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

Valuation Fundamentals

The session lays the foundations to build a solid understanding of corporate valuation in the context of investment banking. The most common valuation methodologies are introduced, explaining the difference between a company's fundamental value and how much an acquirer would pay for the business. The concepts of enterprise value and equity value are explained, using simple but rigorous exercises. Finally, the basics of multiple valuation and discounted cash flow valuation are introduced. Exercises are used throughout the session.

 

Learning outcomes

  • The importance of valuation in the investment banking industry
  • Fundamental value vs. how much an acquirer will pay
  • Overview of the major valuation methods
    • Trading comparables analysis
    • Discounted cash flow analysis
    • Transaction comparables analysis
    • LBO analysis
  • Enterprise vs. equity value
  • Book values vs. market values
  • How to calculate enterprise value using market values
  • How to calculate enterprise value using a fundamental valuation approach

Trading Comparables Fundamentals

Once delegates understand the different approaches to valuation they are then introduced to the details of comparable company analysis. Multiples are calculated on both a historical and forecasted basis and delegates will assess the value of the case company based on a given set of comparables. Public information books (“PIBs”) are used throughout the session.

 

Learning outcomes

  • Calculating the company’s value
    • Number of shares and value of share options
    • Equity value
    • Net debt calculations
    • Enterprise value
  • Calculating the earnings numbers
    • Cleaning non-recurring items from earnings
    • Calendarization issues
    • Last twelve months analysis
  • Calculating a range of forward looking and historical earnings multiples
    • Revenue
    • EBITDA
    • EBIT
    • PE
    • PEG
    • Other value driver metrics
"It's great to have access to the AMT online platform. I found the videos and quizzes really useful to refer back to after my public course. The videos in particular were simple and easy to understand." ~ analyst, private equity firm

View video to get a flavour of the course

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

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