Equity Valuation

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15-16 May 2014 London

Early Bird until 22 Apr £1850 + VAT. Regular price: £2095 + VAT

Course Description

This intensive 2 day course will equip you with the skills required to effectively evaluate companies and assets. Conducted by a former City banker the course starts with an overview of different equity valuation methods and explains fundamental framework. 

Working through models and case studies based on real companies you will have a chance to go through various ratios including cash flows, discount rates and periods, DCF, capital structure and understand the important parameters that can cause the valuation to break down if overlooked. 

 

What Will You Learn

 By the end of this course you will be able to:

  • Differentiate and apply the main types of equity valuation 
  • Evaluate balance sheet as well as profit and loss accounts and cash flow statements
  • Use comparative company valuation and calculate multiples in practice
  • Have an understanding of the DCF model structure and how it is used to value a company in practice
  • Learn the fundamentals of future cash flow valuation
  • Calculate the cost of capital and understand the basics of discounted rates and periods
  • Understand the basics of discounted rates and periods
  • Build the bridge between enterprise and equity valuation

Main Topics Covered During This Training

  • The core valuation approaches: enterprise and equity value
  •  Analysing operating and non-operating items in the financial statement
  • Corporate analysis and financial statements review
  • Calculation and interpretation of key ratios
  • DCF valuation
  • Valuing and identifying correct cash flows
  • Enterprise value: shareholders’ funds and net debt
  • Enterprise value: pensions, employee options, minorities
  • Cashflows and Discounting
  • DCF, multiples and EVA come together

 

Who Should Attend

From Corporates, Banks and Financial Institutions, Investment Funds, Accounting, Consulting 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
  • CFOs and Finance Directors and Managers
  • Accountants
  • Analysts 
Register Now

15-16 May 2014 London

Early Bird until 22 Apr £1850 + VAT. Regular price: £2095 + VAT

Group Discounts: 2 people - 5% discount, 3 people - 10%. Delegates have to be from the same company and register at the same time.

Equity Valuation - A 2 Day Programme

DAY 1 

08.45 Registration and Coffee 

09.00 Introduction to Valuation Techniques 

10.15 Coffee break 

10.30 Corporate analysis and financial statements review

12.30-13.30 Lunch break

13.30 Multiples and Value Drivers

15.00 Coffee break

15.15 Equity vs Enterprise value multiples

17.00 Course ends

 

DAY 2

08.45 Coffee and registration

09.00 Enterprise value: shareholders’ funds and net debt

10.15 Coffee break

10.30 Enterprise value: pensions, employee options, minorities

12.30-13.30 Lunch break

13.30 Cashflows and Discounting 

15.00 Coffee break 

15.15 DCF, multiples and EVA come together

17.00 Course ends

 

CONTENT OUTLINE 

Introduction To Valuation Techniques

  • Introduction to valuation techniques for equities

  • Analysts language vs. accounting language


 

Corporate Analysis and Financial Statements Review

  • A business analysed by its value drivers
  • Sustainable growth rates
  • Du Pont Analysis
  • Quick review of financial statements
  • Equity vs Enterprise value multiples
  • Analysts language vs. accounting language 

 

DAY 2

Enterprise Value in Detail

  • Issues relating to net debt
  • Issues relating to derivatives used for hedging
  • Issues relating to ‘debt-deemed’ provisions
  • Issues relating to employee share option plans
  • Issues relating to minorities, associates and non-core assets

 

DCF 

  • Defining concept of ‘enterprise free cash flow’ 
  • Discounting forecasted cash flows 
  • Terminal values-how to extend forecasts to infinity 
  • DCF mathematics made easy 
  • Adding value-creation assumptions in the long-run
  • Correcting a common DCF mistake
  • Multiples and DCF are same approach
  • Discounted EVA techniques 

 

Spencer brings to the classroom 20 years of experience in finance, 16 in banking including 6 plus years working directly on equity and interest rates trading floors. He has a speciality in teaching the O’Connors Derivatives programs, still regarded as the ‘badge’ for option traders at UBS. He also has a speciality in teaching accounting, valuation and modelling having developed these alongside UBS research and having professionally trained as a chartered accountant.

He delivers training in a wide range of financial products and enjoys teaching complicated topics in an easy to understand way relating topics to day-to-day life. 

Spencer has an entertaining and lively style – which has proven to be an effective delivery method. He believes that teaching is something to be enjoyed rather than endured.

Spencer’s career has most recently included being the executive director of Financial Markets and Risk Education at UBS, a floor-based client trainer at Credit Suisse, a UBS Financial Markets Trainer, Exotics and Structured Products specialist (Equities and Rates) at UBS, Derivatives Products Controller at Nomura Options International and Auditor at Arthur Andersen. 

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Equity Valuation <p>This intensive 2 day course will equip you with the skills required to effectively evaluate companies and assets. Conducted by a former City banker&nbsp;the course starts with an overview of different equity valuation methods and explains fundamental framework.&nbsp;</p> <p>Working through models and case studies based on real companies you will have a chance to go through various ratios includ ... London