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Intermediate Valuation Skills

This two-day workshop follows on from the Business Valuation Skills workshop, and addresses some more complex valuation issues which arise from using cash flow and risk models which we know to be less than perfect. The two-stage cash flow model has its limitations, and the terminal value can often exceed 80% of computed enterprise value, while the CAPM was designed more for portfolio management than for use in a DCF. Although we do introduce some other income models (DDM, APV and MEEM), this workshop is essentially about adapting the tools that we commonly use, and devising strategies to compensate for their limitations.

Before the workshop, we encourage participants to review the the contents of the Business Valuation Skills workshop, for which we provide a comprehensive advance reading package, which we find enables us to maximise classroom time together. The workshop also includes a hands-on subgroup valuation review exercise where the participants are given a valuation analysis and asked to find the 30 or so common errors which the analysis contains.

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