Media Partners
Financial Modelling with Excel
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Course DescriptionThis 2 day practical course is designed to equip the delegates with a sound financial modelling skills and techniques to prepare and forecast financial statements needed in a modern corporate world. You will gain a firm understanding of the modelling process and financial ratios analysis. The course is run in a very small group allowing for a direct interaction with the trainer throughout the whole course and each session is concluded with a practical model building exercise. By the end of this course you will be able to:
Prerequisites: Basic/intermediate knowledge of accounting |
What Will You Learn |
Main Topics Covered During This Training
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Who Should AttendParticipants who want or need to be able to build a sound financial models should attend this course. From:
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In-Company, call us for more information
Financial Modelling and Forecasting - A Two Day Course
Modelling basics
- Modelling process overview
- Modelling and formatting best practice
- The key Excel functions used in modelling
- Model structure:inputs, workings, outputs
- Connections between income statement, balance sheet and cash flow statement
- Sources of information
- Inputting historical financials
Model building: Participants are introduced to a forecasting model and a set of historical accounts.
Forecasting the income statement
- Key drivers for modelling
- Revenues
- Operating costs
- Using equity research to model – pluses and minuses
- Segment analysis
Model building: Using all available information, participants build a forecasting module to the pre-tax level and link it to the income statement
Fixed assets and working capital
- Forecasting fixed tangible and intangible assets
- Discussion of key drivers of capital expenditure and depreciation
- Forecasting depreciation, existing and new assets
- Forecasting components of non-cash working capital
Model building: Analysis and forecast of capital expenditure, depreciation, fixed assets and non-cash working capital
Net income and shareholders' equity
- Forecasting net income
- Dividend policy and retained earnings
- Forecasting shareholders’ equity
Model building: Participants forecast net income based on the assumption of constant debt and a calculated tax rate. Participants analyse a case company’s dividend policy and forecast the movement in shareholders’ equity
Cash flow statement
- Cash flow from operations, what happens if cash is working capital?
- Cash flow from investing activities
- Cash flow from financing activities
- Modelling the cash waterfall
- Scenario capital structures
- Interest calculation
Model building: Participants complete the cash flow statement and balance the balance sheet by using a cash waterfall. Participants complete the model using the forecast interest line and flex the model for different capital structures
More complex issues
- Taxation, including net operating losses
- Provisions (restructuring, environmental, deferred taxation), effects on income statement and cash flow
- Associates, treatment and forecasting
- Non controlling interests (“NCI”)s, treatment and forecasting
Model building: Participants build out the income statement to the post-tax and dividend level, to include associates and modules
Ratio analysis
- Assessing the company’s operating performance and credit quality
- Use of ratios in evaluating forecasts, using DuPont analysis in forecasting
Model building: Participants build a detailed schedule of DuPont ratios and use this to interpret and adjust the forecasts for case company
Mike Corless
The course director is a qualified chartered accountant who begun his career in Grant Thornton International and since 1986 worked in Ernst & Young as a senior manager in the corporate advisory team, working on major acquisitions, disposals, IPOs and insolvency/restructuring transactions.
In 1989 he joined Threadneedle Asset Management as an analyst, becoming a fund manager specialising in income funds in 1991. In 1996 he joined Scottish Widows Investment Partnership as a director in the UK Equity team, again specialising in income funds. On becoming head of UK Equities in 1998, he introduced a new investment process incorporating cash flow based corporate valuation techniques. In 2000 he was appointed head of UK Equities when Scottish Widows was acquired by Lloyds Bank and he led the integration of the UK Equity teams.
In 2001 he joined HSBC Asset Management as European Head of Equity Research, managing a team of analysts in Paris and London tasked with developing a new research team and research process.In 2004 he was appointed Global Head of Equity Research, responsible for 60 global equity research analysts and 40 global credit analysts. He developed a global valuation and research process, training local analysts in Europe, the US and Asia in its use.
In 2006 he joined BG Consulting Group, a professional training company, as the head of investment banking and investment management managing a team of 12 trainers. His experience at BG included managing major graduate programmes for investment banking and investment management clients, training graduate to managing director level participants and advising clients on their training requirements for accountancy, corporate finance and valuation, investment management and private wealth training.
His clients have included HSBC, Morgan Stanley, Deutsche Bank, Citigroup, Allen & Overy, JP Morgan, Barclays Bank, Barclays Wealth, Morgan Stanley Investment Management and Schroders.
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