London

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Who should attend the course?

  • New hires who have joined the firm late and missed the in-house program
  • Individuals looking to fill a knowledge gap
  • Experienced bankers looking to refresh their technical skills
  • Teams employed in financial strategy roles from non-banking corporations
  • Graduates preparing to interview for a role in the finance sector
  • Students at business school and looking for a career in finance

 

Course details

Divestiture Analysis & Modeling

This session covers the main divestiture and restructuring options available to a firm as a going concern. The motives and cons of each structure are explained and their balance sheet impact is analyzed in detail. Spreadsheet work and real cases are used throughout the session.

 

Learning outcomes

  • Overview of divestiture and restructuring alternatives available to firms
    • Divestiture (private sale and IPO)
    • Spin off and split-up
    • Split off
    • Equity carve out
  • Creating the balance sheet post deal
    • Deconsolidation process
    • Calculating the gain on disposal, including tax
    • Tax basis vs. book basis of investment sold
    • Dealing with non-controlling interests
    • Adjusting the capital structure of the business to be divested/restructured
  • Use of sale proceeds and scenario analysis
    • Operating investments (capex or business acquisitions)
    • Investments in financial assets
    • Repayment of debt
    • Repurchase of shares
    • Special dividend
  • EPS analysis, including using relative P/Es

M&A Modeling Issues

This session addresses four key complexities in M&A models: Non-coterminus year ends, using a flexible deal date, currency translation and the creation of a non-controlling interest. In order to fully benefit from the session, delegates should have knowledge of the fundamentals of M&A accounting and familiarity with financial modeling.

 

Learning outcomes

  • Building a M&A model: overview
  • Non-coterminous years: calendarizing the financials of the target
  • Dealing with calendarization issues (e.g. lack of underlying data)
  • Building a flexible deal date in the M&A model
  • Explanation of stub and roll forward periods in relation to flexible deal date
  • Purchase accounting and the mechanics of full consolidation
  • Modeling the completion balance sheet and consolidated financial statements post deal
  • Dealing with different currencies
  • Creating a non-controlling interest at acquisition date

 

"I like that the public courses are supported by online training. I can learn at my own pace and time, which has helped increase my confidence in the work that I do." ~ research analyst, global financial institution

Course materials

While this is a face to face training course, a blended learning approach is taken and delegates will be provided with access to AMT Online. Our study materials contain both the knowledge and practice materials required to assist with the learning process and help you in your job role. Course materials include:

 

  • printed course binder with copy of the slides
  • laminated summary sheets
  • 24/7 access to AMT Online (AMTO)
  • class recordings
  • course notes
  • quizzes
  • electronic homework/study files