CORPORATE VALUATION: ANALYSIS & BEST PRACTICE

DERSKRIPSI TRAINING CORPORATE VALUATION

CORPORATE VALUATION merupakan proses untuk mencapai suatu pendapat dari perkiraan nilai yang  dimiliki oleh perusahaan atau suatu penyertaan dalam perusahaan tersebut.  Hal ini perlu dilakukan agar pelaku bisnis dapat mengetahui nilai wajar ekuitas suatu perusahaan untuk perolehan pendanaan dan investor perlu mengukur berapa capital gain dari saham untuk menilai perkembangan kekayaannya. Training ini akan membahas mengenai bagaimana penilaian perusahaan dilakukan dengan beberapa model atau metode yang dapat dilakukan.

MATERI TRAINING CORPORATE VALUATION

1. Corporate valuation terminology
2. Essential Elements in Valuation

• Price vs value
• Perspective of techniques
• Risk
• Company dynamics
• Return on capital vs cost of capital

3. Free Cash Flow – A Central Concept

• Importance of FCF
• Limitations of accounting-based data
• Components and detailed calculation exercise

4. Cost of Capital and DCF Valuation

• Cost calculations of the capital components
• Areas of controversial debate in deriving cost of capital
  – share market premium
  – betas
• Discounting exercise
• Investment horizon
• The continuing period

5. Pricing Techniques

• Pricing techniques – comparatives
• Selecting comparatives
• Application to non-quoted businesses
• P/ E ratios
  – the calculation
  – the essential adjustments
• Cash multiples
• Total enterprise value
• Comparative ratios
• Modelling and sensitising the components

6. Dividend Valuation Model

• Dividend growth approach
• Practical problems in its application
• When dividend valuation should be chosen in lieu of dcf valuation
• Comparison of results to dcf valuation exercise

7. Public comparables analysis

8. Acquisition comparables analysis
9. Discounted cash flow analysis
10. Merger consequences analysis
11. Leveraged buyout analysis
12. Analisakeputusan merger/ akuisisi/ divestasi