The Financial Environment and Investment Course: The Financial Environment & Investment Course

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The ascendance of investment banking services

1. The importance of history, name, tradition, and reputation
2m 28s
2. Early origins of investment banking services
5m 55s
3. What is the difference between commercial and investment banking?
2m 15s
4. Why do universal banks have a competitive advantage?
3m 26s
5. Intrinsic conflicts of interest and the role of Chinese walls
2m 6s

The four main areas of investment banking activity

1. Capital Markets - raising equity and debt capital
7m 20s
2. Advisory - M&A and Restructuring services
7m 55s
3. Trading and Brokerage - trading with financial securities
3m 11s
4. Asset Management - the ability to use money to make more money
4m 3s

Capital Markets – Equity Capital Markets

1. Why would a company want to go public?
2m 25s
2. Who are the investors in an IPO?
3m 5s
3. Coming up with a share price
3m 49s
4. What does an IPO timetable look like?
3m 52s
5. The IPO syndicate - members and responsibilities
3m 9s
6. Allocating shares to investors - who gets what
1m 48s
7. Other ways to place equity capital - SEOs and Private Placements
1m 32s

Capital Markets – Debt Capital Markets

1. The four different types of bonds
2m 41s
2. Why issue a bond?
3m 52s
3. The mechanics of a bond offering
3m 58s
4. What is securitization and why can it be useful?
3m 21s
5. Loan Syndication - a preferred instrument for most banks nowadays
2m 33s

Advisory Services – Mergers and Acquisitions

1. Why acquire another company?
5m 34s
2. Describing the typical deal lifecycles and buyer companies
3m 16s
3. The three types of M&A processes
2m 51s
4. A detailed description of an M&A process
39s
5. Valuation of target companies
3m 59s
6. Payment options in M&A deals
4m 10s
7. Financial vs
2m 23s

Advisory Services – Restructuring

1. Restructuring services - why and when
2m 10s
2. The different types of Restructuring
4m 51s

Trading and Brokerage

1. How investment banks profit from Trading and Brokerage
3m 7s
2. The different types of financial securities traded by investment banks
4m 17s

Asset Management

1. Why hire Investment banks as asset managers?
1m 32s
2. A risk-return comparison of different investments
2m 58s

A step-by-step guide to Company Valuation

1. Why value a company?
1m 37s
2. How much is a company worth for an investor?
3m 13s
3. The two variables that drive a firm's value
1m 57s
4. The mechanism of Unlevered Cash Flow Calculation
4m 33s
5. Introducing a discount factor - Weighted Average Cost of Capital
3m 58s
6. Calculating a firm's cost of debt
55s
7. Calculating a firm's cost of equity
4m 41s
8. Estimating a company's future cash flows
2m 32s
9. The two stages of a DCF model
2m 24s
10. Discounting cash flows and terminal value
1m 44s
11. Calculating Enterprise and Equity value
1m 10s

Financial Modeling fundamentals

1. What is a Financial model?
2m 2s
2. Why use a Financial model?
2m 35s
3. Inefficient financial modeling practices
5m 49s
4. Efficient financial modeling practices
4m 58s
5. Different types of financial models we can build
4m 42s
6. The right level of detail we should use when building a 5 or 10-year model
2m 35s
7. The right way to approach the forecasting exercise
2m 51s
8. Building complete financial models
2m 15s
9. Forecasting P&L items
5m 58s
10. Forecasting Balance sheet items (1/2)
2m 35s
11. Forecasting Balance sheet items (2/2)
5m 8s

DCF Valuation - Introduction

1. The stages of a complete DCF Valuation
6m 16s
2. Let's go through the structure of the DCF model we will create in Excel
2m 53s
3. A glimpse at the company we are valuing - Cheeseco
1m 9s

DCF Valuation - Forecasting of key P&L items

1. Modeling the top line
3m 39s
2. This Is how you can build flexible financial models in Excel
2m 12s
3. Modeling other items: Other revenues and Cogs
3m 46s
4. Modeling other items: Operating expenses and D&A
2m 33s
5. Modeling Other Items: Interest expenses, Extraordinary items and Taxes
2m 28s

DCF Valuation - Forecasting of key Balance Sheet items

1. How to forecast Balance Sheet items - The practical and easy to understand way
43s
2. Learn how to calculate "Days"
1m 30s
3. How to use "Days" to project the future development of BS items
2m 23s
4. Forecasting Property Plant & Equipment, Other assets and Other liabilities
2m 27s

DCF Valuation - Creating clean output sheets

1. Excel best practices! Create a good-looking and clean output sheet in your model
2m 36s
2. Applying what we learned in practice - Populating the P&L sheet
2m 14s
3. This is how you can create a clean output Balance Sheet in your Financial Model
1m 49s
4. Completing the output BS sheet for the historical period
3m 41s

DCF Valuation - Calculating Unlevered Cash Flows and Net Cash Flow

1. Learn how to calculate Unlevered Free Cash Flows
3m 5s
2. Important! Reconcile UFCF to Net Cash Flow
1m 55s
3. A very useful lesson! Cash flow calculation
6m 1s
4. Arriving to actual Net Cash Flow figures and performing a check with Cash
3m 56s
5. The fast and effective way to modify multiple cell references in Excel
3m 52s

DCF Valuation - Calculating Present Value of Cash Flows in the forecast period

1. Introducing Weighted Average Cost of Capital (WACC) and perpetuity growth rate
1m 56s
2. Learn how to find the present value of future Cash Flows in Financial Models
2m 50s

DCF Valuation - Calculating Continuing Value,Enterprise Value and Equity Value

1. Calculating Continuing Value and Enterprise value of the Business
2m 17s
2. Final steps! Calculating Equity Value of the business
1m 22s

DCF Valuation - Additional analyses accompanying the Financial Model

1. Sensitivity analysis for WACC and perpetuity growth
4m 17s
2. An application of Goal Seek
1m 40s
3. Recap of the Financial Model with charts and hypothesis testing
4m 38s

Relative valuation – triangulating DCF results with multiples

1. Why do we use multiples?
3m 51s
2. What types of multiples are there?
2m 38s
3. Finding the right comparable companies
1m 43s
4. The most widely used multiples
3m 11s
5. Best practices that ensure accurate calculation of multiples
2m 2s

A guide to Leveraged Buyouts

1. What is an LBO?
2m 5s
2. The phases of an LBO process
1m 44s
3. When is an LBO a feasible option?
3m 23s
4. Making money in an LBO
3m 53s
5. Who are the lenders in an LBO?
3m 58s

LBO Valuation - Building a Leveraged Buyout model from scratch

1. Introduction to the model we will build
5m 4s
2. Establishing the maximum amount of debt that can be used in the transaction
4m 16s
3. Financial sponsors' perspective
2m 25s
4. Forecasting financials until EBIT
5m 17s
5. The optimal debt structure
2m 59s
6. Estimating cash flows and debt payments
3m 15s
7. Completing the model for the period 2018-2021
4m 17s
8. Calculating Enterprise Value and IRR
5m 1s
9. Performing sensitivity analysis
4m 2s

The Financial Environment and Investment Course: The Financial Environment &amp; Investment Course