My courses blend theory will practice gained from personal experience. They have been developed and delivered globally to a range of client organisations involved in commerce, industry and financial services. In addition to having extensive experience of running in-company programmes, I have had considerable involvement with leading open training programmes for major training organisations, like Euromoney, FT Knowledge/New York Institute of Finance, IIR and the International Faculty of Finance.

The courses link both theory and practice via a number of different delivery methods, involving:

1. Case studies developed from personal experience

2. Current topical and real-life examples

3. Computer aided exercises and role plays

4. Group working

5. Practical sessions to consolidate the learning experience

The following is a brief selection of courses that are available and that have been delivered as open training programmes and adapted for private clients:

* Financial Modelling for Corporate Finance

* Corporate Finance Techniques

* Financial Modelling for Valuation

* Financial Restructuring

* Investment Banking

* CFO's Workshop

* Senior Manager Risk Workshop

* Structured Finance

* Expert Techniques for Merger and Acquisitions

* Essentials of Valuation Analysis

* Company and Equity Valuation Techniques

Senior Manager Risk Workshop

Senior Manager Risk Workshop

Intended Audience

Strategic decision takers - chief executives, chief financial officers,

senior operations management, internal auditors, treasurers,

main board directors, and risk professionals.

Course Introduction

Organisations of all types are being exposed to risk management. For example, banks have long been subject to regulatory exposure from the Basle Accord and a revision to this has recently been published that will have profound implications for senior banking management. Furthermore in the UK the Turnbull Report requires all listed plcs to assess their risk management capabilities. Shareholders and other stakeholders, such as employees and customers, are becoming increasingly critical. The way that companies deal with risk is emerging as a differentiating factor. Successful companies will be those that are not afraid to embrace risk because they understand it and can manage it. However, a major obstacle is that risk is very often seen as someone else's problem whereas in reality it is everybody's problem. In short, if you don't manage your risks, they will manage you.

It is being increasingly recognised that there are important interrelationships between different types of risk and that a more comprehensive, integrated and disciplined approach to its management and mitigation is required than has often been the case in the past. Risk needs to be viewed more broadly than by the traditional classifications adopted in terms of country, counterparty and market, although these categories are still important. There are different levels of risk, like strategic and tactical. Strategic risk, for example, acknowledges the business as being an integrated entity. A simple illustration is a bank, which packages and trades financial risks in order to deliver higher returns. Strategic risk decision-making is based on the fact that risk (and its resulting expected returns) is not a by-product of the business, but is the product of the business. It is decision-making based on the view that detailed risk intelligence provides a competitive advantage-an edge in delivering both better products to customers and better returns to shareholders. In contrast, tactical risk management is decision-making based on the view that the business is a collection of semi-autonomous agencies each of which manages its book or risk management task separately. In the case of a bank, it assumes that risk can be managed one security or one desk at a time. Analysing risks tactically can be important to anticipate and identify possible courses of action for the purposes of mitigation, but an integrated perspective is indispensable.

Last, but not least, risk measurement, management and mitigation is often associated with the banking world and is perceived as being of limited relevance to non-financial institutions. Nothing could be further from the truth! International guidelines from bodies such as the OECD, coupled with national initiatives like the UK Combined Code and Turnbull corporate governance guidelines, require companies to identify, assess, manage and report on all risks that could affect their stakeholders. As a result, risk in its broadest sense has become a boardroom issue. It encompasses not merely those uncertainties that can be transferred to the insurance and financial markets, but also strategic, environmental and ethical issues in both those and other markets. It is, therefore, vital that both the Board and senior management know the top 10 risks they face and also set the tone for developing a more risk mature organisation.

The key focus of the course is upon the risk management process. This is the process by which organizations proactively try to ensure that the risks to which they are exposed are the risks to which they think they are and want/need to be exposed to operate their primary businesses. However risk is classified, a central challenge is in deciding what risks the firm is in the business to bear, or in what risks the firm has a perceived comparative informational advantage.

