SEMINAR LENGTH
3 days
SUBJECT FOCUS/CONTENT
Review of valuation concepts and techniques, for use in domestic and international capital markets and for both public and private companies
Review of the bank’s strategy for meeting issuer and investor client valuation needs in those markets
Framework for marketing valuation-driven financing ideas to issuer clients which includes: identifying a client’s needs, reviewing relevant valuations, financing alternatives and current market conditions, proposing the best solution and executing the deal
Detailed transaction studies that explain the execution of valuation-driven deals and potential marketing problems or opportunities that can arise
Public Markets Valuation
- Purposes of public market valuations
- Methodologies
- Market metrics
- Multiples analysis: P/E, P/BV, EBITDA, etc.
- Comparables analysis
- NAV
- Emerging markets valuation
- Currency-driven adjustments
- Inflation-driven adjustments
- Local market factors
- The buy-side: investor approaches to public market valuation
- Shareholder value
Private Market Valuation
- Purposes of private market valuations
- Methodologies
- Discounted cash flow analysis
- PV and APV
- Alternative methodologies
- Economic Value-Added
- Comparative Advantage Period
- Emerging markets valuation
- Currency-driven adjustments
- Inflation-driven adjustments
- Local market factors
- The buy-side: investor approaches to private market valuation
Transaction Applications of Valuation Methodologies
- IPOs, primary, and secondary equity offerings
- Share repurchase and tender offers
- Mergers and acquisitions
- Spin-offs, restructurings, recapitalizations
- Employee stock ownership financing
- Leveraged buy-outs and management buy-outs
Capital Markets Specialist Presentations
- Discussion of the bank’s position in capital markets product areas relevant to valuation mandates
Client focus workshop
- Analysis and discussion of a selected client situation involving valuation work that leads to subsequent presentations and follow-up marketing in coordination with the capital markets specialists
TARGET AUDIENCE
- Private Bankers who cover clients with potential valuation challenges in their firms or personal portfolios
PARTICIPANT OBJECTIVES
By the end of the workshop, participants will be able to:
- Talk more comfortably about the range of valuation methodologies and strategies with their clients
- Identify opportunities and work with their clients in defining valuation-driven financing needs, objectives, constraints, policies, and strategy
- Understand the process of reviewing current market conditions and their impact on client valuations
- Understand how to market valuation-driven ideas to clients
- Monitor market and client developments in order to spot follow-on valuation-driven deal opportunities
METHODOLOGY
Lectures, presentations, discussions, and case studies. Participants will be asked to identify potential client valuation challenges in advance of attending the course with a view to making presentations and working with specialists during the session to develop a call plan and marketing approach.