public courses - amttraining.com · • build a full lbo model from a template • main deal...

Public CoursesDevelop and enhance your career

London - Advanced & Specialist Sector

P U B L I C C O U R S E S / 2

ContentsWhy AMT Training? 3

About us 3

Public courses 4

Fully Integrated M&A Modeling 8

LBO Modeling 10

Excel Power Modeling 12

Divestiture Analysis, Modeling and M&A Modeling Issues 14

World of Returns and DCF Issues 16

Banks: Analyzing and Forecasting Banks Performance 18

Banks: Regulation and Valuation 20

Non-Life Insurance: Forecasting and Valuation 22

Life Insurance: Embedded Value and Valuation 24

Capital Markets Fundamentals and Debt Capital Markets for Issuers 26

Credit Analysis Fundamentals and Issues 28

Oil and Gas: Accounting Financial Statement Analysis and Trading Multiples 30

Oil and Gas: Modeling, Upstream Concession and Production Sharing Agreements 32

Oil and Gas: Valuation Techniques and Modeling 34

Private Equity Masterclass 36

Why should you attend? 40

What you will receive on the course 41

What to bring 41


*Figures taken from 2012 to 2017

Why AMT Training?• over 70,000* finance professionals

globally have trained with us• our courses are delivered by past

and present bankers for future bankers• we use practical application and

real-life examples

• our training is fast paced, information intensive and hands on

• we make number crunching, fun, lively and relevant to your work

About usFor over 20 years we have been equipping analysts and associates with core skills for banking and finance. Our clients include the top ten investment banks and some of the biggest private equity firms in the world.CPD – whenever you need itThroughout their careers, finance professionals need access to continuing professional development. We provide training to help financial professionals develop their skills from their internship or new hire program, right through to board level one-on-one sessions. AMT is the preferred training partner for the majority of the world’s leading financial organisations. Our highly regarded in-class training, online resources and support materials are available whenever and wherever you need them – which explains our hard-earned reputation as the leader in our chosen field.Global expertsAMT’s network of offices spans EMEA, APAC and the Americas. Our people have first-hand experience of investment banking and the diversity of our team reflects the regions, sectors, subject areas, languages and cultures in which we work. Experienced client service managers, working out of our offices in London, New York and Hong Kong, provide local support for customers across the world’s largest financial centres.

Aligned with business objectivesWorking with your Learning and Development team, our client service managers identify and define specific learning requirements, matching program content with your business objectives. We believe in building long-term relationships based on full understanding of our clients’ businesses, allowing us to deliver comprehensive, cost-effective learning programs for organizations of all sizes; we offer complete consistency of service whether delivering limited local interventions or large scale international programs.Extensive personal supportAMT’s global client service team manages training calendars, course logistics, venues, attendance, evaluation and invoicing. Our client service managers provide individual support for delegates, guiding our clients through AMTO and answering their questions before, during and after their programs. At a personal level, you can expect the same long-term approach to understanding your needs and tailoring your learning accordingly.


Public coursesOur public courses enhance your technical knowledge and help build financial models with ease. You will learn Excel shortcuts - formulas, consistency and flexibility; as well as how to structure transactions and work through financing options with colleagues. You also pick up tips on how to deliver pitches confidently and in an orderly and logical manner.


N.B. AMT Training reserves the right to cancel/postpone sessions or change content if registrations are insufficient to continue 2 weeks prior to the scheduled commencement date. Delegates will be given at least 5 business days’ notice of such changes.

Structuring The Deal

Fully Integrated M&A Modeling

LBO Modeling

Excel Power Modeling

Divestiture Analysis, Modeling and M&A Modeling Issues

World of Returns and DCF Issues

London

Bank Analysis & Valuation

Analyzing and Forecasting Banks Performance

Regulation and Valuation

Insurance Analysis & Valuation

Non-Life Insurance: Forecasting and Valuation

Life Insurance: Embedded Value and Valuation

https://www.amttraining.com/public-courses/london/advanced-fully-integrated-ma-modeling-1-day/

https://www.amttraining.com/public-courses/london/advanced-lbo-modeling-1-day/

https://www.amttraining.com/public-courses/london/advanced-excel-power-modeling-1-day/

https://www.amttraining.com/public-courses/london/advanced-divestiture-analysis-modeling-and-ma-modeling-issues-1-day/

https://www.amttraining.com/public-courses/london/advanced-world-of-returns-and-dcf-issues-1-day/

https://www.amttraining.com/public-courses/london/advanced-banks-analyzing-and-forecasting-banks-performance-1-day/

https://www.amttraining.com/public-courses/london/advanced-banks-regulation-and-valuation-1-day/

https://www.amttraining.com/public-courses/london/advanced-non-life-insurance-forecasting-and-valuation-1-day/

https://www.amttraining.com/public-courses/london/advanced-life-insurance-embedded-value-and-valuation-1-day/


