
We begin with little intro into the course as well as some general info how the course is organized
A few words about your humble teacher
Here I will show you how the course is organized and how you can make the most out of it
Here I will show you what to do if a blurry image appears
Here I will show you how to find additional resources attached to the coruse like Excel files, presentations, links etc.
In the second section I will show you how to analyze 3 main financial statements: cash flows, profit and loss statement, and balance sheet.
There are 3 financial statements that you have to look at when analyzing the firm: Profit & Loss / Income Statement, Balance Sheet, Cash flow. Here we will discuss what each and one of them covers, what kind of information it gives you
Here we will have a look at the income statement / profit and loss statement of Amazon
Here we will have a look at the income statement / profit and loss statement of Amazon
Here we will have a look at the income statement / profit and loss statement of Amazon
Now let's try to analyze the finacial statements of amazon in Excel
Now let's try to analyze the finacial statements of amazon in Excel
Now let's try to analyze the finacial statements of amazon in Excel
Now let's try to analyze the finacial statements of amazon in Excel
In this section we will have a look at different sets of financial indicators that you can use to analyze a firm. We will have a look at Profitability ratios, ROE Decomposition (DuPont Model), Liquidity ratios, Activity ratios, Debt ratios. We will also calculate them for Amazon so you can see how to use those ratios in practice
There are plenty of profitability ratios used. We will discuss in this lecture the most popular ones
We will try to calculate the ratios for Amazon using data from Yahoo Finance. Let's have a look at available data
Here we will have a look at the solution to previously introduced case study.
ROE can be decomposed into other ratios. We will have a look how it can be done in practice
There are plenty of liqudity ratios used. We will discuss in this lecture the most popular ones
Here we will have a look at the solution to previously introduced case study.
There are plenty of activity ratios used. We will discuss in this lecture the most popular ones
Here we will have a look at the solution to previously introduced case study.
There are plenty of debt ratios used. We will discuss in this lecture the most popular ones
Here we will have a look at the solution to previously introduced case study.
In the 4th section I show you how model the profit and loss statement of a company in Excel. A business model of the firm you can use to understand the business, forecast future growth or for valuation. We will look here at many models. We will start at retail business model. Later on we will look at consumer goods business model and how to model it in Excel
As a business analyst or consultant you may be asked to model the whole business in Excel. I will show you in this section how to do it and you will get ready made models. I will also show you how to model e-commerce
I will start by showing main challenges in Retail
Here I will show you how to model the Retailer business in Excel.
Here I will show you how to model the Retailer business in Excel.
Here I will show you how to model the Retailer business in Excel.
In this section, we will model SMCG businesses in Excel. We will use 2 different approaches. In this lecture, I will show you what you can expect in this section
I will shortly go through things that are important in other SMCG.
Here I will discuss the main drivers for the SMCG business model and how they are interlinked
Here I will show you what model we will build for the commodity business model and what are the assumptions
In this lecture, I will go briefly through the main assumptions for the model that we will work on in Excel. I will also go through the first sheet in which I generate the sales
In this lecture, I will show you how we will estimate the fixed and variable costs in production
In this lecture, I will show you how to estimate the Gross Margin using sales and production costs
Now it is time to estimate the cost of sales by channels and the cost of marketing
In this lecture, I will show you how to estimate the Net Margin using Gross Margin and the cost of sales and marketing
We have also take care of head office costs to get to the profit and loss account
Finally, we estimate the profit and loss account and we can try to draw a conclusion on the business
We will have a look at how the Working Capital can be estimated
We will now try to model SMCG assuming that they are trying to switch from sale of the product to sale of services. We will see how the profit loss statement will change due to the change in the business model
More and more SMCG businesses are considering switching from just selling the product and losing track of the customer to selling service which usually, helps you increase your link with your customer base and earn more at the same time
More and more SMCG businesses are considering switching from just selling the product and losing track of the customer to selling service which usually, helps you increase your link with your customer base and earn more at the same time
