Featuring (click image for more information):

David Dufendach CPA/ABV, ASA Grant Thornton LLP	Jason A. Andrews Grant Thornton LLP

Why You Should Attend:

Having long held a reputation as a confusing – even baffling – statistical analysis technique, Monte Carlo simulations have received short shrift in the valuation process as practitioners have opted for simpler, and more easily explainable techniques. In doing so, the valuation community has left out an important and useful tool from their analysis that could provide invaluable insights.

In the "Advanced Workshop on Monte Carlo Simulations," experts David Dufendach and Jason Andrews explain the nuance and challenge of this valuation technique, removing its complexity and providing clarity for the valuation analyst seeking to harness this powerful tool. Over the course of this intensive four-hour workshop, Dufendach and Andrews will lead attendees through case-studies and hands-on examples as they present from their Seattle offices via a live, interactive video feed. Never has there been a better opportunity to master the Monte Carlo simulation.

This presentation will rely on case studies and other examples of Monte Carlo Simulations in action, shown without emphasis on computer programs, familiarity with which are not a prerequisite for this workshop.

Agenda

• Introduction to Monte Carlo Simulations
• When Monte Carlo simulations may be appropriate
• Why Monte Carlo simulations may be appropriate
• Monte Carlo Applications
• Financial statement metrics (e.g. net income, EBITDA, etc.)
• Enterprise valuation (income approach)
• Option valuation
• Equity derivative valuation
• Monte Carlo Examples
• European option
• Binomial option pricing model
• Geometric-Brownian Motion
• Call option with path-dependent market condition
• Binomial option pricing model
• Geometric-Brownian Motion
• Volatility estimation
• Interpreting Monte Carlo Results
• Summary of statistical results
• Indication of value
• Application Guidance
• Helpful tips and advice to implementing a Monte Carlo simulation
• Inappropriate Applications for Monte Carlo
• Conclusion and Q&A

Learning Objectives

• Learn how and when to use Monte Carlo simulations
• Understand how Monte Carlo simulations can be applied in various situations and what adjustments must be made depending on the context
• Identify the pitfalls of Monte Carlo simulations and analysis and learn how to best prepare for such trouble spots
• Define the best uses and applications of Monte Carlo simulations as well as how they can be utilized for your current projects

Single Connection Policy
Admission to this event authorizes one computer and phone connection for one location. These connections may be transferred users and/or locations. Multiple concurrent connections for a single admission registration are not allowed.

Multi-User CPE Policy
Admission to this program includes one CPE certificate for one individual. Any additional listeners requesting CPE must pay a processing fee assessed at the completion of the online CE survey for this course.

CPE Processing Fees may be bypassed by entering a valid, unused CPE Authorization Code (for single event purchasers) or by logging into BVR's website (for subscribers to BVR's Training Series).

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Have as many eyes and ears take advantage of your registered connection as possible: CE credit is available for an unlimited number of listeners to any registered line. To add listeners for CE credit, please complete the Additional Listener form included on your webinar dial-in instruction email. We'll send dial-in instructions one to two days before our program, and will provide information directly to those listeners you identify approximately one hour before our program.

CPE Information

Prerequisites: Knowledge of Business Valuation
Program Level: Advanced
Preparation Required: None
Delivery Method: Group Internet-Based
Recommended CPE: 4.5 Credit Hours (Specialized Knowledge & Applications)

Business Valuation Resources, LLC is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org. www.nasba.org NASBA Sponsor

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Training Packs

BVR's Training Packs are an indispensable addition to any valuation reference library, or the perfect alternative when you cannot attend the session live.

Each Training Pack is delivered approximately 2-4 weeks after the program has aired, and includes:

• Video file (MP4)
• Audio file (MP3
• Transcript of the presentation
• A copy of the presentation slides
• A copy of the reading materials, visual aids, and handouts

Please note, CPE is not available with Training Packs.