Oil & Gas

Accounting, Financial Statement Analysis and Trading Multiples

Modeling Upstream Concession and Production Sharing Agreements

Valuation Techniques and Modeling

Advanced Skills

Private Equity Masterclass NEW

Capital Markets

Capital Markets Fundamentals and Debt Capital Markets for Issuers

Credit Analysis Fundamentals and Issues

https://www.amttraining.com/public-courses/london/advanced-oil-and-gas-accounting-financial-statement-analysis-and-trading-multiples-1-day/

https://www.amttraining.com/public-courses/london/advanced-oil-and-gas-modeling-upstream-concession-and-production-sharing-agmts-1-day/

https://www.amttraining.com/public-courses/london/advanced-oil-and-gas-valuation-techniques-and-modeling-1-day/

https://www.amttraining.com/public-courses/london/advanced-private-equity-masterclass-3-days/

https://www.amttraining.com/public-courses/london/advanced-capital-markets-fundamentals-and-debt-capital-markets-for-issuers-1-day/

https://www.amttraining.com/public-courses/london/advanced-credit-analysis-fundamentals-and-issues-1-day/


The public course I attended proved extremely enriching, especially when

discussing case studies, current affairs or other practical applications of the theory.

Analyst, global investment firm

“


Fully Integrated M&A Modeling

DescriptionDuring this session, delegates build a fully integrated merger model which combines financial statement forecasts for the acquirer and the target. Practical consolidation issues are addressed. The deal analysis focuses on the financing structure, pricing, earnings and credit impact and value creation.

Learning outcomes• Build a fully integrated merger model• Financial statement forecasts for acquirer

and the targetProgram outline• The advantages of a full-blown

merger model• Preparing the stand-alone data for

acquirer and target• Preparing key deal data• Building a flexible funding structure using

sources and uses of funds table• Calculating goodwill• Dealing with fair value adjustments to the

target’s net assets• Dealing with refinancing of target’s debt

• Modeling fees (advisory, debt-issuance and equity-issuance)

• Consolidating the financial statements of acquirer and target

• Synergies• Earnings accretion/dilution and relative

P/E analysis• Assessing the value creation potential of

the deal using return on invested capital (ROIC) analysis

• Contribution analysis• Analysis at various prices (AVP)• Net present value of synergies vs.

control premium• Identifying the maximum offer price and

a suitable financing mix

Location London

Level Advanced Skills

No. of days 1

Time 9:00am – 5:00pm

Price £650

For further information on dates or to enrol on to our courses, please visit amttraining.com, call +44 (0)20 7324 2385 or email [email protected]

http://www.amttraining.com

mailto:shova.thapa%40amttraining.com?subject=


Crunch The Numbers series Our Crunch The Numbers series of books describe the essentials of modeling techniques, valuation methods and M&A analysis.

Investment Banking Fundamentals Get the low down on how investment banks operate. Bring the basics to the table and start your learning journey here.

To find out more, please visit www.amttraining.com/bookstore

P U B L I C C O U R S E S / 1 0

LBO Modeling

DescriptionDelegates learn how to structure an LBO and model the impact of the new financing structure. This session concentrates on understanding the implications (both modeling and deal) of the finance structuring. Delegates complete a fully integrated model with an income statement, balance sheet and cash flow statement.Learning outcomes• Structure an LBO and model the impact of

new financing structure• Understanding the implications of

modeling and deal

Program outline • General overview of a levered transaction:

basic principles• Drivers of value creation in a levered

transaction• How leverage increases the return

on equity• What makes a good LBO candidate

• The concept of cash flow lending• The lender’s perspective: risk, return

and exit routes• Structural subordination• Financial instruments used in levered

transactions• Senior debt (revolving facility,

terms A, B and C)• Second lien• Mezzanine loans• High yield bonds• PIK notes• Preferred shares, shareholder loans,

vendor loan notes• Ordinary equity

• Build a full LBO model from a template• Main deal assumptions: focus on cash

flow drivers and how to sanity-check preliminary assumptions

Location London


No. of days 1


Price £650


• Sources and uses of funds table• Ownership structure• Goodwill calculation• Creating the opening balance sheet• Deal adjustments, including

amortization of debt issuance fees• Tax loss carry forwards• Cash flows available for debt servicing• Repayment schedules for individual

debt instruments• Acceleration of debt payments using

a cash sweep mechanism• Modeling the revolving credit facility• Circularities and the interest

calculations• PIK interest• Credit ratios• Calculation and interpretation of

returns to the equity investors• Calculation and interpretation of

returns to mezzanine investors• Sensitizing the outputs of the analysis• Modeling different operational

scenarios using Excel functions


“

Not only was I impressed with the clarity with which the material taught was presented by the trainer, but also that we had lively discussions on relevant developments and thus the training combined both theoretical and practical aspects.

