Oxford Chicago Valuation Programme - Saïd Business … · the Oxford Chicago Valuation programme...

Oxford Chicago Valuation Programme for strategic corporate and investment decisions

1 OxfOrd ChiCagO ValuatiOn PrOgramme1 OxfOrd ChiCagO ValuatiOn PrOgramme

‘What i really enjoyed was the guest speakers. So every day, the second half of the day was basically guest speakers coming into the classroom and going through business cases with us . So they were not talking theory they were talking practice, from a practitioner's perspective like we are. having the access and the knowledge and having the ability to pick their brains on several issues about valuations was priceless.’

Mr Kostas Oikonomou, head of analytics and Strategic growth, al Jazeera

November 2014 Programme Dinner, Exeter College, Oxford

www.oxfordchicagovaluation.com 2

at the heart of high-level discussions about new investments, raising debt or equity capital, acquisitions, restructuring and disposals lies one critical component: valuation.

Valuation influences the advice the lawyer gives; the financing agreed with the bank or investors; investment choices and returns; ultimately the judgement about whether or not to buy, sell or finance. But often the people involved in these decisions only have the broadest understanding of how the valuation is arrived at.

in order to make effective decisions, you must understand not only how to build and analyse the operational model, but also the financing options, the different structures, the various valuation methods available, and the returns. You should be able to understand the theoretical concepts so that you can model them for your own analysis and sensitivities. You and the other professionals involved in the discussions must be able to talk the same language.

the Oxford Chicago Valuation programme has been developed to give a wide range of professionals a deeper understanding of the thinking, methodology and techniques behind financing and valuations.

applying valuation to strategic corporate and private equity investment decisions


3 OxfOrd ChiCagO ValuatiOn PrOgramme

Why did you develop this programme?the valuation of a company, asset or investment is a vital factor in many decisions, from selling off part of a family firm, to privatising a national industry, raising finance for a project or infrastructure or simply deciding where to invest a pension fund. there is a need to provide a programme that helps all stakeholders understand and make the best decisions.

many experts specialise in the technical side of determining a valuation. But there is a wide range of other professionals who have to take action based on the results of the valuation experts’ work – including CfOs, strategists, lawyers, accountants and consultants who advise businesses of all sizes, managers of funds that invest directly in companies or assets, and officers of public authorities. We developed this programme for these people – to arm them with the knowledge to think independently during these discussions, and to give them the analytical execution, and decision-making skills they need.

Participants may have an mBa, or professional qualifications and have a general idea of how valuation works. But they won’t have sufficiently detailed knowledge or experience to analyse, structure and model valuations in the full range of asset classes. they will have limited, if any, exposure to real transactions. We will give them a deeper knowledge of the methods, models and processes involved to help them to make better decisions.

What will i learn?We will be providing you with the equivalent of years of experience of financing and valuation in one week.

unless you’re an investment banker who specialises in valuations, you are only going to have experience of a very limited number of cases. even bankers and fund managers will have been exposed only to cases in their specific field, and not in all asset classes or structures. indeed, i know that many participants have chosen to come on this programme in order to prepare them for their first ever company valuation or acquisition. in this situation, a good grasp of theory is essential, but even more useful is to know what happened when something similar was applied by a different company or fund a few years ago, or to recognise a potential difficulty before it becomes a full-blown risk.

So on this programme you’ll learn the theory that you need, which includes the ways in which different assets are valued. You’ll get good finance and valuation modelling skills, including how to present a valuation proposal and analysis, that you’ll be able to take back to the office and put into action straight away. But most importantly, you’ll take part in simulations of a range of different situations and negotiations, based on real cases and presented by senior executives.

interview with the programme director, andreas angelopoulos

Why have the two leading business schools in finance joined forces to develop a new programme on valuation?


