Dublin City Centre

Course Content
• The factors affecting the quality of meat
• Meat presentation / the potential uses of the various cuts of meat
• Labelling issues
• Handling of meat – food safety issues

This interactive one day programme is designed to offer an insight into the decision making processes undertaken daily by today’s Asset Managers. Theory will be at a minimum; the emphasis will be on the practical. It will incorporate an overview of the traditional and Alternative Investable Asset Classes, how to combine them into an appropriate Portfolio & also how to measure its Performance & inherent Risk.

Target Audience

•Regulators with responsibility for Asset Managers
•Junior Fund Managers/new joiners
•Asset Management Back and Middle office professionals (Compliance, Legal, Marketing)
•Wealth Managers and Private Bankers
•Independent Financial Advisors
Learning Objectives

•Understand the objectives and constraints of individual investors and how they influence the Investment Policy Statement, investment decisions, security selection and portfolio construction
•How derivatives can be used for hedging
•Understand the factors affecting equity and bond pricing
•Understand key measures of portfolio Beta, CAPM, Treynor measure, the Sharpe measure, and Jensen’s alpha
•Understand how and why to rebalancing portfolios
•Prerequisite Knowledge or Courses
•The programme assumes knowledge of cash market products such as equities, bonds and money markets.
Course Content

•Online Pre-work
•Portfolio Theory – Single and Multi-Index Models
•Portfolio Theory- CAPM
•Portfolio Management – Passive & Active Strategies
•Classroom
•The objectives and constraints of individual investors
•The Investment Policy Statement, investment decisions, security selection and portfolio construction
•Passive and active portfolio management
•Equity and stock index options in portfolio management
•Concepts and techniques of portfolio insurance
•Calculation and interpretation of several measures of portfolio performance
•Managing risk and return using options in equity portfolios, including strategies for income generation, put-call parity, and delta hedging
•Using futures for hedging
•Using swaps in equity portfolio management
•Tax considerations of options and futures
•Factors affecting bond yields
•Duration and convexity, and managing fixed-income portfolios
•Using interest rate futures in bond portfolio management
•Investment Timing
•Beta, security market line, the capital asset pricing model
•Treynor measure, the Sharpe measure, and Jensen’s alpha
•Arbitrage and empirical multifactor models
•Returns-based style analysis models and portfolio-based style analysis
•Portfolio monitoring, rebalancing, and Realignment
•Rebalancing portfolios & Tracking error
•Factors which cause portfolios to require rebalancing
•The process of rebalancing portfolios
•Circumstances which signal the need to rebalance

Golden Rules of Model Design
• Input, calculation and output areas
• Key rules to follow
• Design rules, model structure and setup

Building a financial forecast
• Objectives, structure and building the core of the model
• Sources of information
• Historic information, cleaning the numbers

Forecasting the income statement
• Dealing with segment forecasts –divisional analysis
• Forecasting with EBITDA
• Dealing with taxation – determining the correct tax rate, marginal taxation, tax losses and deferred tax
• Forecasting dividends – payout as a driver, yearly off set

Forecasting the balance sheet
• PPE – Capex, depreciation and disposals, links to the cash flow statement
• Working capital – Drivers for receivables, payables and inventory, days based drivers
• Provisions – Distinguishing between cash and non cash provisions, income statement and balance sheet issues
• Shareholders equity – retentions, share issues and buy backs

Linking up the cash flow statement
• Key interactions between financial statements
• Constructing the debt schedule – creating a debt waterfall
• Debt modeling without circularity
• Problems of circular models

Working with scenario’s
• Different methods to select the scenarios – numbers, data validation, simple visual basics (VBA) tools, using the key form functions

Key auditing tools
• Using ratio analysis – growth and CAGR, primary and secondary ratio’s – Completing the audit process – creating a check sheet, auditing tools, finding links.

Summary and final thoughts

Target AudienceThis course will be of benefit to those who are already familiar with Excel and its functions, who are looking to enhance their ability to build financial models and to analyse other people’s or standard models.