Associate, private equity firm




Excel Power Modeling

DescriptionThis program covers a range of tools and techniques in Excel designed to improve effectiveness and efficiency. The program covers building scenarios into models using a variety of functions, together with adding in on-sheet controls, sensitivity analyses and flexible output tables. The topics in this menu can be chosen according to delegates’ needs.Learning outcomes• Improve effectiveness and efficiency

of models• Using scenarios to build models

Program outline• Modeling with speed and style

• Setting up toolbars so that Excel can be used as efficiently as possible

• Setting up formatting styles• Custom number formats

• Keeping circularities under control• Working with intentional circular

references• Debugging a model with non-

intentional circular references• Avoiding intentional circular references

with a circular reference macro• Flexible output tables

• Use functions to extract information from a model

• VLOOKUP• HLOOKUP• OFFSET• INDEX• MATCH• Data validation• INDIRECT

• Scenarios• Building scenarios into the model• CHOOSE• OFFSET

Location London


No. of days 1


Price £650




• INDEX• MATCH• On sheet controls• Conditional Formatting

• Working with text and dates• Creating dynamic headings and

footnotes in the model• Working with dates• Concatenation• TEXT function• UPPER, LOWER, PROPER functions• TRIM and CLEAN functions• RIGHT, LEFT & MID functions• DATE, DAY, MONTH, YEAR functions

• Sensitivity analysis• Run sensitivities on model outputs• One-input data tables• Two-input data tables• Three-input data tables• Data table secrets

• Lists• Creating lists• Sorting• Basic and advanced filtering• SUMIF and COUNTIF• Calculate with advanced criteria with

database functions• Pivot tables

• Other functionality• Printing with views• Print macro• Print macro with a form for easy

print selection• User defined functions• Beauty save macro• Protecting your work• Charts• Arrays• Range names• Shortcuts

“

Proved extremely enriching, especially when discussing case studies, current affairs or other practical applications of the theory. Of course MS Excel, the major tool in finance, played an extensive role on the course.

1st year financial analyst, global investment firm



Divestiture Analysis, Modeling and M&A Modeling Issues

DescriptionThis session covers the main divestiture and restructuring options available to a firm as a going concern. The motives and cons of each structure are explained and their balance sheet impact is analyzed in detail. Spreadsheet work and real cases are used throughout the session.This session addresses four key complexities in M&A models: Non-coterminous year-ends, using a flexible deal date, currency translation and the creation of a non-controlling interest. In order to fully benefit from the session, delegates should have knowledge of the fundamentals of M&A accounting and familiarity with financial modeling.

Learning outcomes• Motives and cons of divestiture and

restructuring options• Impact on balance sheet• Key complexities in M&A modelsProgram outlineDivestiture Analysis and Modeling• Overview of divestiture and restructuring

alternatives available to firms• Divestiture (private sale and IPO)• Spin off and split-up• Split off• Equity carve-out

• Creating the balance sheet post-deal• Deconsolidation process• Calculating the gain on disposal,

including tax• Tax basis vs. book basis of

investment sold• Dealing with non-controlling interests

Location London


No. of days 1


Price £650


• Adjusting the capital structure of the business to be divested/restructured

• Use of sale proceeds and scenario analysis• Operating investments (capex or

business acquisitions)• Investments in financial assets• Repayment of debt• Repurchase of shares• Special dividend

• EPS analysis, including using relative P/EsM&A Modeling Issues• Building an M&A model: overview• Non-coterminous years: calendarizing the

financials of the target• Dealing with calendarization issues

(e.g. lack of underlying data)• Building a flexible deal date in the

M&A model• Explanation of stub and roll-forward

periods in relation to flexible deal date• Purchase accounting and the mechanics

of full consolidation• Modeling the completion balance sheet

and consolidated financial statements post-deal

• Dealing with different currencies• Creating a non-controlling interest

at acquisition date

“

I like that the public courses are supported by online training. I can learn at my own pace and time, which has helped increase my confidence in the work that I do.

