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Available dates

May 11—13, 2020
3 days
London, United Kingdom
GBP 3599 ≈USD 4671
GBP 1199 per day

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About the course

A practitioner’s guide to contemporary valuation techniques

Technology offers many new opportunities, particularly with theadvancement and enhancement of technology in areas such as,virtual reality, autonomous vehicles, machine learning, big data and space exploration. The technology industry itself has benefited considerably from easy monetary policies and the rise of equities, both of which has helped to fuel M&A activity. Furthermore, technology based businesses have shown great resilience to the M&A cycle, not least because multiple sectors have been and continue expanding or adapting their exposure to relevant technologies. It is also likely that the industry itself will continue to see transformation as labour markets diversify, more niche market opportunities emerge due to increasing automation, and political events may well offer significant challenges to the key technology players, like Facebook and Google. However, despite these political challenges it seems unlikely that monopolistic positions in key markets will shift much in the foreseeable future, so there should be significant consolidation, especially in the middle market, as larger acquirers scoop up start-ups and smaller companies, and owners look to take advantage of potentially strong selling conditions. Last, but not least, for private equity (PE) buyers, recent events suggest that the consolidation of platforms and moving up the value chain by seeking to buy other PE-backed companies, offer great potential opportunities.

Technology businesses offer tremendous potential opportunities. Attend this course and be able to:

  • Understand the differences between corporate & technology valuation and lifecycles and corporate cash flows
  • Understand how to apply the DCF model to technology companies, and its limitations
  • Evaluate the stable growth stage and calculating terminal value
  • Understand the use of revenue and profit multiples in technology valuation
  • Appreciate the importance of EBITDA and its limitations
  • Explain the potential use of the real options approach and challenges in its application
  • Critically review alternative valuation approaches including intrinsic, relative, probabilistic and real options
  • Understand how to value start-up companies including the characteristics of young companies and sectors and a life cycle view of start-up companies
  • Review the valuation of pre IPO companies, including the characteristics of growth company and sectors and the value of equity claims

This course draws on expert Roger Mills's experience and features many practical examples which reinforce the presentation and engage participants Case studies include: Excel based valuation of a startup technology company based upon the trainer’s experience

Agenda

GENERAL PRINCIPLES OF TECHNOLOGY COMPANY VALUATION

  • Introduction
  • Overview of Valuation Approaches
  • Other Valuation Issues
  • Understanding the Challenge with Technology Companies
  • Applying the DCF Model to Technology Company Valuation
  • Using Multiples in Technology Company Valuation
  • Using the Real Options Approach

VALUING START-UP TECHNOLOGY COMPANIES

  • Introduction
  • Valuation of a Technology Start-Up Company
  • CASE STUDY
  • Excel based valuation of a startup technology company based upon the trainer’s experience

VALUING PRE-IPO TECHNOLOGY COMPANIES

  • Introduction
  • Key Valuation Considerations
  • Valuation in Practice

How You Will Learn

This course draws on expert Roger Mills's experience and features many practical examples which reinforce the presentation and engage participants

Case studies include: Excel based valuation of a startup technology company based upon the trainer’s experience

Trust the experts

Roger Mills

Roger Mills is an Emeritus Professor at the University of Reading. For more than 20 years, he was Professor of Finance and Accounting at Henley Management College, now Henley Business School and, subsequently, a Professor Dr in the VU University, Amsterdam. Roger has a unique blend of academic ...

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