Senior

Executive Finance
Value Creation Through Expert Financial Management

On This Course, You Will:

1.

Obtain an appreciation of the concept of shareholder value

and its contemporary application to corporate performance

2.

Understand the dierent methods of project appraisal in

contemporary use and how they have evolved over recent
years

Led by
Dr. Nabil Zaki

3.

Analyse cutting edge techniques for estimating the cost of

capital and capital budgeting

4.

Develop a sound knowledge of modern methods of valuing

companies, how to select appropriate techniques in dierent
situations and the primary value drivers

5.

Understand the methods and best practice in raising debt and

equity for a range of firms

17 20 May 2015
Jumeirah Emirates Towers Hotel, Dubai, UAE

an

event

www.informa-mea.com/execfinance

Meet Your Expert

Course Leader
The George Washington University School of Business,
Informas Academic Partner, is dedicated to excellence: in
its teaching and research about management, in the public
and private sectors, within the United States and
internationally.
The school has a 75 year history of preparing men and
women for leadership in both the public and private
sectors. Known internationally for its dedication to
academic excellence, the school draws students from all
parts of the United States and around the world.
Beyond first class teaching and scholarship, the schools
faculty oers practical experience in the issues and
challenges confronting business and government. Its
research centres link faculty and students with US and
international business and government organisations.
Recent distance learning initiatives have expanded the
schools global reach.

Course Requirements And Certificates

Delegates must meet two criteria to be eligible for an Informa/
GW Certificate of Completion for a course:
1. Satisfactory attendance delegates must attend all sessions
of the course. Delegates who miss more than 2 hours of the
course sessions will not be eligible to sit the course exam
2. Successful completion of the course assessment
Delegates who do not meet these criteria will receive an

Dr. Nabil Zaki

Dr. Nabil Zaki has been in the investment
and banking industry for more than 30
years. During that period, he assumed
senior positions in both corporate finance
and treasury with major Wall Street firms
and international financial institutions in
New York, Canada and the Middle East. He has held high profile
management positions with Chase Manhattan Bank, Merrill
Lynch, Prudential Securities and Tradition. Currently, Nabil Zaki
is an adjunct Professor of Corporate Finance and Derivatives at
New York University. He taught at New York Institute of Finance
(currently known as FT Knowledge) from 1995 until 2004. He
lectures extensively on portfolio management, risk management,
derivatives, and international capital markets for major Wall
Street firms and financial institutions . Nabil worked as senior vice
presidents at both Chase Manhattan bank as well as Merrill Lynch
in a variety of senior posts in credit and treasury.
Also, Nabil is consulting a number of banks and financial
institutions in the USA, Asia and Japan in the areas of asset/
liability management, credit derivatives and restructuring as
well as risk management. Currently, he is a senior adviser for
a major hedge fund; Permal Investment Management. Also,
a Group Adviser for the Board of Directors of a major Asian
bank; EON Bank. Previously, he served as an independent board
professional director at the Board of Directors of Signature Asset
Management Company Limited - a Cayman Island incorporated
company.

Informa Certificate of Attendance. If delegates have not

attended all sessions, the Certificate will clearly state the
number of hours attended.

Course Assessment

Very exciting experience and I was able to

learn many concepts in a really short period
Arsalam Bin Jayyab, Majid Al Futtain Group

Knowledge confirmation and personal assessment to include:

Group discussions

Quiz

Who Should Attend

Finance Directors and Managers

Financial Controllers and Analysts

Vice Presidents and Senior Vice Presidents

Accounting Managers

Chief Accountants

Area and Regional Managers

Heads of Corporate Planning

Heads of Business Development

It was very informative and full of

knowledge
Firas M.Absa, Jawwal

Would you like to run this course

in-house?
The in-house training division of Informa
Tel: +971 4 407 2624 Email: cts@informa.com
www.informa-mea.com/cts

Senior Executive Finance

17 20 May 2015 Jumeirah Emirates Towers Hotel, Dubai, UAE
Course Timings: Registration will be at 7:30 on Day One. The course will start promptly at 8:00 and conclude at 14:30. There will be two
short breaks at 10:30 and 12:30 and lunch will be served at the end of each days session.

Methodology

The course will consist of a combination of classroom

m
training, case studies and group exercises. You will be expected
to bring a calculator.