Research analyst, global financial institution





World of Returns and DCF Issues

DescriptionThis program focuses on the analysis of returns. First, the importance of returns in relation to value creation is illustrated. The concept of invested capital is then introduced and practical examples are used to show how to calculate the return on invested capital. We then show how to incorporate explicit return assumptions in a DCF model by using the value driver formula to calculate the terminal value. The relevance of returns in an M&A context is also discussed.Learning outcomes• Understanding invested capital• Explicit return assumptions in a DCF model• Returns on M&A analysis• Alternative terminal value calculation

approaches

Program outlineWorld of Returns• Returns analysis• Value creation: what it is and what its

drivers are (ROE and ROIC)• The concept of invested capital• Return on invested capital (ROIC)

• Relationship between ROIC and WACC• Relationship between ROIC and ROE• Relationship between ROIC and growth

• Using ROIC in DCF valuation• Value driver terminal value approach• Concept of fading returns• Impact of returns on M&A analysisDCF Issues• Re-cap of free cash flows• Mid-year discounting adjustments and

valuation with flexible deal dates• Modeling of the steady state cash flow• Traditional terminal value approaches,

reinvestment rates and pitfalls in long-term return analysis

• Understanding the value gap concept

Location London


No. of days 1


Price £650



• Dis-aggregating return on invested capital - profitability and efficiency

• Alternative terminal value approach: value driver

• Building a two-stage steady state terminal value model

• Sensitizing the WACC for different capital structures

• Building a graph of the optimal capital structure analysis “

I attended AMT’s financial modeling courses and they helped bring me up to speed with a few new techniques and tricks. I’ve certainly strengthened my financial skills feel that I can make a real difference in my team.

Research analyst, management consultancy




Banks: Analyzing and Forecasting Banks Performance

DescriptionThe first day covers how banks make money and how their business model is represented in banks’ financial statements. Delegates analyze a real set of accounts for a case bank and forecast future performance given a set of assumptions.Learning outcomes• How banks make money• Forecasting future assumptionsProgram outline• How do banks make money?• Structure of banks’ balance sheet• Structure of banks’ income statement• Difference between accrual and fair

value accounting• Structuring a forecasting and valuation

model for a bank• Input historical results• Forecasting the loan book• Forecasting the trading book

• Forecasting the funding need and mix of deposit and non-deposit funding

• Forecasting net interest income, net fee income and trading gains

• Forecasting loan loss impairment allowance and impairment charges

• Forecasting operating expenses• Completing the income statement• Linking the income statement to the

balance sheet• Reality check of forecasts: key

performance ratios for banks

Location London


No. of days 1


Price £650





Through this book's coherent and carefully structured approach, you will learn basic accounting skills needed to become a great financial analyst. It has a wealth of practical examples, including a real life case study to help you understand and value companies correctly

Revamped and updated

Bookstore



DescriptionRegulatory capital is a bank-specific topic which is at the core of understanding banks’ business model and valuation. Delegates learn how to quantify regulatory capital available and risk weighted assets. The course concludes with a review of the key valuation methods for banks and delegates complete a dividend discount model of the case bank.Learning outcomes• Understanding regulatory capital• Key valuation methods for banksProgram outline• Overview of the regulatory framework• Calculation of regulatory capital available:

Core Tier 1, Tier 1, and total capital and role of hybrid securities

• Calculation of risk weighted assets: credit risk, market risk, operational risk

• Minimum capital ratios and target capital ratios to maintain/achieve target credit rating

• Additional risk measures: leverage ratios based on common tangible equity

• Extracting historical and forecasting future capital ratios for case bank

• Calculating capital surplus/shortfall for case bank

• Review of bank valuation methods: trading multiples vs. fundamental valuation

• Bank trading multiples: P/E, P/BV, P/tangible BV, dividend yield

• The dividend discount model• Cost of equity for banks• Forecasting potential dividends over

explicit forecast period for case bank• Approaches to estimation of terminal value

• Straight perpetuity formula and sensitivity to long term growth rates

• P/BV and sensitivity to long term growth rates

• Impact of the Basel III on banks valuation

Banks: Regulation and Valuation


Location London


No. of days 1


Price £650




Crunch The Numbers series Our Crunch The Numbers series of books describe the essentials of modeling techniques, valuation methods and M&A analysis.

Investment Banking Fundamentals Get the low down on how investment banks operate. Bring the basics to the table and start your learning journey here.



Non-Life Insurance: Forecasting and Valuation


Location London


No. of days 1


Price £650

DescriptionDelegates familiarize with the insurance business, starting with the property and casualty sector. Delegates complete a fully integrated forecasting and valuation model for a non-life insurance company.Learning outcomes• Build a fully integrated forecasting and

valuation modelProgram outline• How do insurance companies

make money?• Key non-life insurance products• Reinsurance and risk-transfer• Accounting for non-life insurance: deferral

and matching principle• Unearned premium reserves and

claims reserves• Building loss reserve triangles• Key performance ratios• Building a non-life insurance

forecasting model• Forecasting premium and claims

development: non-life insurance cycles

• Building non-life reserves• Forecasting operating expenses and

impact of reinsurance• Completing underwriting result• Allocated capital, investments and

financial returns• Completing the forecasting model• Using solvency requirements to establish

capital surplus/deficit• Completing a dividend discount valuation

for the case company




I thought the public course structure was excellent as

it flowed seemlessly from topic to topic. The trainer used

real world examples, which really helped my understanding of

complex subject matter.

