The Valuation programme equips you with the most effective valuation tools, so you have the power to correctly appraise financial decisions and value companies.
Learn how to apply discounted cash flow analysis, cost of capital analysis, risk analysis and other valuation tools, including multiples.
Gain an understanding of the concepts of value, return and profitability under conditions of risk and uncertainty. Starting from the basics, you work progressively to more complex valuations. Throughout the programme, you will use these skills to work in groups on a company valuation project.
Who is the programme for?
Participants come from a wide range of backgrounds including:
- General managers
- Mid to senior finance professionals
- Executives, consultants and analysts
- Business developers
- Lawyers / legal practitioners
- Financial planners / advisors
- Economists and business analysts
- Auditors and risk managers.
The programme assumes knowledge of basic accounting and simple financial ratios and we recommend that prior to attending the Valuation programme, you attend the Accounting and Financial Analysis programme. If you are not attending the Accounting and Financial Analysis programme, a useful summary can be found in Financial Statements by Chris Higson (Rivington, 2006).
The programme is designed for participants who require an understanding of Valuation or who have a finance role/ qualification and require a refresher. If you have previously studied a Masters in Finance or Valuation as an elective on an MBA programme, please contact us to discuss your suitability.
Key topics include:
- Project appraisal methods and their application
- Interest rates, inflation and capital budgeting
- Value and strategy
- Debt and equity markets
- Risk and return
- Cost of capital
- Company valuation using free cash flow
- Company valuation using multiples
- Leverage and value
- International valuation
- Financial measures of corporate value-added.
On completion, you will be able to:
- Acquire a comprehensive kit of corporate financial analysis and valuation techniques and understand how to best use these tools in practical applications
- Evaluate investment projects and other decisions with financial consequences
- Value companies
- Understand capital market behaviour, risk and cost of capital
- Apply the ideas in an international context
- Completion of all three Corporate Finance programmes (or two plus Advanced Corporate Finance), gains membership to the 36,000 strong Alumni community.
One-week or evening programme formats
Valuation is offered in one-week and evening formats. Both formats share the same curriculum and are led by Ian Cooper, Professor of Finance.
Use the links below to view each of the programme schedules.
The one-week format is an intensive learning experience with the programme running over five consecutive days. Work continues from morning to evening to enable you to benefit from maximum learning.
The programme starts at 08:30 on the Monday and concludes at 17:00 on Friday. The days are full and include evening case study and group work to provide full immersion in the topics taught and maximise your learning within the timeframe.
08.30 - Coffee
09.00 - Class session 1, followed by break
10.45 - Class session 2
12.30 - Lunch
13.30 - Class session 3, followed by break
15.30 - Class session 4, followed by break
17.30 - Evening session or study group meetings
19.00 - Dinner
- Introduction to Financial Decision Appraisal
- Effective Financial Decisions
- Introduction to Valuation Exercise.
- Introduction to Debt Markets
- Introduction to Equity Markets
- Risk, Return, and the Cost of Capital
- Company Valuation group assignment.
- Division and Project Risk and Return
- Company Valuation using operating FCF
- Use and Abuse of Multiples
- Company Valuation group assignment.
- Other Dimensions of Value: Control, liquidity, governance
- Valuing a private company
- Company Valuation group assignment presentations.
- Leverage and Value
- Valuing Internationally
- Value and Performance
- Concluding remarks and programme close.
The evening format is held every Wednesday evening for 10 weeks so you may study without disruption to your work life. Every second Thursday an optional tutorial gives participants an opportunity to practice and apply their learning. While the evening format requires less hours on campus, participants spend a significant proportion of their time outside of this for preparation and reflection of programme material.
Every second Thursday an optional tutorial gives participants an opportunity to practise and apply their learning.
Prior to the start of each lecture there is a class dinner to allow participants the opportunity to network with their classmates.
18:00 - Dinner
18:45 - Lecture 1
20:00 - Break
20:15 - Lecture 2
21:30 - Finish
Week 1 - Project appraisal
Week 2 - Forecasting cash flows and analysing project risk
Week 3 - Basics of debt and equity markets
Week 4 - Risk, return and the cost of capital
Week 5 - Division and project discount rates
Week 6 - Valuing public companies using free cash flow and multiples
Week 7 - Leverage and value
Week 8 - Other factors affecting value
Week 9 - International valuation
Week 10 - Wrap-up and behaviour of financial markets
- 2015 dates TBC
- 31 March - 04 April 2014
13 - 17 October 2014
How to apply
Apply using our online application form.
We recommend applying early to guarantee your place on the
Reserve a place
If you can't apply immediately, we strongly recommend that you reserve a provisional place for your preferred class.
Make your reservation through our online reservation form or contact David Ratcliffe on +44 (0)20 7000 7051 or email email@example.com
We will hold the provisional place for 2 weeks while you complete your application.
Next one-week programme
Duration: 5 days
Next start: 31 March 2014
Next evening programme
Duration: 1 evening per week for 10 weeks
Next start: 2015 dates TBC
David Ratcliffe, Programme Associate
Tel: +44 (0)20 7000 7051