Public Courses Practical financial skills to get you desk ready

Hong Kong, Singapore and Sydney Contents Why AMT Training 3 About us 3 Public courses 4 6 Building a Financial Model from Scratch 8 , Trading Comparables and DCF 10 Valuation – DCF, Trading Comparables and LBO 12 Credit Risk 14 M&A Modeling 18 M&A , Divestiture, Analysis and Modeling 20 LBO Modeling and Acquisition Financing 22 Why should you attend? 24 What you will receive on the course 25 What to bring 25

PUBLIC COURSES / 2 Why AMT Training? • over 70,000* professionals • our training is fast paced, information globally have trained with us intensive and hands on • our courses are delivered by past • we make number crunching, fun, lively and present bankers for future bankers and relevant to your work • we use practical application and

real-life examples *Figures taken from 2012 to 2017

About us For over 20 years we have been equipping Aligned with business objectives analysts and associates with core skills for Working with your Learning and banking and finance. Our clients include the Development team, our client service top ten investment banks and some of the managers identify and define specific biggest private firms in the world. learning requirements, matching program CPD – whenever you need it content with your business objectives. We Throughout their careers, finance believe in building long-term relationships professionals need access to continuing based on full understanding of our professional development. We provide clients’ businesses, allowing us to deliver training to help financial professionals comprehensive, cost-effective learning develop their skills from their internship or programs for organizations of all sizes; new hire program, right through to board we offer complete consistency of service level one-on-one sessions. AMT is the whether delivering limited local interventions preferred training partner for the majority of or large scale international programs. the world’s leading financial organisations. Extensive personal support Our highly regarded in-class training, AMT’s global client service team manages online resources and support materials are training calendars, course logistics, venues, available whenever and wherever you need attendance, evaluation and invoicing. them – which explains our hard-earned Our client service managers provide reputation as the leader in our chosen field. individual support for delegates, guiding Global experts our clients through AMTO and answering AMT’s network of offices spans EMEA, their questions before, during and after APAC and the Americas. Our people have their programs. At a personal level, you can first-hand experience of expect the same long-term approach to and the diversity of our team reflects the understanding your needs and tailoring regions, sectors, subject areas, languages your learning accordingly. and cultures in which we work. Experienced client service managers, working out of our offices in London, New York and Hong Kong, provide local support for customers across the world’s largest financial centres.

PUBLIC COURSES / 3 Public courses Our public courses enhance your technical knowledge and help build financial models with ease. You will learn Excel shortcuts - formulas, consistency and flexibility; as well as how to structure transactions and work through financing options with colleagues. You also pick up tips on how to deliver pitches confidently and in an orderly and logical manner.

PUBLIC COURSES / 4 Hong Kong Core Skills

Financial Modeling

Building a Financial Model from Scratch

Valuation, Trading Comparables and DCF

Advanced Skills

Credit Risk

Singapore Core Skills

Financial Modeling

Building a Financial Model from Scratch

Valuation, Trading Comparables and DCF

Advanced Skills

M&A Modeling

M&A Accounting, Divestiture, Analysis and Modeling

LBO Modeling and Acquisition Financing

N.B. AMT Training reserves the right to cancel/postpone sessions or change content if registrations are insufficient to continue 2 weeks prior to the scheduled commencement date. Delegates will be given at least 5 business days’ notice of such changes.

PUBLIC COURSES / 5 Sydney Core Skills

Financial Modeling

Valuation - DCF, Trading Comparables and LBO

Advanced Skills M&A Modeling NEW Divestiture and M&A Modeling Issues NEW LBO Modeling

PUBLIC COURSES / 6 The public course I attended proved extremely enriching,“ especially when discussing case studies, current affairs or other practical applications of the theory.

