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Advanced Valuation for Equity Fund Managers Course

Aims

This course is designed for front office equity fund managers and assistants with some existing experience of forecasting and valuation. It begins by reviewing the appropriate uses of multiples versus intrinsic valuation, before focusing on the latter, with particular reference to terminal values. Its key message is that basic DCFs, constructed by applying a Gordon Growth formula to a final year free cash flow, are inadequate for the purposes of equity analysis, both as a marketing tool and on account of their instability. Terminal values will be deconstructed into assumptions about growth rates and returns on incremental capital employed, with an extension into DuPont Analysis and sector specific value drivers. The link between DCF and EVA valuation will be explained. Correct and frequent incorrect treatment of taxation and provisions will be incorporated into the routines. The course is highly interactive. Participants will use Excel templates with relevant examples throughout.


Who should attend?

  • Portfolio managers
  • Equity analysts

Content

  • Multiple versus intrinsic valuation
  • Issues with basic Discounted Cash Flow models
  • The link to EVA