Corporate Finance
Maximising Shareholder Value: Risk And Return Revisited
Objectives of corporate finance
What is value? Why value shares?
The implications of maximising shareholder value
Business operations, strategic transactions and other risks
faced by organisations
Identifying strategies which create shareholder value: Return
on capital vs. cost of capital
Principal agent problem getting management to act in the
best interest of shareholders
Risk And Uncertainty
Risk vs. uncertainty vs. exposure vs. return
What risk cannot be eliminated?
Comparing arithmetic vs. geometric risk premiums
A brief history of risk assessment
Upside vs. downside risk
Risk psychology which is it? Loss aversion vs. risk aversion

Case Study: Dimensions of risk what are they and how do

they affect your bottom line?
Project Appraisal
The capital investment process
Accounting, earnings and market rates of return
Measuring profitability and returns
Present value, profitability indices, Discounted Cash Flows
(DCFs) and timing of cashflows
Net Present Value (NPV) and value-creating investment
decisions
Internal Rate of Return (IRR) and Modified IRR (MIRR)
Adjusted Present Value (APV) method assessing the impact
of risk on cashflow analysis
Modified NPV the real (or managerial or strategic) options
approach to project appraisal
Mutually exclusive projects vs. independent projects
Capital budgeting/rationing using linear programming and
Monte Carlo simulation

Exercise: Project appraisal comparing cashflow analysis rules

and real options in investment analysis. You will use an Excel
model to choose from three projects based on their payback,
discounted payback, IRR, NPV, APV, and MPV.
Cost Of Capital And Capital Structure
Components of capital: Short and long term debt, preference
shares, ordinary shares, hybrids
Calculating beta for variations in business risk and variations in
leverage
Capital Asset Pricing Model (CAPM), Arbitrage Pricing Theory
(APT) and multifactor models
Cost of debt: Coupon vs. yield, market value vs. book value, tax
problems and default risk

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Cost of equity: Dividend models, CAPM and its competitors

APT, APV and so on
Weighted Average Cost of Capital (WACC)
Modigliani Miller (M&M) propositions I and II and subsequent
developments
Factors affecting the capital structure decision
The effect of capital structure on cost of capital

Exercise: The capital structure conundrum how much

leverage is too much?
Exercise: Valuing companies based on cash-flow based
techniques (spreadsheets will be provided)

Company Valuation
Business Valuation Approaches And Methods Discounted
Cash Flow
Value from revenue generating assets and future growth
opportunities
Shareholder value and discounted cash flow analysis
Compounding and discount rates
Comparing enterprise value and equity value

Exercise: Variations of IRR in Excel MIRR and XIRR (All Excel

spreadsheets used in the programme will be given to you at
the end of the course)
Economic Value Added (EVA)
EVA when is value added?
EVA and its relation to DCF model
Calculation of NOPAT and capital
Typical adjustments for EVA calculation
MVA as a discounted EVA concept
Financial Ratio Analysis
Price/earnings multiples
Earnings related multiples: EV to EBIT, EBITDA, cash flow, etc.
Other multiples: sales, book value, PEG ratio, EEG
Relative multiples
Comparable deal analysis
Traditional measures of liquidity
Non-financial ratio analysis

Exercise: Limitations of ratio analysis

Case Study: Dupont Valuation Model the drivers of return on
equity Dividend Valuation

Dividend Discount Model (DDM)

Applications and examples in practice

Exercise: Spreadsheet modelling of the DDM

Financing Strategies Raising Debt And Equity

Debt Finance
Nature and obligations of bank debt
Reasons for financing through debt
Funding hierarchies
Bank lending criteria and credit assessment

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E: register-mea@informa.com

Exercise: Calculating available bank debt for a range of

enterprises

Case Study: Recent developments in private equity

Investments And Portfolio Analysis

Fixed Income Markets, Factors And Risks
Money market and bond instruments
Government, municipal and corporate bonds
Repurchase agreements (REPOs)
Credit and credit ratings
Sources of returns from bonds
Bond and other fixed interest instrument pricing methods
Spot rates and zero-coupon bonds
Term structure of interest rates and yield spreads
Clean and dirty bond pricing
Fixed income risk and return measures yield, duration,
Present Value of a Basis Point (PV01) and convexity
Mark-to-market vs. accrual assessment of bond trading
positions
Interest rate risks and sensitivities

Exercise: Pricing zero-coupon and coupon-paying bonds in

Excel for floating and fixed-rate scenarios
Fixed Income Investment Management
Characteristics of fixed income investment
Advantages and disadvantages of fixed income investment
Risks associated with fixed income markets
Duration, PV01, convexity and other fixed income risk factors

