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 Issues

This session covers the more advanced areas of multiples and DCF valuation. Non-controlling/minority interests, equity method investments (associates/affiliates), leases, pensions, stock based compensation and provisions are covered and slotted into the valuation roadmap. Both enterprise value and income statement adjustments are addressed, using case company examples.

 

Learning outcomes

  • Stock based compensation issues
    • Essentials of stock based compensation accounting
    • Intrinsic value of stock based compensation
    • Treasury method of accounting for stock based compensation
    • Restricted stock and performance stock units
    • Multiples adjustments
    • DCF adjustments
  • Non-controlling interests (NCI) and equity affiliates/associates issues
    • Accounting for NCI
    • NCI valuation
    • Adjustments for NCI to DCF and multiples
    • Accounting for equity affiliates/associates
    • Equity affiliates and core, consolidated and total EV
    • Equity affiliate valuation
    • Adjustments for equity affiliates to DCF and multiples
  • Operating leases issues
    • Differences between operating and financing/capital leases
    • Fundamentals of operating and financing/capital lease accounting
    • Operating leases adjustments to multiples
    • Operating leases and DCF
  • Pensions issues
    • Fundamentals of pension accounting
    • Defined benefit vs. defined contribution plans
    • Funded vs. unfunded plans
    • Pension deficits and surpluses
    • Pension adjustments to multiples
    • Pension adjustments for DCF
  • Cash and equivalents issues
    • Restricted cash
    • Operating cash
    • Excess cash
    • Cash equivalents
    • DCF and multiples treatment
  • Debt like provisions and contingent liabilities issues
    • Fundamentals of provision accounting
    • Provisions valuation
    • Contingent liabilities
    • Provision adjustments to multiples and DCF
  • Other items
    • Assets held for sale
    • Financial investments
    • Derivative liabilities and assets
    • Preference shares
    • Adjustments to multiples and DCF
    • Understanding stock prices – Cum-div and Ex-div
"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:

 

  • e-binder
  • laminated summary sheets 
  • 24/7 access to DELTA online learning environment
  • class recordings
  • course notes
  • quizzes
  • electronic homework/study files

Course trainers

Related courses

Prerequisite 

A solid understanding of the topics covered by our courses in Financial Statement Analysis and Financial Modeling are desirable:

 

Financial Statement Analysis

 Financial Modeling

 We also recommend delegates possess solid Valuation skills.

US$935.00
London courses
What to bring

You need to bring a Windows-based laptop to the training with Excel and Adobe installed on your system to access your course files. Our teaching materials are designed for PCs and not MAC based systems. Download details for the necessary files will be emailed a few days before the course. You can use any version of MS Excel in class. Please inform us of your Excel version when booking your course.