What will we do during the week?learning at both Oxford and Chicago Booth is all about questioning, debate, and critical thinking.

it’s never just one-way: lecturers and participants alike always say that they learn from each other. it’s particularly so in this programme because of the wide range of participants, all contributing knowledge from different professional fields. everyone will play their own roles in the simulations and bring their own experiences to bear – which is much more meaningful than most simulations when you are representing a point of view armed only with a briefing sheet and position statement. You’ll be able to question the lawyer in your group, for example, on exactly why he or she gave a particular piece of advice and what’s behind it. if you’re a consultant, you can explore safely the consequences of different courses of action.

at the same time there will be theory sessions and applications with a modelling element, in which academic faculty from both Oxford and Chicago Booth explain conceptual frameworks. these will be brought to life by real cases and roundtable discussions with leading executives, and alumni from finance, investments and consulting.

how is this programme different?there is no other programme of this type currently available.

there are some good programmes which deal with the general aspects of valuation, usually as part of an advanced financial programme, but there is nothing else available that provides this mix of academic theory, modelling skills, real case interactions and challenging debates and discussions. On no other programme will you be able to meet such a wide range of senior and experienced professionals.

• Understand how to apply valuation to make better strategic decisions

• Acquire financial and valuation modelling techniques to apply immediately at work

• Discuss real transactions with leading executives and interact with global leaders in finance

5 OxfOrd ChiCagO ValuatiOn PrOgramme5 OxfOrd ChiCagO ValuatiOn PrOgramme

geographies

9% asia17% north america

22% uK

12% middle east

9% africa3% latin america

28% europe

Corporate

accounting/Consulting

Banking

investment management

Private equity

foundation

asset management

Sovereign Wealth fund

Private investor

real estate

Wealth management

0 4 8 12 162 6 10 14 18

25-29

30-29

40-49

50+

Work Sectorexperienced Peer group average age: 40

9%

36%

36%

19%


Which positions do participants occupy and which sectors do they work in?

Is this the right programme for me?

Yes, if…. you wish to gain a better understanding of valuations to complement your own specialist background.

You want to acquire the independent analytical, modelling and general execution skills that will enable you to take strategic decisions for your company or investment.

You want to be taught by expert professionals, people with a wealth of experience.

You want to gain valuable practical excel valuation templates that you can adapt for your own solid models.

You want to be exposed to years of accumulated experience that will have a real impact on your own strategic decisions.

You are likely to benefit from the programme if:

• You are the CfO or head of Strategy for a company and you make decisions about raising capital, acquisitions, disposals, or restructuring

• You run a family business and would like to negotiate your valuation with an investor or a bank

• You represent a company raising capital from an investor or the capital markets

• You are a banker negotiating with a fund manager for the company value and sale

• You are a consultant advising a company CeO on the sale of all or part of his company

• You are working for an authority disposing of assets that need to be valued

• You are working for a pension fund investing directly in companies or assets

• You are a lawyer or accountant who would like to have a deeper understanding of critical valuation issues

a selection of organisations participants work for include

Job titles

• Chairman / CEO / President • Managing Director / General Manager • CFO / Finance Director • Board member / Executive Director • Vice President of Business Development • Director of Strategy • Partner • Principal • CIO / Head of Asset Management • Investment Manager / Director • Investment Analyst • Corporate Finance Associate • Private Banker

• Al Jazeera Media Network• American International

Insurance Company • Aton Capital Partners• Bunge North America• Casey Family Programs• Cherat Cement Company• Coutts & Co• Credit Suisse• Deloitte• Dunia Finance • European Bank for

Reconstruction and Development

• Franklin Templeton Investments

• Generali Investments Europe• Gulf Investment Corporation• Halliburton Worldwide • Hikma Pharmaceuticals• Hong Kong Monetary

Authority

• Koch Supply and Trading• KPMG• McKinsey• Merrill Lynch• Morgan Stanley• MTN Cameroon• Mubadala Development

Company• PHW-Group• Public Investment Corporation• PwC• Riyad Capital• Royal Bank of Canada• Saphir Capital Partners• Saudi Aramco• UBS• Vodafone Group• Wirtz Corporation• WS Atkins


discussions by alumnito continue and further enrich the debate, world leaders in finance and investment will join us for evening roundtable discussions and dinners. these are drawn from the Oxford and Chicago Booth alumni base to provide an exclusive opportunity to explore key developments in the field.

uniquely, this valuation programme will unite the three essential strands of theory, cases and discussions. We will bring together world leading authorities drawn from practitioner and academic communities from both sides of the atlantic to share and compare their approaches. theoretical concepts by faculty and real cases developed by banks and funds executives are combined with a practical valuation modelling framework.

this programme will, for the first time, enable participants to not only learn valuation methods, but also gain a clear understanding of the corporate and investment valuation landscape. We will dissect the finance and capital structures that affect valuation, and directly relate these to applications in growth capital, lBO, distress and infrastructure investment decisions.

