"Analyst Training" provides a comprehensive introduction to analysis in the power and gas sectors through a curriculum of lectures and discussions led by an accomplished faculty of practitioners, consultants and industry professionals.
You'll discover the unique inputs the power and gas sector require for analysis, and participate in a hands-on case study featuring multiple approaches to the analysis of a publicly-traded power company. You'll move beyond academic methodologies to apply real-world data to analyzing a functioning company, and come away with practical knowledge you can use immediately.
Keynote Address: The state of the power and gas sectors
Overview of the Power and Natural Gas Market Structures
A look at the energy value chain, including the generation, transmission and distribution of power, as well as the transportation, storage and distribution of natural gas. The session also offers a framework for understanding and measuring industry performance at the macro level.
Rate Cases and Their Impact on Earnings
In addition to dissecting and examining the intricacies of the rate case process, you'll explore the reasons for filing a case and the financial implications of decisions on the concerned parties. Topics covered include revenue requirement calculation, rate base and rate of return, and return on equity methodologies.
Financial Statement Analysis
Through an examination of the typical line items found in corporate financial statements, you will explore essential financial data for evaluating the economic health of power and natural gas companies.
Earnings Quality
You'll be shown the techniques for normalizing earnings among companies, identifying cash versus non-cash earnings and understanding key earnings metrics. In addition, the session addresses the earnings impact of corporate structures, regulation and project financing.
Credit Analysis and Ratings
An examination of energy companies from the perspective of credit rating agencies and the fixed income investor. Gaining insight into the methods used by rating agency analysts to assess financial strength, participants learn what it takes to be a well-rated company. The session also illustrates the relative merits of various balance sheet management strategies, and the warning signs for ratings downgrades.
Day Two
Capital Raising
The advantages and drawbacks of various capital raising strategies and alternatives, illustrating their effects on the company financials and valuation. Time is devoted to addressing current trends in the primary capital markets and providing case studies on the execution and impact of various capital raising efforts.
Enterprise-level Valuation
Participants will learn the principles of enterprise valuation techniques and how they are applied from both a stand-alone and an acquisition perspective. Insight into distinguishing "art" from "science" in valuation approaches.
Asset-level Valuation
An exploration of the most common approaches and techniques used to value generation assets. Discussion includes the importance of a power plant's heat rate.
Investing in the Power and Gas Sector: A case study
In a hands-on team exercise, you'll have the opportunity to apply the valuation tools and analytical skills developed over the course of the seminar by utilizing multiple approaches to the analysis and valuation of a publicly-traded power company.
This live group seminar is eligible for 15.5 CPE credits. Be aware that state boards of accountancy have final authority on the acceptance of individual courses for CPE credit. As of January 1, 2002, sponsored learning activities are measured by program length, with one 50-minute period equal to one CPE credit. One-half CPE credit increments (equal to 25 minutes) are permitted after the first credit has been earned in a given learning activity. You may want to verify that the state board from which your participants will be receiving credit accept one-half credits.
Finance, investor relations or corporate strategy/development professionals at power or gas companies. Professionals in investment banking, project finance, asset management, hedge funds, or equity-fixed income research. Consultants, accountants and lawyers who advise power and gas clients. Also, Industry regulators and suppliers to the power and gas sectors
This seminar presumes familiarity with basic accounting and finance concepts. Prior to the program, participants will receive materials for the program's case study as well as suggested reading for those new to the sector. This program does not include Excel modeling.
Attendees leave SNL Energy training seminars with practical tools and greater insight into the power sector, delivered by professionals from within the power sector who have successfully faced the same challenges you face in areas that include rate cases, utility mergers and acquisitions,utilities accounting, credit analysis and valuation. Try us out, and learn why over 1,000 energy companies, commercial and investment banks, investment managers, regulators, and others trust SNL Energy to provide their professionals with market leading training and intelligence solutions.