3-daagse workshop "Update Valuation and Excel Modelling" op 2 t/m 4 december 2024

Our three-day training conveys in-depth corporate valuation expertise and best-in-class financial modeling skills based on Excel. The seminar is tailored to meet the challenges you face when pricing leveraged buyouts (LBO), valuing contingent claims like preferred shares or dealing with fast growing companies (“unicorns”) and the problems related to their valuation (e.g. special cash flow rights). All our solution proposals combine state-of-the-art theoretical concepts (e.g. option pricing theory) with their direct application in excel-based valuation models.

In day 1, together with participants, our experienced instructors, Prof. Bernhard Schwetzler and Prof. Maximilian Schreiter, develop a full-scale financial model (including balance sheet, P&L and cash flow statement projections) for a Discounted Cash Flow (DCF) valuation based on the APV approach along a class case of a privately-owned midsize company. While developing the comprehensive model step-by-step in Excel, participants and instructors discuss classic pitfalls in DCF valuation and sanity checks to avoid unreasonable assumptions and erroneous valuation results, e.g. in the assumptions about growth and inflation in the terminal value model.

During day 2 participants and instructors will discuss approaches to value and price leveraged buyouts (LBO). Due to different sorts of debt used in these transactions and the dynamics of the financing policy and capital structure standard valuation models are not appropriate in this case. After a brief introduction into the mechanics of value creation in PE investments, we will jointly develop an excel-based model setting up a financing structure and derive the purchase price necessary to reach a target rating class for debt and the target IRR for the PE sponsor. The day closes with a wrap up on do´s and don’ts in multiple-based valuation.

Day 3 starts with an overview over applications of contingent claims valuation models in corporate valuation. We also discuss some basic theoretical requirements to understand and apply these concepts in valuation practice. We then discuss three different applications: In times of increasing political and economic uncertainty earnouts become an important part of purchase agreement. Based on contingent claims pricing we show how earnout clauses can be used to bridge different opinions between buyer and seller reservation prices and facilitate a deal that would not happen otherwise. Second, we develop an excel-based model to price cumulative preferred equity. And finally the seminar continues with a profound analysis and discussion on the problems when valuing young and fast growing companies with a special focus on “unicorns”. The course covers quite simple and more complex valuation models, converts them into Excel-based simulation models and highlights their respective benefits and disadvantages. The seminar also addresses a special problem with resp. to the valuation of “unicorns” and fast growing companies: the valuation methods usually applied ignore the existence of special cash flow rights and by doing so may arrive at significantly distorted valuations. We will discuss the implications of cash flow rights and show an Excel-based way to remove the potential bias and arrive at more realistic value estimates. If time permits, we will give a short wrap up in multiple based valuation at the end of the seminar.

De kosten voor deelname bedragen voor NiRV-leden € 995,- per dag of € 2.985,- per persoon excl. BTW voor 3 dagen deelname. Dit is exclusief diners en hotelovernachtingen.

Hotel en diner
Deelnemers kunnen een diner en hotelkamer reserveren tegen een meerprijs van € 162,00 per nacht inclusief ontbijt. Dit kun je bij je aanmelding aangeven.

Dit seminar gaat door bij minimaal 6 deelnemers. Aan dit seminar kunnen maximaal 20 personen deelnemen.

Annulering is tot 2 weken voorafgaand aan het seminar kosteloos. Bij afmelding binnen 2 weken of no-show heb je geen recht op restitutie van het deelnamebedrag. Wel mag men eventueel iemand anders/een collega aanmelden.