Cases by executivesleading professionals in their respective fields, from globally recognised institutions will lead you through transactions they have completed, enabling you to understand how they have solved the finance and valuation complexities presented in real world scenarios.


a stimulating combination of theory and practice

theory by facultyCore concepts are delivered by leading Oxford and Chicago Booth Professors renowned for their ability to clarify complex situations, and who provide an adaptable set of finance and valuation models that you can take from the programme and apply the following day at work.


mergers & acquistions Valuation

mergers & acquistions Valuation

Corporate m&a Cases

Oxford sessionPrivate equity Backed

iPO Case

free evening

introduction to Valuation methods

introduction to Corporate &

investment Valuation

how and Why Capital Structure affects

Valuation

lBO investment Valuation

lBO investment Valuation Case and modelling

lBO investment Case

Cocktail reception and networking

Chicago session Venture Capital


Oxford session growth Capital


Chicago session Venture Capital

investment Case

Oxford session growth Capital Case & modelling exercise

distress & restructuring Valuation

distress investment Case

discussion Panel and dinner with alumni from Chicago and

Oxford universities

infrastructure investment Case

real estate investment Case

review and Conclusions

infrastructure investment Valuation

Monday Tuesday Wednesday Thursday Friday

Lunch

introduction to Valuation methods

Corporate acquisition Case

Welcome dinner and networking

Theory by Faculty Cases by Executives Discussions by Alumni

‘this programme has the huge advantage of being taught by both academics and practitioners. i found it extremely interesting and valuable when following the theoretical lectures from the Oxford and Chicago Booth professors, professionals from top tier investment banks and Pe houses came to talk about real life examples, and real life application of valuation theory that was across different situations and different asset classes.’

Mrs Katarzyna Kornasiewicz, mSc in finance lBS, executive mBa Chicago Booth, associate, uniCredit Corporate & investment Banking

real estate investment Valuation

Indicative timetable, final timetables for Oxford and Chicago will vary


Andreas T. Angelopoulos lecturer & executive director Private equity institute, Saïd Business School, university of Oxfordandreas is the executive director of the Private equity institute and lectures at the university of Oxford's Saïd Business School where he founded the Oxford Chicago Valuation Programme and the Oxford finance lab. he has more than 9 years’ academic experience with university of Oxford, Chicago Booth, imperial College and more than 23 years’ professional experience in private equity, investment banking and engineering with englefield Capital (Bregal group), a £2 billion uK private equity fund, for dresdner Kleinwort Benson’s principal finance and venture capital division. he started his career working in the area of engineering (real estate and infrastructure) with Bechtel, dames & moore and hochtief – aBB J/V in uSa and europe. andreas holds an mBa from the university of Chicago, an mSc in engineering from Columbia university and a graduate degree diploma in engineering, from the university of Patras, greece.

Mark E. Zmijewski leon Carroll marshall Professor of accounting Chicago Booth School of Businessfor over 30 years, Professor Zmijewski has been a world leading authority on financial accounting andvaluation matters and has researched, taught, and consulted on these issues. his teaching areas includefinancial and managerial accounting, advanced accounting / mergers and acquisitions, financial analysis and valuation, corporate finance, and financial strategy. he also has extensive experience in consulting across a broad range of industries on these topics across the globe. his work appears in a variety of notable journals, and he has served on a number of editorial boards. Zmijewski is the former Chicago Booth deputy dean, Ph.d. Program faculty director, and the Center for research in Security Prices faculty director.