Here I will introduce the case study of a smartphone producer that wants to shift from product sales to service sales. We will be solving the case study in the next few lectures
In this lecture, I will show you the solution to the previously introduced case study
In this lecture, I will show you the solution to the previously introduced case study
In this lecture, I will show you the solution to the previously introduced case study
In this lecture, I will show you the solution to the previously introduced case study
In this lecture, I will show you the solution to the previously introduced case study
We will use the case that we have discussed so far to see how we can use it and model the full profit and loss statement of SMCG business operating as a provider of services
In this lecture, I will show you how to model the head office costs
We will finally close with a full profit and loss statement
In the 5th section, we will discuss the analysis of Business Units. Many firms are running a more complicated business with plenty of business units that you should analyze separately. We will have a look at 2 examples of such analyses
Let’s have a look at why it makes sense to look at business units in details
On an aggregated level, you have an averaging effect
Business units may have different business models
Business units may have different growth perspectives
Business units may have different margins
Business units may require different Capex
Business units may have different competitors
Business units usually have different drivers & KPIs
You can sell some business units
Here we will discuss different business models. In the attachments, you will find links to presentations explaining those business models
We will try to analyze the business units of Disney and see how do they differ
We will try to analyze the business units of Disney and see how do they differ
We will try to analyze the business units of Disney and see how do they differ
We will try to analyze the business units of Disney and see how do they differ
We will try to analyze the business units of Disney and see how do they differ
We will try to analyze the business units of Disney and see how do they differ
Imagine that you have to analyze the performance of different concepts and regions of a Grocery Discounter. You have data on the store level.
Let’s have a look at the data that we have on the Grocery Discounter
He currently has 700 stores
He operates 4 concepts: Mini, Express, Regular, Big
He operates in 10 regions
Have a look at results on the level of concepts & regions
Look at revenue and EBITDA per store
We will solve the previously introduced case study.
We will solve the previously introduced case study.
We will solve the previously introduced case study.
We will solve the previously introduced case study.
We will solve the previously introduced case study.
We will solve the previously introduced case study.
In this section, I will show you how to do the valuation of the company that we have created the financial model for. We will use the 2 set of methods DCF and multipliers
In this lecture, I will show you the basic assumptions behind the DCF methods
There are 2 main DCF methods: FCFF and FCFE. Here I will show you the difference between them before we go into details
In this lecture, we will apply the DCF using the FCFF model to the financial model we have created
In this lecture, we will apply the DCF using the FCFF model to the financial model we have created
In this lecture, we will apply the DCF using the FCFE model to the financial model we have created
Now we move on to multiplier methods of valuation
We will start with the EBIT and EBITDA multipliers
In this lecture, I will use the P/E to do the valuation
Additional resources on valuation
A few practical tips on how to increase the value
In this section I will show you how to analyze different aspect of M&A. Here we will see what is better: organic growth or M&A, how to estimate the impact of M&A on the firm and how to decide whether to sell a business unit or not
Let’s have a look at different types of analyses management consultants do
Estimation of Potential Synergies
Valuation of potential targets
Value Creation Plan in Excel
Comparison of M&A vs organic growth options
Forecasting of the firm after the M&A
Valuation of the firm after the M&A
Divestment analyses
Let’s see how we can calculate the impact of M&A. For this, we will use the case of plywood producer
In this lecture, I will show you how to solve the case shown in the previous lectures.
In this lecture, I will show you how to solve the case shown in the previous lectures.
In this lecture, I will show you how to solve the case shown in the previous lectures.
Let’s imagine that you have to help a fitness card operator decide what will be the impact of M&A on his strategy to vertically integrate
Fitness card operator wants to have 40% of their revenue delivered by their own fitness clubs
He is considering 2 options: only organic growth or M&A with organic growth
Check what will be the impact of both options on Revenues, EBITDA, and Market Cap
In this lecture, we will solve the previously introduced case study.
In this lecture, we will solve the previously introduced case study.
In this lecture, we will solve the previously introduced case study.
In this lecture, we will solve the previously introduced case study.
In this lecture, we will solve the previously introduced case study.
