Core Comprehensive

Through practical examples and annotated Excel guides, this rigorous 5-day training program will
discuss theories, approaches and applications of financial modeling. The participants will have the
opportunity to construct a model of their own to apply the lessons learned in the lectures.

This

program will benefit any professional required to create financial projections, especially for
participants interested in:

Working in the financial services industry (investment banking, consulting, research, asset
management, private equity, brokerage, sales & trading, insurance)

Working in the corporate/strategic development or finance group of a corporation

Enhancing a past learning experience in finance and financial statement analysis

Working in marketing, brand management or operations for a corporation and being responsible
for a product or divisional budget, projections and profit/loss statement

Course Overview
TTSs 5-Day Core Comprehensive program consists of the following:

Day 1: Financial Modeling

Day 2: Financial Modeling continued & Advanced Sensitivity Analysis

Day 3: Public and Acquisition Comparables, Discounted Cash Flow Analysis

Day 4: Merger Consequences

Day 5: Leveraged Buyouts

For a more detailed syllabus of daily content please see page 3.

2015 Program Dates and Locations

New York

Boston

Hong Kong

January 12-16

August 17-21

November 23-27

Charlotte

Los Angeles

July 13-17

March 16-20

March 9-13
May 18-22
June 8-12
July 13-17
August 10-14
September 14-18
September 21-25
November 2-6
December 7-11

Chicago

September 14-18

March 23-27

San Francisco

July 27-July 31

May 11-15

Dubai, UAE
April 5-9
October 25-29

August 24-28
September 28-October 2
Washington, DC
February 9-13
June 1-5

2015-06-22

Schedule
9:00 am to 5:30 pm each day
Note: there may be 1-2 hours of homework, which can be completed on site or at home

Pre-work/Pre-requisites
Prior to the start of the course, each participant will need to do the following:

Complete a pre-reading exercise: this will be emailed out 1 week prior to the course, and will take
2-6 hours to complete depending on prior financial statement experience
Fundamental knowledge of financial accounting: TTS recommends our self-study, The
Fundamentals of Financial Accounting and Analysis. For additional information regarding this selfstudy please go to www.ttsuniversity.com

What to Bring
Each participant will need the following:

PC Laptop with an English version of Microsoft Excel, Word, and Adobe Acrobat Reader
USB memory stick ability (for file sharing and distribution)
Financial calculator, preferably the HP-12C or HP-17BII+

Thinking of bringing a Mac? Using a Mac for Financial Modeling presents several issues; the keyboards
are different causing many of the shortcuts to be unavailable, as well as the functionality of Excel itself.
It is highly recommended that all participants bring a PC to the session. If a Mac is the only option, we
would recommend running Windows on your Mac.

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Detailed Syllabus
Days 1 & 2 Financial Modeling & Advanced Sensitivity Analysis
Overview and introduction to financial modeling
Excel best practices and efficiencies
Construction and Application of:

Core statements
Working capital schedule
Depreciation schedule
Amortization schedule

Other long-term items schedule

Equity schedule
Shares outstanding schedule
Debt and interest schedule

Troubleshooting the Model:

Understanding and controlling for circular references
Balancing the model
Making the model deal ready
Utilizing the finished product:
Data tables
Advanced Sensitivity Analysis:
Adding scenarios to the model
Creating a toggle for cases / naming cells

Day 3 Public & Acquisition Comparables and Discounted Cash Flow Analysis
Overview of valuation methodologies and fundamental concepts
Public Comparables Analysis:
Choosing the appropriate peer group
Calculating latest twelve months (LTM)
Gathering public information
Calculating relevant multiples
Calculating market and enterprise value
Deriving an implied valuation range
Normalizing for non-recurring items
Analyzing multiples and a comparables universe
Optional exercise: Spreading public comparables for the case company
Overview of Acquisition Comparables Analysis:
Choosing the appropriate deal list
How control premiums and synergies impact multiples
Sources of public information
Discounted Cash Flow Analysis:
Strengths and considerations of a DCF analysis
Estimating the terminal value
Deriving a weighted average cost of capital (WACC)
Exit multiple vs. perpetuity growth rate approach
Discounting unlevered free cash flows
Determining the valuation range based on DCF analysis
Optional exercise: Adding DCF output to a 3-statement model for the case company
Analyzing Results:
Imputing valuation ranges
Creating a Football field for the case company based on different valuation methodologies

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Day 4 Merger Consequences Analysis

Merger consequences analysis:
Concept of affordability analysis
Overview of SFAS 141/142 and IFRS 3
Purchase accounting overview

Accretion/dilution analysis
Credit rating considerations
M&A transaction considerations (stock vs. cash, social
issues, etc.)

Creation of goodwill and write-ups, including possible

Asset vs. stock purchase
incremental D&A
Sources and uses of funds
Tax deductibility of goodwill
Opening balance sheet and purchase accounting
Section 338 election
adjustments
Pro forma income statement
Exercise: Building an M&A model for a potential acquisition of the case company

Day 5 Leveraged Buyout Analysis

Leveraged buyout analysis:
What makes a good LBO candidate?
Concept of value creation via de-leveraging, operational
improvements and multiple expansion
Sources of funding for an LBO
Differing viewpoints for LBO constituents

Debt capacity and financing options (Pro rata facilities,

institutional facilities, mezzanine capital)
Sponsors equity and internal rate of return (IRR)
Fundamentals of recapitalization accounting
Mechanics of constructing an LBO model

Purchase price determination

Exercise: Constructing an LBO model for the case company

All participants who attend the training program will receive a certificate of completion.*
* The certificate will state the type of training sessions that participant attended

