Advanced Financial Analysis Series

Transcription

1 Advanced Financial Analysis Series CFA Netherlands is prod to present or Advanced Financial Analysis Series held in conjnction with Wall St. Training. The Advanced Financial Analysis Series will provide practical, career-enhancing programs related to fndamental analysis, valation and financial modeling. This series of hands-on workshops will consist of the following fll-day programs: Advanced Financial Modeling Core Model 21 April 2014 Corporate Valation Methodologies 22 April 2014 M&A Deal Strctring & Merger Modeling 23 April 2014 Dates: 21 to 23 April 2014 Vene: Amsterdam, TBD The goal of these programs is to improve and elevate the skill sets of the financial analyst and the investment professional. Heavy emphasis is placed on being as effective and efficient as possible with Excel. If yo are interested in improving yor financial modeling and valation skills, or are in a career transition, these corses are for yo! Wall St. Training ( provides professional financial training soltions to Wall Street throgh hands-on classroom training and cstomized corporate training programs for financial analysis which take a hands-on, interactive, practical, non-theoretical approach. The instrctor, Wall St. Training s President and Fonder, Hamilton Lin, CFA, has trained nmeros major financial services firms inclding Bank of America/Merrill Lynch, Capital Grop, CLSA, Credit Sisse, Detsche Bank, Fidelity, GE, Goldman Sachs, Greenhill, ING, JPMorgan, Lazard, Morgan Stanley, Oppenheimer, TD Secrities, TIAA-CREF, TPG, UOB, Wells Fargo, World Bank and many others. Wall St. Training also provides financial modeling training corses to most of the largest CFA Institte societies arond the world. REGISTRATION: Sign p for all three days at once and receive a 150 total discont ( 50 per day). Yo mst sign p for the three-day block at once. For registration, please go to:

2 Monday, April 21, 2014 Advanced Financial Modeling Core Model 9:00 AM - 5:00 PM Prereqisite: Intermediate proficiency sing Excel and a solid grasp of basic acconting fndamentals are reqired. Bild a flly integrated financial statement projection model with income statement projections, a self-balancing balance sheet, an atomated cash flow statement, and the balancing cash flow sweep/debt schedle. While knowledge of advanced acconting concepts is not reqired for this corse, yo shold possess knowledge of basic acconting ratios and a basic nderstanding of how the major financial statements are inter-related. Emphasis is placed on the integration of the major financial statements and becoming experts in Excel. Incorporate different methodologies to forecasting the different types of assets on the balance sheet and compare and contrast with projecting liabilities. Learn how to balance a model tilizing the debt sweep and the revolver and not sing any plgs. Appreciate the danger of and properly control for circlar references. Avoid messy nested if statements!! Yo will leave the classroom with a flly constrcted model that can be cstomized and applied to other companies. The final model is a flly scalable model that can be added pon. Learning Objectives: Bild an integrated set of financials, inclding IS, BS & CF statements Learn how to balance a model tilizing debt sweep and no plgs Become sper-efficient in Excel throgh intensive se of keyboard shortcts Intensive focs on correct financial modeling approaches & best practices Learning Goals: 5-Year Financial Statement Projection Model: How do yo project an IS from revenes and expenses down to Net Income? What are the different methodologies to forecasting the different types of assets on the balance sheet and how do they compare and contrast with projecting liabilities? How do yo project the shareholders eqity accont? What is the importance of financial ratios in bilding the balance sheet projections? How do yo approach bilding an integrated cash flow statement? How do yo bild each component of the cash flow statement and why is cash the last item to project? Integration and Balancing of Financial Model: Balance the model sing the debt schedle and debt sweep logic the most important analysis in terms of balancing the model!! How does the cash actally flow throgh the model? Incorporate atomatic debt payments and se cash generated to either pay down debt or bild cash How does the revolver facility actally balance the model? Avoid messy nested if statements!! How does the BS and financial statements balance withot the se of plgs? How are the financial statements integrated sing the Interest schedle? What are circlar references, why shold they be avoided and how to get arond circlar references **IMPORTANT - PLEASE NOTE FOR ALL PROGRAMS** To maximize the edcational vale of this program, we strongly recommend that yo have an intermediate nderstanding of Excel. Lack of basic Excel skills will impede yor ability to effectively acqire and implement the techniqes and shortcts that are presented in this program. Bring yor PC laptop with a working USB slot and Microsoft Excel installed. Macs may not be as effective. As a participant in the CFA Institte Approved-Provider Program, CFA Netherlands has determined that this event qalifies for 7 credit hors. If yo are a CFA Institte member, CE credit for yor attendance at this event will be atomatically recorded in yor CE diary.

