Featuring:

Vincent Covrig PhD, CFA Crowe Horwath LLP	Daniel L. McConaughy PhD, ASA Crowe Horwath LLP

Why You Should Attend

A sound valuation of any business will incorporate an assessment of the debt that business carries. Yet approaching this analysis and employing the many techniques to perform and apply debt valuations can be perilous, at best. In "Advanced Topics in Debt Valuation" experts Vincent Covrig and Dan McConaughy join BVR to address the many aspects in which debt valuation can be performed, applied, misused, misdirected, corrected, and properly implemented. From liquidity and marketability to DCF and WACC, Covrig and McConaughy’s presentation may be one of the most important and far reaching in business valuation this year.

Agenda

• Why Value Debt?
• Where is the risk?
• Risk in Cost of Debt
• Risk in Cash Flows
• Overview of Debt Instruments
• Bank Loans and Subordinated Debt
• Convertible
• Debt Valuation Models and Cost of Debt
• Credit Analysis
• Ratio Analysis
• Synthetic Credit Rating
• S&P Method
• Moody's Method
• RMA
• Adjustments
• Liquidity
• Call/Put features
• DLOM
• WACC
• Risky Debt
• Debt, Equity and Asset Betas
• Distressed Debt
• Debt, Equity and Asset Volatilities (Merton Model)
• OPM for Debt

Learning Objectives

• Clarify the importance of debt valuation and learn all of its far reaching applications and implications
• Learn how to implement a variety of debt valuation techniques and what each implies
• Learn how to apply the outputs of debt valuation techniques and what these metrics mean for other aspects of business appraisal and value
• Learn what distressed debt means for other metrics it affects as well as business value

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Admission to this event authorizes one computer and phone connection for one location. These connections may be transferred users and/or locations. Multiple concurrent connections for a single admission registration are not allowed.

Multi-User CPE Policy
Admission to this program includes one CPE certificate for one individual. Any additional listeners requesting CPE must pay a processing fee assessed at the completion of the online CE survey for this course.

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CPE Information

Prerequisites: Knowledge of Business Valuation
Program Level: Advanced
Preparation Required: None
Delivery Method: Group Internet-Based
Recommended CPE: 2 Credit Hours (Specialized Knowledge & Applications)

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