Advanced Financial Analysis Series

Transcription

1 Advanced Financial Analysis Series Overview: CFA Singapore is proud to present our Advanced Financial Analysis Series held in conjunction with Wall Street Training & Advisory. 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 Corporate Valuation Methodologies & Valuation Modeling (Eligible for FTS and skills future : P170721CKL) 21 March 2018 (Wed) 22 March 2018 (Thurs) Date : 21 to 23 March 2018 (Wednesday to Friday) Time : 9:00am to 5:00pm Venue : To be confirmed, Singapore Course fee : CFA Singapore member : S$880* per module (Early bird fee) S$1,080* per module (Standard fee) Non-member : S$1,080* per module (Early bird fee) S$1,280* per module (Standard fee) VC Investing : Private Company Valuation & Participating Preferred Securities (Eligible for FTS and skills future : P170314VME) 23 March 2018 (Fri) *Price subject to 7% GST *10% off for signup of 2 or more modules per delegate 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 Street Training & Advisory, Inc. (WST) is a leading global provider of training and advisory services. WST has a nearly two-decades-long track record of successfully providing services to clients across a variety of financial industry verticals, including investment banking, mergers & acquisitions, equity and fixedincome research, asset and investment management, credit analysis, private equity, and high-yield LBO and special situation/distressed analysis. WST has also worked with Fortune 500 companies, government agencies, extra-governmental regulatory organizations, and professional organizations around the world to provide tailored training for new hires and existing employees. Clients looking beyond standard training programs continue to seek out WST s Training+ service, which provides customized, consulting-style programs that integrate WST s decades of specialized expertise, market insights, and best practices to improve their financial and operational processes. Furthermore, WST s advisory practice focuses on assisting clients to maximize value while accessing the capital markets or exploring strategic alternatives by refining financial projections, valuation, strategic positioning, and management presentations. * Early bird fee valid till 28 February 2018 Course fee includes : Course materials, lunch & refreshments Requirement: Bring own PC laptop for the workshop Trainer : Mr. Hamilton Lin, CFA Eligible for FTS and SkillsFuture Credit for selected modules CE : 7 hours per module CPD : 7 hours per module For more information:

2 Advanced Financial Modeling Core Model (21 March 2018, Wed) Module 1 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. Learning Objectives: Build an integrated set of financials, including IS, BS & CF statements Learn how to balance a model utilizing debt sweep and no plugs Become super-efficient in Excel through intensive use of keyboard shortcuts Intensive focus on correct financial modeling approaches & best practices Learning Goals: 5-Year Financial Statement Projection Model: How do you project an IS from revenues 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 you project the shareholders equity account? What is the importance of financial ratios in building the balance sheet projections? How do you approach building an integrated cash flow statement? How do you build 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 using the debt schedule and debt sweep logic the most important analysis in terms of balancing the model!! How does the cash actually flow through the model? Incorporate automatic debt payments and use cash generated to either pay down debt or build cash How does the revolver facility actually balance the model? Avoid messy nested if statements!! How does the BS and financial statements balance without the use of plugs? How are the financial statements integrated using the Interest schedule? What are circular references, why should they be avoided and how to get around circular references Prerequisite: Intermediate proficiency using Excel and a solid grasp of basic accounting fundamentals and the integration of financial statements are required. **IMPORTANT PLEASE NOTE** To maximize the educational value of this program, we strongly recommend that you have an intermediate understanding of Excel. Lack of basic Excel skills will impede your ability to effectively acquire and implement the techniques and shortcuts that are presented in this program. Bring your PC laptop with a working USB slot and Microsoft Excel installed. Macs may not be as effective. Eligible for 7 CE hours Update on 11 January,

