CF Institute Financial Modeling

The entire world’s economy is based on money and value of things. One who understands the basics of valuation and finance is very valuable for the corporate world. Finance is a huge sector where there is no limit of success. Every now and then the reforms are modified and the corporate people search for those who know the grounds like the back of their hands to handle the situations. That is why the course of Financial Modeling and Corporate Valuation has become so important these days.

About financial modeling

The words may sound simple but the process comprises of a lot number of steps that prepare an abstract presentation of a model which resembles a real world financial scenario. The model is not just an imaginary or fictitious output but is supported by logical data calculated with mathematical innuendo.

The mathematical model represents the simple version of the performance of an asset handling financial firm or portfolio of a venture (business or project), or any kind of investment. The financial model means different to different people.

• It might be accounting and applications of corporate financial segment.
• It can be implemented in corporate financial applications in quantitative manner.
• Some considers it as a tradecraft whereas some consider it as a science.

No matter what the notion is, financial modeling has a huge application in the business world. In simple words it is just an approach or an exercise in corporate finance and asset pricing in a quantitative mode. If it is described in the sense of statistics and probability then financial modeling is the technique that where translation of a set of hypotheses is done which are related to the behavior of certain entities related to the business such as market, agents or sales force.

The two major divisions that come under the brackets of Financial Modeling are:

1. Accounting

In this case the financial modeling is largely responsible to forecast the financial statement in corporate finance, accounting and investment banking. In this aspect the financial model is built with respect to the company specifications and then the decisions are taken as per the results of the analysis.

The applications are enlisted below.

• Business valuation especially the part where the discounted cash flow enters. It also handles other valuation problems.
• The entire scenario is sketched as per the model and then the management built their decision based on the forecasts and future trends.
• Capital budgeting.
• Calculations of cost of capital
• Analyzing the financial statements that include operation, leases and research and development.
• Estimation of the future behavior and performance of the entities that are incorporated in the corporate structure by the process of merging and acquiring.

2. Quantitative finance

Another interesting part of the financial modeling is the quantitative analysis of the finance of the business by developing a top class sophisticated model based on mathematical calculations. The models are entirely based on the grounds dealing with asset pricing, movements of market in a particular time interval, returns from the portfolios and other related aspects. It is a typical financial engineering process where the entire financial decisions are based on the quantitative analysis medium developed via the models.

The applications in this segment include:

• Option calculation and pricing.
• Derivative calculations like interest rate, credit and exotic factors.
• Tells how to structure the interest rates via the modeling process.
• Provisioning and credit scoring.
• Solving the problems in predicting financing activities of a corporation.
• Portfolio management and optimization
• Evaluating risk and preparing a risk model.
• Dynamic Financial analysis

The problems that are tackled are dynamic and continuous. This is why the models are prepared based on complex algorithms and require computer simulations. Advanced numerical methods are involved in building the optimization models.

Equity valuation with the modeling

The financial modeling also leads to determine the value of a business so that the owner can get the right value while selling or buying one. This is the process used by the financial participants to determine the price of a business venture in order to get the right value while acquiring or selling.

The same models that are used to define the value of the business are also used to resolve disputes related to the business like gift taxations, litigation of divorce, price of business assets, agreement valuation for partners, etc.

The elements of valuations

The factors that are taught to the aspiring students are enlisted below.

1. Economic conditions

The report generally starts with the purpose of the analysis and states the scope of the business appraisal with date and the audience. The economic conditions of the region as well as that of the national in the contemporary time are clearly stated. The industrial condition on which the business valuation is done is also mentioned.

2. Financial analysis

The statement analysis in the financial background involves:

• Ratio analysis covering turnover, liquidity, profitability and many other aspects.
• Common size analysis
• Trend analysis
• Industry comparative analysis.

This vast analysis allows an analyst to find out the parameters that are actually effecting or affecting the industry at that time. The comparison is done in between the financial statements of different times of the company to check for the growth or decline rates and other trends that are hidden in them and find the pattern in the behavior of the parameters.

3. Financial statement normalization

Normalization is the processes that involve certain steps where a businessman can identify the ways to generate income that he take out from the cash flow without harming the business. There are four categories in this aspect.

• Comparability adjustment

This process is done to adjust the financial statements between the subject company and other businesses, similar in industrial background, to eliminate the differences.

• Non operating adjustments

The non operating assets are eliminated via this process from the balance sheet before the business is sold in a hypothetical condition.

• Non recurring adjustment

The events that recur or expected to recur are eliminated or adjusted so that the future expectations may not get improvised.

• Discretionary adjustment

The valuation is properly determined as per the industry standards so that the payment should not be over or under the normal level.

