Pelham Associates, Inc.
  Business Coaching, Consulting and Management Education
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MANAGEMENT AND EXECUTIVE COACHING

FACILITATION SERVICES

MANAGEMENT CONSULTING
MANAGEMENT AND EXECUTIVE EDUCATION

Finance and Accounting Programs
Finance & Accounting for Non-Financial Managers
Valuation
Finance and Accounting for Lawyers
The Time Value of Money

Training Programs for Investment Bankers 
Analyst Training
Associate Training

Empowerment Classes 
Empowerment Workshop 

Leadership, Management & Strategy Programs
General Management Program
Business Acumen for High-Potential Managers
Building the High Performance Organization
Managing Strategic Growth and Change
Senior Leadership Development Program
Managing Conflict  
Managing High Performing Teams
Multinational Business Management
Managerial Negotiation Program
Effective Negotiation Skills for Leaders and Managers
Developing Cross-Cultural Competencies as a Global Leader

Marketing Programs
Generating Customer Retention
Marketing Management Program

Valuation 

Introduction to Valuation
This session explores different approaches to valuation using price and earnings based models and discounted cash flow models.
     Exploring different approaches to valuation.
     Estimates needed for valuation
     Enterprise (Company) value versus equity value

Earnings Normalization And The Projection Of Cash Flows 
This session covers the trending of earnings and cash flows. In particular, we explore the required normalization for earnings and pitfalls to watch for when building a forecast.
     Normalized Earnings
     Earnings Quality
     Adjustments to earnings

The Discounted Cash Flow Model (DCF) 
This session designs a discounted cash flow model. The cash flow estimates are explored in detail. We evaluate different terminal value models and give guidance to which ones should be used under alternative growth hypothesis. The risk adjusted weighted average cost of capital is discussed and derived.
     Cash flow estimates
     Estimating growth rates
     Estimating cash flows to the firm
     Terminal values
     EBIT Multiples
     Dividend Discount Models
     Residual Income Models
     Discount Rate: Weighted Average Cost of Capital
     Cost of Debt
     Cost of Equity

Equity Valuation and Sensitivity Analysis 
Now that the operating cash flows have been discounted, this session shows the adjustments necessary for investments and other balance sheet items. The result will be a value to the equity holders, dividing by the number of shares; the class will jointly arrive at the price per share. 

As an exercise, the class does a sensitivity analysis of the valuation using different assumptions. 

Application of the DCF Model 
Together, the class works an example of a high growth company.
     Comparable Company Analysis
     Enterprise Value versus Equity Value
     Valuing a company using Multiples
          Price/Earnings ratios
          Price/Book ratios
          Price/Sales ratios