From this two day practical course, you will leave having with a good understanding of forecasting and valuation. Throughout the two days, you will be able to value and forecast a well known company alongside Rob, with live insight and support. You will also gain lots of new tips and tricks for Microsoft Excel.

""Fantastic course, interactive and easy to follow!" "

Past course attendee

Day one: Modelling

An introduction to a three-statement model, DCF and Comps Valuation

1. The basics of being efficient at Excel:

  • Navigation
  • Short cuts - use the keyboard!

2. The start of the model:

  • Setting up the individual pages
  • Getting the input page and forecast drivers
  • Creating the Income Statement, Cash Flow Statement and Balance sheet pages and getting the base data in
  • Pushing that base data into a clean modelling proforma, building the links between the sheets to drive the model

3. Forecast drivers:

  • We know work through all the things we think drive the value of a company and see how this fills out the future financial statements
  • We keep working down all of those forecast drivers
  • The focus here is making sure the financial statements balance, and we check the ‘flow’ of the forecast drivers through the model
Now we analyse the Company’s forward financial statements and recalculate any ratios, or look at numbers that stick out

Day Two:  Valuation 

Building a discounted cash flow:

  • The concept of a DCF
  • Bringing in EBITDA and the relevant cash flows
  • Building out a WACC – getting the cost of Debt and the cost of Equity
  • Discounting the cashflows to get Enterprise Value
  • Making the adjustments to get back to value of Equity

Comparable analysis:

  • Putting together a peer group, selecting the group from data
  • Identifying key ratios to apply analysis
  • Calculating the peer group multiples 
  • Applying to our numbers and getting a valuation