4. Market, asset and income approaches

These three different approaches are used in the valuation using different techniques to determine the value of the business. The value is calculated as follows:

• The income based approach calculates the net present value
• The asset based value approach adds up all the value of the intrinsic parts of the business.
• The market approach compares the subject to the other ones in the same business, size and region to evaluate the proper value of the company.

The valuation models are built as per the requirement and the value is generated.

The prerequisites of the course

As mentioned earlier, the modeling and corporate valuation need in-depth knowledge in mathematics and other subjects like physics, computer science and engineering. The students who have further knowledge in operational research are more deserving. The disciplines should have a quantitative background. The bachelors can go for the degrees like Master of Quantitative Finance, Master of Computational Finance or Master of Financial Engineering. An aspirant who has completed his MBA or MSF can go for this accounting qualification side by side.

The platforms used in the modeling and valuation

There are software that exist for the exact application but most of the market is based on the spreadsheets of Microsoft Excel. The models are normally company specific. In fact the analysts have their own typically modified models to perform the specific tasks that are given. The models are developed in Excel and it has the largest share in the market overcoming Lotus 1-2-3 in the 90s.

Other than the spreadsheet preference, the intense and complex calculations are also done in custom C++ based numerical software for analysis. One of the most extensively used platforms that are based on C++ applications is MATLAB. The platform is more stable and faster than the spreadsheets and has a lot more applications to cater. This platform is considered to be the best tool for research in economics because of the features like graphical tools, debugging tools and intuitive programming.

On the other hand C++ and FORTRAN are utilized when high computational applications for cost is involved as MATLAB turn out to be slow in these cases. The simplicity of C++ and FORTRAN become quite handy in these high computational matters.

There are certain firms that develop profile specific software for the corporations. It can also be developed as an in house project which imparts better understanding of the parameters to be considered. The entire venture depends to bridge the division between the mathematical and physical sciences with finance as the result due to the division and difference was ugly in 2007-08.

Frequently asked questions

1. How will I benefit from the course?

The online courses are the best for the professional and aspiring students. The flexibility is so well adjusted that the aspirants can do it as per their convenience. With diligent effort and proper learning schedule, the aspirant can add another feather in their caps and can enhance the curriculum vitae to a new level.

Beside this, the other benefits that will come with the course are:

• Application of MS Excel skills for problem solving
• Starting from the scratch, the student will earn how to build a financial model in a integrated fashion
• Performance analysis techniques will be taught to make the skill set eve more versatile

Learning these techniques via the course, a student can land up a good and prospective job in reputed platforms like investment banks, Brokerage houses, knowledge process outsourcing, corporate finance, credit analysis firms, business planning firms, etc. The opportunities are immense and the possibilities are unlimited.

2. Is it applicable for novice students?

If the student is known to the financial concepts that together make the basic platform of the course then he or she will not face any kind of problem to understand the concepts of the course.

The course is developed in such a way that even a newbie can catch up fast and learn the techniques properly to enhance his or her skill set.

3. What specifications do I need in my computer?

The computers of basic forms will do. The version of Excel can be 2007 or higher to get started. If the course tends to divert towards other software then they might need to install them in their computer.

4. Will my queries be met properly?

The questions will be answered after every session as per convenience. The doubts a student has will be cleared. In fact there will be a homework scheduled after every session to impart a proper practical knowledge of what the student learned.

Career benefits in Financial modeling

Financial modeling has a huge prospect as the experts are required in all businesses, irrespective of size and genre. The global economy is developing day by day and every business wants to know whether they can be on the top or how they can mould the parameters in to their benefits. That is why the career in financial modeling has such a boost.

As experience will be gained the personnel will occupy the top notch places in the organization like:

• Management position in acquisitions
• Financial modeling and audit management
• Project management in Financial Model Conversion
• Analyst in Equity research
• Economic data research analyst
• Market risk management

There are so many directions and so many positions to acquire. That is why this course is the most beneficial for those who want to be a successful financial expert in the future. The salaries are above average as per the industry standards. In fact the bigger the banner the better is the salary an aspirant can expect. The entire world is moving fast and so is the economy. Hence the requirement will never go down in future as the corporations will never stop making profit.

Where do our learners come from?

Professionals from around the world have benefited from eduCBA’s Financial Modeling and Valuation Course Courses. Some of the top places that our learners come from include New York, Dubai, San Francisco, Bay Area, New Jersey, Houston, Seattle, Toronto, London, Berlin, UAE, Chicago, UK, Hong Kong, Singapore, Australia, New Zealand, India, Bangalore, New Delhi, Mumbai, Pune, Kolkata, Hyderabad and Gurgaon among many.

Module 1: Introduction on MS-Excel

1	Excel 2010 Beginner – Overview
2	Getting Started – Ribbons & Quick Access Toolbar
3	Getting Started – Surfing Excel & HELP Function
4	Excel Case Study
5	Data Entry in Excel
6	Populating the Case Study in Excel
7	Calculations – Addition Subtract Multiply Division
8	Formulas – SUM MAX MIN AVERAGE
9	Formatting – Number Formats
10	Formatting – Table Formats
11	Updating a Calculation
12	Percentages & Absolute References
13	Conditional Formatting
14	IF function
15	COUNTIF Function
16	SUMIF Function
17	Creating Charts and Graphs
18	Create Pie Charts
19	Sorts
20	Filters
21	Pivot Tables
22	Freeze and Split
23	Presentation – Table Formats
24	Presentation – Indents and Formatting Charts
25	Printing the Worksheet
26	Printing – Headers and Titles
27	Shortcuts – Formatting and Navigation
28	Shortcuts – Selection, Data and Formula
29	Common Errors
30	Concluding Lecture

Module 2: Advance Excel Tools for Financial Modeling

1	Office Button and Paste Function
2	Sparklines Custom Ribbons and Screenshots
3	Conditional Formatting and Equation Editor
4	Paste Special
5	Logical functions IF AND OR
6	Arithmetic functions MAX MIN ABS etc
7	COUNT COUNTIF COUNTA COUNTBLANK
8	Cell Information ISERROR ISBLANK etc
9	Download all Excel and PDF files
10	CHOOSE Function
11	VLOOKUP Function
12	HLOOKUP Function
13	MATCH INDEX
14	Database functions DSUM DAVERAGE DCOUNT
15	OFFSET Function Part 1
16	OFFSET Function Part 2
17	FORECAST Function
18	Download all Excel and PDF files
19	One Dimensional Data Tables
20	Two dimensional Data Tables
21	Solver
22	Goal Seek
23	Download all Excel and PDF files
24	Array Function Introduction
25	Array Function Row and Columns
26	Array Function TRANSPOSE
27	Array Function FREQUENCY
28	Download all Excel and PDF files
29	PROPER UPPER LOWER LEFT RIGHT MID
30	FIND CLEAN REPT CONCATENATE
31	Download all Excel and PDF files
32	Pivot Tables
33	Pivot Table Filter Slicer
34	Pivot Charts
35	Download all Excel and PDF files
36	Naming a Cell and a Range
37	Naming Dynamic Ranges
38	Download all Excel and PDF files
39	Auditing Toolbar
40	Watch Window
41	Group Boxes and Options Button
42	Check Boxes
43	List Boxes and Combo Boxes
44	Scroll Bar and Spinners
45	Text to Columns
46	Grouping Tabs
47	SUBTOTAL Function
48	Hyperlinks
49	Data Validation
50	Random Numbers
51	Custom View
52	Protecting Worksheet and Workbook
53	Download all Excel and PDF files
54	Excel 2010 Sparklines
55	Range Charts Type 1 Part a
56	Range Charts Type 1 Part b
57	Range Charts Area Type 2 Part a
58	Range Charts Area Type 2 Part b
59	Funding Graph
60	Two Axis Graphs
61	Scenario Graphs Part 1
62	Scenario Graphs Part 2
63	Average Line
64	Bar to Pie chart
65	Combo Charts
66	Creating Histogram
67	Invert Negatives
68	Scrolling Chart part 1
69	Scrolling Chart part 2
70	Download all Excel and PDF files

Module 3: Analyze and Present Data Visually in Powerpoint

1	Introduction to Excel 2013
2	Excel Chart Concepts
3	02 Excel Basic Charts
5	03 Fine-tuning of Charts in Excel
6	04 Changing Chart Options – part 1
7	04 Changing Chart Options – part 2
8	05 Format Tab Option
9	Column and Line Chart
10	Pie Diagram
11	Area Chart
12	Doughnut, Bubble and Radar Chart
13	Paste Chart Data
14	Multiple Source Data and Table Chart
15	Basic Dynamic Chart
16	Dynamic Chart with Check boxes
17	Dynamic Pie Chart
18	Pareto Chart
19	Frequency Chart
20	Chart Filter
21	Gantt Chart
22	advanced dynamic chart
23	Calculator Chart
24	Pivot Chart
25	Map Chart

