The trainer is a qualified chartered accountant, who spent several years in corporate finance post qualification. He then spent 18 years in the investment management industry as an analyst/fund manager with Threadneedle Asset Management, a director and head of UK Equities at Scottish Widows Investment Partnership as European, then Global Head of Equity Research at HSBC Asset Management. He ran various types of retail and wholesale funds and produced research on companies in Europe and on a global basis. He developed valuation and research processes and managed teams of European and global analysts and fund managers.
Since leaving the investment management industry the trainer has managed the investment management and investment banking operations of a UK based training company developing programmes for clients as diverse as HSBC, Morgan Stanley, Deutsche Bank, Citigroup, Allen & Overy, JP Morgan, Barclays Bank, Barclays Wealth, Morgan Stanley Investment Management and Schroders. He has managed major graduate programmes for investment banking and investment management clients, training graduate to managing director level participants and advising clients on their training requirements for accountancy, corporate finance and valuation, investment management and private wealth training.
Modelling – integrating financial statements: participants complete a partially-developed financial model for a public quoted company which integrates P&L, balance sheet and cash flow. This company will be the target company used in the merger analysis
Modelling – valuation: participants calculate the cost of capital and complete a DCF valuation for the target company, producing a stand-alone valuation as a cross check to the acquisition price
Modelling: delegates complete a variety of transaction models incorporating all types of corporate transaction and calculate the effect of a transaction on a set of consolidated accounts in preparation to perform a merger analysis with the target business and an acquirer
Case study: Participants calculate synergies for a case company
Case study: Calculating accretion/dilution and the effect of hybrids on cost of capital
Modelling – bringing it all together: participants complete a complex merger model for an acquisition of the target business incorporating synergy analysis and varying capital structure. The transaction is analysed on an accretion/dilution analysis and a wealth creation/return on capital analysis
At the end of this session participants will have a working acquisition model incorporating a variety of different forms of transaction analysis
This modelling for M&A course covers the key elements of an acquisition or merger, from the initial stand-alone valuation of the target to the more complex accounting and modelling issues to be considered and finally analysing and assessing the value created by synergy benefits and leverage.
This modelling for M&A course is run in an interactive, participative format, where participants learn by doing. The key concepts covered in the main teaching sessions are punctuated and illustrated by detailed case and modelling work.
The approach has been designed to equip participants to put key concepts into practical use immediately.
Participants will be led through a comprehensive review of analysis practices, from initial principles through to more advanced techniques that are used in transaction analysis, to allow them to be proficient in modelling for mergers and acquisitions.
As part of their work on this course participants model transactions based on real-life companies and scenarios
Much of the course work involves Excel modelling and analysis, equipping participants with the tools to analyse leveraged acquisitions:
Each participant should bring a lap top with USB port to the course to facilitate modelling work.
What Redcliffe’s clients are saying about the course; “Methodical and clear. Liked how it went through whole process of linking up financial statements” “Well structured, covers a lot of M&A aspects in few days” “Very Practical, interesting topics, outstanding trainer” “The trainer was great at explaining” “The trainer is very knowledgeable & helpful”
|Training Course||Training Course Summary|
|Advanced LBO Modelling||Have explained to them how to value the target by sourcing information, building a DCF valution and comparing and contrasting DCF and the LBO model structure|
|Modelling for Stressed and Distressed Companies||Get to grips with assessing refinancing risk, market data, debt terms & conditions including different debt products and which companies realistically have access to them|