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Step by step instruction to build a Discounted Cash Flow financial model for a real company. Covering DCF steps, forecasting, WACC, terminal value, enterprise value calculations and more. Teaches mouse-free financial modeling in Excel.
*The winner of Financial Modelling Innovation Award 2020, category “Education”.
historical information from financial statements & value drivers
- 3 main financial statements: Income Statement, Balance Sheet and Cash Flow Statement.
- Deriving historical data from financial statements for the model.
- Calculating Gross Profit, EBITDA.
- EBIT and Net Income.
- Understanding Depreciation & Amortization Expense and Capital Expenditures of the company.
- Calculating changes in Working Capital.
- What is Unlevered Free Cash Flow, why do we need it in our model and how do we calculate it.
- Calculating historical value drivers based on the historical information we have derived from financial statements.
- Revenue Growth, Cost of Revenue (% of sales), CapEx (% of sales) and more value drivers to calculate.
- Excel speeding tips with shortcuts.
Projected Value Drivers and financial Line Items
- Making assumptions for the first projected year based on the historical numbers, other information from financial statments, economic and industry trends, etc.
- Calculating revenue growth for all projected years using step.
- Calculating other value drivers for all projected years using flatline.
- Excel tips and tricks for modeling: anchoring, filling formula and format right and down, jumping between cells and more.
- Based on Value Drivers calculated for projected years, we calculate financial line items to complete the model.
- Revenue, Cost of Revenue, Gross Profit calculation.
- Operating Expense and EBITDA.
- CapEx, D&A Expense and EBIT.
- Finding Tax Expense and calculating Net Income for the company.
- Changes in Working Capital and Unlevered Free Cash Flow for projected years.
Enterprise & Equity Value
- What is WACC and Terminal Growth and how to define them.
- Finding the Net Present Value of Unlevered Free Cash flow.
- Calculating Terminal Value for the company, and Present Value of Terminal Value.
- Enterprise Value and Equity Value – definition, difference, calculation.
- Finding Equity Value Per Share for the company.
Excel tricks for Financial Modeling
- Using Data Table for sensitivity analysis – let’s see hoe equity value per share would change when changing our assumptions for projected years.
- Conditional Formatting to visualize the data.
- Building different scenarios – normal, upside and downside to see what would happen in the most positive and the most negative future events for the company.
- Using CHOOSE, INDEX and OFFSET Excel functions for scenario management.
- Formatting Numbers and Currency.
- Paste Special for formatting and other functions.
- Putting borders in two clicks.
- More Excel formatting tips and tricks.
- Show formula in the call or all formulas on Excel sheet with one click.
- Trace precedents and dependents.
- Name the cell or a cell range.
- Links from another sheets.
- Inserting, editing and comments for other users to make the model easy to follow.
- More Excel tips and tricks for modeling in the game.
Financial Modeling is a computer game that increases your efficiency in building models in Excel by introducing the most productive way of modeling skills with mouse free use of Excel.
You will learn how to save hours, allowing you to focus on building a model quickly and efficiently.
Financial Modeling educational game includes topics covered in the largest investment banks and consulting companies, and for financial professionals at Fortune 500 companies.
You will learn to build a DCF model and can apply skills you gain to other types of financial models.
The game is specifically built for professionals that are having or seeking a job in finance / investment banking / accounting / consulting.
keySkillset promotes the use of Excel hot keys and shortcuts instead of a mouse, as they are always quicker and more efficient.
We incorporate hot keys in the game, so you can navigate and play without using your mouse in many cases. In each case, press the Space Bar and the highlighted letter to activate the relevant button.
Topics and Structure
4 major topics will allow you to learn Financial Modeling in Excel quickly and in a fun and engaging environment.
Hot Keys and Shortcuts in the Game
Plus sign in “Shift + F11” means you need to click them on your keyboard at the same time. Space without plus in “Alt H A C” means you need to click the keys one after another.
Collecting stars and keys
You can collect a total of 4 keys for 4 major topics and 14 stars for all the subtopics in the game. You can see the progress you make on any screen in the game.
– keySkillset is accessible for both PC and Mac users, it’s web based.
– Financial Modeling game shows hot keys and shortcuts for Excel 2016. However, these are mostly applicable to any version of Excel after the 2003 version. You will, therefore, benefit from playing the game even if you use Excel 2007, 2010, or 2013, as you will be able to apply your skills in all these versions.
– The keyboard used in the Excel Efficiency game is an American version of the keyboard, but 90% of the shortcuts is applicable for any keyboard.
– Recommended system requirements: Chrome or Safari browser, English as a primary language on the laptop / computer.
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