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Core: Financial Modeling and Valuation

at Training The Street -

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Course Details
Price:
$5,500
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Important:
Early bird price is until August 5
Purchase Options
Description
Class Level: All levels
Age Requirements: 18 and older
Average Class Size: 10

What you'll learn in this financial modeling training:

5 Day Core Comprehensive: Financial Modeling and Corporate Valuation

Financial Modeling and Corporate Valuation course explores the modeling and valuation techniques commonly used by Wall Street firms. The proven curriculum provides practical application of the standards and methods that a practitioner needs to be a top performer. Led by our team of experienced instructors, all of whom are former practitioners, the primary focus of the program is to teach participants the practical applications of the theoretical methodologies. Participants will blend accounting, finance, and Excel skills into the construction of three interactive models from “scratch” (3 statement, M&A, and LBO) over the course of 5 intense days of training.

Pre-work/Pre-requisites


Prior to the start of the course, each participant will need to do the following:
  • Complete a pre-reading exercise: this will be emailed out 1 week prior to the course, and will take 2-6 hours to complete depending on prior financial statement experience
  • Fundamental knowledge of financial accounting: TTS recommends our self-study, The Fundamentals of Financial Accounting and Analysis.
What to Bring

Each participant will need the following:
  • PC Laptop with an English version of Microsoft Excel, Word, and Adobe Acrobat Reader
  • USB memory stick ability (for file sharing and distribution) 
Thinking of bringing a Mac? Using a Mac for Financial Modeling presents several issues; the keyboards are different causing many of the shortcuts to be unavailable, as well as the functionality of Excel itself. It is highly recommended that all participants bring a PC to the session. If a Mac is the only option, we would recommend running Windows on your Mac.

Core Comprehensive Outline:


Days 1 & 2 – Financial Modeling & Advanced Sensitivity Analysis
  • Overview and introduction to financial modeling
  • Excel best practices and efficiencies
Construction and Application of:
  • Core statements
  • Working capital schedule
  • Depreciation schedule
  • Amortization schedule
  • Other long-term items schedule
  • Equity schedule
  • Shares outstanding schedule
  • Debt and interest schedule
Troubleshooting the Model:
  • Understanding and controlling for circular references
  • Balancing the model
  • Making the model “deal ready”
Utilizing the Finished Product:
  • Data tables
Advanced Sensitivity Analysis:
  • Adding scenarios to the model
  • Creating a toggle for cases and naming cells
Day 3 – Public & Acquisition Comparables and Discounted Cash Flow Analysis
Overview of valuation methodologies and fundamental concepts

Public Comparables Analysis:

  • Choosing the appropriate peer group
  • Gathering public information
  • Calculating market and enterprise value
  • Normalizing for non-recurring items
  • Calculating latest twelve months (LTM)
  • Calculating relevant multiples
  • Deriving an implied valuation range
  • Analyzing multiples and a comparables universe
  • Optional Exercise: “Spreading public comparables” for the case company
Overview of Acquisition Comparables Analysis:
  • Choosing the appropriate deal list
  • How control premiums and synergies impact multiples
  • Sources of public information
Discounted Cash Flow Analysis:
  • Strengths and considerations of a DCF analysis
  • Deriving a weighted average cost of capital (WACC)
  • Discounting unlevered free cash flows
  • Estimating the terminal value (exit multiple vs. perpetuity growth rate approach)
  • Determining the valuation range based on DCF analysis
  • Optional Exercise: Adding DCF output to a 3-statement model for the case company
Analyzing Results:
  • Imputing valuation ranges
  • Creating a “Football field” for the case company based on different valuation methodologies
Day 4 – Merger Consequences Analysis

Merger Consequences Analysis:
  • Concept of affordability analysis
  • Overview of SFAS 141/142 and IFRS 3
  • Purchase accounting overview
  • Creation of goodwill and write-ups, including possible incremental D&A
  • Sources and uses of funds
  • Opening balance sheet and purchase accounting adjustments
  • Pro forma income statement
  • Accretion/dilution analysis
  • Credit rating considerations
  • M&A transaction considerations (stock vs. cash, social issues, etc.)
  • Asset vs. stock purchase
  • Tax deductibility of goodwill
  • Section 338 election
  • Exercise: Building an M&A model for a potential acquisition of the case company
Day 5 – Leveraged Buyout Analysis

Leveraged Buyout Analysis:
  • What makes a good LBO candidate?
  • Concept of value creation via de-leveraging, operational improvements and “multiple expansion”
  • Sources of funding for an LBO
  • Differing viewpoints for LBO constituents
  • Purchase price determination
  • Debt capacity and financing options (Pro rata facilities, institutional facilities, mezzanine capital)
  • Sponsors equity and internal rate of return (IRR)
  • Fundamentals of “recapitalization accounting”
  • Mechanics of constructing an LBO model
  • Exercise: Constructing an LBO model for the case company

Still have questions? Ask the community.

Refund Policy
Cancellations up to 14 days before the workshop will receive a full refund. Cancellations within 14 days of the workshop will not be refunded. Training The Street (“TTS”) reserves the right, at its sole discretion, to cancel workshops. If TTS cancels a workshop, payments are refunded in full.

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Training The Street’s mission is to provide our clients with the highest quality of training and skills development in applied finance fundamentals. Our integrated teaching solution allows you to be “desk ready” and able to apply newly learned skills immediately in the workplace. At TTS, it’s...

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