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Strategic Corporate Financial

November 25, 2013
Strategic Corporate Financial

Jadwal Pelatihan Strategic Corporate Financial

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DESCRIPTION

This course aims to help you understand the challenging and perplexing financial problems faced by businesses today as well as equipping you with a solid grounding in how to deal with complex finance issues.

Benefit from an authoritative insight into the latest techniques, trends and strategies and gain the confidence to instigate, analyse and complete successful deals efficiently and effectively.

 

COURSE OUTLINE

DAY ONE – Corporate Finance Fundamentals

Introduction and course overview

  • The importance and benefits of Corporate Finance
  • Examples of where and how Corporate Finance is used
  • Linkage between investment decisions (including acquisitions) and financing decisions
  • Overview of topics to be covered

Time Value of Money

  • Present and Future Value
  • Compounding (annual, periodic, continuous)
  • Annuities and Perpetuities
  • Complex Problems
  • Statistical issues

Project Analysis / Capital Budgeting

  • Capital budgeting
  • Process of capital budgeting
  • Identifying cash flows
  • Incremental cash flows
  • Inflation i.e., constant vs. current cash flows
  • Issues around identification of cash flows
  • Working Capital Considerations

Payback and Discounted Payback

  • Drawbacks: time value of money; life after payback period
  • Internal Rate of Return (IRR)
  • Drawbacks: lending/borrowing; multiple rates of return; mutually exclusive projects
  • Net present value (NPV)
  • Making decisions with NPV
  • Separating the financing and investment decisions
DAY TWO – Company Financials and Discounted Cash Flow Valuation

Brief Review of Financial Statements

  • Income Statement
  • Balance Sheet
  • Cash Flow Statement
  • Issues with accounting numbers
  • Accruals not cash flows
  • Differential interpretation of GAAP
  • International differences in GAAP

Dividend Valuation Model

  • Dividend Discount Model
  • Gordon Growth Model
  • Estimating g

Discounted Cash Flow Overview

  • Rationale for DCF valuation
  • Characteristics of a DCF
  • Analyzing the historic performance and looking at the operating environment

Forecasting Cash Flows

  • Review – What is cash flow?
  • NOPAT and free cash flows
  • Key areas to forecast
  • Determining the length of the forecast period
  • Real V nominal returns
  • Behavioral issues

Terminal Value

  • Asset Values
  • Using relative or comparable values (EV/EBITDA and EV/EBIT)
  • Perpetuities and growing perpetuities

Relative Valuation Techniques

  • Setting the context: Valuation is not done in a ‘black hole’
  • Selecting the peer group
  • Key ratios
  • P/Es.PEG, EV/EBITDA, MV/BV
  • Show derivation of P/E from Gordon Growth Model
  • Using public companies as a check for a DCF valuation
  • Which methods for different industries – price per eyeball, reach, hits of internet site

Valuation Enterprise Value versus Equity Value

DAY THREE – Cost of Capital and Capital Structure

Introduction to the cost of capital

  • Risk versus Return overview
  • Theoretical perspectives
  • Examining different forms of financing in terms of risk and expected return

Weighted Average Cost of Capital

  • WACC overview

Cost of Debt – review Financial Times

  • Yield-to-maturity
  • Impact of taxes
  • Bank Debt
  • Straight bonds – fixed and floating rates

Cost of Equity

  • Preferred Shares
  • Common Shares
  • Dividend Discount Model
  • Capital Asset Pricing Model
  • Arbitrage Pricing Theory

Weighted Average Cost of Capital

  • Time Varying
  • Factors that can affect WACC

Optimal Capital Structure

  • In theory
  • In practice
  • Dividend policy

 

PARTICIPANT

Individuals in credit, investment banking, corporate finance, and sales and trading.

 

TRAINING METHOD

Presentation

Discussion

Case Study

Evaluation

 

FACILITIES

Training Kit

Handout

Certificate

Lunch + 2 X Coffee Break

Souvenir

Pick Up Participants (Yogyakarta)

 

TRAINING FEE for Strategic Corporate Financial

Rp6.500.000,- / participant / NON Residential

Minimal 3 peserta

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