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Public Course

Valuation Issues

Regular price $8,500.00 USD
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  • What you'll learn
  • Course Information
  • Venue
  • Prerequisites
  • What you'll learn
  • Valuation Issues

    This session covers the more advanced areas of multiples and DCF valuation. Enterprise value and income statement adjustments are addressed for both DCF and multiples, using case company examples.

    Learning outcomes

    Stock based compensation issues
    • Essentials of stock-based compensation accounting
    • Intrinsic value of stock based compensation
    • Treasury method of accounting for stock based compensation
    • Restricted stock and performance stock units
    • Multiples adjustments
    • DCF adjustments
    Non-controlling interests (NCI) and equity affiliates/associates issues
    • Accounting for NCI
    • NCI valuation
      • Market values
      • P / E multiples
      • Book values, and Price to Book multiples
      • And other methodologies
    • Adjustments for NCI to DCF and multiples
    • Accounting for equity affiliates / associates
    • Equity affiliates and core, consolidated and total EV
    • Equity affiliate valuation
      • Market values
      • P / E multiples
      • Book values, and Price to Book multiples
      • And other methodologies
    • Adjustments for equity affiliates to DCF and multiples

    Leases in Valuation

    • Summary of lessee accounting under IFRS 16 and ASC 842 (US GAAP)
    • Valuation multiples
    • Including leases in Enterprise Value
    • Earnings comparability IFRS vs US GAAP
    • EBITDA and EBIT adjustments
    • Discounted cash flow (DCF) valuation
    • Including leases in free cash flow 
    • Including leases in Enterprise Value
    • Including leases in WACC
    • Estimating the lease liability
    • Present value method
    • Multiple method

    Pensions issues

    • Fundamentals of pension accounting
    • Defined benefit vs. defined contribution plans
    • Funded vs. unfunded plans
    • Pension deficits and surpluses
    • Pension adjustments to multiples
      • Pension adjustment to earnings
      • Pension adjustment to enterprise value for multiples
    • Pension adjustments for DCF
  • Course Information
  • 9.00am - 5.00pm GMT

    1 day (non-exam)

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

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

    Financial Statement Analysis

    • Accounting Fundamentals, the Income Statement and Working Capital
    • Non-Current Assets, Cash Flow Statements, Debt and Equity

    Financial Modeling

    • Financial Modeling - Fundamentals
    • Financial Modeling - Cash Sweep and Troubleshooting
    • Financial Modeling - From Scratch

     We also recommend delegates possess solid Valuation skills.

    • Valuation Fundamentals and Trading Comparables
    • Discounted Cash Flow (DCF) Valuation



          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