New York Institute of Finance

Available dates

Nov 13, 2019
Online
USD 1099
Feb 24—25, 2020
Online
USD 989
Feb 24—25, 2020
2 days
New York, New York, United States
USD 989
USD 494 per day
+5 more options

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About the course

Employ free cash flow concepts to make better capital budgeting and acquisition decisions.

This course is a component of the M&A Professional Certificate

Prerequisite knowledge:

  • Understanding of introductory accounting and corporate finance

CURRICULUM

Day 1

MODULE 1: FREE CASH FLOW AND THE OBJECTIVES OF THE FIRM

  • Traditional Financial Management
  • Why Cash Flow?
  • Measures of Cash Flow
  • Free Cash Flow: A Definition
  • Adopting a Free Cash Flow Framework
  • Relationship Between Market Value and Free Cash Flow
  • Return on Investment and Cost of Capital
  • Determining Free Cash Flow: Adjusting Accounting Data

MODULE 2: COMPONENTS OF FREE CASH FLOW

  • Free Cash Flow Drivers
  • Understanding the Components of Free Cash Flow
  • Financial Metrics

MODULE 3: COST OF CAPITAL

  • Cost of Capital: A Definition
  • Sources of Capital
  • Cost of Debt Capital
  • Cost of Equity Capital
  • The Capital Asset Pricing Model
  • Weighted Average Cost of Capital

MODULE 4: CAPITAL BUDGETING USING FREE CASH FLOW

  • Goals of Capital Budgeting
  • The Free Cash Flow Approach to Capital Budgeting
  • Incremental Analysis Using Free Cash Flow
  • Terminal Value Considerations

MODULE 5: MODIFIED FREE CASH FLOW

  • Investment Time Horizons
  • Interim Financial Results and Free Cash Flow
  • Strategic Investments

MODULE 6: USING FREE CASH FLOW TO EVALUATE ACQUISITION OPPORTUNITIES

  • The Benefits of Acquisitions
  • Free Cash Flow and the Evaluation of Acquisitions
  • What is Total Value Received?
  • What is Total Value Paid?
  • How is Incremental Synergy Value Determined?
  • Using Free Cash Flow for Acquisition Valuation

MODULE 7: INTEGRATION OF ACQUISITIONS

  • Integration Best Practices
  • Integration Planning
  • Linking the Cash Flow Valuation Model to Integration

WHAT YOU'LL LEARN

  • Determine Free Cash Flow from Accounting Data
  • Compare Free Cash Flow to Net Income
  • Understand Drivers of Free Cash Flow
  • Calculate Cost of Capital
  • Use Free Cash Flow for Capital Budgeting Decisions
  • Understand the relationship between Free Cash Flow and Economic Value Added
  • Value Acquisitions using Free Cash Flow
  • Develop a Free Cash Flow approach to Incentive Compensation

Who should attend

  • CEO's
  • VP's of Operations
  • presidents
  • controllers
  • CFO's
  • financial managers
  • and financial analysts

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