Business Valuations - Advanced (OC)
Gain more detailed insight into some of the more complex issues associated with business valuations. This seminar dissects the basic approaches from Business Valuations – Fundamentals, so that practitioners can recognize the limitations of various valuation approaches, and provides information that will allow professionals to conduct supplementary analysis for a more robust conclusion of value. This live virtual session will be delivered as a two-segment session (Dec 13 & 15, 1:00 pm - 4:30 pm each day).
Building on the concepts taught in Business Valuations - Fundamentals, the seminar gives participants a more detailed insight into some of the more complex issues associated with business valuations.
This seminar dissects the basic approaches from Business Valuations – Fundamentals, so that practitioners can recognize the limitations of various valuation approaches and provides information that will allow professionals to conduct supplementary analysis for a more robust conclusion of value. Participants will learn about topics such as cost of capital, terminal value quantification, synergy calculations, and valuation discounts. In addition, the seminar introduces the process of valuing securities other than common shares. Practical application of the concepts is provided by utilizing a detailed case study that extends into each module.
WHO WILL BENEFIT:
While this seminar may be beneficial for accountants in various roles, it particularly targets the following attendees:
- Professionals who have some experience with business valuations and who seek a deeper understanding of the more complex issues surrounding valuations
- Practitioners who provide some business valuation advice to their clients
- Company executives involved in the purchase or sale of businesses
By the end of this course, participants should be able to:
- utilize the capital asset pricing model to interpret the biases inherent in unadjusted Beta that is a result of capital structure and tax status of a reference company,
- identify the factors that make a “comparable” company more or less comparable in the context of a business valuation and when to exclude certain companies from one’s analysis,
- incorporate market conventions with respect to including business combination synergies within the valuation of a single company, and
- critique the use of (or assess the reasonability of) various valuation discounts.
- Complexities associated with DCF valuation methods, including how to calculate cost of capital (equity and debt), cash flow, and residual value assumptions
- Valuation of a business using multiples
- Valuation and buyer intent - strategic buyers versus financial buyers
- Identification of and valuation of synergies
- Application of valuation discounts, including minority interest, marketability, and key person discounts
- Introduction to valuation issues specific to other securities, such as preferred shares and convertible debentures
- Review of different valuation reports in Canada
Business Valuations – Fundamentals and experience working with business valuations .
COURSE LEADER: JENNIFER BROWNRIDGE, CPA, CA