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Our courses are intended for a global audience, with each one being completely customisable to suit the needs of the individuals it is being delivered to.

They can be delivered in London or in your home town. You decide.

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Introduction to Company Valuation

  • Accounting, Corporate Finance, Management Skills, Risk and Credit
  • Duration: One day
  • Information

    A One - Day Programme with the possibility of being extended to suit the client’s needs.

    The course covers analysis of company valuation, discounted cash flow (DCF), shareholder value, valuation multiples and the criteria for selecting comparable companies.


    Session 1:

    Shareholder Value

    • The concept of maximising shareholder value

    • Objectives of company valuation

    • The risk/return trade-off

    • Exercise: Match the risk/return profile of equity and debt securities

    • Strategic risk: concepts and methods of assessment - Porter’s Five Forces, BCG Growth / Share Matrix, company life cycle, etc.

    • How the market values companies and what causes price change

    • Case-study: Perceptions of value of a UK company that avoided takeover

    Session 2:

    Using comparable multiples

    • Traditional valuation multiples (P/E) and newer multiples (PEG ratios, etc.)

    • The concept of Enterprise Value and related multiples – EV/EBITDA, EV/EBIT

    • Case-study: Estimating valuation based on historic and prospective multiples

    • Which multiples for which sectors and which time periods?

    • Case-study: Selecting appropriate multiples for different industry sectors

    Session 3:

    Which companies are comparable?

    • Criteria for selecting comparable companies

    • Case-study: Comparable companies for Virgin Mobile, premium vs discount, implications for pricing at flotation and then as an acquisition target for NTL

    • How to decide if the sample of companies and ratios makes sense

    • Case-study: Selecting comparable companies for a flotation candidate

    Session 4:

    When to use other valuation methods

    • Asset based, dividend discounting, Sum of the Parts, Real Options

    • Case study: What UK companies can dividend discount models help to value?

    • Case Study – Assessment Criteria used by Equity Fund Managers

    Session 5:

    Discounted Cash Flow Analysis (DCF)

    • Why discount cash flows?

    • What assumptions tend to have most impact on a DCF valuation

    • Case study: The impact of different assumptions on DCF valuation

    Session 6:

    Bringing it all together

    • How to draw conclusions from valuation results

    • The difference between value and price

    • Case study: Reviewing the results of a valuation analysis using different methods and recommending a target price range

    Course Close

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    As every course we run is tailored to meet the specific needs of each client, we can only provide an estimate after fully understanding your specific requirements. Please complete the form below of call +44 (0) 208 894 4977 to discuss how Taylor Associates can help you.

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