Back to Search Results

Training Course Summary:

This seminar is designed to give a thorough overview of practical corporate finance issues. It is beneficial both to those who are new to working in corporate finance and also those who are carrying out supporting roles in a corporate finance department. The seminar covers valuation, buying and selling private companies and public company transactions such as flotations, raising equity finance and public takeovers. The course includes plenty of exercises to reinforce the topics that are being taught. A laptop with a CD-Rom will be required for the last day of the seminar.

Training Course Overview/Content:

Instruments of Corporate Finance
Shares and depositary receipts
Debt securities, convertibles and warrants

Advisory Roles in Corporate Finance Deals

Stock Market Flotations
Advantages and disadvantages
Conditions and methods

Further New Issues
Rights issues and open offers
ABI / NAPF guidelines
Vendor placings

Takeover of Public Companies
Recommended bids
Bid and defence strategies
Takeover Code (introduction only)

Further Corporate Finance Transactions
Demergers and buying in
Capital reduction schemes

Acquisition Strategy for Buying Private Companies
Acquisition objectives
Process and commercial errors
Keys to success
The acquisition plan
Screening the targets and the approach
Commercial assessment

Disposal Strategy for Selling Private Companies
Typical mistakes in disposals
Pre-sale planning
Appointment of advisers
‘Sell side’ due diligence
Grooming and separation issues
Presenting the information

Valuation Techniques
Using the dividend growth model approach
Linking the dividend model with the price earnings (PER) ratio
Understanding the key drivers of PER – risk and growth assumptions
Relative sector PER’s and the implications for future value
Concept of EBIT and EBITDA multiples of enterprise value (EV)
Cashflow multiples – EV / FCF, price / cashflow per share
Sales, asset and other multiples used for valuation
Discounted cashflow valuation
Cost of capital issues
Terminal value