

Advanced Financial Analysis Series - VC Investing: Private Company Valuation & Participating Preferred Securities Waterfall Modelling [Complete] | Event Code: 180309W |
Date | 09-Mar-2018 |
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 |
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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:
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:
In the first part of this course, we discuss the complex nuances associated with analyzing and valuing emerging markets and private companies. We dive deep into the details and concepts deeply imbedded with valuation of large publicly traded and listed companies and take it to next level by applying it to companies and regions with very sparse publicly available data. Learn nuances of adjusting for DCF valuation, WACC analysis when no data exists, how to select and adjust peer comparables when no "good comp" exists. While there is certainly no magic bullet to the tough questions and lack of information, there are techniques and best practices to get us as close as possible. Learning objectives include: fundamental & DCF valuation nuances (adjustments to Gordon growth); WACC and cost of component capital nuances (adjustments to cost of debt and equity and beta); review of basic valuation methodologies, focusing on relative valuation multiples and ratios and tacking on private company discounts; emerging markets case study and real-life valuation nuances when data simply doesn't exist. The second part of this course involves modeling out early stage investment securities' waterfalls. When investing in earlier stage companies, whether start-up, growth or mezzanine stage investing, there is a fine balance between incentivizing the newest round of investors injecting capital and providing enough returns for earlier round investors, while still motivating management to strive for mutual alignment of economic interests. Investors desire downside protection while craving equity upside. Thus, the participating preference securities evolved from a blend of common stock with equity upside & voting rights to debt with accruing interest and priority of liquidation. In this course, learn how to structure, and model out such hybrid securities commonly used in VC and earlier stage investing.
Specifically, in our liquidation waterfall modeling, we will model out:
Please note that this is a financial modeling class, not a legal class.
Prerequisite: Intermediate proficiency using Excel, a solid grasp of basic accounting fundamentals and an understanding of basic valuation techniques are required. This Corporate Valuation class is a hands-on, technical workshop.
*Rating – Intermediate
(Material presented will have technical elements requiring a working knowledge of the subject to make full use of the presentation.) Click here to download the event flyer for further details. |