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Company Valuation
Available Online
The first upcoming dates or use "All Dates"

Dutch 19 & 20 May 2025 - Agoria Bluepoint Antwerp BE - Antwerp (Price: 1495 Euro )
Dutch 25 & 26 September 2025 - Pillows Grand Hotel Reylof BE - Ghent (Price: 1495 Euro )
Ask us a question about this course or request In-Company information


PROGRAM OUTLINE for this 2 day course in English

Why This Course?

How do you value a small-sized company (SME) compared to a publicly listed company? Is a valuation an objective search for "true" value? Does a good valuation provide a precise estimate of value? The more quantitative a model, the better the valuation?

 

Valuing a company can feel like a mystery—numbers, markets, and risks all swirling together. This course cuts through the confusion with a practical, hands-on approach. You’ll learn the top valuation methods, practice them on a real-world case study, and leave ready to make smart decisions—whether you’re buying, selling, or growing a business. We focus on doing, not just talking, so you’ll gain skills you can use right away, no matter your experience level.

Course Overview

This 2-day course enables you to calculate the worth of a company by teaching you how to value a business using three key methods: asset-based, market-based, and discounted cash flow (DCF). We’ll explore price vs. value, dig into risks and market trends, and show you how to apply these skills in real situations—like mergers or sales. Through a step-by-step case study, you’ll test what you learn and discover how to pick the best approach for any deal.

Course Content

Want to learn how to uncover the true value of a company? In this course, you’ll dive into the exciting valuation world – from book value to market techniques and future cash flows. No dry theory here, just practical skills you can use right away. Here’s what’s in store for you:

 

  • Valuation for Beginners: Understand the difference between price and value, spot trends in companies and markets, recognize risks, and decode an annual report.
  • Our Real-Life Example: We’ll analyze a real company together, and you’ll value it step by step.
  • Assets Under the Microscope: Calculate book value (assets minus liabilities), make it realistic, and practice with hands-on exercises.
  • Market Secrets Revealed: Learn how investors think, what risk versus reward means, and how time and markets work (including bubbles and portfolios).
  • Clever Market Tools: Use techniques like dividend yield, PE ratio, and EV/EBITDA, compare them, and apply them to our company.
  • DCF: Predicting the Future: Discover why cash flows matter, calculate them, and create your valuation.
  • The Return and the Cost of Financing: Explore debt and equity costs, understand debates about risk and return, and practice with CAPM/WACC.
  • DCF Step-by-Step: Forecast cash flows, estimate residual value, and discount it back to today – you’ll build it for our example.
  • Valuation in the Real World: Think about mergers, new stock issues, or privatizations, and see how brands add value.
  • Wrap-Up: Combine book value, market value, and DCF, pick the best approach, and learn to negotiate.
  • Test Your Skills: Play with scenarios (like takeovers or new markets) and see what changes.
  • Closing: Ask all your questions and leave with new knowledge!

Sound like your thing? Sign up and learn how to truly value companies – practical and ready to use!

 

Key Skills Gained

  • Valuation Mastery: Use asset, market, and DCF methods to value any company.
  • Risk Awareness: Spot how risks and markets shift value.
  • Decision-Making: Pick the right valuation tool for sales, mergers, or investments.
  • Practical Application: Turn numbers into a clear, convincing story for deals or negotiations.

Who Should Attend?

  • Anyone who needs to figure out a company’s worth—beginners or pros!

Perfect for:

  • Business owners and managers
  • Investors, financial analysts, or advisors
  • Anyone eyeing mergers, sales, or growth
  • No finance degree is needed—just curiosity and a desire to learn.

Methodology

  • Hands-On Learning: Practice valuation with a case study from start to finish.
  • Real-World Focus: Apply methods to situations like mergers or market changes.
  • Mix of Teaching: Short explanations, group exercises, and Q&A sessions.
  • Resources: Get a workbook, handouts, and online access to videos/audio.

