Advanced Financial Analysis Series

Transcription

1 Advanced Financial Analysis Series CFA Singapore, in collaboration with SVCA, is proud to present our Advanced Financial Analysis Series held in conjunction with Wall St. Training. The Advanced Financial Analysis Series will provide practical, career-enhancing programs related to fundamental analysis, valuation and financial modeling. This series of hands-on workshops will consist of the following full-day programs: Advanced Financial Modeling Core Model 4 Nov 09 Intermediate LBO Modeling 5 Nov 09 Bank Financial Modeling 6 Nov 09 Distressed Securities Overview 7 Nov 09 Date: 4 to 7 November 2009 Venue: Intercontinental Singapore 80 Middle Road, Singapore 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 you are interested in improving your financial modeling and valuation skills, or are in the midst of a career transition, these courses are for you! Wall St. Training ( provides professional financial training solutions to Wall Street through hands-on classroom training and customized corporate training programs for financial analysis which take a hands-on, interactive, practical, non-theoretical approach. The instructor, Wall St. Training s President and Founder, Hamilton Lin, CFA, has trained numerous major financial services firms including Bank of America/Merrill Lynch, Capital Group, CLSA, Credit Suisse, Deutsche Bank, Fidelity, GE Business Development & Private Equity, Greenhill, ING, JPMorgan, Lazard, Oppenheimer, TD Securities, TIAA-CREF, TPG, UOB, Wells Fargo, World Bank IFC and many others. Wall St. Training also provides financial modeling training courses to most of the largest CFA Institute societies around the world. Funding The Monetary Authority of Singapore (MAS) administers grants to financial sector organisations that sponsor eligible participants to training programmes that meet qualifying criteria. For enquiries, please contact the MAS at or via at fsdf@mas.gov.sg.

2 Wednesday, November 4, 2009 Advanced Financial Modeling Core Model Non- Intermediate proficiency using Excel and a solid grasp of basic accounting fundamentals are required. Build a fully integrated financial statement projection model with income statement projections, a self-balancing balance sheet, an automated cash flow statement, and the balancing cash flow sweep/debt schedule. While knowledge of advanced accounting concepts is not required for this course, you should possess knowledge of basic accounting ratios and a basic understanding 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 utilizing the debt sweep and the revolver and not using any plugs. Appreciate the danger of and properly control for circular references. Avoid messy nested if statements!! You will leave the classroom with a fully constructed model that can be customized and applied to other companies. The final model is a fully scalable model that can be added upon. Thursday, November 5, 2009 Intermediate Leveraged Buyout (LBO) Modeling Non- are required. It is HIGHLY recommended to take the Advanced Financial Modeling Core Model as a pre-requisite to not fall behind in class. Leveraged buyouts (LBOs) are among the most risky and complex financial transactions and typically sets the floor or minimum valuation. This class builds an intermediate level LBO analysis that incorporates all the major inputs and value drivers of an LBO transaction and provides an excellent condensed overview and analysis to LBO modeling. We start with a short discussion on leveraged buyouts, including overview, rationale, ideal candidate and drivers of value. Then, construct and sensitize a detailed LBO model from scratch including the following areas: (i) detailed Sources of Funds (inclusion of rollover equity, detailed debt structure and maximizing debt capacity); (ii) expanded of Uses of Funds (ability to toggle refinancing of existing debt, excess cash usage, proper treatment of debt financing fees, tender costs and transaction costs); (iii) projecting selected critical Balance Sheet items and pro forma capital structure components; (iv) constructing key Cash Flow Statement estimates and robust Debt Sweep enhancements (incorporate Term Loan mandatory amortization and integrating and sweeping additional new and existing debt tranches); (v) analyze basic credit and leverage statistics and equity sources that drive the LBO model; and (vi) sensitizing core IRR to equity sponsor as well as triangulate IRR for unequal cash flow returns and dividends to equity sponsors.