Analyst, global investment firm

PUBLIC COURSES / 7 Financial Modeling Location Hong Kong Singapore Sydney

Level Core Skills Core Skills Core Skills

No. of days 2 2 2

Time 9:00am – 5:00pm 9:00am – 5:00pm 9:00am – 5:00pm

Price USD 1,190 USD 1,190 USD 1,190

Description Delegates will learn how to model and Delegates will learn how to build a three integrate the income statement, balance statement model using a detailed sheet and cash flow of a fast food business forecast with price and volume drivers. A full using Excel. In addition to learning the debt schedule, including a cash sweep, is steps necessary to build a three statement incorporated into the model. In addition to financial model, delegates will also cover the main class case model, delegates are how to build models accurately and given exercises to help them understand efficiently through a series of best practice more complex modeling issues (for modeling rules. Delegates also learn how to example, detailed depreciation schedules stress test the assumptions used, to check and items). Common errors their work efficiently and to document it. are covered from balancing a non-balancing Through the process of building a more balance sheet to debugging a model that is complex three statement model, delegates non-intentionally circular. are taught how to model operating cash Learning outcomes and calculate interest using average debt By the end of the course, delegates will be and average cash balances. The class able to: will address in detail how to work with intentional circular references. The issue • Build a fully integrated three statement of non-intentional circular references is using industry best covered and delegates are taught modeling practice rules that are designed to help avoid • Understand how to model debt including them. The session is designed to expose flexible debt repayments delegates to different three statement • Understand key ratios and how these can modeling styles: multi-sheet, tower, and be affected by assumptions different income statement layouts. • Master shortcuts and forecasting Exposure to a mix of modeling styles will formulas in Excel help prepare them to work on in-house models or models they may inherit from other finance professionals.

PUBLIC COURSES / 8 Program outline Day 1 Day 2 Financial Modeling Fundamentals Financial Modeling and Forecasting • Using keyboard shortcuts • Complex three statement models • Setting Excel up for maximum efficiency • Modeling a detailed revenue forecast • Working with key modeling formulas • Modeling a cash sweep and structures • Modeling a detailed debt schedule include • Building three statement projections a cash sweep • Modeling cash and revolver • Consolidating and re-applying knowledge • Addressing standards for good models of circularity, iteration, and a toggle switch • Constructing the income statement, • Building cash flow statements from scratch balance sheet and cash flow statement • Troubleshooting techniques for cash • Introduction to checking methodologies flow statements • Performing audit trails • Finding errors and integrity checking • Incorporating interest income and expense Integrity and Error Checking Three Statement Modeling • Troubleshooting techniques for cash • Modeling operating cash, excess cash flow statements and the revolver • Finding errors and integrity checking • Calculating interest on cash and • Using Excel tools to help with integrity debt balances checking • Working with intentional circular references • Finding unidentified hard numbers quickly • Avoiding non-intentional circular references and easily • Building models with different styles • Using Excel’s ‘jump tool’ to trace through and layouts formulas with ease • Calculating ratios • Using Excel to show the formulas underlying output • Using Excel to find inconsistencies in the model • Using Excel’s auditing tool to trace formulas

For further information on dates or to enrol on to our courses, please visit amttraining.com, call +852 3905 3059 or email [email protected]

PUBLIC COURSES / 9 Building a Financial Model from Scratch Location Hong Kong Singapore

Level Core Skills Core Skills

No. of days 1 1

Time 9:00am – 5:00pm 9:00am – 5:00pm

Price USD 625 USD 625

Description Learning outcomes You start with a blank Excel worksheet and • Understand how to create a model learn an efficient way to input historical template in Excel including styles data from a pdf document. The financial • Learn how to efficiently input historicals statements of the case company are from pdf documents then analyzed, and the latest historical • Learn how to build forecast assumptions data is cleaned and prepared for the forecasting process. Ratios are calculated • Learn the best practices for stress testing and assumptions for each line item in formulas as you construct the model the financial statements are created. The full forecast model is then built. The forecasting techniques for several different items are examined separately, using dedicated Excel files, before being adapted for the case company.

PUBLIC COURSES / 10 Program outline • Identifying relevant information in the company’s financial statements, management discussion and analysis, and notes • Adjusting historical performance for acquisitions and divestitures • Analyzing and making reasonable projections for a company’s operating costs, non-recurring items, and other income and expense • Creating assumptions and forecasting Proved extremely balance sheet accounts • and costs “enriching, especially • Fixed assets - capital expenditure and depreciation when discussing • Intangible assets • Operating working capital case studies, • Provisions current affairs or • Effective tax rate, taxes payable and the various deferred tax items other practical • Debt schedule • Equity and share repurchases applications of the • Building a cash flow statement from scratch theory. Of course • Documentation techniques and ratio analysis MS Excel, the major • Integrity checking tool in finance, played an extensive role on the course.