Syllabus

Day 1:

Company Valuation

  • Introduction to valuation
  • Price versus value
  • Company and industry dynamics
  • Risk and value 
  • The annual report

 

Introducing our case study 

Asset valuation techniques

  • What are you valuing
  • Determining book value
  • Adjusting book value
  • Exercises on book based valuations

 

The fundamentals of markets and market valuation

  • Investors and expectations
  • Risk versus return
  • The time value of money
  • Perfect and efficient markets
  • Inefficiency and market bubbles
  • Economic theory
  • Portfolio theory

 

Market Based Valuation techniques

  • Determine market value
  • Dividend yield
  • Price to book ratio
  • PE multiple
  • Determine price to cash flow
  • Enterprise value to EBITDA
  • Ratio's and comparison of market multiple techniques

 

Day 2:

DCF methods

  • Introduction to cost calculations of the capital components and DCF valuation methods

 

The cost of capital

  • Cost calculations of the capital components
  • Areas of controversial debate in deriving cost of capital
  • Share market premium, betas and the risk free rate
  • The optimal capital structure cost of capital
  • Cost of different sources of capital
  • Measuring the cost of capital
  • Using the Capital Asset Pricing Model
  • Calculating the Weighted Average Cost of Capital

 

DCF Valuation steps

  • Investment horizon
  • Forecast operating cash flows
  • The residual value and discounting the cash flows

 

Valuation in Context

  • The market regulation
  • New issues
  • Privatisation, Mergers and Acquisitions and restructuring

 

Case Study

  •  We calculate the book, market and DCF valuation techniques and make decisions on best option.

 

Debrief Case

  • Sensitivity and scenario analysis
  • Application of DCF under different market conditions (emerging) or corporate actions (mergers or takeovers)

 

 

All Course Dates

 
19 & 20 May 2025 - Dutch - Agoria Bluepoint Antwerp BE - Antwerp

25 & 26 September 2025 - Dutch - Pillows Grand Hotel Reylof BE - Ghent






Participant feedback

  • Jan, business owner: "This training finally showed me how to value my company. The case study was a game-changer, and I now feel much more confident negotiating a sale."

  • Liesbeth, financial analyst: "The mix of theory and practice was spot on. Especially the DCF steps and how to apply them in real situations like mergers—that’s something I’ll use in my job. Highly recommend!"

  • Pieter, Accountant: "I already knew a bit about valuations, but this course tied it all together. Market methods and risks are much clearer now, and I can make better investment decisions."

  • Sofie, manager: "No boring lectures—just hands-on work with a case study. I now understand how to calculate and defend our company’s value to investors."

  • Koen, advisor: "The practical approach and workbook make this training stand out. I’m already using the techniques to help clients with privatizations—super useful!"

 

Learn the way that suits you most!



MEETING ROOM



ONLINE

1.  Small group sizes to ensure quality, debate & interaction (Max 15 People)
2.  Prime hotel locations
3.  Interact with the speakers & members
4.  Teamwork
5.  Access to our Online learning platform
6.  Use of whiteboard
7.  Share professional experience with other participants
8.  Network with participants
1.  Small group sizes to ensure quality, debate & interaction (Max 12 People)
2.  Via Zoom, Microsoft Teams or Cisco WebEx
3.  Interact with the speaker & members
4.  Virtual teamwork through breakout rooms
5.  Access to our Online learning platform
6.  Use of electronic whiteboard
7.  Share professional experience with other participants
8.  Network with participants
9.  Greater convenience at your office or home
10. Geographic flexibility - No travel needed

Course Lecturers



Kris De Clercq, MBA

Kris has lectured finance to managers for more than 25 years in Europe and Eastern Europe. His teaching as an associate for a UK based global business school included “Issues in International Finance and Investments”,” Corporate Finance” and “Issues in IFRS”. His industry experience is over 20 years working for asset managers, investment banks, global custodians in the UK, Luxembourg and Belgium. He received a universities award for innovation in finance teaching and learning.  


