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 Financial Modeling 6 Building a Financial Model from Scratch 8 Valuation, Trading Comparables and DCF 10 Valuation – DCF, Trading Comparables and LBO 12 Credit Risk 14 M&A Modeling 18 M&A Accounting, 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* finance 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 equity 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 investment banking 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 revenue 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 working capital 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 financial forecast 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 • Revenues 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 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 / 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 enterprise value 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 discounted cash flow valuation model and focus on the calculation of free cash flow. 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 cost of capital, 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 capital structure 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 terminal value • 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 buyouts. Delegates learn how to build a discounted The session starts by establishing why cash flow valuation model. The session private equity 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 financial distress 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 analysis, 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 financial analysis 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 security 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/ Cru ch 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, bond 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.com bookstore • 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 Cru ch 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.com bookstore M&A Modeling Boo store 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 financial statement 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 goodwill 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 hrou h this boo s cohere t a carefull structure the deal using return on invested capital a roach ou ill lear basic accou ti s ills ee e (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 e am les i clu i a real life case stu to or to enrol on to our courses, • Net present value of synergies vs. please visit amttraining.com, call control premium hel ou u ersta a alue com a ies 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.com bookstore Boo store