Financial Analysis Series

Transcription

1 CFA Singapore is proud to present Financial Analysis Series Held in conjunction with Wall St. Training. The Financial Analysis Series will provide practical, career-enhancing programs related to fundamental analysis and mergers & acquisitions using a non-theoretical approach. Dates: February 2008 Venue: Singapore Management University (SMU), Lee Kong Chian School of Business The goal of these programs is to improve and elevate the skills as possible with Excel. These courses are FOR YOU, if you are: Interested in improving your nancial modeling and valuation skills In the midst of a career transition This series of hands-on workshops will consist of the following half day and full-day programs: Basic Financial Modeling (½ day - 25 Feb) Corporate Valuation Relative Valuation (½ day - 25 Feb) Advanced Financial Modeling Core Model (1 day - 26 Feb) M&A Deal Structuring and Merger Modeling (1 day - 27 Feb) Advanced Operating, Revenue & Segment Build-up & Sensitivity Modeling (1 day - 28 Feb) Quick & Dirty Basic LBO Modeling (½ day - 29 Feb)

2 Monday, February 25, 2008 Basic Financial Modeling Using Excel 9:00 AM - 12:30 PM Prerequisite: Basic knowledge of Accounting, Finance, valuation and familarity with Excel. Learn how to model and build a five-year financial statement projection and valuation model from scratch. You will be provided with a 10K (Annual Report), a list of advanced Excel shortcuts and customized macros. With a focus on incorporating and fusing your accounting knowledge into the mechanics of Excel, you will input publicly available information and learn various shortcuts to construct a five-year income statement projection model from revenue down to earnings per share. Combined with your knowledge of the basics of corporate finance and valuation, translate the model into a discounted cash flow analysis. Leave the classroom with an easily scalable and customizable model that can be immediately applied to other companies. Corporate Valuation Relative Valuation 2:00 PM - 5:30 PM proficiency using Excel, a solid grasp of basic accounting fundamentals and an understanding of basic valuation techniques are required. This Corporate Valuation class is a hands-on, technical workshop. Learn how to value companies from a relative valuation perspective. This course takes a practical, tangible, and non-theoretical approach to examining how corporations are valued based on market multiples (trading comps). Coverage goes beyond the academic theory of financial ratios to the practical application of fundamental analysis, offering real-world methods of evaluating a company s relative value. Incorporate the concepts learned by immediately working on Excel-based, hands-on exercises. Perform valuation modeling techniques including: trading statistics, quick & dirty trading comps, reference range analysis, football field construction and WACC calculation. Input historical results and analyst projections for comparable companies, calculate current standalone market valuation multiples and calculate implied valuation of target company. Tuesday, February 26, 2008 Advanced Financial Modeling Using Excel Core Model 9:00 AM - 5:00 PM proficiency using Excel and a solid grasp of basic accounting fundamentals are required. The Basic Financial Modeling Using Excel course is highly recommended, but not required. Build a fully integrated financial statement projection model with income statement projections, a self- balancing balance sheet, an automated cash flow statement, and the balancing cash flow sweep/debt schedule. While knowledge of advanced accounting concepts is not required for this course, you should possess knowledge of basic accounting ratios and a basic understanding of how the major financial statements are interrelated. Emphasis is placed on the integration of the major financial statements and becoming experts in Excel. Learn how to balance a model utilizing debt sweep and the danger of circular references. You will leave the classroom with a fully constructed model that can be customized and applied to other companies. You will be able to layer other analyses onto this core projection model, including credit and leverage statistics, valuation analyses, or mergers and acquisitions modeling.

3 Wednesday, February 27, 2008 M&A Deal Structuring and Merger Modeling Advanced Financial Modeling Using Excel Core Model 9:00AM - 5:00 PM Prerequisite: This course focuses specifically on structuring M&A transactions. To obtain the desired financial background, projection modeling and valuation concepts, The Basic Financial Modeling Using Excel, Advanced Financial Modeling Using Excel Core Model and Corporate Valuation Relative Valuation courses are highly recommended, but not required. Intermediate proficiency using Excel and a solid grasp of basic accounting fundamentals are required. Learn about mergers and acquisitions and how deals are structured. The first half of this course focuses on the mergers and acquisitions process and the basics of deal structures, presenting the main tools and analyses that M&A investment bankers and acquirers utilize. It covers the following modules: (i) in-depth analysis of the entire M&A process, including due diligence and legal issues; (ii) common structural issues including cash vs. stock, upfront payments vs. earn-outs, and stock vs. asset deals; (iii) crucial merger consequence analysis including detailed accretion/dilution and contribution analyses; (iv) detailed analysis of transaction case studies to illustrate various deal structures and demonstrate detailed alternative earn-out structures and methodologies. The second half of this course builds on the first half and is hands-on, interactive, Excel-based and covers different ways to model out financial combinations. Different techniques are covered including the most basic and widely used back-of-the-envelope method, accretion / dilution and more robust analyses. Build dynamic models that account for different transaction structures, learn how to sensitize financial projections and the financial impact on a transaction and construct a pro forma merger model. Calculate estimated combined income statement for target and acquiror, key pro forma balance sheet items, cash flow for debt repayments and other relevant items in a merger and acquisition context. Thursday, February 28, 2008 Advanced Operating, Revenue & Segment Build-up & Sensitivity Modeling 9:00 AM - 5:00 PM Prerequisite: Advanced proficiency and speed in using Excel and a solid grasp of basic accounting fundamentals are absolutely required. This is a very fast-paced class. The Basic Financial Modeling Using Excel and Advanced Financial Modeling Core Model courses are highly recommended, but not required. Learn how to build detailed revenue and segment build-ups into your larger financial model. Many financial projection models are based off simple revenue growth rate and expense margin assumptions, resulting in reduced precision in the projection model. This course teaches various approaches to true, bottoms-up, fundamental analysis, from both an account-by-account and business segment basis (very detailed build-up vs. division by division). The results of build-up analysis roll-up into a consolidating income statement that feeds into the Income Statement revenue items. The following types of build-ups will be modeled: (i) Detailed Business Segment Build-Up: (a) analyze and break down growth based on publicly available data; (b) incorporate and remove effect of growth from non-core items such as foreign exchange rate fluctuations; (ii)detailed New Business Build-Up: (a) model out effects of hiring new sales representatives and the associated increased revenue; (b) triangulate new revenue and tiered commission expenses due to renewal business; (c) calculate incremental salary, commissions and support infrastructure; (iii) Detailed Account by Account Build-Up: (a) project sources of segment revenue based on growth in number of accounts and customers; (b) model out revenue per account and associated commissions and expenses; (c) incorporate rate increases into model as well as sensitivity and scenario analysis; (d) detailed build-up consolidates into Consolidating Income Statement which feeds into model; and (e) account for inter-company eliminations in historical pro forma model and projections

