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Évaluer une entreprise, méthodes et pratiques Training
- Program
- Participants / Prerequisite
- Intra/Tailored
Estimate the value of a business around four axes: asset value, peer group market and sector comparisons, cash-flow analysis of the flow and indicator of capital value, analysis of intangible capital. Analysis of the Business Plan and financial risk assessment.
Learning objectives
- Distinguish the main types of valuation methods
- Determine the value of a company according to different asset-based methods
- Use analog methods of valuation
- Implement cash-flow based methods of valuation
- Assess the value using the intangible capital of the company
Introduction
- Introduction to valuation
- Not to be confused: value and price, value of the company and value of equity.
- The business plan.
- Strategic analysis to assist with the BP.
Hands-on work
Case study Complete a balance sheet to determine the value of a company.
The main types of valuation methods
- Asset-based methods.
- Analog methods (by comparison).
- Cash-flow based methods.
- Intangible capital method.
Using the main asset-based methods
- Adjusted net asset value.
- Adjusted net asset value and goodwill income.
Hands-on work
Case study Using an asset-based approach, estimate the actual net assets and the goodwill. Determine the value of the company with the revalued net asset method with Goodwill.
Using the main analog methods
- Sector comparables.
- Stock market comparables. The sample. Corrections (EG GRENAT tasks).
- Multiples used and values obtained.
- Focus on two multiples. PER. EBITDA.
Hands-on work
Case study Calculation of sector multiples. Estimate the value of a company on the basis of a multiple of its turnover and its operating profit from operations as well as the PER and the PEG.
Implementing the main cash-flow methods
- Risk, beta and discount rate. The sample. The corrections.
- The weighted average cost of capital (WACC).
- Discounted dividends.
- Discounted free cash flow (free cash flow or DCF method).
- Drawbacks of the DCF method. Business plan. Growth rate and terminal value.
Hands-on work
Case study Prepare a table showing free cash flow. Estimate of the market value of a company’s equity. Calculation of a required rate of return for shareholders.
Valuing the new method by assessment of the intangible capital
- Mapping of the intangible capital in assets.
- Non-financial valuation of the assets and rating.
- Financial valuation of intangible capital.
- Analysis and comparison of the profit with the DCF method.
- Use of non-financial evaluation in the management.
- Intangible Due Diligence.
Hands-on work
Case study Valuing a company, summary
