Trading Comparables

During this Trading Comparables course, participants are introduced to preparing multiples using real company data and a case study including several companies.

We will expose participants to the financials of international companies to get them acquainted with IFRS, Indian GAAP and US GAAP. We focus on how to select comparables, where to find data in published financials and equity research reports, how to clean the raw data, and checking the output.

The most commonly-used multiples are explained and complexities such as normalising for non-recurring expenses/ income are also covered.

We also show how the commonly used multiples (EV/EBITDA, P/E, EV/EBIT) are linked to the company’s fundamental value drivers.

Suitability

This course is suitable for anyone with basic accounting skills, financial maths skills and excel skills.

Learning Outcomes

At the end of this course participants will be able to:

Screen companies to identify a suitable comparable set
Calculate the company’s value
Consider number of shares and value of share options
Calculate equity value
Make net debt calculations
Consider minority interests and equity method investments
Calculate enterprise value
Calculate the earnings numbers
Clean non-recurring items from earnings and resulting tax adjustment
Consider calendarisation issues
Perform Last-Twelve Months (LTM) analysis
Calculate a range of forward looking and historical earnings multiples
Check the output
Apply the results

Course Content

Screening companies to identify a suitable comparable set
Calculating the company’s value
Number of shares and value of share options
Equity value
Net debt calculations
Minority interests and equity method investments
Enterprise value
Calculating the earnings numbers
Cleaning non-recurring items from earnings and resulting tax adjustment
Calendarisation issues
Last-Twelve Months (LTM) analysis
Calculating a range of forward looking and historical earnings multiples
Checking the output
Applying the results

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of our clients would recommend Alpha to a colleague or peer

90%

of a cohort was promoted within 2 years after participating in an Alpha course.

96%

of participants felt more confident in their role, following an Alpha commercial leadership course.

Why study with Alpha?

Innovation and creativity born from experience

We are thought leaders in instructional and learning journey design and holistic solution architects. We have extensive finance and investments experience combined with skills application to deliver performance improving results. We develop immersive learning environments that maximize time to productivity, support talent retention and added value to improving quality of hires.

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We are focused on mining the embedded organisational intellectual capital for the benefit of the next generation. We create and curate best in class practice gathered from our experience with the leading financial institutions. We design our programmes with the end in mind – what results are you trying to achieve with this intervention? What metrics will we set ourselves to achieve that?

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Quality and innovation, using current market and industry best practices, have made us a trusted partner in delivering dynamic and motivating training for the financial and capital markets. Our programmes are generation proof and responsive to evolving learner needs and styles. Our solutions use a multi-stakeholder engagement strategy that expands beyond relationships between the learner and learning provider. We create connections with managers, peers and the wider business to drive impactful return on investment..

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