Session 1 - Valuation Overview

• Stand-alone valuation techniques vs. Control-based techniques
• Trading vs. Transaction comparables
• DCF valuation, with/ without synergies
• LBO valuation
• Reconciling Equity Value vs. Enterprise Value and the Valuation Bridge

Session 2 - Relative Valuation using Trading and Transaction Comparables

• Trading vs. Transaction comparables
• Choosing an Appropriate peer group
• Calculating market value and enterprise value
• Normalising for non-recurring items and calculating LTM (EBITDA, EBIT, Net Income)
• LTM vs. forward multiples
• Dealing with Lease Adjustments: US GAAP vs. IFRS
• Calendarisation
• Why EV multiples are preferred to P/E
• Deciding which multiple to use
• Transaction comparables: EV/ LTM EBITDA and Historic Bid Premia

Session 3 - Fundamental ‘Discounted Cash Flow’ Valuation

• The Five Steps to estimating a DCF valuation
• Forecasting Unlevered Free Cashflow from EBIT
• Estimating the WACC and the input assumptions required
• Estimating Beta: Using comparables or a sector index: Unlevering and Relevering beta
• Estimating terminal value (exit multiple vs. perpetuity growth rate)
• Discounting future values to estimate an enterprise value: Mid-period vs. End of Period discounting
• Reconciling Enterprise Value to Equity Value
• Sensitivity analysis using data tables
• Sense checking the forecast ratios and terminal value
• Estimating the DCF to a specific valuation date: discount factors and stub period
• Alternative approach to estimating terminal value based on RoIC and Reinvestment rate
• Estimating a Present Value for synergy cash flows

 Session 4 - LBO Valuation

• LBO overview
• Sources & Uses at entry
• Forecasting cash flow available for debt service and debt repayments over investment period
• Estimating the exit EV and equity value and calculating returns to the equity investor (IRR and money multiple)
• Estimating an LBO valuation based on required rate of return
• Sensitivity analysis using data tables

 

 

After graduating from the University of Cambridge in 1993, Redcliffe's trainer began his career as an auditor at Arthur Andersen, where he developed a strong foundation in corporate accounting and financial statement analysis. He later qualified as a Chartered Accountant (ACA) and transitioned into investment banking in the City of London, holding roles at both HSBC and Merrill Lynch.

During his time in London, he held a front-office role advising companies on valuation, financing, acquisitions, foreign exchange, and derivatives. His broad practical experience, combined with a strong passion for sharing knowledge, naturally led him to pursue a career in training.

Over the last decade, our course expert has specialised in financial training, delivering across a broad range of subjects, including leveraged buyouts. His areas of expertise include accounting, financial modelling, corporate finance, valuation, and capital markets. He has trained professionals at investment banks, private equity firms, and corporate finance teams globally.

• Delegates will learn how companies are valued on a fundamental basis, using the discounted cash flow approach
• They will learn ‘market-based’ valuation techniques, trading and transaction comparables analysis, using income statement and asset multiples
• Finally, they will learn how private equity buyers determine a buyout valuation and the key drivers which determine an appropriate offer price

 

• Led by an Expert: The course is taught by an experienced instructor with over 20 years in banking and financial training, ensuring practical insights and real-world relevance
• Highly Hands-On: Participants engage in numerous practice examples and Excel exercises throughout the program, reinforcing concepts through direct application
• Interactive Learning: The course features regular opportunities for Q&A, fostering discussion and deeper understanding, and enabling participants to apply knowledge to real scenarios

• Finance professionals seeking a practical, structured introduction to company valuation.
• No prior knowledge of valuation techniques is assumed, however, delegates should already be familiar with financial statements and modeling through their work experience or having attended a Financial Statement Analysis and Modelling course

This course is targeted at delegates working in corporate finance, research or investment banking who are new to valuation techniques. The session reviews the fundamentals of corporate valuation. The most common valuation methodologies are explored with reference to a company's fundamental value and how much an acquirer might pay for the business. The concepts of enterprise value and equity value are explained, using simple but rigorous exercises. Finally, the basics of multiple valuation and discounted cash flow valuation are introduced. Exercises are used throughout the session and seeking a general overview of the most commonly used techniques and how they are applied in practice.