Non members : To receive news from HKSFA
Please register here
Forgot password
[CANCELLED] Advanced Financial Analysis Series - M&A Deal Structuring and Merger Modeling Techniques [Complete] Event Code: 181005W
Date 05-Oct-2018
Time 08:45 a.m. - 5:00 p.m.
Venue HKSFA Office, 14/F, BOC Group Life Assurance Tower, 136 Des Voeux Road Central, Hong Kong
Speaker(s) Mr. Hamilton Lin, CFA
Wall St. Training
Fee HKSFA Member(s) at HK$2,500.0/person
CFA Candidate(s) at HK$4,000.0/person
Guest(s) and Non-member(s) at HK$4,000.0/person
This seminar is qualified for 6.5 CPT hour(s), 6.5 CE hour(s), 6.5 RBV CPD hour(s)
  • Special Discount: 10% off for those who register for two (or more) workshops. This discount is automatically deducted when you register for the second and third workshops.
  • Only Visa and Master Card are accepted for online payment.
  • The fee includes course materials.
  • Classrooms are not equipped with computers, participants WILL HAVE to bring their own laptops. Please install Excel for PC (any version). Macs will not be as effective as shortcut keys are different.
  • Please make sure your laptop has a working USB port to copy files at the beginning of class.
  • For attendance-taking purpose, participants’ names and company name (if any) will be given to the speaker at this workshop.

Event Details Add to Calendar
HKSFA is proud to present our “Advanced Financial Analysis Series" held in conjunction with Wall Street Training & Advisory. This Series of workshops builds upon and expands our prior successful and popular Financial Analysis Series and will provide practical, Excel-based career-enhancing programmes related to financial modelling, projection modelling, fundamental analysis, mergers & acquisitions and leveraged buyouts. This series of hands-on workshops will consist of the following full-day, extended programmes:
The goal of these programmes is to improve and elevate the skills sets of the financial analyst and the investment professional. Heavy emphasis is placed on being as effective and efficient as possible with Excel.  

Highlights of this Workshop:

Learn about mergers and acquisitions and how deals are structured. The first half of this course focuses on the mergers and acquisitions process and the basics of deal structures, presenting the main tools and analyses that M&A investment bankers and acquirers utilize. It covers the following modules: (i) in-depth analysis of the entire M&A process, including due diligence and legal issues; (ii) common structural issues including cash vs. stock, upfront payments vs. earn-outs, and stock vs. asset deals; (iii) crucial merger consequence analysis including detailed accretion/dilution and contribution analyses; and (iv) detailed analysis of transaction case studies to illustrate various deal structures and demonstrate detailed alternative earn-out structures and methodologies.  

The second half of this course builds on the first half and is hands-on, interactive, Excel-based and covers different ways to model out financial combinations. Different techniques are covered including the most basic and widely used back-of-the-envelope method, accretion / dilution and more robust analyses. Build dynamic models that account for different transaction structures, learn how to sensitize financial projections and the financial impact on a transaction and construct a pro forma merger model. Calculate estimated combined income statement for target and acquiror, key pro forma balance sheet items, cash flow for debt repayments and other relevant items in a merger and acquisition context.

Learning Goals:

M&A Deal Structuring:

  • Review of various deal considerations and deal structuring options (cash vs. stock)
  • Common structural issues in a transaction (stock vs. asset)
  • Buyer and seller preferences for various deal structures and rationale
  • Tax implications of transactions based on deal structure and IFRS #3 goodwill amortization
  • Merger consequence analysis including accretion / dilution and financial implications of a deal
  • Analysis of breakeven PE for both 100% stock and 100% cash considerations

Accretion / Dilution Modeling:

  • Build dynamic merger consequence analysis (accretion / dilution) incorporating the following:
  • Synergies switch, cash vs. stock sensitivity
  • Amortization of goodwill switch (depending on purchase price allocation)
  • Common structural issues: Stock vs asset deals
  • Tax implications of transactions based on deal structure and IFRS #3 goodwill amortization
  • Analysis of breakeven PE for both 100% stock and 100% cash considerations
  • Calculate pre-tax and after-tax synergies / cushion required to breakeven


Simple Merger Modeling:

  • Construct a merger model, simple combination of Income Statement for target and acquiror
  • Project simple stand-alone Income Statement for both target and acquiror
  • Analyze selected balance sheet figures and ratios and multiples
  • Estimate target valuation and deal structure
  • Calculate selected Pro Forma balance sheet items
  • Combine target and acquiror’s Income Statement and estimated synergies
  • Calculate cash flow for debt repayments to estimate debt repayments and cash balances
  • Compute interest expense and interest income based on paydowns
  • Calculate accretion / dilution and credit ratios


Prerequisite: Intermediate proficiency using Excel is required. This is a technical workshop focused on manipulating and analyzing data, not financial or valuation modelling. 

Rating - Advanced
Highly focused technical presentations of interest to participants with a high level of technical knowledge in the subject area.


About Wall Street Training & Advisory:  Wall Street Training & Advisory, Inc. (WST) is a leading global provider of training and advisory services. WST has a nearly two-decades-long track record of successfully providing services to clients across a variety of financial industry verticals, including investment banking, mergers & acquisitions, equity and fixed-income research, asset and investment management, credit analysis, private equity, and high-yield LBO and special situation/distressed analysis. WST has also worked with Fortune 500 companies, government agencies, extra-governmental regulatory organizations, and professional organizations around the world to provide tailored training for new hires and existing employees. To learn more: