2012 PwC China Finance Academy Training Course
Corporate Valuation (1 Day)
Course introduction：
 Valuation and modeling is the foundation of industry research and PE business, the
profession skill of industry researcher and PE. Corporate valuation has been widely used
and achieved significant influence in oversee mature market. This course introduces the
basic theories, models and application of corporate valuation and modeling, describes the
latest research result in this field. After finishing this course you can use the valuation and
modeling theory in a flexible manner and efficient use valuation and pricing analysis in
daily work.
 Q&A section will answer your question about corporate valuation and modeling.
Course Attendee：
PE, Financial analyst, others from financial institutions and so on.
I.
Introduction of Valuation methods

Some Concepts about value
 Value and Price
 Market price and book value
 Going-concern value and liquidation value
 Non-controlling value and controlling value



Corporate value
 Value equation’s simple format and general format
 Some need pay attention in using value equation
Absolute valuation methods
 Summary of absolute valuation methods
 Dividend Discount Model(DDM)
 Equity discount cash flow model
 Non-leverage discount cash flow model
 EVA discount methods
 Adjusted present value methods
 Conclusion of absolute valuation methods
Relative valuation methods and other valuation methods
 Summary of relative valuation methods
 Enterprise value multiples methods
 Some special comparative figures（A / H, PEG）

Conclusion of relative valuation methods
II．Preparation before modeling
 Consideration before modeling
 Modeling content, reason and tools
 Some question before modeling

Source and collection of historical data
 Source of historical data
 Collection of historical data

Forecast the assume data sources
 Corporation historical data
 Corporation development plan
 Industry Characteristics and development rule
 Macroeconomic forecasts
III．Technology in modeling by using Excel
 Excel ‘s common shortcuts
 Excel’s common function
 SUM、SUMIF、SUMPRODUCT
 If、Max、Min
 COUNT、COUNTA、COUNTIF、CHOOSE、VLOOKUP、HLOOKUP、INDEX、
OFFSET
IV．Financial forecast modeling
 Structure of financial forecast modeling
 Steps of financial forecast
 Forecast income statement
 Forecast balance sheet statement
 Cash flow forecast and check with the model
 Analysis of financial result
 Check the financial forecast model
 Tie in check of the model
 Reasonable check of the model
 Conclusion of financial forecast modeling
V． Case study
 Build valuation model
© 2012 PricewaterhouseCoopers. All rights reserved. "PricewaterhouseCoopers" refers to the China
firm of PricewaterhouseCoopers or, as the context requires, the network of member firms of
PricewaterhouseCoopers International Limited each of which is a separate and independent legal
entity.