TTS ACADEMY BUNDLE

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OVERVIEW

Our biggest bundle yet! We have created the ultimate self-study course bundle to give you a complete package, and helping you in your career in becoming a finance professional. This 10-course bundle includes all of our most popular courses on financial statements analysis, corporate valuation, financial modelling, merger modeling, origination, and excel.

This bundle includes the following courses:

  • Financial Statement Analysis
  • Excel Best Practices for PC: Become an Excel Expert
  • Financial Modeling: Building a Complete Model in Excel
  • Corporate Valuation: How to Value Companies and Mergers
  • Merger Modeling: How to build an M&A Model in Excel
  • LBO Modeling: Building an LBO Model in Excel
  • Capital Markets and Corporate Funding
  • Debt Capital Markets
  • Equity Capital Markets
  • Applied Excel: Working with Data Sets and Scenario Analysis

56 hours of video content.
Estimated 112 hours to complete.

PREREQUISITES

This course is open to all. To maximize the benefit of this course we recommend an understanding of financial statements and Microsoft Excel.

Financial Statement Analysis & M&A Accounting

This is a two-part course. The first part focuses onFinancial Statement Analysis and the second focuses on M&A Accounting.

OVERVIEW

Learn to build a detailed, fully integrated three statement forecast model for a corporate. You will learn best practice in formula construction and how to use keyboard shortcuts to eliminate use of the mouse. Throughout the training you will learn the tried and tested habits and techniques to minimize errors, and make models easy to interpret, adapt and audit.

LEARNING OBJECTIVES

  • Analyse and clean the Income Statement (IS) of one-off items
  • Analyst in detail Operating Working Capital (OWC) and understand its impact on cash flow
  • Analyst and understand non-current assets including PP&E and goodwill
  • Analyse the various line items that make up the funding part of the balance sheet
  • Build a Cash Flow Statement (CFS) from scratch, using just two balance sheets and one income statement
  • Combine your understanding of the financial statements to assess, compare, and consider how these statements might be forecast

TOPICS COVERED

Complete topics step by step or jump to any of the below at any time.

  • Income statement
    • Revenue
    • Costs
    • Profit margins
    • Normalizing earnings
    • Tax expenses
    • Net income
    • Normalizing net income
  • Balance sheet
    • Current assets & liabilities
    • Non-current assets
    • Debt
    • Equity
    • Return measures
  • Cash flow statement
    • Cash flow rules
    • Applying cash flow rules
    • Cash flow categories
    • Completing cash flow statement

OVERVIEW

Develop an understanding of the line items on financial statements that arise when a business makes investments in other businesses. The course covers investments ranging from small, non-influential equity stakes, to full acquisitions and all key related accounting impacts. Confidence with this material is essential for many real-world valuation and modeling tasks.

LEARNING OBJECTIVES

  • Understand the different classification of non-controlling investments a company can make in the equity of other businesses
  • Understand the nature of equity affiliate investments, and their impact on the IS, BS and CFS
  • Understand full consolidation of the IS and BS after an acquisition and the resulting creation of goodwill
  • Understand how Non-Controlling Interests (NCI) are created, and their impact on the IS, BS and CFS at inception and over time

TOPICS COVERED

Complete topics step by step or jump to any of the below at any time.

  • Financial Assets
  • Associates
  • Full consolidation
    • Balance sheet
    • Goodwill
    • Deal income statement
    • NCI

Excel Best Practices for PC: Become an Excel Expert

OVERVIEW

By utilizing both basic and advanced Excel tools, this course is designed to dramatically improve a participant’s ability to use Excel efficiently. Whether you’re an investment banker, consultant, accountant, or specialist in healthcare, technology or industrials, this class offers the broadest, most valuable Excel skill set of any of course we offer.

A Course for

  • The financial services industry (investment banking, consulting, research, asset management, brokerage, sales & trading, insurance, private equity, venture capital, entrepreneurship and start-ups)
  • Corporate/strategic development or finance group of a corporation
  • Marketing, brand management or operations for a corporation or any position responsible for a product or divisional budget, projections and profit/loss statement
  • Enhancing their learning in finance and financial statement analysis classes
  • Non-finance roles, but interested in gaining a solid foundation in applied corporate finance

TOPICS COVERED

Complete topics step by step or jump to any of the below at any time.

  • Basic Excel setup – macro security, iterations, calculations settings
  • Financial modeling essentials – appropriate color schemes, page setup, and customizing toolbars in Excel
  • Common shortcut keys and other efficiency tips
  • Understanding how to efficiently design historical inputs and forecast financial projections

Financial Modeling: Building a Complete Model in Excel

This is a two-part course. The first part focuses on the fundamentals of financial modeling and the second focuses on cash sweep and building a fully integrated three statement forecast model.

