Below is a comprehensive list of all our self-study courses. Click on the table of contents to jump to a package, and select a course for curriculum information.
Take everything to the next level as we build upon the basic & core concepts to cover the fundamental financial modeling concepts that one must be master in order to perform the minimum financial analysis required. We will make you super-stars in Excel and modeling techniques by plowing deep into building robust, integrated models and properly analyzing the results of our models.
Advanced Financial Modeling — Core Model $350
Build fully integrated 5-yr financial statement projection model by projecting the Income Statement, Balance Sheet, Cash Flow Statement, the Debt Sweep to balance model and Interest Schedule to fully integrate model. This course will allow you to have a complete financial model projecting run-rate profitability which you can easily layer on valuation and merger models.
5-Year Financial Statement Projection Model
How do you project a company’s Income Statement from revenues and expenses down to Net Income?
What are the different methodologies to forecasting the different types of assets on the balance sheet and how do they compare and contrast with projecting liabilities?
How do you project the shareholders’ equity account?
What is the importance of financial ratios in building the balance sheet projections?
How do you approach building an integrated cash flow statement?
How do you build each component of the cash flow statement and why is cash the last item to project?
Supporting Schedules
Incorporate calculation and payment of dividends into your integrated financial model
Emulate announced share repurchase program by estimating implied price and shares repurchased
Integration and Balancing of Financial Model
Balance the model using the debt schedule and debt sweep logic the most important analysis in terms of balancing the model.
How does the cash actually flow through the model?
Incorporate automatic debt payments and use cash generated to either pay down debt or build cash
How does the revolver facility actually balance the model? Avoid messy nested if statements.
How does the balance sheet and financial statements balance by itself without the use of plugs?
How are the financial statements integrated using the Interest schedule?
What are circular references, why should they be avoided and how to get around circular references
Prerequisites:
Accounting & Financial Statements Integration
Company Overview
Basic Financial Modeling
Efficiency in Excel
Video Length / Estimated Total Course Time:
3.5 hours / 5 hours
Individual Course Price:
Enhancements to the Core Model — Part I $250
Build upon completed core model and layer on valuation analysis. Construct DCF valuation model, detailed revenue segment build-up, project more precise depreciation schedule, calculate credit & leverage statistics and ratios, construct a reference range and football field summary valuation. This Enhancements course will allow you to have a much more detailed stand-alone financial model and valuation model!
Enhancements to Core Integrated Financial Model
Build a stand-alone depreciation schedule to better estimate working capital changes and free cash flow by depreciating existing PPE as well as new capital expenditures
Credit and leverage statistics ratio analysis with automated comparisons vs. S&P rating statistics
Detailed Business Segment Build-Up
Model out historical change in key drivers of growth and project future detailed growth
Analyze and break down growth based on publicly available data and inputs from 10K filing
Incorporate and remove effect of growth from non-core items such as foreign exchange rate fluctuations
Project future detailed growth assumptions that roll up into larger projection model
Valuation Modeling
Construct a discounted cash flow analysis, estimate unlevered free cash flow (free cash flow to firm) and terminal value using multiples approach and perpetuity growth approach
Build reference range and football field to summarize valuation
Prerequisites:
Accounting & Financial Statements Integration
Finance 101 Introduction to Finance
Corporate Valuation Methodologies
Company Overview
Basic Financial Modeling
Advanced Financial Modeling Core Model
Extreme efficiency in Excel
Video Length / Estimated Total Course Time:
3 hours / 4 hours
Individual Course Price:
Enhancements to the Core Model — Part II $250
Further enhance core integrated financial model by building a detailed tax schedule incorporating NOLs (Net Operating Losses), Section 382 limitations on NOL usage and differences between book and tax depreciation. Dive deep into re-calculating depreciation for tax purposes based on accelerated depreciation MACRS (Modified Accelerated Cost Recovery System) in the US. Incorporate and flow the accelerated tax depreciation into the larger tax schedule to account for differences in GAAP Pre-Tax Income and Taxable Income. Finish up with a quick Residual Income analysis and EVA (Economic Value Added) analysis, which complements our Enhancements Part I course.
