Investment Banking Institute

Providing Financial Training Solution to Capital Market Aspirants

Certification in
Financial Modeling and Company Valuation
From Investment Banking Institute
Basic and Advance Excel Specialist
from MICROSOFT (USA)

Bridging the gap between academics

and real life applications

IBInstitute
Investment Banking Institute

47/16, Rajender Park Marg,

Tel:. 011-42244126
Mob:. +91-9310040603 Opp. Rajendra Place metro Station,
New Delhi-110060
www.ibinstitute.in

Financial Modeling & Company Valuation Using Excel and VBA

2 Months / 16 Days
Investment Banking Institute (IB Institute) is an "independent and autonomous training institute which offers advanced level
practical training on Advance Excel, Fundamental Analysis, Equity Research, Financial Modeling, Project appraisal, Company
Valuation, Mergers and Acquisition and Advance Macro (VBA) to Working professionals and students.
IB Institute was founded in 2009 by the ex-consultants and investment bankers having experience from top notch Investment
Banking and consulting firms in the World. IB Institute provides instructor-led (Live) training and e-learning (Online) courses
which develops the competitive profiles of the students for the interview and the working professionals on the job.
After two years of successful completion, IB Institute is proud of training over 600 students in over 40 batches. The reason for
success is the passion for teaching as well as exceptional experience of our trainers who are imparting their best and sharing their
live experience. We ensure to make the session more live, provide more exposure with real issues to make a great learning
experience for everyone.
Our teaching methods ensure maximum comprehension in the shortest possible time. We provide a dynamic learning
environment with lots of practical hands on exercises and real world examples. In general, all high-paying finance jobs will
require knowledge and skills found in our syllabus for the interview and on the job. Reading the annual report, Financial
Statement analysis, Forecasting, Valuation and financial modeling are an integral part of the day-to-day responsibilities of any
professional working in the main stream Finance.
We offer our training program in the workshop format. All these workshop are interactive based on real life situation. Beside,
we make full use of, Participatory Exercises, Case Studies, and Practice Sessions. The Participant are given Comprehensive
Reference Material & workbook witch is used by them during the workshop. The material also serves as a useful guide in
future.

Note: Candidate will be designing these models from scratch .

Course Highlights:1.Basic and Adv. Excel
2.Financial Accounting and Financial Statement Analysis
3.Navigating the Annual Report
4.Financial Modeling using Adv. Excel
5.Valuation Techniques (DCF, Relative Valuation, Transaction)
6.Mergers and Acquisition
7.Visual Basic of Application (Macro in Excel)
Industries where Financial Modeling is Used:

Investment Banking
Project Appraisal
Private Equity
Hedge Funds
Equity Research
Corporate Finance
Knowledge Process Outsourcing
Asset Management
Rating Agencies
Consultancy

Companies:1. Copal Partners

2. Evalueserve
3. Adventity
4. Ernst & Young
5. Amba Research
6. Aranca
7. SBI Capital
8. Barclays Capital
9. CiansAnlytics
10. Crisil

11. D E Shaw
12. ICRA
13. Analec Research
14. pipal Research
15. Smart Cube
16. Transparent Value
17. Morning Star
18. McKinesy
19. JP Morgan
20. Gridstone Research

Financial Modeling & Company Valuation Using Excel and VBA

2 Months / 16 Days
Day 1,2& 3: Excel 2010 for Professionals:

Here at IB Institute, we are specialists in offering expert level training courses for you to learn
Advanced Excel and other great features of Excel. As part of our Advanced Excel training you will
gain the necessary knowledge required for the efficient use of the tools and other exciting features
which this outstanding software has to offer.
There are many features which Advanced Excel has to offer to its user. In this training, we explain
each & every advance tool which is used by practitioners. IB Institute's training leaves no stone
unturned when it comes to making sure that you learn the Advanced Excel effectively and
efficiently.
In this way you will have the capabilities and required knowledge to really unleash the great power
of Advanced Excel once you have made use of the Advanced Excel training courses which we
provide.

Day 1 Basic Excel Formulas and Functions:-

Define short cut key to open Excel

Basic Mathematical Functions: Sum, Average, Sub Total, Sum Product
Basic Insert and delete short cuts to improve working with Excel
Customizing Short cut keys, Find and Replace, AutoFill
Paste Special, Sorting, Go to Special, Clear tools, AutoFill, Formulas Auditing tools
Logical Functions:IF, Nested IF, IF with And & Or, Use of $, Use of & to concatenate
Statistical Functions: SumIF, SumIFs, AverageIF, AverageIFs, CountIF, CountIFs
Database Functions:Dsum, Daverage, Dmax, Dmin, Dcount, Dget
Math & stat Function:Rank, Large, Round, Trunc, Int, Mround, Ceiling,Floor Etc
Three dimensional Formulas, SubTotal to summarize the data, Remove duplicates, Text to Columns
Working with Ranges, Conditional Formatting, Grouping

