PC Advanced Topics

Description

Learn techniques we teach around the world...

In response to requests for more intermediate and advanced level training, we have taken our most popular advanced training sessions, and packaged them into an Advanced Topics series. The series is specifically designed for those with prior work experience in valuation and financial modeling or who have attended our Valuation and Financial Modeling workshops. Each session is ~2.5 hours in duration.

Case study based curriculum provides hands-on, real world, practical applications of the standards and methods that a professional needs.

Led by our experienced instruction team of former practitioners, you get a unique blend of industry insight combined with a passion for teaching. The average TTS instructor has been part of the team for 8.5 years.

What’s Included

Instructor-led classroom training
Ongoing instructor support
One-year online access to course materials, Excel files, and related self-study courses for additional reference and review

Session Schedule
2:30 pm to 5:00 pm (Eastern Time – NYC)

Prerequisites
Participants must have prior work experience in valuation and financial modeling or have completed one of TTS’s Valuation and Financial Modeling workshops. Participants are also expected to be proficient with Excel.

What you will learn

LBO Topics Session

Complexities with Modeling Debt Session (2.5 hours):

• Overview of Complexities
• Enhancements with Modeling Debt Instruments
• Multiple Layers of Debt
• Multiple “Cash Sweeps”
• Modeling LIBOR floors
• Commitment Fees
• Covenants

PIK’s, Warrants, and Recaps Session (2.5 hours):

• Overview of PIK’s, Warrants, and Recaps
• “Payment-in-Kind” (PIK) Instruments
• Mezzanine Financing with Warrants
• Conceptual Understanding and Motivations of “Recapitalization Analysis”
• Leveraged Recap
• Special Cash Dividend
• Share Repurchase

M&A Topics Session

Public Market Separation Techniques Session (2.5 hours):

• Introduction to Subsidiary Redeployment
• Equity Carve-Outs
• Spin-Offs
• “Reverse Morris Trust” Structure
• Split-Offs
• Split-Ups
• Tracking Stocks
• Cash Rich Split-Off

Divestitures & Acquisition Structure Alternatives Session (2.5 hours):

• Overview of Alternatives
• Divestitures:
• Impact on Financial Statements
• Modeling Considerations
• Asset Purchase:
• Advantages and Disadvantages
• Valuing the Tax Savings Stream
• Deferred Tax Impact
• Stock Purchase
• Section 338/338(h)(10) Elections
• Comparing Asset Purchase vs. Stock Purchase

Modeling Topics Session

Advanced Troubleshooting and Switches Sessions (2.5 hours):

• How to quickly fix a broken model (controlling for #VALUE & #REF errors)
• CIRC switches
• How to build scenarios / sensitivities into a model (CHOOSE & OFFSET functionality)
• Creating summary output (e.g., self-referencing circular IF statement)
• Advanced Data Table complexities

Other Topics Session

Deferred Taxes Sessions (2.5 hours):

• Deferred Tax Liabilities
• Deferred Tax Assets
• Deferred Taxes Created in Purchase Accounting
• Modeling Deferred Taxes
• Case Studies of Financial Disclosure
• DTLs from Equity Investments
• Primer on NOLs and Valuation Allowance

Incorporate Investments Sessions (2.5 hours):

• Overview of Intercorporate Investments
• Equity Method (Equity Investments):
• Overview and Introduction
• Impact on Financial Statements
• Case Study of Financial Disclosures
• Modeling Considerations
• Valuation Considerations

Minority Interest (Noncontrolling Interests):

• Overview and Introduction
• Impact on Financial Statements
• Case Study of Financial Disclosures
• Modeling Considerations
• Valuation Consideration