The workshop begins with a discussion and brief description of the main techniques used by banks and corporate finance houses to value start-ups, technology companies, mergers, acquisitions and buyouts.
The workshop then introduces a comprehensive case study to be developed over the two days. The initial sessions review the historic performance and examine the strategies used by the company's divisions and geographic subsidiaries to provide substance and specimen data for financial forecasts.
The attendees work through the historic analysis and forecasts individually or in small groups to develop forecast financial statements, cash flow and ratios. Problems such as operating leases, tax, inflation and research and development are included. The workshop then moves on to discuss the mechanics of calculating discount rates, terminal values and free cash flow valuation.
There are many methods of valuing companies and the workshop includes methods to apply sensitivity to the initial valuation and comparisons with accounting and market values. Furthermore it includes alternative approaches such as adjusted present value, economic profit and real options to provide more comprehensive information.
The workshop is practical in nature and uses case studies, Excel models and exercises to outline and develop the techniques and methods.
To get the most out of the workshop, attendees are required to bring a laptop running Windows and Excel 2010+ with Analysis Toolpak and Solver installed. Attendees will use models and calculators to perform the calculations and analysis.
At the end of the workshop, attendees will possess a working knowledge of the different valuation techniques together with how to apply them in their own environment.