3 Corporate Valuation Methodologies and Valuation modelling (22 March 2018, Thurs) Module 2 How can you tell if a company is undervalued or overvalued? Is the current stock price the only measure of value? Why would one company command a higher or lower premium than its direct competitor? This course takes a practical, tangible, and non-theoretical approach to examining how corporations are valued and the major analytical tools that are used. Go beyond the academic theory of financial ratios and apply fundamental analysis and real-world methods of evaluating a company s intrinsic value. Gain insight into relative valuation methodologies (trading comps, deal comps) to fundamental valuation (discounted cash flow analysis, break-up / sum of the parts valuation). Coverage goes beyond the academic theory of financial ratios to the practical application of fundamental analysis, offering alternative, real-world methods of evaluating a company's intrinsic value. The second half of this course builds on the first half and is hands-on, interactive and Excel-based. Apply the concepts learned in the discussion portion and perform relative valuation modeling techniques in Excel. Build a quick and dirty trading comps analysis by inputting historical results and analyst projections for comparable companies and calculating current standalone market valuation multiples. Then, construct a detailed comprehensive reference range analysis that quantifies valuation methodologies. Crystallize and appreciate the relationship between capital structure and enterprise value, equity value and price per share. Finally, build and update dynamic football field to graphically summarize valuation metrics. These tools are useful for any financial professional interested in analyzing a company. Corporate Valuation and Corporate Finance Fundamentals: Enterprise Value (TEV): what is the correct treatment of minority interest and capital leases from a standalone valuation aspect vs. credit perspective vs. change of control What is the relevance of capital structure and leverage on a company s value? Why and how is corporate finance so critical to managing a firm s profitability? Why is P/E the root of all evil in valuation? Learn the correct way to use multiples Why are P/E ratios misunderstood and what other ratios are more important? Utilize the correct numerator for multiples and calculating implied value Valuation Modeling: Construct discounted cash flow analysis by estimating unlevered free cash flow (FCFF) Discuss proxy methods for calculating working capital without full blown BS projection Terminal Value estimation: what are the differences between the EBITDA multiple and perpetuity growth approaches and what are the implications on value? Learn subtle nuances including the proper CF figure in perpetuity growth models Calculate from TEV down to equity value and ultimately down to stock price per share Build a basic, quick and dirty, back-of-the-envelope trading comps analysis Input historical results and analyst projections for public comparable companies Construct relative valuation analysis and calculate current valuation multiples Build reference range that quantifies fundamental / relative valuation methodologies Crystallize and appreciate capital structure relationship of TEV, equity value and price Build and update dynamic football field to graphically summarize valuation metrics Analyze, discuss, compare and contrast valuation results Prerequisite: Intermediate proficiency using Excel and a solid grasp of basic accounting fundamentals and an understanding of basic finance concepts are required. **IMPORTANT PLEASE NOTE** To maximize the educational value of this program, we strongly recommend that you have an intermediate understanding of Excel. Lack of basic Excel skills will impede your ability to effectively acquire and implement the techniques and shortcuts that are presented in this program. Bring your PC laptop with a working USB slot and Microsoft Excel installed. Macs may not be as effective. Eligible for FTS and Skills Future Credit : Programme Code : P170721CKL Eligible for 7 CE hours Eligible for 7 CPD hours Update on 11 January,

4 VC Investing : Private Company Valuation & Participating Preferred Securities (23 March 2018, Fri) Module 3 In the first part of this course, we discuss the complex nuances associated with analyzing and valuing emerging markets and private companies. We dive deep into the details and concepts deeply imbedded with valuation of large publicly traded and listed companies and take it to next level by applying it to companies and regions with very sparse publicly available data. Learn nuances of adjusting for DCF valuation, WACC analysis when no data exists, how to select and adjust peer comparables when no good comp exists. While there is certainly no magic bullet to the tough questions and lack of information, there are techniques and best practices to get us as close as possible. Learning objectives include: fundamental & DCF valuation nuances (adjustments to Gordon growth); WACC and cost of component capital nuances (adjustments to cost of debt and equity and beta); review of basic valuation methodologies, focusing on relative valuation multiples and ratios and tacking on private company discounts; emerging markets case study and real-life valuation nuances when data simply doesn t exist. The second part of this course involves modeling out early stage investment securities waterfalls. When investing in earlier stage companies, whether start-up, growth or mezzanine stage investing, there is a fine balance between incentivizing the newest round of investors injecting capital and providing enough returns for earlier round investors, while still motivating management to strive for mutual alignment of economic interests. Investors desire downside protection while craving equity upside. Thus, the participating preference securities evolved from a blend of common stock with equity upside & voting rights to debt with accruing interest and priority of liquidation. In this course, learn how to structure, and model out such hybrid securities commonly used in VC and earlier stage investing. Specifically, in our liquidation waterfall modeling, we will model out: Modeling Preferred Equity and Multiple Class Share Positions: structuring returns for each equity participant and class/series of investors Equity Assumptions: capitalization tables, pre-money vs. post-money calculations Liquidation Preference: minimum return threshold based on pre-determined multiple and Dividends: Cash pay vs PIK; compounding vs simple; cumulative vs. non-cumulative Participation Rights: investors shall participate on equity upside based on fully diluted preference protection Participation Caps: the crux of the analysis focuses on the capped upside of the investor and re-distribution of fully diluted ownership percentage for remaining investors it gets complicated and that s why it s called a waterfall! Conversion: complicate the analysis by adding in a conversion option for all investors to further participate in upsid final valuation/liquidation amount Management Options & Warrants: incorporate management options in allocation of final management proceeds based on cashless converts Prerequisite: Basic proficiency using Excel, a solid grasp of basic accounting fundamentals and an understanding of basic finance & valuation principles are required. **IMPORTANT PLEASE NOTE** To maximize the educational value of this program, we strongly recommend that you have an intermediate understanding of Excel. Lack of basic Excel skills will impede your ability to effectively acquire and implement the techniques and shortcuts that are presented in this program. Bring your PC laptop with a working USB slot and Microsoft Excel installed. Macs may not be as effective. Eligible for FTS and Skills Future Credit : Programme Code : P170314VME Please note that this is a financial modeling class, not a legal class. Eligible for 7 CE hours Eligible for 7 CPD hours. Update on 11 January,

