Corporate Restructuring Valuation and Modelling
In-Company
This computer based course run by a former senior City corporate finance manager is designed to equip you with tools required to make efficient corporate restructuring decisions.
You will start with valuing debt and equity using both multiple and DCF methods and estimate the impact of bull and bear markets on the price of a company. You will then learn to analyse accounts in order to avoid any misleading information and make adjustments required to restate the accounts. In particular you will model operating leases, options, pensions, R&D, tax, goodwill and restructuring changes. All of those adjustments will be illustrated with real life examples.
A case study estimating the impact on equity and debt valuations and returns when the company is undergoing a restructuring will be alaysed and you will calculate the returns of different stakeholders at various stages in the companies life.
By the end of this course you will:
- Be able to correctly value a company in order to make the most efficient restructuring decisions
- Assess the best refinancing options
- Be able to analyse accounts and make necessary adjustments
- Assess the impact of bull and bear markets on company's valuation
- Be able to calculate operating leases, options, pensions, R&D, tax, goodwill and restructuring changes
- Explore value creation through restructuring
Prerequisites: Delegates should be familiar with Excel in order to attend the course.
Register before 15 of April and save £200 + VAT! Number of places is limited.
Who Should Attend
From Corporates, Investment Banks, Private Equity, Consulting, Accounting and Legal Companies:
- Equity Research, Analysts and Sales
- Equity Capital Markets
- Investment Managers
- Members of M&As Departments
- Corporate Financial Managers
- Corporate Development
- Corporate Finance Lawyers
Teaching Method
This is a highly practical course with many real life case studies and exercises. Tutor will be focused on teaching practical strategies that can be taken back to your business and put into immediate effect.
In order to help us establish your individual and business concerns, you will be asked to fill pre-course questionnaire.
Due to the practical nature of the course the number of places is limited and will be filled on first come first accepted basis. We advise to book in advance in order to avoid disappointment.
Delegates are expected to bring a laptop with Microsoft Excel. If necessary, we can provide one for an additional fee of £160 + VAT.
Corporate Restructuring Valuation & Modelling - A 2 Day Programme
MODELLING
Explaining jargon
- Defining valuation balance sheet
- Importance of ROCE and Net Investment
- Typical items that can mislead investors and valuers
Defining ROCE and estimating the impact of:
- Different standards/policies
- Goodwill
- Pension costs
- JV's/Associates
- Off balance sheet: out of the picture?
- R&D expenses
- Working capital
- Tax
- Private company issues
Modelling extras:
- Depreciation tax shield, deferred tax & capital allowances
- Tax losses
- Stock options - expenses & dilution
- JV/Associates: cost or valuation?
- Dividends
- Restructuring and pensions provisions: creating a level playing field?
VALUATION
- Valuation balance sheet
- Reconciliation of DCF/multiple valuation techniques
- Defining growth, return and risk
- Importance of ROCE and key drivers: margin and asset efficiency
Multiple valuation
- Identifying key strengths/weaknesses of the following multiples:
- EV/EBITDA: ROCE is key
- EV/Sales: is margin important?
- PEG: misleading numbers?
- Price/Book: good or bad predictor of value?
- Price/Sales: when is it useful?
- Choosing most appropriate multiple
- Bear/Bull times
- Distressed equity/restructuring - are multiples appropriate?
Discounted Cashflow
- WACC revisited
- Estimating optimum leverage
- Characteristics of:
- Cyclical companies
- High growth/early stage companies
- Stable companies
- Distressed companies
- 1, 2, 3 stage DCF models
- Defining free cashflow using NOPAT
- Dealing with the terminus
- Impact of installed and incremental ROCE
Restructuring
- Liquidation or going concern - valuing the options
- Valuing the competing interests:
- Senior debt
- Subordinated debt
- Equity classes
Restructuring options for:
- Senior debt
- Subordinated debt
- Equity classes
- Maximising value under a restructuring
Case Study: Valuing the equity and debt of all stakeholders and deciding on the best course of action to balance competing interests.
Our course director is a very experienced investment banker who teaches and provides consultancy services internationally. She started her career in 1988, as a lawyer in London with Slaughter and May and in 1992 moved into investment banking at Kleinwort Benson. At the end of 1996 she joined Bass on a restructuring assignment and at the same time completed her Masters in Finance from London Business School. In 1998, on completion of the Masters and the restructuring work, she returned to the city and started work in Deutsche Bank and then later Cazenove. Our course director commenced her career in training in 2001.
Our trainer provide training and consultancy services working with many of the well known accounting, legal, banking and private equity firms, as well as firms from industry. The work is conducted worldwide with delegates regularly attending from Europe, Africa and the Middle/Far East.
During the courses use of real-life case studies is integrated with practical Excel modelling techniques with an in depth understanding of transaction strategy. She trains with enthusiasm, inviting participation and discussion, with high expectations of what delegates are likely to achieve on a course.
In-house Training
If you have a team of 4 or more this course can be customised and organised in-house at your convenience. Contact one of our advisors to find out more
Call us now on +44 (0) 207 993 8597
or send an e-mail to enquiry@eurekafinancial.com