Module 4: Macros & VBA

1	VBA & Macros: Course Introduction
2	What are VBA & Macros?
3	Advantages of using VBA and Macros
4	Protocols in creating Macros
5	Creating My First Macro
6	VBA Environment – Project Explorer
7	VBA Environment – Properties
8	VBA Environment – Run Break Reset and Design
9	VBA Environment – Debug – Toggle
10	VBA Environment – Debug – Local Window
11	VBA Environment – Debug – Watch and Immediate Window
12	Macros with IF Condition
13	Macros with IF Condition (Continued)
14	Data Filter using VBA – Introduction
15	Data Filter using VBA – Macro Recording
16	Data Filter using VBA – Dynamic Update
17	Data Filter using VBA – Command Buttons
18	Data Filter using VBA – Command Buttons – Modifying
19	Data Filter using VBA – Command Buttons – Final touches
20	Charting using VBA – Introduction
21	Charting using VBA – Creating codes for charts
22	Charting using VBA – Recording Macro
23	Charting using VBA – Chart in another sheet
24	Charting using VBA – Dynamic Inputs
25	Charting using VBA – Creating Dynamic charts
26	Charting using VBA – Checking the codes
27	Userforms – Introduction
28	Userforms – Textbox
29	Userforms – Textbox Printing
30	Conclusion

Module 5: Financial Statement Analysis

1	Introduction to Accounting
2	Explaining and Business Cycle
3	Accounting for Income Statement
4	Accounting for Balance sheet Part 1
5	Accounting for Balance sheet Part 2
6	Accounting for Balance sheet Part 3
7	Accounting for Cash Flows
8	Financial Statements Fiscal Year vs Calendar Year
9	Income Statement Format
10	Calculating Profit Margins
11	Non Recurring Items
12	Changes in Accounting Estimates
13	Final Remarks
14	Revenue Recognition Percentage Completion Completed Contract Part 1
15	Revenue Recognition Percentage Completion Completed Contract Part 2
16	Revenue Recognition Installment Method Cost Recovery
17	Downloading Colgates Income Statement part 1
18	Downloading Colgates Income Statement part 2
19	Analyst format of Colgates Income Statement
20	Formatting the Income Statement
21	Investigating the Nonrecurring charges
22	Seperating nonrecurring Items
23	Comparision of Margins before and after adjustments
24	Introduction to Balance Sheet
25	Introduction to Current Assets
26	Cash and Cash Equivalents
27	Cash and Cash Equivalents Colgate PG Microsoft
28	Accounts Receivables
29	Accounts Receivables Case Study part 1
30	Accounts Receivables Case Study part 2
31	Inventory
32	Inventory Case Study
33	Financial Reporting Standards
34	Inventory LCM
35	Inventory Valuations
36	Inventory Valuation Recap
37	Inventory Colgate
38	Prepaid Expenses
39	Current Liabilities
40	Other Current Assets Colgate
41	Current Liabilities Colgate
42	Long Term Assets
43	Depreciation Expense long lived asset
44	Introduction to Goodwill
45	Pooling Method of Accounting
46	Purchase Method of Accounting
47	Goodwill Impairment
48	Long Term Investments Part 1
49	Long Term Investments Part 2
50	Long Term Investments Example
51	Long Term Liabilities
52	Long Term Liabilities Risk Profile
53	Introduction to Shareholders Equity
54	Common Stock Par value and APIC
55	Treasury Stock or Shares
56	Retained Earnings Dividends
57	Additional Other Comprehensive Income
58	Introduction to Preference Shares
59	MacDonalds Shareholders Equity
60	Dividends Types
61	Cash and Property Dividend Example
62	Stock Dividends
63	Small Large Stock Dividends Example
64	Stock Split
65	Introduction to EPS
66	Basic EPS example
67	Calculating Weighted Average Shares
68	Effect of Stock Dividends and Stock Splits
69	Simple vs Complex Structures
70	Preferred Convertible Shares Dilution
71	Preferred Convertible Shares Dilution Example
72	Antidilutive Preferred Convertible Shares
73	Convertible Debt Dilution
74	Convertible Debt Dilution Example
75	Antidilutive Convertible Debt
76	Stock Options
77	Treasury Stock Method
78	Stock Option Dilution Example
79	Comprehensive Example
80	Introduction to Cash Flows
81	CFO Direct Method 1
82	CFO Direct Method 2
83	CFO Direct Method 3
84	CFO Direct Method Example
85	CFO Indirect Method
86	CFO Indirect Method Example
87	CFI
88	CFF
89	Comprehensive Example CFO Direct Method 1
90	Comprehensive Example CFO Direct Method 2
91	Comprehensive Example CFO Indirect Method
92	Comprehensive Example CFI
93	Comprehensive Example CFF
94	Comprehensive Example Ending Cash Balance