Day 1

Risk in Context, Funding/ Value Risk, Strategic Risk and Reputation Risk

Introduction

* Definition of risk

* Why and how risk management has developed

* Impact of regulation, e.g. Basle Accords - Basle 2

* Proactive versus reactive risk management

* Importance of integrated risk management

* Risk identification and classification

* Review of the many faces of risk

Understanding the Importance of Capital

* Investment capital: funds investment expenditures

* Risk capital: provides a buffer against unexpected losses arising from market, credit, and operational risks

* Regulatory capital: some firms required to hold against market and credit and operational risks (e.g., BIS and banks, insurers, etc.)

* Funding capital: funds short-term operating cash flows, costs, and non-capital-intensive investment expenditures

* Liquidity capital: covers cash balance obligations on debt servicing, derivatives, contract performance, etc.

* Signalling capital: excess capital held to enhance reputation and attract new customer business

Funding and Value Risk

* Definition

* Funding risk measurement

* Cash flow risk - scenario analyses of cash balances

* Value risk

Strategic Risk

* Sources of pressure to manage strategic risks

* Definition and scope

* Relationship with shareholder value

* Strategic versus tactical risk

* Scanning the external environment for risks

Assessing and Measuring Strategic Risks

* Evaluating returns to shareholders, risk assessment and the cost of capital

* Analytical frameworks

* Modelling approaches

* Scenario analysis

Managing and Mitigating Strategic Risk and Reputation Risk

* Definition and scope

* Relationship between corporate reputation and investor confidence

* Influence of intermediate interest and pressure groups

Managing and Mitigating Reputation Risk

* Codes of business conduct

* Integrating the press and PR operation within the mainstream of the business

* Quality control procedures

Day 2

Day 3

Day 4

Financial Modelling for Corporate Finance

Financial Modelling for Corporate Finance

The benefits of using spreadsheet modelling for financial management and corporate valuation are undisputed. This training program is intended to provide practical financial modelling techniques and valuation tools for valuing a company and its securities.

Topics Covered Include:

Financing and capital structure
Mergers and Acquisitions
Initial Public Offerings (IPOs)
Building financial models (pro-forma models)
Discounted cash-flow analysis
Estimated cost of capital (cost of equity, cost of debt and weighted average cost of capital)
EVA
Market multiples
Free-cash flow
Value driver analysis

The seminar takes a "hands-on" approach to learning corporate finance rather than focusing on the theory.

Financial Analysts, Planners and Decision Makers in corporations
Management Executives
Corporate and Commercial Bankers
Accountants
Members of Corporate Finance and M & A teams
Strategic Planning Executives
Corporate Treasury Executives
Management Consultants
Lawyers or Legal Advisors
Financial and Investment Analysts
Investment Managers

KEY BENEFITS OF ATTENDING

Learn or update fundamental corporate finance skills.
Acquire Excel skills to develop consistent financial forecasting and valuation models.
Learn financial statement modelling concepts and applications.
Understand key financing techniques.
Identify types of models to assist for M&A and restructuring analysis.
Build on your existing knowledge of various security valuation techniques.
Master methods to accurately calculate the cost of capital.
Be able to identify appropriate equity valuation techniques.

Day 1

Day 2

Day 3

Day 4

Investment Banking

Day 1

Day 2

Day 3

Day 4

Structured Finance Course

A program with comprehensive case studies designed for investment professionals

Understand common financing & legal structures used in the structured markets.
Identify the roles of key transaction participants and follow the flow of funds through various structures.
Recognise potential opportunities for their institution to participate in the asset backed market.
Know the resources available to them for analysing and evaluating a particular structure.
Anticipate & identify the risks within various structures.

Delegates will learn the conceptual framework for understanding and evaluating Structured Financing.

WHY STRUCTURED FINANCE?

Structured finance is therefore becoming increasingly important both to the corporate and the financial community. Worldwide private sector investment in project finance deals alone currently exceeds $100 billion, and is expected to continue to grow rapidly over the next few years.

WHO SHOULD ATTEND?

Finance Directors, CFOs and other senior strategists in corporate
Members of M&A teams in investment banks, corporations and legal firms
Accountants and tax advisors
Management and strategy consultants
Government agencies involved in privatization or private finance initiatives
Strategic planners & Market regulators
Investment directors, managers and analysts
Credit analysts, investment-banking professionals, corporate lenders, fixed income specialists, relationship managers, bond research specialists (buy and sell side) and those who wish to develop an understanding of the structured finance market.

COURSE LEVEL

Delegates should be familiar with the principle of applied corporate finance, although core areas, like valuation, will be reviewed during the course.

COURSE DIRECTOR

Dr Roger Mills has unparalleled experience in the theory and practice of corporate/equity valuation, corporate financial strategy and M&A. He consults internationally to corporates and financial institutions on the application of valuation and shareholder value methodologies, and was Consultant Professor to PriceWaterhouseCoopers on Shareholder Value Analysis. Recent consulting activities include work on IPOs, M&A, joint ventures, privatisation, value-based management, valuation of intangibles, principal finance and investment analysis. He has experience of many business sectors including telecoms, banking, infrastructure, property, power and engineering. In addition to his consulting activities, Dr Mills delivers training in the UK, Europe, US, Latin America and Asia Pacific, including the Euromoney training courses Structured Finance, Mergers and Acquisitions, Valuation Techniques, Risk Management and Investment Banking. He is author of two highly respected texts, Dynamics of Shareholder Value and Strategic Value Analysis. Dr Mills is Professor of Accounting and Finance at Henley Management College, a UK business school, where in particular he supervises PhD and Doctor of Business Administration research on finance and accounting. He is a Fellow of Chartered Institute of Management Accountants and of the Association of Corporate Treasurers.

Day 1

Day 2

Importance of Understanding the Principles of Applied Corporate Finance

Estimating the Weighted Average Cost of Capital (WACC) - key requirements:
Cost of different types of capital
Cost of equity:
Accounting estimates - earnings approaches
Dividend Valuation Model (DVM) and the importance of dividends
Capital Asset Pricing Model (CAPM) - risk free rate, betas and equity risk premium
Cost of debt
Yield to redemption and credit sprea
Corporate taxation
Understanding gearing/leverage and capital structure

Case Study

Leveraged Buyouts (LBOs), Management Buyouts (MBOs) and Management Buyins (MBIs)

Introduction to Buy Outs
Management Buy Outs (MBOs)
Management Buy Ins (MBIs)
Leveraged Buy Outs (LBOs)
Definition
Differences from MBOs and MBIs

Sources of Buyout Candidates

Businesses undergoing a major restructuring movement, i.e. disposal of non-core, non-strategically aligned divisions/subsidiaries of public companies.
Public companies wishing to shed themselves of low-performing businesses.
Family owned businesses with succession problems.
Receiverships, rescues and turnarounds.
Public sector businesses entering private ownership.

Buyout Screening Selection Criteria

Cash generative
Stable operating cash flows
Consistent growth
Low growth
High break-up value
Solid market, niche products
Good asset backing
Low technology
Low capital expenditure
Hands-on team

Critical Issues

Target selection
Research
Managers' qualifications
Managers' commitment
Relationship with existing management
Equity backing

Key Variables to Consider

Vendor - price
Financiers - gearing, IRR, exit arrangements
Buyers - % equity
Funding arrangements
Management - "hurt money", high return
Institutional equity - equity/preference
Mezzanine loan - equity kicker/warrants
Senior debt - secured/normal banking returns

Financial Evaluation

Estimating purchase price and set up cost:
Capital expenditure and working capital needs
Review of business plans
Estimating how much can be raised by
Rationalising fixed assets and deferring capital expenditure
Squeezing working capital
Overhead reduction
Reducing lifestyle/headcount
Estimating funding requirements and alternative sources of funds:
Vendors' debt (deferred consideration
Secured debt (covenants and risk tolerance)
Equity requirement estimates -management equity and outside equity (venture capital)
Estimating potential value to be created

Exit Routes

Sale to some other corporate body
Public listing

Illustration

Day 3

Day 4

Corporate Finance Techniques

Day 1

Overview and Core Skills

Introduction

Structure of the course:

1 day core skill requirements
3 days key applications (basic and advanced)
Review of key applications
Mergers and Acquisitions (M&A)
Initial Public Offerings (IPOs)
Restructuring, turnarounds and workouts
Leveraged Buy Outs (LBOs), Management Buy Outs (MBOs), Private Equity and Venture Capital
Emerging markets

Financial Analysis:

Creative accounting - capitalisation of interest, research and development and intangibles; brand accounting; lengthening asset lives etc...
Models for predicting bankruptcy - Z scoring

Project Appraisal:

Capital budgeting and project appraisal
Tools of project appraisal - payback period, return on investment (ROI), net present value (NPV), internal rate of return (IRR)
Dealing with inflation, taxation, risk and uncertainty- relevance of the principles of finance - Fisher Effect
Tools and techniques for analysing and assessing risk and uncertainty
Capital project proposals - analysis, interpretation and evaluation

Case Study: Evaluating a Project Proposal

Valuation

Review of traditional measures with contemporary approaches:
Accounting issues and international accounting standards
Importance of value driver analysis
Key issues in valuation†- estimating cash flow, assessing risk, competitive advantage analysis and terminal value estimation
Developments in valuation†- commercially available valuation models and databases
Valuation applications: Initial Public Offerings (IPOs), Mergers and Acquisitions (M&A), Buyouts, Restructuring, Asset Management

Case Study: Valuing a Real-life Company

Equity

Characteristics and types
Pricing equity and key valuation methods
Key issues in estimating the cost of equity for alternative applications†- M&As, IPOs and emerging markets

Debt

Importance of gearing/leverage
Capital structure and debt capacity
Valuing debt instruments and estimating the cost of debt

Cost of Capital

Estimating WACC in emerging markets
Understanding the limitations of conventional analysis
Assessing country and equity risk
Different approaches

Case Study: Estimating WACC in an Emerging Market

Day 2

Day 3

Day 4

Financial Modelling for Valuation

Topics Covered Include:

Mergers and Acquisitions
Initial Public Offerings (IPOs)
Value Based Management
Restructuring

Capital structure analysis
Building financial models (pro-forma models)
Discounted cash-flow analysis
Estimated cost of capital (cost of equity, cost of debt and weighted average cost of capital)
EVA
Market multiples
Value driver analysis
Free-cash flow

Topics Covered Include:

Mergers and Acquisitions
Initial Public Offerings (IPOs)
Value Based Management
Restructuring
Capital structure analysis
Building financial models (pro-forma models)
Discounted cash-flow analysis
Estimated cost of capital (cost of equity, cost of debt and weighted average cost of capital)
EVA
Market multiples
Value driver analysis
Free-cash flow

The seminar takes a "hands-on" approach to learning corporate finance rather than focusing on the theory.

Financial Analysts, Planners and Decision Makers in corporations
Management Executives
Corporate and Commercial Bankers
Accountants
Members of Corporate Finance and M & A teams
Strategic Planning Executives
Corporate Treasury Executives
Management Consultants
Lawyers or Legal Advisors
Financial and Investment Analysts
Investment Managers

KEY BENEFITS OF ATTENDING

Learn or update fundamental valuation skills.
Acquire Excel skills to develop consistent financial forecasting and valuation models.
Get behind key valuation issues, like the determination of the time horizon to use and growth in perpetuity.
Understand how to analyse synergies from internal or external restructuring.
Understand how to apply valuation modelling to M&A analysis, IPOs and value-based management.
Build on existing knowledge of various security valuation techniques.
Master methods to calculate the cost of capital.
Identify appropriate valuation techniques to use for different situations.

Day 1

Day 2

Day 3

Day 4

Financial Restructuring

Plan, evaluate and monitor all financial aspects of the restructuring process.

