A 4 day intensive, practical training programme combining a review of the latest valuation theory with real life case studies and team negotiation role plays.
Featuring:
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A thorough and insightful review of the theory of CAPM and valuation
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An insight into the different approaches to valuation of different financial practitioners
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Valuation from the perspective of the private equity fund manager
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Combining the valuation process into equity investment negotiations
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Investment process and structures of private equity funds
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Special valuations: young companies, companies in difficulty and banks
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Advanced investment structures, MBOs and MBIs
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The private equity approach to enhancing the value of a company
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Emerging markets
- Tips and techniques for raising private equity finance
Delegate Profile
In order to gain the full benefit of the course, participants should be numerate and be familiar with the basic elements of corporate finance, such as company valuation and financial forecasting. Basic understanding of the different types of financial instruments such as equities, bonds, debt, etc is useful. Good English language skills are required.
Who Should Attend This Programme?
This programme will be of interest to company executives involved in business development and acquisition work and professionals at all levels of seniority who wish to gain insight into venture capital, such as:
Day 1
Morning session
Putting valuation into a “real money” context
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The assumptions behind the theory and their limits
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Considerations regarding risk
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Considerations regarding return
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The emerging markets environment
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The conflicts and limitations of valuations by consultants and academics
The private equity approach to valuation
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The credibility of PE valuation compared to others
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The exit driven perspective
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Relation between transformational active management and valuation
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The empirical techniques used by PE practitioners
Complete overview of valuation theory
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Weighted average cost of capital
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Risk premiums and Beta
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Terminal value estimation
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Multiples based valuation
- Dividend discount and other models
Exercise: delegates will be walked through application exercises of DCF and multiples valuation
Afternoon session
Simulation exercise: delegates will be divided into groups and perform a full valuation of Datamat, an Italian IT company. They will prepare a presentation of their results for the assembled class.
DAY 2
Morning session
Introduction to private equity
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Historic evolution and the current landscape
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Size and growth of the market
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The three pillars: venture, expansion and buyouts
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Other specialist subsets: mezzanine, funds of funds, secondaries
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Emerging markets
Valuation of growth companies
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Growth companies as part of the PE portfolio
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Characteristics of growth companies
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The “classic” venture capital valuation approach
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An adapted DCF methodology for valuation
Investment processes & structures of a PE fund
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The investment pipeline
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Review of a PE term sheet
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Approach to due diligence
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The different levels and rounds of equity
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The role of preferred shares
Private equity exits
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The investment horizon of a PE fund
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Exits to strategic investors
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Exits through Initial Public Offerings
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Exits by MBO or leveraged recapitalisations
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The new trend of exits through secondary transactions
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The implications for PE valuation
Afternoon session
Simulation exercise: delegates will be divided into groups and will perform a valuation of Frame Media, a young specialist B2B media company. They will prepare a presentation of their results to the wider class.
DAY 3
Morning session
Private Equity valuation approach in a crisis context
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Inpact of the crisis on the valuation approach
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The rerating of risk
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Factoring in the liquidity risk
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Developing the right adapted valuation scenarios
PE investment process and investment management in a crisis context
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The approach to assessing opportunities
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Special areas for due diligence
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“Anti crisis” investment structures
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Characteristics of portfolio companies in difficulty
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Short term solutions: cost cutting and other steps
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Long term solution: revenue enhancement and reconfiguration
Valuation of troubled companies
Case Study: review of Panini, an Italian publishing company in financial crisis
Valuation of banks
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Types of financial firms
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Characteristics of financial service firms
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Challenges in DCF valuation
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Dividend methods of valuation
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Cash flow to equity
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Excess return models
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Asset based valuation
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Relative valuation
Afternoon session
Simulation exercise: delegates will be divided into groups of investors and sellers; and negotiate an investment into Mindbank, a small Romanian SME focussed bank. The results of each group will then be compared to the actual outcome.
DAY 4
Morning session
Advanced PE investment structures and their valuation impact
Corporate and management organisation of a PE fund
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The different types of corporate structures
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Use of offshore vehicles in structuring a PE fund
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The remuneration and motivation of a PE management team
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Main management challenges and pitfalls of a PE fund
Introduction to advanced topics in PE
How a company can best raise PE finance
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How to manage a network of relations with PE funds
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Preparing the initial pitch
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Creating the appropriate documentation for the raising of PE finance
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Aligning the exit driven approach of a PE fund with the objectives of the entrepreneur and management
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Creating “win-win” investment structures
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Techniques for overcoming valuation and other issues
Afternoon session
Simulation exercise: delegates will be divided into groups and prepare a presentation of their chosen company to a PE investors panel, incorporating all the essential elements to maximise the attractiveness of the opportunity..
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Gavin Ryan
Gavin Ryan has over 25 years experience of the financial industry. He spent ten years as an investment banker in London and Tokyo, with Nomura Securities and HSBC Investment Bank, where he worked in the area of capital markets, M&A advisory and privatisation. For five years he worked in the restructuring and insolvency department of Price Waterhouse in Italy, where he specialised in managing and restructuring troubled companies. For the last ten years he has worked as a private equity fund manager, firstly with an affiliate of Advent International and subsequently with Soros Investment Management. Currently Gavin manages his own PE investment firm, Wider Europe Capital Management, which invests in Emerging Europe.
Gavin also served with the British Foreign Office for a period. He has acted as board member as well as full time CEO of several private equity funded companies including a cable TV company, a bank and a publishing house. Gavin has been collaborating with Euromoney Training for over ten years. His specific areas of professional expertise are valuation techniques, making and managing private equity investments and dealing with troubled companies.
Interested in holding this course in-house? Please fill out your details and a member of our team will be in touch with more information.
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This course has now expired please email us to find out when the course will next be running.