1st year , global investment firm

For further information on dates or to enrol on to our courses, please visit amttraining.com, call +852 3905 3059 or email [email protected]

PUBLIC COURSES / 11 Valuation, Trading Comparables and DCF Location Hong Kong Singapore

Level Core Skills Core Skills

No. of days 2 2

Time 9:00am – 5:00pm 9:00am – 5:00pm

Price USD 1,190 USD 1,190

Description Learning outcomes During this course, you will drill down on how • Examine the concepts of to select comparables, where to find data and equity value in published financials and equity research • Examine the comparables, the data, where reports, how to clean the raw data, and it is found and how it is used how to document and check the output. • Discuss some of the most commonly Identifying the most commonly used used multiples multiples and complexities are also covered. • Calculate free cash flows and discount them During day 2 of the program you will • Learn how to calculate the value learn how to build a valuation model and focus on the calculation of . A detailed ratio analysis is used to establish the reasonableness of the forecasts and to identify when the target company reaches steady state. You will analyze the weighted average , calculate terminal values, using both the exit multiple method and the perpetuity growth method. You will also discount the free cash flows to arrive at enterprise values and calculate the implied share price.

PUBLIC COURSES / 12 Program outline Day 1 • Calculating a range of forward looking and Valuation Fundamentals historical earnings multiples • The importance of valuation in the • Revenue investment banking industry • EBITDA • Fundamental vs. transaction value • EBIT • Overview of the major valuation methods • P/E • Trading comparables analysis • P/E/G • Discounted cash flow analysis • Industry-specific multiples • Transaction comparables analysis • Calculating and using operating and • LBO analysis credit ratios • Enterprise vs. equity value • Troubleshooting and checking the output • Book values vs. market values • Applying the results • Derivation of enterprise values using Day 2 market values DCF Valuation • Derivation of enterprise values using a • Calculating unlevered free cash flows fundamental valuation approach • Drivers of cash flow Trading Comparables • Ratio analysis • Screening companies to identify a • Weighted average cost of capital suitable comparable set • Optimal using • Calculating the company’s value peer analysis • Number of shares and value of share • Establishing the company’s forward options looking cost of debt • Equity value • Cost of equity: understanding the • Net debt calculations risk free rate, the equity risk premium • Minority interests and equity and beta method investments • Unlevering and relevering the beta • Enterprise value • Calculating WACC for the case company • Calculating the earnings numbers • Calculating the • Cleaning non-recurring items from • Perpetuity growth (Gordon Growth earnings and resulting tax adjustment model) method • Calendarization issues • Exit multiple method • Last-Twelve Months (LTM) analysis • Building a discounting model • Mid-year adjustments • Calculating enterprise and equity values • Sanity checks • Reinvestment rate and ROIC For further information on dates • Implied multiples and growth rates or to enrol on to our courses, • Percentage of value in the terminal please visit amttraining.com, call period +852 3905 3059 or email [email protected]

PUBLIC COURSES / 13 Valuation – DCF, Trading Comparables and LBO Location Sydney

Level Core Skills

No. of days 2

Time 9:00am – 5:00pm

Price USD 1,190

Description Delegates are introduced to the basic concepts underlying leveraged . Delegates learn how to build a discounted The session starts by establishing why cash flow valuation model. The session firms can create value through starts with an overview of the valuation leveraged buyouts and how the levered methodology, and the steps required in valuation fits into the valuation roadmap. setting up a valuation model. We then Using a simple free cash flow forecast, focus on the calculation of free cash flow. A delegates establish how much a financial detailed ratio analysis is used to establish buyer could pay for the target company. the reasonableness of the forecasts and to Delegates then build a simple LBO model. identify when the target company reaches steady state. We analyze the weighted Learning outcomes average cost of capital, calculate terminal • Examine the concepts of enterprise value values, using both the exit multiple method and equity value and the perpetuity growth method. We • Examine the comparables, the data where discount the free cash flows to arrive at it is found and how it used enterprise values and calculate the implied share price. Once the valuation is complete • Discuss some of the most commonly delegates perform several checks on the used multiples analysis using key ratios, and sensitivity and • Calculate free cash flows and discount them scenario analysis. • Learn how to calculate the value The session focuses on the details of • LBO valuation as an alternative valuation comparable company analysis. Multiples are methodology calculated on both a historical and forecasted basis and delegates will assess the value of the case company based on a given set of comparables. Public information books (PIBs) are used throughout the session.