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About Training The Street

The Firm

TTS offers state-of-the-art, instructor-led courses in accounting, capital markets, financial

modeling and valuation for finance professionals. Founded in 1999, TTS is the worlds leading financial
services learning company offering targeted and customized training courses to corporate and
educational clients. Our mission is to teach the practical valuation techniques and financial modeling
skills that experienced professionals use every day, in such a way that participants can apply these
skills the very next morning. In short, we teach the real-world applications of finance theory in a way
that brings corporate valuation and financial modeling to life.
The Team

With more than 150 years of combined professional and teaching experience, TTS's

instructors have worked across a broad spectrum of industries; from high-technology to retail, across a
wide range of financial disciplines ranging from investment banking, accounting, and financial
research to global trade finance and credit risk management. We have executed LBO and M&A
transactions, and worked with both debt and equity products, including public offerings and private
placements. Through our extensive exposure to deal flow on several continents and across various
firms, we have built a conceptual reservoir of global transactions, client experiences, situational
dilemmas, and anecdotal cases that enrich the examples we select and the way we teach. That
experience enables us to simulate the feel of a real deal in our courses.
The Advantage Our professional experience is matched by our passion for, and skill in, teaching. Three
TTS team members currently serve as adjunct professors of finance at Fordham Business School,
Northwestern Universitys Kellogg School of Management, and at the University of North Carolinas
Kenan-Flagler Business School. This year alone, TTS will deliver over 1,500 teaching days and lead live
workshops at more than 50 academic institutions, including the top 20 business schools in the United
States. Over the past decade, TTS has become the training standard for banks, corporations and for
undergraduate and graduate business students seeking careers in finance.

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Registration Details
Option 1: You can register and pay for the seminar online at https://trainingthestreet.secure.force.com/register
Please note the class code below which you will need for registration.
Option 2: Return completed registration form and payment to: Laverne Bailey, 200 Providence Road, Suite 102, Charlotte, NC
28207, USA. Fax: + 1(704) 547-3261, Phone: +1(800) 887-1320, Email: info@trainingthestreet.com
Have a group interested in Core Training? Please call Al Riddick +1 (704) 927-9688

Select One Course Package

5-Day Comprehensive

Jan 12-16, 2015 (NY) #7CC615

Feb 9-13, 2015 (DC) #005FE8
Mar 9-13, 2015 (NY) #32EF1E
Mar 16-20, 2015 (LA) #155957
Mar 23-27, 2015 (CHI) #BEE8C2
Apr 5-9, 2015 (UAE) #C49B7A
May 11-15, 2015 (SF) #AF82C9
May 18-22, 2015 (NY) #930C65

June 1-5, 2015 (DC) #D01E16

June 8-12, 2015 (NY) #D66043
July 13-17, 2015 (NY) #A760BA
July 13-17, 2015 (CLT) #80061A
July 27-July 31, 2015 (CHI) #53A416
Aug 10-14, 2015 (NY) #92A405
Aug 17-21, 2015 (BOS) #A74321
Aug 24-28, 2015 (SF) #EC8CF5

Course Titles

Tuition

Sept 14-18, 2015 (NY) #C8EC20

Sept 14-18, 2015 (LA) #F533B8
Sept 21-25, 2015 (NY) #5DC9BC
Sept 28- Oct 2, 2015 (SF) #85F78E
Oct 25-29, 2015 (UAE) #5664A5
Nov 2-6, 2015 (NY) #192A3E
Nov 23-27, 2015 (HK) #F03964
Dec 7-11, 2015 (NY) #9363C2

Early Discount* # Attending

Tuition x # Attending

5 Day Comprehensive**
Financial Modeling & Advanced Sensitivity Analysis (Days 1-2)
Valuation: Comparables Analysis & DCF (Day 3)

$2,400
$1,200

($400)

___________

$_________________

($200)

___________

$_________________
$_________________
$_________________

Merger Consequences (Day 4)

$1,200

($200)

___________

Leverage Buyout Analysis (Day 5)

$1,200

($200)

___________

Total due upon registration $_______________

* Early registration discount available for those registering 14 days or more in advance of the course starting.
**Note: Registration for New York 5-Day courses are reserved for participants who enroll in at least three days of instruction.

Payment Information (please print clearly)

Payment by check: $__________ enclosed, made payable to Training The Street, Inc.
Authorization to bill credit card: VISA MasterCard

American Express

Account number: ____________________________________ Security Code: ________________

Expiration date: __________________

Cardholders name: _____________________________________ Cardholders signature: _________________________________________

Cardholders billing address (including zip): _________________________________________________________________________________
Registration is complete upon receipt of payment: Participants who do not register online, will be provided receipts via email at
the conclusion of the workshop.
Cancellation policies: Cancellations up to 14 days before the workshop will receive a full refund. Cancellations within 14 days of
the workshop will not be refunded. Requests for refunds must be made to Laverne Bailey. Training The Street (TTS) reserves the
right, at its sole discretion, to cancel workshops. If TTS cancels a workshop, payments are refunded in full.

Participants Contact Information (for multiple participants, please attach information on separate page)
Name (required): __________________________________________________________________________________________________________
Company /School: ________________________________________________________________________________________________________
Phone: ________________________________ Email (required): ___________________________________________________________________
Address: _________________________________________________________ City: ______________________ State: _______ Zip: ____________

Acknowledgement of Payment and Cancellation Policies

The signing participant and/or sponsor of participant(s) acknowledges TTSs above payment and cancellation policies (the
Policies) and agrees to the terms and conditions of the Policies.
Signature: __________________________________________________________

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