Advanced Corporate Finance Update

Duration:
1 day
Location:
Prague, NH Hotel Prague
  • Latest Development in the Corporate Finance Transactions
  • Trends in the M&A Market
  • Up-to-date Deal Execution Techniques
  • Corporate Valuation - "The Good, the Bad and the Ugly"
  • Changes and Adaptations in the IPOs and Secondary Issues
  • Private Equity Appetite
This is an advanced, one day, corporate finance training course which focuses on the latest developments in the different types of corporate finance deals. It is aimed at participants who have at least a moderate amount of transaction experience.

The programme begins with a focus on the technical aspects of mergers and acquisitions, addressing the latest changes and adaptations in the methodology of executing transactions. Both private and public company deals are considered with plenty of examples.

The course then proceeds with a review of the different valuation techniques that are currently being deployed in corporate deals, addressing the trends in the market and also modifications that have been incorporated into traditional techniques. Debt and equity markets are also covered, with an emphasis on the latest developments in IPOs, secondary issues, the attitude of debt financiers and the use of convertibles.

Finally, the course considers the private equity market and the changing factors that are influencing the nature of deals and their frequency, including operational factors, financing and exit routes.

Overall, this seminar comprises a thorough coverage of the latest deal execution techniques, set against the background of current markets.

Welcome and Introduction

  • The state of the markets
  • Current areas of activity
  • Signs of green shoots?

Mergers & acquisitions - renewed emphasis on the basics

  • The "Three Ss" more important than ever
    • "Strategy" - rationale for the deal
    • "Structure" - structuring the transaction
    • "Show" - presentation of the deal to the markets and investors
  • Public deals - likely increase in activity
    • Rise of the Bear Hug
    • Increase in "unloved" (=undervalued) companies
  • Private deals - change in sale processes
    • Limited private auctions vs. bilaterals
    • Trade vs Private Equity buyers
    • Domestic vs international buyers
    • Price setting vs price discovery

Corporate valuation - "The Good, the Bad and the Ugly"

  • The Good - NPV and EVA, and new views on
    • Length of forecast period(s)
    • Operational cash flow forecasting
    • Calculating costs of capital
    • Terminal value relevance and methodology
  • The Bad - Comparable trading and acquisition multiples
    • Usefulness in a value-volatile world?
    • Emphasis on fewer rather than more comparables
  • The Ugly - - EPS, PERs and the Bootstrap Game
    • Focus on quality not quantity of earnings
    • Rise of CEPS

Debt and equity markets

  • Debt financing
    • Tightening covenants
    • Longer approval periods
    • Shorter terms
    • Inflexible repayment structures
    • Flight to quality borrowers
  • Equity financing - IPOs
    • Investor concerns
    • Book-building and offer pricing
    • Rise of "soft" underwriting
  • Equity financing - Secondary issues
    • Levels of discounts
    • Finding "anchor" investors
    • Relevant use of the funds raised
  • Return of the Convertible?
    • Convertible debt
    • Convertible preference shares

Private equity

  • Overview of PE appetite
    • Disappointment at investments made after 2007
    • Significant under-invested funds
    • Delayed exits on many investments
  • Operational factors
    • Re-assessment of suitable targets
    • Threats to buy-and-build strategies
  • Financing
    • Availability of debt, and its terms
    • Equity proportions and expected IRRs
    • Increasing role of mezzanine structures
  • Management
    • Strength of negotiating position
    • Adjustments to participations and envy ratios
  • Exit routes
    • IPO - market probably stays closed
    • Sale - secondary buyer or trade buyer?

Evaluation and Termination of the Course

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