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Enhanced Core:
Financial Modeling & Corporate Valuation

Specifically developed for new and lateral hires, with the sole purpose of getting them “desk-ready”

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Instructor-led courses, learn in-person or virtually

Learn techniques we teach around the world...

Utilizing the same case study based approach delivered for our corporate clients, these courses provide hands-on, real world, practical applications of the standards and methods that a professional needs.

The Enhanced  format incorporates robust features that have traditionally only been available to our on-site training clients:

  • Accounting Pre-assessment and Adaptive Pre-work
  • Our full suite of in-class technology to maximize engagement and learning styles
  • Quizzes to make sure that the prior day’s skills are retained and mastered
  • After lecture assessments with a dedicated teaching associate to answer questions

Led by our experienced instruction team of former practitioners, you get a unique blend of industry insight combined with a passion for teaching.  The average TTS instructor has been part of the team for 8.5 years. 

Comparables Analysis

Discounted Cash Flow

Excel Best Practices and Efficiencies

Financial Modeling

Merger Consequences Analysis

Leveraged Buyout Analysis

Clients We Work With:

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How Do You Like To Learn?

Flexible Learning Options
Our courses are available in both in-person or virtual classroom formats. If you learn better in your own space or traveling isn’t convenient, virtual is great solution. Either way, you get the skills and support you need to succeed.

VIRTUAL SQUARE

Course Details

What’s Included
Instructor-led classroom training

Ongoing instructor support
One-year online access to course materials, Excel files, and these self-study courses for additional reference and review:
  • Corporate Valuation
  • Excel Best Practices
  • Financial Modeling
  • M&A Modeling
  • LBO Modeling

Schedule
The typical training day, which will start promptly at 9am, will include approximately 6-8 hours of live instruction and exercises, followed by 2-3 hours of evening assignments.  A Teaching Associate will be available to answer questions about coursework or assignments in the evening. There will be no evening assignments on the last day of the course (Friday) when class will finish at 5pm.

Prerequisites
There are no prerequisites for this course.

What Does A Day Look Like?

Whether you join us in-person or virtually, the classroom is a combination of micro-lectures and hands-on exercises that ensure retention levels are high and students stay engaged.  You’ll use some of the most innovative Excel based learning tools available, providing instant performance feedback as well as the opportunity for as many “reps” as you need to be “desk ready”.

Agenda

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
  • Analyzing a “Football field” for the case company based on different valuation methodologies

Excel, Financial Modeling & Advanced Sensitivity Analysis

Mastery Quiz: Comparables and DCF
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

Merger Consequences Analysis

Mastery Quiz: Financial Modeling

  • 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
  • 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

Leveraged Buyout Analysis

Mastery quiz: Merger consequences

  • 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

Who Is This Course For?

  • Firms that need small groups or individuals up to speed quickly (new, lateral, or off-cycle hires)
  • Financial services professionals (investment banking analysts or associates, consulting, research, asset management, private equity, brokerage, sales & trading, insurance, etc.)
  • Corporate/strategic development or finance team members
  • Individuals responsible for product or divisional budgets, projections, and profit/loss statements
  • Those looking to enhance past learning in finance and financial statement analysis

Course Pricing

$6,000 (5 days)*

* register at least 21 days in advance

– Group rates available
– Discounts offered to existing clients

Standard registration inside 21 days:
$7,000 per day

Cancellation Policy
Cancellations up to 14 days before the workshop will receive a full refund. Cancellations within 14 days of a course will not be refunded. TTS reserves the right, at its sole discretion, to cancel a course. If TTS cancels a course, payments are refunded in full.

Questions? Please contact info@trainingthestreet.com for more information.

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