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Quick Facts
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Medium of instructions
English
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Mode of learning
Self study
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Mode of Delivery
Video and Text Based
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Course and certificate fees
Fees information
₹ 549 ₹3,499
certificate availability
Yes
certificate providing authority
Udemy
The syllabus
Welcome! Course Introduction
The ascendance of investment banking services
- The importance of history, name, tradition and reputation
- Early origins of investment banking services
- What is the difference between commercial and investment banking?
- Why do universal banks have a competitive advantage?
- Intrinsic conflicts of interest and the role of Chinese walls
- Quiz #1
- Historical M&A waves
- Three of the most important IPOs in history
The four main areas of investment banking activity
- Capital markets - raising equity and debt capital
- Advisory – M&A and Restructuring services
- Trading and Brokerage – trading with financial securities
- Asset management – the ability to use money to make more money
- Quiz #2
Strategies pursued by investment banks
- Strategies pursued by investment banks
- Relationship vs transaction-based banking
- The accidental investment banker - Book recommendation
Capital Markets - Equity capital markets
- Why would a company want to go public?
- Who are the investors in an IPO?
- Coming up with a share price
- What does an IPO timetable look like?
- The IPO syndicate – members and responsibilities
- The pricing process
- Fee distribution among investment banks
- Allocating shares to investors – who gets what
- Taking a long and short position with respect to a security (definition)
- Post-IPO stabilization: Applying the Greenshoe option
- Greenshoe explained – Practical example
- Other ways to place equity capital – SEOs and private placements
- Facebook's IPO - Case study
- Course Challenge #1 - IPO
- Quiz #3
Capital Markets - Debt capital markets
- The four different types of bonds
- Why issue a bond?
- The mechanics of a bond offering. Process description
- A particular type of bonds - Junk bonds
- What is securitization and why can it be useful?
- Securitization - explained
- Asset-backed securities: An example of securitization
- Loan syndication – a preferred instrument for most banks nowadays
- Project finance
- Course challenge #2 - Debt offerings
- Quiz #4
Advisory services - Mergers & acquisitions
- Why acquire another company?
- Describing the typical deal lifecycles and buyer companies
- The three types of M&A processes
- A detailed description of an M&A process
- Valuation of target companies
- Payment Options in M&A deals
- Financial vs. Corporate buyers
- Course challenge #3 - M&A
- Quiz #5
Advisory services - Restructuring
- Restructuring services – why and when
- The different types of Restructuring
- Course Challenge #4 - Restructuring
- Quiz #6
Trading and Brokerage
- How investment banks profit from Trading and Brokerage
- The different types of financial securities traded by investment banks
- Quiz #7
Asset Mangement
- Why hire Investment banks as asset managers?
- A risk-return comparison of different investments
- Private equity funds
- Quiz #8
A step-by-step guide to Company Valuation
- Why value a company?
- How much is a company worth for an investor?
- The two variables that drive a firm’s value
- The mechanism of Unlevered cash flow calculation
- Introducing a discount factor – Weighted average cost of capital
- Calculating a firm's cost of debt
- Calculating a firm’s cost of equity
- How to find the beta for an unlisted firm?
- Estimating a company’s future cash flows
- The two stages of a DCF model
- Discounting cash flows and terminal value
- Calculating enterprise and equity value
Financial modeling fundamentals
- What is a financial model?
- Why use a financial model?
