CompanyAnalysis:

Valuation,Forecasting
&Modelling

1923Mar2017
UAE,Dubai
4,595

Developyourcareerwiththisintensive5dayworkshopcoveringanalysis,valuationandforecastingskills
CourseInstructor
Anindependentconsultantwithover15yearsexperienceatsomeoftheworld'sleadingfinancialinstitutions,
specialisinginequityvaluation,financialmodellingandportfoliomanagement.

CourseDescription
Globalisationleadingtoincreasedpenetrationoftheinternet,aswellastheopeningupofbordersare
justtwoofthemanyreasonsthatexplaintheincreasingcomplexityofthebusinessworld.Asa
result,therearenowavastnumberofresourcesofferingfinancialandbusinessinformation.
However,thesheervolumeofinformationavailablehasparadoxicallymadeitincreasinglydifficulttopredict
whatwillhappeninthefuture.
Howdoyoudecidewhatisrelevant,andwhatisn't?Toanswerthisburningissue,wehavedesignedthis
coursetoprovideyouwithacomprehensiveandpracticalrangeoffundamentalanalyticalandforecasting
skills,enablingyoutosiftthroughdatainanefficientyetthoroughway.
Howwillthiscourseassistyou?
Uponcompletionofthisintensivefivedaycourse,youwillbeableto:
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Valueacompanyorinvestmentusingavarietyoftools
UsebasicfinancialmodellingtechniquesinExcel
Understanddiscountingconcepts,costofcapitalanddiscountedcashflowanalysis
Compareandcontrastthevariousforecastingandanalysistechniques

WhoShouldAttend
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InvestmentandCommercialBankers
Financialdecisionmakersincorporates
ManagementConsultants
FinancialAnalysts
GeneralManagers
CreditAnalysts
Accountants
MarketingManagers
OperationsManagers
ProjectManagers

Agenda
Day1
Modelling

Overview
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Whycreateamodel.
Goodmodellingpractices.
Overallstructureofthemodel.

Introductorymodel
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Thethreemainstatements.
Howtheylinkuptogether.
Completionofsmallmodel.

Themainstructure
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HistoricP&Linformation.
Restatinghistoricinformation.
Nonrecurringitems.
HistoricB/Sinformation.
Noncoreassets.
Reviewofinitialmodelforcasecompany.

Fixedassets
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Understandingcapitalintensity.
MaintenancevsexpansionCapex.
Forecastingoverallcapex.
Calculatingdepreciation.

Day2
Modellingandratioanalysis

Workingcapital
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Componentsofcashandnoncashworkingcapital.
Workingcapitalratiosandtheirinterpretation.
Forecastingworkingcapital.

Associatesandinvestments
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Accountingforassociatesandinvestments.
Forecastingassociatesandinvestmentincome.
ImpactoncashflowandB/S.

Equityfinancing
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Minorityinterestimpactonequityfinancing.
Commonshareholdersforecastingdividendsandretainedearnings.
Sharebuybacksandrightsissues.

Debtfinancing
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Linkingcashflowanddebtrequirements.
Differenttypesofdebtfinancing.
Leasingvs.ownership.
Scenarioanalysis.
Developingfullyflexiblescenarios.
Identifyingthekeyvariables.

Day3
Comparablecompanyanalysis

Choosingappropriatecomparablecompanies
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Howthechoiceofcomparablesimpactsthefinalvaluation.
Valuedrivers:understandingindustrydynamics.
Mainfactorsaffectingselection:size,geography,regulation,customers.
Otherfactorsaffectingcomparability,e.g.freefloat,capitalstructure,corporatefinanceactivity.

Equityvs.enterprisevaluemultiples
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Definitions.
CalculatingEV:corevs.noncore,assessingliabilities.
Calculatingrecurringearnings.

Equitymultiples
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Mainmultiples:P/EandP/BV.
DecomposingP/Es:linkinggrowth,CostofequityandRoE.
ProsandconsofEquitymultiples.

EVmultiples
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MainEVmultiples.
Choosingthemostrelevantmultiples.
ProsandconsofEVmultiples.
ImpliedValuation.
Interpretingresultsandderivinganimpliedvaluationforthetargetcompany.

Day4
DCFandcostofcapital

Costofcapital
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Whycalculateacostofcapital.
Therisk/rewardtradeoff.
ImpactoffinancialleverageonValue.
Marketriskvs.companyspecificrisk.
Accountingformarketrisk:assetbetas.
Financialleverageandbetas.

