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Fitch Learning

Finance and Leasing Companies Analysis

Oct 28, 2019
London, United Kingdom
GBP 995 ≈USD 1255
GBP 995 per day

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Description

The goal of this one day training workshop is to equip participants with the skills to assess credit risk for finance and leasing companies.

Key Learning Outcomes:

  • Distinguish the key business risks, financial indicators and accounting issues by sector, business line, and type of institution
  • Use market indicators, quantitative and qualitative analysis to identify strong and weak performers and detect early signals of changing credit quality
  • Appreciate how economic, structural, competitive and regulatory issues impact strategy and review strengths and weaknesses in certain European countries
  • Be aware of the key issues in operating leases and hire purchase agreements
  • Dissect financial statements to uncover key credit issues and the impact of differing accounting policies

Analytic Overview

  • Perspective on finance and leasing companies: Rating agencies, debt and equity investors and banks
  • Purpose payback model: Dependence of finance companies on debt markets and refinance; warehouse and borrowing base facilities and other structural issues
  • Case Study: Purpose Payback – Grenkeleasing AG

Operating Environment

  • Key risks and competitive issues by sub-sector: Sales finance, direct finance, captive finance, equipment finance and leasing
  • Impact of regulation and supervision

Management, Franchise and Ownership

  • Franchise: Assessing the validity of the business model, residual marketing and reliance on parent company
  • ​Critical management issues for finance and leasing companies: processes and systems, market knowledge, strategy, etc.
  • Shareholders: Quality of financial and business support, risks and benefits of cross subsidies

Financial Fundamentals

  • Statement logic: Accounting policies for income, receivables, delinquencies and leases (finance versus capital leases)
  • Business risk: Use of financial tools to assess quality of lease and loan book; reserve adequacy, owned versus managed book; residual risk
  • Funding risk: Stability and variety of wholesale funding sources, gap management, availability of contingency funding, liquidity and capital adequacy
  • Securitization: Benefits and risk of off balance sheet funding vehicles; residual risk, mortgage servicing rights and gain on sale accounting
  • Performance risk: Balancing risk and return; income stability and expense control
  • Case Study: Grenkeleasing AG

Leasing Companies

  • Issues specific to leasing companies: Types of leasing companies, residual values, cash flow
  • Operating leases
  • Hire purchase agreements
  • Key ratios for a peer group of equipment leasing companies

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Detailed Description
Detailed Description

Next dates

Oct 28, 2019
London, United Kingdom
GBP 995 ≈USD 1255
GBP 995 per day

How it works

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