3 Friday, November 6, 2009 Bank Financial Modeling Non- are required. It is HIGHLY recommended to take the Advanced Financial Modeling Core Model as a pre-requisite to not fall behind in class. The standard financial analysis and valuation methodologies that apply to most companies do not apply to industries that use money to make money. Balance Sheet based companies, such as banks, play by different rules and methodologies based on the unique nature of their businesses. First, start off with an interactive primer on commercial banks and their financial statement terminology and drivers. Learn how to interpret Net Interest Income Margin (Interest Expense net against Revenue not COGS), analyze the different Balance Sheet assets & liabilities items, understand drivers of EPS growth and review bank-specific valuation parameters and metrics. Then, build a simplified, illustrative bank financial model that addresses the key drivers of profitability, cash flow, and valuation. In particular, on the Income Statement: learn best practices in calculating net interest income via average asset and liability balances; on the Balance Sheet, forecast the selected line items of a bank with emphasis on the loans balance, allowance for loans, including provisions and charge-offs; regarding Credit Losses: different ways to approach estimating provisions for credit losses; and for Regulatory Ratios: estimate risk weighted assets and Tier I and II capital ratios. Saturday, November 7, 2009 Distressed Securities Overview CFA Singapore / SVCA Non- are required. Learn how to model and value distressed companies and securities undergoing restructuring or bankruptcy process. First, appreciate and understand the historical perspective and context of the distressed market. Then, explore various opportunities in distressed investing from securities types to investment strategies. Properly identify and isolate the true sources and drivers of returns from supply & demand to operational changes to market rebound to recapitalizations. Quantify and comprehend the dramatic changes to a distressed firm s capital structure and the implications on the valuation process and realignment of economics. Understand the reorganization and bankruptcy process, including DIP (debtor-in-possession) financing, Section 363 sales (stalking horse), Chapter 11 reorganization, and Chapter 7 liquidation. Fully comprehend the key critical covenants required involved in distressed securities as well as the entire turnaround & restructuring process by identifying key parameters for successful business plan implementation. Wrap up by quantifying valuation impact by evaluating a basic distressed sensitivity financial model.

4 Instructors Biography Instructor Biography Mr. Hamilton Lin, CFA Hamilton Lin, CFA, is President of Wall St. Training ( a corporate training firm that teaches the fundamentals of financial analysis, modeling and valuation. Clients include prestigious firms including some of the largest investment banks, many boutique investment banks, buy-side asset managers, research firms and commercial banks, such as Bank of America/Merrill Lynch, Capital Group, Citigroup, CLSA, Credit Suisse, Deutsche Bank, Fidelity, GE Business Development & Private Equity, Greenhill, ING, JPMorgan, Lazard, Oppenheimer, TD Securities, TIAA-CREF, TPG, UOB, Wells Fargo, World Bank IFC and many others. Hamilton has a broad background in investment banking and mergers & acquisitions in diverse industries ranging from oil & gas to insurance 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 squeeze-outs, LBOs and distressed situations ranging in deal value from $10 million to over $6 billion. Prior to founding his firm, he worked at Goldman Sachs Investment Banking, where he standardized his group's best practices; Banc of America's M&A department, where he customized many of the firm's models; various boutique middle-market investment banks, executing private transactions; and Ryan Labs, an asset-liability asset management firm. Hamilton teaches globally, from all major cities in the USA including New York City, San Francisco, Chicago, Boston, to Toronto and Montreal in Canada, as well as Asia, including Hong Kong, Singapore, Shanghai, to Europe including London and most major financial hubs. Hamilton is currently a Professor at NYU Stern and has also taught at Baruch College and Hunter College in New York City. He graduated from NYU Stern in Finance and International Business, is a Chartered Financial Analyst and has taught all levels and all study sessions of the CFA exam. He also teaches all of the financial modeling and valuation courses (dozens of classes a year) at the following CFA Institute member societies: - New York Society of Securities Analysts - San Francisco CFA Society - Chicago CFA Society - Boston Security Analysts Society - Toronto CFA Society - Stamford CFA Society - The Hong Kong Society of Financial Analysts - Singapore CFA Society - CFA-China: Shanghai & Beijing Refer to next page for Registration Form

5 Registration Form Advanced reservation is required due to limited capacity For participation, please complete the fields below and fax back to CFA Singapore Please indicate membership ID to enjoy members' rate Alternatively, Reservation can be made via Refund and Cancellation Policy: *Refunds and cancelation received on the following: *4 weeks before the workshop date: 10% Cancellation Fee *2 weeks before the workshop date: 50% Cancellation Fee *1 week before the workshop date: No Refund *Members/Guests without registration will NOT be admitted *Admission/Seats are subject to availability Name:Mr./Mrs./Ms./Dr./ Membership No.: Tel: Fax: Affiliate Organisation: Company: Address: Postal Code: Payment Details I would like to attend: (Please mark a tick () in the relevant box) Programmes Advanced Financial Modeling Core Model (4 Nov 09) SVCA / CFA Singapore Member Member of Affiliated Organisation Non-Member Intermediate LBO Modeling (5 Nov 09) Bank Financial Modeling (6 Nov 09) Distressed Securities Overview (7 Nov 09) (Bank, *Cheque No.): Amt Due: S$ *All cheques to be made payable to CFA Singapore' c/o 10 Shenton Way #13-02 MAS Building, Singapore Please charge to my credit card I, hereby authorize CFA Singapore to charge my credit card account for the amount $ SGD Credit Card (VISA/AMEX/MC): (Expiry: /20 ) Signature/ Date CFA Singapore (a member society of CFA Institute) 10 Shenton Way, MAS Building, #13-02, Singapore Phone: Fax: events@cfasingapore.org