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Public Course

Divestiture Analysis, Modeling and M&A Modeling Issues

Regular price $700.00 USD
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  • What you'll learn
  • Venues
  • Prerequisites
  • What you'll learn
  • Divestiture Analysis & Modeling

    This session covers the main divestiture and restructuring options available to a firm as a growing concern. The motives and cons of each structure are explained and their balance sheet impact is analyzed in detail. Spreadsheet work and real cases are used throughout the session.

    Learning outcomes

    • Overview of divestiture and restructuring alternatives available to firms
      • Divestiture (private sale and IPO)
      • Spin-off and split-up
      • Split off
      • Equity carve out
    • Creating the balance sheet post-deal
      • Deconsolidation process
      • Calculating the gain on disposal, including tax
      • Tax basis vs. book basis of investment sold
      • Dealing with non-controlling interests
      • Adjusting the capital structure of the business to be divested/restructured
    • Use of sale proceeds and scenario analysis
      • Operating investments (capex or business acquisitions)
      • Investments in financial assets
      • Repayment of debt
      • Repurchase of shares
      • Special dividend
    • EPS analysis, including using relative P/Es

    M&A Modeling Issues

    This session addresses four key complexities in M&A models: Non-coterminous year ends, using a flexible deal date, currency translation and the creation of a non-controlling interest. In order to fully benefit from the session, delegates should have knowledge of the fundamentals of M&A accounting and familiarity with financial modeling.

    Learning outcomes

    • Building an M&A model: overview
    • Non-coterminous years: calendarizing the financials of the target
    • Dealing with calendarization issues (e.g. lack of underlying data)
    • Building a flexible deal date in the M&A model
    • Explanation of stub and roll forward periods in relation to flexible deal date
    • Purchase accounting and the mechanics of full consolidation
    • Modeling the completion balance sheet and consolidated financial statements post deal
    • Dealing with different currencies
    • Creating a non-controlling interest at acquisition date
  • Venues
  • London: Tenter House, 45 Moorfields, London EC2Y 9AE

    APAC - What is a Virtual Classroom?

    Virtual Classroom training is a new and highly engaging way of delivering programs remotely with enhanced levels of interactivity compared to conventional webinars. In AMT’s Virtual Classroom participants are encouraged to activate their own webcams and mics throughout the class allowing for real-time engagement, both verbal and non-verbal, with fellow participants and their trainer. Participants can also share their screens to get instant assistance in any technical exercise; just like asking the trainer to walk over and help in the classroom! We have seen a step-change in participant engagement with this new technology. The trainer’s ability to see a selection of their participants’ faces in real-time, and to react to their verbal and non-verbal cues creates a remarkably realistic classroom-like experience. 

  • Prerequisites
  • A solid understanding of the topics covered by our course Fully Integrated M&A Modeling is required.

            Pre-Requisites

            Who should attend?

            New hires who have joined the firm late and missed the in-house program

            Individuals looking to fill a knowledge gap

            Experienced bankers looking to refresh their technical skills

            Teams employed in financial strategy roles from non-banking corporations

            Graduates preparing to interview for a role in the finance sector

            Students at business school and looking for a career in finance

            What to use

            You need to use a Windows-based laptop for the training with Excel and Adobe installed on your system to access your course files. Our teaching materials are designed for PCs and not MAC based systems. Download details for the necessary files will be emailed a few days before the course. You can use any version of MS Excel in class. Please inform us of your Excel version when booking your course.

            Ask our trainers

            If you have any questions about the course content, you can email our experienced trainers for any further questions

            Contact a trainer

            Contact us