Develop a detailed understanding of portfolio, management and financial restructuring
Identify, assess and manage the risks associated with restructuring
Acquire an understanding of buy outs, leveraged recapitalisations and debt: equity swaps
Assess the debt capacity and potential for refinancing
Use strategic value analysis (SVA) to value a company
Understand the importance of the cost of capital and peer group analysis

FINANCIAL TECHNIQUES FOR RESTRUCTURING

Course Objectives

The recent economic volatility in Asia has forced many companies to undertake restructuring as a strategic option in order to remain operational. However, with the region presently enjoying renewed optimism, new opportunities are once again presenting themselves. In order to be effectively positioned to take advantage of these opportunities, organisations will have to once again undergo change. With this in mind and drawing on extensive experience with restructuring processes, Roger Mills and Euromoney have composed this comprehensive training program. The course will lead you through the different phases of the restructuring process: situation audit, planning, evaluation and monitoring. The financial techniques and concepts for each of these phases will be explained, discussed and applied through case studies, exercises and computer simulations.

On completion of this course attendees will:

Master all financial techniques for planning, evaluating and monitoring restructuring processes
Have an in-depth knowledge of portfolio, management and financial restructuring
Be able to identify, assess and manage the risks associated with restructuring
Have a detailed understanding of buy outs, leveraged recapitalisations and debt: equity swaps
Be able to assess the debt capacity and potential for refinancing
Know how to apply strategic value analysis (SVA)
Understand the significance of cost of capital and peer group analysis in the restructuring process

Course Methodology

The teaching method will emphasise practical applications of financial techniques. The focus is on blending theory and practice to provide participants with a sound grounding in the full range of financial techniques that may be applied when involved in a restructuring situation.

Teaching methods will include:

Lectures
Examples and practical exercises
Case studies
Computer simulations
A guest presentation

The last day of the course will focus on a major real-life restructuring case study. Using their newly acquired techniques, delegates will be asked to identify potential sources of benefit from restructuring a multi-business operation by assessing the financial health of the business portfolio. This conglomerate is an acquisition target with a value gap between the bid price and the current share price. Delegates will make extensive use of customised computer based spreadsheets.

Who will benefit from this course?

This course has been designed for all business and finance professionals (potentially) involved in restructuring processes, either directly or indirectly.

CFOs and financial directors
MDs and CEOs
Corporate finance managers and treasurers
Advisors including bankers, lawyers, accountants, tax specialists
Management consultants in the areas of restructuring and corporate finance
Members of M&A teams and other investment bankers
Analysts
Auditors
Market regulators and government agencies involved in privatizations
Corporate bankers and lenders

Course Director Dr. Roger Mills

Roger Mills is Professor of Accounting and Finance at Henley Management College in England where he is Head of the Accounting and Finance Faculty. He has a First Degree in Psychology, Sociology and Economics, a Masters Degree in Management Studies and a Ph.D. in Finance. He trained as an accountant in industry and is a Fellow of the Chartered Institute of Management Accountants (FCMA), a Fellow of the Chartered Institute of Secretaries and Administrators (FCIS), and a Fellow of the Association of Corporate Treasurers (FCT). He is the co-author of a number of books on accounting and finance, and is the author of numerous articles in practitioner-oriented journals like Management Accounting, the Treasurer, the Journal of General Management.

Professor Mills has undertaken numerous consultancy assignments within the computer, financial services and banking industries. His particular areas of specialisation are strategic financial and value analysis, corporate finance, business valuation, merger and acquisition analysis and corporate restructuring. He has delivered programs on these and other finance related subjects in Hong Kong, Singapore, Malaysia, Brazil, Russia, United States of America, Norway, Switzerland, France, Denmark, Estonia, Hungary, Nigeria, South Africa, Spain, Germany and New Zealand.

The Euromoney Certificate

Delegates who successfully complete this course will receive the prestigious Euromoney Training Certificate, a statement of excellence recognised worldwide.

Course Times

Registration is at 8.30am on day one. The course begins at 9.00am & concludes at approximately 5.00pm daily.

