Business valuations – Advanced
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- A webinar is a live training activity which you must attend at the date and time indicated. You may access the training platform in your online file 7 days before the date of the webinar. We strongly recommend that you log in to the platform before the date of the webinar and follow the instructions in step 3 of your training path beforehand in order to test your computers’ configuration and prevent any connexion problems during your training activity.
- Web conferences, web interviews, interactive training activities, webcasts and online training activities are recorded training activities. They can be accessed at all times after their availability date.
This training activity dissects the basic approaches from Business Valuations – Fundamentals, so that practitioners can recognize the limitations of various valuation approaches and provides information that will allow professionals to conduct supplementary analysis for a more robust conclusion of value. Participants will learn about topics such as cost of capital, terminal value quantification, synergy calculations, and valuation discounts. In addition, the training activity provides an introduction to the process of valuing securities other than common shares. Practical application of the concepts is provided by utilizing a detailed case study that extends into each module.
Building on the concepts of Business Valuations – Fundamentals, this training activity gives participants a more detailed insight into some of the more complex issues associated with business valuations.
By the end of this training activity, participants will be able to:
- utilize the capital asset pricing model to interpret the biases inherent in unadjusted Beta as a result of capital structure and tax status of a reference company;
- identify the factors that make a “comparable” company more or less comparable in the context of a business valuation and when to exclude certain companies from their analysis;
- incorporate market conventions with respect to including business combination synergies within the valuation of a single company;
critique the use of (or assess the reasonability of) various valuation discounts.
- Complexities associated with DCF valuation methods, including how to calculate cost of capital (equity and debt), cash flow, and residual value assumptions
- Valuing a business using multiples
- Valuation and buyer intent – strategic buyers versus financial buyers
- Identifying and valuing synergies
- Applying valuation discounts, including minority interest, marketability, and key person discounts
- Introduction to valuation issues specific to other securities such as preferred shares and convertible debentures
- A review of different valuation reports in Canada
This course will benefit practitioners who are seeking a deeper understanding of the more complex issues surrounding business valuations, as well as practitioners who provide some business valuation advice to their clients and company executives involved in the purchase or sale of businesses.
It is recommended that before attending the advanced training activity, participants should attend Business Valuations – Fundamentals or have experience working with business valuations.