School of Corporate Finance

Description

This course is practically oriented to show you how to apply the principles of corporate finance to the analysis of many important issues, including M&A, IPO's, restructuring, managing for value, and LBO's. A key feature is that the course demonstrates how the different applications draw upon a common core framework based upon the principles of financial economics that is reviewed on the first day. In addition, it draws upon the instructor’s extensive experience of working in developing markets, where the application the principles of corporate finance raises some specific challenges, not least because of the limited availability of data.

When putting together any corporate finance deal, the creation of value is vital. For example, the evidence suggests that the majority of M&A transactions fail to add value for the acquirer's shareholders and misplaced acquisition programmes often result in financial distress or bankruptcy. All too often incorrect principles, perhaps drawn from the world of accounting may be applied to M&A and other corporate finance transactions. This course demonstrates the importance of applying the principles of corporate finance correctly to help avoid expensive mistakes.

What you will learn

• Core principals of corporate finance and their correct application
• How to apply the principles of corporate finance to the specific challenges of developing markets
• How to manage data limitations and the importance of commercial due diligence
• How to challenge third part valuations using the principles of corporate finance
• Valuation methodologies and techniques, their uses and abuses in corporate finance applications like M&A,IPO's, restructuring, managing for value, and LBO's
• Importance of the principles of financial economics versus accounting
• Cost of capital estimation in developed and developing markets
• Optimal capital structure and its estimation in practice
• Financing alternatives and different financing structures
• The key characteristics of successful M&As
• M&A: public company takeovers and private company acquisitions
• How to analyse and incorporate synergies within M&A valuation
• Restructuring and divestment as an important part of the corporate finance toolkit
• When to divest and the alternative ways of divesting a business
• Leveraged finance and management buy-outs
• Essential features of leveraged buyouts and how are they structured
• What is different about the strategic buyer and the private equity perspective