PC Core Comprehensive

Description

Learn techniques we teach around the world...

Utilizing the same case study based approach delivered for our corporate clients, these courses provide hands-on, real world, practical applications of the standards and methods that a professional needs.

Participants who choose to attend all courses will blend accounting, finance, and Excel skills into the “from scratch” construction of the major valuation models (three statement, M&A, and LBO).

Led by our experienced instruction team of former practitioners, you get a unique blend of industry insight combined with a passion for teaching. The average TTS instructor has been part of the team for 8.5 years.

What you will learn

Days 1&2 

Financial Modeling & Advanced Sensitivity Analysis
Overview and Introduction to Financial Modeling
Excel Best Practices and Efficiencies
Construction and Application of:

  • Core statements
  • Working capital schedule
  • Depreciation schedule
  • Amortization schedule
  • Other long-term items schedule
  • Equity schedule
  • Shares outstanding schedule
  • Debt and interest schedule

Troubleshooting the Model:

  • Understanding and controlling for circular references
  • Balancing the model
  • Making the model “deal ready”

Utilizing the Finished Product:

  • Data tables

Advanced Sensitivity Analysis:

  • Adding scenarios to the model
  • Creating a toggle for cases and naming cells

Day 3

Public & Acquisition Comparables and Discounted Cash Flow Analysis
Overview of valuation methodologies and fundamental concepts
Public Comparables Analysis:

  • Choosing the appropriate peer group
  • Gathering public information
  • Calculating market and enterprise value
  • Normalizing for non-recurring items
  • Calculating latest twelve months (LTM)
  • Calculating relevant multiples
  • Deriving an implied valuation range
  • Analyzing multiples and a comparables universe
  • Exercise: “Spreading public comparables” for the case company

Overview of Acquisition Comparables Analysis:

  • Choosing the appropriate deal list
  • How control premiums and synergies impact multiples
  • Sources of public information

Discounted Cash Flow Analysis:

  • Strengths and considerations of a DCF analysis
  • Deriving a weighted average cost of capital (WACC)
  • Discounting unlevered free cash flows
  • Estimating the terminal value (exit multiple vs. perpetuity growth rate approach)
  • Determining the valuation range based on DCF analysis
  • Exercise: Adding DCF output to a 3-statement model for the case company

Analyzing Results:

  • Imputing valuation ranges
  • Analyzing a “Football field” for the case company based on different valuation methodologies

Day 4

Merger Consequences Analysis

  • Concept of affordability analysis
  • Overview of SFAS 141/142 and IFRS 3
  • Purchase accounting overview
  • Creation of goodwill and write-ups, including possible incremental D&A
  • Opening balance sheet and purchase accounting adjustments
  • Pro forma income statement
  • Accretion/dilution analysis
  • Credit rating considerations
  • M&A transaction considerations(stock vs. cash, social issues, etc)
  • Asset vs. stock purchase
  • Tax deductibility of goodwill
  • Section 338 election
  • Exercise: Building an M&A model for a potential acquisition of the case company

Day 5

Leveraged Buyout Analysis

  • What makes a good LBO candidate?
  • Concept of value creation via de-leveraging, operational improvements and “multiple expansion”
  • Sources of funding for an LBO
  • Differing viewpoints for LBO constituents
  • Purchase price determination
  • Debt capacity and financing options (Pro rata facilities, institutional facilities, mezzanine capital)
  • Sponsors equity and internal rate of return (IRR)
  • Mechanics of constructing an LBO model
  • Exercise: Constructing an LBO model for the case company

Further information

Training The Street
Provider:
Training The Street
Duration:
5 Days
Locations:
Atlanta, Chicago, Dallas, Dubai, El Segundo, Frankfurt, London, New York, San Francisco, Singapore, Toronto, Washington Dc

Contact Information

Training The Street

275 Madison Avenue
12th Floor, Suite 1201
New York
NY 10016

  • +1 800 887 1320 (Toll-free, U.S.) +1 704 927 9688 (Outside U.S.)
  • Email
  • Website

Locations