3 Tesday, April 22, 2014 Corporate Valation Methodologies Fndamental & Relative Valation Modeling 9:00 AM - 5:00 PM How can yo tell if a company is ndervaled or overvaled? Is the crrent stock price the only measre of vale? Why wold one company command a higher or lower premim than its direct competitor? This corse takes a practical, tangible, and non-theoretical approach to Prereqisite: examining how corporations are valed and the major analytical tools that are sed. Go Intermediate beyond the academic theory of financial ratios and apply fndamental analysis and real-world proficiency sing methods of evalating a company s intrinsic vale. Gain insight into relative valation Excel and a solid methodologies (trading comps, deal comps) to fndamental valation (disconted cash flow grasp of basic analysis, break-p / sm of the parts valation). Coverage goes beyond the academic theory of acconting, finance financial ratios to the practical application of fndamental analysis, offering alternative, realworld methods of evalating a company's intrinsic vale. and valation fndamentals are reqired. The second half of this corse bilds on the first half and is hands-on, interactive and Excelbased. Apply the concepts learned in the discssion portion and perform relative valation modeling techniqes in Excel. We start the fndamental valation modeling portion by bilding a DCF valation model and trn or attention to relative valation modeling by bilding a qick and dirty trading comps analysis by inptting historical reslts and analyst projections for comparable companies and calclating crrent standalone market valation mltiples. Then, constrct a detailed comprehensive reference range analysis that qantifies valation methodologies. In doing so, crystallize and appreciate the capital strctre and the relationship between total enterprise vale, eqity vale and price per share. Finally, bild and pdate dynamic football field to graphically smmarize valation metrics. These tools are sefl for any financial professional interested in analyzing a company. Introdction to Valation and Corporate Finance: How mch is a company worth? Why is the crrent stock price not an accrate indication? How do yo tell if a company is nder-valed or over-valed? Why wold one company command a higher or lower premim than its direct competitor? What is the importance between enterprise vale and eqity vale? TEV: what is the correct treatment of minority interest and capital leases from a standalone valation aspect vs. credit perspective vs change of control What is the relevance of capital strctre and leverage on a company s vale? Why and how is corporate finance so critical to managing a firm s profitability? Ratios and Mltiples Discssion: What exactly does a mltiple tell s? Learn the correct way to se P/E ratios and others Why are P/E ratios misnderstood and the root of all evil in valation? What is EBITDA and why is it so important? Utilizing the correct nmerator for mltiples analysis and calclating implied vale Valation Modeling Analysis: Analysis of football field and reference ranges Detailed discssion of the major valation methodologies, their nances and application in the real-world Analyzing, comparing and contrasting trading comps, deal comps and premims paid Incorporate concepts learned by immediately working on Excel-based, hands-on exercises Perform valation modeling techniqes inclding: DCF valation model, qick & dirty trading comps, reference range analysis and football field constrction Inpt historical reslts and analyst projections for comparable companies, calclate crrent standalone market valation mltiples and calclate implied valation of target company As a participant in the CFA Institte Approved-Provider Program, CFA Netherlands has determined that this event qalifies for 7 credit hors. If yo are a CFA Institte member, CE credit for yor attendance at this event will be atomatically recorded in yor CE diary.

4 Wednesday, April 23, 2014 M&A Deal Strctring & Merger Modeling Techniqes 9:00 AM - 5:00 PM Prereqisite: Intermediate proficiency sing Excel, a solid grasp of basic acconting fndamentals and an nderstanding of basic finance & financial modeling techniqes are reqired. No previos insrance indstry expertise reqired. Learn abot mergers and acqisitions and how deals are strctred. The first half of this corse focses on the mergers and acqisitions process and the basics of deal strctres, presenting the main tools and analyses that M&A investment bankers and acqirers tilize. It covers the following modles: (i) in-depth analysis of the entire M&A process, inclding de diligence and legal isses; (ii) common strctral isses inclding cash vs. stock, pfront payments vs. earn-ots, and stock vs. asset deals; (iii) crcial merger conseqence analysis inclding detailed accretion/diltion and contribtion analyses; and (iv) detailed analysis of transaction case stdies to illstrate varios deal strctres and demonstrate detailed alternative earn-ot strctres and methodologies. The second half of this corse bilds on the first half and is hands-on, interactive, Excelbased and covers different ways to model ot financial combinations. Different techniqes are covered inclding the most basic and widely sed back-of-the-envelope method, accretion / diltion and more robst analyses. Bild dynamic models that accont for different transaction strctres, learn how to sensitize financial projections and the financial impact on a transaction and constrct a pro forma merger model. Calclate estimated combined income statement for target and acqiror, key pro forma balance sheet items, cash flow for debt repayments and other relevant items in a merger and acqisition context. M&A Deal Strctring: Review of varios deal considerations and deal strctring options (cash vs. stock) Common strctral isses in a transaction (stock vs. asset) Byer and seller preferences for varios deal strctres and rationale Tax implications of transactions based on strctre & IFRS #3 goodwill amortization Merger conseqence analysis inclding accretion / diltion & financial implications Analysis of breakeven PE for both 100% stock and 100% cash considerations Accretion / Diltion Modeling: Bild dynamic merger conseqence analysis (accretion / diltion) incorporating: Synergies switch, cash vs. stock sensitivity Amortization of goodwill switch (depending on prchase price allocation) Common strctral isses: Stock vs asset deals Analysis of breakeven PE for both 100% stock and 100% cash considerations Calclate pre-tax and after-tax synergies / cshion reqired to breakeven Simple Merger Modeling: Constrct a merger model, simple combination of IS for target and acqiror Project simple stand-alone Income Statement for both target and acqiror Analyze selected balance sheet figres and ratios and mltiples Estimate target valation and deal strctre Calclate selected Pro Forma balance sheet items Combine target and acqiror s Income Statement and estimated synergies Calclate cash flow for debt repayments and cash balances Compte interest expense and interest income based on paydowns Calclate accretion / diltion and credit ratios As a participant in the CFA Institte Approved-Provider Program, CFA Netherlands has determined that this event qalifies for 7 credit hors. If yo are a CFA Institte member, CE credit for yor attendance at this event will be atomatically recorded in yor CE diary.