Who teaches on the programme?Theory by Faculty

Tim Jenkinson Professor of finance and head of the finance faculty, Saïd Business School, university of Oxford tim is one of the leading authorities on private equity, iPOs, and institutional asset management. he is head of the finance group at Saïd Business School, director of the Oxford Private equity institute, and is one of the founders of the Private equity research Consortium. Outside of academe he is a partner at the leading economics consultancy Oxera, where he chairs the remuneration Committee and Oxera holdings ltd. he studied economics as an undergraduate at Cambridge university, before going as a thouron fellow to the university of Pennsylvania, where he obtained a masters in economics. he then returned to the uK and obtained a dPhil in economics from Oxford.


Steven N. Kaplan neubauer family distinguished Service Professor of entrepreneurship and finance, the university of Chicago Booth School of Business Professor Kaplan is one of the world’s foremost researchers on private equity, venture capital and corporate governance. Professor Kaplan is a research associate at the national Bureau of economic research, and he also serves on the board of accretive health, Columbia acorn funds, and morningstar. he serves on the advisory board of Correlation Ventures and Sandbox industries, and also on the boards of the Kauffman fellows Program (an educational program that trains emerging leaders in venture capital and high-growth companies), the illinois Venture Capital association and the Chicago national association of Corporate directors. Professor Kaplan is also the faculty director of Chicago Booth’s Polsky Center for entrepreneurship and innovation. he received his aB, summa cum laude, in applied mathematics and economics from harvard College and earned a Phd in Business economics from harvard university.


Cases by Executives Discussions by Alumni

Stefano Beschimanaging director m&a rothschild

Matteo Botto Poalamanaging directorgoldman Sachs infrastructure Partners Stephen GreenSenior Partner Special SituationsPatron Capital Partners

James HartopPartnerm&aCenterview

Dimitrios Iroidesdirector m&arothschild

Luis Mota Duartehead of m&aSonae group ex-director Bridgepoint Capital

Dan Oakes managing director Capital markets Commerzbank

Roopesh K. Shah managing director head of restructuring finance and advisory goldman Sachs

Claudio Vescovoinvestment director glennmont Partners

Nicholas W. Alexosmanaging director madison dearborn PartnersChicago alumnus

Marc Boheimmanaging directorgoldman Sachs Private equityChicago Booth alumnus

Keith M. Breslauermanaging PartnerPatron CapitalChicago Booth alumnus

Tom CooperCo-Chairman of global mergers and acquisitionsdeutsche BankOxford alumnus

Dominic HollambyVice Chairman & global head of healthcarerothschildOxford alumnus

Johannes P. Huthhead of KKr in europe, m. east and africaChicago Booth alumnus

William Jacksonmanaging PartnerBridgepointOxford alumnus

Tom Kalarisformer CeO, Wealth and investment management& executive Chairman of Barclays in the americasChicago Booth alumnus

David Riddellmanaging director, restructuringBlackstoneOxford alumnus

Joseph Schullmanaging Partner europeWarburg PincusOxford alumnus

*Speakers subject to change

these leading professionals will present case studies on transactions they have executed.

Panel discussions over dinner will provide an intimate opportunity to direct questions to a selection of the following finance leaders.


two programme dates and two locations to choose from

Chicago Booth gleacher Center Chicago

Chicago

fee: $10,200

Oxford

fee: £6,500

Programme fee: £6,500 Oxford $10,200 Chicago fees include all tuition, course materials and essential reading.

lunches, daytime refreshments and two evening dinners are provided.accommodation not included. Please ask for an accommodation guide to arrange preferential bookings and rates.

Saïd Business School thatcher CentreOxford

Saïd Business School and Chicago Booth alumni are entitled to a 15% discount from the programme fee. You can also take advantage of our corporate partner rate with a 15% discount if three or more people from your organisation take part.

Spring 2016 4 – 8 April 2016

Summer 2016 13 – 17June 2016

www.oxfordchicagovaluation.com 12www.oxfordchicagovaluation.com 12


Chicago Booth is the second oldest business school in the u.S., established in 1898. from its origins, Chicago Booth has stressed discipline-based knowledge. the "Chicago approach” combines the very best in conceptual knowledge and academic theory with practical real world application. drawing on multiple academic disciplines we help students create sophisticated analytical frameworks – we teach leaders “how to think, not What to think.”

