Masterclasses & Workshops 

BUSINESS VALUATION

Introduction

This one-day business valuation course has been specifically developed to acquaint people with business valuation relevant skills so as to enable them to quantify and assess the monetary value of a business or/and any project. Course content includes coverage of related topics such as asset, income, market multiples & comparable transactions as well as of course cashflow based valuations.  Emphasis will be given on practical real life examples rather than theoretical concepts.

This program provides answers to questions such as:

• What is the monetary value of a business?

• What are the business value drivers?

• Is business valuation a scientific or a subjective process?

• Buyer-seller negotiation process

Prerequisites

Primary knowledge of basic finance concepts will be helpful but not a pre-requisite in order to attend the course.  No advance preparation is required.

Course Benefits

This is a course that can be followed both by a starter as well as the experienced financier since it combines basic business valuation applicable principles as well as more advanced practical examples which may help build on the already existing knowledge base of the advanced attendee:

Teaching Method

Live group instruction, examples and case studies, open discussions. Interactive participation is encouraged 

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Agenda

Your trainer

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Dimitris Chatziapostolou is a chartered certified accountant (FCCA) and a certified compliance officer (AICA) having accumulated a 20+ year extensive international business experience, out of his 6+  year employment in the big 4 audit firm environment (PwC, Arthur Andersen, Deloitte) and 10 years as a CFO (Sony Music, Metlife Alico, Frigoglass). Currently working for SmartAdvisory as a freelance financial consultant in Europe, Asia and the Middle East as well as for StudySmart as a professional qualifications tutor with more than 5,000 training hours of experience.

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Qualifications: AICA-Advanced Certificate in Compliance, International Compliance Association (UK), FCCA, Association of Chartered Certified Accountants (UK), MBA, Cardiff Business School-University of Wales (UK), BA (Hons) Business Economics - University of Liverpool (UK)

Seminar outline

1. Nature and purpose of the valuation of business and financial assets

   • Identify and discuss reasons for valuing businesses and financial assets.

   • Identify information requirements for valuation and discuss the limitations of different types of information.

2.  Models for the valuation of shares

• Asset-based valuation models, including:

  • net book value (statement of financial position basis)

  • net realisable value basis

  • net replacement cost basis

• Income-based valuation models, including:

  • price/earnings ratio method

  • earnings yield method

• Cash flow-based valuation models, including:

  • dividend valuation model and the dividend growth model

  • discounted cash flow basis

3. The valuation of debt and other financial assets

• Apply appropriate valuation methods to:

  • irredeemable debt

  • redeemable debt

  • convertible debt

  • preference shares

4. Efficient Market Hypothesis (EMH) and practical considerations in the valuation of shares.

• Distinguish between and discuss weak form efficiency, semi-strong form efficiency and strong form efficiency.

• Discuss practical considerations in the valuation of shares and businesses, including:

  • marketability and liquidity of shares

  • availability and sources of information

  • market imperfections and pricing anomalies

  • market capitalization

• Describe the significance of investor speculation and the explanations of investor decisions offered by behavioural finance