It will be necessary for participants in this financial training to have a basic knowledge of the:

  • Balance sheet
  • Profit & loss statement
  • Cash flow statement; and
  • Microsoft Excel

Language

The language used in this top-level training will be English. All study material and books will also be in English.

Training details

Participants in this Business Valuation & Financial Modelling training will need their own laptop, incorporating Microsoft Excel. All the Excel shortcuts to be discussed are based on Windows. Therefore, the use of a Windows laptop/computer is recommended, as opposed to an Apple/IOS.

Documentation

Two books will be provided. In addition, documentation material specifically written for this Business Valuation & Financial Modelling training will also be provided.

Number of participants

The number of training attendees is limited.

Level of the training

This top-level financial training will take place at a higher educational level.

Continuing Professional Education (CPE) credits

This training may qualify for CPE credits, pursuant to the rules of professional organisations in many countries. Please check with the professional organisation(s) in your country to determine eligibility in this respect.

Partners

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

In-company

When you are proposing to select at least five participants, an in-house Business Valuation & Financial Modelling training could be your best option. An in-company training on Business Valuation & Financial Modelling, customized to the needs of your organization, has many advantages and:

  • Saves you and your colleagues time
  • Enables you to train in the comfort of your own working environment
  • Saves travel and accommodation costs
  • Can be arranged at a time convenient for you
  • Sensitive issues can be discussed openly since no outsiders are present

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

 

Content


DAY I


ANALYSIS OF COMPARABLE COMPANIES

Select the sphere 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 analysis of comparable companies

DAY II

ANALYSIS OF COMPARABLE TRANSACTIONS

Select the sphere 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 analysis of comparable transactions

ANALYSIS OF DISCOUNTED CASH FLOW (DCF) 

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 Average Cost of Capital (WACC)

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

DAY III

ANALYSIS OF DISCOUNTED CASH FLOW (DCF) 

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 analysis of Discounted Cash Flow (DCF)

LEVERAGED BUY-OUTS (LBOs)

Key participants

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

Characteristics of a strong LBO candidate

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

Economics of LBOs

  • Return analysis: internal rate of return (IRR)
  • Return analysis: cash return
  • How LBOs 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

LBO financing: structure

LBO financing: primary sources

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

LBO financing: selected key terms

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

LBO financing: determine financing structure

DAY IV

ANALYSIS OF LEVERAGED BUY-OUT (LBO)

Locate and analyse the necessary information

Build the pre-LBO model

  • Build historical and projected income statement through EBIT
  • Input opening balance sheet and project balance sheet items
  • Build cash flow statement by means of 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

Complete the post-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

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

Trainer(s)

Your trainer and international advisor will be highly educated and very experienced, and one who lectures all over the world.

Start date(s)

The Business Valuation & Financial Modelling training takes place over 6 days. All training days start at 10.00 hours and end at 19.00 hours. The training will take place in Amsterdam (the Netherlands) on the following dates:

Training 2019

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

Fee / Registration

The fee for the 6-day training on Business Valuation & Financial Modelling amounts to € 3,900 (VAT excl.) per person. This includes all lunches, coffee/tea, documentation material and two books (value € 100).

Step 1/4: Your selection


Terms & Conditions
If, for any reason, you are unable to attend this training, it is possible to replace a participant. This without incurring any additional charge, should this occur at least before the start date of the training. Written cancellations will be accepted up to 4 weeks prior to the starting date of the training. Later cancellations cannot be accepted, but we will always do our best to book you on a subsequent training.

Payments
Payment of training fees (VAT incl.) must be received before the start of the training.

Business Valuation & Financial Modelling

Register! Brochure IN-COMPANY