OVERVIEW

Learn to build a detailed, fully integrated three statement forecast model for a corporate. You will learn best practice in formula construction and how to use keyboard shortcuts to eliminate use of the mouse. Throughout the training you will learn the tried and tested habits and techniques to minimize errors, and make models easy to interpret, adapt and audit.
 

LEARN OBJECTIVES

  • Forecast an Income Statement, Balance Sheet and Cash Flow Statement, given a set of forecast assumptions
  • Incorporate an operating cash requirement into the model and understand how this differs to the modeling of excess cash
  • Build all formulae clearly and correctly
  • Balance your balance sheet every time from your well-constructed CFS
  • Compute interest income and expense based on average balances, and carefully control the resulting intentional circularity
  • Check your complete model for errors and save it in a professional manner, ready to be shared with colleagues or clients

TOPICS COVERED

Complete topics step by step or jump to any of the below at any time.

  • Model steps
  • Operating cash
  • Deriving the cash flow statement from scratch
  • Balancing the balance sheet
  • Calculating interest
  • Stress testing and final checklist

OVERVIEW

Learn to build a detailed, fully integrated three statement forecast model for a corporate with high leverage, as well as how to model an automated, debt pay-down such that the business will reduce its debt as fast as possible, without impacting the operational needs of the firm. You will learn best practice in formula construction and how to use keyboard shortcuts to eliminate use of the mouse, whilst learning tried and tested habits and techniques to minimize errors, and make models easy to interpret, adapt and audit.

learning objectives

  • Forecast an Income Statement, Balance Sheet and Cash Flow Statement, given a set of forecast assumptions
  • Incorporate an operating cash requirement into the model and understand how this differs to the modeling of excess cash
  • Forecast debt repayments using a ‘cash-sweep’ or ‘debt-waterfall’ such that the model will automatically adapt to any assumption changes that impact cash, and always pay down debt as quickly as feasible
  • Build all formulae clearly and correctly
  • Balance your balance sheet every time from your well-constructed CFS
  • Compute interest income and expense based on average balances, and carefully control the resulting intentional circularity
  • Check your complete model for errors and save it in a professional manner, ready to be shared with colleagues or clients

TOPICS COVERED

Complete topics step by step or jump to any of the below at any time.

  • Model steps
  • Cash sweep concept
  • Modeling the revolver and other debts
  • Linking debt to the balance sheet
  • Calculating interest
  • Stress testing and final checklist

Corporate Valuation: How to Value Companies and Mergers

This is a four-part course focusing on Valuation Fundamentals, Trading Comparables Valuation, Transaction Comparables Valuation, and Discounted Cash Flow (DCF) Valuation.

OVERVIEW

Learn the basics of the three main techniques used to value businesses and shares - Relative Value, DCF and Levered or LBO Valuation. In doing so you will also learn the distinction between equity value and enterprise value, and when each is appropriate to analyse.

Learning objectives

  • Calculate Equity Value and EV for a company given share price and balance sheet information
  • Calculate EBIT, EBITDA and P/E multiples
  • Perform a basic DCF valuation of a business
  • Perform a basic LBO analysis and valuation of a business
  • Understand the relative strengths and weaknesses of these techniques, and when one might be more appropriate than another

TOPICS Covered

  • Roadmap
  • Valuation Outputs
  • Enterprise value and equity value
  • The EV to equity value bridge
  • Comparables valuation
  • EV Multiples - EBIT, EBITDA, Sales
  • Equity Multiples - P/E ratio
  • DCF valuation - Free cash flow, WACC, Terminal Value, Derivation of EV and share price
  • LBO valuation - LBO basics, Calculating IRR, Calculating LBO value of a business
OVERVIEW

Learn in detail how to perform an accurate and meaningful trading comparables valuation of a target business relative to its publicly traded or ‘listed’ peers. This technique can be used on a wide variety of business and is used by equity research and institutional investors as well as parties valuing entire businesses such as corporate or ‘strategic’ buyers/ sellers, Private Equity (PE) funds and financial sponsors and advisory firms.

 

Learning objectives

  • Identify an appropriate group of publicly traded, or ‘listed’ peers
  • Compute their fully diluted equity values and Enterprise Values (EV)
  • Measure each peer’s earnings over a variety of time frames including Last Twelve Months (LTM) and calendarized forecast year
  • Make ‘pro-forma’ adjustments to earnings numbers to remove distortions from acquisitions or disposals made by the comparable firms
  • Interpret your multiples and formulate a valuation of the businesses in question

TOPICS Covered

Complete topics step by step or jump to any of the below at any time.

