Importance of Valuation
Valuationanalysishasneverbeenasimportantasit isrightnow.Inabusinessworldfulloftax consolidations,PublicPrivatePartnershipsandtrade salesfewanalystscanconstructrobustvaluations. Thiscourseaimstoplugtheholesandprovidereal-life examplesforvariousenterprise,equityand projectvaluations.
Theory
Whileallofourcoursesfocusonthepractical applications,anunderstandingoftheoryis particularlypertinenttothiscourse.Thisworkshop willhighlightandexaminethetheoreticalissuesthat surfaceregularlyintherealmofcorporatefinance andwillchallengesomeoftheinappropriate practicescurrentlybeingadoptedintherealworld.
Key Benefits
Thiscoursewillprovideyouwiththe followingtangibleinsights:
- Howtocalculatefreecash flowsfromexisnginformaon
- Anappreciationofthe differencesbetween enterprisevalue,equityvalue andprojectinvestment appraisal
- Anunderstandingoftheissues associatedwithdeveloping equityvaluations.
- Howtocheckyourvaluaons usingdifferentanalycal techniques
Programme Outline
- TheconceptofaDiscountedCashFlow
- Thedifferencebetweenriskanduncertainty
- HowtocalculateFreeCashFlows
- Determiningthecostofequity:betasandthe CapitalAssetPricingModel(CAPM)
- Determiningthecostofdebtanditshidden impactonFreeCashFlowtotheFirm
- CalculatingtheWeightedAverageCostof Capital(WACC)
- Theroleoftaxinvaluations
- Theimportanceofstakeholderanalysisina valuation
- Realversusnominalconsiderations
- Applicationofsensitivityandsimulation analysesinavaluaoncontext
- Othervaluationtechniques:earnings multiples,FairValueofIdentifiableNetAssets (FVINA),Dividend DiscountedModellingand RealOponsAnalysis
- Othermetrics:differinginternalratesof return(IRR,XIRRandMIRR),EconomicValue Added(EVA)(©SternStewart),Strategic ValueAdd(SVA),MarketValueAdded(MVA) andthelinktoNetPresentValue(NPV).
Who Should Attend
Thiscourseisessentialforthoseseeking tobroaden andenhancetheirapproach tovaluation,andultimatelyconstruct robustvaluationsbyapplyingdifferent techniques.
