Price (from): €1,636 / day
Paul started his Investment Management career at Royal Insurance in 1983. Following successful completion of the Society of Investment Analysts Associateship, Paul joined the small team managing Royal’s in-house long term UK Equity portfolios.
In 1990, following the lifting of exchange controls in Stockholm, he joined the Swedish insurer Trygg-Hansa’s London start-up operation to manage its UK Equity exposure.
In 1994 Paul moved into the Private Client arena, as part of the Investment Unit of Lloyds Private Banking & over a two year period diversified away from an exclusive analytical/Fund Management role to incorporate an extensive presentational package on the Bank’s investment strategy delivered ‘on the road’ to its network of offices around the country.
In 1996 Paul took the opportunity offered by the Bermuda-domiciled Bank of Butterfield to head up the global Equity research effort in London in support of the Bank’s (offshore) private client base. While his freelance financial training commitments grew, Paul had a spell with an international high-risk security company analyzing the operations of quoted oil & mining corporates worldwide.
In 2000 Paul moved into full-time training with DC Gardner, the in-house tailored training arm of Euromoney Institutional Investor, specializing in Fund Management, Equity Markets, Private Banking & Hedge Funds.
In 2004 he set up his own company, Chadley House Training Limited, structured to work with existing training providers in the market place. The business has grown & diversified the Client base, establishing fresh local relationships with providers in Asia, the Middle East & West Africa.
Clients trained include Citigroup, Man Investments, Axa Investment Managers, Barclays Global Investors, Brevan Howard, Hoare & Co, Renaissance Capital, Nigerian Stock Exchange, Kuwait Investment Authority, Bank of China, Huarong Securities. Paul is also a member of the London Stock Exchange Academy Training Team & an Adjunct Teaching Fellow with the UCL School of Management, delivering a one-term Masters level Investment Management module at their newly established location in Canary Wharf.
About the training
The Price/Earnings Ratio is the most over-used valuation tool in today’s global Equity Markets. Simple & intuitive yes, overly useful, maybe not? On its own, it is not the most appropriate tool for valuing Insurers, Banks, Real Estate or Oil & Gas Companies. It also does not travel well in terms of cross border, global sectoral comparisons.
What practitioners need to know therefore is which tools to use for which sectors as they navigate today’s globally interconnected electronic Equity markets. Price to Sales, Price to Book Values, Enterprise Values, Embedded vs Appraisal Values, Returns on Equity, Dividend Yields, EBIDTA multiples, Reserves/Production ratios, Tier One Equity vs Risk-Weighted Assets. The list is long, but selecting the right methodology is the starting point for a thorough & transparent analysis.
Finally, every Investment professional also needs to be confident enough to be able to build & operate simple Dividend Discounting & Discounted Cash Flow valuation models, understand how the inputs are derived, appreciate the dangers of ‘garbage in, garbage out’ & crucially, understand how to interpret the outputs.
The program will be interactive, with the emphasis on the practical rather than theoretical. Participants will require access to laptops on the second day for the Excel-based Valuation modeling Case Studies.
Discounted Cash Flow modeling – Be careful with your forecasting assumptions
An understanding that valuing a business is driven by what it does not where it lists
A real appreciation of the advantages & limitations of modeling in Excel
Understanding where to look in the absence of Earnings or Dividends
Traditional Earnings- based Methodology
Asset Based Valuations - Valuing Real Estate, Insurance, Natural Resources
Valuing Consumer Goods, Services - Price to Sales & Enterprise Values
Valuing Oil & Gas Companies
Discounted Cash Flow Valuations – Market wide
Dividend Based Valuations – Market wide
Valuing Privately held Companies
More trainings of the trainerWealth Management – Understanding your Clients as well as your Markets (2 Days) Equity Capital Markets (2 Days) Understanding Hedge Funds (2 Days)