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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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Discounted Cash Flow Workshop

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

    A One - Day Programme with the possibility of being extended to suit the clients needs.


    Session 1:

    Free Cash Flow

    • The concept of free cash flow

    • The key variables for forecasting free cash flows in Enterprise DCF

    • Determining how long the forecast period should be

    • Case-study: Critiquing assumptions used to forecast a company’s free cash flow

    Session 2:

    Terminal Value

    • The importance of Terminal Value and the different methods used

    • Terminal value approaches and some common errors

    • Case-study: Selecting Terminal Value methods for different companies and circumstances

    Session 3:

    Cost of Capital

    • Significance of a company’s Weighted Average Cost of Capital

    • Key steps in estimating cost of debt and equity

    • Use of the Capital Asset Pricing Model for estimating Cost of Equity

    • Significance of the Equity Risk Premium, historic data and differences in views

    • Which beta to choose, how to validate, adjusting for business risk and leverage

    • Drawbacks of the CAPM and alternative approaches

    • Where to find data to use for an unquoted company

    • Case-study: Global Betas

    • Case Study: Selecting the appropriate beta for a UK company based on a selection of beta charts for the company and key competitors

    Session 4:

    Determining Equity Value

    • Converting forecast free cash flows into a DCF valuation

    • From Enterprise Value to Equity Value

    • Case study: Simple DCF - discounting free cash flow to derive Equity Value

    Session 5:

    Drawing Conclusions

    • Using multiples as a reality check for DCF valuation

    • Sensitivity analysis and scenario modelling

    • What usually goes wrong?

    • Case study: Reviewing results of DCF valuation using an Excel model provided, adjusting Terminal Value and Cost of Capital, checking comparable multiples, sensitivity analysis, and recommending a ‘target’ price range

    Session 6:

    Alternative Approaches

    • When to use the equity cash flow approach

    • Adjusted Present Value (APV)

    • How economic profit valuation compares to DCF

    • Relevance of EV/IC vs. ROIC/WACC analysis

    • Case Study: Choosing between use of DCF or other methods, using mix of valuation methods used to value companies in different industries

    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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