03-05 Dec, 2020

Applied Valuation & Financial Modelling Excellence - 2020 by Dr Bala G. Dharan

Overview

Whether it’s managing a portfolio, preparing for an imminent merger or acquisition, or marveling over the newest dollar figure attached to a tech wunderkind, valuation is the key to parsing and understanding the numbers.

Taught by Dr Bala G. Dharan, one of the leaders in the field, the overall goal of this 3 day masterclass is to help finance executives, accountants, financial consultants, and investors learn applied business valuation techniques and practices that are needed to successfully implement valuation concepts in practice. Dr. Dharan will address real-world application techniques and implementation issues for key valuation steps, including cash flow forecasting, cost of capital and terminal value, and for emerging valuation areas such as start-up, tech company valuation and intellectual property (IP) valuation. Emphasis is placed on learning valuation techniques and discussing examples of implementation from practice, including how the post-Covid-19 economy impacts M&A, financing, and valuation.

Course Delivery

The programme will be highly interactive and sessions will include combine:

  • The material will be presented using lecture, class exercises, and case analysis
  • Active in-class learning via class discussions by participants will be emphasized
  • Participants will also work on selected problems and cases in small groups in break-out sessions
  • Personal Learning in which delegates consider next steps for their business

Benefits of Attending

  • Get the inside track of valuation approaches
  • Financial modeling and forecasting techniques for revenues, costs, capital expenditure, and other key financial statement items
  • Cost of capital and terminal value determination
  • Financial modeling of cash flows for start-up companies
  • Using value multipliers and comparable transactions
  • Quality-of-earnings analysis and preparing normalized earnings for financial due diligence
  • Applied techniques for the valuation of technology companies and intellectual property
  • How the changes in the economy worldwide due to COVID-19 and central banks’ actions to pump in capital affect valuation, including cash flow forecasts, and cost of capital
  • Relative usefulness of some valuation methods such as valuation ratios in the post-COVID-19 world


Who Should Attend?
 

  • Equity research professionals
  • Corporate Financial Officers
  • GM/VP/AVP/Manager M & A
  • CFOs, Treasurers and Senior Finance Executives
  • Executives of M&A Team
  • Directors of Strategic Planning
  • Commercial Bankers
  • Portfolio Managers -Corporate Restructuring
  • Fund Managers
  • Investment Bankers
  • Credit analysts at banks and other financial institutions
  • Business strategists at corporations
  • Compliance officers

Agenda

Download Brochure

Day 1

4:00 PM – 4:20 PM
Registration

4:20 PM – 4:30 PM
Welcome Address VCCircle

4:30 PM – 6:00 PM
Session 1

Valuation: The Big Picture

  • Course Introduction
  • Different concepts of value
  • Overview of valuation approaches
  • Walk-through illustration of valuation approaches

6:00 PM – 6:15 PM
Break

6:15 PM – 7:45 PM
Session 2

Common Valuation Approaches Used in M&A

  • Context-based valuation to identify premiums and synergy
  • Walk-through illustration of valuation with cash flows – practical techniques used
  • Changes in valuation approaches to incorporate lower post-COVID-19 interest rates

7:45 PM – Onwards
Day 1 Concludes

 

Day 2

4:30 PM – 6:00 PM
Session 1

Technology Valuation Models

  • What is different and special about tech stock valuation
  • Private equity industry models for tech start-ups

Case study: Tech company valuation in a recent financing round

6:00 PM – 6:15 PM
Break

6:15 PM – 7:45 PM
Session 2

Forecasting Cash Flows and Financial Statements

  • Preparing for forecasting – developing baselines, identifying biases
  • Forecasting revenues and income statement
  • Forecasting capital expenditure and other investments
  • Putting it all together

Case study: Forecasting

7:45 PM – Onwards
Day 2 Concludes

 

Day 3

4:30 PM – 6:00 PM
Session 1

Cost Capital and Terminal Value

  • Sources of capital used in corporate M&A, real estate deals, and private equity deals
  • How to modify cost of equity models for the post-COVID-19 risk and discount rate changes

Case study: Cost of capital, terminal value and valuation

6:00 PM – 6:15 PM
Break

6:15 PM – 7:45 PM
Session 2

Financial Analysis for Valuation

  • What is financial due diligence
  • Quality-of-earnings due diligence analysis for M&A
  • Best practices and models for identifying accounting red flags

Case study: Financial due diligence and identifying red flags

7:45 PM – Onwards
Course Concludes

Expert

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Bala G. Dharan

Managing Director, Berkeley Research Group

Dr. Bala Dharan, Ph.D., CPA, is Robert B. and Candice J. Haas Visiting Professor at Harvard Law School and Visiting Professor at MIT Sloan School of Management. He is also a Managing Director at Berkeley Research Group, an international business and litigation consulting firm. Dr. Dharan has provided consulting and expert testimony on corporate finance, accounting and auditing, business valuation, and corporate governance issues. He has been invited three times to the United States Congress to testify on financial reporting issues, and has been a frequent invited speaker at various corporations and industry conferences. He has provided valuation and strategic consulting for several start-up businesses, and helped co-found a software technology business serving the banking industry.

Dr. Dharan is an award-winning teacher and has designed and taught dozens of corporate executive education offerings at Wharton School, Rice University, Indian School of Business, and other institutions. He has been a professor or visiting professor at leading global business schools, including MIT Sloan School of Management, University of California at Berkeley, Kellogg School of Management at Northwestern University, Indian School of Business, and Jones School of Management at Rice University. His research centers on the strategic use of financial information by managers and investors. He is a co- author of four textbooks.

Dr. Dharan is a Certified Public Accountant (USA) with ABV (Accredited in Business Valuation) and CFF (Certified in Financial Forensics) credentials. He has a B-Tech degree in chemical engineering from the Indian Institute of Technology, Madras, PGDM (MBA) from the Indian Institute of Management, Ahmedabad, and MS and Ph.D. degrees in accounting from Carnegie Mellon University, Pittsburgh.

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