5 FTS Eligible: This programme is approved for listing on the Financial Training Scheme (FTS) Programme Directory and is eligible for FTS claims subject to all eligibility criteria being met. Please note that in no way does this represent an endorsement of the quality of the training provider and programme. Participants are advised to assess the suitability of the programme and its relevance to participants business activities or job roles. This scheme is only eligible for company-sponsored participants who are Singapore Citizens or Singapore Permanent Residents, physically based in Singapore, and who have successfully completed a FTS programme. The FTS provides 50% funding for direct training costs subject to a cap of S$2,000 per participant per programme. Singapore Citizens aged 40 years old and above will be eligible for 90% co-funding of direct training costs, subject to existing grant caps of S$2,000 per programme. FTS claims may only be made for programmes listed on the FTS Programme Directory with the specified validity period. Please refer to for more information As a participant in the CFA Institute Approved-Provider Program, CFA Singapore has determined that this event qualifies for 7 credit hours per module. If you are a CFA Institute member, CE credit for your attendance at this event will be automatically recorded in your CE diary. Testimonials Clear and concise instruction. Very entertaining Victor Short and Comprehensive course (Core Module) for beginners Dharwin Very energised and knowledgeable trainer Joseph Enjoyable and accessible even for a financially less literate Ivan, EDBI Good info on actual excel use Mr. Tan, Capitaland Hamilton is as engaging as it gets. Gets the job done, ensures key concepts are seared into the brains of participants Lee Weikang Useful and Entertaining Presentation David Goh, Mastercard Engaging, Highly knowledgeable, with X-Ray Vision! Tan Xi-ping, Deutsche Bank Trainer s Biography Hamilton Lin, CFA, is Founder and CEO of Wall Street Training & Advisory, Inc. ( 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. Mr. Hamilton Lin, CFA 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 has previously taught at NYU Stern, as well as 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 dozens of financial modeling and valuation courses a year at the largest CFA Institute member societies, including: New York Society of Securities Analysts CFA Society Chicago CFA Society Washington DC Hong Kong Society of Financial Analysts CFA Society Singapore and many others Update on 11 January,

6 Registration Form Advanced reservation is required due to limited capacity. For participation, please complete the fields below and fax or back to CFA Singapore. Please indicate membership ID to enjoy members' rate. (Course fee includes course materials, tea break and lunch during the workshop) Kindly note that all course fee is subjected to 7% GST. Course Fee Early Bird Fee Standard Fee *Price Subject to 7% GST Membership Type Before 28 February 2018 After 28 February % off for signup of 2 or CFA Singapore S$880* per module S$1,080* per module more module per delegate Non Member S$1,080* per module S$1,280* per module Company: Tel: Address: Contact person: Delegate 1) Name: Mr./Mrs./Ms./Dr./ Membership No. Tel: Mobile No.: Designation: Food preference: None / Halal / Vegetarian / others I would like to sign up for: Module 1: Core Model / Module 2: Corporate Valuation / Module 3: VC investing Delegate 2) Name: Mr./Mrs./Ms./Dr./ Membership No. Tel: Mobile No.: Designation: Food preference: None / Halal / Vegetarian / others I would like to sign up for: Module 1: Core Model / Module 2: Corporate Valuation / Module 3: VC investing Delegate 3) Name: Mr./Mrs./Ms./Dr./ Membership No. Tel: Mobile No.: Designation: Food preference: None / Halal / Vegetarian / others I would like to sign up for: Module 1: Core Model / Module 2: Corporate Valuation / Module 3: VC investing Payment Details By Cheque : Bank, Cheque number Amount : All cheques to be made payable to CFA Singapore c/o 10 Anson Road, #25-09 International Plaza, Singapore By PayPal : I Agree to receive a payment invoice to my Please invoice to : Terms and Conditions: Registration will only be confirmed upon receipt of registration form and full payment. If any registered delegate is unable to attend the workshop, a replacement is welcome at no extra cost. No refund will be made. CFA Singapore reserves the right to cancel or postpone the workshop due to unforeseen circumstances and also the right to reject any registration. By signing and submitting this form, I / we consent to CFA Singapore collecting, using, disclosing and processing my / our personal data : (1) for purposes related to the administration of the registration for the above workshop; (2) to send me updates informing me / us of events and activities organized by CFA Singapore. *I understand that my personal data will be used and retained in accordance with the CFA Singapore Personal Data Policy available at I have read and accept the terms and conditions stated above. Signature/ Date Company Stamp Update on 11 January,