Program: Advanced Valuations: Applications and Models
Program Sponsor: The Financial Valuation Group
Focus:
The Advanced Valuations: Applications and Models was completely revised last year. This rigorous course not only provides advanced topics, but does so in a practical manner so you can immediately start using new information, data, and tools in your practice. The course teaches the theory, but it also demonstrates how to apply the theory so that you can better support your valuation analyses.
Details:
Daily Schedule Day 1
Day 1—Advanced Income Approach & Cost of Capital
• Brief introduction and refresher
• Alternative/advanced company analysis models and applications:
Porter, McKinsey 7-s, SWOT, DuPont, Macroeconomic, Strategic Benchmarking for Value (SBV)
• Income approach:
Capitalized cash flow (CCF) vs. discounted cash flow (DCF) methods; invested capital vs. direct equity methods including iterative models; control vs. minority cash flows; common pitfalls in DCF calculations including growth rates, terminal value, working capital and capital expenditure needs; mid-year convention; value driver (convergence) model; excess cash flow (earnings) method refresher; tangible asset mini-WACC
• Advanced cost of capital techniques and data sources:
CAPM vs. MCAPM vs. Build Up vs. WACC; Ibbotson vs. Duff & Phelps data; supply side equity risk premiums; specific company risk techniques: size premiums and industry risk premiums; P/E multiple adjustments and the earnings cap rate; Fama-French three factor model; forward looking/ex ante approach to returns; complex capital structures including debt, preferred stock, options and invested capital allocation models
• LEGGO case study and exercises
Daily Schedule Day 2
Day 2—Advanced Market Approach, Asset Approach, and Discounts and Premiums
• Market approach:
Guideline public company method with an example application; calculating and selecting multiples including statistics; qualitative and quantitative methods for adjusting multiples for size, growth and risk; transaction databases—what you don’t know CAN hurt you; levels of reliance for the guideline company transaction method; example applications of transaction data
• Asset approach:
Adjustments; capital gains and a review of court cases
• Discounts and premiums:
The new levels of value; restricted stock and IPO studies on discounts for lack of marketability; recent attacks and rebuttals on DLOMs
• LEGGO case study and exercises
Daily Schedule Day 3
Day 3—Advanced Issues in S Corps, FLPs, Goodwill in Divorce, Intangible Asset Valuations, Testimony, and Risk Management
• S Corps:
Court case review including tax-affecting; control vs. minority; Grabowski, Mercer, Treharne, Van Vleet and Fannon models
FLP valuation problems including a review of court cases
• Personal (professional) vs. enterprise (practice) goodwill in divorce, small businesses and professional practices including a review of court cases
• Intangible asset valuations for financial reporting:
SFAS 141(R), 142, 144 and 157; allocation of purchase price case study; valuation examples of intangible assets including software, customer relationships, trade names, technology and non-compete agreements; goodwill impairment
•Litigation and expert witness testimony
• Practice management tips for marketing, managing and making money in valuation services including risk management
Development & Instruction Team
The development and instruction team brings extraordinary depth and experience to this challenging workshop. Team leader, James R. Hitchner, CPA/ABV, ASA, editor and co-author of the course-required Financial Valuation: Applications and Models, 2nd Edition, has assembled a virtual dream team that includes many of NACVA/IBA/CTI’s most highly rated practitioner/instructors: Mel H. Abraham, CPA, CVA, ABV, ASA, Richard Gray, CPA/ABV, CVA, Chris L. Hamilton, CPA, CVA, CFE, DABFA, Mark G. Kucik, CPA, CVA, CM&AA, Derald L. Lyons, CPA, CVA, Brandi Ruffalo, MBA, AVA, CMC, Stephen J. Scherf, CPA/ABV, CVA, CFE, CrFA, and Ronald L. Seigneur, CPA/ABV, MBA, CVA.
Who Should Attend
Those who have attended IBA’s or NACVA’s Business Valuation and Certification Training Center or aspiring valuation practitioners looking to take their skill set to a higher level and obtain their training at one venue.
NASBA Sponsorship
NACVA and IBA are registered with the National Association of State Boards of Accountancy (NASBA), as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417. Web site: http://www.nasba.org.
