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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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Equity Valuation Workshop

  • Banking and Financial Markets, Equity Markets, Financial Modelling, Foreign Exchange, Fund Management, Trading and Technical Analysis
  • Duration: One day
  • Information

    Comparable Company Analysis VS Free-standing Valuation modeling, Traditional earnings vs asset based valuation, CAPM.


    Day One

    Session 1:

    Introduction – Comparable Company Analysis VS Free-standing Valuation modeling

    • Comparable Company and/or comparable Transaction Analysis?

    • Selecting the peer group – Market or (global?) sector?

    • Analysing what? Earnings, Dividends, Assets, Sales, Interest Cover…..

    • Life Cycle of a Company and Porter’s Five Forces. From growth to Fade

    • Writing a Research report – do’s & don’ts

    Session 2:

    Traditional Earnings- based Methodology

    • The love affair with the Price/Earnings ratio

    • What is an appropriate Multiple? PEGs

    • Comparable company analysis, the effect of Cyclicality

    • Shortcomings of this valuation metric

    • Do share buybacks make a Company’s shares cheaper?

    Session 3:

    Asset Based Valuations

    • Book Values and Returns on Equity (ROE)

    • The special challenge that is the Bank sector

    • Price to Book Values (premiums and Discounts) – The Property sector

    • Embedded and Appraisal Values – The Insurance sector

    • Case Study - Intangible Assets – What are Brand names worth?

    Session 4:

    Portfolio Construction for Private clients in practice

    • Price to Sales, the basics

    • Enterprise Values - What are they and why were they developed?

    • EV Multiples - EBITDA, Sales – Manufacturing, Retailing sectors

    • Case Study

    Day Two

    Session 1:

    The Capital Asset Pricing Model & the Cost of Equity

    • Risk Free Rates, Betas & the Equity Risk Premium

    • Leveraged Betas & the Cost of Equity

    • Deriving the Cost of Equity using CAPM

    • Case Study – Betas in practice

    Session 2:

    Discounted Cash Flow Valuations

    • Using Cash to measure return. How does a Company make money?

    • Free Cash Flow for the Firm VS Free Cash Flow for Equity holders

    • Deriving the Cost of Debt

    • The Discount Rate - Weighted Average Cost of Capital

    • Terminal Value derivation and forecasting into Perpetuity

    • Case Study (Excel based) – DCF in practice

    Session 3:

    Dividend Based Valuations

    • Dividend Yields and Cover – who pays them and how much

    • Dividend Discount Models – The Bank sector revisited

    • Advantages and Disadvantages of this approach

    • Case Study (Excel based) – Dividend Discounting in practice (Financials)

    Session 4:

    ‘Value’ Investing at work & Alternative Valuation methodology

    • Value Investing at work – from Benjamin Graham to Warren Buffet

    • Arbitrage Pricing Theory

    • Residual Income Model

    • Stumbling blocks in the Valuation process & Analytical ‘gut instinct’

    • Recap – Valuation methods & applicable sectors

    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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