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Evening Course:
Essentials of Valuation and Financial Modeling


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Developed with the working professional in mind, this 8 session course covers Financial Statement Analysis, Valuation, Financial Modeling, and Specialized Modeling. Each session runs from 6:30pm to 10:00pm.

To register or to view training locations and date options, please see our course calendar.

Course Pricing:

  • Early Registration: $2,400 (register at least 14 days in advance)
  • Standard Registration: $3,400

Please contact for more information.

Essentials Outline:

Sessions 1&2 – Financial Statement Analysis and

Core Valuation Methodologies


  • Financial Statement Analysis:
    • Analyzing a company’s income statement, balance sheet and cash flow statement
    • Why bankers stress the importance of EBIT and EBITDA
    • Calculation and decoding of financial ratios
    • Normalizing for non-recurring items
    • Calculating margins, growth rates, credit ratios
    • Interpreting footnotes and management discussions & analysis
  • Public Comparables Analysis:
    • Choosing a peer group
    • Gathering public information (sources and SEC documents overview)
    • Spreading comparables – calculating Market and Enterprise Value, normalizing for non-recurring items, inputting the numbers, LTM, calculating multiples
  • Acquisition Comparables Analysis:
    • Choosing a deal list
    • Concept of control premiums and synergies
    • Sample transaction list
  • 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

Sessions 3&4 – Financial Modeling

  • Modeling Best Practices:
    • Establishing modeling standards of consistency, efficiency and clarity
    • Introduction to short-cut keys and other Excel settings for efficiency
    • The “good, the bad and the ugly” of model formats and layouts
    • Creating flexible formulas, calculations and projections
    • Auditing financial models
    • Installation and functionality of TTS Macros
  • Building an Integrated Financial Model:
    • Setting up and road mapping the modeling process
    • Efficiencies with entering and analyzing historical financials
    • Projecting revenues and operating performance
    • Constructing the balance sheet and cash flow statement
    • Forecasting operating/working capital

Sessions 5&6 – Financial Modeling

  • Building an Integrated Financial Model – continued:
    • Projecting PP&E and intangible assets
    • Calculating cash flow from investing activities
    • Forecasting other long-term items
    • Building a detailed equity & shares schedule
    • Understanding the core accounting relationships when building an integrated model
    • Debt & interest schedule
    • Setting up a “cash sweep” for excess cash and building complex deficit financing options
    • Trouble shooting your model: controlling for circular references, balancing models, and making the model “deal ready”
    • Constructing and utilizing data tables to perform sensitivity analysis
    • Using your model in a “real world” deal situation including a DCF application

Sessions 7&8 – Merger Consequences and Leveraged Buyout Analyses

  • Merger Consequences Analysis:
    • Overview of purchase accounting
    • Allocating the purchase price and creation of goodwill
    • Sample merger consequences impact: transaction assumptions, sources and uses, opening balance sheet, pro-forma income statement
    • M&A transaction considerations (stock vs. cash, social issues, etc.) and their impact on the financial statements
    • Break-even synergies and PE analysis
    • Key concepts and analysis: accretion / dilution, pro forma leverage and coverage ratios
  • Leveraged Buyout Analysis:
    • Concept of an LBO and de-leveraging
    • LBO math
    • Capital structure determination
    • Utilizing a revolving credit facility and cash sweep
    • The characteristics of the different debt instruments
    • Differing viewpoints for LBO constituents
    • Internal rate of return analysis
    • Mechanics of constructing an LBO model

Target Audience

  • Industry professionals that want to improve their finance skill-set to enhance their job responsibilities, build job security and increase the possibility of promotion
  • Students who want to complement their course work with practical corporate valuation and financial modeling knowledge before starting their careers
  • Prospective lateral hires looking to gain a competitive advantage in advancing their career or securing a job in the financial services industry (private equity, investment banking, hedge funds, research, asset management, etc.)