Financial Analysis and Equity Valuation

Equity Markets
  • International markets
  • Corporate financing strategies
  • Stock indexation
  • Execution costs, CSA, unbundling, MiFID
Accounting and Financial Statements Analysis
  • IFRS and corporate accounts
  • Financial reporting
  • Analyst meetings, in groups and one-on-one
  • Research documentation
Strategic and Sector Analysis
  • Current economic analysis
  • Industrial sectors / Cross-disciplinary themes / Style rotation
  • Competitive situations and Porter analysis
  • Franchise value and pricing power / Speculative premium
  • Sustainable development and social relations
  • Practical Workshop
  • Assess a security’s speculative value
Fundamental Financial Analysis
  • Accounting restatements and abuse
  • Performance analysis: composition of earnings, return on invested capital, ROE, impact of leverage (du Pont breakdown)
  • Risk analysis: financial structure, critical analysis of liquidity measures
  • Cash flows, free cash flows: statement of cash flows, new approaches using free cash flow.
  • Fundamental approach to value: EVA, MVA
  • Practical Workshop
  • Analyse the ROE and its components
Market analysis
  • Market value: Equity vs. Invested Capital
  • Market performances: risk premium, market premium
  • Volatility: beta approach
  • Interpreting the value of equity: equity multiples
  • Enterprise value and economic multiples
Valuation method built on multiples
  • Criteria for comparison and choice of the sample
  • PER and EPS dilution
  • P / NAV
  • EV/EBITDA or EBIT
  • Practical Workshop
  • Calculate and interpret ratios in order to value a company
Discounted Cash Flow analysis
  • Mature values: DCF, DDM (1 stage)
  • Growth stock: DCF, DDM (2 or 3 stages)
  • Project the growth rate and estimate the risk premium
  • Sensitivity analysis
  • Practical Workshop
  • Choosing and applying a DDM
Performance Analysis and ethics
  • Codes of ethics
  • Insider trading and market manipulation
  • Professional pressure and conflicts of interest
  • Performance appraisals (Investar, Starmine, Isfa)
Critical analysis of analysts’ ratings

  • Organise data research and measure added value
  • Analyse corporate financial reports
  • Assess a company’s strategic position
  • Create, compare and interpret valuation ratios
  • Practice the cash flow discounting method
  • Exhaustive presentation of the techniques and methods of financial analysis
  • Techniques applied to recent real-life examples
  • Develop your analytical skills
  • Financial analysts
  • Equity managers
  • Institutional investors
  • Financial consultants
  • Customer relationship managers
  • Equity salespeople
  • Financial directors
  • Investor relations managers
Close

Send a link to this seminar

You can recommend this seminar to your contact using this form. A link to this page will be included in your message.