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Course Name

Company Valuation: Principles, Methods, Applications


Advanced Module: Diploma Program in Corporate Finance

Schedule
To inquire more about our courses, you may call our Program
Sales Officers at 830.20.50 or email us
at sales.cce@ateneo.edu
Price:

Php 19,500

Description

Valuation is at the heart of almost all finance courses. Most business


people that deal with securities and companies directly deal with
valuation issues. Even traders who live or die by the profitability of
their trades lean heavily on valuation. Given the attention that
valuation has received in recent years with the number of companies
that have gone bankrupt, this module is designed to provide
participants with a survey of the most popular valuation methods,
their uses and practical applications.
The module focuses on company valuation, starting with accountinglinked valuation methods, with specific emphasis on the concepts of
relative valuation using multiples, their application as well as
shortcomings. From there, it then examines the principles of
discounted cash flow valuation, the intellectual foundation of most
valuation methods, with detailed discussion on the concept of cash
flow and how to adjust accounting numbers to arrive at usable cash
flow estimates.

Objectives

Successful completion of this module enables the participant to:


1.
how
2.
3.
4.
the
5.
6.
7.
these

Appreciate the importance of understanding firm value and


it is determined;
Understand and apply relative valuation and
discounted cash flow techniques;
Learn the mechanics of determining free cash flows;
Examine the risk factors that affect cash flows and construct
appropriate discount rate;
Assess corporate value through cash flow analysis;
Value an IPO (Initial Public Offering); and
Learn other firm valuation approaches and when to apply
techniques.

Who should
attend

This module is highly recommended for investment bankers, business


professionals and entrepreneurs, and other finance practitioners
involved, one way or another, in valuing companies or dealing with
issues related thereto. Those familiar with or have adequate working
knowledge of business acquisitions, cost of capital, capital structure,

dividend policy and capital budgeting as well as basic business


statistics, specifically, regression and variance analyses, standard
deviation, etc., will find this module most meaningful and beneficial.
Outline

The module, which employs lectures, interactive discussions, case


studies and practical application exercises, covers the following areas:

Accounting-linked valuation methods

Discounted cash flow valuation

Cash flow concept and estimation; adjustment of accounting


numbers

Construction of appropriate discount rates

Review of cost of capital and weighted average cost of capital


(WACC) estimation

The use of adjusted present value method as an alternative


valuation approach
when leverage is significant
when there are interest subsidies
when costs of bankruptcy are significant
when a constant debt ratio cannot be met

Resource SpeakersProf. Gavin Cheng Lee


is an Assistant Professor at Department of Accounting and Finance of the University of the
Philippines. He teaches various topics, such as: Fundamental Accounting, Advanced Accounting,
Management Accounting, Auditing Theory, Financial Derivatives, Corporate
Finance,Macroeconomics, and Financial Risk Management.