- Inefficient financial modeling practices
- Efficient financial modeling practices
- Different types of financial models we can build
- The right level of detail we should use when building a 5 or 10-year model
- The right way to approach the forecasting exercise
- Building complete financial models
- Forecasting P&L items
- Forecasting Balance sheet items (1/2)
- Forecasting Balance sheet items (2/2)
DCF Valuation - Introduction
- How to value a company - Introduction
- The stages of a complete DCF Valuation
- Let's go through the structure of the DCF model we will create in Excel
- A glimpse at the company we are valuing - Cheeseco
DCF Valuation - Forecasting of Key P&L items
- Modeling the top line
- Building flexible financial models in Excel
- Modeling other items: Other revenues and Cogs
- Modeling other items: Operating expenses and D&A
- Modeling Other Items: Interest expenses, Extraordinary items and Taxes
DCF Valuation - Forecasting Key Balance Sheet items
- How to forecast Balance Sheet items - the clear and practical way
- A key concept for finance practitioners - the "Days" methodology
- How to calculate "Days"
- How to use "Days" to project the future development of BS items
- Forecasting Property, plant & equipment, Other assets and Other liabilities
DCF Valuation - Creating clean output sheets
- Excel best practices! Create a good-looking and clean output sheet in your model
- Putting what we learned into practice - Populating the P&L sheet
- How to create a clean output Balance Sheet in your Financial Model
- Completing the output BS sheet for the historical period
DCF Valuation - Calculating unlevered cash flows and Net cash flow
- Learn how to calculate Unlevered free cash flows
- Important! Reconcile UFCF to Net cash flow
- A very useful lesson! Cash flow calculation
- Arriving to actual Net cash flow figures and performing a check with cash
- A fast and effective way to modify multiple cell references in Excel
DCF Valuation - Calculating present value of cash flows in the forecast period
- Introducing weighted average cost of capital (WACC) and perpetuity growth rate
- Learn how to find the present value of future Cash Flows in Financial Models
DCF Valuation - Calculating Continuing value, Enterprise value and Equity value
- Calculating Continuing value and Enterprise value of the business
- Final steps! Calculating Equity value of the business
DCF Valuation - Aditional analysis accompanying the Financial Model
- Sensitivity analysis for WACC and perpetuity growth
- An application of Goal seek
- Recap of the financial model with charts and hypothesis testing
Tesla Valuation - Complete DCF exercise
- Organizing external inputs in a 'Drivers' sheet
- The input data we will work with
- Forecasting Tesla's expected deliveries
- Comparing delivery figures with the ones of industry peers
- Estimating an average selling price of Tesla vehicles
- Calculating automotive revenue
- Peer comparison: Gross profit %
- Calculating automotive gross profit
- Calculating automotive cost of sales
- Forecasting 'energy' and 'services' revenue
- Calculating 'energy' and 'services' gross profit and cost of sales
- Forecasting operating expenses
- Building a fixed asset roll forward: estimating Capex
- Building a fixed asset roll forward: D&A schedule
- Peer comparison: D&A as a percentage of revenues
- Calculating DSO, DIO, DPO
- Producing a clean P&L output sheet
- Fill in the P&L output sheet
- Calculating investments in working capital
- Forecasting Unlevered free cash flow
- Forecasting other assets
- Forecasting other liabilities
- Completing Unlevered free cash flow
- Modeling Tesla's financing needs in the forecast period
- Calculating Net income
- Bridging Unlevered Free cash flow to Net cash flow
- Balancing the Balance sheet
- Estimating Weighted average cost of capital (WACC)
- Performing Discounted cash flow valuation (DCF)
- Calculating enterprise value, equity value, and price per share
- Closing remarks
Relative valuation - triangulating DCF results with multiples
- Why do we use multiples?
- What types of multiples are there?
- Finding the right comparable companies
- The most widely used multiples
- Best practices that ensure accurate calculation of multiples
A guide to Leveraged Buyouts
- What is an LBO?
- The phases of an LBO process
- When is an LBO a feasible option?
- Making money in an LBO
- Who are the lenders in an LBO?
LBO Valuation - Building a Leveraged Buyout (LBO) model from scratch
- Introduction to the model we will build
- Establishing the maximum amount of debt that can be used in the transaction
- Financial sponsors’ perspective
- Forecasting financials until EBIT
- The optimal debt structure
- Estimating cash flows and debt payments
- Completing the model for the period 2018-2021
- Calculating Enterprise value and IRR
- Performing sensitivity analysis
Interview Preparation
- Career guide and frequently asked interview questions
Who Does What in Finance?
- Who Does What in Finance?
Bonus Lecture
- Bonus lecture: Next steps
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