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Mergers & Acquisitions and Leveraged Buyouts Modelling Workshop

Dates:
March 19 - 20, 2018
Price:
EUR 1,400
Location:
Prague, NH Hotel Prague
Language:
English
Lecturer:
Alastair Day
  • M&A - Motives and Types of deals
  • Model Design Best Practice
  • Valuation of M&As
  • Post-Merger Ratio Analysis
  • Synergy and Success Factors
  • Modelling LBO Financial Statements
  • Adjusting for Management Incentives
  • Sensitivity, Optimisation and Model Summary
Workshop Objectives
The purpose of the workshop is for participants to learn how to build two key financial models: a mergers and acquisitions plus a leveraged buyout model using best practice international principles. This will include the development of combined and forecast financial statements and the mastering of the main Excel techniques (such as forecasting, risk and uncertainty issues, differing scenarios and optimisation).
They will learn how to deal with more problematic modelling issues and gain hands-on experience of applying these skills. By building complete models, participants will gain the confidence to build and revise their own mergers and valuation models.

Who should attend?
  • Corporate finance executives
  • Investment officers
  • Head of mergers and acquisitions
  • In-house lawyers
  • Investment banking directors
  • Senior executives responsible for M&A
  • Financial controllers and managers
  • Financial and business analysts
  • Credit analysts
Methodology
The workshop is presented using demonstrations combined with practical and interactive case studies. The exercises in each session reinforce the concepts covered in each of the units. Emphasis is placed on delegates gaining practical, hands-on experience of the design and construction of financial models in Excel. Comprehensive product notes and modelling software are provided for future reference.

Materials
Participants will receive printouts of all slides and the Excel spreadsheets used during the workshop plus a selection of templates and add-ins.
Laptop based
The course will be highly practical and hands-on. Participants are required to bring a notebook with MS Excel. Participants will use models and exercises to outline and develop the techniques and methods.

09.15 - 12.00

Introduction to M&A and LBO

  • Overview of the course
  • Why firms pursue mergers and acquisitions
  • Problems associated with mergers and acquisitions
  • Attributes of successful acquisitions
  • Types of deals
  • Deal time line and stages of an acquisition

Model Design Best Practice

  • Model layout and design
  • Spreadsheet design best practice
  • Design standard
  • Model building steps

Practical: producing a model template using best practice

12.00 - 13.00 Lunch

13.00 - 17.00

Mergers Model

  • Building financial statements
  • Modelling the financial impact of the transaction
  • Worked integration example

Practical: completing operating statements

Post-Merger Ratio Analysis

  • Developing the post-acquisition balance sheet
  • Financing considerations
  • Risk matrix and apportionment

Practical: Completing template

Synergy and success factors

  • Integration and Sensitivity
  • Types of synergies
  • Valuing operating and financing synergies
  • Analysing the results

Practical: calculating required synergies

Tuesday, March 20

09.00 - 12.00

Modelling LBO Financial Statements

  • Outline of LBO case study
  • Review of financing structures
  • Modelling cash flow
  • Adding debt repayments

Model completion - cash flow and capital structure

Valuation Framework

  • Free cash flows
  • Underlying assumptions in a forecast cost of capital
  • Calculated cost of debt
  • Target debt capacity
  • Value drivers and terminal methods

Model completion - discount rates, terminal value and initial valuation

12.00 - 13.00 Lunch

13.00 - 17.00

Adjusting for Management Incentives

  • Value enhancing measures
  • Incentives to participants
  • Financial covenants
  • Model completion - cover ratios, decision factors
  • Cover ratios and key multiples

Practical: adjusting for covenants

Sensitivity and Optimisation

  • Sensitivity analysis
  • Scenario analysis
  • Optimisation techniques

Practical: Adding sensitivity and scenarios

Model Summary and Presentation

  • Management summary
  • Dynamic charts
  • Presenting key findings
  • User feedback
  • Version control

Evaluation and Termination of the Workshop

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