Financial analyst, global investment bank

“


Life Insurance: Embedded Value and Valuation

Location London


No. of days 1


Price £650

DescriptionLife insurance is a rather technical sector with specific additional voluntary disclosure called embedded value which should provide a better basis to assess performance. This course demystifies the embedded value concept and uses it as a basis to value a life insurance company. The course concludes with a review of insurance trading multiples and sum-of-the-parts valuation for multi-line businesses.Learning outcomes• Understanding the embedded value concept• Insurance trading multiples and sum-of-

the-parts valuation

Program outline• Features of the life insurance business• Key life insurance products: traditional vs.

unit-linked business• Forecasting income statement, reserves

and cash flows of a traditional life policy: calculation of new business value

• Limitations of IFRS accounting for insurance• Embedded value: key concept, calculation

and disclosure• Embedded value earnings: new business

value and return on existing business• European embedded value and market

consistent embedded value• What is EEV? A DDM produced by

actuaries on part of the business• Using embedded value to complete an

appraisal valuation of the life business• Can you use someone else’s DDM as a

basis for your own valuation?• Sensitivity analysis of EEV to key

value drivers


• Analysis and valuation of multi-line insurance companies combining life and non-life

• Insurance solvency requirements under solvency I and solvency II

• Sum-of-the-parts valuation of multi-line insurance companies

• Trading multiples for insurance companies: P/E v P/EV earnings, P/EV

• Summary and conclusions


“






Capital Markets Fundamentals and Debt Capital Markets for Issuers

Location London


No. of days 1


Price £650

DescriptionIn this session delegates will cover the main functions of the capital markets. Most importantly, the key investors and investees are covered in detail. Delegates will then examine the life of a corporate and consider the debt and equity funding options that are available.In this session delegates will cover the main debt products available to corporates. Using a case company, the debt capacity is calculated before different funding options. Both long and short term, and public and private financing options are explored. Finally, the bond.The aim of this session is to provide delegates with an introduction to the underlying mathematics of fixed income. The session does not focus on any financial instruments, but develops a comprehensive tool-kit that is essential for every professional in the finance sector to understand interest rates and fixed income instruments.

Learning outcomes• Understanding the life of a corporate

and consider the debt and equity funding options

• Debt products available• Underlying mathematics of fixed incomeProgram outlineCapital Markets Fundamentals• The role and functioning of capital

markets• Key capital market participants

• Investees• Investors

• The corporate lifecycle and its funding options

• Introduction to Equity Capital Markets• Risk and rewards for equity investors• Pros and cons of equity finance• Return on equity and cost of equity

• Introduction to Debt Capital Markets• Risk-reward for debt investors


• Pros and cons of debt finance• Return on debt and cost of debt

Debt Capital Market for Issuers• The corporate life-cycle and debt

financing options• Short-term debt funding

• Overdraft• Commercial paper• Revolving credit facility

• Long-term debt funding• Bank debt• Publicly issued bonds

• Introduction to credit spreads• Privately issued bonds• Credit facility agreement term sheets

• Debt financing as an acquisition currency• Bridge finance

• Debt maturity profiling• Bond issuance process• Bond accounting and all-in-costFixed Income Fundamentals• Bonds

• Basics• Pricing• Price-yield relationship• Duration

• Forward rates• Spot rates• Yield curves• LIBOR


“

I feel much more comfortable navigating Excel, financial statements and financial models. The Excel shortcuts and tricks that the trainer showed us are invaluable.

Financial analyst, finance boutique




Credit Analysis Fundamentals and Issues

Location London


No. of days 1


Price £650

DescriptionDelegates gain understanding of the credit rating process by examining the assessment of both operational and financial risks of the business. By the end of the session, delegates derive a rating for a case company.This program analyzes the financials from the credit perspective, making technical adjustments to the main numbers. Delegates analyze a variety of case companies by looking at the ratios and metrics used in the credit world. In addition, the session covers debt structuring issues.Learning outcomes• Understanding the credit rating process• Ratios and metrics used in credit world

Program outlineCredit Analysis Fundamentals• What is credit analysis?• Ratings scales• Default and recovery rates

