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Financial Modeling
The financial modeling training will teach participants how to build their own interactive financial model “from scratch” to practice blending accounting, finance, and Excel skills.

Corporate Valuation
Training The Street’s corporate valuation training explores the common valuation techniques used by Wall Street firms. Developed by our team of instructors who possess the direct training and experience “on the job”, the curriculum provides practical application of the applied standards and methods that a new hire needs to know to perform effectively. Course also explores the common valuation techniques used by Wall Street firms.  The primary focus of the program is to teach participants the practical applications of the theoretical methodologies. To register or to view training locations and date options, please see our course calendar.

Course Pricing

  • Early Registration: $1000 per day (register at least 14 days in advance)
  • Standard Registration: $1200 per day
  • Group rates also available
  • Corporate discounts offered to existing clients

Please contact info@trainingthestreet.com for more information, including international courses and pricing.

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
  • 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
  • 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
Since 1999, Training The Street has specialized in Finance Training, Financial Training, Investment Banking Training and Financial Modeling Training around the world.