• 2 Days
• Investment banking industry overview
• Normalizing financial statements for investment banking transaction purposes
• EBITDA concept and application
• Research and data finding
• Investment Appraisal Techniques

-Payback

-Internal Rate of Return (IRR)

-Net Present Value (NPV)

• Buy – side, sell – side mandates
• Investment Banking Interviews, common questions

Case Studies:

(1)Financial Analysis of 3 companies in the same sector

(2) Investment project analysis

• 3 to 5 days
• Investment banking industry overview
• Normalizing financial statements for investment banking transaction purposes
• EBITDA concept and application
• Research and data finding
• Financial modelling and valuation methodologies in excel:

-Trading Comparables (“Comps”)

-Precedent Transactions

-Discounted Cash Flow (DCF)

-Simple Leveraged Buyout (LBO)

-Merger Model (Accretion / Dilution)

• Models as tools, limitations of financial models and common pitfalls

Case Study:

(1) Application of valuation methodologies on the company of choice

• 2 to 4 days
• Custom build your own training programme
• Financial modelling in detail, 1 model 2 days
• Choose from:

-Discounted Cash Flow (DCF)

-Trading Comparables (“Comps”)

-Precedent Transactions

-Leveraged Buyout (LBO)

-Merger Model (Accretion / Dilution)

Case Studies:

(1)Group work on Comps and Precedent Transactions

(2) Application of valuation methodologies on the company of choice

• Oil & Gas industry overview

-Upstream, midstream, downstream companies, oil field services, others

• Understanding oil & gas companies financial statements – what’s different?
• Successful efforts vs. full cost accounting
• Key metrics and concepts

-EBITDAX

-Proved Reserves / Annual Production

• The Net Asset Value (NAV) Model
• Oil & Gas specific nuances in merger and LBO modelling

Case Study:

(1) Application of NAV model to oil & gas business

• Real Estate industry overview
• Property development timeline

-Expenses estimates

-Investors expectations

-Phases of construction

• Project completion and revenue generation
• Accounting and key metrics
• Financing and selling properties
• Real Estate Investment Trusts (REITs)

-Financial Statements

-REIT Valuation

-Net Asset Value and Replacement Cost models

Case Study:

(1) Modelling of a commercial property development

• Banking industry overview
• Regulations, Basel III, Dodd-Frank
• Balance sheet driven valuations and performance projections
• Provisions for credit losses
• Bank valuation metrics, key multiples
• Cost of equity in banks
• Dividend discount model in bank modelling
• Bank operating model
• Bank valuation
• Insurance valuations overview

Case Study:

(1) Valuation of a commercial bank

• Leveraged buyout transaction explained

-What’s difference between LBOs and typical M&A deals?

-Sample deals

• Criteria for leveraged buyout transaction

-Role of banks, private equity (investors), target company

• Putting together a simple LBO model
• Extended LBO model

-Adjusting financials for LBO transaction effects

-Impact of leverage

-IRR

-Exit scenarios

Case Study:

(1) Modelling of a commercial property development

• All training programmes can be custom build to fit training and audience requirements

• Training materials are provided

• Participants will be expected to work independently on assignments

• Basic and Intermediate programmes are aimed for professionals that wish to upgrade their technical skills and University students

• For University student audiences, common interview questions can be incorporated into the training curriculum

• Advanced level programmes are for corporate clients or professionals with investment banking or financial modelling experience