Valuation and Financial Analysis - Principles and Practices

Program Director and Instructor
Professor Bala Dharan, Harvard University and MIT

Program Length

Program Outline and Objectives
Finance executives, investors, accountants, and financial consultants recognize that valuation and financial analysis are fundamental tools for the success of complex business transactions, such as mergers and acquisitions. Knowledge and application of leading-edge financial analysis techniques for the evaluation of risk and value determine the success or failure of business investments and stock market performance.

In this executive program, the overall goal is to help participants learn how to analyze a company's business strategy and its financial statements in order to value the business. In the process, participants learn to appreciate the use of advanced finance and accounting tools developed in recent years to evaluate the quality and reliability of business cash flows, measure and control business risks including litigation risk and default risk, and evaluate the value of future strategic options.

Equal emphasis is placed on learning concepts and discussing examples of implementation from practice. Implementation issues are addressed particularly for difficult valuation areas such as technology valuation, cost of capital and terminal value. Relevant new accounting concepts such as fair value, derivatives and business combination are also discussed.

Method of Instruction
Participants will receive a workbook containing notes, cases, problems and references for further study. The material will be presented using lecture, class exercises, and case discussions.  Class discussion by participants will be emphasized. Participants will also work on selected problems and cases in small groups.

Who Should Attend
The mix of basic valuation techniques and applications provided in this seminar should appeal to a widely diverse audience. In particular, it should be useful for:

   •  Equity research analysts, who are interested in examining alternatives to the multiples that they use or the linkage to discounted cash flow models.
   •  Corporate financial officers, who want to understand the details of valuation, either because they are planning acquisitions or are interested in value
       enhancement strategies for their firms.
   •  Analysts involved in mergers and acquisitions, who would like to acquire a wider repertoire of valuation skills.
   •  Portfolio Managers who are interested in the effects of corporate restructuring on firm value, and the implications for portfolio management.


                                                                                                   AGENDA OF THE PROGRAM

The program emphasizes in-depth discussion of all key valuation and financial analysis topics. Topics covered include:

  • Overview of valuation approaches

  • Essential steps in planning for valuation: Data analysis and strategic analysis of the company’s business

  • The concept of value manager; why mergers and valuation sometimes fail, and how to use value driver analysis to reduce the risk of overvaluation

  • The use of financial information to evaluate the risk of bankruptcy or default

  • The concept of earnings quality, and financial flags of earnings management

  • Off-balance sheet liabilities, complex financing methods, and their relevance for valuation

  • Types of business combination and how they affect taxes and valuation

  • Implementation issues in discounted cash flow methodology

  • Forecasting free cash flows and related financial statements

  • Estimating the cost of capital

  • Technology (and intellectual property) valuation techniques

  • Common value multipliers and comparable transactions

  • Handling minority discounts and control premiums, and premiums for business synergy

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Venue :


Hilton Mumbai
Sahar Airport Road, Andheri East, Mumbai, 400099, India

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