What courses complement this one?
Advanced Financial Valuation
To get a comprehensive understanding of Advanced Financial Valuation, study over 3 days:
- 1 - Advanced M&A Accounting and The World of Returns
- 2 - Advanced Valuation Issues
- 3 - Advanced DCF Divestitures, Corporate Restructuring Analysis
M&A Accounting Issues
This session reviews the fundamentals of M&A accounting. In addition, complex areas such as the valuation of non-controlling interest, goodwill calculation and the treatment of fees are covered.
- Purchase accounting
- Recap of equity method and consolidation of subsidiaries
- Non-controlling/minority interest
- Contingent consideration
- Equity issuance fees
- Financing fees
- Legal, accounting, tax and M&A advisory fees
- Fair value of net assets acquired
- Impairment testing
- Negative goodwill
World of Returns
This program focuses on the analysis of returns. First, the importance of returns in relation to value creation is illustrated. The concept of invested capital is then introduced and practical examples are used to show how to calculate the return on invested capital, and what its advantages and disadvantages are. We then show how to incorporate explicit returns assumptions in a DCF model, by using the value driver formula to calculate the terminal value. The relevance of returns in an M&A context is also discussed.
- Returns analysis
- Value creation: what it is and what its drivers are
- The concept of invested capital
- Return on invested capital (ROIC)
- Relationship between ROIC and WACC
- Relationship between ROIC and ROE
- Relationship between ROIC and growth
- Using ROIC in DCF valuation
- Value driver terminal value approach
- Concept of fading returns
- Impact of returns on M&A analysis
"Using AMT Online (AMTO) was excellent as it allowed me to work through the course material at my own pace. AMT Online was very easy to use and navigate through." ~ graduate, leading business school
What will you receive on the course?
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 DELTA online learning environment
- class recordings
- course notes
- electronic homework/study files
Who should attend this 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
A solid understanding of Financial Statement Analysis (balance sheet, income statement and cash flow) and Financial Modeling skills.
This course is non-residential. The venue will provide light refreshments. AMT reserve the right to cancel or postpone sessions or change content if registrations are insufficient to continue 2 weeks prior to scheduled commencement date. Registrants will be given at least 5 business days’ notice of such changes.