  • Selecting comps
  • Calculating value
    • Diluted equity value
    • Net debt
  • Calculating the value drivers – scrubbing the numbers
  • Historical adjustments
  • Interpreting the output
OVERVIEW

In order to value a business that might be bought or sold, we learn how to look at historical acquisitions of similar businesses, to estimate a fair transaction or takeover value of a business. This session is complementary to Trading Comparables Valuation, but rather than listed peers, looks at recent historical deals where control was achieved by the buyer, to give a sense or fair value in a transaction context. This technique is used in M&A advisory and PE to estimate the value of an entire business and the synergies that might be achieved by a buyer, rather than a small parcel of shares.

Learning Objectives

  • Identify an appropriate group of publicly traded, or ‘listed’ peers
  • Compute their fully diluted equity values and Enterprise Values (EV)
  • Measure each peer’s earnings over a variety of time frames including Last Twelve Months (LTM) and calendarized forecast year
  • Make ‘pro-forma’ adjustments to earnings numbers to remove distortions from acquisitions or disposals made by the comparable firms
  • Interpret your multiples and formulate a valuation of the businesses in question

TOPICS Covered

Complete topics step by step or jump to any of the below at any time.

  • Identify and select comparables historical transactions
  • Accurately measure the historical recurring earnings of the companies acquired in these deals and compare this to the effective Enterprise Value paid by the acquirer for the entire business
  • Interpret the results and apply your analysis to the target business

OVERVIEW

Learn to follow best practices in generating a forecast model and DCF valuation of a business using ‘fundamental valuation’ techniques. DCF can be used on a wide variety of business and is used by equity research and institutional investors as well as parties valuing entire businesses such as corporate or ‘strategic’ buyers/ sellers, PE funds and financial sponsors and advisory firms.

Learning objectives

  • Forecast free cash flow to the enterprise
  • Estimate an appropriate Weighted Average Cost of Capital (WACC) for the business you are valuing
  • De-lever comparable companies betas and re-lever to the target capital structure of the business being valued
  • Estimate a reasonable Terminal Value (TV) using either a multiple, or a perpetual growth assumption
  • Discount free cash flows and TV to valuation date, incorporating the mid-year adjustment
  • Translate the resulting EV to an equity value
  • Sensitize you results in an Excel data-table

TOPICS Covered

  • Deriving share price
  • Free cash flows
  • Weighted average cost of capital
    • Cost of debt
    • Cost of Equity
    • De-levering and re-levering WACC
  • Terminal value
  • Discounting & the mid-year convention
  • EV to implied shared price
  • Checking the analysis

Merger Modeling: How to Build an M&A Model in Excel

This is a two-part course focusing on M&A Analysis Fundamentals and M&A Modeling.

Overview

This course covers the basic steps of analyzing an acquisition - covering the impact of a deal on the financial statements with a particular focus on EPS, PE and contribution analysis. By the end of the course, you will build an accretion / dilution model using EPS forecasts and acquisition assumptions, proforma leverage ratios and a proforma balance sheet.

Learning objectives

  • Build a detailed Sources & Uses table, including impact of dilutive instruments in the target, operating cash requirement, and equity issuance, debt issuance and advisory fees
  • How to consolidate the two balance sheets at deal dates, including the impact of fees, asset step-ups and related deferred tax liabilities, and related Goodwill adjustments
  • How to build a fully integrated three-statement model including funding, synergy and tax implications
  • How to generate a variety of outputs to analyse the deal including: EPS accretion / dilution, ROIC, premium vs. synergy analysis, analysis at various prices (AVP), and contribution analysis

TOPICS Covered

  • Big picture: what is the transaction impact on acquirer and target shareholders?
  • Preparing key acquisition data
  • Building a flexible funding structure
  • Modeling acquisition adjustments
  • Calculating the accretion / dilution effects of the deal
  • Calculating and understanding contribution analysis
  • Ownership issues
  • Income statement contribution
  • Credit issues and leverage ratios
  • The strategic implication of different financing alternatives
  • Synergies and synergies needed to break even
  • Proforma balance sheet
  • Sensitivity and scenario analysis

Overview

Learn to build a comprehensive, three-statement merger model. All key assumptions required, and outputs of such an analysis will be explored with an emphasis on the impact on the financials of the buyer in a strategic acquisition.