4 Friday, February 29, 2008 Quick & Dirty Basic LBO Modeling 9:00 AM - 12:30 PM proficiency using Excel and a solid grasp of basic accounting fundamentals are required. The Basic Financial Modeling Using Excel course is highly recommended, but not required. Leveraged buyouts (LBOs) are among the most risky and complex financial transactions and typically sets the floor or minimum valuation. Sometimes, building a full-out, complex LBO model is not necessary or required if one just wants to quickly gauge the feasibility of an LBO. This class builds a short, quick and dirty LBO analysis that incorporates all the major inputs and value drivers of an LBO transaction and provides an excellent condensed overview and introduction to LBO modeling. The class starts with a short discussion on leveraged buyouts, including overview, rationale, ideal candidate and drivers of value. Then construct and sensitize a basic, quick and dirty, leveraged buyout model from scratch; analyze basic credit and leverage statistics and equity sources that drive the LBO model; build condensed IRR (internal rate of return) sensitivity analysis to evaluate financial sponsor returns. Important - Please Note To maximize the educational value of this program, we strongly recommend that you have a basic understanding of Excel and are familiar with its functions and features. Lack of basic Excel skills will impede your ability to effectively acquire and implement the techniques and shortcuts that are presented in this program. Bring your PC laptop with a CD-ROM drive and Microsoft Excel installed. Excel 2007, Vista, and Macs may not be as effective. Instructor Biography Mr. Hamilton Lin, CFA Hamilton Lin, CFA, has a broad background in investment banking and mergers & acquisitions. He is the President and Founder of Wall St. Training ( a financial-services training and consulting company. Wall St. Training provides hands-on classroom training and customized corporate training programs for financial analysts in Investment Banking, Equity Research, Asset Management and related fields. Prior to founding his firm, Hamilton was at a boutique investment bank specializing in the financial institutions industry. He has also worked at Hales & Co., a boutique merchant bank focused on the middle-market insurance industry; Banc of America Securities mergers and acquisitions group; Ryan Labs; and Goldman Sachs Investment Banking. He teaches several dozens of classes a year at the New York Society of Securities Analysts, the Hong Kong Society of Financial Analysts, San Francisco CFA Society, Boston Security Analysts Society, and Stamford CFA Society. He has taught as Adjunct Professor at Baruch and Hunter Colleges in New York City, and has also appeared in Who s Who in America. Refer to next page for Reservation Form

5 Advanced Reservation Form Advanced Reservation is required due to limited capacity. Please indicate membership ID to enjoy members rate. Alternatively, Reservation can be made via Bundle-Promotion signing up for two of more programs at one go will the total net rate! *Members/guest without registration will NOT be admitted *Admission/seats are subject to availability I would like to attend: Please circle the relevant programme price Name: Programmes ^Membership ID / Guest: Company: Address: Basic Financial Modeling Using Excel 25 Feb 08, 9am - 12:30 pm Corporate Valuation Relative Valuation 25 Feb 08, 2pm - 5:30pm Member Candidate Non-Member Phone: Fax: **Payment Details: Amt Due: S$ ^Please cancel accordingly Advanced Financial Modeling Using Excel - Core Model 26 Feb 08, 9am - 5pm M&A Deal Structuring and Merger Modeling 27 Feb 08, 9am - 5pm Advanced Operating, Revenue & Segment Build-up & Sensitivity Modeling 28 Feb 08, 9am - 5pm Quick & Dirty Basic LBO Modeling 29 Feb 08, 9am - 12:30pm Participants may be eligible for Financial Sector Development Fund (FSDF) support on a case by case basis. Interested applicants should submit their applications to the FSDF Secretariat directly. For enquiries, please contact the FSDF secretariat at or via at fsdf@mas.gov.sg Payment Details (Please note that payment must be paid in advance) Please send me an invoice (For Corporate Clients) Please send payment within 15 days of placing your booking I wish to pay by cheque Please make cheque payable to CFA Singapore Send cheque to: CFA Singapore, (Attention to: Lim Mei Zhi) 10 Shenton Way, MAS Building, #13-02, Singapore Please charge to my credit card American Express Visa Mastercard Card No.: Name of Cardholder: Expiry Date: / Signature: CFA Singapore (a member society of CFA Institute) 10 Shenton Way, MAS Building, #13-02, Singapore Phone: or Fax: events@cfasingapore.org