PUBLIC COURSES / 14 Program outline Day 1 • Calendarization issues DCF Valuation • Last twelve months analysis • Calculating unlevered free cash flows • Calculating a range of forward looking and • Drivers of cash flow historical earnings multiples • Ratio analysis • Revenue • Weighted average cost of capital • EBITDA • Optimal capital structure using peer analysis • EBIT • Establishing the company’s forward • PE looking cost of debt • PEG • Cost of equity: understanding the risk free • Other value driver metrics rate, the equity risk premium and beta • Applying the results • Unlevering and relevering the beta LBO Valuation • Calculating WACC for the case company • What an LBO is and how it can create value • Calculating the terminal value • LBO valuation as an alternative valuation • Perpetuity growth (Gordon Growth methodology model) method • Characteristics of suitable LBO • Exit multiple method candidates • Building a discounting model • Estimating cash flows available to • Mid-year adjustments capital holders • Calculating enterprise and equity values • Estimating debt capacity • Sanity checks • Simplified debt/equity split for entry • Reinvestment rate and ROIC capital structure • Implied multiples and growth rates • Sources and uses of funds • Percentage of value in the terminal period • Debt structure Day 2 • Estimating the exit value • Calculating the IRR Trading Comparables Fundamentals • Sensitizing the model • Calculating the company’s value • Number of shares and value of share options • Equity value • Net debt calculations • Enterprise value • Calculating the earnings numbers • Cleaning non-recurring items from earnings

For further information on dates or to enrol on to our courses, please visit amttraining.com, call +852 3905 3059 or email [email protected]

PUBLIC COURSES / 15 Credit Risk Location Hong Kong

Level Advanced Skills

No. of days 3

Time 9:00am – 5:00pm

Price USD 2,000

Description Delegates gain an understanding of the become distressed should trading or credit rating process by examining the financing circumstances deteriorate. We assessment of both operational and focus on operating cash flow dynamics (e.g. financial risks of the business. By the end of cash conversion), capital structure issues the session, delegates derive a rating for a (e.g. understanding structural issues and case company. assessing refinancing risk) and valuation This program analyzes the financials from implications (both for equity and debt). the credit perspective, making technical The options available to companies to adjustments to the main numbers to avoid are also reviewed. accurately reflect the creditworthiness Two case studies are used for practical of a company, project or going concern. application throughout the session. The In addition, the session covers debt focus is different from classic credit courses structuring issues. in using only the most relevant credit tools, not focusing on credit rating agencies, and In the context of writing an investment/ including loan documentation, thus may be credit approval case, delegates incorporate more relevant to practitioners who do not the key concepts of , credit/ need a full suite of credit tools, just the tools investment documentation, syndication/ for diagnosing degrees of stress. hold recommendations/issues, financial modeling and scenario management. Learning outcomes Each of the concepts introduced in class • Gain an understanding of the credit generate the building blocks a realistic rating process credit memo/investment recommendation. • Structure an investment/credit approval case Delegates will work in groups alongside • Indicators/issues for potentially stressed the instructor to write a credit case and companies ultimately deliver a recommendation to the ‘credit committee/instructor’. This module focuses on the analysis of companies that are solvent, but might

PUBLIC COURSES / 16 Program outline Day 1 • Pension obligations Credit Analysis Fundamentals • Operating leases • What is credit analysis? • Hybrid securities: equity or debt? • Ratings scales • Securitizations • Default and recovery rates • Off balance sheet obligations • Issuer and issue ratings • Capitalized interest • Purpose of credit analysis • Structural issues in credit analysis • Nature of credit risk • The importance of structures and • Asymmetric nature of credit risk assessment frameworks • Difference between up/downside of • Notching up/down of debt equity and credit • Contractual subordination • Credit Analysis - analytical approach • Structural subordination • Key principles: cash based, forward • Parent/subsidiary link looking, peer group • Rating agency methodology • Evaluation of business and financial risks • Documentation – covenants • How to weight different risks • Concept of covenants • Business risks • Type and benefit of covenants • Key drivers of business risk and Day 2 their identification How to write an investment and credit case • Macro, industry and company • Building a credit/investment case, key specific evaluation components: • Financial risk • Transaction summary and • Key components of recommendation • Cash flow analysis from a credit point • Risks and mitigants of view • Financial and cash flow projections • Various cash flow concepts of summary rating agencies • Collateral and package analysis • Credit ratios: most common ratios and • From term sheet, delegates will effectively their application be able to identify • Credit ratios according to the • Issuer/borrower ratings category • Issuance/amount • Financial policy analysis • Maturity dates/coupon payments • Rating Agencies: overview • Pre-payments/redemptions Credit Analysis Issues • Covenants • Complex items from the standpoint of • Collateral credit analysis • Use of proceeds • Credit fundamentals summary recap • Governing law • Credit approach to adjustments to financial statements • From syndication memorandum • Impact on credit quality • Commitment type - Best Efforts, Firm U/writing • Rating agency view • Type of mandate (co-lead, etc.)

