Company Valuation Techniques
Upcoming dates in English

2, 5 , 12 & 14 July - ONLINE Training (Price: 1460 Euro )
9 & 10 November 2020 - NH Luxembourg LU - Senningerberg (Price: 1460 Euro )
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PROGRAM OUTLINE for this 2 day course in English

Course Highlight

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? Understanding the value of your company allows you to maximise its potential, increase returns, improve project selection, funding alternatives, compare competitors and decide on mergers and acquisitions.

This 2-day course provides real hands-on experience in today’s most widely used corporate valuation methods and uses. It looks at potential problems by going beyond the fundamentals of corporate valuation, while equipping you with the latest strategies to help you successfully tackle any valuation, however complex.

You will learn and discuss:

  • The different corporate valuation techniques (Book based, market multiples and the DCF method)
  • Qualitative factors affecting valuations
  • The impact of the capital structure on valuation
  • Decide which valuation techniques you can use to your maximum advantage
  • Value companies for mergers, acquisitions, privatisation and new issues
  • Quantify and deal with the risks associated with corporate valuation
  • Fully understanding the critical importance of the cost of capital
  • The implications of the terminal value.


A solid case studies is used throughout the course, developing your understanding step by step, enabling you to select the best methods of valuation upon completion.

Recommended background

This course is applicable to anybody who wishes to assess the value of an organisation either from the point of view of an investor or internally responsible for making decisions to divest, merge, demerge or acquire an organisation.  Typical professions are Investment bankers, Fund managers, Equity analysts, Finance Consultants, Equity traders, Equity sales people, Corporate Finance Lawyers, Credit analysts, Strategists, Treasurers and Compliance officers.

What you will learn

You will learn to decide which valuation techniques you can use to your maximum advantage.  Value companies for mergers, acquisitions, privatisation and new issues and quantify and deal with the risks associated with corporate valuation.

Course format

Besides the course materials provided on the day, all course resources are available online, including audio and video material from industry experts.  A discussion forum is available allowing delegates to exchange ideas, reflect on learned issues or raise questions in between training dates.

Practice-based learning and critical engagement is a key theme through all our courses allowing delegates to acquire the needed skills and techniques to be applied as soon as they are learned and developed.



Course Video


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)



Price and Registration Dates

Early booking discount: A 10% discount is available if you register 2 month(s) before the course start date.
Belgium Subsidies: Flanders KMO-portefeuille: DV.O225876 and the Brussels Capital Region.

ONLINE Training :   2, 5 , 12 & 14 July
, Training, Course
Timing: From 09:00 till 17:00
Price: 1460 Euro  (Vat Exclusive)
Early booking discount: A 10% discount will be applied if you register before or on 02/05/2020

NH Luxembourg LU - Senningerberg :   9 & 10 November 2020
Route de Tréves 1, 2633 LU - Senningerberg, Luxembourg
Timing: From 09:00 till 17:00
Price: 1460 Euro  (Vat Exclusive)
Early booking discount: A 10% discount will be applied if you register before or on 10/09/2020

Course Lecturers

Kris De Clercq, MBA

Kris has lectured finance to managers for more than 17 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.  

Mag. Johannes Hofinger, MBA, FRM

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.  

Joris Kersten, MSc, BSc, RAB

J.J.P. (Joris) Kersten MSc BSc RAB (1980) performs business valuations, prepares pitch books, searches and selects candidate buyers and/ or sellers, organises financing for takeovers and negotiates M&A transactions in a LOI and later in a share purchase agreement (in cooperation with (tax) lawyers). He is associated to ‘AMT Training London’ for which he provides training in Corporate Finance/ Financial Modelling at leading investment banks in New York, London and Hong Kong. This for example at Morgan Stanley New York, Morgan Stanley London and Nomura London. Joris also associated to the ‘Leoron Institute Dubai’ for which he provides finance training at leading investment banks in the Arab States of the Gulf. This for example at Al Jazira Capital in Saudi Arabia. In addition, Joris provides lecturing in Corporate Finance & Accounting at leading Universities like: Nyenrode University Breukelen, TIAS Business School Utrecht, the Maastricht School of Management (MSM) and the Luxembourg School of Business.  

Our International Experience

Participant feedback

A course with 10 participants is very good to favour the interactivity. Thanks for the perfect course content and lecture.

