Advanced Corporate Analysis,
Valuation and Financial Modelling 2021.

21 - 23 July 2021

Johannesburg SouthAfrica

Johannesburg SouthAfrica

Register Now! Few Seats Available!

Public R15,999.00

Online R9,999.00

Online R9,999.00

Course overview:

Turbulent markets have made it clear that standard analysis is sometimes inadequate to truly understanding risk. Unlock the power of advanced financial theory by learning practical implementation in Excel. This course goes through advanced concepts in finance, while teaching the necessary technical skill to implement them immediately.

Learning valuation and advanced modelling is best done with a combination of theory, demonstration and hands-on practice; each section below is designed in such a way. Almost all exercises are Excel and/or VBA based and contribute to understanding a fully functioning, dynamic model. The following models will be reviewed and included with the course:

  • Basic Corporate Finance Model
  • Advanced Corporate Finance Model
  • Project Finance Model
  • Data Stratification Tool

Thi Course is Suitable for:

  • Equity research professionals
  • Corporate Financial Officers
  • GM/VP/AVP/Manager M & A
  • CFOs, Treasurers and Senior Finance Executives
  • Executives of M&A Team
  • Directors of Strategic Planning
  • Commercial Bankers
  • Investment Bankers
  • Portfolio Managers -Corporate Restructuring
  •  

Once you finish the Technical Report Writing Course you will be able to:

  • Employ an efficient process for planning and organizing information
  • Eliminate “information dumping” in reports and convey technical information clearly
  • Know how to synthesize complex, technical information and present it understandably to readers
  • Understand how to tier information appropriately in reports to match multiple audience needs, including both lateral and executive readers
  • Ensure report content conveys information for business decisions, within a readily absorbed format
  • Eliminate jargon and deadwood to streamline the business message
  • Reduce the amount of time required to write and read reports.

Course Outline

Mergers and Acquisitions

  • Overview of Types of Mergers and Acquisitions
  • Review of the Basic Corporate Model Overview of Determining Merger Value
  • Implementing Merger Modelling on a Professional Level
  • Understanding Synergy
  • Debt Capacity Increase from Mergers

Creating an efficient and well- Structured Corporate Model

  • A review of model objectives, model structure and flexible using examples of completed models that will be used as references throughout the training.
  • Development of historic/projected timing switches that allow you to add new historic financial statements to a model and efficient ways to add historic data to a model
  • Setting up assumptions for variables that vary over time and scalar variables that remain constant and that compare historic levels with projected values and facilitate statistical analysis of the assumptions
  • Computation of revenues, operating expense, capital expenditures, pre-tax cash flow, free cash flow and from operating assumptions and computation of return on invested capital using the financing and direct approaches
  • Case Study of HT Media – Uploading Data and Creating Assumptions

Enterprise Valuation from Corporate Model and Financial Statements

  • Development of enterprise valuation analysis that allows for flexible start dates; flexible terminal dates and holding periods; and different terminal valuation approaches.
  • Calculation of financial statements through adding financial routines with a cash flow waterfall to the model in debt and cash balance schedules and using the model to establish a target capital structure.
  • Illustration of complexities in corporate models related to asset retirements, income taxes, minority interest and capital expenditures.
  • Case Study of HT Media – Problems with Financial Models 

Innovations in Corporate Finance Theory

  • Solution to IRR problem of re-investment and ranking with Weighted Average IRR 
  • Computing Cost of Capital with Market to Book Regression Rather than CAPM 
  • Demonstration of Flaws in Value Driver Formula: V=Income x (1-g/ROI)/(COC-g)
  • Correct Evaluation of WACC using Tax Shield from Interest Expense
  • Use of Credit Spread to Derive Debt Beta and More Properly Derive Unlevered Beta
  • Evaluation of Terminal Value Adjustments for Capital Expenditures, Working Capital and Deferred Tax that Depend on Growth
  • Adjustments to Free Cash Flow and EV to Enterprise Value Bridge for Deferred Tax, Warranty Cost and Other Items
  • Development of Terminal Valuation Techniques for Financial Institutions that Use Market to Book Ratio and ROE from Financial Models
  • Evaluation of Political Risk Premiums from Computing Implied Probability of Default 

Credit Risk, Simulation, and Options

  • Credit Risk Modeling
  • Advanced Methods for Analyzing Loss
  • Determining Creditor Payment Status Exercise: Payment Status Determination
  • Using Payment Status to Determine Loss Rates Exercise: Creating Loss Estimates
  • Methods for Projecting Loss Rates Exercise: Trending and Projection for Loss
  • Simulation Simplified
  • Monte Carlo Simulation in Excel
  • Seed Variables, Random Numbers, Normalization, Simulation Framework
  • Option Models in Excel
  • Black Scholes
  • Binomial Trees
  • Automating with Excel
  • Common Signs of Fraud in Models:
    • Income Statement
      • Revenue Manipulation
      • Expense Manipulation
    •  Balance Sheet
      • Asset Manipulation
      • Equity Manipulation
  • Advanced Charts
  • Creating Dynamic Charts, Pivot Charts, SERIES Function, Form Controls Exercise: Advanced Charting Techniques

End of the workshop

IN HOUSE AND ONLINE TRAINING

While both In-House and Online training can present with cost-effectiveness and time-efficacy, there are some very specific differences between in-house courses and those based online.
The demand for additional courses by individuals or groups of people is increasing. Still, it depends entirely on the preferences of a person what type of training he or she wants to receive. Online courses and in-house training carry some similarities but they are considered to exhibit some very pivotal differences too. Despite that, both types of learning can be really beneficial for attendees.

For Registration and other Training arrangements,
contact us on the detail below.
SOUTH AFRICA Tel: +27 11 057 6001
KENYA Tel: +254 11 353 1082
WhatsApp +27 79 574 0389
info@bmktraining.co.za / www.bmktraining.com