The next session of the advanced BV workshop provides ‘a detailed and insightful understanding of the interaction between cash flows, risk and financing.’ The course also explores specialised valuation topics such as the valuation of early-stage firms and distressed firms. ICAEW plans to offer the seminar again several times in 2020.

Learning outcomes:

• Model equivalence and an overview of less commonly used models (e.g., EVA, APV and real options);
• An enhanced cost of capital process—matching risk-free rate, market risk premium, beta, alpha, and country risk assumptions;
• Valuing early-stage and distressed firms;
• Addressing complex cash-flow issues relating to taxes, terminal value models, growth, deferrals, capex, and depreciation;
• Computation of discounts for lack of marketability and control premiums; and
• Impact of firm life cycle on leverage, financing choices, and value.

Any of the following topics can also be addressed during the workshop at the choice of the participants, and an overview of relevant valuation approaches provided:

• M&A valuation issues;
• Private equity valuation model;
• Valuing options and convertibles;
• Share-based payments (IFRS 2);
• Real options analysis;
• Monte Carlo; and
• Specialised industries (e.g., extractive industries, valuing financial institutions, renewables).

Registration is available at the link above.