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The price is whaT you pay; The value is whaT you geT
valuaTion of companies
Assess companies and large projects according to their value? You can do this more efficiently if you have a general frame of reference.
We outline that framework in the programme. You will get a complete overview of both classic and recently developed valuation methods. This allows you to understand how profit, cashflow, growth and a financing policy are influenced by the value of the company.
You will acquire in-depth understanding of the three driving forces behind company valuations: cash flows, growth and risks. In addition, you will learn how to proceed to assess the value of a professional opportunity. This kind of knowledge is undoubtedly handy if you have to optimise the capital budgeting within a company and in the context of mergers and acquisitions.
for whom?
• Asafinancialexpert,youseektobroadenyourknowledgeof company valuation.
• Asamanager,youareactivelyinvolvedinmergers&acquisitions, corporate finance and investment analyses.
added value for you and your company
• Youwillmasterthefundamentalsofcompanyvaluation.• Youwillhaveastrongworkingknowledgeofboththe
standard and alternative valuation methods.• Youwillknowhowtocreateavalue-basedbusinessplan.• Real-lifecasestudiesgiveyoutheopportunitytoexamine
indetailtheconceptofRealOptions.
Get inspired by your fellow participants
www.vlerick.com/valuation-companies
apply now!
Please see Practical Info on the following page, or visit:
meeT your faculTy
• Prof Wouter De Maeseneire is professor of Corporate Finance. His research focuses on Company Valuation,RealOptions,InitialPublicOfferings(IPO)andPrivateEquity.
• Prof Cynthia Van Hulle is professor at KULeuvenandResidentialFellowatVlerick. Her areas of expertise comprise, among others: Corporate Finance, CorporateRestructuring,CorporateGovernance and Governance of Organisations.
• Peter Maenhout isExecutiveVice-PresidentBuyouts&GrowthBelgiumwith Gimv, an independent investment company.
pracTical info
Dates and venues4 daysGhent Campus: 13, 14, 20, 21 June 2013
LanguageEnglish
Fee€3,095(excl.21%VAT)
programme design
You will be amazed by our keenness for practice. Departing from well founded theory, we illustrate it with practice-based examples, case studies and exercises.
You will learn not merely from the lectures given by our faculty. Draw inspiration from your participating colleagues. Interaction and exchanging experiences will teach you a great deal.
The sessions start by introducing key concepts. This is an opportunity for you and the other participants to develop clearly organised lines of thoughts. You are then able to put these thoughts to the test in practical exercises. The result? You can apply the various valuation methods immediately in your own company.
module 1: inTroducTion To sTandard valuaTion meThods
• DiscountedCashFlow• DividendDiscountModel• CapitalAssetPricing• Valuationanduncertainty• Identificationofvaluedrivers
module 2: alTernaTive valuaTion meThods
• ComparableMultipleAnalysis• EconomicValueAdded(EVA)• RealOptions• Financialpolicy’simpactoncompanyvalue
module 3: making a Business plan
• Howtodeterminethefinalvalueofacompany?• Whatdiscountrate/depreciationrateissuitable?• Howmuchwouldyoubewillingtopayforacompanytake-over?
module 4: real opTions
• DifferenttypesofRealOptions• Practice-basedcasestudies
pracTical info
regisTraTion
Action!Registeronline.
Questions? Please contact:Vincent BaguéGroupProductManagerT:+3292109781F:[email protected] Ghent, Belgium
your cerTificaTe
If you take part in one of our programmes, you are entitled to a certificate from Vlerick Business School.
IfyousuccessfullycompleteanExecutiveMasterClass,you can join the Vlerick Alumni Network, a worldwide network of over 16,000 alumni in more than 100 countries.
cancellaTion
Consult our cancellation conditions at: www.vlerick.com/conditions
our Team is here for you
online regisTraTion: quick & easy!
Registeronlinevia:
www.vlerick.com/ accounTing-finance
financial BenefiTs for you?
• 10%discountforpayingmembersofVlerickAlumni• SMEportfolio:subsidiesforFlemishSMEs.• VlerickSocialProfitGrantsfororganisationsactivein
the social profit sector.
