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

 

Upcoming events

No upcoming events at this time

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