Equityinvestors

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Calculatingcostofequity.
Estimatingtheequityriskpremium.

Debtfinancing
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Impactoftaxation:thetaxshield.
Calculatingthecostofdebt.

WeightedAverageostofCapital
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Marketvalueofdebtandequity.
Currentvs.targetWACC.

DCF

ForecastingFCF
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Lengthoftheexplicitforecastperiod.
Cyclicalandgrowthcompanies.
CalculatingFCF:recurringvsgrowthFCF.
AppropriateFCF.
ForecastingofFCFforcasecompany.

Day5
DCFandoverallvaluation

Terminalvalue
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Beyondtheinitialperiod.
WhenshouldFCFbenormalised?
TVusingtheperpetuitymethod.
TVusingthemultiplesmethod.
Runningsensitivities.
ReviewofinitialDCFmodel.

Valuedrivers
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UnderstandingROCE.
Componentsofcapitalemployed.
DecomposingROCE.
ValuedriversandDCF.
ThelinkbetweenROCE,growthandWACC.
CalculatingTVusingvaluedriverscomparewithstandardDCF.

Casestudy:participantswillusethemodelstheyhavebuilttoanalysetheperformanceofthetarget
companyandsuggestatargetshareprice.

Coursesummaryandclose

Abouttheinstructors

Priortobecominganindependentconsultant,thecoursedirectorwastheGlobalHeadofEquityResearchat
MorleyFundManagement,thethirdlargestUKassetmanagerandoneofthelargestpropertyfundmanagers
inEurope.

AftergraduatingwithhighesthonoursfromL'InstitutdEtudesPolitiquesdeParis,hercareerhighlightshave
includedrolessuchasSeniorAnalystfortheEuropeanInvestmentproductdivisionatCitibankN.A.,aswell
aspositionswithinCreditLyonnaisSecurities,CreditSuisseFirstBostonandLehmanBrothers.

Inaddition,thecoursedirectorhasstudiedEconomicsandFinancespecialisingonFinancialTaxSystems,
AccountingandFinancialMathematics,andisaretainedspeakerfortheCFAinstitute.
Coursesrunbythisinstructor
AdvancedCompanyAnalysis,Valuation&FinancialModelling

Venue
DubaiFinance,Dubai,UAE

Thisprogrammetakesplaceonanonresidentialbasisatacentral4to5*Dubaihotel.Nonresidential
coursefeesincludetrainingfacilities,documentation,lunchesandrefreshmentsforthedurationofthe
programme.Delegatesareresponsibleforarrangingtheirownaccommodation,however,alistofconvenient
hotels(manyatspeciallynegotiatedrates)isavailableuponregistration.

WhoShouldAttend
InvestmentandCommercialBankers
Financialdecisionmakersincorporates
ManagementConsultants
FinancialAnalysts
GeneralManagers
CreditAnalysts
Accountants
MarketingManagers
OperationsManagers
ProjectManagers

WhyUs
Whyus

Wehaveacombinedexperienceofover60yearsprovidinglearningsolutionstotheworldsmajor
organisationsandareprivilegedtohavecontributedtotheirsuccess.Weviewourclientsaspartnersand
focusonunderstandingtheneedsofeachorganisationweworkwithtotailorlearningsolutionstospecific
requirements.
Weareproudofourrecordofcustomersatisfaction.Hereiswhyyoushouldchooseustohelpyouachieve
yourgoalsandaccelerateyourcareer:
Qualityourclientsconsistentlyrateourperformanceexcellentoroutstanding.Ouraverageoverallscore
awardedtousbyourclientsisnineoutoften.
Trackrecordwehavedeliveredtrainingsolutionsfor95%ofworldstop100banksandhavetrainedover
250,000professionals.
Knowledgeour150strongteamofindustryspecialisttrainersareworldleadingfinancialleadersand
commentators,ensuringourknowledgebaseissecondtonone.
Reliabilityifwepromiseit,wedeliverit.Wehavedeliveredover20,000eventsbothinpersonandonline,
usingsimultaneoustranslationtodelegatesfromover180countries.
RecognitionweareaccreditedbytheBritishAccreditationCouncilandtheCPDCertificationService.Inan
independentreviewbyFeefowescored96%onserviceand95%onproduct