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.
The trainer 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, Equity 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 analyse existing M&A transactions in the steel and industrial sectors
Case Study II: Participants analyse the acquisition of a food manufacturer on Excel
Case Study III: Participants perform the LBO of a cloud computing company
The corporate lifecycle and debt financing options
Case Study II: Participants analyse the recent apple bond issuance, term sheet and prospectus
Case study I – Modelling of two-stage terminal value
- Modelling of NOLs, flexible deal dates and mid-year discounting
Case study II – Unlever and relever betas for a food manufacturing company
Case study III – Analysing the stock options of Linkedin
Case study IV – AB InBev and subsidiaries’ NCI
AB InBev and Grupo Modelo as associate
Case study V – Computing Ryanair and Easyjet adjusted EV/EBIT
Case study VI – Analyse the pension deficit of British Telecom
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, 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 due diligence and synergies. Key metrics in M&A analysis, including accretion/dilution, pro forma leverage, synergies paid away are discussed based on real life case studies.
Participants then learn the key characteristics and players of an LBO and go through its financing structures.
Participants start by covering the main functions and players of capital markets. Participants are then introduced to equity markets and products. We will focus on the life-cycle of equities, starting with the Initial Public Offering and moving afterwards to secondary offerings (rights issues, accelerated book building, bought deals, etc.). We will also look to the secondary market, including motivations of investors. We will drill down on the characteristics of equity and introduce comparable and fundamental equity valuation. Finally, participants will cover the main debt products available to corporates. The bond issuance process and key documentation are discussed. Both long and short term, and public and private financing options are explained.
Following the initial valuation methodologies, participants will move, during the second day, to more advanced business valuation concepts. Participants will discuss complex issues such as a two-stage terminal value, valuation of net operating losses, WACC for private companies and issues in the reconciliation between enterprise and equity value (associates, non-controlling interests, operating leases, pension deficits).
What Redcliffe’s clients are saying about the course:
“Instructor had excellent experience of M&A to draw from and tell the class about”
“Lecturer was very good and easy to approach with queries”
“The course was very practical with real world applications”
“Diversified case studies, switching between presentations and models were great! The instructor was very professional”
“There was depth of content and detail – real life use cases and citing helped bring concepts into reality”