May 8-10, 2009, Kolocep Croatia

 Course Description and Objectives

This is a course that teaches you to value your own or somebody else's company. It does so in a variety of business settings using case study method. The central objective of this course is to establish a framework for making managerial decisions based on an understanding of corporate value creation, corporate value destruction, and on how to enhance the former while avoiding the latter. Case discussions will be use to illustrate how corporate valuation is related to managerial decision making. The emphasis will be on establishing a good understanding of when one valuation technique works better than another.

To accomplish these objectives, we examine corporate valuation in a variety of real business settings, including Initial Public Offerings, large investment projects, Mergers and Acquisitions, and private equity. The main insights will emerge from the process of making and defending the business decisions that will be made as part of your work on the business cases used in the course.

Expected Outcomes

At the end of the course you should be able to master the following valuation approaches:

• Enterprise discounted cash flow (DCF)
• Adjusted present value method
• Equity DCF
• Traded- and trans-action multiples method
• Understand when and why a particular valuation approach may be better than other in a particular situation
• Structure an investment using project financing
• See the relationship between value estimates, bidding strategies, and market values
• Understand why economic value analysis (such as EVA) is a useful management/consulting tool
• Analyze historical performance
• Understand the importance of value drivers

 Who Should Attend

Whether you are an enterpreneur managing your own company, a senior executive of a corporation, a banker, investment manager, or a management consultant, this course is for you. It will also be of be of great use for higher level management with strategic  responsibilities.  From valuation basics to advanced techniques used by top management consultancies and investment banks, this course by  one of the foremost European experts in the area of valuation and value creation will allow you to master it all. As a result, you will be able to put the acquired knowledge to work and add value to your company

 Course Outline

 Day 1

• Free Cash Flow and Cost of Capital
• Measuring Historical Performance of Companies
• Value Management
• M&A Valuation (Case: Cooper Industries)

Day 2

• IPO Valuation (Case: Netscape)
• Valuation of a large long-lived project (Case: Airbus A3XX)
• Valuation of natural resources (Case: Antamina Light)
• Guest speaker practitioner presentation - the regional perspective

Day 3

• Structuring an acquisition of a privately held company (Case: Printcomm)
• Structuring a Management Buyout (MBO)/Leveraged Buyout (LBO) (Case: MedMedia)