Equity Management

LEVEL: INTERMEDIATE LEVEL

▪	Understand sources of added value in equity management
▪	Analyse a company’s financial reports
▪	Choose a valuation method
▪	Based on a given situation, define a sectorial or international allocation
▪	Understand the processes of Value and Growth
▪	Define an execution strategy
▪	Develop an equity management process

▪	Financial analysis - Intermediate
▪	Valuation - Intermediate
▪	Sector analysis - Intermediate
▪	Value and growth management styles - Intermediate
▪	Building a portfolio and execution - Intermediate

▪	Exhaustive presentation of the methods of equity management
▪	Exercises in company valuation
▪	Delivered by seasoned professionals using practical models and theories that develop delegates’ overall comprehension and command of the subject

▪	Portfolio managers
▪	Financial analysts
▪	Institutional investors
▪	Financial consultants
▪	Client relationship managers
▪	Equity salespeople
▪	Investor relations managers

Indices and Index Management
▪	Common indices
▪	Index replication techniques
▪	Sources of added value for enhanced indexing
▪	Fundamental weighting and new added value indices
▪	Case Study . Index fund management
Financial Analysis
▪	Balance sheet
▪	Profit and loss statement
▪	Cash flows
▪	Adjustments to make
▪	Practical Workshop . Consequences of IFRS
Valuation Ratios
▪	Dividend and cash flows
▪	Price/earning ratio and EPS dilution
▪	Price/book ratio and accounting standards
▪	Other ratios applicable to growth stocks
▪	Practical Workshop . Various applications of DDM and growth rate estimations
Allocation by Sector
▪	Economic analysis
▪	Sectors and industries
▪	Themes
▪	Style rotation
▪	Case Study . Structure a portfolio based on specific economic scenarios
International Allocation
▪	Politics, economics and markets
▪	Accounting adjustments and market structure
▪	Emerging markets
▪	FX risk
▪	Practical Workshop . Managing foreign exchange risk
“Value” Style
▪	Definition and indices
▪	Filtering techniques and financial analysis
▪	Special situations and activism
▪	Small cap effects
▪	Case Study . Benjamin Graham criteria
“Growth” Style
▪	Definition and indices
▪	Filtering techniques and financial analysis
▪	Technology companies
▪	IPOs
▪	Case Study . Value a growth company
Portfolio Management and Execution Techniques
▪	Execution cost measurement
▪	Derivatives and ETF
▪	Optimisation and risk control
▪	Corporate governance and SRI
▪	Case Study . Evaluation of the trading function