COURSE AGENDA

Day 1

Day 2

Day 3

Day 4

CFO's Workshop

CFOs Workshop

A Unique Course Tailored to meet the Specific Needs of Top Finance Professionals, Finance Directors, Financial Controllers, Financial Analysts & Management Accountants.

Examine recent trends in performance measurement and cost management
Understand how to link value and performance using Economic Value Added (EVA) analysis
Apply the latest techniques for estimating the real cost of capital
Understand the importance of shareholder value in managing organisations of all types to create value
Review the Balanced Scorecard and quality modeling for linking the demands of the customer with those of other stakeholders
Analyse the latest principles in Value Based Management and Strategic Value Analysis

Financial Controllers & Finance Directors Course

Course Background

Increasing global competition, new business opportunities, technological advancements, better-cost control, shorter product and market cycles, together with the recent economic turbulence, are all putting added pressure and responsibility on Financial Managers in the Asia Pacific.

As well as effectively meeting these challenges, Financial Managers must also increasingly shoulder the pressure of measuring and controlling the Cost of Capital and creating Shareholder Value, which, to be completed successfully, require a comprehensive understanding of new and innovative techniques. EuromoneyÌs Financial Controllers & CFOs Workshop will examine in detail these and other important aspects of the Financial Manager's duties, including strategic cost management, performance measurement and advanced budgeting.

An effective finance function must work alongside management as business partners and become a core advisor in key corporate strategies and decision-making. This comprehensive 4-day course will show you exactly how this can be done.

Teaching Methods

This is an intensive and interactive training workshop that combines formal lecture sessions with practical case study exercises wherever possible, ensuring that delegates leave with a comprehensive understanding of the topics discussed.

Increase Your Understanding of the Following Important Areas

Value Based Management
Performance Measurement
Balanced Scorecard
Process Focused Management
Target and Strategic Cost Management
Shareholder and Strategic Value Analysis
Cost of Capital Analysis

Who Should Attend?

Financial Controllers
Finance Directors/CFOs
Accountants
Financial Analysts
Financial / Strategic Planners
Chief Financial Officers
Treasurers
Internal and External Auditors
Management Consultants
Corporate Bankers
Tax Specialists

Day 1

Day 2

Day 3

Day 4

Expert Techniques for Merger and Acquisitions

Day 1

Day 2

Day 3

Day 4

Essentials of Valuation Analysis

Following the resounding success of Dr Roger Mills globally, we are pleased to announce that he is now offering programmes directly to the financial Community. The following programme on Essentials of Equity Analysis is a must for the financial practitioner. Dr Roger Mills specialises in programmes designed to get you to carry out as well as understand key issues that your corporation is facing.

This programme is relevant to:

Financial Analysts
Treasurers
Accountants

Project Financiers
CFOs
M&A Advisors
Corporate Analysts
Treasury Planners
Risk Managers
Finance Managers

Please bring your laptop.

Essentials of Valuation Analysis

The success of all corporate transactions whether internally as part of a managing for value (sometimes called value based management) programme, or externally for purposes of acquisition, merger, divestment, buy-out, depends upon putting an accurate value on the corporate entity involved. This course explains the underpinnings of the concepts, principles and techniques of corporate valuation and provides the foundations for the 2-Day Essentials of Valuation Analysis Programme.

This programme is being provided by Dr Roger Mills an expert in company valuation who has consulted to numerous global companies over the last few years.

The Course Outline

The number of valuation techniques available is more numerous and complex than ever before. How do you decide between? This training course will give you a solid understanding of:

The techniques available
Key issues in their application and common errors made in practice, and
How to apply them to:
IPOs
M&A, or restructuring
Banks for which regulatory constraints apply
New economy businesses, e.g. relating to the valuation of high technology companies will be considered, as well as conventional old economy businesses
Value Based Management and how valuation principles can be applied to managing the business for value
Cross-border situations
Emerging markets
Intangible assets

This course will develop your valuation skills, enable you to identify and implement appropriate techniques and enable you to understand common errors made by practitioners.

