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Core: Financial Modeling & Corporate Valuation

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Training The Street’s Core Comprehensive Financial Modeling and Corporate Valuation courses explore the modeling and valuation techniques commonly used by Wall Street firms. The proven approaches for these courses provide practical applications 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 each course is to teach the practical applications of the theoretical methodologies. Participants who choose to attend all courses will blend accounting, finance, and Excel skills into the construction of three interactive models from “scratch” (3 statement, M&A, and LBO).

Pricing

  • Early Registration: $1,100 per day (register at least 14 days in advance)
  • Standard Registration: $1,250 per day
  • Dubai courses require 5% UAE VAT 
  • Group rates are available
  • Discounts offered to existing clients

Course Brochure and Daily Outlines

Course PDF 2020 Brochure (PDF)
Course PDF London 2020 London Brochure (PDF)
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
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
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
  • 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:
  • 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

Schedule

9:00 am to 5:00 pm Monday – Thursday, 8:30 am to 4:30 pm Friday

Prerequisites

Fundamental knowledge of financial accounting: TTS recommends our self-study, The Fundamentals of Financial Accounting and Analysis. For additional information regarding this self-study please visit TTSUniversity.com

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 reserve 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.Calendar >