5 ноября 2011 г.

On November 5 , 2011, CFA Association (Russia) will run the one-day comprehensive course for investment banking practitioners and financial analysts:

Valuation Course Program

The following topics and techniques will be covered in detail (not necessarily in the same order):

• Main factors affecting valuation
• Overview and comparison of valuation methods: DCF, multiples and residual income
• DCF: operating cash flows, FCFF and FCFE
• Building a simple model in Excel to generate cash flows from Profit and Loss and Balance Sheet statements
• Estimating discount factors: WACC vs. cost of equity and practical approaches to calculation
• Multiples:  
   - Main types of multiples used: EV / EBITDA, EV / Sales, P / E etc and blended multiples
   - Example of valuation of a FMCG company using blended multiples
   - Comparable data: public companies and trade sales. Discount or premium for or lack of control or liquidity
• Valuing cyclical companies
• Venture capital method
• Negotiation dynamics
• Portfolio vs. strategic buyer: motivation and approaches to valuation and structuring deals
• Valuing features built in loans: income participation and conversion into common equity.
• Valuation of banks. 
  - Multiples
  - DCF in Excel
• Residual income method

Course Timetable

DAY 1 (10:00 – 18:30) – February, 2012

 Language: Курс будет проводиться на русском языке, за исключением случаев, когда слушатели достигнут консенсуса о проведении его на английском. Учебные модели будут доступны на русском и на английском.

Group size: We expect the group of 18 participants. The absolute limit for group size is 20

Equipment: Computers with Excel will be provided to all attendees, however feel free to bring your favourite laptop

Location:  to be confirmed

Amenities: Tea/Coffee/Cookies will be served on-site. Lunch is managed individually at one of numerous restaurants in the neighbourhood.

Cost: Our aim is to provide the best value for the price you will pay. Fee schedule:

When paid by October 25, 2011: 21,000 Rubles incl tax
When paid by October 31, 2011: 24,000 Rubles incl tax
When paid by the morning on the first day of the course: 27,000 Rubles incl tax.

A guarantee letter is needed in case of Employer payment (seats can be guaranteed only after full payment is made)

Please make sure to confirm seat availability by phone (495) 761-31-07, or contact Marianna Tsepeleva by email: mariannat@