• Issuer and issue ratings• Purpose of credit analysis• Nature of credit risk

• Asymmetric nature of credit risk• Difference between up/downside of

equity and credit• Credit Analysis - analytical approach

• Key principles: cash based, forward looking, peer group

• Evaluation of business and financial risks• How to weight different risks

• Business risks• Key drivers of business risk and

their identification• Macro, industry and company

specific evaluation• Financial risk

• Key components of financial analysis



• Cash flow analysis from a credit point of view

• Various cash flow concepts of rating agencies

• Credit ratios: most common ratios and their application

• Credit ratios according to the ratings category

• Financial policy analysis• Rating Agencies: overviewCredit Analysis Issues• Complex items from the standpoint of

credit analysis• Pension obligations• Operating leases• Securitizations• Off balance sheet obligations• Hybrid securities: equity or debt?• Credit approach to adjustments to

financial statements• Impact on credit quality• Rating agency view

• Structural issues in credit analysis• The importance of structures and

assessment frameworks• Notching up/down of debt• Contractual subordination• Structural subordination• Parent/subsidiary link• Rating agency methodology• Typical HY structures

• Documentation - covenants • Concept of covenants• Type and benefit of covenants

“

Proved extremely enriching, especially when discussing case studies, current affairs or other practical applications of the theory. Of course MS Excel, the major tool in finance, played an extensive role on the course.

1st year financial analyst, global investment firm




DescriptionThis section will provide a brief introduction to the oil & gas industry. Delegates will also learn accounting principles applied to oil & gas companies, review and analyse oil & gas companies’ financial reports and relevant disclosures.Learning outcomes• Accounting principles applied to oil and

gas companies

Program outlineIndustry Overview• Oil & gas production and consumption

growth and profile• Global reserves• Key players: NOCs, IOCs, independents

and oil field service companies• Value chain of one barrel of crude oil (E&P,

refining, retail distribution & taxes)• Stages in the upstream: exploration,

appraisal, development, production, abandonment

• Volumes and conversion factors• Price benchmarks (Brent vs. WTI)Accounting and Financial Statement Analysis• Reserves and resources definitions

(proven developed & undeveloped, probable & possible, contingent resources and prospective resources)

Oil and Gas: Accounting Financial Statement Analysis and Trading Multiples


Location London


No. of days 1


Price £650




• Exploration and evaluation: Full-costs vs. successful efforts accounting methods

• Development expenditures• Depreciation, depletion and amortisation

(unit of production method)• Borrowing costs• Abandonment• Revenue recognition (overlifts vs. underlifts)• Farm outs vs. Farm ins• Post balance sheet events and

impairments• Disclosure of reserves and resources

(US GAAP vs. IFRS)• Structure and layout of financial reports

and filings, interpretation of financial statement disclosures, including PV-10 DCF disclosures under US GAAP

• Standardised measure of cash flows (EBITDA, EBITDAX, DACF, CF to shareholders)

• Analysis of key operational and financial ratios:

• Reserve replacement ratio, reserve life ratio, reserve value ratio

• Production cost per barrel, DD&A per barrel, EBITDAX per barrel, replacement cost per barrel

Comparable Valuation Analysis• Select comparable companies• Obtain historic and projected data• Normalise the results and exclude

extraordinary charges• Compute operations metrics: EV/1P or 2P

reserves, EV/MCFE• Compute operational metrics: EV/DACF, EV/

EBITDA, EV/EBITDAX, P/CF, Price/NAV, P/E• We will examine E&P companies listed in

the US, Europe and Asia Pacific regions

“




Oil and Gas: Modeling, Upstream Concession and Production Sharing Agreements


Location London


No. of days 1


Price £650

DescriptionThis section will allow delegates to understand main components and differences between different upstream fiscal regimes.This section will allow delegates to learn how to evaluate and model royalty/taxation regime. The topics will be illustrated through working through a generic model (instructor led) and then delegates will practice the concepts with a case study.This section will allow delegates to learn how to evaluate and model PSA/PSC. The topics will be illustrated through working through a generic model (instructor led) and then delegates will practice the concepts with a case study.

Learning outcomes• Difference between different upstream

fiscal regimes• Learn to evaluate and model royalty/

taxation regime• Learn how to evaluate and model PSA/PSC




Program outlineIntroduction to Upstream Fiscal Regimes• Royalty/tax system• Production sharing contracts/production

sharing agreements• Risk contracts• Technical service agreementsModeling a Concession Agreement• Cash flow components under royalty

(concession) regime• Revenue: production profile,

commodity prices, price differentials• Non-fiscal outflows: capex, opex,

abandonment • Fiscal outflows: royalty, rentals,

bonuses, income tax (and related tax allowanced for depreciation and tax loss carried forward)

• Economic limit adjustments• Financial indicators: IRR, breakeven,

maximum exposure, NCF per barrel, NPV per barrel, profit to investment ratio (undiscounted and discounted basis. real vs. nominal cash flows)

• Contractor ‘take’ vs. Government ‘take’• DCF valuation for the field• Case study: European tax/royalty field (a

hypothetical example)• Ring fencing vs. consolidationModeling a Production Sharing Agreement• Royalty• Cost oil• Profit oil• Abandonment costs in PSC• DCF valuation for the field• Economic limit adjustments• Financial indicators: IRR, breakeven,

maximum exposure, NCF per barrel, NPV per barrel, profit to investment ratio (undiscounted and discounted basis. real vs. nominal cashflows)

• Contractor ‘take’ vs. Government ‘take’

“

It’s great to have access to the AMT online platform. I found the videos and quizzes really useful to refer back to after my public course. The videos in particular were simple and easy to understand.