PUBLIC COURSES / 17 • Other syndicate members Day 3 • Pricing & profitability Cash flow and credit analysis for potentially • Total deal size and size of participation stressed companies • Pricing & profitability • Cash flow analysis • Final hold requirements and limits • Analyzing operating cash flow (size, tenor, rating, country specific generation and cash conversion ‘buckets/credit/portfolio’ strategy) capacity • From marketing/internal materials • Assessing the impact of future • Background on the relationship with operating investment requirements, client (new, existing) including operating working capital management and maintenance capex • Size of current exposure, if applicable • Capital structure analysis • Legal standing/relationship, if applicable • Using credit ratios to assess credit risk • Other key considerations (strategic/ (e.g. debt/EBITDA, EBITDA/interest) portfolio management considerations, product cross-selling, regulatory/ • Understanding structural issues compliance issues) (e.g. cash flow upstreaming issues, structural subordination issues, • Risk assessment/credit rating (shadow/ Cruch he umbers series intercompany debt guarantees, internal ratings) multiple borrowers with joint & several Our Crunch The Numbers series of books describe the • Analysis of business/Industry risk liability, intercompany loans, etc.) and mitigants essentials of modeling techniques, valuation methods and • Assessing refinancing risk • SWOT analysis, Porter’s five forces, etc. • Market data (credit ‘spread’ to M&A analysis. • Analysis of financial risk/mitigants measure credit risk, prices & • Cash flows for debt repayment bond yields, CDS and credit indices), Investment anking undamentals • Key ratios for credit rating sources and reliability of data • Covenants • Financing issues Get the low down on how investment banks operate. Bring • Build scenarios and sensitivities for • Different debt products and which the basics to the table and start your learning journey here. covenant monitoring and repayment/ companies realistically have access to them (in the current climate) and recovery (base, stress and default cases) To find out more, please visit • Financial covenants and their what creditors look for in credit impact re-financing/new financing www.amttraining.combookstore • Nonfinancial covenants and their • Debt terms & conditions including credit impact credit ratio covenants and the potential to trigger early debt repayment • Collateral analysis, valuation and enforceability considerations • Restructuring alternatives • Debt forgiveness, payment extensions, debt-equity swaps, convertible bonds

For further information on dates or to enrol on to our courses, please visit amttraining.com, call +852 3905 3059 or email [email protected]

PUBLIC COURSES / 18 Cruch he umbers series Our Crunch The Numbers series of books describe the essentials of modeling techniques, valuation methods and M&A analysis.

Investment anking undamentals Get the low down on how investment banks operate. Bring the basics to the table and start your learning journey here.

To find out more, please visit www.amttraining.combookstore M&A Modeling Boostore Location Singapore Sydney

