Jeff Schmidt – CFI Education – Comparable Valuation Analysis

Description

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Jeff Schmidt – CFI Education – Comparable Valuation Analysis

Comparable Valuation Analysis
Learn how to perform a Comparable Valuation Analysis to help “triangulate” the value of a company, asset, or investment.

• This course covers both Comparable Trading valuation as well as Precedent Transaction valuation
• Discover how to screen for public company peers as well as relevant, recent transactions
• Calculate the enterprise value and equity value of a target company, using real public companies and recent precedent transactions

Overview
Comparable Valuation Analysis Course Overview
Understanding valuation is one of the most fundamental and crucial skills to master as a finance professional. This course focuses on comparable valuation analysis, one of the most widely used valuation techniques. During this course, we cover how to screen for publicly traded comparable companies and precedent transactions. We will also discuss different types of multiples and nuances when entering actual, real-world company data. After completing this course, you will understand how to value a company using multiples, and the advantages and disadvantages of comparable company analysis.

Comparable Valuation Analysis Learning Objectives
Upon completing this course, you will be able to:

• Understand relative valuation versus other valuation methodologies.
• Recognize the advantages and disadvantages of relative valuation.
• Determine how to pick comparable companies and precedent transactions.
• Match enterprise value and equity value with appropriate metrics.
• Identify debt and debt equivalents as well as cash and other non-operating assets.
• Find and enter the applicable data using real-world examples

Recommended Prep Courses These preparatory courses are optional, but we recommend you complete the stated prep course(s) or possess the equivalent knowledge prior to enrolling in this course:

1.  Introduction to Business Valuation
2.  DCF Valuation Modeling
3.  Accounting Principles and Standards

Who Should Take This Course?
This course is most suitable for anyone working in valuation, including investment banking, equity research, private equity, and corporate development.

What you’ll learn

Introduction to Comparable Valuation Analysis
Course Introduction
Downloadable Files
Valuation Overview
Market Valuation and Relative Valuation
Valuation Example – Putting it all Together
Compact Model Overview
Compact Trading Multiples
Compact Trading Valuation
Compact Transaction Valuation
Football Field Chart
Download Completed Compact Model

Screening for Comps
Screening for Trading Comps
Business and Finance Characteristics
Screening for Transaction Comps
Football Field Example
Interactive Exercises 1

Enterprise Value vs. Equity Value
What is Enterprise Value
Equity Value
Interactive Exercises 2

Enterprise Value: Debt and Debt Equivalents
Debt and Debt Equivalents
Leases and Preferred Stock
Noncontrolling Interest
Debt Nuances
Downloadable Full Model Files
Trading Comps Overview
Tesco Introduction
Market Cap
Borrowings
Interactive Exercises 3

Enterprise Value: Cash and Non-operating Assets
Cash and Non-Cash Operating Assets
Unconsolidated Affiliates
Cash and Cash Equivalents
Enterprise Value
Interactive Exercises 4
Midway Check-in

Income Statement and Last Twelve Months (LTM)
Income Statement
Last Twelve Months (LTM)
Tesco Income Statement Overview
Income Statement
Tesco LTM
Tesco EPS
Interactive Exercises 5

Normalization and Analyst Estimates
Normalization
Analyst Forward Estimates
Levered vs. Unlevered
Adjustments and Estimates
Tesco Adjusting Items
Normalization Adjustments
Non-IFRS Metrics
Analyst Estimates
Normalized EPS
Tesco Multiples
Interactive Exercises 6

Fully Diluted Shares Outstanding
Basic vs. Diluted Shares Outstanding
Stock Option Basics
Options and Warrants
Restricted Stock and Other
Tesco Stock Options
Entering Stock Options Data
Other Share Awards
Interactive Exercises 7

Trading Comps Summary
Final Steps and Comparable Company
Linking to the Summary Table
Calculating the Multiples
Completed Model Preview

Precedent Transaction Nuances
Downloadable Files
Additional Details Needed
Merger Consideration
Premiums Paid Analysis
Timing Considerations
Transaction Comps Model Intro
Transaction Info
Transaction Consideration
Premiums Paid Analysis
Morrison Balance Sheet
Equity Offer Value
Total Transaction Value
Transaction Summary
Course Summary
Course Outro
Download Completed Models

Qualified Assessment
Qualified Assessment

What our students say

HARD BUT POSSIBLE
This particular course seemed hard to me but I was able to go through with perseverance. You can do it too!
Benjamin Nathan Otchere

Be professionals 1
Read, listen and exercises make perfect!!! with a full Tolerance
Arefayne Wodajo

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