Module 6: Introduction to Valuation

1	Corporate Valuations – Overview
2	DDM – Dividend Discount Model- Intrinsic Value
3	DDM – Dividend Discount Model- Required rate of return
4	DDM – Dividend Discount Model- Compare Intrinsic and Market Price
5	DDM – Intrinsic value of growth companies
6	DDM – Dividend Discount Model- Present Value
7	Introduction to DCF
8	Forecasting Income Statement EBITDA
9	Understanding the Working Capital
10	Completing the Working Capital Calculations
11	Linking the Free Cash Flow to Firm FCFF
12	Discounting the Explicit Period Cash Flows
13	Calculation of Terminal Values
14	DCF Valuation Summary
15	DCF Sensitivity Analysis
16	Understanding the Capital Structure
17	Options Treasury Stock Method
18	Options Explained
19	Calculation of in the money Convertibles
20	Calculation of in the money Stock Options
21	Calculation of Debt Equity Ratio
22	Cost of Debt Calculations
23	Cost of Equity Calculation
24	Enterprise Value Calculation Completing the Missing Links
25	Introduction to Relative Valuation
26	Relative Valuations Enterprise Value and Equity Value
27	Relative Valuations Comparable Comp Sheet
28	Understanding PE Ratio
29	Forward and Trailing PE
30	Advantages and Limitations of PE
31	Understanding PBV Ratio
32	Why PBV is used in Banks
33	PBV and ROE Used for Energy Sector
34	Understanding PCF Ratio
35	Why PCF used in Oil Gas Gold Real Estate
36	Concluding Lecture

Module 7: Financial Modeling (Automobile)& DCF Template Creation

1	Industry Overview
2	Company overview
3	Populating the historical values part 1
4	Populating the historical values part 2
5	Horizontal analysis
6	Vertical analysis
7	Ratio analysis
8	Revenue projections
9	Cost sheet projections
10	Working capital Projections part 1
11	Working capital Projections part 2
12	Capex and base equation
13	Depreciation schedule part 1
14	Depreciation schedule part 2
15	Depreciation schedule part 3
16	Amortization schedule
17	Linking the income statement
18	Linking the balance sheet
19	Linking the cash flow statement
20	Shareholders equity schedule
21	Debt schedule part 1
22	Debt schedule part 2
23	Completing the missing links
24	Introduction to DCF valuation
25	FCFF cost of equity
26	WACC Calculations
27	Intrinsic value calculation
28	Sensitivity analysis
29	Introduction to Relative valuation
30	Relative valuation part 1
31	Relative valuation part 2
32	Valuation Analysis
33	Conclusion

Module 8: Comparable Company Analysis – Trading & Transaction Comps

1	Introduction to Comparable Comps
2	Valuation Methodologies
3	Why Comps?
4	Complement More Detailed and Complex Valuation Method
5	Steps of Comparable Comps
6	Selecting the Peers
7	Selecting the Multiples
8	Selecting the Multiples Continues
9	Working on Basic Share Outstanding
10	Diluated Share Outstanding
11	Cash and Cash Equivalents
12	Financial Average
13	Price by Book Value Multiple
14	LTM Calculation Example
15	Gathering the Data
16	Gathering the Data Continues
17	Drawing the comps sheet
18	Takeover Premium
19	More on Takeover Premium
20	REIT Valuation
21	REIT Valuation Continues
22	Common Interview Questions
23	Common Interview Questions Continues
24	Practical File

Module 9: Comcast and Time Warner Merger Modeling Training

1	Industry Overview 1
2	Industry Overview 2
3	Comcast Company Profile 1
4	Comcast Company Profile 2
5	Company Profile 1
6	Company Profile 2
7	Overview 2
8	Overview 3
9	Overview 4
10	Transaction Assumptions 1
11	Transaction Assumptions 2 and 3
12	Transaction assumption 4
13	Buyer and seller IS 1
14	Buyer and seller IS 2
15	Combining the IS 1
16	Combining the IS 2
17	Calculating accretion and dilution
18	Synergies 1
19	Synergies 2
20	Synergy assumptions
21	Synergy calculations
22	Combining the BS 1
23	Combining the BS 2
24	Calculating the adjustments 1
25	Calculating the adjustments 2
26	Calculating the adjustments 3
27	Calculating the adjustments 4
28	Adjusting the BS
29	Adjusting the IS
30	Sensitivity Analysis
31	Calculating the free cash flows
32	Summarizing the model

Module 10: Introduction to Project Finance

1	Learning Objective
2	Download all Excel and PDF files
3	Introduction Part 1
4	Introduction Part 2
5	Estimating the cost of the project
6	Feasibility Analysis Part 1
7	Feasibility Analysis Part 2
8	Means of finance
9	Risk analysis and Mitigation
10	Important Ratios in Project Finance
11	Introduction to Project Finance Modeling
12	Assumptions Project Model Steps
13	Assumptions Operating
14	Assumptions Expenses and Equity
15	Revenue Indicators and Assumptions
16	Calculating Operating Revenues
17	Operating Cost Tax Calculations
18	Calculating Project Cost
19	Calculating Debt Drawals
20	IDC and Circular Loops
21	Land Building and Civil Works
22	Misc Fixed Assets
23	IDC Allocation
24	Completing the Income Statement
25	Calculating Principal Repayments
26	Completing the Balance Sheet
27	Completing the Cash Flow Statements
28	Calculating DSCR
29	Calculating Project IRR
30	Calculating NPV
31	Formatting the Project Model
32	Sensitivity Analysis Interest Rate and IRR
33	Sensitivity Analysis Parking Charges and IRR
34	Download all Excel and PDF files
35	Preparing a Project Finance Report

