CFA Vancouver Financial Modeling Course

Transcription

1 CFA Vancouver Financial Modeling Course March 6, 7, & 8, 2012 SFU Graduate School of Business 500 Granville Street Vancouver, BC CFA Vancouver

2 Who Should Attend? This seminar is designed for investment professionals with practical experience in investment management, financial valuation, private capital or quantitative analysis. It will be most valuable to individuals working with asset managers, pension funds, investment banks, family offices, investment counselors, insurance companies and other financial services organizations. The Marquee Group has conducted financial modeling seminars for a number of organizations, including CFA societies in Canada, such as CFA Toronto and CFA Calgary. Past participants taught by the Marquee Group include: Portfolio Managers Securities Analysts Investment Bankers Commercial Bankers Investment Officers Financial Valuators Investment Consultants Corporate Finance Professionals Schedule: 8:30 am 4:30 pm Seminar fee includes coffee, lunch, and refreshments throughout the day. Members/Candidates (3 Days): $1,400 Members/Candidates (Days 1 & 2): $1,100 Members/Candidates (Day 3 only): $575 Non-Members (3 Days): $1,600 Non-Members (Days 1 & 2): $1,300 Non-Members (Day 3 only): $675 Register online with Visa, MasterCard. Course Instructor Tim Benson is a senior financial services professional with extensive experience in the capital markets. Prior to joining The Marquee Group, Tim was part of the senior management team at Retirement Residences REIT, a TSX listed real estate investment trust. He also worked in equity research at UBS Securities and investment banking at BMO Nesbitt Burns. Tim holds an MBA from the Richard Ivey School of Business, a Bachelor of Commerce degree from the Haskayne School of Business and the CFA designation. To ensure delivery of the highest quality program, this class will be limited to its optimal size. Participants will be required to bring their own laptops and will be expected to have the correct software installed. This course is taught in Excel 2007

3 Financial Modeling 2 Day Course This intensive course focuses on designing and creating an interactive financial model of a company that adheres to the highest industry standards. The course material includes model design, construction, financial concepts, best practices and accounting treatment for stand-alone and discounted cash flow models. Numerous Excel tools along with helpful keyboard shortcuts to increase efficiency will also be covered throughout the course. DAY 1 AGENDA CREATING A DYNAMIC STAND-ALONE COMPANY MODEL Design and layout a financial model clearly and logically Develop useful inputs and assumptions schedules Use switches to create effective scenarios and value drivers Forecast and build-up a company s revenues and expenses Design and incorporate a company s income statement, balance sheet and cash flow statement Construct all necessary schedules, including: - Depreciation / CAPEX Schedule - Working Capital Schedule - Income Tax Schedule - Debt and Interest Schedule - Shareholders Equity Schedule Use Lookup functions within the model to effectively extract information Properly incorporate Senior Term Debt with an amortizing repayment schedule Create a robust Bank Operating Line (Revolving Credit Facility) Design and incorporate a cash sweep for a company s Revolver Balance the company s balance sheet Rid a model of undesirable error messages

4 Financial Modeling 2 Day Course The second day of the course is focused on using valuation tools and concepts to value a company. A Discounted Cash Flow (DCF) analysis will be discussed and incorporated into the financial model that was created during the first day of the course. Participants will learn to recognize and avoid the most common mistakes that people make when creating a DCF analysis. DAY 2 AGENDA VALUATION METRICS AND ANALYSIS Discuss various valuation methodologies and the appropriateness of using a discounted cash flow methodology to value a business Properly calculate a company s levered or unlevered free cash flows Build a terminal year in the model to create a steady-state perpetual cash flow Review critical terminal year assumptions including Capex, working capital, margins and income taxes Calculate the tax impact of unlevering a company s cash flows Use two common styles to create a discounted cash flow (DCF) analysis Calculate the company s cost of capital and choose an appropriate weighted average cost of capital (WACC) range Discount the cash flows in the forecast period and ensure that the cash flows are discounted to the correct period Review the distinction between using Excel s NPV and XNPV functions Discuss various methodologies to value the terminal period Discuss common discounting errors and review the magnitude of discounting the cash flows to the wrong time period Use a number of powerful Excel tools to sensitize the outputs Incorporate appropriate credit ratios that impact a company s covenants Create flags to warn the user when a covenant has been tripped Conditionally format output tables to highlight specific results

5 Advanced Data Manipulation with Excel 1 Day Course This one day course is an enhancement to Days One and Two and will appeal to participants who already have a strong foundation in Excel. Day Three is an intensive program that will transform participants into Excel Power Users. The course is focused on the pertinent Excel tools that are required in a corporate environment to efficiently analyze and manipulate data and to create compelling financial analyses. This course covers intermediate and advanced level Excel topics. As such, students should have a good working knowledge of Excel prior to taking this course. Assignments, handouts and examples will be used throughout the day. DAY 3 AGENDA Use numerous built-in Excel functions to interpret and manipulate data Use various filters in conjunction with specific arithmetic functions to summarize large volumes of data Learn to use many features of the Advanced Filter, one of the most helpful and least utilized tools in Excel Use a variety of intermediate and advanced Lookup functions to efficiently extract specific information Learn multiple uses of the Lookup and Offset functions, including ways to automate these functions Create nested formulas to expand the flexibility of various functions Use powerful Text functions to manipulate non-numeric variables Convert non-recognizable values into useable numbers with the use of Text functions Learn to use some of the most effective and lesser known Pivot Table features Use advanced conditional formatting tools to enhance the caliber of analytical output