Learning Objectives•Understand the Golden Rules of Model Design
• Know how to Build a financial forecast
• Know how to forecasting the income statement
• Know how to Forecasting the balance sheet
• Know how to link up the cashflow statement
• Understand how to build effective scenario’s
• Know to use VBA to make models easier to use
• Understand how to auditing your model.

Learning Approach
This is a practical course and attendees will spend the majority of the time working in Excel. Please bring your own laptop, or contact Intuition to hire a PC.

Day 1 -Afternoon Session
Market valuation, covenants and debt capacity
• Delegates will apply market multiples to derive a market based valuation and compare this against the fundamental valuation derived in Session 1
• They will examine covenant ratios and constraints and analyze current headroom and debt capacity
• They will perform scenario analysis/ stress testing to assess financial flexibility
• Finally, they will build a ‘sources and uses of funds’ table and consider alternative deal structures and funding sources
• During the afternoon a guest speaker will discuss the dynamics of the recent Dana / Bow Valley transaction, including strategic, capital structure, valuation and execution aspects, with Q&A.
• Market based valuation techniques
• Comparing market vs. fundamental value
• Capitalizing operating leases to compare like for like Enterprise Values
• Covenant ratios, debt capacity and fixed/floating mix
• Sensitivity analysis of key input assumptions vs. debt capacity
• Sources and Uses of Funds table
• Alternative offer structures (all cash, all shares and ‘mix and match’) and funding sources (equity, loan notes, bridge facility, Senior debt, bonds and mezzanine)

Day 2 – Morning Session
Equity Issuance, synergies and proforma effects
• The session will commence with an overview of equity raising techniques
• Delegates will then examine the pro forma financial effects of an acquisition, under different deal structures (eps accretion/ dilution, gearing and coverage ratios) and determine shareholder value creation/ destruction
• They will consider the strategic, operating and financial implications of a deal, and how synergies can create shareholder value
• They will analyze covenant ratios and constraints, headroom and debt capacity
• Equity Issuance Techniques
• Rights Issues (Signaling Effect)
• Open Offer / Placing
• Convertible Bonds
• Proforma financial effects of a combination:
• All share deal
• All cash deal
• Mixture of cash & shares
• Identifying, quantifying and valuing synergies
• Proforma covenants and headroom
• Scenario analysis and stress testing

Day 2 – Afternoon Session
• Negotiation dynamics, risk management, offer timetable and course assessment
• Delegates will consider Corporate Risk Management aspects to the transaction
• They will consider the negotiation tactics and bid/offer parameters to reach an agreed deal
• They will learn key aspects of the UK takeover code, offer timetable and documentation required
• Assess FX, Interest Rate, Commodity, Equity and Credit Risks and hedging strategies
• Negotiate an agreed offer price and structure
• UK takeover code, deal timetable and approval process

Target Audience
The programme is targeted at:
• Buy side and Sell side research
• Credit Analysts
• Risk Managers

Learning Approach
The course is very ‘hands-on’ and based entirely in excel. Intuiton will facilitate the learning process through a combination of:

• Presentation of core knowledge and concepts using power point slides
• Press articles and real life case studies
• Short exercises (in excel and word)
• Financial models, to teach delegates the principles of financial modelling
• Regular summaries, to remind delegates of the key points of each session
• End of Day quizzes, to confirm the achievement of the learning outcomes
• Course summaries, as a take away and reminder of the key learning points

Course Content
Draft Pre-work (Dependant on learner knowledge)
• Lending – An Introduction
• Bonds- An Introduction
• Equities – An Introduction
• Corporate Finance – Measuring Business Performance (Free Cash Flow)
• Corporate Finance – Measuring Business Performance (Economic Profit)
• Corporate Finance – Cost of Capital
• Credit Analysis – An Introduction
• Financial Analysis – An Introduction
• Principles of Credit Extension
• Debt Capacity & Cash Flow Analysis