How much should I pay for a company? What is the best way to fight a hostile bid? How do I determine my long-term target capital structure? When and how should I go public? Is it better to take my company private in a leveraged buyout or to borrow money and repurchase stock? Can I use derivatives in structuring acquisitions and share buybacks? How do I account for the risk of doing business in other countries? Above all, how can I make sure that everyone in the company contributes to the common objective of maximising shareholder value?
These are some of the many questions that will be answered in the Corporate Financial Strategy in Global Markets (CFSGM) programme – designed specially for experienced financial services and corporate finance executives. In nine intensive days, INSEAD guarantees to sharpen the expertise of knowledgeable finance professionals. More generally, the programme focuses on providing a financial framework to structure participants’ strategic thinking. In this framework, strategic decisions are based on rigorous cash-flow forecasts, together with accurate estimation and management of risk.
As the programme focuses on shareholder value creation, it is first necessary to measure shareholder value. So the programme starts with an in-depth discussion of various company valuation methods. The conclusions are then used to explore ways of increasing that value – both real and perceived – through:
- astute choice of financing methods
- financial restructuring, such as recapitalisations, share buybacks and leveraged buyouts
- asset restructuring, such as mergers and acquisitions, spin-offs and equity carve-outs
- credible and compelling communication with shareholders
- developing a strong culture where all decision makers are motivated to create value
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