Module 11: LBO Modeling

1	Overview part 1
2	Overview part 2
3	Transaction assumptions
4	Debt assumptions part 1
5	Debt assumptions part 2
6	Sources & uses
7	Consolidated Balance Sheet
8	Populating the Historical Values
9	Revenue Build up part 1
10	Revenue build up part 2
11	Revenue build up part 3 final
12	Cost sheet calculations
13	Working Capital Management part 1
14	Ratios and Assumptions part 1
15	Ratios and Assumptions part 2
16	Capex-Base Equation
17	Calculating depreciation part 1
18	Calculating depreciation part 2
19	Amortization schedule
20	Linking the income statement
21	Linking the balance sheet
22	Linking the cash flow statement
23	Debt schedule part 1
24	Debt schedule part 2
25	Debt schedule part 3
26	Debt schedule part 4
27	Completing the missing links
28	calculating IRR part 1
29	calculating IRR part 2
30	Sensitivity analysis part 1
31	Sensitivity analysis part 2

Module 12: Ratio Analysis Foundation

1	Horizontal and Vertical Analysis
2	Income Statement Horizontal and Vertical Analysis Example
3	Balance Sheet Vertical Analysis Example
4	Introduction to Ratio Analysis
5	Activity Ratios
6	Activity Ratios Receivables Turnover
7	Activity Ratios Inventory and Payables Turnover
8	Activity Ratios Cash Conversion Cycle Discussion
9	Activity Ratios Working Capital and Fixed Asset Turnover
10	Liquidity Ratios
11	Solvency Ratios
12	Profitability Ratios
13	Comprehensive Example Activity Ratio Cash Conversion Part 1
14	Comprehensive Example Activity Ratio Cash Conversion Part 2
15	Comprehensive Example Activity Ratio Working Capital and Fixed Asset Turnover
16	Comprehensive Example Liquidity Ratios
17	Comprehensive Example Solvency Ratios
18	Comprehensive Example Profitability Ratios
19	ROE
20	ROE Example
21	Dividends Payout Ratio

Module 13: Banking

1	Balance sheet to Income statement
2	Balance sheet to Income statement Continued
3	Balance sheet to Income statement- Ratios
4	Securitization
5	Income Statement comparison
6	Income Statement comparison Continued
7	Cash Flow statement Comparison
8	LLR Calculations
9	LLR Calculations Continued
10	LLR calculations- Gross Charge offs
11	LLR calculations- Change in Collateral
12	Regulatory Requirements & Capital Adequacy
13	How well Capitalized are banks
14	Problems with Basel I
15	Basel II Norms
16	Basel III Norms
17	Introduction to Loan Loss Reserve Projections
18	Calculating Growth rates for Loans
19	Forecasting Loan Values
20	Loan Loss Reserve- Effect of Loans
21	Loan Loss Reserve- Understanding LLR
22	Loan Loss Reserve- Consumer Charge-offs
23	Loan Loss Reserve- Non-US Charge-offs & Recoveries
24	Charge-offs & Recoveries- Assumptions & Projections
25	Calculating Recoveries
26	Calculating Average Loan Balance
27	Adjusting the Charge-off formula
28	Projecting Cash, Deposits, Securities, Trading assets
29	Projecting Securities borrowed
30	Projecting Mortgage Servicing Rights
31	Projecting Balance Sheet Liabilities
32	Introduction to Interest bearing assets & liabilties
33	Interest bearing assets & liabilities continued
34	Calculating Interest Rate Spread
35	Income Statement projections- Introduction
36	Income Statement projections- Revenue items
37	Lending & Deposit fees and Asset Management
38	Mortgage fees & Credit Card Income
39	Forecasting Non-Interest Expense
41	Cash Flow Statement-Operating activity Continued
42	Cash Flow Statement-Investing Activity
43	Cash Flow Statement-Financing Activity
44	Linking the Financial Statements
45	Federal Funds Calculations
46	Capital Adequacy- Intoduction
47	Capital Adequacy- Tier 1 Capital
48	Capital Adequacy- Tier 2 Capital
49	Capital Adequacy- Average assets
50	Dividends & Stock Repurchase- Introduction
51	Dividends Payout Ratio
52	Stock Repurchase
53	Calculating number of Stock Repurchase
54	Ending, Basic and Shares outstanding

