At the end of this programme, the participants will be able to:
The training will be a mix of lectures, case studies, exercises, Excel modelling and analysis to equip the participants with the tools to further enhance their understanding of Corporate Finance. Financial models will be built up from partially-complete models on real case scenarios.
Each participant should bring a laptop to the course to facilitate computation of case studies and modelling work.
The trainer of the corporate finance masterclass has 15 years of experience in accounting and investment banking at leading firms and is an experienced financial trainer who has delivered courses for financial institutions in the City of London and around the world, in the areas of Corporate Finance, Valuation (Industrials and Banks), Financial Modelling, M&A, LBO, Financial Accounting, Capital Markets, Bank Regulatory Capital, Financial Risks, both in English and French.
Case Study I: Participants are introduced to various situations and offer different strategic alternatives
Case Study II: Participants anlayse two existing M&A transactions: a buy-side and a sell-side transactions
Case Study III: Review of the Facebook IPO and Barclays rights issues
Case Study IV: Analysis of the Apple recent bond issuance
Case study I – Modelling of two-stage terminal value
Modelling of NOLs, flexible deal dates and mid-year discounting
Case study II – Analysing the stock options of Linkedin
Case study III – AB InBev and subsidiaries’ NCI
AB InBev and Grupo Modelo as associate
Case study IV – Computing Ryanair and Easyjet adjusted EV/EBIT
Case study V – Looking into the pension deficit of British Telecom
Case study I – T-Mobile USA divestiture to AT&T
Case study II – Citigroup listing of Primerica
Case study III – ITT three-way spin-off in Exelis, Xylem and “old” ITT
Case study IV – Kraft split-off of post cereals business
Case study V – Mead Johnson separation from Bristol-Myers Squibb as a two-step process: equity carve-out followed by split-off
This programme has been designed to develop the participants’ understanding of Corporate Finance gradually over a three-day period. Participants are welcome to attend all or part of the gradual steps of the training depending on their business needs.
During the first day, the participants are introduced to the main transactions in Corporate Finance: Mergers & Acquisitions (M&A), including buy-side and sell-side transactions, equity and debt financing and Leveraged Buy-Out (LBO). The steps in an M&A process are explained in detail alongside the key documentation and analysis required, including due diligence and synergies.
Using a case company, the participants will tour through the equity capital markets, embracing IPOs, right issues and other secondary offerings. We cover also the main debt products available to corporates. The debt capacity is calculated before different funding options. Both long and short term, and public and private financing options are explored. The bond issuance process and key documentation are discussed.
Finally, participants learn the key characteristics and players of an LBO and go through its financing structures.
Following the initial valuation methodologies, participants will move, during the second day, to more advanced business valuation concepts. Participants will discuss two-stage terminal value, valuation of net operating losses (NOLs), Weighted Average Cost of Capital (WACC) for private. Fast growth and emerging market companies and valuation issues in the reconciliation between enterprise and equity value (associates, non-controlling interests, operating leases, pension deficits).
Finally, the training will focus, on its third and final day, on the main divestiture options available to a firm as a going concern. The training will discuss private market sale, Initial Public Offering (IPO), spin-off, split-off and equity carve-out. The motivation, pros and cons of each structure are explained in detail in light of precedent transactions. The training also discusses financial impact including balance sheet deconsolidation and EPS accretion (dilution).