Kersten Corporate Finance

Mergers & Acquisitions

Earlier blogs on “net debt” (cash & debt free)

Article 1: Valuation: Introduction to "net debt" (cash & debt free)

https://www.linkedin.com/pulse/valuation-introduction-net-debt-cash-free-joris-kersten-msc-bsc-
rab/

Article 2: Valuation: Net debt (cash & debt free)

https://www.linkedin.com/pulse/valuation-net-debt-cash-free-joris-kersten-msc-bsc-rab/

Article 3: Valuation: Adjusted net debt – Cash like items

https://www.linkedin.com/pulse/valuation-adjusted-net-debt-cash-like-items-kersten-msc-bsc-rab/

Article 4: Valuation: Adjusted net debt – Debt like items

https://www.linkedin.com/pulse/valuation-adjusted-net-debt-like-items-joris-kersten-msc-bsc-rab/

Earlier blogs on “valuation of banks”

Article 1: Valuation of Banks: Business models of Banks

https://www.linkedin.com/pulse/valuation-banks-business-models-joris-kersten-msc-bsc-rab/

Article 2: Bank Valuation: Financial Statements of Banks (part 1)

https://www.linkedin.com/pulse/bank-valuation-financial-statements-banks-part-1-joris/

Earlier blog on “Valuation of Oil & Gas Companies”

Article 1: Valuating Oil & Gas Companies: The Oil Industry

https://www.linkedin.com/pulse/valuating-oil-gas-companies-industry-joris-kersten-msc-bsc-rab/

Earlier blogs on “Debt & Leverage”

Article 1: Debt: Ratio “debt/ GDP” in the US, The Netherlands, Germany and Japan

https://www.linkedin.com/pulse/debt-ratio-gdp-us-netherlands-germany-japan-kersten-msc-bsc-
rab/

Article 2: Debt: Why global debt increased over the last 100 years

https://www.linkedin.com/pulse/debt-why-global-increased-over-last-100-years-kersten-msc-bsc-
rab/

Article 3: Debt of companies: Leverage, Private Equity, Solvency and Bankruptcy

https://www.linkedin.com/pulse/debt-companies-leverage-private-equity-solvency-kersten-msc-bsc-
rab/?trackingId=JpQSKgF%2FTueVAxZue0qibw%3D%3D
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Kersten Corporate Finance – Mergers & Acquisitions
Postal address: Gording 67, 5406 CN Uden, The Netherlands
Visiting address: Gording 67, 5406 CN Uden, The Netherlands
+31 68364 0527 – joris@kerstencf.nl – www.joriskersten.nl
 Kersten Corporate Finance
Mergers & Acquisitions

Earlier blogs on “Weighted Average Cost of Capital (WACC) – step by step”

Article 1: Capital Market History Lessons – Corporate Finance (part 1)

https://www.linkedin.com/pulse/capital-market-history-lessons-corporate-finance-part-joris/

Earlier blogs on Financial Modelling

Article 1: Financial Modelling in Excel: Circular references, interest calculations and iterations

https://www.linkedin.com/pulse/financial-modelling-excel-circular-references-kersten-msc-bsc-rab/

Article 2: Excel basics for Finance: SUM, MAX, MIN, AVERAGE, IF, cell referencing, named ranges

https://www.linkedin.com/pulse/excel-basics-finance-sum-max-min-average-cell-named-joris/

Article 3: Excel for Valuation: COUNTIF, VLOOKUP, INDEX and MATCH

https://www.linkedin.com/pulse/excel-valuation-countif-vlookup-index-match-kersten-msc-bsc-rab/

Article 4: Excel for Business Valuation: OFFSET, FORECAST and CHOOSE

https://www.linkedin.com/pulse/excel-business-valuation-offset-forecast-choose/

Article 5: Excel for Business Valuation: NPV, IRR, PMT and EOMONTH

https://www.linkedin.com/pulse/excel-business-valuation-npv-irr-pmt-eomonth-kersten-msc-bsc-
rab/