Module 14: Real Estate

1	Introduction
2	Steps of Financial Modeling
3	Explaining Approaches and Formatting Part 1
4	Explaining Approaches and Formatting Part 2
5	Punching Income Statement Part 1
6	Punching Income Statement Part 2
7	Punching Balance Sheet and Cash Flow Part 1
8	Punching Balance Sheet and Cash Flow Part 2
9	Taking Assumptions
10	Taking Appropriate Assumptions in Real Estate Models
11	Drivers and Income statement with linkage
12	Forecasting income statement
13	Balance Sheet and Cash Flow Forecasting
14	Ratio Analysis
15	How to Value a Real Estate Model
16	How to Value a Real Estate Model Continue
17	Report Writing
18	Investment Thesis
19	How to Write a Real Estate Equity Report

Module 15: Energy

1	Introduction to Modeling of US Oil and Gas
2	Overview of Industry
3	Various Types of Oil and Gas Producers
4	Environment and Supply Aspects
5	Industry overview in India
6	Understanding SEC filings
7	Understanding SEC filings Continues
8	Overview of Company
9	Steps of Financial Modeling
10	Explaining Financial Statements in Details
11	More on Explaining Financial Statements
12	Punching Historical
13	Punching Historical Continues
14	Working on Cash Flow Sheet
15	Cash Flow from Operating Activities
16	Revenue and Cost Drivers
17	Revenue and Cost Drivers Continues
18	Forecasting Financial Statements
19	Forecasting Financial Statements Continues
20	Working on Debt
21	Working on Drivers Sheet
22	More on Drivers Sheet
23	Linking the Balance Sheet
24	Calculation of Free Cash Flow
25	Calculating WACC
26	Explaining DCF Method
27	Explaining Relative Valuation
28	Calculation Ratios
29	Calculation Ratios Continues
30	Calculating Price to Share Ratio

Module 16: Capital Goods

1	Introduction to Praj Industries Ltd
2	How Company Makes Ethanol
3	Ethanol Industry Overview
4	Ethanol Segment
5	Learn Emerging Market
6	Punching Qtrly Consol Income Statement (IS)
7	Management Highlights
8	Quarterly Income Statement Analysis
9	Key Developments
10	Punching Quarterly Standalone Income Statement
11	Punching Quarterly Standalone Income Statement Continues
12	Linkages of Console Yearly Income
13	More on Console Yearly Income Statement
14	Calculating Total Revenue
15	Punching Consolidated Balance Sheet items
16	Punching Consolidated Balance Sheet items Continues
17	Punching Consolidated Cash Flow Items
18	Projecting Actual FY16 Cash Flow without Annual Report
19	Projections of Petrol Demand in India
20	Petroleum Planning and Analysis Cell
21	Projections of Ethanol Demand
22	Incremental Order Flows for EPC Players
23	Sensitivity Analysis for Overall Order Flows
24	Projection of Brewery Order Flows
25	Console Assumption Sheet
26	Projection of Emerging Market Order Flows
27	Projections of Revenues
28	More on Projections of Revenues
29	Projection of Operating Cost
30	Projection of Operating Cost Continues
31	Operating Margins
32	Linking Operating Margins
33	How to Calculate Forex Gain or Loss
34	How to Calculate Forex Gain or Loss Continues
35	Projection of Other Income
36	Projection of Depreciation
37	Projection of Amortization
38	Projection of Finance Cost
39	Projection other Income Statement Items
40	Projection of Balance Sheet Items
41	Projection of Balance Sheet Items Continues
42	Calculating Trade Payable
43	Projection of Cash Flow Statement
44	Projection of Cash Flow Statement Continues
45	How to Draw 1 Year Rolling PE Chart
46	How to Draw 1 Year Rolling PE Chart Continues
47	How to Draw 2 year Rolling PE Chart
48	Preparation of Summary Sheet
49	Preparation of Summary Sheet Continue
50	Equity Research of Capital Goods Industry

Module 17: Media

1	Media Sector 1
2	Media Sector 2
3	Media Sector 3
4	Media Sector 4
5	Introduction of FM
6	Revenue Build Up Schedule Part 1
7	Revenue Build Up Schedule Part 2
8	Cost Sheet Schedule Cost Sheet final
9	Working Capital Schedule Part 1
10	Working Capital Schedule Part 2
11	Depreciation Schedule Part 1
12	Depreciation Schedule Part 2
13	Depreciation Schedule Part 3
14	Amortisation Schedule Part 1
15	Amortisation Schedule Part 2
16	Income Statement
17	Shareholders Equity Schedule
18	Balance Sheet
19	Cash Flow Statement
20	Debt Schedule Part 1
21	Debt Schedule Part 2
22	Horizontal and Vertical analysis
23	Ratio Analysis Part 1
24	Ratio Analysis Part 2
25	DCF Valuation Part 1
26	DCF Valuation Part 2
27	DCF Valuation Part 3
28	DCF Valuation Part 4
29	Relative Valuation Part 1
30	Relative Valuation Part 2