Dr. Johannes Hofinger, MBA, FRM

Dr. Johannes Hofinger is specialized in Risk Management, Basel III, IFRS and regulatory reporting. His professional skills are reinforced by strong academic roots. He lectures for global business schools in corporate finance, managerial accounting and financial reporting. The main roles undertaken are lecturing, consulting and project management.  


OUR INTERNATIONAL EXPERIENCE
Not convinced yet? Register to one of our "Free Online Open Event".
If none listed, request a seminar or personal talk


Books we studied for you



Valuation Workbook: Step-by-Step Exercises and Tests to Help You Master Valuation - McKinsey & Company Inc
Valuation Workbook: Step-by-Step Exercises and Tests to Help You Master Valuation - McKinsey & Company Inc

This comprehensive study guide provides you with an invaluable opportunity to explore your understanding of the strategies and techniques covered in the main text, before putting it to work in real-world situations.Along with a complete answer key, this workbook also covers such essentials as value creation, value metrics, M&A and joint ventures, and valuation frameworks. Brief summary chapters also help to reinforce major points.Walks you through Valuation, Fifth Edition, providing chapter-by-chapter coverage of the core textOffers complete coverage of analyzing historical information, estimating the cost of capital and continuing value, forecasting performance, and calculating resultsTests your comprehension of the ideas presented throughout, with multiple-choice questions and problemsValuation Workbook is filled with a wealth of practical learning exercises and information that will help you understand and apply the proven principles found in Valuation, Fifth Edition.  


Valuation: Measuring and Managing the Value of Companies - Tim Koller, Marc Goedhart, David Wessels
Valuation: Measuring and Managing the Value of Companies - Tim Koller, Marc Goedhart, David Wessels

Valuation is the single best guide of its kind, helping financial professionals worldwide excel at measuring, managing, and maximizing shareholder and company value. This new sixth edition provides insights on the strategic advantages of value-based management, complete detailed instruction, and nuances managers should know about valuation and valuation techniques as applied to different industries, emerging markets, and other special situations.  


The Dark Side of Valuation: Valuing Old Tech, New Tech, and New Economy Companies - Aswath Damodaran
The Dark Side of Valuation: Valuing Old Tech, New Tech, and New Economy Companies - Aswath Damodaran

Technology companies have exploded in importance, yet investors and analysts face unprecedented challenges in valuing them. In The Dark Side of Valuation, one of the world's leading valuation experts reviews every approach, demonstrating exactly how to adapt traditional techniques to minimize risks and maximize returns.Aswath Damodaran begins with an overview of the markets' dramatic shift towards technology stocks - specifically new technology stocks. He then identifies key valuation principles and techniques, demonstrating them through five case studies that encompass the entire technology company lifecycle: Amazon.com, Ariba, Cisco, Motorola, and a new IPO-ready startup.  




Companies who attended our courses

 

 
AG Insurance
Allianz Benelux
Argenta NV
AXA Belgium
Baloise Insurance
Banca Monte Paschi Belgio S.A.
Bank De Groof
Banking Association (Kosovo)
Belfius Investment Partners
BNP Paribas Fortis
Bpost Bank
Buy Way
CBC Bank
Cegeka
Celio Finance SPRL
Credendo
Delen Private Bank
Delta Lloyd Life
Deutsche Bank AG
DKV Belgium
Ethias SA
Euler Hermes Services
Euroclear Bank SA/NV
Euroclear Investments
Europ Assistance
European Investment Bank - EIB (Luxembourg)
European Union - EDFIMC / ElectriFI
Flanders Investment & Trade
Gras Savoye Belgium
Incofin Investment Management
ING Bank België
KBC Bank
Mastercard
Ministry of European Integration (Kosovo)
National Bank of Belgium
NN Insurance Belgium
Petercam
Record Bank
Société Générale Private Banking
SWIFT
The Royal Bank of Scotland (RBS)
Triodos Bank
VGD International -Audit & Tax
Wolters Kluwer Financial Services
Zurich Insurance plc, Belgium branch
Vanbreda International
 
 
 