Level Advanced Skills Advanced Skills

No. of days 1 1

Time 9:00am – 5:00pm 9:00am – 5:00pm

Price USD 625 USD 625

Description Program outline During this session, delegates build a • The advantages of a full-blown merger model fully integrated merger model which • Preparing the stand-alone data for combines forecasts acquirer and target for the acquirer and the target. Practical • Preparing key deal data consolidation issues are addressed. The deal analysis focuses on the financing • Building a flexible funding structure using structure, pricing, earnings and credit a sources and uses of funds table impact and value creation. • Calculating Learning outcomes • Dealing with fair value adjustments to the target’s net assets • The advantages of a full-blown merger model • Dealing with refinancing of target’s debt • Consolidating the financial statements of • Modeling fees (advisory, debt-issuance acquirer and target and equity-issuance) • Assessing the value creation potential of • Consolidating the financial statements of the deal using return on invested capital acquirer and target (ROIC) analysis • Synergies • Earnings accretion/dilution and relative evamped and updated P/E analysis • Assessing the value creation potential of hrouh this boos coheret a carefull structure the deal using return on invested capital aroach ou ill lear basic accouti sills eee (ROIC) analysis • Contribution analysis to become a great financial analyst. It has a wealth of • Analysis at various prices (AVP) For further information on dates ractical eamles iclui a real life case stu to or to enrol on to our courses, • of synergies vs. please visit amttraining.com, call hel ou uersta a alue comaies correctl +852 3905 3059 or email • Identifying the maximum offer price and a [email protected] suitable financing mix To find out more, please visit PUBLIC COURSES / 20 www.amttraining.combookstore Boostore

evamped and updated hrouh this boos coheret a carefull structure aroach ou ill lear basic accouti sills eee to become a great financial analyst. It has a wealth of ractical eamles iclui a real life case stu to hel ou uersta a alue comaies correctl

To find out more, please visit www.amttraining.combookstore M&A Accounting, Divestiture, Analysis and Modeling Location Singapore

Level Advanced Skills

No. of days 1

Time 9:00am – 5:00pm

Price USD 625

Description Learning outcomes During this session delegates learn the • Learn the accounting rules to accounting rules to incorporate equity incorporate equity investments in the investments in the consolidated accounts consolidated account and work on several examples by preparing • Noncontrolling interests and equity proforma financials for a variety of cases. method investments and their impact on Complexities such as noncontrolling earnings and cashflow interests and equity method investments • Learn the main divestiture and (associates/affiliates), and their impact on restructuring options available earnings and cash flows are also covered. This session covers the main divestiture and restructuring options available to a firm as a going concern. The motives, and cons of each structure are explained and their balance sheet impact is analyzed in detail. work and real cases are used throughout the session.

For further information on dates or to enrol on to our courses, please visit amttraining.com, call +852 3905 3059 or email [email protected]

PUBLIC COURSES / 22 Program outline M&A Accounting • Accounting rules for equity investments • Fair value through profit and loss investments • Available for sale investments • Equity method investments (associates/affiliates) • Proportional consolidation • Full consolidation • Noncontrolling interest I attended AMT’s • Consolidation of balance sheet and income statement “financial modeling • Impact of an M&A transaction on earnings • Goodwill calculations courses and they • Goodwill impairment test • The impact of deal financing helped bring me up Divestiture Analysis and Modeling to speed with a few • Overview of divestiture and restructuring alternatives available to firms new techniques and • Divestiture (private sale and IPO) • Spin off and split-up tricks. I’ve certainly • Split off • Equity carve-out strengthened my • Creating the balance sheet post-deal • Deconsolidation process financial skills feel • Calculating the gain on disposal, including tax that I can make a • Tax basis vs. book basis of real difference in investment sold • Dealing with noncontrolling interests my team. • Adjusting the capital structure of the business to be divested/restructured Research analyst, • Use of sale proceeds and scenario analysis • Operating investments (capex or management consultancy business acquisitions) • Investments in financial assets • Repayment of debt • Repurchase of shares • Special dividend • EPS analysis, including using relative P/Es

PUBLIC COURSES / 23 LBO Modeling and Acquisition Financing Location Singapore

Level Advanced Skills

No. of days 1

Time 9:00am – 5:00pm

Price USD 625

Description Program outline Delegates learn how to structure an LBO LBO Modeling and model the impact of the new financing • General overview of a levered transaction: structure. This session concentrates basic principles on understanding the implications • Drivers of value creation in a levered (both modeling and deal) of the finance transaction structuring. Delegates complete a fully integrated model with an income statement, • How increases the return balance sheet and cash flow statement. on equity • What makes a good LBO candidate Learning outcomes • The concept of cash flow lending • Major types of transactions involving debt • The lender’s perspective: risk, return financing including leveraged buyouts and and exit routes . • Structural subordination • Logic and rationale for these transactions and then focuses on the financing • Financial instruments used in levered implications for the company. transactions • Use a fully integrated acquisition financing • (revolving facility, terms A, model for two real life companies to B and C) develop a combined cash flow forecast. • Second lien • Learn how to establish debt capacity • Mezzanine loans through a debt layering exercise. • High yield bonds • Incorporate scenario modeling to • PIK notes incorporate different financing structures. • Preferred shares, shareholder loans, • Develop sensitivity analysis on various vendor loan notes financing options, examine credit impact • Ordinary equity of the transaction and structural issues of the financing choice.

