Company Valuation Techniques
Available Online
Bevorstehende Termine

Niederländisch 13. und 14. Juni 2024 - Pillows Grand Hotel Reylof BE - Gent (Preis: 1460 Euro )
Niederländisch 26. und 27. September 2024 - Agoria Bluepoint Antwerp BE - Antwerp (Preis: 1460 Euro )
Englisch 24. und 25. Oktober 2024 - NH Collection Brussels Centre BE - Brüssel (Preis: 1460 Euro )
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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?

5 steps to consider when valuing a business.

However valuable you estimate your business to be, it will only be worth what somebody is willing to pay for it. So, valuation skills are of crucial importance to ensure that you get this right. CREDIBILITY of the numbers and the UNDERSTANDING of the techniques is KEY to obtain the price and to negotiate effectively.

These are:

  1. The future financial Performance: What are the projected profits and cash flow? How well have costs been controlled to date? When valuing a business, it will be important to consider any capital expenditure that has been planned for or will be needed in the future. Future profitability is obviously of the utmost importance.
  2. Assets and Liabilities, start-ups, and service companies: If you add up all the assets, take away the liabilities then you are left with the asset valuation. What about start-up and service companies? Does the lack of assets reflect the companies worth? If not which techniques to employ.  
  3. Intangibles Assets: What is the worth of these intangible assets? This is sometimes one of the major considerations when valuing a business. It includes considering the strength or weaknesses of the customer base, brands, loyalty, and accounting intangible assets.   
  4. People/Staff: When valuing a business, the current management structure is of critical importance for potential buyers. This also includes the knowledge of what type of involvement that you, as the owner, may have in the running of the business. There may be economies of scale that result in a reduction of staff. How to calculate them?
  5. Factors outside the business (The changing world, the industry, and the competition): The state of the economy, the financial markets, the competition, and the potential growth at the time of selling is of critical importance.


The valuation course and the learning outcome.

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.

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.

We learn to use:  

  • The different corporate valuation techniques
    • Book based and adjusted value
    • Market multiples
    • The Discounted Cash Flow method (DCF)
  • 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, privatization, 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 and market multiples.


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

A solid case study 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 business owners and managers,  valuators, investment bankers, fund managers, equity analysts, finance consultants, equity traders, equity salespeople, corporate finance lawyers, credit analysts, strategists, treasurers, and compliance officers.

Course format (Residential and Online) 

Besides the course materials provided on the day, all course resources are available online, including audio and video material from industry experts.  

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.


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)





SPRACHE: Niederländisch

Datum: 13. und 14. Juni 2024

Ort: Pillows Grand Hotel Reylof Hoogstraat 36, 9000 BE - Gent, Belgien

Langue: Niederländisch
Dauer: Von 09:00 bis 17:00 Uhr
Kursgebühr 1460 Euro  (BTW exclusief)
Frühbucherrabatt: Bei einer Registrierung vor oder am 14/04/2024 wird ein Rabatt von 10%  gewährt.

SPRACHE: Niederländisch

Datum: 26. und 27. September 2024

Ort: Agoria Bluepoint Antwerp Filip Williotstraat 9, 2600 BE - Antwerp, Belgien

Langue: Niederländisch
Dauer: Von 09:00 bis 17:00 Uhr
Kursgebühr 1460 Euro  (BTW exclusief)
Frühbucherrabatt: Bei einer Registrierung vor oder am 28/07/2024 wird ein Rabatt von 10%  gewährt.

SPRACHE: Englisch

Datum: 24. und 25. Oktober 2024

Ort: NH Collection Brussels Centre Boulevard Adolphe Max. 7, 1000 BE - Brüssel, Belgien

Langue: Englisch
Dauer: Von 09:00 bis 17:00 Uhr
Kursgebühr 1460 Euro  (BTW exclusief)
Frühbucherrabatt: Bei einer Registrierung vor oder am 25/08/2024 wird ein Rabatt von 10%  gewährt.


  • What an excellent course! I like the way how difficult topics are explained. The course is very challenging and of a very high level. I have learned a lot. Thank you for this wonderful course!

  • Demanding at times but overall one of the better courses that make you think before you have to answer.

  • I am quite impressed by this course. Lots of topics covered in a very simple and comprehensive manner. Challenging sometimes and going deeper in some evaluation methods.

  • Greatly designed course. Methodology is engaging (lots of different activities: discussions, case studies, practice exercises) and inspires curiosity to do additional research on the topics. Everything is nicely explained and good insights can be learned from the lessons. Glad I took this, highly recommended.


Lerne, wie es dir am besten passt!


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.  

Unsere Internationale Erfahrung
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Bücher, die wir für Sie studiert haben

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:, Ariba, Cisco, Motorola, and a new IPO-ready startup.  

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AG Insurance
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