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Advanced Financial Analysis Series - Corporate Valuation Methodologies & Valuation Modelling [Complete] Event Code: 171017W
Date 17-Oct-2017
Time 08:45 a.m. - 5:00 p.m.
Venue HKSFA Office, 14/F, BOC Group Life Assurance Tower, 136 Des Voeux Road Central, Hong Kong
Speaker(s) Mr. Hamilton Lin, CFA
President
Wall St. Training
Fee HKSFA Member(s) at HK$2,500.0/person
CFA Candidate(s) at HK$4,000.0/person
Guest(s) and Non-member(s) at HK$4,000.0/person
This seminar is qualified for 6.5 CPT hour(s), 6.5 CE hour(s), 6.5 RBV CPD hour(s)
Remarks
  • Special Discount: 10% off for those who register for two (or more) workshops.
  • Only Visa and Master Card are accepted for online payment.
  • The fee includes course materials.
  • Classrooms are not equipped with computers, participants WILL HAVE to bring their own laptops.  Please bring Excel for PC installed (any version).  Macs will not be as effective as shortcut keys are different.
  • Please make sure your laptop has a working USB port to copy files at the beginning of class.

Event Details
HKSFA is proud to present our “Advanced Financial Analysis Series" held in conjunction with Wall Street Training & Advisory. This Series of workshops builds upon and expands our prior successful and popular Financial Analysis Series and will provide practical, Excel-based career-enhancing programmes related to financial modelling, projection modelling, fundamental analysis, mergers & acquisitions and leveraged buyouts. This series of hands-on workshops will consist of the following full-day, extended programmes:
  • Advanced Financial Modelling – Core Model
  • Corporate Valuation Methodologies & Valuation Modelling
  • M&A Deal Structuring & Merger Modelling Techniques 
The goal of these programmes is to improve and elevate the skills sets of the financial analyst and the investment professional. Heavy emphasis is placed on being as effective and efficient as possible with Excel.

About Wall Street Training & Advisory: 
Wall Street Training & Advisory, Inc. (WST) is a leading global provider of training and advisory services. WST has a nearly two-decades-long track record of successfully providing services to clients across a variety of financial industry verticals, including investment banking, mergers & acquisitions, equity and fixed-income research, asset and investment management, credit analysis, private equity, and high-yield LBO and special situation/distressed analysis. WST has also worked with Fortune 500 companies, government agencies, extra-governmental regulatory organizations, and professional organizations around the world to provide tailored training for new hires and existing employees. To learn more: www.wallst.training  

 
Highlights of the Workshops:

CORPORATE VALUATION METHODOLOGIES & VALUATION MODELLING

How can you tell if a company is undervalued or overvalued?  Is the current stock price the only measure of value?  Why would one company command a higher or lower premium than its direct competitor?  This course takes a practical, tangible, and non-theoretical approach to examining how corporations are valued and the major analytical tools that are used.  Go beyond the academic theory of financial ratios and apply fundamental analysis and real-world methods of evaluating a company’s intrinsic value.  Gain insight into relative valuation methodologies (trading comps, deal comps) to fundamental valuation (discounted cash flow analysis, break-up / sum of the parts valuation).  Coverage goes beyond the academic theory of financial ratios to the practical application of fundamental analysis, offering alternative, real-world methods of evaluating a company's intrinsic value.  

The second half of this course builds on the first half and is hands-on, interactive and Excel-based. Apply the concepts learned in the discussion portion and perform relative valuation modeling techniques in Excel.  Build a quick and dirty trading comps analysis by inputting historical results and analyst projections for comparable companies and calculating current standalone market valuation multiples.  Then, construct a detailed comprehensive reference range analysis that quantifies valuation methodologies.  Crystallize and appreciate the relationship between capital structure and enterprise value, equity value and price per share.  Finally, build and update dynamic football field to graphically summarize valuation metrics.  These tools are useful for any financial professional interested in analyzing a company.

Learning Goals:
Corporate Valuation and Corporate Finance Fundamentals:
  • Enterprise Value (TEV): what is the correct treatment of minority interest and capital leases from a standalone valuation aspect vs. credit perspective vs. change of control
  • What is the relevance of capital structure and leverage on a company’s value?
  • Why and how is corporate finance so critical to managing a firm’s profitability?
  • Why is P/E the root of all evil in valuation? – Learn the correct way to use multiples
  • Why are P/E ratios misunderstood and what other ratios are more important?
  • Utilize the correct numerator for multiples and calculating implied value 

Valuation Modeling:
  • Construct discounted cash flow analysis by estimating unlevered free cash flow (FCFF)
  • Discuss proxy methods for calculating working capital without full blown BS projection
  • Terminal Value estimation: what are the differences between the EBITDA multiple and perpetuity growth approaches and what are the implications on value? 
  • Learn subtle nuances including the proper CF figure in perpetuity growth models
  • Calculate from TEV down to equity value and ultimately down to stock price per share
  • Build a basic, quick and dirty, back-of-the-envelope trading comps analysis 
  • Input historical results and analyst projections for public comparable companies 
  • Construct relative valuation analysis and calculate current valuation multiples
  • Build reference range that quantifies fundamental / relative valuation methodologies
  • Crystallize and appreciate capital structure relationship of TEV, equity value and price 
  • Build and update dynamic football field to graphically summarize valuation metrics 
  • Analyze, discuss, compare and contrast valuation results

Prerequisite: Intermediate proficiency using Excel and a solid grasp of basic accounting and finance fundamentals is required. 


*Rating – Intermediate/Advanced
 


Click here to download the event flyer for further details.