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Merger and Acquisition Modelling
Rating: 4.7 out of 5(3 ratings)
28 students

Merger and Acquisition Modelling

Learn how to structure and model business integrations using best-practice techniques and sound financial assumptions
Created byCapital City Training Ltd
Last updated 12/2024
English

What you'll learn

  • Learn how to construct a flexible, integrated merger model for 2 businesses
  • Analyse the pro-forma credit ratios and combined profit metrics post-merger
  • Construct sensible financing assumptions for the deal (combining debt and equity)
  • Apply best-practice modelling techniques to perform the modellinga and analysis
  • Create a model that can be used as a template for other deals to be analysed

Course content

4 sections • 17 lectures • 1h 31m total length

  • Introduction9:21
  • Merger model recipe3:37

    Build a first merger model by establishing sources and uses of funds, calculating goodwill, and consolidating the balance sheet and PNL to assess earnings accretion.

  • Sources and Uses2:45

    Build sources and uses to fully fund a deal and ensure financing meets the takeover panel's requirements, then test how the debt-to-equity mix alters deal economics.

Requirements

  • This course assumes a sound grasp of core financial modelling (in excel) techniques and an awareness of some of the accounting issues - such as goodwill and fair values, but this will be illustrated in the course.

Description

This intensive video-based course assumes a sound grasp of financial modelling techniques and awareness of the current accounting implications of M&A transactions.

During the course, delegates will construct a flexible integrated merger model capable of analysing the pro-forma credit ratios and combined profit metrics of a proposed transaction whilst also building the functionality to identify the optimal capital structure to be used to finance an acquisition. Best practice financial modelling and accounting techniques will be applied throughout.

Merger modelling presents a completely different accounting and technical challenge to preparing an integrated forecast for a single business. This course and the model built is relevant to both equity, debt and credit analysts and corporate financiers who are potentially involved in the origination of or financing of acquisitions.

In the programme we will produce a complete forecast for the recent acquisition of Shire Pharmaceuticals by Takeda of Japan and see the huge impact of the fair value adjustments in this transaction.

At the end of the programme delegates will:

  • Be able to model a merger from scratch and more effectively populate and interrogate template merger models;

  • Model all aspects of a merger including

    • goodwill and fair value adjustments,

    • refinancing

    • fees and correctly accounting for the different types

    • consolidation adjustments

    • synergies, nil-dilution synergies and control premia

    • deal sensitivity and establishing an optimal financing mix based on target pro-forma credit metrics



Who this course is for:

  • This course is ideal for finance graduates or new hires in the investment banking / corporate finance world, or those looking to venture into that area. The model you create is a realistic template of how these deals are analysed in the real world!

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