Day 2 Adv Formulas and Functions

Information Functions:IfError,IsError, IsNumber, IsBlank, Cell
Lookup Functions:Vlookup, Vlookup with IF, Match and IsError, Index, Indirect, Nested
Vlookup, Hlookup, Choose, Offset, Hyperlink, Address, Rows etc
Text Functions: Right, Mid, Find, Search, Len, Trim, Replace, Substitute, Proper, Upper
Adv Sorting, Filter, Adv Filter, Data Validation, Consolidate, Define ranges
Protection of ranges, sheets, workbook, Track changes, working with multiple worksheets and
workbooks, save workspace, Spinner, scroll bar, List box, combo box

Day 3 Data Analysis Tools

Financial Functions: PV, FV, IPMT, PPMT, PMT, Rate, FVschedule, NPV, IRR, Nominal, Effect,
CumIPMT, CumPrinceetc

Date & Time: Custom Formatting, Date & Time Conventions, Today, DatedIF, Weekday,
Networkdays, Workday, Edate, Eomonth etc

What if Analysis: Goal Seek, Data Table for sensitivity analysis, Scenario manager
Unique excel calculations and features
Inserting sparklines, Setting document permissions
Pivot table with large amount of data, Cover all Tabs from Home to Developer

Day
4&5

Financial Modeling & Company Valuation Using Excel and VBA

Using Excel2 Months
and VBA/216Months
Days / 16 Days
Financial Statements Analysis and Accounting:

Financial and Valuation Modeling requires a solid understanding of accounting and financial statement interaction.
Accordingly, IB Institute has developed Crash Course in Accounting & Financial Statement Analysis, which is very
important for students with a limited knowledge of accounting or who wants to refresh their accounting concepts in a fast
track mode without leaving the important concepts behind.
We are not looking for a Debit / Credit discussionhere; we shall focus more on structure of
Financial Statements, all different line items and how Financial statements
are linked with each other.
Our in-depth course in Financial Statements helps you learn and
masterthe subject which is actuallyvery critical to the start ofyour finance
career. This course will make you a Future Finance Professional not an
accountant as the focus is on analysis, proper interpretation and check
manipulation of accounting numbers to getcloser to the real No's required
for analysis and valuation.

Income Statement, Balance Sheet, Cash Flow Statement defined and

importance explained

Go through every line item of the Financial statements and Related accounting standard
Interactions between financial statements and do an Impact analysis
Understand how financial statements are linked and how change in one item affect the others
Overview and explanation of all major financial ratios and there uses in difference sectors
DuPont RoE, Breakup of RoIC (RoIC tree)
Understand various accounting methods used and their implication to the Financial Statements
Learn all the three Financial Statements with Numerical Examples and cross check with the Annual
Methods of Consolidations of a subsidiary company with the holding company
Financial Reporting vs Tax reporting, Reasons for Deferred tax
Complete with exercises that test and reinforce covered concepts.
This part of the course efficiently provides the required accounting foundation for students enrolling in the Adv Level
courses of IB Institute

Day
6 & 7 Basic Financial Modeling Using Excel (Case Study of FMCG)
Overview of the Program:
Financial Modeling refers to the process of building a structure that
integrates the Balance Sheet, Income Statement, Cash Flow Statement
and supporting schedules to enable decision making in areas like,
Business Planning and Forecasting, Equity Valuation, Credit
Analysis/Appraisal, Merger/acquisition analysis, Project Appraisal etc.
Trainees learn how to build full, dynamic Financial Statement Projection
models in Excel from scratch, using real case studies and sensitivity analyses.
Participants develop a model completely from scratch, inputting historical
data and assumptions to project financial statements using step-by-step
instruction on selecting and developing appropriate projection drivers. At
completion, participants will have developed a complete and comprehensive
three-statement model using various supporting schedules.

Financial Modeling & Company Valuation Using Excel and VBA

Using Excel2 Months
and VBA/216Months
Days / 16 Days

Interactive, Step-by-Step Learning Approach:

Participants are given step by step instructions to build comprehensive models from scratch, the way it is done on the job by
the Investment Banker. They are directed to external documents and resources (like Annual Report, Press Release, Quarter
filings etc) needed for more information to make the model more accurate.

Key Learning Outcomes

Building comprehensive financial models from scratch for a Listed Company.

Learn to define assumptions and make forecast for Income statement, Balance sheet and Cash Flow statements with

required item based schedules.

