ICC събития - Архив


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Архив

Shareholder Value and Strategic Finance 2 Day Executive Course

От 24 Октомври 2011 до 25 Октомври 2011

Място на провеждане

ICC Bulgaria Head Office, 8 Han Asparuh Street, Sofia

Описание

Shareholder Value and Strategic Finance

Increases in the complexity of the business environment at national and international level has brought about a clear need to integrate business strategy with financial strategy. Only when financial strategy is fully integrated into the overall corporate strategy are lasting results likely to be achieved. The central piece of any strategy is maximisation of shareholder value.

Why you should attend the programme?

With a clear grasp of this fundamental concept you will really understand investors and be able to present investment ideas more effectively. A focus on what must be done to increase value creates real operational, financial and strategic insight.
 

Програма

Session 1: Shareholder Value
•    The concept of maximising shareholder value
•    Shareholders vs. stakeholders
•    The risk/return trade-off
Session 2: Traditional Valuation
•    Traditional multiples (P/E) and newer multiples (PEG)
•    Enterprise Value (EV) and multiples – EV/EBITDA, EV/EBIT
•    Equity market valuation of companies
•    Share price performance, returns, market indices and benchmarking
•    The difference between value and price
Session 3: Discounted Cash Flow
•    Cash flow and free cash flow
•    Difficulties in forecasting free cash flows
•    DCF forecast periods, terminal value, typical errors
•    Reality checks, sensitivity analysis, scenario modelling
•    Drawbacks with DCF modelling
Session 4: Cost of Capital/Optimal Capital Structure
•    Capital Asset Pricing Model and the Cost of Equity
•    Equity Risk Premium, which beta to choose, business risk, leverage
•    Unquoted company differences
•    Equity and capital structure, impact on WACC
•    Asset-Based, Dividends and Discounting, Sum of the Parts, Real Options
•    EV/IC, ROIC/WACC
Session 5: Strategy
•    Strategic decision-making and assessment - Porter’s Five Forces, BCG, SWOT, Lifecycle
•    Acquisition, organic growth, strategic alliances
•    Demergers and spin-offs
•    Auctions, hostile bids
•    Preparation, targeting potential buyers, managing bids
Session 6: Valuing a Target
•    Stand-alone value compared to value to the buyer
•    Earn-outs and link with valuation
•    Synergies and costs to realise
•    Risk areas, sensitivity analysis, what cost of capital to use
•    Premium for control, discount for unquoted company, other influencing factors
•    Cash or shares, appropriate level of debt
Session 7: Financing Choices
•    Debt, Equity, Hybrids - range of debt products, optimal/maximum debt
•    Bonds, bank loans, spread, coupon, basis points, yield to maturity
•    Raising equity, timing issues, capital market conditions and choices
Session 8: Making it Work
•    Anti trust issues, other regulators, impact on disposals/acquisitions
•    What influences the success or failure of an acquisition
•    Buying shares or assets
•    The importance of post-acquisition debt reduction and subsequent sales
•    Why does integration fail
 

Основни лектори и панелисти

 Stephen Brookson

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