Analyst, private equity firm


Oil and Gas: Valuation Techniques and Modeling

Location London


No. of days 1


Price £650

DescriptionThis section will allow delegates to learn how to build a three statement model for an E&P company. It will highlight the key value drivers and their inter-relationships.This section will allow delegates to learn how to build a DCF valuation model for an E&P company and cover the five key stages.Learning outcomes• Learn how to build a three statement

model for E&P companies• Learn how to build a DCF valuation model• Review football field chart

Program outlineWhole Company Financial Modeling for E&P Companies• Oil price benchmark and realised

premium/discount to the benchmark• Production growth• Production cost per barrel• Replacement costs per barrel (finding

& development)• Exploration & development expenditure• Movement in undeveloped vs.

developed reserves• Movement in abandonment provision• Effective tax rate• The model will subsequently be used to

perform a DCF and NAV valuationDCF and NAV Valuation• Calculating FCF from EBIT• Estimating WACC• Estimating Terminal Value (Gordon growth

vs. terminal EBITDAX multiple)• Discounting to derive an enterprise• Reconciling enterprise value to target

share price





• We will compare a DCF ‘going concern’ model with a ‘finite life’ NAV model, in which all exploration is discontinued and existing reserves are monetised over their expected production profile.

• As a case study, we will examine the competent persons valuation report and M&A defence document covering a full NAV.

• 2P reserves• Contingent resources• Best estimate of prospective resources

(EMV)• Operating working capital• Other balance sheet adjustments• Base Case vs. Best CaseComparable Transactions Analysis• Select comparable transactions• Obtain historic and projected data• Normalise the results and exclude

extraordinary charges• Calculate premiums• Compute operations metrics: EV/1P or 2P

reserves, EV/MCFE• Compute operational metrics: EV/DACF,

EV/EBITDA, EV/EBITDAX, Price/NAV• We will examine E&P transactions in the

US and EuropePutting the Analysis Together• Review a football field of the various

valuation methodologies and benchmarks.• 52 week high and low• Equity research• Trading comparables• DCF (with and without synergies)• NAV• Transaction comparables

“

I attended AMT’s financial modeling courses and they helped bring me up to speed with a few new techniques and tricks. I’ve certainly strengthened my financial skills feel that I can make a real difference in my team.

Research analyst, management consultancy


Private Equity Masterclass

DescriptionA strong understanding of private equity and deal structuring has become a necessity for most finance professionals. Private equity or venture capital is needed to fund growth strategies for most financial organisations. Private equity has an integral role to play in M&A and LBOs. The Masterclass will cover several deal structuring techniques relating to private equity, venture capital and buyout deals. Deal structuring issues and solutions will be illustrated and discussed for various stages and components of private equity transactions. Hands on exercise and real life examples will be used to maximize clarity of understanding.

Learning outcomesThe course offers a compact deep dive into the Private Equity world including significant financial modeling. You will be able to build any complex LBO model from scratch, critically evaluate LBO models as well as run and evaluate scenarios. Who should attend this course?• Investment Officers and Investment

Committee Members• Private Equity, Venture Capital and Hedge

Fund Investment Managers• Bankers, Investment Bankers and

Security Analysts• Private Bankers and Wealth Managers• Structured finance professionals• Risk Managers

Location London


No. of days 3


Price £2,250





Program outlineDay 1LBO Valuation• What an LBO is and how it can

create value• LBO valuation as an alternative

valuation methodology• Characteristics of suitable LBO

candidates• Estimating cash flows available to

capital holders• Estimating debt capacity• Simplified debt/equity split for entry

capital structure• Sources and uses of funds• Debt structure• Estimating the exit value• Calculating the IRR• Sensitizing the modelDay 1 & Day 2Debt Structuring, Capital Structure, Rating and Financing• Debt structuring• Covenant vs. cash flow based debt capacity• Structural vs. contractual subordination• Capital structure decisions in the context

of corporate strategy• What is capital structure analysis?• The impact of financial leverage on

earnings and returns• Using ratios to measure leverage• Leverage increases earnings volatility• Capital structure in the context

of WACC• Impact of leverage on EPS and the

importance of the use of debt proceeds• Using leverage to increase ROE

• The impact of financial leverage on corporate value

• The value of the tax shield on interest expense

• Does an optimal capital structure exist?

