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Public Course

Valuation Bootcamp

Regular price $850.00 USD
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Dates
  • What you'll learn
  • Course Information
  • Venue
  • Reviews
  • What you'll learn
  • Valuation Fundamentals

    The session lays the foundations to build a solid understanding of corporate valuation in the context of investment banking. The most common valuation methodologies are introduced, explaining the difference between a company's fundamental value, and how much an acquirer would pay for the business. The concepts of enterprise value and equity value are explained, using simple but rigorous exercises. Finally, the basics of multiple valuation and discounted cash flow valuation are introduced. Exercises are used throughout the session.

    Learning outcomes

    • The importance of valuation in the investment banking industry
    • Fundamental value vs. how much an acquirer will pay
    • Overview of the major valuation methods
      • Trading comparables analysis
      • Discounted cash flow analysis
      • Transaction comparables analysis
      • LBO analysis
    • Enterprise vs. equity value
    • Book values vs. market values
    • Derivation of enterprise value using market values
    • Derivation of enterprise value using a fundamental valuation approach

    DCF Valuation

    Delegates learn how to build a discounted cash flow valuation model. The session starts with an overview of the valuation methodology, and the steps required in setting up a valuation model. We then focus on the calculation of free cash flow. A detailed ratio analysis is used to establish the reasonableness of the forecasts and to identify when the target company reaches a steady state. We analyze the weighted average cost of capital, breaking it down into its components.

    We complete the valuation model by calculating terminal values, using both the exit multiple method and the perpetuity growth method. The free cash flows are discounted to arrive at enterprise values and the implied share price. Once the valuation is complete delegates perform several checks on the analysis using key ratios, sensitivity and scenario analysis.

    Learning outcomes

    • Calculating unlevered free cash flows
      • Drivers of cash flow
      • Ratio analysis
    • Weighted average cost of capital
      • Optimal capital structure using peer analysis
      • Establishing the company’s forward-looking cost of debt
      • Cost of equity: understanding the risk-free rate, the equity risk premium and beta
      • Unlevering and re-levering the beta
      • Calculating WACC for the case company
    • Calculating the terminal value
      • Perpetuity growth (Gordon Growth Model) method
      • Exit multiple method
    • Building a discounting model
      • Mid-year adjustments
    • Calculating enterprise and equity values
    • Sanity checks
  • Course Information
  • 9.00am - 5.00pm EST

    1 day (non-exam)


        • Venue
        • New York: 275 Madison Ave Suite 1201, New York, NY 10016

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          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.

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