20 March 2019
,9:00 AM | Manila, Philippines
CFA Society Philippines | 7 CE
20 March 2019
09:00- 17:00 (PST)
Venue: Crowne Plaza Manila Galleria,
Ortigas Ave., corner Asian,
Development Bank Ave., Ortigas Center, Quezon City
March 18, 2019 (Basic Financial Modeling
March 19, 2019 (Advanced Financial Modeling
March 20, 2019 (Corporate Valuation Methodologies)
March 21, 2019 (M&A Deal Structuring
Early Bird Rate
: Php24,000.00/person per day (Until February 18, 2019 only)
: Php26,000.00/person per day
CFA Charterholders Rate
: Php21,000.00/person per day
Deadline of Registration
: March 11, 2019
20 March, 2019
How can you tell if a company is undervalued or overvalued? Is the current stock price the only measure of value? Why would one company command a higher or lower premium than its direct competitor? This course takes a practical, tangible, and non-theoretical approach to examining how corporations are valued and the major analytical tools that are used. Go beyond the academic theory of financial ratios and apply fundamental analysis and real-world methods of evaluating a company’s intrinsic value. Gain insight into relative valuation methodologies (trading comps, deal comps) to fundamental valuation (discounted cash flow analysis, break-up / sum of the parts valuation). Coverage goes beyond the academic theory of financial ratios to the practical application of fundamental analysis, offering alternative, real-world methods of evaluating a company's intrinsic value. The second half of this course builds on the first half and is hands-on, interactive and Excel-based. Apply the concepts learned in the discussion portion and perform relative valuation modeling techniques in Excel. We start the fundamental valuation modeling portion by building a DCF valuation model and turn our attention to relative valuation modeling by building a quick and dirty trading comps analysis by inputting historical results and analyst projections for comparable companies and calculating current standalone market valuation multiples. Then, construct a detailed comprehensive reference range analysis that quantifies valuation methodologies. In doing so, crystallize and appreciate the capital structure and the relationship between total enterprise value, equity value and price per share. Finally, build and update dynamic football field to graphically summarize valuation metrics. These tools are useful for any financial professional interested in analyzing a company.
• How to value a company (trading comps, deal comps, DCF, LBO, break-up and asset valuation)
• Importance of Enterprise Value, EBITDA, capital structure, leverage and WACC
• Analyze valuation multiples and ratios; why are PE ratios sub-optimal as a valuation metric?
• Practical, non-theoretical application of introduction to corporate finance
Introduction to Valuation and Corporate Finance:
• How much is a company worth? Why is the current stock price not an accurate indication of value?
• What is the importance between enterprise value and equity value?
• TEV: correct treatment of minority interest from standalone valuation vs. credit vs change of control
• What is the relevance of capital structure and leverage on a company’s value?
Ratios and Multiples Discussion:
• What exactly does a multiple tell us? Learn the correct way to use P/E ratios and other multiples
• Why are P/E ratios misunderstood and what other profitability-related ratios are more important?
• What is EBITDA and why is it so important?
• Utilizing the correct numerator for multiples analysis and calculating implied value based on multiples
Discounted Cash Flow Analysis Modelling
• Construct DCF model by starting with estimating unlevered free cash flow (free cash flow to firm)
• Terminal Value: model out EBITDA multiple and perpetuity growth approaches and when to use each
• Calculate from enterprise value down to equity value and ultimately down to stock price per share
Trading Comps Analysis
• Input historical results and analyst projections for comparable companies (public traded competitors)
• Calculate current standalone market valuation multiples and compare/contrast against target company
• Differentiate between over/undervalued vs. trading at premiums/discounts
• Incorporate industry and sector specific knowledge and company-specific factors into analysis
Reference Rage and Football Field
• Build reference range that quantifies fundamental and valuation methodologies
• Crystallize and appreciate capital structure and the relationship between TEV, equity value and price per share • Utilize best practices to reduce average construction time from 2 hours to 30 seconds
• Update dynamic football field to graphically summarize valuation metrics
• Compare and contrast intrinsic value vs. current market valuation and understand final investment decision
POLICY FOR SUBTITUTIONS. CANCELLATIONS AND NO SHOW:
1. Interested parties are requested to register online at www.cfaphilippines.org.
2. Registration is only confirmed upon receipt of payment.
3. After completing the online registration and payment process, registrants will receive an e-mail notification with registration details. A reminder will also be sent before the event. if you have not received the e-mail confirmation and reminder from CFA Society Philippines, it is the delegate's responsibility to contact CFA Soceity Philippines for the confirmation.
4. Registration should be paid in full before the commencement of the event. Immediate payment is required upon e-mail confirmation. Full amount will still be charged for no show. Should the registration fee remain outstanding, CFA Society Philippines reserves the right to disallow entrance to the event.
5. No Cancellation, only Subtitution.
For more information, you may call us at (+632) 637 8968 Learn more or Register