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18 October 2017

Valuation techniques (with valuation modelling)

Category: MASTER COURSE

Learn the two main techniques used in the valuation of companies and their interrelationships: discounted cash flow (DCF) and comparable multiples - and how to apply them.

Who should attend?
This course will be of benefit to anyone who needs to understand and apply valuation techniques, including equity analysts and fund managers, corporate finance professionals, accountants and business development executives.

What you can gain
An understanding of the practical uses of discounted cash flow and comparable multiples, together with hands-on experience in applying them in practice.

Although this is not a course in financial modelling using Excel it makes use of simple Excel exercises which aim to give you greater confidence in doing valuations.

To further develop your skills in financial modelling using Excel, see Financial modelling - introduction and Financial modelling - comprehensive.

Programme outline
What is meant by the 'value' of a company?

  • Basic principles of value
  • Company valuation and deriving share price
  • Enterprise and equity values.

Discounted cash flow (DCF)

  • Introduction to DCF mathematics
  • Deriving pro forma free cash flow to enterprise (FCF)
  • Treatment of taxation, interest and inflation
  • Terminal value calculations
  • Company values and share prices
  • Discount rates
  • - the cost of equity or ke - the capital asset pricing model (CAPM)
  • - the cost of debt of kd
  • - weighted average cost of capital (WACC) - identifying an appropriate discount rate; multiples
  • Sensitivity analysis using Excel data table function

Comparables analysis

  • Using multiples as valuation tools
  • Common adjustments made to multiples
  • Sources of multiples - CompAcs and CompCos
  • Price / earnings ratios, EV / EBIT and EVI / EBITDA multiples
  • Use of other multiples such as sales multiples, price-to-book etc.
  • Rules of thumb used in different industries.

No prior knowledge of valuation techniques is assumed. You will need a familiarity with financial statements which can by gained by attending Company accounts - introduction. Delegates should also feel comfortable with the basics of compound interest, which we will review.

The course starts at 9.00am on each day.  Lunch and refreshments are included, but not accommodation.
12 CPD hours (where applicable). 

Booking Information

Date Location Price
18 October 2017 - 09:00 London - 2 day course Price: GBP 1,230.00
Member price: £1,107.00. CDS member price: £980.00. Plus VAT on all prices. Excluding accommodation.
20 November 2017 - 09:00 London - 2 day course Price: GBP 1,230.00
Member price: £1,107.00. CDS member price: £980.00. Plus VAT on all prices. Excluding accommodation.
1 February 2018 - 09:00 London - 2 day course Price: GBP 1,230.00
Member price: £1,107.00. CDS member price: £980.00. Plus VAT on all prices. Excluding accommodation.
4 June 2018 - 09:00 London - 2 day course Price: GBP 1,230.00
Member price: £1,107.00. CDS member price: £980.00. Plus VAT on all prices. Excluding accommodation.
30 July 2018 - 09:00 London - 2 day course Price: GBP 1,230.00
Member price: £1,107.00. CDS member price: £980.00. Plus VAT on all prices. Excluding accommodation.
24 October 2018 - 09:00 London - 2 day course Price: GBP 1,230.00
Member price: £1,107.00. CDS member price: £980.00. Plus VAT on all prices. Excluding accommodation.
12 December 2018 - 09:00 London - 2 day course Price: GBP 1,230.00
+Member price: £1,107.00. CDS member price: £980.00. Plus VAT on all prices. Excluding accommodation.

Valuation techniques (with valuation modelling)

CIMA members and students should log in to MY CIMA before booking to receive the appropriate discount. Save up to 30% with the CIMA Corporate Discount Scheme (CDS). Find out more at: www.cimamastercourses.com/CDS

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Find out more 
If you have any queries please email or phone us on: +44 (0)3332 221608. Visit our booking page for information on how to book and pay.

The venue for this course will be confirmed 14 days before the scheduled date. 

CIMA Mastercourses are held in partnership with BPP.  

CIMA on demand is our range of online CPD courses specifically designed for busy finance and business professionals who need training that's convenient and will fit around their schedule. Find out more