Business Valuation - Principles, Best practice and Application in Uncertain Times
Corpul profesoral
Dr. Carmen Lipara, Consultant
CONSULTANT – EVALUARE, MODELARE ȘI ECONOMIE, MEMBRU AL AAFBR
Daniela Ropotă
ASOCIAT SENIOR – EVALUARE, MODELARE ȘI ECONOMIE BIG4, PREȘEDINTE AL AAFBR
Mihai Căruntu
ANALIST SENIOR DIVIZIA SERVICII FINANCIARE CORPORATIVE, BRD – GSG, MEMBRU AL AAFBR
Mihai Stan, FCCA
MEMBRU AL CONSILIULUI DE ADMINISTRAȚIE CN ROMARM S.A., MEMBRU AL AAFBR
Facilitators:
Mihai Căruntu – Presenter / Trainer, Senior Analyst Corporate Finance Division, BRD – GSG, member of AAFBR
Carmen Lipara, PhD - Presenter / Trainer / Consultant, Manager Valuation, Modeling and Economics, EY, member of AAFBR
Daniela Ropotă, CIIA – Presenter / Trainer / Consultant, Senior Associate Valuation, Modeling and Economics, PwC, President of AAFBR
Mihai Stan, FCCA - Presenter / Trainer, Expert Banking Resolution Dept., NBR, member of AAFBR
The course focuses on two critical concepts of the economic life: business and value. As practitioners interested in economy and more specifically in finance, lecturers understand that knowing what a business is worth is a pre-requisite for decision making in finding on the appropriate price in a transaction and in making management and financing choices when running a business.
The participants will find out what drives the intrinsic value of a business and how this can be estimated using traditional models apparently easy to apply, but to the same extent, whose results seem easy to be challenged. The facilitators will present well-known business valuation methods using spreadsheets tools, pitfalls of financial statements forecast process, and assessment of risk to under-achieve or over-achieve the forecasts. Business valuation results will be of interest for their owners, investors (even if they aren’t listed) or creditors.
The course is guaranteed by the Association of Financial-Banking Analysts from Romania (AAFBR).
Learning Outcomes
- Gain knowledge and master the main valuation techniques.
- How the key judgments to market multiple valuation is to identify most appropriate comparables and to explore the differences between their business profiles .
- How to build Discounted Cash-Flow Model using inputs such as Weight Average Cost of Capital (WACC), Net Working Capital (NWC), Capital Investments (CAPEX), Net debt and TerminalValue.
- How to make key judgments for a convincing business assessment.
- Understand the role of business plan for a valuation exercise.
Content
- Comparable company valuation (Comparable Company Trading Multiple Analysis and Comparable Transaction Multiple Analysis): range of multiple used in valuation, applicability of multiples and limitations, identifying the most appropriate multiples to evaluate the target company, reasons to consider discounts/premiums in applying the market multiple approach.
- Business plan – Plan to write, plan for research, plan the package and build your numbers
- Understanding the discount rate concept and calculating each of the components of the Weighted Average Cost of Capital (WACC): Risk Free Rate, Country risk premium, Cost of equity.
- Cost of debt
- Understanding the net working capital concept and its impact over the valuation of the company
- Discounted Cash Flow Model: practical approach of building the model
- Sensitivity analysis to the development of some key business variables, relevant especially in times of great uncertainty such us the COVID-19 pandemic
- How to reconcile results between different valuation tools in order to reach the concluded value of the target company
Learning Activities
During the course the concepts introduced will be practiced through a case study. The course will also include step-by-step technical hints on valuation process. Participants will present their work virtually to their colleagues on the course for further feedback and discussion.
Prerequisite
A basic financial background is required.
Target Audience: Financial analysts, asset managers, private equity managers, high level professionals working in other areas of finance and accounting, top managers and board members, anyone in a managerial position who needs a thorough familiarization to business valuation.
Number Of Participants: limited to maximum 12
The webinars will be highly interactive, based on discussions and case studies
When and where:
- May 11 - 12, 2023 (09:30 – 14:00)
- December 7 – 8, 2023 (09:30 – 14:00)
- The webinar will be delivered using Online Platform, allowing the virtual participation, both from home and from work, with no risks associated, using just a browser. After the registration to the course, one day before the online sessions took place, the participants will receive a link to access the virtual classroom.
- Duration: 8 hours (net)
Registration:
- by May 1, 2023
- by November 27, 2023
A digital certificate will be issued by Envisia, endorsed by AAFBR, after the course.
How to enroll:
- If you are purchasing the course for yourself, as an individual, please click on the Buy course button and follow the steps in the form
- If you are a representative of an organisation and want to purchase this course for your team / colleagues, please click on the Contact us button and follow the steps in the form.
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