5 Instrctors Biography Instrctor Biography Mr. Hamilton Lin, CFA Hamilton Lin, CFA, is President of Wall St. Training ( a corporate training firm that teaches the fndamentals of financial analysis, modeling and valation. Clients inclde prestigios firms inclding some of the largest investment banks, many botiqe investment banks, by-side asset managers, research firms and commercial banks, sch as Bank of America/Merrill Lynch, Capital Grop, Citigrop, CLSA, Credit Sisse, Detsche Bank, Fidelity, GE Bsiness Development & Private Eqity, Greenhill, ING, JPMorgan, Lazard, Oppenheimer, TD Secrities, TIAA-CREF, TPG, UOB, Wells Fargo, World Bank IFC and many others. Hamilton has a broad backgrond in investment banking and mergers & acqisitions in diverse indstries ranging from oil & gas to insrance to asset management and related sectors. He has worked on over six dozen deals and closed over three dozen deals, ranging from plain vanilla deals, to sqeeze-ots, LBOs and distressed sitations ranging in deal vale from $10 million to over $6 billion. Prior to fonding his firm, he worked at Goldman Sachs Investment Banking, where he standardized his grop's best practices; Banc of America's M&A department, where he cstomized many of the firm's models; varios botiqe middle-market investment banks, execting private transactions; and Ryan Labs, an asset-liability asset management firm. Hamilton teaches globally, from all major cities in the USA inclding New York City, San Francisco, Chicago, Boston, to Toronto and Montreal in Canada, as well as Asia, inclding Hong Kong, Singapore, Shanghai, to Erope inclding London and most major financial hbs. Hamilton has previosly taght at NYU Stern, as well as Barch College and Hnter College in New York City. He gradated from NYU Stern in Finance and International Bsiness, is a Chartered Financial Analyst and has taght all levels and all stdy sessions of the CFA exam. He also teaches all of the financial modeling and valation corses (dozens of classes a year) at the following CFA Institte member societies: - New York Society of Secrities Analysts - San Francisco CFA Society - Chicago CFA Society - Boston Secrity Analysts Society - Toronto CFA Society - Stamford CFA Society - The Hong Kong Society of Financial Analysts - Singapore CFA Society - CFA Netherlands **IMPORTANT - PLEASE NOTE** To maximize the edcational vale of this program, we strongly recommend that yo have an intermediate nderstanding of Excel. Lack of basic Excel skills will impede yor ability to effectively acqire and implement the techniqes and shortcts that are presented in this program. Bring yor PC laptop with a working USB slot and Microsoft Excel installed. Macs may not be as effective. Refer to next page for Registration Form

6 Registration Form For registration, please go to: (preferred method) OR please complete the fields below and fax to Wall St. Training: Member vs. Non-Member Rate: In order to enjoy the member rate, yo mst be a crrent CFA Netherlands member in good standing. Please inclde yor member nmber for cross reference against the member database. Please only check off member rate if yo are a member: Non-members who attempt to register with the member rate will be charged the non-member rate. Refnd and Cancellation Policy: De to space constraints, there will be no cancellations or refnds allowed. However, sbstittions are allowed with 24-hor notice. Please contact s with fll details of sbstitting party. Name:Mr./Mrs./Ms./Dr./ CFA Netherlands Member No.: Work Nmber: Mobile Nmber: Company Name: Department/Title: Work Address: Postal Code: Payment Details I wold like to attend: (Please mark a tick (P) in the relevant box) Programmes Advanced Financial Modeling Core Model (21 April 2014) Please Tick Corporate Valation Methodologies (22 April 2014) M&A Deal Strctring & Merger Modeling Techniqes (23 April 2014) Fees Per Modle (EURO) Membership Type Per Day 3-Day Block * CFA Netherlands Members 500 1,350 Non Members 650 1,800 * Save 150 total for all three days ( 50 per day) Please charge my credit card: I, hereby athorize Wall St. Training to charge my credit card accont for the amont EURO Credit Card (VISA/AMEX/MC): Billing Address: Expiration Date: Credit Card Verification Code: Signatre: Date: Wall St. Training 68 Soth Service Road, Site 100, Melville, NY USA Phone: Fax: info@wallst-training.com Wall St. Training is a registered servicemark of HL Capital Partners, Ltd.