Module 18: Telecom

1	Industry Overview 1
2	Key Market Players And Their Profile
3	Company profile
4	Populating the Historicals
5	Horizontal and Vertical Analysis
6	Ratio analysis
7	Revenue Build up
8	Cost Sheet
9	Depreciation Schedule Part 1
10	Depreciation Schedule Part 2
11	Depreciation Schedule Part 3
12	Amortization schedule
13	Working capital Management
14	Shareholders Equity Schedule
15	Debt Schedule Part 1
16	Debt Schedule Part 2
17	Completing the financial statements
18	EPS calculations and Formatting
19	Summarizing the Model
20	Introduction to DCF and FCFF Calculation
21	WACC Calculations
22	Calculating the target price
23	Sensitivity Analysis
24	Calculating the PE
25	Calculating EV by EBITDA
26	Recommendation Report

Module 19: Retail

1	Populating the Historical Values
2	Revenue Build up part 1
3	Revenue build up part 2
4	Revenue build up part 3 final
5	Cost sheet calculations
6	Working capital management part 1
7	Ratios and Assumptions part 1
8	Ratios and Assumptions part 2
9	Capex-Base Equation
10	Depreciation schedule part 1
11	Calculating depreciation part 2
12	Amortization schedule
13	Linking the income statement
14	Linking the balance sheet
15	Linking the cash flow statement
16	Shareholders equity schedule
17	Debt schedule part 1
18	Debt schedule part 2
19	Debt schedule part 3
20	Debt schedule part 4
21	Completing the missing links

Module 20: Healthcare

1	Introduction to Claris Lifescience
2	Financial Performance
3	Difference Between Injectables and Infusion
4	Competitive Dynamics of the Industry
5	Financial Statement Introduction
6	Financial Statement Introduction Continue
7	Quarterly Income Statement Analysis
8	Quarterly Income Statement Analysis Continue
9	Linkages of Yearly Income Statement from Qtrly Data
10	Understanding About the Balance Sheet Items
11	Understanding About the Balance Sheet Items Continue
12	Understanding on Cash flow Statement
13	Understanding on Cash flow statement Continue
14	How to Create Assumption Sheet?
15	Projection of Segmental Revenue
16	Projection of EBITDA and Operational Cost
17	Projection of EBITDA and Operational Cost Continue
18	Projection of Other Income
19	Calculating Depreciation
20	Calculating Projection of Amortization
21	Projection of Finance Cost
22	Continue on Finance Cost
23	Projection of Tax Rate and Completion
24	Continue on Tax Rate Completion
25	Projection of Balance Sheet Items
26	Projection of Cash Flow Statement
27	How to Calculate Beta of Stock in MS Excel
28	Calculation of WACC and Cost of Equity
29	Valuation of Share Based on FCFF
30	Equity Value Per Share Calculation
31	Calculation First and Second FWD PE Multiple
32	Introduction to Pharmaceutical sector
33	Importance of Pharmaceutical Company
34	Forecasting of Key Line Items
35	What is API ?
36	What is Generic ?
37	Pharmaceutical Model of Arvinda Pharma Limited
38	Consolidated Balance Sheet
39	Consolidated Statement of Profit and Loss
40	Punching Balance Sheet
41	Punching Cash Flow Statement
42	Punching Cash Flow Statement Continue
43	Forecasting Revenue
44	Forecasting Revenue Continue
45	Forecasting Key Cost Items
46	Forecasting Key Cost Items Continue
47	Forecasting FA and Depreciation
48	Forecasting FA and Depreciation Continue
49	PBT Forecast
50	PBT Forecast Continue
51	Profit Before Tax
52	More on Profit Before Tax
53	Forecasting of Balance Sheet Key Items
54	Forecasting Trade Payable
55	Forecasting Investors and Receivable
56	Linking Balance Sheet and Cash Flow Part 1
57	Linking Balance Sheet and Cash Flow Part 2
58	Linking Balance Sheet and Cash Flow Part 3
59	Linking Balance Sheet and Cash Flow Part 4
60	Ratio Analysis
61	More on Ratio Analysis
62	Leverage Ratio
63	Valuation and Devaluation Ratios
64	Calculate WCC
65	Calculate FCF
66	Relative valuation
67	Valuation Ratios and Recommendation on Stock

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