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Advanced Valuation Methodologies and Capital Structuring in Asia
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Advanced Valuation Methodologies and Capital Structuring in Asia
  • Overview
  • Objectives & Outline
  • Methodology
  • Participant Profile
  • Trainers
  • Overview
    PROGRAMME DETAILS

    DATE

    6 – 7 November 2017

    TIME

    9:00 AM – 5:00 PM

    VENUE

    Asian Banking School

    SIDC CPE

    10

    CPE Points
    This 2-day programme covers equity valuation and alternative equity for companies and will make extensive use of case studies from Malaysia and Singapore.

    Day 1 of the programme will cover the various methodologies for the valuation of companies and will compare and contrast the strengths and weaknesses of each. The programme is not excel based but the case studies will look at the details and adjustments that are required for analysis and company valuation. Although the course is self- contained, prior knowledge of the basic valuation metrics will be assumed. Valuation will be considered from different perspectives – fund managers, investment bankers (e.g. for valuing IPOs), and Private Equity.

    Day 2 will cover Capital Structure and the use of equity and hybrid equity in the capital structure of a company. We will look at the advantages and disadvantages of the various forms of equity (shares, CBs, preference shares, perpetual securities and dual class equity) for issuers and investors, at the issuers’ motivations and at the valuation models for the various structures. Prior knowledge of the basic structures will be assumed.
    LEARNING LEVEL

    Advanced

    PROGRAMME FEE*

    AICB / MIBA MEMBER

    MYR

    5,500

    / PAX

    NON-MEMBER

    MYR

    6,000

    / PAX

    *inclusive of GST 
    Jointly with:
  • Objectives & Outline
    LEARNING OBJECTIVES
    Upon completion of the programme, participants will be able to:
      
    • Value companies using the various valuation methodologies and explain the advantages and disadvantages of each approach
    • Identify the appropriate valuation methodology for individual companies
    • Calculate discounted cash flow valuations and IRR for acquisitions/new projects
    • Adjust valuation inputs to ensure that comparisons between companies are “like for like”
    • Identify situations when hybrid equity can be used as an alternative to ordinary shares 
    PROGRAMME OUTLINE
    Day 1: Company Valuation
    Introduction 
    Valuation Approaches 
    • Dividend yield
    • P/E ratio
    • Case Study: Calculating EPS and P/E
    • Case Study: The impact of debt on a P/E ratio
    • Enterprise Value
    • EBITDA


    Factors Impacting Valuation 
    • Industry profile
    • Financial leverage
    • Risk/Opportunity - SWOT, Porter’s 5 Forces, credit rating analysis & size of company
    • Case Study: Divergent valuations


    Comparable Company (CC) Valuation 
    • CC Valuation
    • Choice of CCs
    • Comparing “like with like” - year ends & accounting issues
    • Case Study: A CC valuation


    DCF Valuation 
    • Methodology
    • WACC (cost of equity & cost of debt)
    • Case Study: Calculating Cost of Equity, Cost of Debt and WACC
    • Case Study: DCF and DD valuation


    Price to Book 
    • Definition of P/B
    • When is P/B appropriate?
    • Case Study: Comparing “like with like”


    Valuation for industry sectors 
    • Consumer goods
    • Telcos
    • High growth companies
    Day 2
    Valuation for different industries
    • Resource stocks – mining & O&G
    • Banks
    • Property companies – property developers & REITS
    • Case Study: Pricing an IPO


    Private Equity 
    • Valuation approach (IRR)
    • Motivation for PE acquirers
    • Potential PE targets
    • Motivation for shareholders
    • Case Study: Calculating IRR
    • Case Study: PE in SE Asia


    Capital Structure 
    • Debt finance (Forms of debt finance
    • Equity - ordinary shares, dual class structures, preferred shares & hybrids
    • Perpetuals - the “vanilla” Perp structure, variations in the structure, Perps: equity or debt?, recent PERP issues
    • Case Study: Valuing a PERP


    Choosing a Funding Structure 
    • The impact of increasing debt – sustainable debt & debt and credit rating
    • Equity funding
    • Case Study: Funding structure in a recent IPO


    Convertible Bonds (CBs) 
    • The structure of a CB
    • Exchangeable bonds
    • Rationale for issuing CBs
    • CB pricing – Bond + Option, the bond floor, valuation of the option component & CB hedge funds
    • Variations on the “vanilla” CB structure
    • Case Study: Valuing a CB
    • CoCo bonds – structure of a CoCo, risk/reward for investors, rationale for the Issuer
    • Case Study: A CoCo issue


    Dual Class Shares 
    • Dual class share structures – forms of non-voting and low-voting shares & examples of dual class structures
    • Current regulation for listing of dual class structures
    • Market valuations of dual class equity – factors affecting the relative valuations
    • Case Study: The valuation of a dual class equity


    Other Hybrids 
    • Hybrid structures and examples of their use – financial derivatives & warrants

    Case Study: Pricing an IPO  

    Summary and Conclusions 
  • Methodology
    The programme is based around case studies in Malaysia and Singapore which will involve the participants in valuation, discussion and selection of funding strategies
  • Participant Profile
    The course is designed for practitioners in corporate finance, equity capital markets, equity sales and research, and fund management with an understanding of basic valuation methodologies. Attendees will be assumed to be familiar with PE, EV/EBITDA, time value of money, call options, basic company accounting and fundamental knowledge of basic structures.
  • Trainers

    DAVID RODEN

    David has over 30 years’ experience in the financial markets and has extensive experience in the management of operational risk. He joined the London stockbroker, de Zoete and Bevan, in 1980 and became a partner in 1984. After de Zoete and Bevan was acquired by Barclays Bank in 1985 David was appointed as Global Head of Equity Derivatives at BZW (now Barclays Capital). David was responsible for the expansion of this business and was responsible for the overall management of sales, trading, research and risk management for equity derivatives globally.

    In building the Equity Derivatives Group (EDG) in BZW, David worked with settlement, the legal and compliance departments, and counterparty credit to agree an operational risk management frame-work. During this time, David was appointed by the Bank of England as chairman of the committee for the merger of the Traded Options and Futures markets in London. David was deputy chairman of the London Traded Options Market (LTOM) Clearing Members Committee, a committee of the London Stock Exchange. This committee was responsible for the rule book governing credit risk and operational risk for the 20+ clearing members of the LTOM.
    Since leaving BZW in 1998 David has acted as an independent consultant and trainer in Derivatives and Risk Management, with a focus on the interface between Market Risk Management and Operational Risk. In 2000, David set up European Research Ltd to provide independent research in Mergers and Acquisitions. By 2010 this business had grown and produced five research products in mergers and acquisitions, credit, and special situations with over eighty institutional clients in the US, UK and Europe and Asia Pacific. David has been resident in Singapore for ten years (spending his time equally between London and Singapore). He has a BA in mathematics from Wadham College Oxford.

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