Earlier blogs on “various topics”

Article 1: Financing a M&A transaction: An introduction

https://www.linkedin.com/pulse/financing-ma-transaction-introduction-joris-kersten-msc-bsc-rab/

Article 2: Valuation: How to adjust for “Operating Lease” (under Dutch GAAP)

https://www.linkedin.com/pulse/valuation-how-adjust-operating-lease-under-dutch-gaap-joris/

Article 3: M&A closing mechanisms: Locked Box & Completion Accounts

https://www.linkedin.com/pulse/ma-closing-mechanisms-locked-box-completion-accounts-joris/

Article 4: Scoping a financial model built primarily for business valuation:

https://www.linkedin.com/pulse/scoping-financial-model-built-primarily-business-joris/

Article 5: Consolidation of M&A targets and Purchase Price Allocation (PPA)

https://www.linkedin.com/pulse/consolidation-ma-targets-purchase-price-allocation-joris/

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Kersten Corporate Finance – Mergers & Acquisitions
Postal address: Gording 67, 5406 CN Uden, The Netherlands
Visiting address: Gording 67, 5406 CN Uden, The Netherlands
+31 68364 0527 – joris@kerstencf.nl – www.joriskersten.nl
 Kersten Corporate Finance
Mergers & Acquisitions

Earlier blogs on “bonds”

Article 1: Bonds - An introduction

https://www.linkedin.com/pulse/corporate-finance-bonds-introduction-joris-kersten-msc-bsc-rab/

Article 2: Bonds & Bond Markets

https://www.linkedin.com/pulse/bonds-bond-markets-corporate-finance-joris-kersten-msc-bsc-rab/

Article 3: Bonds, Rating Agencies and Credit Ratings

https://www.linkedin.com/pulse/bonds-rating-agencies-credit-ratings-joris-kersten-msc-bsc-rab/

Earlier blogs on “Valuation & funding of start-ups”

Article 1: Valuation & funding of start-ups - Funding rounds

https://www.linkedin.com/pulse/valuation-funding-startups-rounds-joris-kersten-msc-bsc-rab/

Article 2: Startup valuation: Pre-money and post-money valuation

https://www.linkedin.com/pulse/startup-valuation-pre-money-post-money-joris-kersten-msc-bsc-
rab/

Article 3: Valuation methods for Startups (early stage) – Part 1

https://www.linkedin.com/pulse/valuation-methods-startups-early-stage-part-1-kersten-msc-bsc-
rab/

Article 4: Valuation methods for Startups (early stage) – Part 2

https://www.linkedin.com/pulse/valuation-methods-startups-early-stage-part-2-kersten-msc-bsc-
rab/

Article 5: Startups in Silicon Valley: The beginning – Part 1

https://www.linkedin.com/pulse/startups-silicon-valley-beginning-part-1-joris-kersten-msc-bsc-rab/

Article 6: Startup Funding & Convertible Debt (part 1)

https://www.linkedin.com/pulse/startup-funding-convertible-debt-part-1-joris-kersten-msc-bsc-rab/

Earlier blogs on “Business valuation to Enterprise Value”

From June until August I have written the following blogs on valuation:

1) Leveraged Buyout (LBO) Analysis:

https://www.linkedin.com/pulse/leveraged-buyouts-lbos-joris-kersten-msc-bsc-rab/

2) M&A Analysis – Accretion/ Dilution:

https://www.linkedin.com/pulse/ma-model-accretion-dilution-joris-kersten-msc-bsc-rab/
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Kersten Corporate Finance – Mergers & Acquisitions
Postal address: Gording 67, 5406 CN Uden, The Netherlands
Visiting address: Gording 67, 5406 CN Uden, The Netherlands
+31 68364 0527 – joris@kerstencf.nl – www.joriskersten.nl
 Kersten Corporate Finance
Mergers & Acquisitions