Exercise: Calculating key ratios and pricing for bonds

Government bond markets

Syndicating and pricing new issues
Stability of bond ratings and bond ratings migration matrices

Case Study: The bond floatation process

Exercise: Trading anomalies and inefficient markets

Investment Performance Monitoring And Analysis

Investment Performance Evaluation
Monitoring investment performance
Measuring investment returns
Risk-adjusted performance measures
Performance measurement of portfolios containing
derivatives

Case Study: Best practice in fund management performance

Advanced Financial Techniques

Structuring Securitisation And Asset Backed Securities (ABS)
Structuring and securitisation concepts
Motivation for securitising assets/cash flows
Types of ABSs
Commodity, currency, debt and equity structured products
Securitisation in developing markets

Exercise: Using MBS to meet investment objectives

Foreign Exchange (FOREX)

Foreign exchange rates markets, conventions and regimes
Implications of FOREX trading around the world and around
the clock
Inflation and currency stability using indexing
FOREX parity relationships in international markets
The art and science of country risk analysis
FOREX risks translation and transaction exposures

Exercise: Do foreign exchange policies matter? The

implications, benefits and consequences of foreign exchange
rate policies and regimes
Case Study: Managing systemic risk and the anatomy of some
recent international financial crises
Exercise: Applying country risk analysis in the Middle East
Initial Public Offerings (IPOs)
Primary equity markets
- Middle Eastern markets
- Comparison with US and European markets
Rationale for an IPO
Domestic vs. international issues
ADRs, GDRs and EDRs
Underwriting vs. best efforts
Fixed price offers, tender offers and book buildin
The IPO process
Preparing for an IPO

Case Study: Development in securitisation in the Middle East

Analysing Corporate Mergers And Acquisitions
Categories of corporate mergers
Analysing rationales for potential mergers
Roles of investment bankers, lawyers, underwriters and
brokers
Selecting a target synergies
Leverage buyouts
M&A due diligence

Case Study: Analysing potential acquisition targets in the

Middle East
Private Equity In The 21st Century
Nature of private equity in the Middle East
Comparison with USA, Europe and Asia
Which and what deals would attract private equity
Private equity returns empirical analysis
Corporate takeovers and restructurings from a venture
capitalists viewpoint

Exercise: Evaluating investments and exits

Risk Management: Derivatives And Value Maximisation

Case Study: IPOs, going public and recent global trends in IPO
listings
Alternative Procedures For Rasing Public Equity Capital
Rights issues
Seasoned equity offerings
Private placements

www.informa-mea.com/execfinance

Portfolio/Fund Management An Introduction To Asset

Management
Major players in the market
Portfolio/fund management process
Examining different investment strategies value, growth,
technical, contrarian
Active vs. passive investment strategies

An Introduction To Risk Management

Risk management framework
Different types of risk management procedures
Financial markets regulation and the Basel accords
Corporate governance, institutions of information, screening
and monitoring
Financial risk management and its importance on financial
control
Comparing crisis management and risk management

T: +971 4 335 2437

E: register-mea@informa.com

Exercise: Basel II What is it? How good is it? How will it affect
a business?
Exercise: Enterprise risk management What is it? Does it add
value?
Case Study: Procter & Gamble and Gibsons misuse of
derivatives financing lessons for senior management

Forward And Future Contracts

Forward Contract Design And Structure
Understanding the structure of forward and future contracts
The difference between forwards and futures
Different types of forward and futures contracts including
currency, interest rates, bonds and commodities

Case Study: Designing a futures contract designing a

contract combining user requirements with feasibility from the
exchange standpoint
Mechanics And Uses Of Forward Contracts
Trading speculation, hedging and financial engineering
Measuring market risk
Measuring credit risk

Case Study: Managing risk using forward contracts. You will

use futures contracts to manage a range of different financial
risks facing corporates
Interest Rate Forward Contracts
Rates implicit in spot quotations
Arbitrage pricing methods
Importance of margining
Clearing and netting

Swaps
Types Of Swaps
Interest rate swaps
Cross currency swaps
Equity swaps
Asset swaps

Options
Options And Their Use In Corporate Finance
Understanding option jargon
Using options in practice
Trading and hedging
Arbitrage with convertible bonds

