Corporate Valuation

Introduction
  • Key players in corporate valuation
  • Valuation vs. price
Fundamentals of valuation
  • Consistency between various methods (asset valuation methods, actuarial, analogical)
  • Financial theories (discounting, Fischer, Gordon & Shapiro, annuity)
  • Main concepts (market value of assets, enterprise value, etc.)
  • Practical workshop
  • Initial public offering and share price
Determining the WACC
  • Basic principles (definition, concepts, practical problems, databases)
  • Models used to determine the cost of capital
  • Unlisted companies
  • Emerging markets
  • Practical workshop
  • Case studies
DCF Method
  • Free Cash Flow to the Firm (FCFF)
  • How to validate a business plan?
  • Terminal value: what are the alternatives?
  • Practical workshop
  • How to validate a business plan?
Other cash flow methods
  • Free Cash Flow to Equity (FCFE), dividends, etc.
  • Bank valuation
Restating debt
  • Debt valuation (impacts of IAS, hybrid securities, etc.)
  • Specifics (multi-business companies, etc.)
Valuation using multiples
  • The various multiples
  • Valuing a company with various methods
  • Analysing valuation differences
  • Consistency between multiples
Conclusion
  • Valuation corrections; key negotiation points

  • Master the financial concepts behind valuation techniques
  • Know how to use the DCF and WACC methods
  • Identify the connections between theory and valuation techniques
  • Learn to implement various valuation methods in different situations (listed & unlisted companies)
  • Introduction to the theoretical concepts of financial analysis, followed by practical implementation of financial techniques in various situations
  • Financial tools are delivered, enabling pertinent choices to be made, facilitating negotiations during a corporate valuation
  • Decipher ostensibly complex concepts and put them into practice
  • Financial analysts
  • Financial directors
  • Auditors
  • Junior private equity and M&A officers
  • Coverage, corporate managers
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