Company Valuation
Course description
We offer a unique opportunity to complete this programme remotely via a live virtual class . The course is conducted by a senior City expert with over 20 years of experience.
This practical, computer based course conducted by a senior City expert, lays the foundation to build a solid understanding of company valuation. The most common business valuation methodologies are discussed in detail, including comparable company analysis and discounted cash flows (DCF). Through a mix of lectures and case studies, the participants will be able to:
- Understand the different company valuation methodologies based on the maturity and the type of industries
- Grasp the five-steps of a DCF including free cash flows, Weighted Average Cost of Capital (WACC) and terminal value
- Analyse a trading multiples within an industry highlighting each company’s strengths and weaknesses
The training is targeted at investment banking, M&A boutiques, private equity and Corporate Finance professionals at junior to mid-level with limited valuation experience who are interested in obtaining a solid understanding of company valuation.
What will you learn
By the end of the course you will be able to:
- Understand the different company valuation methodologies based on the maturity and the type of industries
- Grasp the five-steps of a DCF including free cash flows, Weighted Average Cost of Capital (WACC) and terminal value
- Analyse a trading multiples within an industry highlighting each company’s strengths and weaknesses
You may be also interested in our:
- Distressed Financing Modelling
- Investment Performance Measurement, Risk & Attribution
- IFRS 9 Financial Instruments
- Strategic Asset Allocation & Portfolio Management
- Strategies for Selling a Business – In-company only
Register for any 2 public courses at the same time and save extra £100 (in total, not per course).
Main topics covered during this training
- Overview of the major company valuation methods
- Trading and transaction comparables analysis
- DCF – Discounted cash flow analysis
- LBO analysis
- Calculating the company’s value
- Calculating the earnings numbers
- Calculating WACC – Weighted average cost of capital
- Calculating the terminal value
- Building a discounting model
- Calculating enterprise and equity values
- Real life case studies
Who should attend
The training is targeted at investment banking, M&A boutiques, private equity and Corporate Finance professionals at junior to mid-level with limited valuation experience who are interested in obtaining a solid understanding of corporate valuation.
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We can also deliver this programme as in-company virtual class. Contact us to discuss your requirements and to arrange a session.
Company Valuation - A 1 Day Course
Valuation fundamentals
The session intends to explain how to build a solid understanding of corporate valuation. The most common valuation methodologies are introduced, exercises are used throughout the session.
Key topics:
- The importance of valuation
- Overview of the major valuation methods
– Trading comparables analysis
– Discounted cash flow analysis
– Transaction comparables analysis
– LBO analysis - Enterprise versus equity value
- Book values versus market values
- Derivation of enterprise values using market values
Case Study: Valuation of a UK SME based on different methodologies
Trading comparables
Participants are introduced to preparing multiples using real company data and a case study including a range of international companies. We focus on how to select comparables, where to find data in published financials and equity research reports, how to clean the raw data, and how to document and check the output.
Key topics:
- Screening companies to identify a suitable comparable set
- Calculating the company’s value
– Number of shares and value of share options
– Equity value
– Net debt calculations
– Enterprise value - Calculating the earnings numbers
– Cleaning non-recurring items from earnings and resulting tax adjustment
– Calendarisation issues
– Last-Twelve Months (LTM) analysis - Calculating a range of forward looking and historical earnings multiples
– Revenue ; EBITDA ; EBIT ; P/E ; P/E/G
– Industry-specific multiples - Calculating and using operating and credit ratios
- Troubleshooting and checking the output
- Applying the results
Case Study: Valuation of a multinational
Transaction comparables
Participants are introduced to preparing a transaction multiples matrix using LTM earnings. The rationale and components of control premium and its impact on valuation are discussed.
Key topics:
- Difference between trading multiples and multiples from precedent transactions
- Selection of transactions and information gathering
- Control premium and synergies
- Practical issues with transaction comparables
- Analysis and summary output
DCF valuation
Participants learn how to build a discounted cash flow valuation model. The session starts with an overview of the valuation methodology, and the steps required in setting up a valuation model. We then focus on the calculation of free cash flow. We analyze the weighted average cost of capital, calculate terminal values, using both the exit multiple method and the perpetuity growth method. We discount the free cash flows to arrive at enterprise values and calculate the implied share price. Once the valuation is complete participants perform several checks on the analysis using key ratios, and sensitivity and scenario analysis.
