Bank and Thrift Valuation A hands-on seminar devoted exclusively to valuation in the banking sector. November 10-11, 2008 Downtown Conference Center New York, NY SNLCenter for Financial Education (434) 951-7786 Past Participating Companies: Overview Ascential Equity Welcome to an intensive, in-depth program that uses lectures, case studies AQR Capital Management, LLC and hands-on modeling to teach the intricacies of valuing banking institutions. Baltimore Capital Management Bank Resources Addressing both the art and the science of valuation in banking sector, the Barclays Capital program provides attendees with the foundation and methodologies they Belvedere Capital Partners, LLC can use in analyzing equities, as well as transactions. Boston Consulting Group Booz, Allen & What you’ll take away Hamilton How to forecast operating results Boston Consulting Group An understanding of valuation techniques, including trading-comparables, Capital One comparable transactions and discounted cash flow approaches CEO Advisory Group Charter Financial Hands-on experience using an Excel-based discounted cash flow model Corp. CIBC World Markets An improved grasp of the key ratios used to assess a bank’s worth Corp. The ability to assess a bank’s worth from both a stand-alone and an M&A perspective Columbia Business School Who should attend Columbia Management Group Investment banking analysts and associates Cornell University Buy- and sell-side sector analysts Credit Suisse D.A. Davidson & Co. Corporate development and investor relations professionals at banks and thrifts Deloitte Consultants and accountants who provide advisory services to financial institutions Diamond Hill Investment Group Industry regulators Duff & Phelps DuPont Capital Prerequisites: Management Corporation This program presumes familiarity with basic bank and finance concepts, as well as a Endeavour Capital working knowledge of financial institutions’ income statements and balance sheets. Partners Because the program features hands-on Excel modeling, participants will need to bring Federal Home Loan Bank of Atlanta a laptop equipped with Microsoft Excel. A limited number of laptops will be available Federal Home Loan for an additional fee should a participant be unable to bring one. Bank of NY Federal Reserve Bank of New York Instructor: Jon Walls Fidelity Jon is a former Senior Vice President of investment banking at Lehman Brothers in its Management & Financial Institutions Group. He has extensive expertise in M&A, as well as debt and Research Company FIG Partners, LLC equity financing, and brings an in-depth understanding of valuing, structuring, First Community negotiating and executing complex transactions for financial institutions. Most recently, Bancshares Jon served as Chief Investment Officer and acting Chief Financial Officer for a mid-sized First Federal Bankshares California-based mortgage lender. Jon has also held senior positions with two private Fox Asset equity groups, and has taught as an adjunct professor at the University of California Management at Irvine. First National Bank of Omaha First Southwest Co. Guest Instructor: Bradley J. Ness Fox-Pitt Kelton Chief Executive Officer and Portfolio Manager, Choral Capital Management, LLC www.snlcenter.com/bankval Frontier Investment Management Day One FTN Financial Registration with continental breakfast opens at 8 a.m. Program begins at 8:30 a.m. Securities Corporation Goldman Sachs Overview of Bank and Thrift Valuation Group, Inc. Griffin Financial Group Purpose and objectives of company valuation Bank operating models and Heritage Financial implications for valuation Determining the key drivers of value estimates Group (MHC) Hovde Financial Valuing Banks and Thrifts Howe Barnes Hoefer & Arnet Understanding how banks make money Financial statement review: Key line items HSBC USA and management disclosures Evaluating the quality of the balance sheet and IRIS earnings Identifying key ratios Asset/liability structures and interest rate risk JPMorgan Chase Understanding reserves and regulatory capital requirements Kafafian Group Luther King Capital Management Lunch M&T Bank Marshwinds Advisory Comparable Company and Transaction Analysis Mauldin & Jenkins Getting behind the numbers: Choosing appropriate peer groups Evaluating market MidFirst Bank conditions Understanding and calculating trading multiples Morgan Keegan & Co. Navigant Consulting Nomura Securities Valuing Banks Using Comparable Peers Analysis: A Case Study Old National ONEX Investment Valuing Banks Using Comparable Transaction Analysis: A Case Corporation Study RBC Capital Markets Resource America Day One ends at approximately 5:30 p.m. Royal Capital Management Security National Day Two Mortgage Co. Continental breakfast. Program begins at 8 a.m. Smith Associates Investments Discounted Cash Flow Modeling and Analysis St. Charles Capital Estimating cost of capital and terminal values Recognizing key operating levers and Stanford Group Stevens Capital key bets Estimating free cash flows to equity holders Sensitivity analysis Valuing Management fee-based earning streams Stifel, Nicolaus & Co. Stilwell Partners, L.P. Discounted Cash Flow Modeling: A Hands-on Case Study SWS Group, Inc. Templeton Investment Counse Lunch U.S. Bancorp UMB Financial M&A Valuation Corporation Incorporating discounted cash flows modeling Determining a valuation range and Union Bank of California, NA triangulating valuation results Valuing synergies How control premiums impact Washington Mutual multiples M&A transaction consideration Bank Wellington Management Bank M&A Transaction Valuation: A Case Study Company William Blair & Day Two concludes at approximately 5:00 p.m. Company To Register About SNL Center for online: www.snlcenter.com/bankval Financial Education call: (434) 951-7786 A division of SNL Financial, we are the leading sector- specific provider of conferences and seminars for Registration fee: $2,195 professionals in the financial services, real estate, Fee includes all program materials as well energy or media sectors. Our clients include securities as breakfast and lunch both days. Discounts analysts, asset managers, industry executives, are available for groups of three or more who investment bankers, institutional investors, corporate development officers, investor relations professionals register from the same company at the same and industry regulators. Website: www.snlcenter.com time. Please call us at (434) 951-7786 for more information. Professional Development Credits Venue: Participants who complete Bank The seminar is being hosted at the Downtown Valuation qualify for 18 hours of CPE Conference Center at Pace University in the credit (Specialized Knowledge and Applications). Wall Street district of New York City. The Program Level: Intermediate. Delivery address is 157 William Street. Method: Group-Live. Phone: (212) 618-6992. SNL Center for Financial Education, LLC, is registered with the Website: www.downtownmeetings.com National Association of State Boards of Accountancy (NASBA), as a sponsor of continuing professional education on the Payment: National Registry of CPE Sponsors. State boards of accountancy We welcome American Express, Visa, have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be MasterCard, or check. If paying by check, addressed to the National Registry of CPE Sponsors, 150 Fourth please make payable and remit to: Avenue North, Suite 700, Nashville, TN, 37219-2417. SNL Center for Financial Education Web site: www.nasba.org. One SNL Plaza PO Box 2016 Charlottesville, VA 22902 Cancellations: Cancellations are eligible for a full refund, less a $150 administrative fee, if received by October 17, 2008. Cancellations received after that date but at least three business days prior to start of the program receive a credit in the amount of the registration fee (less a $150 administrative fee) towards attending another SNL CFE program within 13 months. Attendee substitutions from the same company are welcome at any time. Cancellations received less than three business days prior to the start of the program are not eligible for refund or credit.
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