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Advanced Business Valuations - ASPAC

Designed to complete and complement the core financial analysis for a valuation and help to deepen technical skillset and step into a more senior role as an advisor

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A one-day course

This session aims to expand on the fundamentals of valuations (which participants are assumed to already have a basic knowledge of) and provide the tools to:

  • Understand what are the key considerations at top management level (e.g. CEO, CFO, Member of Board of Directors) for assessing a deal;
  • Manage the less conventional elements of a valuation (which can materially affect the end result);
  • Apply the general valuation methodologies, with the necessary adjustments, to leveraged buyouts, special situations and venture capital.

Multiple short case studies are discussed and commented. 

M&A Strategy & Negotiation

  • Possible rationale(s) for a deal – right and wrong (Short Case Study)
  • Core valuation methodologies (DCF, comparable companies, comparable transactions, liquidation value, sum of the parts) – which to use when
  • Different approach for different companies
    • Publicly-traded vs privately-owned
    • Blue chips vs middle market
    • Early-stage vs mature
    • Same jurisdiction vs cross-border
  • Synergies (in revenues and costs) – how to handle them with care
  • ESG – does it matter for valuations?
  • Negotiations – going ahead or not? (Short Case Study)
  • Dealing with advisors – legal, audit, tax and others
  • Target capital structure
  • Financing the deal
  • Post deal completion – what can go wrong 

Valuation Methodologies – Beyond the Core Concepts

  • Special items – how to value them
    • Taxes
    • Non-operating items, provisions, reserves
    • Leases
    • Retirement obligations
  • Other techniques – how they work and when to use them
    • EVA
    • CFROI 

Leveraged Buyouts, Special Situations and Venture Capital

  • Valuing leveraged buyouts – key features
    • Corporate deals (Short Case Study)
    • Private-equity deals (Short Case Study)
  • Valuing special situations – distressed deals (Short Case Study)
  • Valuing venture capital – key features (Short Case Study)

This session aims to go through a real-life case more in depth than in the previous session. Participants are asked not only to apply certain technicalities of the relevant valuation techniques but also take views as if they were advising the top management of potential buyer and/or target seller. 

Valuation in Real Life (Extended Case Study on M&A)

  • Background of the deal
    • Economic landscape
    • Industry trends – margins, growth, competition
    • Market conditions – comparables-based valuations, capital structures, financing terms
  • Strategic considerations
    • Buyer – why to grow by acquisition
    • Target – why to stand alone
  • Financials
    • Historicals and projections
    • Synergies
    • Target capital structure and financing
    • Merger model – accretion / dilution
  • Negotiations
    • Buyer – price offered
    • Target – defense strategy (management vs shareholders)
    • Market’s reaction – how share prices moved
    • Regulators’ reaction
    • Conclusion and aftermath 

Concluding Remarks

  • Re-cap of key lessons learnt
  • Q&A

Our advanced business valuations masterclass trainer has 20+ years of professional experience in investment banking, investment management, management consulting and teaching.

He has a strong track-record with corporates and financial sponsors, having advised on transactions worth in excess of EUR 40bn. Working at some major American and European Investment Banks, he has developed in-depth expertise in several industries (consumer goods, industrials, banks, energy, infrastructure, real estate) across multiple jurisdictions (EMEA and Americas).

The trainer started his career in the strategy practice of a major American consultancy, covering multiple countries in Europe. He has also experience as an independent at Board-of Directors level for major American Investment Funds.

He has been providing training, both in-house and as an external consultant, for more than a decade, also cooperating with several Universities.

It is assumed that each delegate already has a basic/intermediate knowledge of valuation methodologies. Building on such fundamentals, our advanced business valuation course offers the following:

  • Several areas that complete and complement the core financial analysis for a valuation will be covered. Specifically, a step-back is taken to understand the rationale of a deal (for example M&A, the typical case when a valuation is required); then there is a closer look into certain elements of valuations that can lead to material errors; finally, the valuation framework is adjusted to cover leveraged buyouts, special situations and venture capital. All these areas are supported by specific case studies.
  • Subsequently, a real-life case is discussed (more in-depth than the case studies of the previous session). Participants are asked not only to apply the technicalities of the relevant valuation techniques but also to simulate how they would use the outcome of their analysis to advise the top management of the potential buyer and/or target seller at each stage of the deal.
  • In essence, this course helps the participants to on one hand deepen their technical skillset and on the other hand step into a more senior role as advisors.

  • When valuing any business, impeccable technical skills are certainly a must. However, for more experienced practitioners, they also become a given. Our course, while reviewing and discussing technicalities in-depth, takes the perspective of a senior advisor to top management (CEO, CFO, Member of Board of Directors, etc.).
  • This workshop focuses on the tools and skills that delegates need not just when working at their desks in the office, but also in the interaction with the decision-makers – in other words, when the stakes are the highest.
  • Every concept covered in this course is explained not only from a theoretical perspective but also through practical examples (case studies).
  • Our advanced business valuation course material (which will be provided) is comprehensive and supported with Microsoft Excel financial models (to be used during the sessions) with step-by-step guidance.
  • This is a practical course provided by a seasoned trainer with more than 20 years of experience in investment banking, investment management and strategy consulting in multiple jurisdictions throughout several industries.
  • Our trainer’s experience includes the valuation of businesses at all stages of development (from start-up to mature) and in the context of different types of transactions (e.g. M&A, IPO, distressed deals).
  • The interaction with the trainer and among participants is expected to be very active. Delegates are encouraged to bring their perspective to the discussion and contribute to the debate. This is a safe environment where one can dare to make mistakes if the idea behind it is good.

The valuation of assets and companies has always been intensely debated at the theoretical and academic levels. In the real world, however, what matters the most is whether the views of buyers and sellers coincide – and, as a result, deals are consummated – or not.

In the current macroeconomic environment, the degree of volatility and complexity makes the ability to reach an agreement on a deal between the parties all the more complicated.

Against such a backdrop, it is evident how the knowledge of valuation methodologies, while providing the technical foundation, is necessary but not sufficient to operate successfully. This is all the more the case for the practitioners who, after years in junior roles, manage to assume more senior roles and interact directly with the top management of companies (for example as senior advisors). At that level, the technicalities of valuations must be impeccable but much more is asked.

The purpose of this course is to help practitioners with some years of experience raise the bar and be ready to discuss and advise the decision-makers of any industry.

In the first session of our advanced business valuation training course, certain areas that complete and complement the core financial analysis for a valuation are covered, then complemented with case studies from recent deals. In the second session, a real-life case is discussed in detail. Participants will be required to bring laptops to the course and will be provided with Microsoft Excel models which will be used during the discussion.


Have this course presented In-House

  • On a date, time and in a location of your choice
  • Topics expanded or deleted to your bespoke requirements

Have this course pre-recorded

  • Full course recording edited exclusively for your company
  • Files converted to enable housing on your LMS
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