Chicago Booth has been an innovator in business education and a creator of ideas for more than a century. Some of these firsts include:

• PhD program in business 1920• Scholarly business journal 1928• PhD in business awarded to a woman 1929• Executive MBA program 1943• First and only US business school to offer an executive MBA

program in Europe and in Asia 1994• 7 Nobel prize-winning faculty members

We are very proud to be the first and only u.S. business school with permanent campuses on 3 continents: asia (Singapore and soon hong Kong too), europe (london) and north america (Chicago).

the School offers non-degree and customised corporate courses to over 4,000 executives and a complete range of full- and part-time mBa programs to 3,100 students. We are consistently recognised as one of the world’s top business schools, currently ranked #5 ft open enrolment programmes (2013) #1 the economist ft mBa (2012). Chicago Booth has 48,000 alumni in 113 countries: 6202 of these are owners, CeOs, or top officers in firms worldwide. Over 500 of our alumni hold faculty posts at business schools and universities worldwide.

the university has 89 nobel laureates associated with it, and Chicago Booth is the first to have a laureate on its faculty (george Stigler, 1982) and the first school with a total 7 nobel Prize winning faculty members. the faculty body is focused on research with information disseminated quarterly through the Capital ideas magazine.

finance researchers at Chicago Booth have a long history of leadership in academia and of providing practical impact. the deep influence of Chicago Booth research on academia is reflected in long citation counts and the number of academic awards and honors won by the faculty. indeed, modern finance is largely built on the work of past and present Chicago Booth faculty such as eugene fama and nobel laureates merton miller and myron Scholes. the economic theory and empirical work produced by researchers at Chicago Booth have also found practical application in investment practice, in the construction of appropriate corporate capital structures, in the formation of banking regulation, and in a hose of other contexts. Chicago Booth’s tradition in research has at its core a culture that demands both rigor and grounding in real world observations and practice.

about Chicago Booth School of Business



the Saïd Business School was founded in 1996, and since then has become one of the highest ranking business schools in the world with a reputation for entrepreneurship and innovative business education. as with most things at Oxford, the school has a history, having been preceded by the Oxford Centre for management Studies (OCmS), which was founded in 1965, and templeton College (now green templeton).

We are not just “at” Oxford, but an integral part of Oxford university, blending the best of new and old. We are a young, vibrant, and innovative business school deeply embedded in an 800 year old world-class institution that includes over 50 nobel laureates in its alumni.

We educate people for successful business careers, and as a community seek to use our business acumen and global network to address long-horizon phenomena like demographic change, new technologies and natural resource scarcity. We deliver cutting-edge education and ground-breaking research that transforms individuals, organisations, business practice, and society. We seek to be a world-class business school community, embedded in a world-class university, tackling world-scale problems.

in the financial times european Business School ranking (dec 2012) Saïd is ranked 12th. it is ranked number one in the uK (7th worldwide) in the ft’s combined ranking of executive education programmes (may 2012) and 24th in the world in the ft ranking of mBa programmes (Jan 2013). in the uK university league tables it is ranked first of all uK universities for undergraduate business and management in the guardian (may 2012) and has ranked first in eight of the last nine years in the times.

Our world-class academics research and teach in all areas of finance. We are at the heart of the finance research activities of the university, which span numerous departments. Our members play a leading role in research around the world, bringing together academics, practitioners and policy-makers. We offer a broad range of outstanding degree and executive education programmes in finance, including the Oxford mSc in financial economics which has been ranked first in the uK and fourth in the world by the ft ranking of masters in finance 2012 for the second consecutive year. the school collaborates closely with research centres across the university such as the Centre for Business taxation, Centre for Corporate reputation, Private equity institute and Oxford-man institute. all of these centres produce independent research that is shaping the understanding of financial markets and business practices across the globe, whilst developing the next generation of finance leaders.

about Saïd Business School



expanding your network

the programme has been structured to allow you to work directly with as many of your fellow participants as possible, to gain from their experience and to make contacts that you can draw on long after the programme has finished. You will gain access to a truly global community of both participants and speakers through the existing networks that Chicago Booth and Oxford university can convene.

