[ 22-23 DE MAYO ]

FINANCIAL MODELLING & CORPORATE VALUATION

CURSOS

2018

[ 6-7 DE SEPT. ]

FINANCIAL

TRAINING

FOR LAWYERS

MATT GEREN

INSTRUCTOR 2018

Professional Experience: Goldman Sachs – Corporate Services and Real Estate; Barclays Capital – Investment Banking; JP Morgan – Equity Research

Teaching Credentials: US Navy Nuclear Power School – Instructor and Class Director; Naval Submarine School – Instructor and Curriculum Manager

Education: New York University Stern School of Business – M.B.A. with concentrations in Finance and Strategy; Old Dominion University – M.S. Engineering Management; University of Wisconsin – B.S. Mechanical Engineering

 

Matt joined TTS as an Instructor in 2015. His professional career began in the US Navy where he served in a variety of leadership positions, including two tours as an instructor. Upon retirement from service, he interned at Goldman Sachs where he developed an energy forecasting model for the New York real estate portfolio. His finance experience includes roles in the Global Industrials Group at Barclays and the US Machinery equity research team at JP Morgan.

matt.geren@trainingthestreet.com

 

FINANCIAL MODELLING & CORPORATE VALUATION

Av. La Plaza 680 | Las Condes

Edificio Postgrado UDD

8:30 - 17:00 hrs.

Ambos días | 22 - 23 de mayo 

Idioma Inglés

Traducción simultánea al Español

DAY 1:

Excel Best Practices and Construction of a 3-Statement Model

Overview and introduction to financial modeling

Modeling best practices:

  • Excel best practices, including common “shortcut” keys and other efficiency tips

  •  Understanding how to efficiently design historical inputs & forecast financial projections

  • Introduction to macros & distribution of TTS proprietary macro toolkit

Construction and application of:

  • Core statements

  • Working capital schedule

  • Depreciation schedule

  • Equity schedule

  • Shares outstanding schedule

  • Debt and interest schedule

Advanced Modeling topics:

  • Understanding and controlling for circular references

  • Balancing a model, and ensuring there is parity in the projected balance sheet

  • Sensitivity analysis including data tables

DAY 2:

Public & Acquisition Comparables and Discounted Cash Flow Analysis

Overview of valuation methodologies and fundamental concepts

Public Comparables Analysis:

  • Choosing the appropriate peer group

  • Calculating latest twelve months (LTM)

  • Gathering public information

  • Calculating relevant multiples

  • Calculating market and enterprise value

  • Normalizing for non-recurring items

  • Deriving an implied valuation range

Acquisition Comparables Analysis:

  • Choosing the appropriate deal list

  • How control premiums and synergies impact multiples

  • Deriving an implied valuation range

Discounted Cash Flow Analysis:

  • Strengths and considerations of a DCF analysis

  • Deriving a weighted average cost of capital (WACC) and discounting unlevered free cash flows

  • Estimating the terminal value (exit multiple vs. perpetuity growth rate approach)

  • Determining the valuation range based on DCF analysis

  • Adding DCF output to a 3-statement model for the case company

Analyzing Results:

  • Creating a “Football Field” for the case company based on different valuation methodologies

"When millions of dollars can be won or lost on one calculation, firms are finding it essential that their new hires can tell the difference between a pivot table and a header row"

[ The New York Times ]

 

FINANCIAL TRAINING

FOR LAWYERS

8:30 - 17:00 hrs.

Ambos días |  6 - 7 de sept. 

Idioma Inglés

Traducción simultánea al Español

DAY 1:

UNDERSTANDING FINANCIAL STATEMENTS

Goals:

  • Provide professionals exposure to foundational accounting conventions and financial statement structure 

  • Become comfortable with accounting terms and foundational calculations as used in financial statements 

  • Utilize financial statement footnotes and MD&A to supplement participant’s understanding of a firm’s financial statements 

Detailed Content:

  • Using real world examples and excerpts from financial statements

    • Introductions to the Big 3 financial statements

      • Balance sheet, income statement and cash flow statement

    • Working definitions of assets, liabilities and equity 

      • The resulting accounting equation of A = L + E 

    • The importance of accrual accounting and economic measurement 

      • Revenue recognition and deferred revenue 

      • Accounts receivable and allowances for doubtful accounts 

      • Recognizing an expense 

    • Property, plant & equipment and depreciation expense 

    • Intangibles and amortization expense 

    • The income statement in more detail

      • Revenue 

      • Various expenses

        • Cost of goods sold 

        • Selling, general and administrative 

        • Interest expense               

      • Earnings Per Share overview 

        • Primers on options and convertibles 

      • Items of emphasis such as non-recurring expenses

      • Meaningful calculations 

    • Gross profit, operating profit and net income 

    • Non-GAAP calculations such as EBIT and EBITDA 

    • Recording dividends 

    • Net income’s impact on the balance sheet 

CAPITAL MARKETS

Goals:

  • Give a tour of particularly noteworthy relationships being exhibited in the capital markets

  • Provide overview of key debt and equity products and their issuance

Detailed Content:

  • Introduction to Capital Markets

    • Key securities and players            

    • Basics of capital structure            

    • Sources of liquidity          

  • Equity issuance

    • IPO process       

    • Follow-on offerings

    • Pricing vs. valuation       

    • Greenshoe

  • Fundamentals of debt

    • Obligation           

    • Security

    • Contract               

    • Series of cash flow

    • Credit analysis

    • Key debt securities

DAY 2:

CORPORATE VALUATION METHODOLOGIES 

Goals:

  • Provide an overview of Financial Statement Analysis and Corporate Valuation Methodologies commonly employed by Wall Street and other finance professionals 

  • Expose participants to terms and terminology from a valuation perspective to gain better understanding of financial aspects of legal matters 

Detailed Content:

  • Using the core financial statements and concepts such as EBIT, EBITDA, time value of money and overview of transactions 

  • Overview of valuation methodologies and key terms such as enterprise value and equity value 

  • Public Comparables analysis and Acquisition Comparables analysis 

  • Discounted cash flow analysis 

  • Imputing valuation ranges 

MERGER CONSEQUENCES ANALYSIS

Goals:

  • Provide an in-depth understanding of merger consequences analysis and affordability analysis

  • Understand motivations for strategic buyers 

Detailed Content:

  • Brief overview of purchase accounting 

  • Accretion / dilution pro forma analysis 

  • Key M&A transaction considerations (stock vs. cash, social issues, etc.) 

  • Overview of synergies 

  • Life-cycle of M&A transactions 

“Each year executives of financial firms, including Goldman Sachs and the Blackstone Groupnow take courses run by Training The Street” 

[ The New York Times ]