CPD 1705   Valuation Analytics and Methodologies – Application to a post sub-prime world for Corporate CEO/CFO and Accountants

Fair Value accounting, HKAS 39, HKFRS 7 etc have become far more relevant in a world and global financial market affected initially by the sub-prime crisis and now questioning the viability and implementation requirements of such standards and anything related to ‘valuation’. The workshop is meant to give a practical way of understanding how valuation theory and practice is applied in our global and Hong Kong markets while at the same time allowing a ‘behind the scenes’ view of what went wrong and what can be done to potentially better these valuation issues. We will look at how ‘valuation analysis’ can be both scientifically and artistically decomposed. Interesting case studies will allow participants to better understand what the practical world is doing and what we can expect for the future either with de-regulation or in the case of more regulated markets.

The course will cover:
DAY 1

1. Enterprise & Equity Valuation
-What drives company value
-The link between performance measurement and valuation
-The link between growth, investment and value
-Measures of firm or enterprise value
-Using a DCF to establish firm or enterprise value
-An understanding of market based valuations and their link with DCF
-Calculating the cost of equity, debt and cost of capital
-Impact of capital structures on the cost of capital and firm value
-Accounting for, assessing and analyzing acquisitions
-Relative equilibrium prices – Enterprise and Equity

2. Fixed Income Securities
-What drives fixed income/bond valuation – YTM and coupons
-Ratings, tenor/duration, structure
-Covenants, collateral, cash flows

DAY 2

3. Valuations and M&A transactions
-Business combination value
-Valuing ‘synergies’
-Difference in acquirer, acquiree and shareholder value
-Controlling premium and minority discount

4. REITS
-Properties as an asset class
-Cash flows vs. collateral
-Value accreting deals
-Identifying Opportunities

5. Hedge Funds & Private Equity Deals
-How are private equity and hedge fund deals different?
-Entry and exit strategies
-The process of ‘value creation’ – extracting value from an
acquisition

Information
Date:         21-22 September 2009 (Monday - Tuesday)
Time:        09:30 am – 4:30 pm
Language: English
CPD:        12 Hours

Fee: HK$5,600 (member)  HK$ 7,000 (non-member)
Early bird 15% discount  (deadline 31 August 2009)

CPD 1704  Corporate Finance Strategies (CEO/CFO Module) – Techniques and Application of Strategies in a post sub-prime market

The global markets have seen significant changes in the past 12 months. Market turmoil and liquidity and solvency issues have arisen and compared to the depression era post 1929. What should we do to enhance shareholder values given these scenarios and the ‘negative’ news that we keep hearing on a daily basis.

This course will give an understanding of:
-What drives corporate value and how to push forward in today’s environment
-Understand corporate strategy post 2008
-Latest developments in global markets – M&A and Private Equity Investments – Potential and application in Hong Kong
-To sharpen and enhance your technical and analytical skills in corporate finance and company valuation.
-To help you to produce well structured business proposals through enhanced understanding of shareholder value analysis and company financing.
-To assist you in developing creative corporate finance solutions.
-To raise your level of knowledge and awareness of current financing techniques and to identify their applicability in various marketing situations.

WHAT IT TAKES - TURNING 'THEORY' INTO 'PRACTICE'
Corporate finance techniques are used everyday by market practioners, bankers, accountants and advisors in making various strategic decisions pertaining to improved shareholder value, financing and investment portfolio management analysis. The course will take you through various theories and tools to ensure you return to work ready to not only understand, but also implement and apply the lessons learnt.

The course will cover:

Day One
-Introduction: Corporate Finance in our dynamic, uncertain world
-Company Valuation: the traditional  approach
-Company Valuation: The Cash Flow Approach
-Discounted Cashflow
-Watch out for ‘Creative Numbers’ – Learning lessons of failures, Bear Stearns, Lehman Brothers and bankruptcy filings in 2007/2008
-Cost of Capital – Part I
-Cost of Capital – Part II
-Economic Value Added (EVATM)
-Case Studies – Post 2007/2008

Day Two
-Choosing Between Different Valuation Techniques – What works in today’s market scenario – post 2008?
-Introduction to investment banking (Equity + Debt) – where the twain meets
-Mergers and acquisitions (M&A) – Valuation and Opportunities
-4 Issuing equity
-Corporate Restructuring Techniques & Private Equity (PE) strategies in today’s world
-Project Appraisal Techniques
-The Malaysian PDS Market - Fixed Income Products and Bond Valuation
-Convertibles
-Case Study: Cost of Capital
-Corporate Finance Summary

Information
Date:        23-24 September 2009 (Wenesday - Thursday)
Time:        09:30 am – 4:30 pm
Language: English
CPD:        12 Hours

Fee: HK$5,600 (member)  HK$ 7,000 (non-member)
Early bird 15% discount  (deadline 31 August 2009)