Course Oultine

The Corporate Finance has been designed to provide participants with a solid grounding on Corporate Finance theory and principles.

Introduction to Corporate Finance

Financial Statements

Overview of Corporate Financial Statements

  • Examination of Balance Sheet, Income Statement and Cashflow
  • Ratio analysis: Liquidity ratios (Stock Turnover, Debtor Days, Creditor Days), Profitability ratios (Gross and Net Margins), Safety Ratios (Gearing, Leverage, Interest Cover)
  • Critical look at EBITDA – how useful is it?
  • Creative Accounting

Overview of the Merger and Acquisitions landscape

Types of Mergers

  • Horizontal
  • Vertical
  • Conglomerate
  • Defensive

Why do most M&A transactions fail to deliver Shareholder Value?

  • Case Studies of failed acquisitions (Daimler/Chrysler, AOL/Time Warner)
  • Characteristics of failed mergers; Synergies not delivered, Overpayment, Culture Differences
  • Critical success factors for acquisitions

Process for acquiring a listed company o Scheme of Arrangement

  • Mandatory take over triggers
  • Premiums
  • Shares vs cash
  • JSE Regulations that govern acquisitions

Hostile Take Overs

    • What is a hostile take-over?
    • What makes a company vulnerable to a hostile take-over?
    • Evolution of hostile take-over from the 80’s to current times
    • Take Over Defences and strategies that can be employed by companies against a hostile take-over:
    • Poison Pills
    • White Knight/White Squire
    • Crown Jewel Lock Up
    • Golden Parachutes

Shareholder considerations in respect of defence measures to be employed

Company Valuation

  • What is the value of a company?
  • Break Up Value vs Going Concern
  • Market Valuation: p/e, market capitalisation
  • Valuation using other comparables
  • Similar Company comparables
  • Transaction Comparables
  • Net Asset Value (NAV) Valuation
  • Valuation using Discounted Cash flow method
  • Free Cash Flow – Deriving Free Cash Flow to Firm (FCFF)
  • Concept and calculation of Weighted Average Cost of Capital (WACC), The Capital Asset Pricing Model (CAPM)
  • Discounting: Calculating Primary period and Terminal Value cash flows
  • Enterprise Value vs. Equity Value

Instruments of Leveraged Finance – Loan Market:

  • Raising Debt: Syndications/Club Deals/ Bi-laterals
  • Senior Debt: Role and structure in leveraged transactions
  • Mezzanine Finance: Definition of, role in leveraged deals and Private Equity
  • PIK Debt: PIK Loans/PIK toggles. Role and structure in highly leveraged transactions
  • Loan Documentation: Covenants, Reps and Warranties, Cross Default/Cross Acceleration

Instruments of Leveraged Finance – Debt Capital Market:

  • High Yield Bonds: Issuing Process/Comparison with other forms of debt
  • Convertible Bonds: Issuing Considerations/Benefits and Drawbacks compared to other forms of Debt

Instruments of Leveraged Finance – Equity Market:

  • IPOs
  • Rights Issues
  • Accelerated Book Build (ABB)

Leveraged Acquisitions Finance:

  • Typical LBO capital Structure
  • Bridge Funding: Role in Acquisitions, Typical Structure
  • Private Equity principles / Importance of debt in enhancing PE returns
  • Determination of Debt Capacity
  • Debt structure and Scheduling
  • Refinancing Risk Assessment
  • Internal Rate of Return (IRR) in decision making

 Other Corporate Actions

  • Spin offs
  • Split offs
  • Equity Carve Outs


  • 20 & 21 June 2024
  • 29 & 30 August 2024
  • 28 & 29 November 2024

Time: 09:00 - 16:00

Duration: 2 days

Cost: R11,960.00



Date: 29 - 30 November 2023
Time: 09:00 - 16:00 each day.
Cost: R 11,960.00 per delegate ex VAT
Venue:  Virtual
Facilitator: Frank Vein


CPD points and training certificates will be issued for the attendance at the training. 
Please contact [email protected] to book. Please note that space is limited so please book as soon as possible in order to avoid disappointment.                 

If you would prefer a tailored training session to take place at your company premises please do not hesitate to let us know and we can tailor a training package to suit your requirements. 


By using a service provider to offer the courses, the JSE does not directly or indirectly endorse any product or service provided, or to be provided by the service provider.

Training Booking Form

Company Address
Training Dates
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JSE ACADEMY - Terms and Conditions

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