This is a practical 5-day training in Investment Banking M&A and the main topics are: valuation, leveraged buyouts (LBO’s) and mergers & acquisitions (M&A’s).
The training mainly focusses on giving the participant hands on tools to build financial models in excel to determine the value of a company on 1) a stand-alone basis, 2) in a LBO situation and 3) in a buy-side M&A scenario.
In the training we will look at different valuation techniques to calculate “enterprise value” like: 1) Comparable companies analysis, 2) Precedent transaction analysis, 3) Discounted cash flow analysis (DCF), 4) LBO analysis and 5) Buy-side M&A analysis.
And we will look at different techniques to get from “enterprise value” to the “value of the shares” taking (adjusted) net debt into account.
The training is very practical in a sense that the trainer will explain the concepts first and will then apply them in class to real life companies with the participants. With all the calculations “Microsoft excel” is used to build the needed financial models.
This training is meant for analysist and associates from international investment banks. Moreover, the training is meant for analysts and consultants in: M&A, private equity, venture capital and strategy. In addition, the training is meant for accountants, tax lawyers, bankers in credit analysis, financial managers, CFO’s etc.
During the training will be focussed on international companies listed on the stock exchange. But the valuation techniques are also applicable to (non-listed) private firms.
Step 1: Select the universe of comparable companies
Study the target;
Identify key characteristics of the target for comparison purposes;
Screen for comparable companies.
Step 2: Locate the necessary financial information
SEC filings: 10-K, 10-Q, 8-K, and proxy statements;
Equity research;
Press releases and news runs;
Financial information services;
Summary of financial data primary resources.
Step 3: Spread key statistics, ratios and trading multiples
Calculation of key financial statistics and ratios;
Supplemental Financial concepts and calculations;
Calculation of key trading multiples.
Topic: Comparable companies analysis
Step 4: Benchmark the comparable companies
Benchmark the financial statistics and ratios;
Benchmark the trading multiples.
Step 5: Determine valuation
Valuation implied by enterprise value (EV)/ EBITDA;
Valuation implied by Price/ Earning (PE).
Key pros and cons of comparable company analysis
DAY 2
Topic: Comparable transactions analysis
Step1: Select the universe of comparable acquisitions
Screen for comparable acquisitions;
Examine other considerations.
Step 2: Locate the necessary deal-related and financial information
Public targets;
Private targets;
Summary of primary SEC filings in M&A transactions.
Step 3: Spread key statistics, ratios and transaction multiples
Calculations of key financial statistics and ratios;
Calculation of key transaction multiples.
Step 4: Benchmark the comparable acquisitions;
Step 5: Determine valuation
Key pros and cons of comparable
Topic: Discounted cash flow analysis (DCF)
Step 1: Study the target and determine key performance drivers
Study the target;
Determine key performance drivers.
Step 2: Project free cash flow
Considerations for projecting free cash flow;
Projection of sales, EBITDA and EBIT;
Projection of free cash flow.
Step 3: Calculate weighted average cost of capital (WACC)
Determine target capital structure;
Estimate cost of debt;
Estimate cost of equity;
Calculate WACC.
DAY 3
EDUCATIONAL PARTNER
LEORON - Professional Development Institute
Built upon the strong experience in the manufacturing sector, which the founders developed in Sweden during the 90’s global expansion, LEORON evolved into a comprehensive training institute, offering training and development solutions in all strategic corporate functions, including corporate finance, HR, SCM, operations, and engineering.
With strategic distribution of our offices in leading locations, such as Dubai, Riyadh, Jonkoping, Skopje, Accra, and Almaty, our team of experts delivers approximately 500 courses annually, and roughly 10000 professionals are equipped with appropriate education and the latest insights in a wide assortment of industries across the EMEA region.
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Who Should Attend?
This highly practical and interactive course has been specifically designed for:
This training is meant for analysts and associates from international investment banks. Moreover, the training is meant for analysts and consultants in: M&A, private equity, venture capital and strategy.
In addition, the training is meant for accountants, tax lawyers, bankers in credit analysis, financial managers, CFO’s etc:
Trustees | Institutional investors | High Net Worth Individuals | Risk Managers | Wealth Managers | Fund of Funds managers, Research Analysts | Directors of Asset Management companies | Pension Fund Consultants | Private Client Managers, Finance ministry officials | Chief Financial Officers | Corporate lawyers | Financial journalists | Market commentators, Asset Management compliance officers | Parliamentary representatives | Fund Accountants | Fund auditors
During the training will be focussed on international companies listed on the stock exchange. But the valuation techniques are also applicable to (non-listed) private firms.