Very good course, teacher, and approach. Material available on-line prior the course + request to the participants about their expectations from the course.

A pleasant and knowledgeable instructor with a lot of interaction among participants.

An excellent course for people like myself.

Congratulations! Very well done. Nothing more to add.

I really appreciated the empathy and skills of the lecturer Bruno Bosch. Also, the size of the group (7 persons) was perfect to have the necessary interactivity throughout the course.

I strongly recommended this training to my colleagues as I found it very useful.

I think this was one of the best course I've ever attended. The trainer, Mrs Maureen, was extremely pedagogic and the structure of the course was very well planned with just the right mixture of theory versus practical examples and exercises.

It was a very enjoyable course. The group was small which made it easier to be 100% involved.  The exercises and case study were absolutely great and necessary to put the theory in practice. A very knowledgeable teacher.

It was nice to have a lecturer with profound knowledge on the topic so that the level of discussion could go further than the simple basics of valuation.

Lecturer had good understanding of the subject and good understanding of practical application.

Perfect for me. Exactly what I was looking for.

Thank you for the training, which was very clear and met my needs.

The course absolutely answered my expectations and needs.

The lecturer is a knowledgeable person with real market experience which is a plus.

The lecturer is excellent. She explained clear and control good interaction with students.

The training format and takeaways corresponds to what I expected. Thanks for the good preparation

Theoretical explanations good and with good interaction with audience.

There were lots of real life examples and relation to peoples own industries.

This was an excellent course and Kris made it very interesting and useful. He is highly knowledgeable, skilled and open to suggestions.

Thumbs up Maureen!

Very good and interesting training. One of the best I ever had.


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
Celio Finance SPRL
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
Ministry of European Integration (Kosovo)
National Bank of Belgium
NN Insurance Belgium
Record Bank
Société Générale Private Banking
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
Arcelor Mittal ( Belgium & Luxembourg)
Axalta Coating Systems 
BASF Antwerpen
BASF Belgium Coordination Center
Beaulieu International Group
Borealis Polymers NV
Bridgestone Europe SA
CNH Industrial Belgium NV
Cofely Fabricom
Cytec Belgium
DOMO Chemicals (Germany)
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
Milliken Europe
Niko Group
NXP Semiconductors - Prodis  (Netherlands)
SPX Cooling Technologies
Synventive Molding Solutions (Germany)
Vinçotte International
VPK Packaging Group NV
Yara Belgium NV
Antwerp World Diamond Centre
AVEVE Biochem NV
Carrefour Belgium
Delhaize Corporate Group
Abbott Logistics B.V. (Netherlands)
AbbVie (Canada)
Agfa HealthCare NV
AZ Sint-Blasius
Baxter International (Austria)
Catalent Pharma Solutions
CinnaGen (Tehran)
Datwyler Pharma Packaging International
Groep OZ ESV
Landelijke Christelijke mutualiteit (LCM)
Mutualités Libres: MLOZ
Novartis Pharma
SA Bristol- Myers Squibb Belgium NV
Stryker (Netherlands)
Terumo BCT Europe NV
Zorgbedrijf Antwerpen
AW Europe
Belgian Nuclear Research Centre (SCK-CEN)
Corelio Printing
De Persgroep Publishing nv
EDF Luminus
Elia System Operator
Engie Electrabel NV/SA
Eni Gas & power
Fluxys Belgium
Itineris NV
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
BIA Africa
Bia Overseas
Brooser BE Operations 
Cipal Schaubroeck
Computer Task Group
Deloitte Accountancy
Egemin International
Enhesa International
FIS (former Clear2Pay)
Interel Group
K&L Gates
Matexi NV
Pricewaterhouse Coopers
PwC Tax Consultants
Vinçotte International sa
Alstom Belgium
ARC Europe 
Brussels Airport Company
De Lijn
D'Ieteren Auto
Gemeentelijk Havenbedrijf Antwerpen
Globachem nv
GSC Greensea Chartering 
HONDA Motor Logistics
Neovia Logistics
PSA Antwerp nv
Retail & Wholesale
Seatrade Reefer Chartering
Thalys International
Trimble T&L
Volkswagen Group Services
Wallenius Wilhelmsen Logistics Zeebrugge NV
Witzenmann Benelux nv

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