19th M&A Valuation Techniques for CFOs

Best practices for evaluating the financial viability of the acquisition
Date: November 26 & 27, 2014
Location: Calgary
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Highlights

Examine key M&A valuation issues CFOs face today

Harness the latest techniques for positioning your company for maximum sale value

Uncover the latest value, price and corporate strategies

Discover a host of critical valuation issues and accounting concerns relating to intangible assets

Hear the latest strategies in valuing on a stand-alone basis

Faculty

FACULTY
COURSE LEADERS
Micah Libin, AltaGas Ltd.
Micah Libin is Vice President, Business Development at AltaGas Ltd. Prior to joining AltaGas, he was Chief Financial Officer at Greengate Power Corporation. His expertise includes capital raising and structuring, negotiating and executing transactions.
Bill Gilliland, Dentons Canada LLP
Bill Gilliland is a Partner at Dentons Canada LLP. He is a member of the firm’s Corporate, Securities and M&A Practice Group. He advises public and private company buyers, sellers and target companies on numerous M&A transactions.
CO-LECTURERS
Warren Bergen, AVAC Ltd
Warren Bergen is Vice President, Corporate Development at AVAC Ltd.
James Dyack, West Oilfield Holdings Ltd.
James Dyack is President and CEO of West Oilfield Holdings Ltd. and Managing Director of Prairie Advisory.
Michael Frost, Stantec
Michael Frost is Director, Valuations at Stantec. He is a member of Stantec's financial services team specializing in M&As, business valuations, valuation of intangible assets, goodwill and long-lived asset impairment, financial reporting for acquisitions, and corporate divestitures.
Jason Jack, EnerVal Business Valuation and Advisory
Jason Jack is President and Founder of EnerVal Business Valuation and Advisory. He has been involved in a wide variety of valuations and M&A transactions in both professional and corporate roles.
Jean-Pierre Lacroix, Shikatani Lacroix Design
Jean-Pierre Lacroix is President of Shikatani Lacroix Design.
Scott S. Lawritsen, Clark Valuation Group Ltd.
Scott S. Lawritsen is Principal with Clark Valuation Group Ltd. He has close to 20 years experience in corporate finance and business valuations, advising lawyers, shareholders, and corporations.
David Laycraft, Catalyst Valuations Inc
David Laycraft is Partner, Corporate Advisory at Catalyst Valuations Inc.His client services focus includes business valuations, M&As, transaction support, financial engineering, and investigative and general business consulting.
Michael A Royan, Stonepoint Strategic Advisors Inc
Michael Royan is President & Managing Director at Stonepoint Strategic Advisors Inc. and has over 20 years of experience in the financial services industry. Mike has advised on mergers, corporate and property acquisitions, divestitures, IPOs, follow-on public offerings, private placements, debt offerings and strategic and growth alternatives.
Dale E. Skinner, Dentons Canada LLP
Dale Skinner is a Partner at Dentons Canada LLP. He has extensive experience in both public and private business acquisitions and divestitures, including public company takeover bids and plans of arrangement.
Richard M. Wise, MNP LLP
Richard M. Wise is a Partner specializing in business valuation and financial litigation at MNP LLP. He has more than 35 years of experience performing valuations for corporate, transactional and taxation purposes as well as damage quantification and writes and lectures extensively across Canada and the U.S.

Program

COURSE PROGRAM
Common Valuation Concerns in M&As
Whether it is growing the company or looking for a strategic buyer, CFOs are the arbiters of M&As within their companies with their fingers on the pulse of finance, negotiations and business analysis. This discussion details key M&A valuation issues facing CFOs.

Understanding the value dynamics

The CFO’s key role in assessing potential M&As

Valuing strategic benefit and financial & operational synergy

Common concerns in valuing the business

Valuing Financially Distressed Companies for Acquisition
When properly analyzed, structured and managed, the acquisition of a financially troubled company can be very attractive for the buyer, however conducting proper valuations is key. This session will examine valuation techniques used for determining whether or not a financially troubled business is worth buying and at what price.

Assessing the merits of the underlying business: when is it worth buying

Understanding the value dynamics: value to the buyer vs. the seller

Steps to assessing and allocating value in distressed transactions

Tips and traps in creating value in distressed acquisitions

Valuation & Deal Structures
In today's markets you must have a clear understanding of key valuation skills and deal structures in order to fashion the best deal. With a focus on deal structuring, this discussion looks at the best approaches to valuation for M&As, factors affecting valuation and deal structures and the considerations of strategic purchasers as distinct from financial purchasers.

How public market trends and market conditions are affecting private market valuations

Public market valuation approaches in different industries

Valuing goodwill and intellectual property

Auctions: letting the market price your deal

Valuation Methodologies
When attempting to determine the fair market value of a business, there are many valuation methodologies to choose from. This discussion looks at the best approaches to valuation for M&As and the factors affecting choice of valuation methods, outlining the mechanics of each.