Dating back to 2014, Mobily’s “LEORON” experience has grown from a single collaboration to a long-term partnership. We consider ‘’LEORON” Institute as a strategic partner, whose contribution has been nothing but premium in equipping our staff with field-based knowledge and information. Past three years have resulted with an expanded collaboration with superior customer service and support. Best Regards,
Dir L&D, Talent Management at Mobily, Etihad Etisalat Company
Emad Alrajih
5
Since the partnership was signed between BAE Systems Saudi Development & Training and LEORON in 2017, we have been working together to offer the Saudi market a complete portfolio of training solutions benefiting from the wide and extensive experience of both parties. Recognizing the great success of this partnership, we are looking for further collaborations in the future that will position both companies as one of the leading training providers in Saudi Arabia. We thank the LEORON team for their full cooperation and continuing support, and look forward to further success together in the years to come.
VP, Business Winning at BAE Systems Saudi Development & Training
Nasser M. Al-Subaie
5
We have been working with LEORON for the past two years and will be working with them again this upcoming year. The programs they delivered were fruitful and exciting and our organization has received positive feedback from the participants. What our organization aims to do is to provide at no cost training for all the private sector employees so that they may benefit from our offered programs in Innovation and Professional development. Leoron has helped us achieve this goal. We look forward to continuing this service and wish them the best of luck. Regards,
Sr. Program Officer, Enterprise Learning & Human Development at Kuwait Foundation for the Advancemen
Dalal Kutbi
5
In recognition of their dedication and contribution supporting IKEA Saudi Arabia in arranging training programs during 2017 & 2018, looking forward for more development and exciting effort this year. On behalf of IKEA Saudi Arabia, THANK YOU!
Country Learning & Development Manager at IKEA Saudi Arabia
Baha Kiwan
5
3 years ago the partnership between Al Rajhi Investments & LEORON institute had been built since that date LEORON delivered in-house & public training programs and as a talent development we always received appreciation from our customers (our employees), we are looking always for excellence and high customer satisfaction, so we choose LEORON for that purpose. Thank You, LEORON
Talent Development at Al Rajhi Real Estate Investments Co
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With attending this program you will understand that you do not value Insurers like Retailers, Property Companies etc., and the limitations of historical Risk Free Returns & Equity Risk Premiums in Portfolio planning today. You will appreciate how how Risk is both measured & managed in a Portfolio and understand how Investor psychology impacts onto decision making.
The course covers private equity in depth, starting with the strategic framework, proceeding to evaluation of targets, company valuation and financing, the legal and regulatory framework, and the deal execution process.
With this program you will learn about the function of the financial services industry in the economy: transferring funds between individuals, businesses and government; risk management. Every attendant will recognize the role of the main institutions/ organisations: retail banks; investment banks; pension funds; fund managers; stockbrokers; custodians; global custodians.
A Practical Guidance in Cryptocurrencies, Bitcoins and Global Markets
With the CFB you will gain confident knowledge foundation in FinTech, CryptoCurrencies, and other Digital Assets. All participants to this course will have interactive experience with Blockchain technology in real-world scenario. They will aslo maintain awareness of legal, technical, and business risks with emerging financial technologies.
Most of our public courses are delivered in English language. You need to be proficient in English to be able to fully participate in the workshop and network with other delegates. For in-house courses we have the capability to train in Arabic, Dutch, German and Portuguese.
LEORON Institute partners with 20+ international bodies and associations. We also award continuing professional development credits (CPE/PDUs) for:
1. NASBA (National Association of State Boards of Accountancy)
2. Project Management Institute PDUs
3. CISI credits
4. GARP credits
5. HRCI recertification credits
6. SHRM recertification credits
The deadline to register for a public course is 14 days before the course starts. Kindly note that occasionally we do accept late registrations as well, but this needs to be confirmed with the project manager of the training program or with our registration desk that can be reached at +971 4 447 5711 or [email protected].
The course fee covers a premium training experience in a 5-star hotel, learning materials, lunches & refreshments, and for some courses, the certification fee and membership with the accrediting bodies.