Afton Chemical SPRL
Air Liquide
Allnex Belgium SA/NV
ANL Plastics
Ansell
ARC EUROPE SA
Arcelor Mittal ( Belgium & Luxembourg)
Axalta Coating Systems 
BASF Antwerpen
BASF Belgium Coordination Center
Beaulieu International Group
Bekaert
Borealis Polymers NV
Bridgestone Europe SA
CNH Industrial Belgium NV
Cofely Fabricom
Cytec Belgium
DOMO Chemicals (Germany)
Donaldson
Dow Corning
Electrolux Appliances AB - EMA- EMEA (SEE)
Engineered Pressure Systems International
European Owens Corning Fiberglas
Fost Plus
GDF Suez
Griffith Foods
Hamon & Cie
Heraeus Electro-Nite International NV
Jacobs Belgium
KODAK SA/NV
Milliken Europe
Niko Group
NXP Semiconductors - Prodis  (Netherlands)
SOLVAY
SPX Cooling Technologies
Synventive Molding Solutions (Germany)
TERUMO EUROPE
Tessenderlo
Vinçotte International
VPK Packaging Group NV
WABCO
Yara Belgium NV
 
 
 
 
 
Antwerp World Diamond Centre
AVEVE Biochem NV
Carrefour Belgium
Delhaize Corporate Group
Godiva
IKEA 
 
Abbott Logistics B.V. (Netherlands)
AbbVie (Canada)
Agfa HealthCare NV
Alcon
Alcon-Couvreur
Amplifon
AZ Sint-Blasius
Baxter International (Austria)
Catalent Pharma Solutions
CinnaGen (Tehran)
Datwyler Pharma Packaging International
Groep OZ ESV
Hologic
Landelijke Christelijke mutualiteit (LCM)
Mutualités Libres: MLOZ
Novartis Pharma
SA Bristol- Myers Squibb Belgium NV
Stryker (Netherlands)
Terumo BCT Europe NV
UCB
Zorgbedrijf Antwerpen
 
 
 
AW Europe
Belgacom
Belgian Nuclear Research Centre (SCK-CEN)
CISCO
Corelio Printing
De Persgroep Publishing nv
EDF Luminus
Elia System Operator
Engie Electrabel NV/SA
Eni Gas & power
Fluxys Belgium
INFRABEL
Itineris NV
KEYRUS
M-Team
NRB
ORANGE
Proximus
Siemens
Telenet
 
 
Agentschap Innoveren en Ondernemen
Europees Parlement
Ministry of European Integration
National Agency for Protection of Personal Data
Nationale Loterij
SD Diensten NV (SD Worx)
SESAR Joint Undertaking
Stad Antwerpen
Stadsbestuur Harelbeke
Syntra Brussel
UGent - FBW
Vrije Universiteit Brussel (VUB)
 
 
 
Acturus sprl
ARC Europe
BDO 
BIA Africa
Bia Overseas
Brooser BE Operations 
Capgemini
Cipal Schaubroeck
Compass-Group
Computacenter
Computer Task Group
Deloitte Accountancy
Egemin International
Enhesa International
FIS (former Clear2Pay)
Interel Group
K&L Gates
Matexi NV
Minds&More
Pricewaterhouse Coopers
PwC Tax Consultants
Securex
Toreon
Vinçotte International sa
 
 
 
Alcopa
Alstom Belgium
ARC Europe 
Brussels Airport Company
De Lijn
D'Ieteren Auto
EUROCONTROL 
Gemeentelijk Havenbedrijf Antwerpen
Globachem nv
GSC Greensea Chartering 
HONDA Motor Logistics
JBT
Neovia Logistics
NMBS
PSA Antwerp nv
Retail & Wholesale
Seatrade Reefer Chartering
Thalys International
Trimble T&L
Volkswagen Group Services
Wallenius Wilhelmsen Logistics Zeebrugge NV
Westlandia
Witzenmann Benelux nv
 
 
 

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Contact our programme manager
 Kris De Clercq
- Call: +32496439400
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