Capitalization and discounting of earnings and discretionary cash flow

Multiple of EBIT or EBIT-DA

Adjusted net book value

Comparable public companies and transactions

Rules of thumb

Considerations related to implied goodwill

Financing Acquisitions and Growth
When looking to grow through acquisitions, companies need to make the appropriate financing decisions that optimize their capital structure, provide flexibility to grow the business, and enable them to maximize return on their investment. This session will highlight some of the key considerations relative to financing acquisitions and growth.

Capital structure: implications on company valuation

Capital market landscape and trends

Characteristics of different leverage vehicles

Debt financing structures

Valuing Intangible Assets
M&A transactions require many issues to be considered and analyzed from a business, strategic, financial, fiscal and legal perspective. This presentation will deal with the critical valuation issues and accounting considerations relating to intangible assets that CFOs must be aware of.

Valuing goodwill vs. valuing intellectual property and other intangibles

Fair value measurement required by GAAP: business combinations, the mandatory Annual Impairment Test

Useful lives of intangibles: impact on earnings

Requirement to test for impairment

Valuation For Mid-Market Acquisitions
This presentation examines current mid-market valuation techniques, as well as provides a sensible valuation approach to help avoid overpaying for small-to-mid-market private companies.

Planning the sale/acquisition

Pricing and valuation methodology and issues

Financing alternatives and structuring

How public market trends and market conditions are affecting private market valuations

Valuing Hidden Liabilities
If uncovered before a deal is consummated, hidden liabilities can either throw a wrench into a deal or prevent a fair price to be paid for the target. The secret is in a robust due-diligence exercise and locating the skeletons in the closet early. This discussion details how to identify and ferret out many of the exposure points in M&A transactions, including, among a host of others:

Hidden environmental risks

Intellectual property infringement claims

Contingent liabilities

Potential liabilities

Tax liabilities and penalties

Warranty, guarantee and rebate liabilities

Personal injury risks

Foreign currency risks

Political risk in foreign jurisdictions

Oppression remedy risks

Undisclosed obligations

Anatomy of an M&A Transaction: Legal Issues
When considering an acquisition, you can establish a more accurate estimate of the value of the target company with a well coordinated legal team that can blur the lines between legal and finance issues and optimize their overall skill sets. This session will explore the critical legal aspects that must be considered and factored into an effective M&A transaction.

Putting the target into play

Confidentiality agreements

Expressions of interest

Due diligence reviews

Purchase and sale agreements

Closing the transaction

Valuing Early-stage Companies
Small revenue streams, inexperienced management teams, unproven business and product concepts and many intangible assets—indeed early stage companies can be difficult to value. This discussion details key issues in valuing early-stage companies.

Factors affecting value

Maximizing value

Innovative valuation methodologies and how to apply them

The development phase approach

Venture capital method

Scorecard method

Multimedia Presentations

MULTIMEDIA PRESENTATION

Participants

AltaGas Ltd.

AVAC Ltd

Catalyst Valuations Inc

Clark Valuation Group Ltd

Deloitte & Touche LLP

Dentons Canada LLP

EnerVal Business Valuation and Advisory

MNP LLP

Stantec

Stonepoint Strategic Advisors Inc


Who should attend

CFOs, CEOs, COOs; Business Development & Finance VPs & Directors; Controllers, Treasurers, Valuators, Lawyers, Auditors, M&A/Buyout Corporate Finance Specialists, Investment Bankers, VC/Private Equity Investors

Price

Price list:-
  • Course: $1975
  • Course and Proceedings : $2274
  • Proceedings Only: $799
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Additional Information

REGISTRATION:
To reserve your place, call Federated Press toll-free at 1-800-363-0722. In Toronto, call (416) 665-6868 or fax to (416) 665-7733. Then mail your payment along with the registration form. Places are limited. Your reservation will be confirmed before the event.
LOCATION:
Calgary Marriott Hotel, 110 9th Avenue, SE, Calgary, AB, T2G 5A6, 403 266 7331
CONDITIONS:
Registration covers attendance for one person, the supplementary course material as described in this document, lunch, morning coffee and refreshments during breaks are provided for registered duration. The proceedings of the event will be captured on audio or video. Multimedia proceedings with all slides and handouts can be purchased separately on a CD-ROM which will also include the event material.
TIME:
Registration begins at 8:00 a.m. The morning sessions start promptly at 9:00.
CANCELLATION:
Please note that non-attendance at the event does not entitle the registrant to a refund. In the event that a registrant becomes unable to attend following the deadline for cancellation, a substitute attendee may be delegated. Please notify Federated Press of any changes as soon as possible. Federated Press assumes no liability for changes in program content or speakers. A full refund of the attendance fee will be provided upon cancellation in writing received 13 days prior to event date. No refunds will be issued after this date. Please note that a 15% service charge will be held in case of a cancellation.
DISCOUNT:
Federated Press has special team discounts. Groups of 3 or more from the same organization receive 15%. For larger groups please call Sandra Frattolillo at 1-800-363-0722, ext. 223 to get more information.
PAYMENT:
Payment must be received seven days prior to the event date.