Building a Financial Model and Valuation Metrics and Analysis
PRESENTED BY: COURSE DESCRIPTION:
Calgary CFA Society and Ian Schnoor, CFA, The Marquee Group (www.marqueegroup.ca) Day One, April 29, 2009 Building a Financial Model Day one focuses on building an interactive and clearly-designed financial model of a company that adheres to the highest industry standards. The session is an intermediate-level course, however, the assignments include various advanced-level questions for those with extensive prior modeling experience. The course material includes model design, logic, construction, financial concepts and accounting treatment. Various intermediate and advanced Excel tools along with helpful keyboard shortcuts will also be covered throughout the day. Creating a Dynamic Stand-Alone Company Model Design and layout a financial model clearly and logically Develop useful inputs and assumptions schedules Use switches to create effective scenarios and value drivers Forecast and build-up a company’s revenues and expenses Design and incorporate a company’s income statement, balance sheet and cash flow statement Construct all necessary schedules, including: Depreciation / CAPEX Schedule Working Capital Schedule Income Tax Schedule Debt and Interest Schedule Shareholders’ Equity Schedule Use Lookup functions within the model to effectively extract information Properly incorporate Senior Term Debt with an amortizing repayment schedule Create a robust Bank Operating Line (Revolving Credit Facility) Design and incorporate a cash sweep for a company’s Revolver Balance the company’s balance sheet Rid a model of undesirable error messages *Cocktail Networking Reception Day Two April 30, 2009 Valuation Metrics and Analysis Day two focuses on how to calculate various outputs within a financial model. The course covers intermediate to advanced-level valuation topics and is geared towards finance professionals who are involved in valuing companies. A Discounted Cash Flow (DCF) analysis will be discussed and incorporated into a financial model. Discuss various valuation methodologies and the appropriateness of using a discounted cash flow methodology to value a business Properly calculate a company’s levered or unlevered free cash flows Build a terminal year in the model to create a steady-state perpetual cash flow Calculate the tax impact of unlevering a company’s cash flows Use two common styles to create a discounted cash flow (DCF) analysis Calculate the company’s cost of capital and choose an appropriate weighted average cost of capital (WACC) range Discount the cash flows in the forecast period and ensure that the cash flows are discounted to the correct period Discuss various methodologies to value the terminal period Discuss common discounting errors and review the magnitude of discounting the cash flows to the wrong time period Use a number of powerful Excel tools to sensitize the outputs Incorporate appropriate credit ratios that impact a company’s covenants Create “flags” to warn the user when a covenant has been tripped Conditionally format output tables to highlight specific results
FEATURING:
The Marquee Group provides financial modeling training programs at numerous banks, pension funds, corporations and business schools throughout North America. The Marquee Group was founded by Ian Schnoor in 2002 to provide financial modeling and analytical training to professionals in the financial community. Prior to establishing The Marquee Group, Ian spent a number of years in the Investment Banking industry at Salomon Smith Barney and BMO Nesbitt Burns. Ian has proven experience in financial advisory and capital raising mandates. As a member of the Investment Banking department at Salomon Smith Barney, he was extensively involved in the cross-border issuance of investment grade debt, high-yield debt and common equity financings for Canadian companies. At BMO Nesbitt Burns, Ian contributed to the execution of numerous buy-side and sell-side M&A and strategic advisory assignments for Canadian and U.S. clients. Through this experience in a wide range of financial advisory mandates, Ian developed his financial modeling skills and his approach to building strong financial models. Ian completed his Bachelor of Commerce Honours degree with academic distinction from the University of Manitoba. Ian has also attained the Chartered Financial Analyst (CFA) designation.
INCLUDED IN COURSE FEE:
Course notes and materials Morning coffee, lunch and afternoon coffee Cocktail Networking Reception Participants will be required to bring a laptop with excel
COST:
$1249 Early bird for members prior to March 20, 2009 $1449 Early bird for non-members prior to March 20, 2008 $1449 for members after March 20, 2009 $1649 for non-members after March 20, 2009 *****DEADLINE TO REGISTER: April 10, 2009*****
DATE:
April 29/30, 2009 7:30am – 8:00am 10:00am – 10:15am 12:00pm – 1:00pm 2:30pm – 2:45pm
TIME:
Registration Break Lunch Break
**Class runs from 8:00am until 4:30pm **Cocktail Networking Reception from 4:30pm-6:00pm April 29, 2009
LOCATION:
Heritage Hall MA 102, Southern Alberta Institute of Technology (SAIT)
Building a Financial Model and Valuation Metrics and Analysis April 29 and 30, 2009
Space is limited. Register early to avoid disappointment. Payment is due at time of registration. Forms received without payment will be confirmed on a space available basis when payment is received. All fees are payable in Canadian Funds. Confirmation letters will be emailed within two weeks of receipt of your paid registration. Please register early, as attendance is limited. To register, fax the attached form to 206.0650 or email to bsargent@calgarycfasociety.com. Phone registrations will not be accepted. You may forward cheques made payable to Calgary CFA Society - 100, 111 - 5th Avenue SW, Box 118, Calgary, AB T2P 3Y6 Registration deadline is April 10, 2009. Cancellation Policy: A full refund will be given to cancellations received by April 10, 2009. A cancellation fee of 50% applies for cancellations received after April 10, 2009. The cancellation fee will only apply if the spot cannot be filled. Substitutions from the same company are accepted. For more information, please contact Brittany Sargent at bsargent@calgarycfasociety.com.
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$1249 Early bird for members prior to March 20, 2009 $1449 Early bird for non-members prior to March 20, 2009 $1449 for members after March 20, 2009 $1649 for non-members after March 20, 2009
**Laptops with Excel will be required
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As a participant in the CFA Institute Approved-Provider Program, the Calgary Society has determined that this event qualifies for credit for the CFA Institute Professional Development Program.
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