Course description
Corporate Finance - 3 day course in London or in house training for your financial team
This three day intensive Corporate Finance training course aims to help you understand the challenging and perplexing financial problems faced by businesses today as well as equipping you with a solid grounding in how to deal with complex finance issues.
Benefit from an authoritative insight into the latest techniques, trends and strategies and gain the confidence to instigate, analyse and complete successful deals efficiently and effectively.
Key areas covered include:
- Practical corporate valuation techniques
- Getting to grips with cost of capital
- Flotation preparations
- Equity issues
- The practicalities of private acquisitions
- Financial structuring issues
- Public takeovers and mergers
- Private equity, LBOs and MBOs
Upcoming start dates
Suitability - Who should attend?
This 3-day Corporate Finance training course is suitable for delegates wanting to gain a complete practical guide to the mechanics of modern corporate finance.
Training Course Content
This course cover the following modules:
The Role of the Participants in Corporate Finance
- What they do and how they’re paid
- Investment banks
- Stockbrokers
- Solicitors
- Reporting accountants
- Financial PR consultants
- Other
Corporate Valuation Techniques
- Understanding price versus value
- Understanding multiple drivers – risk, growth and reinvestment rates
- Understanding the link between multiples and the discounted cash flow approach
- Understanding the value drivers of the company
- Using PE, EV/EBITDA, PBV, PS, PCF and other multiples
- DCF framework model and variants including EVA and CFROI/CFROC
- Fade rates on long-term cash flows
- Problems with calculating terminal value and long-term growth rates
- Estimating asset life
- Evaluating the stable growth period
- Handling problems of research expenditure and operating lease payments
- Effective and actual tax rates
- The concept of normalised earnings flows to avoid abnormal cash flow patterns
- Using multi-period terminal value models
- Methods of valuing intangible assets
- Valuing on a stand-alone basis and valuing with synergies
- Control premium
- Liquidity discounts
- Evaluating price premium in relation to sector
Weighted Average Cost of Capital (WACC) and the Discount Rate
- Review of Capital Asset Pricing Model (CAPM)
- How to derive equity risk premiums in different countries
- How betas are derived – regressing company and market returns
- De-leveraging betas to produce asset betas
- A bottom-up method of calculating beta reflecting business mix and leverage
- Which beta to choose for company valuation?
- Problems with CAPM – is it really still a valid concept?
- WACC calculation
- Optimal capital structure and gearing risk
- Is WACC dead given the capital raising ability of modern firms?
Preparations for Flotation
- Rationale for flotation reasons for and against
- Alternatives
- Official list or aim
- Suitability
- Sponsor’s role and responsibilities
- Re-organisations
- Taxation implications
- Timing
- Underwriting policies and issues
Equity Issue Methods
- Types of equity
- Convertibles and warrants
- Pricing
- Bookbuilding
- Oversubscription and greenshoes
- Allocation
- Issue methods for flotation
- Allocation of shares in the flotation of a company
Subsequent (“secondary”) Issues
- Type of issues
Reasons for and Types of Acquisitions (including effect of synergies)
- Type of deals
- Types of synergies
- Problems with synergies
- Role of PMI
Private Acquisitions in Practice: Step-by-Step Approach
- Investigation into the target
- The long form report
- Legal considerations
- Negotiations
- Documents required
- Profit forecasts and earn-outs
Private equity, LBOs and MBOs
- The role of the venture capitalist
- Private equity involvement
- The development and rationale for different types of buy-outs:
- Key features of a successful MBO
- Structure of an MBO
- Initiating the MBO: problems for management and vendors
- The equity investment and loan arrangements: contents of key legal agreements in buy-outs
- Financial assistance and how to overcome the problem if the target is private (“whitewash” procedures)
- Exit routes
Financial Structuring
- Overview and rationale of types of corporate funding
- Debt – short and long-term funding instruments
- Quasi debt instruments – second lien, mezzanine finance, warrantless mezzanine and warranted mezzanine, PIK, PAYC, toggles
- Bank loan structures – alphabet notes, syndications
- Corporate financing decisions and use of debt finance
- The role of high yield bonds in corporate financing activity
- High yield debt pricing
- Use of credit derivatives in the debt markets
- Cashflow modelling debt instruments; DSCR, interest cover and EBITDA multiples
Public Take-overs and Mergers
- Role of take-over panel
- Review of key rules of the code and general principles
- Substantial acquisition rules
- Role of the competition commission
- European merger regulations
- Relevance of Companies Act
- Practical aspects of UK public take-overs, including timetables
Hostile Public Take-overs
- Strategies and tactics
- Bidder only
- Target only
- Both bidder and target
Reviews
Average rating 4.8
It was perfect. Clear and structured view of the subject.
Really practical, plent of vivid real examples. I liked the off the cuff secrets from a professional working in the industry
Expenses
The cost of this course is £2,299 + VAT per delegate.
In-house Training
IFF is the global leader in the provision of tailored in-company courses that are designed to bring about significant increases in personal and organisational performance. By creating training programmes that are aligned to the specific needs of your business, we are able to provide results and ROI’s that are way above what can be achieved via conventional training programmes.
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It is a useful course