LEarning objectives

  • Build a detailed Sources & Uses table, including impact of dilutive instruments in the target, operating cash requirement, and equity issuance, debt issuance and advisory fees
  • How to consolidate the two balance sheets at deal dates, including the impact of fees, asset step-ups and related deferred tax liabilities, and related Goodwill adjustments
  • How to build a fully integrated three-statement model including funding, synergy and tax implications
  • How to generate a variety of outputs to analyse the deal including: EPS accretion / dilution, ROIC, premium vs. synergy analysis, analysis at various prices (AVP), and contribution analysis

TOPICS COVERED

  • The advantages of a full-blown merger model
  • Preparing the stand-alone data for acquirer and target
  • Preparing key deal data
  • Building a flexible funding structure using a sources and uses of funds table
  • Calculating goodwill
  • Dealing with fair value adjustments to the target’s net assets
  • Dealing with refinancing of target’s debt
  • Modeling fees (advisory, debt-issuance and equity-issuance)
  • Consolidating the financial statements of acquirer and target
  • Synergies
  • Earnings accretion / dilution and relative P / E analysis
  • Assessing the value creation potential of the deal using Return On Invested Capital (ROIC) analysis
  • Contribution analysis
  • Analysis at Various Prices (AVP)
  • Net present value of synergies vs. control premium
  • Identifying the maximum offer price and a suitable financing mix
  • Building data tables to sensitize outputs to key input assumptions

LBO Modeling: Building an LBO Model in Excel

This is a two-part course focusing on LBO Analysis Fundamentals and LBO Modeling.

Overview

Learn how financial sponsors select appropriate target businesses, the typical funding structures they use to acquire these target businesses and the way they generate a return, or IRR for their investors through a sale or ‘exit’ at the end of the LBO.

Learning Objectives

  • Define an LBO transaction
  • Understand the funding structure of an LBO
  • Identify the process of the subordination of debt within an LBO funding structure
  • Build an LBO model in Excel for any cash-generating business

TOPICS Covered

  • LBO valuation
  • Financing structure
  • Senior secured debt
  • Senior unsecured debt
  • Subordinated debt
  • Equity financing
  • Debt push down
  • IRR

Overview

Learn how to structure an LBO and model the impact of the new financing structure. The focus of this course is to build out a full integrated model with an income statement, balance sheet and cash flow statement, together with a detailed analysis of the financing structures and returns

Learning Objectives

  • Build a detailed Sources & Uses table, including target cash, shareholder loan note and fees
  • How to build the initial balance sheet post buy out
  • How to forecast the income statement, balance sheet and cash flow, incorporating a detailed cash sweep / cash waterfall
  • How to calculate returns to all investors participating in equity, including the financial sponsor, management team, and mezzanine investors
  • How to build data tables to sensitize key outputs

TOPICS COVERED

Complete topics step by step or jump to any of the below at any time.

  • Model overview
    • Sources and uses of funds at entry
    • Operating forecast
    • Distribution of proceeds at exit
    • Returns analysis
  • Sources and uses of funds at entry
    • Sources and uses of funds table
    • Ownership structure: Equity ownership at entry vs exit
    • Common equity (Sponsor and Management)
    • The use of different types of equity: Shareholder loan (PIK interest) and preferred stock
    • The use of different types of debt: term loans, subordinated debt, high yield, mezzanine (with PIK and cash interest)
  • Operating forecast
    • Creating the opening balance sheet
    • Focus on cash flow drivers and sanity-checking preliminary assumptions
    • Cash flows available for debt servicing
    • Repayment schedules for individual debt instruments
    • Acceleration of debt payments using a cash sweep mechanism
    • Modeling the revolving credit facility
    • Circularities and the interest calculations
    • PIK interest
    • Credit ratios
    • Using the model outputs to identify key debt covenants
  • Distribution of proceeds at exit
    • Benefit of modeling out value to all investors at exit
  • Returns
    • Calculation and interpretation of returns to the equity investors
    • Calculation and interpretation of returns to mezzanine investors
    • Calculation and interpretation of returns to the management team
    • IRR and money multiple
    • Sensitizing the outputs of the analysis
    • Analysis of the output

Capital Markets and Corporate Funding

Overview

Explore the way in which capital markets connect the world’s issuers, to the world’s investors, with the assistance of the financial industry. The major global investors and issuers are covered in some detail, along with the main features of the key funding instruments; debt and equity. You will then examine some of the ways in which the corporate makes decisions on the equity and debt mix in their business.