Integrate assumptions and drivers into financial models based on the information available in the Annual report.
Design various supporting schedules of: Working Capital, Deferred Taxes, Property, plant and equipments /

Depreciation, Intangible Assets, Retained Earnings , and Debt & Interest

Calculate Ratios to identify Strength and weakness of the Firm
Perform sensitivity & Scenario analysis using data tables, Choose and Offset
Balance the model using the debt schedule and debt sweep logic.
How does the revolver facility actually balance the model?
How the financial statements are integrated using the Interest schedule?

2 Months / 16 Days

What are circular references, why should they be avoided and how to deal with circular references

Day
8&9

Oil & Gas Financial Modeling

By now the participants would have learned the art of Financial Modeling. They should have under stood the
Advance Excel, Financial Accounting, various ways to prepare schedule for Financial statements. In
this part of the course, we are becoming more technical into Financial Modeling and prepare
more robust Oil and Gas sector based Financial Model for a US listed company.
This course is designed for finance professionals who are willing to pursue or pursuing
career in Oil & Gas. You will get deeper knowledge about the participants in the sector,
accounting terminology, key challenges, and major line items of Oil & Gas Company.
This course allows trainees to develop an in-depth understanding of the industry,
including financial statement analysis, appropriate Oil & Gas projection drivers such as
commodity prices, production volumes, and operating costs. At completion, trainees
will have developed comprehensive financial and valuation models for an
Exploration & Production company case study.

Key Learning Outcomes:Different business segments Upstream, Midstream, and

Downstream that make up the O&G industry

Oil and Gas accounting and Financial statements analysis

Links between three Financial statements and how they are
different with normal companies

Understand different types of Oil & Gas Reserves

Learn different ways of presenting Oil & Gas reserves
capacity, production into units

Conversion factor of Oil to Gas and Gas to Oil,

Factors determining crude oil and natural gas prices
Learn O&G terminology, units, and key related terms
Distinguish between full-cost and successful efforts
accounting methods

How to Forecast crude oil and natural gas prices

Various ways to project Revenue of E&P company and how to
project operating expenses

Make projections for Exploration cost,

Financial Modeling & Company Valuation Using Excel and VBA

2 Months / 16 Days
This is not "academic financial theory," but exactly what we do in real life in an investment bank. After this course, you will
differentiate yourself from other IB professionals and students at top schools even those with the best academic pedigrees and the
highest GPAs.
Valuation is the Process to determine the current worth of any asset. In our course, the asset is a company. For the
valuation of companies, following are the three widely used techniques.

DCF valuation
Relative Valuation
Transaction Valuations

In general all main stream finance profiles require the valuation skills found in our course. We shall take the most
important three techniques which are used in every research house, Rating agency, Investment bank, consulting firm,
Private equity and KPO. We shall understand the application of the techniques with real case studies and companies.

Day 10 Discounted Cash Flow model (DCF) Modeling:

In Financial modeling, cash flows are only forecasted where as in DCF valuation; those cash flows are used to derive the intrinsic
value of the company.
So by now the participants would have learned how the Financial Model is designed and Projections are made for the Company.
Now we learn how to use Financial Models in Valuations. Valuation is the most important part the investment banking and
corporate finance skill set. You need to have theoretical knowledge of valuation before building valuation models.
Key Learning Outcomes
When the theoretical frame work is laid down, the participants start learning DCF model which includes the calculations of
FCFF, WACC, Terminal Value, Levered and un-levered Beta and Intrinsic Value.

Using cash flows forecasted in the course, participants learn to

prepare a DCF valuation model in Excel from scratch

Understand differences between Enterprise value & Equity

value, relative value & intrinsic value, Un-levered and levered
free cash flows, and the implication on Enterprise value and
implied share price.

Deal with Non-equity claims, WC, CapEx and debt related items

Calculate Terminal value with Multiple and Perpetual method

Use of CAPM to calculate the discount rate by deriving the cost

of debt of equity.

Understand the role of capital structure in determining beta, the

cost of equity, and ultimately WACC.

Understand use of beta and how to de-lever and re-lever beta

and implication on WACC.

Calculate shares outstanding using the treasury stock method

when Dilutive securities are ITM (In-the-Money)

Utilize the enterprise value to determine implied share prices.

