This session reviews the fundamentals of M&A accounting. In the context of writing an investment/credit approval case, delegates incorporate the key concepts of credit analysis, credit/investment documentation, syndication/hold recommendations/issues, financial modeling and scenario management. The aim of this session is to explain how the product can help manage foreign exchange risk from revenues and costs, and from debt denominated in a foreign currency. This session will focus on the ways in which corporate clients use interest rate swaps to manage their financing risk. This session addresses the concept of valuing estimated synergies expected to arise as a result of a transaction. The model covers the pre-petition phase, the administration phase and the post-emergence phase. Delegates will identify the relevant cash flow changes and build the operating, investing and financing cash flows. Delegates learn how to build a discounted cash flow valuation model. In this session delegates will cover the main debt products available to corporates. The session includes the analysis of how business seasonality generates working capital volatility, illustrated using a quarterly forecast model. Delegates will gain a thorough understanding of why a component is used in practice, how it works and how to model it. We help high performing finance teams become even stronger and more agile. This session covers the accounting and analysis of pension information as published under IFRS and US GAAP, with a focus on extracting and using the data needed for valuation and deal structuring. Finally the potential issues in assessing a company which uses derivatives are considered. Established in 1991, Pimley & Pimley Inc. is a leading provider of credit and corporate finance training programs around the world. Exposure to a mix of modeling styles will help prepare them to work on in-house models or models they may inherit from other finance professionals. For over two decades, Career Centers has created and delivered the highest-rated corporate training programs in New York. The class will address in detail how to work with intentional circular references. The session does not focus on any particular financial instruments, but develops a comprehensive tool-kit that is essential for every professional in the finance sector to understand interest rates and fixed income instruments. The session also outlines the role of the M&A team during this takeover period. This session will focus on using ratios and financial statement information as a means to identify a company’s financial strategy and the implications of different financing strategies on the overall analysis. This session will explain the basic workings of the trading floor, the flow of business from client to sales and to trader. This session covers the accounting for PIK instruments, bonds issued at a discount and convertible bonds. We also look at debt seniority and how conflicts of interest may arise impacting restructuring. The relationship between cash and changes in assets, liabilities and equity accounts is analyzed in detail, allowing delegates to understand the full integration of the income statement, balance sheet and cash flow statement. This session focuses on modeling in different currencies and the related issues. Developments in bank funding and how this affects forward rates will be discussed. Quotation conventions will be emphasized. The aim of this session is to build a model of a company under administration (e.g. In this session delegates will cover the main functions of the capital markets. Real world examples reinforce the learning, enabling you to immediately apply it within your organization. Discover Strategic Finance – one of the best finance courses for senior executives This is just what IMD’s Strategic Finance program is designed to do. Examples will be used showing the various types of order management - worked orders, market-making and spread trades. We analyze the weighted average cost of capital, calculate terminal values, using both the exit multiple method and the perpetuity growth method. Delegates learn how to build cash flow statements using historical and forecast balance sheets. Finally, delegates will learn how to incorporate the value of synergies into their DCF model or any other valuation approach. The International Finance Institute is proudly partnered with multiple organizations to offer corporate finance programs in specialized areas of finance such as private equity, venture capital, and asset management. The issues are the efficiency and integrity of the model. This session illustrates the difference between tangible and intangible assets and their use in a business. This session covers the more advanced areas of multiples and DCF valuation. Delegates will learn how to calculate cross rates through triangulation and also how the no-arbitrage condition defines forward FX rates. A full debt schedule, including a cash sweep, is incorporated into the model. Corporate Finance courses Take advantage of our finance faculty’s global reputation and strong links with financial institutions. The session focuses on the details of comparable company analysis. We’ve selected them because we’ve conducted customized sessions at the firms or professionals from the firms have enrolled at IFI. This program will explain the logic of the rules on expensing stock awards, and cover the basics of the accounting. Whether you’re new to finance or an expert, whether finance is your career focus or one piece of your leadership arsenal, finance programs … The difference between working capital and operating working capital is analyzed using several ratios. The cash flow session is particularly relevant as a foundation for modeling skills. Starting from a simple three-statement integrated model, we translate the financial statements into a different currency, using end of year FX rates, leading to the creation of translation gains and losses. The session is designed to expose delegates to different three statement modeling styles: multi-sheet, tower, and different income statement layouts. We will drill down on the technical terms, so the attendee can identify the bond characteristic from the conversion option characteristic. Discover methodologies to expand your corporate finance knowledge and … The last part of the session is dedicated to operating working capital issues in M&A deals. We will then examine