About This Course

This training course has been specifically designed to cater to delegate requests for an intermediate programme. It will provide a thorough look at valuation techniques and participants should have a solid understanding of basic valuation techniques such as Net Present Value (NPV) and Internal Rate of Return (IRR) prior to the course. The programme will use case study examples to build and explain in more detail the necessary models for business valuation. Many of the case studies used are computer-based, so please bring your laptop.

Day 1

Day 2

Key Issues in Applying Valuation Techniques

Determination of the terminal/residual/continuing value
Review of approaches
Market multiple
Asset-based
Discounted cash flow
Determination of the time horizon to use, including the valuation of intangible assets
Understanding the business model and the strategic perspective
Relationship between return on capital and the cost of capital Key Issues in Applying Valuation Techniques
Key definitions and relationships - planning period, competitive advantage and growth duration
Methods for estimating the Competitive Advantage Period (CAP)
Estimation of the cost of capital in developed markets
Estimating the Weighted Average Cost of Capital (WACC) - key requirements:
Cost of different types of capital
Cost of equity:
Accounting estimates - earnings approaches
Dividend Valuation Model (DVM) and the importance of dividends
Capital Asset Pricing Model (CAPM) - risk free rate, betas and equity risk premium
Cost of debt
Yield to redemption and credit spread
Corporate taxation
Understanding gearing/leverage and capital structure
Estimation of the cost of capital in emerging markets
Estimating country risk
Estimating equity risk
Local versus stable currency methods

Case Studies

Review of common valuation errors, including:
Calculating weighted average cost of capital (WACC) using book values for equity and debt rather than market values.
Calculating free cash flow (FCF), using the taxes of the levered project.
Inconsistent/incorrect practices, e.g. using flows in constant currency and current rates, or vice-versa.
Disparity between expected inflation and discount rates.
Confusing cost of equity (Ke) with WACC.
Valuing divisions using the companyÌs WACC with or without an additional arbitrary hurdle rate.
Valuing all businesses at the same rate and making no allowance for systematic differences in risk.
Assuming that the debtÌs value always matches the nominal value.
Highly variable borrowing and constant WACC and Ke.
Calculating the beta only from historic data.
Using averages of multiples where there is a high degree of scatter.

Company and Equity Valuation Techniques

This course explains the concepts, principles and techniques of corporate valuation and shows participants how they can be applied in practice. To benefit fully from this course, some understanding of accounting concepts and applications is necessary; if you do not have this, we suggest that you attend ''The Essentials of Valuation Analysis'' course, which takes place immediately prior to this.

This briefing will also provide you with an understanding of circumstances when valuations are necessary, the concept of shareholder value, the crucial difference between cash and accrual accounting, the main valuation techniques and how they are used, the options for raising finance, how to structure financial packages, the practical aspects of public company takeovers, and the skills to value a private company for sale.

This programme is being provided by Dr Roger Mills an expert in company valuation, and has consulted to numerous global companies over the last few years.

The Course Outline

The number of valuation techniques available is more numerous and complex than ever before. How do you decide between? This training course will reinforce your understanding of:

The techniques available
Key issues in their application and common errors made in practice, and
How to apply them to:
IPOs
M&A, or restructuring
Banks for which regulatory constraints apply
New economy businesses, e.g. relating to the valuation of high technology companies will be considered, as well as conventional old economy businesses
Value Based Management and how valuation principles can be applied to managing the business for value
Cross-border situations
Emerging markets
Intangible assets

This course will develop your valuation skills, enable you to identify and implement appropriate techniques and enable you to understand common errors made by practitioners.

About This Course

This training course has been specifically designed to cater to delegate requests for an intermediate/advanced programme. It will provide a thorough look at valuation techniques and participants should have a solid understanding of basic valuation techniques prior to the course. The programme will use case study examples to build and explain in more detail the necessary models for business valuation, many of which are computer based so please bring your laptop.

Day 1

Day 2