Chicago Booth’s global footprint

With alumni living and working in 113 countries around the globe, being the only business school with permanent campuses on three continents: asia, europe, and north america, and more than one third of its faculty holding degrees from universities outside the united States, Chicago Booth provides a worldwide perspective for this programme.

The Oxford Business Alumni Network

the OBa network is Saïd Business School's official global business alumni network. it brings together individuals from the School and Oxford’s collegiate university who share a common interest in business, and provides lifelong intellectual, professional and social connections long after you have left, wherever you may be. With more than 10,000 members living in 129 countries across the globe, the OBa network is truly a world-class, international community.

executive education participants will be invited to join the OBa network upon completion of their programme. to learn more about the OBa network benefits and events, please visit our dedicated website: www.oxfordbusinessalumni.org.

this programme draws on a wide pool of international expertise from both business schools, and provides access during the programme and at subsequent events

the power of our combined university network:

• the two highest ranked finance faculties and research in the Journal of finance 2012

• two of the highest ranked executive education providers in the world

• a combined group of alumni living in 129 countries• two universities with over 130 nobel laureates• alumni occupying leading roles across the global

financial centres


Connecting Oxford and Chicago alumni

during each programme we will invite alumni from previous iterations and from the two schools’ wider alumni base to join us for one of the panel dinners, enabling participants to access this combined global network.

Chicago Session

Oxford Session

dinner for participants

dinner with alumni and speakers

dinner forparticipants

Oxford College dinner for participants, speakers

and alumni

Dinner discussions led by senior alumni from

• Barclays • Blackstone • Bridgepoint • deutsche Bank • goldman Sachs • KKr • madison dearborn Partners • Patron Capital • rothschild • Warburg Pincus


apply now

apply online atwww.oxfordchicagovaluation.comfor further information contact:

Saïd Business SchoolSteve Brewstert: +44 (0)1865 422727e: [email protected]

Chicago Booth School of Businesslindsey Berryt: +001 312.464.8728e: [email protected]


Saïd Business School

after its establishment in 1996, the Saïd Business School has become an integral part of the university of Oxford, and embodies the academic rigour and forward thinking that has made Oxford a world leader in education. the School is dedicated to developing a new generation of business leaders and entrepreneurs and conducting research not only into the nature of business, but the connections between business and the wider world.

executive education programmes at Saïd are ranked in the top ten of the financial times combined table, and number one in the uK. the faculty that deliver this high standard of education at the School are at the forefront of their fields and provide intellectual leadership not only for businesses, but also for institutions such as the european Commission, the uS federal deposit insurance Corporation, the indian Prime minister's economic advisory Council (eaC) and the World Bank.

www.sbs.oxford.edu/execed

Chicago Booth School of Business

Since 1898, the university of Chicago Booth School of Business has produced ideas and leaders that shape the world of business. Our programs consistently rank among the top 10 schools in surveys worldwide. With a rigorous, discipline-based approach to business education, students are transformed into confident, effective, respected business leaders prepared to face the toughest challenges.

as part of the world-renowned university of Chicago, the Booth School of Business shares the university’s core values that shape its distinctive intellectual culture. Our unparalleled faculty is famous for producing theories that change business practice constantly questioning, testing ideas and seeking proof. this extraordinarily effective approach to business leads to new ideas and innovative solutions. We proudly claim seven nobel laureates among our current and former faculty - the first business school to achieve this accomplishment.

www.chicagobooth.edu/execed

WWW.OxFORDCHICAGOVALUATION.COM

Saïd Business Schooluniversity of OxfordPark end StreetOxfordOx1 1hPunited Kingdom

© 2015 Said BuSinESS School, chicago Booth School of BuSinESS.

university of Chicago: gleacher Center450 n Cityfront Plaza drChicagoil 60611united States

Date post:	07-May-2018
Category:	Documents
Upload:	phungtuong
View:	221 times
Download:	1 times

Oxford Chicago Valuation Programme - Saïd Business … · the Oxford Chicago Valuation programme...

Documents