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Effective business valuation methods and tools



The purpose of this accounting seminar is to introduce you to key business valuation approaches with emphasis on the discounted cash flow method.

Fee

$1,995 + taxes

Length

Three days – 9 a.m. to 5 p.m.

Language
Course given in French
Dates

HEC Montréal
May 1st, 2, 3, 2018

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The purpose of this accounting seminar is to introduce you to key business valuation approaches with emphasis on the discounted cash flow method. This will include a closer look at the multiples methods and accounting valuation, as well as real options valuation. You will quickly master various electronic tools and vital concepts required to obtain an accurate business valuation. You will also be called upon to use your judgment to ask – and answer – relevant questions as part of the valuation process.


Goals

  • Learn powerful business valuation methods to be able to:
    • Foresee the consequences of a strategic shift on the company’s value.
    • Determine the maximum acquisition price or minimum sale price of a company.
    • Assess the company’s fair market value.
    • Fund a corporate acquisition.
  • Ascertain how to estimate main valuation parameters.
  • Recognize the benefits and limitations of each method.

Is this for you?

This program is for you if:

  • You are called upon to take part in the business valuation process.

Special features

  • Topics of discussion will be determined based on needs voiced by participants.

"Excellent course! Very satisfied."

Danielle Boudreau, Business Development Analyst, Société Radio-Canada

"Extremely interesting, albeit intense. Very useful for understanding the tools and principles of business valuation."

Marc Tremblay, President, Groupe Proficom MT

Instructor:

Julien Le Maux
Julien Le Maux
PhD, MSc (Finance), CFE, C.Adm.
Associate Professor, HEC Montréal

Introduction to business valuation methods

  • Valuation parameters and available data
  • Caveats

Discounted cash flow method

  • Estimation of cash flow based on financial statements
  • Free cash flow to firm vs. free cash flow to equity
  • Choice of forecast horizon
  • Growth and risk assessment
  • Calculation of discount rate
  • Continuity value
  • Surplus assets

Multiples methods

  • Price-to-earnings (P/E) ratio, price-to-book (P/B) ratio, price-to-sales (P/S) ratio
  • Sources of information and choice of comparables
  • Factors that influence multiples

Accounting valuation

  • Tools for calculating adjusted book value
  • Tips for valuating brands and other intangible assets
  • Goodwill in the valuation process

Choice of methods and adjustment in line with specific circumstances 
Depending on participants’ individual needs, several themes can also be addressed, including:

  • Publicly traded vs. privately held business: Liquidity premium vs. control premium
  • Venture capital investment: Limited horizon
  • Natural resources and high-tech sectors, where a third method may be useful, namely real options valuation
  • Real-life case studies
  • Examples
  • Computer usage

Participants in all of our seminars will receive a certificate of completion from Executive Education HEC Montréal.

  • Laptop computers will be available for use by seminar participants.
  • Participants will be given a set of Excel files to illustrate the featured concepts and methods.


For more information about this program

 Contact:

Pascal-André Allaire
Senior Advisor

 Phone:

514 340-6001

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