Methods and techniques for valuing investments

Details

The course aims to familiarize students with methods and techniques for the evaluation of direct investments (private and public) and financing, respectively, to prepare a business plan for their future exploitation.

The program has a strong practical character, being developed on significant case studies for the investment and financing decision. There will be also assessed the projects of personal interest for students.

Target group

The course is addressed to financial managers and all employees who are involved in substantiating capital investments, in endowment with equipments, machines, expensive technologies, in working with capital management, in strategic decision regarding mergers and acquisitions, etc.

Also, teams for the preparation of applications for financing from EU funds will have in this course a useful guide to substantiate their public and private projects.

Course objectives

At the beginning we will make an analysis of the company's performance and future business environment for investment in order to find out if there is sustainability for development of the proposed projects.
The course will focus next on:

• planning future income and expenses for development and capital in order to estimate the most appropriate future cash-flows, including terminal value;
• estimating the cost of capital (rate of discounting the future cash-flows) depending on business risks and capital market
• calculation and interpretation of the selection criteria for efficient investment (VAN, RIR, the recovery period, profitability index etc.)
• explaining the relationship between VAN criteria, on the one hand, and the stock value of the company of the other part.

Rating the efficient investment from above will be subject to a simulation of various scenarios to test baseline in the economic environment and volatile economic future (sensitivity analysis, Monte Carlo simulation, decision tree, etc.).
The course ends with the estimated financial implications of seeking different sources of own, borrowed or public funding, etc.

Trainer

Ion STANCU, University Professor of Corporate Finance

Director of the master "Financial management and investment” and advisor leader with expertise in financial analysis and planning, evaluating and financing investment projects, capital markets and portfolio management. Mr. STANCU recommends for consultation the work "FINANCE. Financial markets and portfolio management. Direct investment and financing "and" Corporate Finance with Excel "(2012). Since 2003 he is working as an administrator and chairman of the internal audit committee at SIF Banat-Crisana and Romanian Bank. Since 1993 he is a member CECCAR and CAFR member since 2000. Since 2015 - Vice President of the Institute of Financial Studies.

Laura OBREJA BRAŞOVEANU, University Professor of Corporate Finance

Co-Director of the master "Financial management and investment" and with expertise in financial analysis and planning, evaluation and financing of investment projects, financial markets. Mrs. OBREJA BRAŞOVEANU recommends for consultation the work: evaluating and financing investment projects, financial markets: Corporate Finance, vol 1, Analysis and Financial Planning "(2015, Stancu, I., Braşoveanu Obreja, L., Stancu, A.); "Rating and financing direct investments. Collection of feasibility studies "(2009 Dragotă, V (coordinator)).

Affiliations:

ANEVAR -The National Association of Certified Appraisers in Romania

INFER - The International Network for Economic Research, Working groups: Bounded Rationality in Economics and Finance, Growth and Business Cycles, Institutional Economics, Public Economics

ROFIBA Romanian Association of Finance - Banks - member of the Board of Directors

CEFIMO Financial and Monetary Research Center

Duration / Period

The program will take place between 14.00-18.30

Investment

The investment for this program is of 450 lei + VAT/participant and includes: course materials, coffee and lunch break on Saturday, participation certificate.

Discounts

At the above fee the following discoutns will be granted:

• 5% for the registration of more than 2 persons from the same organization
• 5% for persons who have participated in 2017 at courses organized by ISF.

The discounts can be cumulated.