Key topics:
- Calculating unlevered free cash flows
– Drivers of cash flow
– Ratio analysis - Weighted average cost of capital
– Optimal capital structure using peer analysis
– Establishing the company’s forward looking cost of debt
– Cost of equity: understanding the risk free rate, the equity risk premium and beta
– Unlevering and relevering the beta
– Calculating WACC for the case company - Calculating the terminal value
– Perpetuity growth (Gordon Growth model) method
– Exit multiple method - Building a discounting model
– Mid-year adjustments - Calculating enterprise and equity values
- Sanity checks
– Reinvestment rate and ROIC
– Implied multiples and growth rates
– Percentage of value in the terminal period
Case Study: DCF Valuation of a multinational
Trainer
Course Director is an experienced Corporate Finance professional with over 20 years’ experience in M&A and capital market transactions. He has successfully completed in excess of EUR 30 billion across multiple geographies (US, Europe, MENA).He began his career as a Credit Analyst at Banque Continentale in Luxembourg, before moving to the Investment Banking division at Citigroup (ex-Salomon Smith Barney) in London and New York where he worked on variety of M&A, LBO and debt offerings, mainly for financial services clients. He became Vice-President in the internal M&A department of Barclays Bank in London before moving on to a Directorship role at the Investment Banking division of Commercial International Bank (CIB), Egypt. Whilst there, he successfully completed several transactions including two sell-side M&A, one follow-on equity offering and a delisting. He worked extensively with leading sovereign wealth funds, private equity firms and prominent families in the Middle East.
Serge has an MBA from the Kellogg School of Management in Chicago and a Bachelor of Science from the International Management Institute of Paris.
FAQ
We offer banking and finance courses as well as soft skills and business management training. You can either attend an open public course in London or Dubai or arrange customised in-house training to be delivered in any of your offices worldwide.
Most of our public courses are run over 2 full days. Some programmes are offered as a 1 or 3 day training.
In-house training is tailored to client’s requirements and can be organised over 1 day, 2-3 weeks or longer.
Public courses are organised mainly in London and Dubai. Occasionally we organise courses in other centres like Paris or New York. Check our public course calendar for the current list of programmes. We use a range of training venues, all in the centre of the cities and with excellent transport links to the airports and train stations.
In London we use venues in the centre (near Oxford Circus station or in Mayfair) or in the City (near Liverpool Street or Moorgate stations).
In Dubai our courses are organised in one of 4-5* hotels in the Deira district. Once you register we will send you detailed information together with accommodation options if required.
Our in-house courses can be delivered anywhere in the world. We work with over 25 trainers worldwide. Contact us do discuss your requirements. Check our list of available programmes.
Our courses are run in central locations from 9 a.m until 5-5.30 p.m. There are 2 coffee breaks and a lunch break. Lunch is always provided in the venue.
Dress code is smart casual.
All our programmes are taught by senior specialists who have spent many years in their respective sectors, working as senior managers and head of departments, so they understand very well the market and the challenges you are facing.
The experience of our trainers allows us to create very practical programmes, focused on current market trends and challenges. You can be sure that you will gain the knowledge which can be instantly applied in your workplace after the course. You will be analysing real life case studies, take part in group exercises and discussions as well as role plays, whenever applicable.
We want our courses to be as practical and interactive as possible so we limit the number of participants in order to optimise your time with the trainer and allow you to ask questions which are important for you.
In order to understand your requirements and expectations, we will send you a pre-course questionnaire.
You will also receive post-course support so if you have any questions after you left the training, you are welcome to contact us.
There are 2 easy ways to register:
- Go to the course of your choice and click Register Now button to fill the registration page
- Email us to enquiry@eurekafinancial.com
After you register, we will send you registration confirmation and an invoice so you can arrange the payment. Please note that your place is not confirmed until we receive it.
If you register within Early Bird discount period, there’s limited time to arrange the payment in order to be eligible for the discount. You will find all the details on the invoice.
We don’t advise to make any travel and hotel arrangements until you receive full course confirmation from us.
We will send you venue and course details as soon as possible but most likely about 3-4 weeks prior to the course commencement.
You can pay by:
- Making a bank transfer
- Debit/credit card
- Cheque payable to Eureka Financial Ltd. - only within UK
Just mark preferred paying option on the registration form. Whichever form of payment you choose we will always send you an invoice.
If you pay by card, a 2.2% processing fee will be added. We will send you authorisation form so you can give us your card details.
Included in the price of a public course are:
- Course tutorial
- Take away course materials
- Course Certificate
- Lunch on the days of the training as well as drinks and snacks throughout the course
The price doesn’t include accommodation, flights, transfers and any additional costs outside of the training venue.
Yes, we always offer Early Bird discount, so the sooner you register the more savings you can make. We also offer group discounts and if you register for 2 or more programmes at the same time.
If you are a full time student or unemployed, we offer a 25% discount of the full price of the training. Student ID or unemployment status confirmation is required to claim this discount.
If you attend one of our courses you will be entitled to a special discount for a year after the last course you attend with us. Also, if you have attended and recommended us to a friend, both you and your friend will receive a special discount. You will receive more information about it after you attend the course.
See our Customer Loyalty Discounts page for more details.
All our courses based in the UK are subject to the VAT charge of 20%. This fee is irrespective of the country of residence of the delegates.
You can, however, claim the VAT back by contacting UK tax office - HMRC, and filling the relevant form, as long as you comply with the following rules:
For Delegates coming from the EU countries
If you represent a registered business in another EU country, you can use the Refund Scheme to reclaim VAT you pay in the UK as long as all of the following apply:
- You're not registered for VAT in the UK and don't have to, or can't be, registered here
- You don't have a place of business or a residence in the UK
- You don't make any supplies in the UK
You can find some more information here. In order to claim the VAT you have to fill Form 65.
For the Delegates from Non EU countries
If you represent a registered business in a non-EU country, you can use the Refund Scheme to reclaim VAT you pay in the UK as long as all of the following apply:
- You're not registered for VAT in the UK and don't have to, or can't be, registered here
- You don't have a place of business or a residence in the EU
- You can only use the Refund Scheme if your own country operates a similar scheme and makes it available to UK businesses. If your country has its own Refund Scheme but doesn't let UK businesses use it, you can't claim under the UK Refund Scheme.
- You don't make any supplies in the UK
If the following rules apply to you, please fill the 65A form and send it to HMRC.
Webinars
You can cancel your participation up to a month before the course and receive a refund minus 10% of the full course value. Between 2-4 weeks before the course you will be charged 50% cancellation fee and if you cancel less than 2 weeks before the course you can only offer your place to a colleague. Up to 2 weeks before the course you can reregister for another edition for 10% reregistration fee if there is another webinar offered or you can rebook for a course in London by paying the difference in price plus 10% reregistration fee.
Classroom Courses
If there is any official travel restriction or difficulty related to the COVID pandemic around the time of the course we will convert the training into a webinar or offer to attend the next classroom edition at no extra cost.
If you are unable to attend the course, you can either send a replacement at no extra charge or, up to 10 days before the training, you can transfer your booking to another edition within the next 6 months paying administrative fee of 20% of the full course price. For any cancellation requests received between 11 days and 4 weeks from the course we offer 50% refund or reregistration to another edition for 25% of the value of the booking. For any cancellation requests received more than 4 weeks before the course date we will offer a refund less an administration fee of 10% of the full course price.
Cancellations must be made in writing (letter or email) and reach our office four weeks prior to the course date. We regret that only limited refunds can be given after this period as per points above. Non-attendance without any notification will be charged at full rate. Your place on a course is not guaranteed until we receive the payment. All payments must be made in full before the course date.
All our trainers have been working for many years in their respective sectors before they begun to teach so they bring a wealth of practical experience to the classroom.
Most of them used to work for 15 or more years in the financial sector and corporate world, and were holding positions of Directors, VP and Senior Managers. Some of them have published books and have written articles for specialised magazines and newspapers including FT, The Independent, The Times etc. You can find detailed biography of each trainer on the page of the course you want to register for.
Yes, you will receive a Certificate of Attendance at the end of the course you attend.
If you have to apply for a Visa to attend a course in the UK, we will issue a letter to support your application. The letter will be issued only after the payment for the course has been made.
It is delegate’s responsibility to obtain a Visa and failure to do so will not make the participant exempt from the cancellation policy.
Anyone suspected of applying for a training course simply to gain a Visa letter will be reported to their embassy.
We will need the following information to issue an invitation letter:
- Full name as it appears on your passport
- Date of birth
- Passport number
- Passport issue date
- Passport expiry date
