Description
The opportunities to evaluate a company or an activity are multiplying: external growth, merger, LBO, opening of capital, sale... So, how to objectively value a company? There are many evaluation formulas that one must learn to use wisely based on their advantages and limitations. The objective of this training is to provide you with the methods to evaluate a company.
Who is this training for ?
For whom ?
Financial director, accounting manager. Management controller, banker, financial analyst, auditor. Managing Director and Business Manager.
Prerequisites
Training objectives
Training program
- The circumstances requiring the assessment
- - The elements giving value to a company.
- - Steps of evaluation: strategic and financial diagnosis, business plan, accounting restatements.
- Asset value Reassess operating and non-operating assets, liabilities.
- - Remove non-values, integrate off-balance sheet items.
- - Include unrealized taxes.
- - Corrected net assets (ANC).
- - The goodwill method.
- - Case scenario on spreadsheet: calculation of the ANC.
- Discounted cash flows (DCF) Evaluate the consistency of operating and investment flows with the business plan.
- - Explicit, implicit horizon.
- - Discount rate: WACC.
- - Normative flow and final value (Gordon Shapiro method).
- - From enterprise value to equity value.
- - Case scenario on spreadsheet: evaluation by DCF.
- Analog methods
- - Stock market multiples or recent transactions.
- - Constitute the sample of comparable companies.
- - Accounting restatements.
- - Relevant aggregates: EBE , operating result.
- - Define the reference multiples.
- - Dumoulin case scenario: Multiples method.
- Moving from value to price
- - Difference between value and price.
- - Define the most appropriate methods for the situation.
- - Taking into account the context: majority or minority.
- - Steps in the acquisition process.