3) Discounted Cash Flow Valuation:

https://www.linkedin.com/pulse/discounted-cash-flow-valuation-dcf-joris-kersten-msc-bsc-rab/

4) Valuation Multiples 1 – Comparable Companies Analysis:

https://www.linkedin.com/pulse/valuation-multiples-1-comparable-companies-analysis-joris

5) Excel Shortcuts & Business Valuation:

https://www.linkedin.com/pulse/excel-shortcuts-business-valuation-joris-kersten-msc-bsc-rab

6) Valuation Multiples 2 – Precedent Transaction Analysis:

https://www.linkedin.com/pulse/valuation-multiples-2-precedent-transaction-kersten-msc-bsc-rab

Earlier blogs on Wall Street

Article 1: Wall Street – A general introduction

https://www.linkedin.com/pulse/wall-street-general-introduction-joris-kersten-msc-bsc-rab/

Article 2: Wall Street – The Federal Reserve banking system

https://www.linkedin.com/pulse/wall-street-federal-reserve-banking-system-kersten-msc-bsc-rab/

Earlier blogs on the “cost of capital”

Article 1: Valuation & Betas (CAPM)

https://www.linkedin.com/pulse/valuation-betas-capm-joris-kersten-msc-bsc-rab/

Article 2: Valuation & Equity Market Risk Premium (CAPM)

https://www.linkedin.com/pulse/valuation-equity-market-risk-premium-capm-joris-kersten-msc-bsc-
rab/

Article 3: Is the Capital Asset Pricing Model dead ? (CAPM)

https://www.linkedin.com/pulse/capital-asset-pricing-model-dead-capm-joris-kersten-msc-bsc-rab/

Article 4: Valuation & the cost of debt (WACC)

https://www.linkedin.com/pulse/valuation-cost-debt-wacc-joris-kersten-msc-bsc-rab/

Article 5: Valuation & Capital Structure (WACC)

https://www.linkedin.com/pulse/valuation-capital-structure-wacc-joris-kersten-msc-bsc-rab/

Article 6: International WACC & Country Risk – Part 1

https://www.linkedin.com/pulse/valuation-international-wacc-country-risk-part-1-joris/

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Kersten Corporate Finance – Mergers & Acquisitions
Postal address: Gording 67, 5406 CN Uden, The Netherlands
Visiting address: Gording 67, 5406 CN Uden, The Netherlands
+31 68364 0527 – joris@kerstencf.nl – www.joriskersten.nl
 Kersten Corporate Finance
Mergers & Acquisitions

Article 7: International WACC – Part 2

https://www.linkedin.com/pulse/valuation-international-wacc-part-2-joris-kersten-msc-bsc-rab/

Article 8: Present Values, Real Options, the Dot.com Bubble

https://www.linkedin.com/pulse/valuation-present-values-real-options-dotcom-bubble-joris/

Article 9: Valuation: Different DCF & WACC techniques

https://www.linkedin.com/pulse/valuation-different-dcf-wacc-techniques-joris-kersten-msc-bsc-rab/

Article 10: Valuation of a company abroad

https://www.linkedin.com/pulse/valuation-company-abroad-joris-kersten-msc-bsc-rab/

Article 11: Valuation: Illiquidity discounts, control premiums and minority discounts

https://www.linkedin.com/pulse/valuation-illiquidity-discounts-control-premiums-joris/

Article 12: Valuation: Small firm premiums

https://www.linkedin.com/pulse/valuation-small-firm-premiums-joris-kersten-msc-bsc-rab/

Training calendar (NEW/ UPDATED)

My training in “Business Valuation & Deal Structuring” this March 2020 in The Netherlands is
rescheduled due to the corona virus.

