Mini MBA in Corporate Finance

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Description

This course covers all stages of the company’s financial development from inception (venture capital) to equity raising by an IPO, then expansion by M&A and the associated financing (including bank financing and bond issues) and appropriate risk management techniques (hedging) through to maturity (possible LBO candidate) and finally decline and financial distress (possible debt restructuring candidate). The course is built around actual case studies illustrating current practices including: Boots leveraged buy-out; BA/Iberia merger; Rusal IPO; Drax restructuring; Tommy Hilfiger acquisition and many others. The case study work will include team based negotiation and excel modelling (using spr…

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Didn't find what you were looking for? See also: Corporate Finance, Debt, MBA (Master of Business Administration), Equities, and Business Finance.

This course covers all stages of the company’s financial development from inception (venture capital) to equity raising by an IPO, then expansion by M&A and the associated financing (including bank financing and bond issues) and appropriate risk management techniques (hedging) through to maturity (possible LBO candidate) and finally decline and financial distress (possible debt restructuring candidate). The course is built around actual case studies illustrating current practices including: Boots leveraged buy-out; BA/Iberia merger; Rusal IPO; Drax restructuring; Tommy Hilfiger acquisition and many others. The case study work will include team based negotiation and excel modelling (using spreadsheets supplied).
Day 1 Raising early stage equity capital Venture Capital Seed capital The business plan The investment agreement The exit The whitewash Case study: review an early stage deal documentation Initial public offerings IPO preparation Selecting advisers Why float? Restructuring prior to IPO Necessary pre-conditions to qualify Corporate governance Case study: suitability of potential candidates IPO execution IPO Timetable Due diligence Marketing the issue, the Greenshoe Soft underwriting Case study: when issues fail - Eutelsat Secondary offerings Rights issues Sale of secondary (existing shares) Hard underwriting Deep discounts Case study: major insurance company rights offering Day 2 Capital structure: maximising value Business school theory Credit quality Operational gearing Flexibility Reserve debt capacity Case study: Restructuring Marathon Oil by spin-off Valuation using DCF Dividend discount model Preparing cash flows Computing the cost of capital Adjusting beta for debt Managing the growth rate Case study: WACC valuation Valuation using multiples Background to the multiple-based approach Requirements to achieve reliable results Alternative valuation ratios Value drivers and valuation Case study: multiple based LBO valuation Investor relations Promoting the company to investors Organisation Investor types When promotion becomes a scam Case study: Xerox, accounting scam Day 3 M&A: driver of growth? Why grow the business How to grow the business Why make acquisitions? M&A Synergies (BA/Iberia case) Deals from Hell Case study: Royal Bank of Scotland M&A: due diligence Appointing the advisers Identifying the key issues Resolving the problems Commercial due diligence Legal remedies to manage risk Case studies: success and failure in DD Financial analysis of the target Pro forma analysis Testing suitable capital structure assumptions Modelling the impact of synergies Testing the credit ratios Case study: major mining company acquisition Financing acquisitions Issuing bonds, Arranging bank finance Bridge financing Issuing equity for acquisitions Case study: Vendor placing to generate equity Day 4 Public company M&A transactions Legal mechanism Takeover rules Agreed deals Contested or hostile deals Timetable Case study: major contested takeover Managing interest rate risk Fixed versus floating Interest rate derivatives: FRAs Interest rate swaps Using swaps with bonds Case study: dual currency bond issuance with swap Managing commodity and fx risk Using debt to hedge transaction risk Using forwards Using options Hedging disasters Case study: Newcrest, Australian gold miner Leveraged buy-outs (LBO) LBO strategy Financial evaluation, Debt structure LBO exit Case study: Boots, major high street retailer Day 5 Financial restructuring Causes of financial distress Possible solutions Pre-packs Strategy of distressed debt investors Case study: Bankruptcy of major FTSE 100 stock, Drax Real option analysis Introduction to options The option value to defer The option value in choice Using option valuation for mineral companies Case study: valuation of a gold mine using options M&A trading simulation Course summary and close
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