Algemene informatie over de cursus
In deze top-level training krijgt u hulpmiddelen aangereikt waarmee u financiële modellen in Excel leert bouwen. Deze modellen helpen bij het bepalen van de waarde van een bedrijf. De waarde van een bedrijf wordt op drie manieren bepaald:- Op een stand-alone basis
- In een Leveraged Buy-Out (LBO) situatie
- In een buy-side Mergers & Acquisitions (M&A) scenario
U leert alle Excel koppelingen kennen waarmee u meer dan uitstekende financiële modellen in Excel leert bouwen. Tijdens de Business Valuation & Financial Modelling training wordt op verschillende waarderingstechnieken ingegaan, zoals de:
- Comparable companies analyse
- Precedente transactie analyse
- Discounted Cash Flow (DCF) analyse
- Leveraged Buy-Out (LBO) analyse
- Buy-side Mergers & Acquisitions (M&A) analyse
Tevens worden verschillende technieken behandeld die naar de waarde van de onderneming kijken. De onderneming wordt beoordeeld door naar de waarde van de aandelen te kijken. Hierbij wordt rekening gehouden met de (aangepaste) netto schuld. De theorie wordt niet alleen uitgelegd maar ook toegepast op bestaande bedrijven.
Inhoud van de cursus
DAG IANALYSIS OF COMPARABLE COMPANIES
Select the sphere of comparable companies
- Identify key characteristics of the target for comparison purposes
- Screen for comparable companies
Locate the necessary financial information
- SEC filings: 10-K, 10-Q, 8-K, and proxy statements
- Equity research
- Press releases and news runs
- Financial information services
- Summary of financial data primary resources
Spread key statistics, ratios and trading multiples
- Calculation of key financial statistics and ratios
- Supplemental financial concepts and calculations
- Calculation of key trading multiples
Benchmark the comparable companies
- Benchmark the financial statistics and ratios
- Benchmark the trading multiples
Determine valuation
- Valuation implied by Enterprise Value (EV)/EBITDA
- Valuation implied by Price/Earning (PE)
Key pros and cons of analysis of comparable companies
DAG II
ANALYSIS OF COMPARABLE TRANSACTIONS
Select the sphere of comparable acquisitions
- Screen for comparable acquisitions
- Examine other considerations
Locate the necessary deal-related and financial information
- Public targets
- Private targets
- Summary of primary SEC filings in M&A transactions
Spread key statistics, ratios and trading multiples
- Calculation of key financial statistics and ratios
- Calculation of key trading multiples
Benchmark the comparable companies
Determine valuation
Key pros and cons of analysis of comparable transactions
ANALYSIS OF DISCOUNTED CASH FLOW (DCF)
Study the target and determine key performance drivers
Project free cash flow
- Considerations for projecting free cash flow
- Projection of sales, EBITDA and EBIT
- Projection of free cash flow
Calculate Weighted Average Cost of Capital (WACC)
- Determine target capital structure
- Estimate cost of debt
- Estimate cost of equity
- Calculate WACC
DAG III
ANALYSIS OF DISCOUNTED CASH FLOW (DCF)
Determine terminal value
- Exit multiple method
- Perpetuity growth method
Calculate present value and determine value
- Calculate present value
- Determine valuation
- Perform sensitivity analysis
Key pros and cons of analysis of Discounted Cash Flow (DCF)
LEVERAGED BUY-OUTS (LBOs)
Key participants
- Financial sponsors
- Investment banks
- Bank and institutional lenders
- Bond investors
- Target management
Characteristics of a strong LBO candidate
- Strong cash flow generation
- Leading and defensible market positions
- Growth opportunities
- Low capex requirements
- Strong asset base
- Proven management team
Economics of LBOs
- Return analysis: internal rate of return (IRR)
- Return analysis: cash return
- How LBOs generate return
- How leverage is used to enhance returns
Primary exit/monetization strategies
- Sale of business
- Initial Public Offering (IPO)
- Dividend recapitalisation
- Below par debt repurchase
LBO financing: structure
LBO financing: primary sources
- Bank debt
- High-yield bonds
- Mezzanine debt
- Equity contribution
LBO financing: selected key terms
- Security
- Seniority
- Maturity
- Coupon
- Call protection
- Covenants
- Term sheets
LBO financing: determine financing structure
DAG IV
ANALYSIS OF LEVERAGED BUY-OUT (LBO)
Locate and analyse the necessary information
Build the pre-LBO model
- Build historical and projected income statement through EBIT
- Input opening balance sheet and project balance sheet items
- Build cash flow statement by means of investing activities
Input transaction structure
- Enter purchase-price assumptions
- Enter financing structure into sources and uses
- Link sources and uses to balance sheet adjustments columns
Complete the post-LBO model
- Build debt schedule
- Complete pro forma income statement from EBIT to net income
- Complete pro forma balance sheet
- Complete pro forma cash-flow statement
DAG V
LEVERAGED BUY-OUT (LBO) ANALYSIS
Perform Leveraged Buy-Out (LBO) analysis
- Analyse financing structure
- Perform return analysis
- Determine valuation
- Create transaction summery page
SELL-SIDE MERGERS & ACQUISITIONS (M&A)
Auctions
Organisation and preparation
First round
Second round
Negotiations
Closing
Negotiated sale
DAG VI
BUY-SIDE MERGERS & ACQUISITIONS (M&A)
Buyer motivation
- Synergies
- Cost synergies
- Revenue synergies
Acquisition strategies
- Horizontal integration
- Vertical integration
- Conglomeration
Form of financing
- Cash on hand
- Debt financing
- Equity financing
- Debt vs. equity financing summary - acquirer perspective
Deal structure
- Stock sale
- Asset sale
Buy-side valuation
- Football field
- Analysis at various prices
- Contribution analysis
Merger consequences analysis
- Purchase price assumptions
- Balance sheet effects
- Accretion/dilution analysis
- acquisition scenario's: 50% stock/50% cash, 100% cash, 100% stock
Toelatingseisen: wat heb je nodig?
Deze hoogwaardige en uiterst bruikbare training wordt op een post-HBO/Bachelor denk- en werkniveau gegeven.Als deelnemer aan de Business Valuation & Financial Modelling training dient u in het bezit te zijn van een laptop. Op de laptop dient Microsoft Excel geïnstalleerd te zijn. Alle koppelingen in Excel zijn gebaseerd op Windows. Wij raden u daarom ten zeerste aan om te werken op een Windows laptop of computer. Een apparaat met een besturingssysteem van Apple of IOS raden wij voor deze training af.