Advanced Financial Analysis Series - M&A Deal Structuring & Merger Modeling Techniques

Advanced Financial Analysis Series

M&A Deal Structuring & Merger Modeling

on 13 October 2017 

Trainer : Hamilton Lin, CFA

Eligible for 7 CE hours

 


Overview:

CFA Singapore is proud to present our “Advanced Financial Analysis Series” held in conjunction with Wall Street Training & Advisory. The Advanced Financial Analysis Series will provide practical, career-enhancing programs related to fundamental analysis, valuation and financial modeling. 

This series of hands-on workshops will consist of the following full-day programs:

     - Advanced Financial Modeling : Core Model     11 Oct 2017 (Wed)

     - REIT Financial Modeling                                     12 Oct 2017 (Thurs)

     - M&A Deal Structuring & Merger Modeling        13 Oct 2017 (Fri)

The goal of these programs is to improve and elevate the skill sets of the financial analyst and the investment professional. Heavy emphasis is placed on being as effective and efficient as possible with Excel. If you are interested in improving your financial modeling and valuation skills, or are in the midst of a career transition, these courses are for you!


Course Details : 

Learn about mergers and acquisitions and how deals are structured. The first half of this course focuses on the mergers and acquisitions process and the basics of deal structures, presenting the main tools and analyses that M&A investment bankers and acquirers utilize. It covers the following modules: (i) in-depth analysis of the entire M&A process, including due diligence and legal issues; (ii) common structural issues including cash vs. stock, upfront payments vs. earn-outs, and stock vs. asset deals; (iii) crucial merger consequence analysis including detailed accretion/dilution and contribution analyses; and (iv) detailed analysis of transaction case studies to illustrate various deal structures and demonstrate detailed alternative earn-out structures and methodologies

The second half of this course builds on the first half and is hands-on, interactive, Excel-based and covers different ways to model out financial combinations. Different techniques are covered including the most basic and widely used back-of-the-envelope method, accretion / dilution and more robust analyses. Build dynamic models that account for different transaction structures, learn how to sensitize financial projections and the financial impact on a transaction and construct a pro forma merger model. Calculate estimated combined income statement for target and acquiror, key pro forma balance sheet items, cash flow for debt repayments and other relevant items in a merger and acquisition context.

Learning Goals:

M&A Deal Structuring:

•    Review of various deal considerations and deal structuring options (cash vs. stock)

•    Common structural issues in a transaction (stock vs. asset)

•    Buyer and seller preferences for various deal structures and rationale

•    Tax implications of transactions based on structure & IFRS #3 goodwill amortization

•    Merger consequence analysis including accretion / dilution & financial implications

•    Analysis of breakeven PE for both 100% stock and 100% cash considerations

 

Accretion / Dilution Modeling:

•    Build dynamic merger consequence analysis (accretion / dilution) incorporating:

•    Synergies switch, cash vs. stock sensitivity

•    Amortization of goodwill switch (depending on purchase price allocation)

•    Common structural issues: Stock vs asset deals

•    Analysis of breakeven PE for both 100% stock and 100% cash considerations

•    Calculate pre-tax and after-tax synergies / cushion required to breakeven

 

Simple Merger Modeling:

•    Construct a merger model, simple combination of IS for target and acquiror

•    Project simple stand-alone Income Statement for both target and acquiror

•    Analyze selected balance sheet figures and ratios and multiples

•    Estimate target valuation and deal structure

•    Calculate selected Pro Forma balance sheet items

•    Combine target and acquiror’s Income Statement and estimated synergies

•    Calculate cash flow for debt repayments and cash balances

•    Compute interest expense and interest income based on paydowns

•    Calculate accretion / dilution and credit ratios


 

Prerequisite: Intermediate proficiency using Excel and a solid grasp of basic accounting fundamentals and the integration of financial statements are required

Important - Please note : To maximize the educational value of this program, we strongly recommend that you have an intermediate understanding of Excel. Lack of basic Excel skills will impede your ability to effectively acquire and implement the techniques and shortcuts that are presented in this program. 

Bring your PC laptop with a working USB slot and Microsoft Excel installed. Macs may not be as effective.

Eligible for 7 CE

Course Fee:

CFA Singapore member price : S$880*  per module (Early Bird fee) / S$1,080* per module (Standard fee)

Non-member price : S$1,080* per module (Early Bird fee) / S$1,280* per module (Standard fee)

Early bird fee valid till 11 Spetember 2017

* Prices before 7% GST

* 10% off for sign up of 2 or more modules per delegate

Please email eventmanagement@cfasingapore.org for more details

Download course brochure here   |   Click here for our CFA Singapore official webpage

Hamilton Lin, CFA, President, Wall Street Training - President, Wall Street Training

Hamilton Lin, CFA, is President of Wall St. Training (www.wallst-training.com), a corporate training firm that teaches the fundamentals of financial analysis, modeling and valuation. Clients include prestigious firms including some of the largest investment banks, many boutique investment banks, buy-side asset managers, research firms and commercial banks, such as Bank of America/Merrill Lynch, Capital Group, Citigroup, CLSA, Credit Suisse, Deutsche Bank, Fidelity, GE Business Development & Private Equity, Greenhill, ING, JPMorgan, Lazard, Oppenheimer, TD Securities, TIAA-CREF, TPG, UOB, Wells Fargo, World Bank – IFC and many others. Hamilton has a broad background in investment banking and mergers & acquisitions in diverse industries ranging from oil & gas to insurance to asset management and related sectors. He has worked on over six dozen deals and closed over three dozen deals, ranging from plain vanilla deals, to squeeze-outs, LBOs and distressed situations ranging in deal value from $10 million to over $6 billion. Prior to founding his firm, he worked at Goldman Sachs Investment Banking, where he standardized his group's best practices; Banc of America's M&A department, where he customized many of the firm's models; various boutique middle-market investment banks, executing private transactions; and Ryan Labs, an asset-liability asset management firm. Hamilton teaches globally, from all major cities in the USA including New York City, San Francisco, Chicago, Boston, to Toronto and Montreal in Canada, as well as Asia, including Hong Kong, Singapore, Shanghai, to Europe including London and most major financial hubs. Hamilton is currently a Professor at NYU Stern and has also taught at Baruch College and Hunter College in New York City. He graduated from NYU Stern in Finance and International Business, is a Chartered Financial Analyst and has taught all levels and all study sessions of the CFA exam. He also teaches all of the financial modeling and valuation courses (dozens of classes a year) at the following CFA Institute member societies: - New York Society of Securities Analysts - San Francisco CFA Society - Chicago CFA Society - Boston Security Analysts Society - Toronto CFA Society - Stamford CFA Society - The Hong Kong Society of Financial Analysts - Singapore CFA Society - CFA-China: Shanghai & Beijing

DATE:
Friday, October 13, 2017-
Friday, October 13, 2017

TIME:
09:00 a.m.-05:00 p.m.

LOCATION:
TBC
TBC

Speaker(s):
Hamilton Lin, CFA, President, Wall Street Training


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