Valuation Complexities

During this session, participants learn how to handle certain items that can generate complexities when valuing a firm. Minority interests, equity method investments (associates/affiliates), leases, pensions and provisions are covered; the related financial statements analysis issues are reviewed and the valuation impact (multiples and discounted cash flow method) is analyzed. Both enterprise value and income statement adjustments are covered for these topics.

Key topics:

• Leases
  • Review of the accounting
  • Valuation issues
  • Calculating EBITDAR
  • The present value method to capitalize operating leases
  • The multiple method to capitalize operating leases
• Equity method investments
  • Review of the accounting
  • How to value them and their relationship to enterprise value
• Minority interests
  • Review of the accounting