Learning Objectives

  • Have familiarity with the major categories of entities that operate in financial markets
  • Understand the difference between equity and debt from both the issuer and investor perspective
  • Understand some of the considerations in selection of preferred debt/ equity mix made by corporates

TOPICS COVERED

Complete topics step by step or jump to any of the below at any time.

  • The role of capital markets
  • Key capital market participants
    • Issuers
    • Investors
  • Equity Vs Debt
    • Issuer perspective
    • Investor perspective
  • Role of an investment bank in capital markets
    • Origination / ECM / DCM
    • Global markets / Sales & Trading
    • Corporate funding
  • Corporate capital structure
    • WACC
    • Leverage and other considerations

Debt Capital Markets

Overview

This course covers the main debt products available to corporates. Using a case company, the debt capacity is calculated before different funding options. Both long and short term, and public and private financing options are explored. Finally the bond issuance process and key documentation are discussed.

Learning Objectives

  • Understand the need for long term and short term debt
  • Understand the differences between overdrafts, revolving credit facilities and commercial paper
  • Become familiar with typical covenants in loans and bonds
  • Understand how to compute bond price and bond yield
  • Compute interest and fees on a variety of debt products

TOPICS COVERED

Complete topics step by step or jump to any of the below at any time.

  • Short term debt funding overview
  • Overdraft and Revolving Credit Facility
  • Commercial Paper
  • Long term debt – term loans
  • Covenants
  • Bridge loans
  • Bond terminology
  • Bond fundamentals
  • Bond risk
  • All-In-Cost
  • Choosing debt maturity

Equity Capital Markets

Overview

This course will cover the main products of the equity capital markets. Using a case company, you will tour through the equity capital markets, embracing IPOs, secondary offerings, and different share classes. Finally, listing rules and some of the subtleties of the pricing of equities are examined.

Learning objectives

  • How corporates access equity capital markets at various stages of the life cycle
  • What is an IPO, why go public and what is the relevance of primary and secondary funding in an IPO?
  • How is the IPO price set and stabilized (the ‘Greenshoe’ option)?
  • How do companies that are already public, access further capital?
  • What is a Rights Issue and how do I calculate the TERP?
  • What are dual listings, depository receipts and other forms of equity?

TOPICS COVERED

Complete topics step by step or jump to any of the below at any time.

  • The corporate lifecycle and equity financing options
  • Initial public offering
    • Process
    • Prospectus
    • Book building and arriving at a price
    • Quiet period
    • Stabilization and Greenshoe option
  • Secondary offering
    • Follow on placements
    • Rights issue
  • Share classes
    • Different classes
    • Preference shares
    • Pricing
    • Issuing shares in different markets
  • Share pricing
    • Cum and ex-div prices
    • Impact on multiples analysis

Applied Excel: Working with Data Sets and Scenario Analysis

Overview

  • Working with Client Data
  • Analyzing Data in Excel
  • Scenario Analysis
  • Macros and User-Friendly Tools
  • Pivot Tables
  • Data Tables
  • Enhancing Model Integrity
  • Introduction to VBA & Macros
  • Array Formulas

Through practical examples and annotated Excel guides, the course will improve the participant’s ability to use Excel efficiently to parse a large data set and interpret the results. By utilizing both basic and advanced Excel tools, students can dramatically improve their efficiency in data organization, allowing them to spend more time interpreting and sensitizing the data

KEy FEATURES

  • Estimated time to complete is 10-15 hours
  • Over 6 hours of video based instruction
  • Course materials include videos and hands-on Excel exercises.
  • Optimized for PC based Excel
  • The Excel shortcuts in this course are not optimized for Mac versions of Excel, but this will not detract substantially from the course experience

TOPICS COVERED

Complete topics step by step or jump to any of the below at any time.

  • Organization of data: (text to columns, RIGHT, LEFT, UPPER, LOWER, CONCATENATE, etc.)
  • Lookup functions (VLookup, HLookup, MATCH)
  • Pivot Tables
  • Scenario analysis (CHOOSE, OFFSET)
  • Introduction to macros and other format controls
  • Creations of basic print macros
  • Editing of basic VBA code
  • Drop-down menus (combo boxes)
  • Data validation and creation of dynamic text
  • Sensitivity analysis using data tables

**Training The Street acquired AMT Training in 2021. We have merged AMT's products into one store, to increase our content offering.**

Group Orders

We offer discounts for group orders on our self-study products. Group orders are an attractive option for companies or teams looking to upskill together.

Contact us at selfstudy@trainingthestreet.com to learn more about how to save money on group orders.

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After you finish your course, you will receive a certificate which can be easily added to your LinkedIn profile.