Case Study: An option theoretic view of the organisation

Financial Control And Options Greeks

Delta
Gamma
Vega
Theta
Rho

Exercise: Should organisations use derivatives to manage

risks? How they should do it
Exercise: Managing risk using options greeks

Credit Risk
Introduction To Credit Risk
Definition of credit risk
Three approaches to measuring credit exposure individual
transaction approach, market factor approach and portfolio
approach
Extension from credit exposure to credit risk credit risk
management, economic capital and regulatory capital
Credit Derivatives
Understanding the major uses of these products
Benefits and pitfalls for the user
Credit default options
Total return swaps
Credit spread transactions

Case Study: Developments in credit derivatives in the Middle East

Risk Assessment Techniques
Risk assessment from factor sensitivity to Value at Risk (VaR)
to conditional VaR
Three approaches to measuring VaR: Variance/covariance,
historical simulation, Monte Carlo methods
VaR at the transaction, portfolio and organisational levels
Marginal VaR contribution measures and conditional VaR
Cashflow at Risk (CfaR), Earnings at Risk (EaR), and Capital at
Risk (CaR) approaches
Credit Value at Risk (CVaR) and Operational Value at Risk
(OPVaR)

Exercise: VaR across the organisation and its business units

including the decomposing of risk across an organisation using
component VaR
Risk And Capital Allocation Techniques
Risk and capital allocation using Value at Risk (VaR) measures
Capital-based risk-adjusted return and performance measures
Comparing economic risk capital and regulatory capital
Relationship of RAROC capital to credit, market and
operational risks

Exercise: Calculating RAROC for a financial institution

Option Pricing For Corporate Finance

Black-scholes and binomial options pricing methods
Adoption of black-scholes method
Other option pricing models
Model risk do the complex mathematical models associated
with derivatives valuation have a place in the Middle East?

Exercise: You will be provided with black-scholes and binomial

option pricing models and instructed on their use

an

event

Senior Executive Finance

17 20 May 2015 Jumeirah Emirates Towers Hotel, Dubai, UAE

FIVE WAYS TO REGISTER

+971 4 335 2437
+971 4 335 2438
register-mea@informa.com
www.informa-mea.com/execfinance
Informa Middle East Ltd.
P.O Box 9428, Dubai, UAE

WOULD YOU LIKE TO RUN THIS COURSE IN-HOUSE?

Save training $$ and create learning experiences relevant to your business. To customise this
course and increase value and impact, contact Leigh Kendall on +971 4 407 2624 or email the
team at cts@informa.com

The in-house training division of Informa Middle East

Course
Senior Executive Finance
17 20 May 2015

Course Fee Before

1 March 2015

Course Fee Before

22 March 2015

Final Fee

US$ 3,995

US$ 4,595

US$ 4,795

DISCOUNTS AVAILABLE
FOR 2 OR MORE PEOPLE
CALL: +971 4 335 2483
E-MAIL: a.watts@informa.com
Course fees include documentation, luncheon and
refreshments. Delegates who attend all sessions and
successfully complete the course assessment will receive
an Informa/GW Certificate of Completion.
All registrations are subject to our terms and conditions which
are available at www.informa-mea.com/terms. Please read
them as they include important information. By submitting your
registration you agree to be bound by the terms and conditions in
full.

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PAYMENTS

WEB BC5861

A conrmation letter and invoice will be sent upon receipt of your registration. Please note that full payment must
be received prior to the event. Only those delegates whose fees have been paid in full will be admitted to the event.

AVOID VISA DELAYS BOOK NOW

EVENT VENUE

Delegates requiring visas should contact the hotel they wish to stay at directly, as soon as possible.
Visas for non-GCC nationals may take several weeks to process.

Jumeirah Emirates Towers Hotel, Dubai, UAE

Tel: +971 4 330 0000

CANCELLATION

ACCOMMODATION DETAILS

If you are unable to attend, a substitute delegate will be welcome in your place. Registrations cancelled more
than 7 days before the Event are subject to a $200 administration charge. Registration fees for registrations
cancelled 7 days or less before the Event must be paid in full. Substitutions are welcome at any time.

We highly recommend you secure your room reservation at the earliest to avoid last minute
inconvenience. You can contact the Hospitality Desk for assistance on:
Tel: +971 4 407 2693
Fax: +971 4 407 2517
Email: hospitality@informa.com

All registrations are subject to acceptance by Informa which will be conrmed to you in writing.
Due to unforeseen circumstances, the programme may change and Informa reserves the right to alter the
venue and/or speakers or topics.

NK/ST

FIN

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