PROGRAM

DAY 1

FINANCIAL ANALYSIS

• Review of main financial statements
• balance sheet, profit and loss account, funds/cash flow statements
• Ratio analysis and the Du Pont approach
• Interpreting corporate report  - Case study
• Creative accounting
• Models for predicting bankruptcy - Z scoring

COMPANY VALUATION METHODS

• Price-Earning (PE) multiples and other earning approaches
• Market to Book (MB) multiples
• Comparative company analysis
• Asset based valuations
• Shareholder/strategic value analysis

COMPANY VALUATION USING SHAREHOLDER/STRATEGIC VALUE ANALYSIS

• Understanding and calculating free cash flow
• Applying free cash flow analysis to valuation
• Business value, corporate value and shareholder value

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DAY 2

PROJECT APPRAISAL

• Capital budgeting and project appraisal
• Tools of project appraisal
• Dealing with inflation, taxation, risk and uncertainty
• Capital Project proposals
• Analysis, interpretation and evaluation
• Case study

CORPORATE FINANCIAL OBJECTIVES AND THE COST OF CAPITAL

• Estimating the cost of capital - key requirements
• Understanding gearing/leverage and capital structure
• Estimating the cost of debt
• Estimating the cost of equity and the Capital Asset Pricing Model - Case study