Build a DCF Valuation Model
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DCF analysis is both academically respected and widely used on Wall Street as a primary method of valuation. Many finance interview questions specifically test a candidate's understanding of the DCF. The step-by-step modeling course uses a real case study approach and is designed to mimic the experience of an financial analyst.
This course builds on Wall Street Prep's financial statement modeling course to teach trainees how to build a working discounted cash flow (DCF) model in Excel from scratch.
Along the way, you will learn how to estimate the weighted average cost of capital (WACC) in the real world, and build several commonly used approaches to calculating terminal value. Finally, we will use data tables to analyze a broad range of scenarios given different assumptions.
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|Section 1: DCF Modeling Overview|
A Note on Course MaterialsPreview
DCF Modeling IntroductionPreview
Enterprise Value vs. Equity ValuePreview
Book Value vs. Market Value
Cash Flow vs. Relative Valuation
|Section 2: DCF Mechanics|
The 2 Stage DCF Approach
DCF vs. Comps in the Real World, Part 1
DCF vs. Comps in the Real World, Part 2
Unlevered vs. Levered DCF Approach
Unlevered vs. Levered Concept Check
|Section 3: DCF Modeling|
Building a DCF from a fully integrated Financial Statement Model
Modeling Unlevered Free Cash Flows, Part 1
Modeling Unlevered Free Cash Flows, Part 2
Modeling the Terminal Value (TV) using the Perpetuity Approach
Exit Multiple Concepts
Modeling the TV using Exit Multiples
Understanding Net Debt
Modeling Net Debt
Company Specific Adjustments: Modeling Apple's Trapped Cash
|Section 4: Shares Outstanding|
Modeling Dilutive Securities
RSUs and Model Review
Shares Outstanding Overview
Shares Outstanding - Options
Shares Outstanding - Split & Dual Classes
Shares Outstanding - Convertible Preferred Stock
Shares Outstanding - Convertible Exercise
Shares Outstanding - Restricted Stock
|Section 5: Weighted Average Cost of Capital|
WACC Concepts, Part 1
WACC Concepts, Part 2
WACC Concepts, Part 3
WACC Concepts, Part 4
|Section 6: DCF Model Finishing Touches|
Modeling an Implied Perpetuity Growth Rate
DCF Sensitivity Analysis
Constructing a "Football Field" Valuation Chart
LTM Summary Calculations
|Section 7: DCF Bells & Whistles|
Midyear Adjustments in the DCF
Normalizing Terminal Year Free Cash Flows
Modeling Normalized Terminal Year Free Cash Flows
Industry Beta Concepts
Industry Beta Exercise
Industry Beta Modeling
Wall Street Prep was founded in 2003 by a group of JP Morgan investment bankers with a simple goal: To make the “investment banking skill-set” available to anyone who wants to learn it. Each year, our innovative courses are used by over 5,000 professionals and students. Over 150 investment banks, private equity firms, and investment funds use Wall Street Prep to train new and experienced analysts and associates. In addition, over 50 business schools, including Wharton, Oxford, INSEAD, LSE, Kellogg, Booth, MIT, and Cornell use Wall Street Prep to better prepare their students for careers in finance.