An Introduction to Corporate Finance

An Introduction to Corporate Finance
158
days to go
02-12-2019 -
04-12-2019
Training

London Stock Exchange

This course has been designed to give a practical introduction to the key elements of corporate finance. Both equity and debt capital market transactions are covered including strategy, valuation, IPOs,and M&A.

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Course overview

This course has been designed to give a practical introduction to the key elements of corporate finance. Both equity and debt capital market transactions are covered, the latter in a one day module that is both an optional addition to the first two days – which concentrate on strategy, valuation, IPOs,and M&A – as well as a standalone course.

Why attend?

Through a combination of presentations, case-studies and worked examples, the course will develop your knowledge of the following key areas:

  • the underlying drivers of company worth
  • valuation methodologies and techniques
  • equity and debt finance raising including IPOs, MBOs and LBOs
  • the role of venture capital and the major transaction structures
  • corporate restructures and financing alternatives
  • public to private transactions

Who should attend?

This three-day course has been designed to appeal to the following professionals:

  • corporate finance executives
  • financial analysts
  • portfolio managers
  • M&A advisers
  • lawyers
  • accountants.

Additionally the course will benefit managers and directors responsible for corporate planning and strategy in their organisations, including:

  • corporate treasurers
  • heads of finance
  • finance directors/finance managers

CPD points: This course attracts 18 CPD points.

Course tutor
The course tutor has worked in London for over thirty years and has extensive banking and corporate finance experience. He has lectured and delivered training courses in many parts of the world over the last 15 years as well as running his own corporate consultancy and being actively involved in early stage financing of small companies with rapid growth potential. He began his career in the corporate banking group of Citibank NA London, where, after several years of relationship management responsibilities, he became heavily involved in organising problem loan workouts. Subsequently he moved to Citicorp Investment Bank Limited where he was a Director of the corporate finance department. In addition to work on transactions in the London market he was engaged in cross border M&A, J.V.buyout and listing transactions. He has an MA in Economics from Cambridge University and was a Visiting Lecturer at the City University Business School from 1999 to 2003.
10 Paternoster Square
London
EC4M 7LS
United Kingdom

DAY ONE – UNDERSTANDING AND VALUING THE COMPANY

8:45 - Registration and coffee

Welcome and introduction 

  • Course objectives

Background

  • What is corporate finance?
  • Understanding the concept of corporate finance
  • The corporate life cycle
  • Risk and reward

Evaluating Corporate Strategy

  • How thinking has developed
  • Assessing the underlying drivers of company worth
  • Boston Consulting Group matrix
  • Porter’s Five Forces - Core competencies

Analysing the cost of capital

  • The cost of debt
  • The cost of equity
  • The Capital Asset Pricing Model
  • Exercises

Company valuation

  • Purpose and application
  • Accounting methods and ratio analysis
  • Comparative analysis
  • Cash flow methods
  • Exercises

Discounted cash flow analysis

  • Underlying concepts
  • Calculating free cash flows
  • Enterprise and equity value
  • Terminal value calculation

DAY TWO – M&A AND RAISING FINANCE IN THE EQUITY MARKETS

  • Raising Finance in the Equity Markets
  • The rationale for going public
  • IPO timescale and regulatory requirements
  • Market requirements
  • Cash shells and reverse takeovers
  • Pricing the issue

Secondary Issues

  • Rights issues
  • Open offers and placings
  • Bonus and scrip issues
  • “Clawbacks”
  • Warrants

Mergers and Acquisitions

  • Rationale for growth via acquisition
  • Good and bad reasons to acquire
  • Synergies – types and problems of achievement
  • Structuring the transaction – shares or assets
  • Consideration – cash, shares or mixture
  • Regulatory framework
  • Timetable
  • Bidder’s strategy and tactics
  • Target’s strategy and tactics
  • Review of recent transactions

Public Offers

  • Regulatory framework
  • Timetable
  • Bidder’s strategy and tactics
  • Target’s strategy and tactics
  • Review of recent transactions

Corporate Restructuring

  • Benign and forced restructuring
  • Signs of corporate failure
  • The London rules
  • Chapter 11
  • Debt / equity swaps
  • EU Insolvency Regime

DAY THREE – THE DEBT MARKETS AND STRUCTURED FINANCING

Raising Finance in the debt markets

  • Bank risk versus equity risk
  • Types of bank finance
  • Syndicated loans
  • Corporate bonds
  • Secondary trading and credit default swaps

The Eurobond markets

  • Issuers and deal size
  • Bond structures
  • High yield bonds
  • Rating agencies and their approach
  • Inter creditor conflicts

Asset securitisation

  • Main asset types secured
  • Transaction structuring
  • Key variables
  • Exercise

Venture Capital, LBOs and MBOs

  • Defining transaction types
  • Rationale for buy-outs / buy-ins
  • How VC houses make the numbers work
  • Elements of leveraged financing
  • Structuring the transaction

Negotiating the terms of a leveraged buyout

  • The position of VC houses
  • Defining the exit
  • Ratchet agreements
  • Drag along / tag along
  • Case study

Public to private transactions

  • Rationale
  • Essential difference from MBOs
  • Code issues
  • Use in corporate restructuring
  • Review of recent transactions

The trainer was interesting and engaging and clearly has a great deal of personal experience of the topics covered. He was able to use this to illustrate the theoretical areas of the course with interesting practical examples. Really enjoyed the course!

The content and the trainer were very good.

It covered all aspects of my corporate finance team’s role in some detail and with great examples.

Very dense and rich content.

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