Financial Modeling Refresher Course

Visiting Tutor - Max Gauttsel

Max has a fundamental direct investment and M&A background for more than 13 years. This is a short summary of his experience:

• Deeply undervalued companies and special situation investments with an activist bias (as a current managing partner in a private hedge fund).
• Deeply undervalued, distressed and strategic investments (Lambert Energy Advisory).
• Corporate Finance and Transaction Services (PwC).

His professional and educational qualifications are:

• Chartered Accountant (ACCA).
• Executive MBA at Columbia Business School and London Business School - (High distinction).
• Visiting tutor at Investment Banking Institute for more than 6 years in London and New York and tailored advanced courses for Large Investment Banks and Investment Funds.
• Masters degree in Energy and Infrastructure.

Refresher Course Outline

1. Financial Statements Analysis / Accounting

• Introduction to Accounting and Reporting
• Where to find data and how to use it
• Refresher on accounting – Income Statements, Balance Sheet and Cash Flow
• Best practices for financial statements analysis and key considerations
• Share options, Convertible bonds, Taxation, IFRS vs US GAAP and other specific items
• Study how accounting rules affect transactions and post-transaction reporting and analysis
• Normalizing reported financial statements
• Financial ratio analysis

2. Basic to Intermediate Level of Financial Modelling

• Introduction to Financial Modelling
• Modelling and excel essentials

• Forecasting model: use, trade-offs and limitations
• Financial model vs Operating model
• Typical elements of a model
• Link Balance Sheet, Income Statement and Cash Flow Statement
• Modelling best practices
• Formatting and excel settings
• Sources of financial forecasts

• Build (step-by-step) a financial model with an integrated Balance Sheet, Income Statement and Cash Flow Statement in class
• Scenario and Ratio analysis

3. Valuation techniques

• Valuation overview and introduction
• Comparable Public multiples (Trading multiples)
• Recent Transaction multiples (Deal multiples)
• Discounted Cash Flow (DCF)
• Valuation Case analysis. Convert a previously built financial model into a valuation model in class.