interest rate risk management with a focus on swaps and FRAs to manage interest rates and introduce the principles of swap pricing. Delegates will review tax issues in detail and cover the impact of deferred tax assets and liabilities on their analysis. Delegates will model a 2 stage steady state terminal value and understand how returns fade to WACC over time. This session introduces the primary tools used in measuring and hedging interest rate risk using vanilla fixed income instruments. The financials are modeled for a variety of time periods: weekly, quarterly and annually. In addition, we also explore the concept of risk adjusting the weighted average cost of capital to reflect risk of the synergies. In order to fully benefit from the session, delegates should have knowledge of the fundamentals of M&A accounting and familiarity with financial modeling. Delegates learn the theory of LBOs and then spend the rest of the day building an LBO model from scratch. In this session delegates will cover the main products of the equity capital markets. Market risk and profit and loss from a bond position is explored. The synergies are valued by discounting the expected cash flows using the weighted average cost of capital of the target. By the end of the session, the class builds an accretion/dilution model using EPS forecasts and acquisition assumptions, proforma leverage ratios and a proforma balance sheet. Understand when and how to model deferred taxes and net operating losses (tax loss carry forwards). Tax losses and carry forwards are also covered as well as the deferred tax implications of M&A transactions. During this session we discuss the detail of calculation of coupons and accrued interest, and we build a bond pricing model in Excel, exploring how bond valuation is performed between coupon dates. We can customize our training program to assure that your employees achieve the professional development goals you’ve set for them. Delegates will work in groups alongside the instructor to write a credit case and ultimately deliver a recommendation to the "credit committee/instructor". The potential conflict of interest may that arise for a Credit Rating Agency active in this area, is also discussed. Delegates will assess and calculate the unlevered free cash flows of the target company and perform a discounted cash flow analysis on the target company. This session focuses on the analysis of companies that are solvent, but might become distressed should trading or financing circumstances deteriorate. The actual financials are integrated so that the financial forecast is up to date and there is a variance analysis output section. Delegates complete a full profitability comparison for the peer group. The concept of invested capital is then introduced and practical examples are used to show how to calculate the return on invested capital. In this session we build a forecast model using the historical financials and the business plan of a case company (a manufacturing business). The session starts by establishing why private equity firms can create value through leveraged buyouts and how the levered valuation fits into the valuation road map. Synergies are a highly important aspect of M&A. The aim of this session is to model convertible bonds (and exchangeable bonds, mandatory convertibles). Please choose a region and contact us so we can help you. Delegates will build a fully integrated forecasting model with the focus on monthly forecasting in the first year. Custom finance training for your organization. AFP Corporate Training. Ideally, the interim model should be easy to fill in and roll-over when new results are announced, and the historical interims should seamlessly integrate with the forecast interims within the first forecast year. The relationship between the government yield curve, swap curve, and credit curves will be explored. The session concludes with an overview of hedge funds merger arbitrage strategies. During this session delegates learn the accounting rules to incorporate equity investments in the consolidated accounts and work on several examples by preparing proforma financials for a variety of cases. The Finance for non-finance programme enables professionals, especially from functional areas other than finance such as sales, marketing, human resource, research and development, production, procurement, to gain an extensive working knowledge of critical financial principles in an easy-to-follow manner, enabling them to make critical business decisions involving cost-savings, budgets, new projects decisions, growth strategies an… This financial analyst certification program begins where business school ends to teach you job-based skills for corporate finance, investment banking, corporate development, treasury, financial planning … Many large companies are in multiple businesses and/or have varying equity investments in other companies. This program … This program focuses on useful tips and tricks that can be used to interrogate the data in financial models and useful methods for finding errors quickly. The LDP Programs feature an initial comprehensive training program up to six weeks long and continued career development through a custom curriculum. In reality, more time is wasted trying to find out why your model does not balance than the time you took to build it in the first place. They should justify a certain premium paid and can often make or break a deal. The role of research and trade support in supporting client business will also be covered. Having introduced the instruments, we will then explore how they are used in managing interest rate, foreign exchange and commodity price risk. The concepts of enterprise value and equity value are explained, using simple but rigorous exercises. At the end of the session delegates will have gained an understanding of how the investment bank serves clients in these markets, and how revenue is generated. This session covers the major types of transactions involving debt financing including leveraged buyouts and mergers and acquisitions. Finally the bond issuance process and key documentation are discussed. Fill the form below and a representative will contact you shortly. The most commonly used multiples are explained and complexities such as normalizing for non-recurring expenses/income are also covered. Delegates complete a fully integrated model with an income statement, balance sheet and cash flow statement. We discount the free cash flows to arrive at enterprise values and calculate the implied share price. In the last part of the session, we examine the valuation implications of pensions and the impact of different forecasting choices on value. Our corporate training program will fill any pre-existing skill gaps and learn the most in-demand industry skills. The relevance of FX to every market, client and transaction type will be made clear through example. Browse all free courses from CFI to advance your career as a world-class financial analyst. Practical consolidation issues are addressed. We then show how to incorporate explicit return assumptions in a DCF model by using the value driver formula to calculate the terminal value. In addition, we will review the issues concerning the calculation of interest, the resulting circularities and the management thereof. The aim of this session is to explain how the product can change interest expense profile. During this session, delegates build a fully integrated merger model which combines financial statement forecasts for the acquirer and the target. As the day progresses, delegates will add more features to the model. Our instructors have the real-world experience that enables them to provide immediately applicable training … Corporate Finance Institute® (CFI) is the leading provider of online financial analyst certification programs. This session begins with an overview of the definitions and different types of financial instruments, together with an explanation of the accounting treatments. How? Delegates complete a basic projection model and stress test their assumptions. Finally, we look to second lien and mezzanine debt and their impact on the restructuring process. This session covers a review of complex three statement models with a focus on cash flows and cash sweeps. Delegates also learn how to stress test the assumptions used, to check their work efficiently and to document it. Our instructors have the real-world experience that enables them to provide immediately applicable training to professionals in investment banking and, in fact, in any other field of finance. Finance courses for ExecutivesFinance courses for Executives. Draper Fisher Jurvetson International Inc. Interest income and expense are added and the resulting circularity is solved with iterations. Cash flows generally create the biggest issues in three statement models and result in model discrepancies and mistakes. Finally, the model is documented and integrity checked. Using a case company, the delegates will tour through the equity capital markets, embracing IPOs, secondary offerings, and different share classes. Check out the latest public course dates in Americas, APAC and EMEA, or contact us to discuss your unique in-house training needs. Wrapping up all the work done so far in the session, we examine the way that credit rating agencies use ratio analysis to establish credit ratings. how to build a three statement model using a detailed revenue forecast with price and volume drivers. Of course once fully integrated into a new company one can also look at the synergies on a post deal WACC basis. Delegates will build simple financial statements using a list of transactions. This session provides a detailed understanding of the analytical framework underlying the calculation of pension assets and liabilities and the related income statement items. Both a direct and an indirect cash flow statement will be produced. Chapter 11). Offered by one of the top business schools in the world and, the program … As you can see, the list is arranged by the type of company and in alphabetical order. Complexities such as non-controlling interests and equity method investments (associates/affiliates), and their impact on earnings and cash flows are also covered. Specific terms such as EBITDA, cash flow and excess cash flow will be identified in detail and delegates will calculate the relevant ratios from a set of financial statements. This session covers the financial covenants generally used in a Leveraged Facility Agreement. The liquidation, sale value, and restructuring options are compared for the case company. Interested in custom finance training for your organization? The session lays the foundations to build a solid understanding of corporate valuation in the context of investment banking. The deal analysis focuses on the financing structure, pricing, earnings and credit impact and value creation. The last part of the session is dedicated to operating working capital issues in M&A deals. The mechanics and purpose of spot, forward, FX swaps and cross currency swaps will be explained. Each of the concepts introduced in class generate the building blocks a realistic credit emo/investment recommendation. This session builds on a basic understanding of how interest rate swaps are used to alter interest rate risk for corporates. The session examines the documentation used in M&A deals. Business managers in every type of organization and every function area require sharp finance skills to effectively drive business performance. We then focus on the calculation of free cash flow. Delegates are introduced to the basic concepts underlying leveraged buyouts. Get in touch with AMT Training and find out about the wide range of training courses we offer. Established in 1998, NYIM Training is the premier destination for personal career growth and corporate training in New York. While building the model, delegates will develop their understanding of cash flow sizes and dates, accrued interest, discount factors and yield. The course starts by explaining the logic and rationale for these transactions and then focuses on the financing implications for the company. Interest Rate Derivatives for Corporates; Further Hedging Strategies. The resulting value will be sensitized using data tables. Corporate finance training goes beyond keeping employees up-to-date on developments in the world of finance. Cash Flow and Credit Analysis for Potentially Stressed Companies. As a result, many investment firms send their employees to us to enhance their practical skills. Delegates learn about purchasing, depreciating/amortizing and selling tangible and intangible assets, and how these transactions are reflected in the financial statements. We also cover how to efficiently build the cash flow statement from scratch. 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