Summer University Course

Prerequisites

The course is dedicated for students with a solid finance and accounting background (i.e. completed 4 semesters of relevant BSc), where a good understanding of the following topics is required:

• Basic corporate finance principles such as Project Cash Flows, Net Present Value calculation, WACC, evaluation of investment opportunities, drivers of investment and financing decisions
• Basic accounting principles (bookkeeping, types of financial statements) and content & analysis of financial statements (balance sheet, income statement, cash flow) 

Course Description

During the course, students will be introduced to the world of M&A, by learning the goals, drivers and participants of a corporate acquisition process. They will become familiar with each major step of an acquisition using a comprehensive case study. Through a practical approach, the course will involve the simulation of typical tasks to be completed during an M&A process, such as market screening, valuation and due diligence. Students will be working in small groups, where - with the help of instructors - they will prepare materials that are commonly required during real-life transactions. 

Topics

• Basic understanding of a company’s key financials;
• Common valuation approaches, indicative valuation of a company;
• Due diligence of a company;
• Transaction overview, transaction closing and other considerations;
• Role of an advisor in an M&A process.

Learning Outcomes

• Overview and general understanding of an acquisition process
• Analysis of a company’s key financials
• Basic understanding of valuation concepts and valuation modelling
• Understanding the process of due diligence, overview of common type of analyses performed, identifying risks, key trends and understanding potential mitigants
• Understanding additional factors impacting the purchase price of a company during acquisition, such as EBITDA normalization, working capital position, net debt position, off-balance sheet liabilities, etc.
• Presentation of materials and findings during an M&A process.

Assessment

Students planning to obtain ECTS credits for the course must prepare a short presentation based on learning outcomes and the case study on the level of smaller groups (approximately 3 people). 

Reading Materials

The necessary reading materials, case study and data to work with will be provided by Deloitte during the course.

Introduction of facilitators:
The course is held by various Deloitte senior professionals with extensive, day to day experience on the field of mergers and acquisitions, valuation and due diligence.

Nóra Kollár graduated from Corvinus University of Budapest with a Master in Accounting. She has also ongoing studies with the Association of Chartered Certified Accountants. Nóra is currently a Manager at Deloitte Hungary Financial Advisory with over 6 years of experience in transaction services with a focus on the financial services industry (banking and insurance).

Ákos Saáry (course coordinator) graduated from Corvinus University of Budapest with a Master in Finance, specialized in investment analysis. He works as a Senior Associate at Deloitte Hungary Financial Advisory and has more than 3 years of experience in due diligence and post merger integration projects, with a prior 4 year experience in tax advisory.

Dániel Balogh is a Manager at Deloitte Hungary Financial Advisory, with 5 years of experience in corporate finance and valuation & modelling. He is also a CFA charterholder.

Brigitta Leczki is a Manager at Deloitte Hungary Financial Advisory, with 2 years of experience gained in financial advisory, specialized in valuation & modelling and more than 4 years of experience in credit risk management. She is also a CFA charterholder.

Tamás Nagy is a Manager at Deloitte Hungary Financial Advisory, with 6 years of experience in corporate finance, transaction services and valuation & modelling. Tamas graduated from the Corvinus University of Budapest, majoring in corporate finance and also holds a degree in Applied Economics.