|
About
the Program
The Advanced Corporate Valuation program offers an in-depth study
of the analytic
techniques
of corporate valuation with a special emphasis on the
sources
of value creation in mergers and acquisitions.
We introduce the key
decisions
- investment, financing and risk management - that contribute to
shareholder
value. Running through the computations of corporate
valuation,
we discover the assumptions behind common models and ratios. We apply
this to
several case studies, revealing stand-alone value and also
how an acquisition or other restructuring can alter the value of a
company. We also demonstrate the alternative view of a company's value
-- based on the private equity view of a firm, how an analysis of the
financing, paydown and exit projections can reveal the price an
investor would be willing to pay for a company.
Program
Content
This
three-day course covers the three crucial aspects of corporate
valuation. On the first day, we learn the techniques used by
professionals to value a business: the assets' value; how comparable
comanies are valued; and the cash-flow based methods. The second day
takes us beyond standard methods, applying valuation princiles to
special situations such as mergers and acquisitions, private companies,
firms undergoing restructuring, and natural resource companies. On the
final day, we focus on valuation in the context of divestitures and
leveraged buyouts.
Instructor
Prof. Ian
Giddy
is a graduate of the University of Michigan (MBA 1972, PhD 1974) and
the
University of the Witwatersrand (BSc 1970). He has taught finance at
NYU,
Columbia, Wharton, Chicago and abroad, in over forty-five countries,
for the past thirty years.
He
was Director of International Fixed Income Research at Drexel Burnham
Lambert
from 1986 to 1989. He is the author or co-author of numerous articles
and
books, including The Handbook of International Finance, The
International
Money Market, Cases in International Finance, Global
Financial
Markets, Asset Securitization in Asia and The Hudson
River
Watertrail Guide.
Who
Should Attend?
The seminar is of relevance to corporate finance
professionals and investors in acquisition-related investments, and to
the bankers who serve them. These include corporate finance officers,
commercial and investment bankers, securities analysts; investment
officers; corporate treasurers and other individuals whose professional
future may be enhanced by an understanding of corporate valuation
techniques.
Key Benefits
Learn how a company should be valued -- on its own, and in the context
of an acquisition or buyout.
Discover that the method of valuation affects the availability of funds
from banks, institutional investors and private equity investors.
Assess the potential gains from an acquisition, and the sources of post
acquisition or buyout value creation.
Method
and Schedule
The lectures will offer structure, the discussions will amplify, and
the case studies will apply tools and concepts to real-world
applications.
Background
Reading
Methods
of Corporate Valuation
Critique
of Valuation Methods
Private
Equity Valuation Guidelines
A Company in One Page
The
Fool's Method
Warren's
World
Course Outline
Corporate Valuation Masterclass
| Day |
Topics |
Resources |
Day 1
|
Valuation Techniques
Why valuation matters -- and why most
companies are undervalued
The 5 principles of corporate finance
Valuation as a tool to discover
restructuring opportunities
Valuation
as a tool to discover value-drivers and restructuring
opportunities
Asset-based valuation
Using comparables
Discounted cash flow methods
Cost-of-capital
issues
How
business risk combined with
financial risk influences investors' return expectations
|
Presentations
TBA
Case Studies
TBA
Articles
TBA
Spreadsheets
TBA
|
Day 2
|
Valuation Applications
Incorporating growth models into the value
Valuation
in the context of an acquisition
Restructuring checklist
Total cost computation
Identification and valuation of
operational synergies
Identification and valuation of
control gains
Valuing
a private company
Valuation in emerging markets
The method
of "option-based
valuation" for a strategic investment
|
Presentations
TBA
Case Studies
TBA
Articles
TBA
Spreadsheets
TBA |
Day 3
|
Valuation: Special Situations
Financial
restructuring: impact on corporate value
Break-up
method of valuing a company
When should
a company divest a
business?
Valuation
for financial buyers
Implementing a sponsor buyout:
senior, mezzanine
and equity finance
Debt capacity and exit analysis
Case study: Reykjavik Fleet Leasing.
Exit value estimation.
The "VC
Method" of valuation
Summary
of course and review of key concepts
|
Presentations
TBA
Case Studies
TBA
Articles
TBA
Spreadsheets
TBA |
|