PUBLIC COURSES / 24 • Build a full LBO model from a template • Building a source and uses table, • Main deal assumptions: focus on cash including flexible funding structures flow drivers and how to sanity-check • Modeling acquisition adjustments preliminary assumptions including refinancing of existing net debt • Sources and uses of funds table • Producing a fully integrated set of • Ownership structure combined financial statements • Goodwill calculation • Establishing cash flows available for • Creating the opening balance sheet debt servicing • Deal adjustments, including amortization • Repayment schedules for individual of debt issuance fees debt instruments • Tax loss carry forwards • Acceleration of debt payments using a cash sweep mechanism • Cash flows available for debt servicing • Modeling the revolving credit facility • Repayment schedules for individual debt instruments • Modeling cash and PIK interest • Acceleration of debt payments using a • Debt structuring - instruments and modeling cash sweep mechanism • Public and private debt markets • Modeling the revolving credit facility • Commercial paper and revolving facilities • Circularities and the interest calculations • Corporate bonds and term loans • PIK interest (Terms A, B and C) • Credit ratios • Mezzanine loans, high yield bonds, PIK notes • Calculation and interpretation of returns to the equity investors • Credit enhancement techniques • Calculation and interpretation of returns to • Debt structuring - the concept of cash mezzanine investors flow lending • Sensitizing the outputs of the analysis • The lender’s perspective: risk, return and exit routes • Modeling different operational scenarios using Excel functions • Operating cash flow generation and cash conversion capacity • Drivers of value creation in a levered transaction • Assessing the impact of future operating investment requirements, Acquisition Finance Modeling including operating working capital • Big picture: main type of transactions management and maintenance capex requiring debt financing, their key drivers, • Incorporating financing scenarios in the and impact on debt financing model using excel functions such as: • Mergers and acquisitions • CHOOSE • Leveraged buy-outs • OFFSET • Transaction financing modeling • INDEX • MATCH • Sensitizing financial impact of various For further information on dates modeling structures or to enrol on to our courses, • Analyzing the model outputs please visit amttraining.com, call • Impact of transaction structure on +852 3905 3059 or email credit and leverage ratios [email protected] • Using credit ratios to assess credit risk (e.g. debt/ EBITDA, EBITDA/interest)

PUBLIC COURSES / 25 Divestiture and M&A Modeling Issues Location Sydney

Level Advanced Skills

No. of days 1

Time 9:00am – 5:00pm

Price USD 625

Description Program outline This session covers the strategic, financial Divestiture Analysis and Modeling modeling and accounting implications of • Divestitures: strategic and financial divestitures and asset sales. Spreadsheet objectives work and real cases are used throughout • Balance sheet analysis the session. • Deconsolidation process This session addresses three key • Calculating the gain on disposal, complexities in M&A models: Non- including tax coterminus year-ends, using a flexible deal date, currency translation and the creation • Tax basis vs. book basis of investment of non-controlling interests. In order to sold fully benefit from the session, participants • Dealing with non-controlling interests should have knowledge of the fundamentals • Adjusting the capital structure of the of M&A accounting and familiarity with business to be divested financial modeling. • Use of sale proceeds and scenario Learning outcomes analysis • Motives and cons of divestiture and • Operating investments (capex or restructuring options business acquisitions) • Impact on balance sheet • Investments in financial assets • Key complexities in M&A models • Repayment of debt • Repurchase of shares • Special dividend • EPS analysis, including using relative P/Es

PUBLIC COURSES / 26 M&A Modeling Issues for Banks • Building a M&A model: overview • Building a M&A model • Non-coterminous years: calendarizing the financials of the target • Using a flexible deal date • Dealing with different currencies • Creation of non-controlling interests

Proved extremely “enriching, especially when discussing case studies, current affairs or other practical applications of the theory. Of course MS Excel, the major tool in finance, played an extensive role on the course.

