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Fundamentals of Bank Valuation

Produced by the Knowledge Center, expert training from S&P Global Market Intelligence

Fundamentals of Bank Valuation is an intensive, in-depth program that uses lectures, case studies and hands-on modeling to teach the intricacies of valuing depository institutions.

Addressing both the science and the 'art' of valuation in this complex sector, Bank Valuation provides participants with the foundation of how banks and thrifts make money, how to forecast operating results and how to assess an institution's worth based on market norms.

Topics include:

  • Navigating bank financial statements, identifying key operating levers and evaluating earnings quality
  • The fundamental ratios necessary to successfully analyze banks and forecast future earnings
  • Modeling and valuing banks using an excess equity-based discounted cash flow model
  • Capacity-to-pay/earnings dilution analysis
  • Dissecting and interpreting a fairness opinion
  • Best practices for the effective use of peer comparables, transaction premium and discounted cash flow valuation approaches.

In addition, coursework includes Excel-based modeling in a case study environment. Participants will receive pre-reading via email prior to the program.


Jon Walls

SNL Instructor and Principal

Jon developed his expertise in the field of bank valuation during his 8 year tenure in the Investment Banking division of Lehman Brothers where he served as a Senior Vice President in its Financial Institutions Group. He has extensive expertise in M&A as well as debt and equity financing. In addition, Jon possesses an in-depth understanding of valuing, structuring, negotiating and executing complex transactions for financial institutions. Mr. Walls is currently co-founder of a Bank M&A advisory boutique and conducts certain private equity investments activities. Prior to that he served as Chief Investment Officer and acting Chief Financial Officer for a mid-sized California-based mortgage lender, where he was responsible for managing a pool of investment funds and for the overall administration of the company’s finance and accounting operations. Jon has also taught business classes as a guest lecturer at the University of California at Irvine and recently received a Commendation from the State of California for his role as instructor of a business leadership program.Jon earned an MBA with an emphasis on finance from the Harvard Graduate School of Business and a JD, cum laude, with an emphasis on Taxation from Harvard Law School. Previously, he had earned his BA from Yale University.

Fundamentals of Bank Valuation Agenda

TUESDAY, May 15th
Agenda is tentative. Check back for updates
07:30 am
Registration and Continental Breakfast Opens
08:30 am
Introduction and Overview
09:00 am
Depository Institutions & Thrifts
09:45 am
10:00 am
Comparable Company Analysis
  • • Comparable Company Exercise: Adjustments
  • • Comparable Company Case Study
  • • Case Study Debrief
12:30 pm
Comparable Transaction Analysis
01:00 pm
02:00 pm
Comparable Transaction Analysis (cont'd.)
  • • Comparable Transaction Exercise
  • • Exercise Debrief
03:15 pm
03:30 pm
Introduction to DCF
05:00 pm
Day One Concludes
07:30 am
Continental Breakfast Opens
08:15 am
DCF Analysis (cont'd.)
  • • DCF Case Study
  • • Case Study Debrief
10:30 am
10:45 am
DCF in the M&A Context
11:15 am
Accretion/Dilution Analysis
  • • Accretion/Dilution Case Study
01:00 pm
02:00 pm
Accretion/Dilution Analysis (cont'd.)
  • • Case Study Debrief
02:30 pm
Summarizing the Results
03:00 pm
  • • M&A Case Study
  • • Case Study Debrief
04:30 pm
Additional Topics
05:00 pm
Program Concludes

Ticket Info

Early Bird Rate: $1,895
(Expires on Friday, March 30th)
Regular Rate: $2,195

Event location

University of Chicago, Gleacher Center
450 Cityfront Plaza Dr
Chicago, Illinois 60611

Downloads & FAQs

Who Attends?

  • Investment banking analysts, associates
  • Corporate development professionals
  • Investor relations professionals
  • Credit union analysts and associates
  • Private equity investors
  • Banking regulators and staff
  • Advisors to financial institutions
  • Buy- and sell-side sector analysts
  • Bank and credit union corporate finance professionals

Can credit unions attend this program?

Yes! This curriculum was designed with all depository institutions in mind. While certain details may not apply directly to credit unions, the general theme of bank valuation as covered in this seminar , is intended to benefit all depository institutions, including credit unions.

What is the dress code?

Business casual

Do I need a laptop?

Yes, because this program features hands-on Excel modeling, you should bring a laptop loaded with Excel.

Is there required pre-reading?

Yes. Prior to the program, participants will receive pre-reading materials. We strongly encourage participants to review the suggested materials prior to the start of the program.

What is the cancellation policy?

Cancellations for this program are eligible for a full refund, less a $150.00 administrative fee, if received at least 15 business days prior to the start of the program. Cancellations received after that date but at least 5 business days prior to the start of the program receive a credit in the amount of the registration fee, less a $150.00 administrative fee, to attend another Knowledge Center program within 13 months. Cancellations received fewer than 5 business days prior to the start of the program are not eligible for a refund or credit. Attendee substitutions from the same company may be made at any time.

In the event of a cancellation from a group discount, refunds or credits are issued beginning with the most heavily discounted price, minus a $150.00 administration fee. "No shows" - or those who cancel within 15 days of the program - and have registered under the Invoice option, remain liable for the full program fee.

The Knowledge Center reserves the right to cancel/change programs, content, speakers or venue at any time. The Knowledge Center reserves the right to make portions of the program registration information available to program sponsors. The Knowledge Center will not be held liable for any costs incurred by registrant due to individual registration cancellation.

In the event that a seminar is cancelled due to inclement weather, faculty cancellation or force majeure, the Knowledge Center will refund the registrant's tuition in full, however the Knowledge Center will not be liable for incidental or consequential out of pocket expenses incurred by the registrant. If you have questions regarding the Knowledge Center's refund, complaint or program cancellation policy, please call us at (434) 951-7786.

Registrant, as an individual person attending the Knowledge Center conference, seminar, or other program, hereby grants permission to the Knowledge Center to use and publish his or her image, likeness, or testimonials collected in connection with the program for advertising and trade purposes in connection with the Knowledge Center’s conferences, instructional, and/or marketing activities.

What happened to the SNL Knowledge Center name?

You're in the right place. SNL Knowledge Center was part of SNL Financial, which was purchased by McGraw Hill Financial Inc. in 2015. In April 2016, McGraw Hill Financial -- whose businesses include S&P Dow Jones Indices, S&P Ratings, Platts, and S&P Capital IQ -- changed its name to S&P Global. SNL Financial and S&P Capital IQ were united to be S&P Global Market Intelligence, a division of S&P Global.

We are the Knowledge Center and we continue to bring you essential insights through executive conferences and expert training on behalf of S&P Global Market Intelligence. We remain focused on providing the most timely and relevant content to answer your questions, and draw on even more data, analytics, and sector intelligence from the larger company.

Continuing Education Credits

15.5 Hours of CPE Credit
Participants who complete this program qualify for 15.5 hours of CPE credit (Specialized Knowledge and Applications). Program Level: Intermediate. Delivery Method: Group-Live. Knowledge Center 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: