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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
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
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