Calculating net debt and treatment of debt equivalents such as

preferred stock, convertible securities , capital leases , and
minority interest

Calculating options and convertible securities using both the

standard and treasury stock methods

Financial Modeling & Company Valuation Using Excel and VBA

2 Months / 16 Days

Day
11 & 12

Relative valuation modeling in Excel:

Comparable Company Trading Analysis ('Comps') is the most basic but effective valuation tool used by investment
bankers and analyst. This technique used in all kinds of valuations. For example:- Private market valuation, IPO valuation,
comparative analysis, identifying potential targets for M&A etc
Establishes value of A Company and measures its performance vis--vis the operating and trading statistics of company's
peer group
Training Methodology:
The participants are first explained how to select the Peer Group (Comparables) before building the Models for Relative
Valuation. In this part of the Program, we shall learn to design the real Template for Trading Combs which is actually used
various Research companies.
Then we shall take 10 companies from world over for relative valuations.
Then participants are directed to build superb comps models in Excel from scratch, using real case studies, industry best
practices, and sensitivity analyses.
This model includes Switches, Output sheet, Valuations sheets, Currency Converter and forecasts.
Leaning Outcomes:

Participants learn to select appropriate comparable

companies by evaluating operational, financial, size, and
other similarities

Set evaluation benchmarks & select comparable companies

Gather appropriate financial history and projections

Normalizing operating results and calculating LTM

operating results

Exclude nonrecurring charges, normalize for stock option

expense

Standardize various expense classifications including FIFO

to LIFO inventory accounting

Calculate shares outstanding using the treasury stock

method

Input financial data & calculate and interpret financial and

market ratios

Presenting trading comps by structuring output schedule

Selecting and Evaluating Appropriate Multiples (P/E Trailing and forward, EBIT Multiple, EBITDA Multiple, P/B
Multiple, Revenue Multiple, PEG)

Calculate and interpret financial and market ratios Common analytical challenges including Calandarization,
nonrecurring items, dilutive securities, and classification issues are addressed using industry best practices.

Day
13

Transaction Valuation Techniques:

The Comparable Transaction Analysis or Comparable Acquisition Analysis is based on the premise thatthe value of a
company or an asset can be estimated by analyzing the prices paid by purchasers ofownership interests in reported comparable
acquisitions.
The analysis provides a history of selected transactions either in one particular industry or in one areawhere acquired
companies have relatively similar characteristics in terms of economic drivers such asbusiness mix, customer base, distribution
channels, industry dynamics, etc.
Transaction multiples define the prices which acquirers are willing to pay for control of the target companyin the context of an
acquisition transaction. By applying transaction multiples to the financial results ofthe company being analyzed, it is possible to
determine a range of value.

Learning objective:

3.Computation of Equity Value

6.Calculation of LTM Net Income, EBITDA
4.Determination of Net Debt Assumed
and EBIT
1.Company Description
2.Identification of Comparable companies 5.Calculation of Firm Value and share price 7.Computation of transaction multiples

Day
14

Financial Modeling & Company Valuation Using Excel and VBA

2 Months / 16 Days
Mergers and Acquisition Analysis

Overview of the Program:

The participant are first explained the concepts of

Merger and acquisition.
Participant build a model of M&A to see the pro
forma impact of various scenario post merger
Understand the allocation of purchase price with
Purchase method of accounting post merger
Under the accretion-dilution in EPS after the merger
in various scenario after adjustments
Various methods for the payments (Stock based or
cash based)

Prepare a comprehensive Merger Model:

Design and Set up a control area for assumptions and drivers

Learn to deal with deal assumptions and various issues like (% cash vs. stock considerations, Purchase premium,
Asset write-ups, Advisory fees, Financing fees, and severance fees)
Use of Treasury method to calculate shares outstanding
Appropriate treatment of convertible securities like Options, Warrants, Convertible debt and Preferred stock
Calculate Goodwill while allocating Purchase price to assets after re-evaluation of the assets of the target company
Adjust the Balance sheet and prepare the pro-forma Balance Sheet
Calculating Sources & Uses of funds with making the operating & synergy projections
Calculate the EPS post merger after making the adjustments to Income statement and prepare the pro-forma Income
statements
Synergies required to break-even before and after tax if premium is paid
Sensitivity analysis: EPS accretion/dilution in stock vs. cash deal; interest rate assumptions, premium paid.
Analysis of contribution of Revenue, EBITDA, and Net Income post merger

This model is designed with very practical approach to see the impact of acquisition of one company by another company
after the real adjustments have been made to Financial Statements.
M&A Accretion/Dilution Modeling

Superb exhaustive accretion-dilution analysis

Buy side and sell side processes
Project the Consolidated Financial statements post merger and do the various adjustments for goodwill calculation
Handle the Fair market value write ups, advisory fees and financing fees and debt refinancing
Learn the proper treatment of various items like deferred taxes created in M&A and convertible securities and options.

Day Basic and Semi Adv. Macro (VBA)

15

Understanding Macro (VBA)

Recording a Basic Macro, assign short cut key, adding
comments to macro

Write basic Macro to Understand VBE environment

Running a macro, Saving Macro file, debugging the macro,
Understanding Security
Understand Input box, msgbox Commands, create
interactive macro
Do while..Loop, Do Until.Loop, ForNext, IF, If
with IF
Understand various events, protection of macros
User Defined Functions, Error handing, break points,
Practice powerful macro examples