You’llfindmoreinfoat:www.vlerick.com/benefits
RianDeBruyckerProgramme AdvisorT:[email protected]
Vincent BaguéGroupProductManagerT:[email protected]
applicaTion formaccounTing & finance
Your contact details will be stored in a database of Vlerick Business School for the purpose of keeping you updated on our activities. Pursuant to the Belgian Law on privacy (Wet tot bescherming van de persoonlijke levenssfeer ten opzichte van de verwerking van persoonsgegevens) of 8 December 1992 you are entitled to inspection and correction of data related to you as kept by Vlerick Business School.
Yes,Iwishtoapplyforthefollowingprogramme(s):
FinancialManagementforNon-FinancialManagers Valuation of Companies UnderstandingAnnualReports ExecutiveMasterClassinControllership MasteringCostsandBudgets ExecutiveMasterClassinCorporateFinance FundamentalsofFinancialManagement ExecutiveMasterClassinFinancialAnalysis StrategicCostManagement andAssetManagement
In addition, I wish to receive more information on the management programmes of Vlerick Business School that I have ticked on the reverse side of this form.
ENGLISH
EXECUTIVE EDUCATION AND RESEARCH IN 2012-2013
ACCOUNTING & FINANCE
please reTurn This form By faX or posT To:
Vlerick Business School, attn. Vincent Bagué,Reep1,9000Ghent,Belgium,[email protected] can also apply online at www.vlerick.com/accounting-finance
Yes, I would like to stay up-to-date about the activities of Vlerick Business School via e-mail. No, I do not want to receive information about the activities of Vlerick Business School via e-mail.
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Company
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(Only fill the section below if different from company address above)
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Iwouldliketoreceiveinformationonthefollowingprogrammes(pleasetick). Please return your contacting details to us by fax, e-mail or post.
general managemenT AdvancedManagementProgramme e
InternationalManagementProgramme e
MiddleManagementProgramme d
YoungManagementProgramme d & e
accounTing & financial managemenT UnderstandingAnnualReports d & e
MasteringCostsandBudgets d & e
FundamentalsofFinancialManagement d & e
StrategicCostManagement e Valuation of Companies e ExecutiveMasterClassinControllership e
ExecutiveMasterClassinCorporateFinance e
ExecutiveMasterClassinFinancialAnalysis andAssetManagement e
human resource managemenT HRMwithImpact d
Compensation&Benefits d
ExecutiveMasterClassinHumanResourceManagement d
icT & Business process managemenT ICT-Management d
BusinessProcessManagementWorkshop d & e
ExcellenceinBusinessProcessImprovement e
ExecutiveMasterClassinBusinessProcessManagement e
Business Intelligence Workshop e
innovaTion managemenT Strategising for Innovation e
EntrepreneurialInnovation e
CorporateInnovationManagement e
ExecutiveMasterClassinInnovation&Entrepreneurship e
markeTing & sales IntroductiontoMarketingManagement d
Retail&TradeMarketing d
BrandManagement&Communication d
ProductManagement d
StrategicBusiness-to-BusinessMarketing d
ExecutiveMasterClassinB2BMarketingandSales e
operaTions & supply chain managemenT ProjectManagement d PurchasingManagement e
OperationalExcellence e
ExecutiveMasterClassinSupplyChainManagement e
enTrepreneurship KMOChallenge d
KMOExcellence d
EntrepreneurshipforManagers d
people managemenT & leadership ThePeopleManager d
ExecutiveDecisionMaking d HowtoImproveYourEmotionalIntelligence d
Inspiring for Change d
Negotiating to Create Value d & e
Self-mastery d
Bestsellers read for you d
sTraTegy Strategy in Action e
eXecuTive masTer classes ExecutiveMasterClassinB-to-BMarketingandSales e
ExecutiveMasterClassinBusinessProcessManagement e
ExecutiveMasterClassinControllership e
ExecutiveMasterClassinCorporateFinance e
ExecutiveMasterClassinFinancialAnalysis andAssetManagement e
ExecutiveMasterClassinHumanResourceManagement d
ExecutiveMasterClassinInnovation&Entrepreneurship e
ExecutiveMasterClassinSupplyChainManagement e
mBas Full-timeMBA e
ExecutiveMBA e
ExecutiveMBAinFinancialServices&Insurance e
masTers MastersinFinancialManagement e
MastersinGeneralManagement e
MastersinMarketingManagement e
d Programme in Dutch e ProgrammeinEnglish
more informaTion on www.vlerick.com
The programmes of vlerick Business school