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Additional Info

StateNairobi County
Zip/Postal Code00100

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Course fee: USD 1,000
The overall goal of this course is to build analytic skills needed to evaluate the credit standing of small and medium sized enterprises. The training will demonstrate how to combine a qualitative assessment of the company and its management with a quantitative analysis of its performance.
By the end of this course the participants will be able to:
Apply a structured approach to assess the creditworthiness of a small or medium sized company
Evaluate the commercial viability of the business model and management’s ability to deliver to plan
Assess the performance of a SME company based on qualitative and quantitative frameworks and tools
Use a cash flow approach to ascertain a company’s ability to service/refinance its debt as it comes due
Understand the key funding sources available to SMEs
Anyone with an interest in building or further enhancing analytic skills needed to assess SME exposures: Financial professionals in a credit risk, asset investment or relationship management role, as well as those engaged in the assessment of counterparty risk from an underwriting viewpoint or trade debtor exposure. Regulators or those in a supervisory role with an interest in understanding the underlying credit assessment needed in the organizations or departments they assess. Participants are expected to be familiar with financial statements.
5 Days
Module 1 Analytic Overview
Introduction of the four-step approach to any risk exposure: Purpose of transaction, sources of repayment, risks to repayment and the structure of debt or exposure needed to safeguard repayment.
Application: Identify the true purpose of borrowing, the source(s) and risk of repayment, and the expected structure of the debt for several SME companies using company descriptions and key financials
Macro Considerations
Macro risks in the operating environment and industrial or service sector a borrower operates in.
Location: Country risk and market where a borrower operates
Sector: Competitive intensity of the sector a borrower operates in – structure, key players, basis of competition, risk of new entrants, substitution and relative bargaining power of buyers and suppliers
Long-term growth potential and volatility of demand
Application: Illustration case study provided as pre-course material
Application: Identify asset configurations, funding structures and earnings of SME companies in different sectors
Management and Ownership
The role and strategy of the management team as well as the influence and control of shareholders are assessed.
Different types of SME ownership; owners’ and stakeholders’ support and influence
Owner competence and integrity; potential effect on the company’s creditworthiness
Management’s business and financial strategy and performance goals
Quality of financial reporting and management information
Application: Illustration case study provided as pre-course material
Module 2 Business Profile
Understanding a company’s business strategy in the context of sector, country of operation and shareholder requirements.
Diversity of services/products, geographical markets, customer and suppliers.
Competitive position: ‘Unique selling points’ and a company’s relative market position. Comparative size and possible operating efficiencies.
Sector-specific success factors that need addressing.
Application: Illustration case study provided as pre-course material.
Financial Profile – Cash Flow and Profitability
Assessment of the quality and stability of earnings and cash flows from operations needed to finance operations and capital investments (‘Business Risk’).
Earnings and cash flow
Internal and/or external factors impacting revenues and core profitability
Impact on performance by non-operating items
Looking beyond EBITDA at sustainability of funds flow from core operation (e.g. funds from operations – before changes in working capital)
Application: Illustration case study using additional financial ratio and, where possible, sector peer information
Potential additional application: Derive a cash flow statement based on a SME’s balance sheet and profit and loss statement
Financial Profile – Cash Flow and Profitability
Asset investment and efficiency
Working capital management, cash conversion cycle and supplier finance
Application: Comparison of cash conversion of companies operating in the same sector
Cash flow impact of the company’s working capital management stability of cash flow from operations
Expansion or replacement asset investment in on-balance sheet fixed and intangible assets
Industry-specific utilization measures and off-balance sheet ‘assets’
Application: Illustration case study using additional financial information
Financial Pro

January 22, 2020 7:01 pm

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Listing ID 7255e28462462f2a