Hard corporate finance skills (5 modules of 2 days) on forecasting, valuation, accounting, LBO and M&A modeling

Following the successful delivery of several training programs on “hard” corporate finance skills in the Netherlands, London, New York and Asia I offer since 2015 an open programme primarily focussed on analyst and associates of investment banks, corporate finance boutiques, corporate finance advisors, private equity firms, M&A departments of corporates and equity analyst. Based on my experience as an active corporate finance advisor/valuator and being affiliated with several universities, I will provide the courses with a nice blend between practice and theory. Participants of the training programme will improve their hard corporate finance skills and will be able to apply the learnings immediately after the modules in their day-to-day work. Furthermore, the training program gives the delegates an opportunity to network with their peers. 

Financial Statement Modeling and Forecasting Training (26-27 September 2019)
The main objective of this module is that participants will develop practical skills to build a financial forecast model in excel from scratch. The financial model will be structured from the underlying business drivers and translated into a forecast model including a fully integrated Income Statement, Balance Sheet and Cash Flow Statement. Approximately 50-60% of the time, the students will work on a real life excel based case in class to develop the financial forecast model. 

• Introduction to financial modelling
• Structuring the forecast process
• Analysing industry trends and strategy
• Performing historical ratio analysis
• Forecasting Income Statement
• Forecasting Balance Sheet
• Forecasting Cash Flow Statement
• Balancing the Balance Sheet from the Cash Flow Statement

Corporate Valuation Training (4-5 November 2019)
In this module, participants will develop skills to determine the value of a company based on different valuation methods. The main focus will be on Discounted Cash Flow-valuation. Participants will learn to understand how to value a company and the key business drivers that affect enterprise and equity value. In addition, alternative valuation methodologies will be discussed such as trading an transaction multiples. The theory will combined with a case study where participants will work on during the module. 

• Introduction to valuation
• Basic FCF/WACC-model
• Determining Free Cash Flow
• Estimating WACC
• Continuing Value 
• Debt and Cash Like items
• Relative Valuation
• Alternative valuation methodologies

Intermediate Accounting for Corporate Finance Advisors (27-28 January 2020)
In this module the participants learn key accounting concepts that are relevant from a financial statement analysis, financial modelling, valuation and credit analysis perspective. During this two-day module, intermediate accounting theory will be lectured and participants will be asked to model some of the cases in excel. Furthermore, participants will also learn to analyse and understand the impact of the accounting on financial statement analysis, valuation and credit analysis. The most important accounting topics that will be discussed during this module are:

• Basic accounting principles
• Accounting for revenues
• COGS/inventories for manufacturing companies
• Provisions and contingent assets/liabilities
• Accounting for taxes
• Pensions
• Group companies and consolidation
• Accounting for business combinations
• Lease accounting
• Tangible and intangible assets
• Financial instruments
• Earnings management and creative accounting

Leveraged Buyout Modeling (23-24 March 2020)
The objectives of this module are twofold. First, the participants will acquire deeper and practical knowledge of the dynamics of leveraged buyouts. Secondly, the participants will be trained to apply this knowledge in a case using excel modelling and perform relevant buyout analysis based on the model. These analyses include amongst others setting up sources and uses, constructing openings balance sheet, LBO debt modeling and structuring, financial covenant analysis, exit value, IRR and cash on cash multiple-evaluation. 

• Introduction to LBOs
• Sources and Uses and Openings Balance Sheet
• LBO debt financing
• LBO equity financing
• Exit valuation
• Return analysis including IRR decomposition
• How it all links together

Merger and Acquisition Modeling (18-19 May 2020)
In this two day module the participants will develop an integrated merger/acquisition-model in excel that enables them to analyse the transaction from both an equity and credit perspective. The module will start with basic valuation analysis of the target, followed by synergy modelling/valuation, assessment of deal structure, consolidation of financial statements of target and bidder, and modelling/evaluation of the funding structure. Based on the merger/acquisition-model, participants will sensitize for different transaction and funding structures and analyse the impact on key credit and equity metrics. In this module we will use a case study of an acquisition of a target company and the participants will develop a merger/acquisition-model in excel based on half completed spreadsheets/templates.

• Introduction to M&A
• Target and synergy valuation
• Analysing and modelling transaction structure
• Purchase Price Allocation
• Consolidating financial statements
• Analysing and modelling funding structure

Deal assessment on key credit/equity ratios

Prerequisites are: basic accounting and corporate finance knowledge and excel skills

Participants have to bring their laptop along and a pre course instruction will be sent before the course starts. The course venue is located on the Zuidas in Amsterdam (Atrium, Strawinskylaan 3051, first floor). The course venue is located nearby metro/train station Amsterdam Zuid. Lunch and drinks are included. The course will be held in English unless all of the particapants are Dutch. 

Hans Haanappel