1st year financial analyst, global investment firm

For further information on dates or to enrol on to our courses, please visit amttraining.com, call +852 3905 3059 or email [email protected]

PUBLIC COURSES / 27 LBO Modeling Location Sydney

Level Advanced Skills

No. of days 1

Time 9:00am – 5:00pm

Price USD 625

Description transactions Delegates learn how to structure an LBO • Senior debt (revolving facility, terms A, and model the impact of the new financing B and C) structure. This session concentrates • Second lien on understanding the implications • Mezzanine loans (both modeling and deal) of the finance • High yield bonds structuring. Participants complete a fully • PIK notes integrated model with an income statement, balance sheet and cash flow statement. • Preferred shares, shareholder loans, vendor loan notes Learning outcomes • Ordinary equity • Structure an LBO and model the impact of • Build a full LBO model from a template new financing structure • Main deal assumptions: focus on cash • Understanding the implications of flow drivers and how to sanity-check modeling and deal preliminary assumptions Program outline • Sources and uses of funds table • General overview of a levered transaction: • Ownership structure basic principles • Goodwill calculation • Drivers of value creation in a levered • Creating the opening balance sheet transaction • Deal adjustments, including • How leverage increases the return on amortization of debt issuance fees equity • Tax loss carry forwards • What makes a good LBO candidate • Cash flows available for debt servicing • The concept of cash flow lending • Repayment schedules for individual • The lender’s perspective: risk, return debt instruments and exit routes • Acceleration of debt payments using • Structural subordination a cash sweep mechanism • Financial instruments used in levered • Modeling the revolving credit facility

PUBLIC COURSES / 28 • Circularities and the interest calculations • PIK interest • Credit ratios • Calculation and interpretation of returns to the equity investors • Calculation and interpretation of returns to mezzanine investors • Sensitizing the outputs of the analysis • Modeling different operational scenarios using Excel functions I attended AMT’s “financial modeling courses and they helped bring me up to speed with a few new techniques and tricks. I’ve certainly strengthened my financial skills feel that I can make a real difference in my team.

Research analyst, management consultancy

PUBLIC COURSES / 29 Why should you attend? Undergraduates, Interns and Graduates Invest in your future and stand out from the crowd Securing a graduate scheme at a top financial organization without work experience can be challenging. Ideally, they would like you to have intern experience and to be passionate about finance. Financial institutions will often select only the best prepared candidates to be fast tracked into their graduate scheme. If you aspire to work in , M&A, private equity, asset management, private banking, global markets or , you will need to be numerate and excel at analyzing financial and market information. By attending an AMT public course, you will learn about financial statement analysis, financial modeling and valuation. You will gain the knowledge and skills for those all important interviews. Experienced finance professionals Enhance your skills and stay ahead in your career Working for a leading financial institution means that you’ll be working in a highly competitive environment. In order to stay ahead you’ll need to keep pace with the current standards of others in the finance industry. AMT’s courses ensure that you maintain and enhance the knowledge and skills you need to deliver a professional service to your clients. You become more effective in the workplace. This assists you to advance in your career and move into new positions.

PUBLIC COURSES / 30 What you will receive on the course Study materials While this is a face to face training course, a blended learning approach is taken and delegates will be provided with access to AMT Online. Our study materials contain both the knowledge and practice materials required to assist with the learning process and help you in your job role. Course materials include: • printed course binder with copy of the slides • laminated summary sheets: • 24/7 access to AMT Online (AMTO) • class recordings • course notes • quizzes • electronic homework/study files What to bring You need to bring a Windows based laptop to the training with Excel and Adobe installed on your system to access your course files. Our teaching materials are designed for PCs and not Mac based systems. Download details for the necessary files will be emailed a few days before the course. You can use any version of MS Excel in class, however please inform us of your Excel version when booking your course. This course is non-residential. The venue will provide light refreshments. For our full terms and conditions please visit www.amttraining.com/terms-and-conditions Pre-requisites A working knowledge of Financial Statements and Financial Modeling is desirable.

PUBLIC COURSES / 31 EMEA 5th floor Whitechapel Building 10 Whitechapel High Street London E1 8QS Office: +44 20 7324 2385 Email: [email protected] Americas 31 W. 34th Street 8th floor #8080 New York NY 10001 Office: +1 646 757-4632 Email: [email protected] AsiaPacific Office Units 503-04 5th floor Haleson Building 1 Jubilee Street Central Hong Kong Office: +852 3905 3059 Email: [email protected]

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