Corporate Valuation Techniques

Part science / part art form is how some would describe corporate valuation. But there's no denying it is an essential skill in today's tough market. Designed with practitioners in mind, this corporate valuation course will provide you with a wealth of tools and techniques to ensure your valuation approaches are valid and accurate.

Course Highlights

The practical examples based on experience were great

J.M., Intercontinental Hotels

This intensive three-day training course focuses on the core skills required for the successful application of corporate valuation techniques. Equip yourself with the skills to:

Decide which valuation techniques you can use to your maximum advantage
Value companies for mergers, acquisitions, privatisation and new issues
Quantify and deal with the risks associated with corporate valuation
Apply the latest valuation methods to different situations, including EVA®
Generating shareholder wealth

For details of the course trainer, please download the course brochure

Booking Information

Dates	Prices	Discount
22 - 24 Nov 2010	£ 2299	-
16 - 18 May 2011	£ 2299	-
31/Oct - 02/Nov 2011	£ 2299	-

Course Programme

The practical examples based on experience were great

J.M., Intercontinental Hotels

I liked the mix of practical examples with theoretical approaches

M.D., Zurich Re

What I liked most about this course is the practical element brought in through the case studies

J.C., Kingfisher

Essential elements in valuation

Price vs value
Perspective of techniques
Risk
Company dynamics
Return on capital vs cost of capital

Free cash flow - a central concept

Importance of FCF
Limitations of accounting-based data
Components and detailed calculation exercise

Cost of capital and DCF valuation

Cost calculations of the capital components
Areas of controversial debate in deriving cost of capital

share market premium
betas

Discounting exercise
Investment horizon
The continuing period

Case Study: DCF valuation

Cost of Capital and DCF Valuation (cont.)

Debrief of case
Sensitising valuation analyses
Decision-making using the product of valuation techniques and pricing techniques
Application of DCF to LBOs and MBOs
Application of DCF in valuation of acquisitions
Problems with emerging markets - adaptations of approach
Application to non-quoted businesses

Pricing Techniques

Pricing Techniques - Comparatives
selecting comparatives
P/E ratios

the calculation
the essential adjustments

Cash multiples
Total enterprise value
Comparative ratios

Case Study: comparative pricing
Debrief of case

Dividend Valuation Model

Dividend growth approach
Practical problems in its application
When dividend valuation should be chosen in lieu of dcf valuation
Comparison of results to dcf valuation
Exercise

Residual valuation matters

The effect of leverage on risk and return
Optimal capital structure
Adjusted present value
Project risk -vs- company risk
Flow-to-equity alchemy
Overview of project appraisal

Estimating future cashflows and returns

Limitations of predictive models
The modelling of cost structures
Sensitising the cashflow forecast
Establishing a valuation range

Case Study: Eva®

Economic Value Added

The range of performance evaluation techniques
Detailed calculations
Analysis of results of analysis
Market value added (mva)
Correlation of market price to eva performance
Strategic interpretation of eva analysis