Public Course

Valuation Fundamentals and Trading Comparables

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Dates
  • What you'll learn
  • Course Information
  • Venues
  • Prerequisites
  • 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
    • How to calculate enterprise value using market values
    • How to calculate enterprise value using a fundamental valuation approach

    Trading Comparables Fundamentals

    The session focuses on the details of comparable company analysis. Multiples are calculated on both a historical and forecasted basis and participants will assess the value of the case company based on a given set of comparables. Public Information Books (“PIBs”) are used throughout the session.

    Learning outcomes

    • Calculating the company’s value
      • Number of shares and value of share options
      • Equity value
      • Net debt calculations
      • Enterprise value
    • Calculating the earnings numbers
      • Cleaning non-recurring items from earnings
      • Calendarization issues
      • Last twelve months analysis
    • Calculating a range of forward looking and historical earnings multiples
      • Revenue
      • EBITDA
      • EBIT
      • PE
      • PEG
      • Other value driver metrics
  • Course Information
  • 9.00am - 5.00pm GMT

    1 day (non-exam)

  • Venues
  • London: Tenter House, 45 Moorfields, London EC2Y 9AE

     

    Frankfurt: Mercure Hotel Frankfurt Eschborn Helfmann Park, Helfmann Park 1, 65760 Eschborn, Germany

  • Prerequisites
  • A solid understanding of the topics covered by our courses in Financial Statement Analysis and Financial Modeling are desirable:

    Financial Statement Analysis

    Financial Modeling

    • Financial Modeling - Fundamentals
    • Financial Modeling - Cash Sweep and Troubleshooting
    • Financial Modeling - From Scratch
  • Reviews
  • Find our reviews here:

    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

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