But my NEW/ UPDATED training calendar in The Netherlands is as follows:

1. 17, 18, 19, 20 and 22, 23 June 2020: 6 days - Business Valuation & Deal Structuring. Location:
Uden/ The Netherlands;

2. 24, 25, 26, 27 and 29, 30 June 2020: 6 days - Business Valuation & Deal Structuring. Location:
Uden/ The Netherlands;

3. 28, 29, 30, 31 October 2020 + 2, 3 November 2020: 6 days - Business Valuation & Deal
Structuring. Location: Amsterdam Zuidas/ The Netherlands;

4. 16, 17, 18, 19 November 2020: 4 days - Financial Modelling in Excel. Location: Amsterdam
Zuidas/ The Netherlands.

All info on these open training sessions can be found on: www.joriskersten.nl

And 130 references on my training sessions can be found on: www.joriskersten.nl

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Kersten Corporate Finance – Mergers & Acquisitions
Postal address: Gording 67, 5406 CN Uden, The Netherlands
Visiting address: Gording 67, 5406 CN Uden, The Netherlands
+31 68364 0527 – joris@kerstencf.nl – www.joriskersten.nl
 Kersten Corporate Finance
Mergers & Acquisitions

Consultant & Trainer: J.J.P. (Joris) Kersten, MSc BSc RAB

J.J.P. (Joris) Kersten MSc BSc RAB (1980) is owner of “Kersten Corporate Finance” in The Netherlands,
under which he works as an independent consultant in Mergers & Acquisitions (M&A’s) of medium
sized companies.

Joris performs business valuations, prepares pitch books, searches and selects candidate buyers and/
or sellers, organises financing for takeovers and negotiates M&A transactions in a LOI and later in a
share purchase agreement (in cooperation with (tax) lawyers).

Moreover, Joris is associated to ‘AMT Training London’ for which he provides training as a trainer and
assistant-trainer in Corporate Finance/ Financial Modelling at leading (“bulge bracket”) investment
banks in New York, London and Hong Kong.

And Joris is associated to the ‘Leoron Institute Dubai’ for which he provides finance training at
leading investment banks and institutions in the Arab States of the Gulf (Kuwait, Bahrein, Saudi
Arabia, Oman, United Arab Emirates).

In addition, Joris provides lecturing in Corporate Finance & Accounting at leading Universities like:
Nyenrode University Breukelen, TIAS Business School Utrecht, the Maastricht School of Management
(MSM), the Luxembourg School of Business and SP Jain School of Global Management in Sydney.

Moreover, he provides lecturing at partner Universities of MSM in: Peru, Surinam, Kuwait and
Mongolia. And at partner Universities of SP Jain in Dubai, Mumbai and Singapore.

Joris graduated in MSc Strategic Management and BSc Business Studies, both from Tilburg University.
In addition, he is (cum laude) graduated as “Registered Advisor Business Acquisitions” (RAB), a 1-year
study in the legal and tax aspects of M&A’s. And Joris obtained a degree in “didactic skills” (Basic
Qualification Education) in order to lecture at Universities.

Currently Joris is following the “Executive Master of Business Valuation” to obtain his title as
“Registered Valuator” (RV) given out by the “Netherlands Institute for Registered Valuators” (NIRV).
This title will enable Joris to give out business valuation judgements in for example court cases.

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Kersten Corporate Finance – Mergers & Acquisitions
Postal address: Gording 67, 5406 CN Uden, The Netherlands
Visiting address: Gording 67, 5406 CN Uden, The Netherlands
+31 68364 0527 – joris@kerstencf.nl – www.joriskersten.nl
 Kersten Corporate Finance
Mergers & Acquisitions

J.J.P. (Joris) Kersten, MSc BSc RAB. Email: joris@kerstencf.nl. Phone: +31 6 8364 0527.

· 130 recommendations on his training can be found on: www.joriskersten.nl

· His full profile can be found on: www.linkedin.com/in/joriskersten

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Kersten Corporate Finance – Mergers & Acquisitions
Postal address: Gording 67, 5406 CN Uden, The Netherlands
Visiting address: Gording 67, 5406 CN Uden, The Netherlands
+31 68364 0527 – joris@kerstencf.nl – www.joriskersten.nl