• Capital structure and ratio analysis• Ratio analysis for credit ratings• Investment grade vs. high yield• Key items of terms sheets• The concept of cash flow lending

• The lender’s perspective: risk, return and exit routes

• Advanced structural vs. contractual subordination - case studies

• Financial instruments used in IG and levered transactions

• Senior debt (revolving facility, terms A, B and C)

• Second lien• Mezzanine loans• High yield bonds• PIK notes• Preferred shares, shareholder loans,


Day 2 & Day 3Complex Modeling and Sponsor Management• Sponsors and their investment perspective• Overview of different type of

financial sponsors• Sovereign wealth funds - how do they

differ from more traditional sponsors?• Deal and market update - What is currently

happening in the sponsors’ space?• Sponsor exits

• Timing considerations• Routes to exit• Advantages and disadvantages of full

exit vs. staged exit• Dual track vs. other combined

or ‘hybrid’ exit routes• Lessons learned from

‘exits gone wrong’• Sponsor return analysis

• IRR vs. money multiple


• IRR vs. MIRR vs. XIRR• Capital structure and rating implications

for the sponsor• The concept of cash flow lending

• The lender’s perspective: risk, return and exit routes

• Structural vs. contractual subordination• Financial instruments used in

sponsor transactions• Key pros and cons of various leveraged

instruments from a sponsor perspective• Senior debt (revolving facility, terms

A, B and C)• Second lien• Mezzanine loans• High yield bonds• PIK notes• Preferred shares, shareholder loans,


• Hands on analysis of all items discussed• Sources and uses of funds table• Ownership structure• Management and Mezzanine entry

vs. exit• How to analyse and negotiate warrants• Goodwill calculation - sponsors view

on goodwill• Deal adjustments, including

amortization of debt issuance fees• Cash flows available for debt servicing• Repayment schedules for individual

debt instruments• Acceleration of debt payments using

a cash sweep mechanism• RCF - how can the sponsor decide

the correct amount to be provided by the banks

• PIK interest• Sensitizing the various chosen

debt instruments• Sensitizing the capital structure• Detailed return analysis to sponsor,

management and mezz provider

Day 3LBO Modeling Issues• Leveraged recapitalization• Multiple capital structure scenarios• Management ratchets• Incorporate a revolving credit facility in

the sources and uses of funds• Date related IRRs (XIRR)


It’s great to have access to the AMT online platform. I found

the videos and quizzes really useful to refer back to after my public

course. The videos in particular were simple and easy to understand.

Analyst, private equity firm

“


Why should you attend?Experienced finance professionalsEnhance your skills and stay ahead in your careerWorking for a leading financial institution means that you’ll be working in a highly competitive environment. In order to stay ahead you’ll need to keep pace with the current standards of others in the finance industry.AMT’s courses ensure that you maintain and enhance the knowledge and skills you need to deliver a professional service to your clients. You become more effective in the workplace. This assists you to advance in your career and move into new positions.


What you will receive on the courseStudy materialsWhile this is a face to face training course, a blended learning approach is taken and delegates will get access to AMT Online. Our study materials contain both the knowledge and practice materials required to assist with the learning process and help you in your job role. Course materials include:• printed course binder with copy of the slides• laminated summary sheets:

• 24/7 access to AMT Online (AMTO)• class recordings• course notes• quizzes• electronic homework/study files

What to bringYou need to bring a Windows based laptop to the training with Excel and Adobe installed on your system to access your course files. Our teaching materials are designed for PCs and not Mac based systems. Download details for the necessary files will be emailed a few days before the course. You can use any version of MS Excel in class, however please inform us of your Excel version when booking your course.This course is non-residential. The venue will provide light refreshments. For our full terms and conditions please visit www.amttraining.com/terms-and-conditionsPre-requisitesA working knowledge of Financial Statements and Financial Modeling is desirable.

www.amttraining.com/terms-and-conditions

EMEA5th floorWhitechapel Building10 Whitechapel High StreetLondonE1 8QSTel. number: +44 20 7324 2385Email: [email protected]

Americas112 W. 34th Street Suite #18035 18th floorManhattan New YorkNY 10120 Tel. number: +1 212 946-4951Email: [email protected]

AsiaPacific Office Units 503-045th floorHaleson Building1 Jubilee StreetCentralHong Kong Tel. number: +852 3905 3059Email: [email protected]

AMTB8488

mailto:Email:%20info%40amttraining.com?subject=



https://www.facebook.com/amttraining/

https://twitter.com/AMTtraining

https://www.linkedin.com/company/amt-training/

public courses - amttraining.com · • build a full lbo model from a template • main deal...

Documents