Advanced trading comparables introductory

Using the same case as the Trading Comparables - ATP module, participants revisit an existing set of multiples covering more complex issues. Minority interests, equity method investments (associates/affiliates), leases, pensions and provisions are covered and slotted into the valuation roadmap. Both enterprise value and income statement adjustments are covered for these topics.
At the end of the day, participants apply the results to the target company and prepare a summary of the comparables analysis.
Key topics

• How leases are accounted for and how to capitalize operating leases into capitalized leases and industries where lease conversions are important
• Equity method investments and how to value these appropriately
• Minority interests and how to value these appropriately
• Provisions and relevant earnings adjustments
• An introduction to pension accounting and the implications for valuation
• Update of existing comparables set
• Evaluation of results
• Application to target company