Construct flexible Tax Depreciation Schedule
GAPP depreciation schedule is off simplistic straight-line assumption while tax write-offs allow for accelerated depreciation schedule
Incorporate real-world MACRS schedule (US IRS tax code) to depreciate assets based on various property classes and recovery year
Integrate with new capital expenditures assumptions by asset class
Compare and contrast with GAAP depreciation
Gain better precision into cash flow modeling and working capital line items
Construct and reconcile extremely detailed Book vs. Tax Income Tax Schedule
Combine GAAP and tax depreciation schedule into tax schedule for model’s deferred tax liability
Further enhance detailed tax schedule incorporating NOLs (Net Operating Losses)
Incorporate limitations on NOL usage based on change of control provisions
Construct detailed accelerated tax depreciation schedules based on MACRS
Perform and analyze Residual Value and EVA analysis
Understand differences among traditional DCF analysis vs Residual Income and EVA analysis
Calculate equity capital charge total capital charge
Use correct discount rate for each analysis
Compare and contrast pros and cons and the purpose of each analysis
Understand differences among traditional DCF analysis vs Residual Income and EVA analysis
Calculate equity capital charge total capital charge
Use correct discount rate for each analysis
Compare and contrast pros and cons and the purpose of each analysis
Prerequisites:
Basic Financial Modeling
Advanced Financial Modeling Core Model
Enhancements to the Core Model Part 1
Video Length / Estimated Total Course Time:
3 hours / 4 hours
Individual Course Price:
Segment Build-up & Sensitivity Modeling $350
Learn how to build detailed revenue and segment build-ups into your larger financial model. Many financial projection models are based off simple revenue growth rate and expense margin assumptions, resulting in reduced precision in the projection model. This course teaches various approaches to true, bottoms-up, fundamental analysis, from both an account-by-account and business segment basis (very detailed build-up vs. division by division). The results of build-up analysis roll-up into a consolidating income statement that feeds into the Income Statement revenue items.
Detailed Business Segment Build-Up:
Model out historical change in key drivers of growth and project future detailed growth
Analyze and break down growth based on publicly available data and inputs from 10K filing
Incorporate and remove effect of growth from non-core items such as foreign exchange rate fluctuations
Project future detailed growth assumptions that roll up into larger projection model
Instead of just calculating 10% growth rate in revenue, dig into deeper layers of growth drivers
For instance, for a retailer, calculate Sales / Sq Foot / Type of Store, which captures: (i) number of stores (store count growth); (ii) size of each store (expansion and size creep); (iii) profitability of each sq foot and same store comps sales (YoY sales growth)
Operating & Division Segment Build-Up:
Calculate and analyze different operating segments as reported in public filings to roll-up into IS
Adjust for extraordinary items by segment based on MD&A and disclosed footnotes
Extract, utilize and incorporate volume and pricing increases into operating segment performance
Estimate and project future revenue and segment income and allocate for corporate overhead
Estimate projected COGS and SG&A on the entire base after operating build-up
Detailed New Business Build-Up:
Bridge the gap and quantify future, as-yet-unachieved growth initiatives based on concrete assumptions
Analysis would roll into core organic growth model and sensitized
Model out effects of hiring new sales representatives and the associated increased revenue
Triangulate new revenue and tiered commission expenses due to renewal business
Calculate incremental salary and bonus cost of new sales representatives
Calculate additional cost of sales and other expenses related to new business
Detailed Account by Account Build-Up:
Project sources of revenue based on growth in number of accounts and customers
Model out revenue per account and associated commissions and expenses
Incorporate rate increases into model
Further enhance model via sensitivity & scenario modeling and analysis
Detailed build-up consolidates into Consolidating Income Statement which feeds into model
Account for inter-company eliminations in historical pro forma model and projections
Sensitivity Analysis and Multiple Cases:
Layer sensitivity analysis on top of segment build-up to incorporate various assumptions and cases
Build multiple scenarios and cases, including Base Case, Optimistic & Pessimistic Cases
Toggle and sensitize profitability and cash flow of model based on various case assumptions
