Course Detail

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Business Valuation

In this course, participants will learn about the concept of Value, differentiating between value and price; equity valuation methods/models, forecasting techniques and addressing specific issues in Valuation (loss making firm, banks, etc.).

Time Value of Money and Investment Appraisal

  • Compounding/Discounting
  • CAGR
  • NPV, IRR, Payback Period

The Concept of Value

  • Value of a business
  • Equity valuation vs. Firm valuation
  • Value vs. Price

Valuation Methods & Models – Theoretical Framework

  • Asset-based method
  • Market-based method
  • Discounted Cash Flow method
  • Choosing the right method

Discounted Cash Flow Valuation

  • Discounted Cash Flow (DCF) Model
  • The Explicit Forecast Period
  • Concept of Terminal Value
  • Cost of Capital
  • The Long-Term Growth Rate

Forecasting for Discounted Flow Valuation

  • Forecasting Statement of Profit or Loss, Statement of Financial Position, and Statement of Cash Flows for existing businesses
  • Industry Analysis
  • Naïve Extrapolation and other issues to consider when forecasting

Relative/Market Based Valuation

  • Comparable Companies (Co-Co)
  • Comparable Transactions (Co-Tran)
  • Multiples (Earnings, EBITDA, Sales, etc.)
  • Choosing the right multiples
  • “Normalization” of earnings
  • Maintainable Earnings

Asset-based Valuation

  • Replacement Value
  • Adjusted Net Book Value

Specific Issues in Valuation

  • Valuing loss making firms
  • Valuing financial services firms
  • Valuation in the absence of data (emerging markets, etc.)
  • Application of Discounts and Premiums


We offer discounts for group bookings (i.e group of delegates attending the same course at the same time) as follows:

    3-5 participants - 5% discount
    6-9 participants - 7.5% discount
    10 or more participants - 10% discount