In this lecture, we will solve the previously introduced case study.
The last way to boost your profits without scaling is to get rid of non-core assets. In this lecture, we will discuss the general rules for identifying which assets should be sold
In the next 3 lectures, I will show you how to sell non-core assets. We will use the case of cosmetics producer
Here I will show you the solution to the previously introduced case
Here I will show you the solution to the previously introduced case
In the last section, I will show you how to analyze different investments in the firm. We will look at investments demanded by customers, investments that are supposed to generate savings, and investment in bottlenecks. Different types of investment require a different approach.
In this lecture, we will discuss the time value of money in other words what is the difference in value between 100 USD received today and 100 USD received tomorrow
In this lecture, I will show you how to calculate the time value of money in Excel
In this lecture, we will discuss what NPV - Net Present Value is and how to use it in practice
NPV stands for Net Present Value
NPV is the difference between the present value of cash inflows and the present value of cash outflows over a period of time usually related to some investment
It’s used to determine whether something (action, investment, etc.) makes sense or not
NPV enables you to make decisions about a specific investment. We will discuss how to use that as well. Later on, we will use this concept extensively to make decisions about investments
In this lecture, we will discuss what NPV - Net Present Value is and how to use it in practice
NPV stands for Net Present Value
NPV is the difference between the present value of cash inflows and the present value of cash outflows over a period of time usually related to some investment
It’s used to determine whether something (action, investment, etc.) makes sense or not
NPV enables you to make decisions about a specific investment. We will discuss how to use that as well. Later on, we will use this concept extensively to make decisions about investments
Linked to NPV is the so-called IRR. We will discuss it in this lecture:
IRR stands for Internal Rate of Return
IRR is a discount rate that makes the net present value (NPV) of all cash flows from a particular project equal to zero
IRR tells us how much you would have to earn on a saving account every year to get to the same results as from the investment you are analyzing
In this lecture, I will show you how to use in practice in Excel the NPV
We will start by sharing some general thoughts on investments, why we do them, and what we want to achieve. We will use this to, later on, define the way we calculate the expected returns and to check whether the investment makes sense or not
We will have a look at how to calculate whether an investment that replaces current assets makes sense. Here we will use the cases study of a sanding machine in the plywood
In this lecture, we will solve the previously introduced case study
In this lecture, we will solve the previously introduced case study
In this lecture, we will solve the previously introduced case study
Some investments are required by the customer. In such cases study, we will analyze in the next few lectures. Our customers asked us to invest in PET (plastic bottles) lines. In the next lectures, we will analyze whether this investment makes sense
Some investments are required by the customer. In such cases study, we will analyze in the next few lectures. Our customers asked us to invest in PET (plastic bottles) lines. In the next lectures, we will analyze whether this investment makes sense
In this lecture, we will solve the previously introduced case study
In this lecture, we will solve the previously introduced case study
In this lecture, we will solve the previously introduced case study
In this lecture, we will solve the previously introduced case study
Different animals are investments in bottlenecks. Here we don't' look at cost savings but rather the greater impact we can make on the EBITDA. This is what we will analyze in the next few lectures
In this lecture, we will solve the previously introduced case study
In this lecture, we will solve the previously introduced case study
In this lecture, we will solve the previously introduced case study
In this lecture, we will solve the previously introduced case study
In the next lectures, we will see how to calculate whether an investment that will help us save costs makes sense or not. This time around we will do it for a retailer and we will see whether an investment in LED bulbs makes economic sense
In this lecture, we will solve the previously introduced case study
In this lecture, we will solve the previously introduced case study
In this lecture, we will solve the previously introduced case study
In this lecture, we will solve the previously introduced case study
In the next lectures, we will see how to calculate whether an investment that will help us save costs makes sense or not. This time around we will do it for a ceramic tiles producer. We will see whether an investment in robots makes sense
In this lecture, we will solve the previously introduced case study
In this lecture, we will solve the previously introduced case study
In this lecture, we will solve the previously introduced case study
In this lecture, we will solve the previously introduced case study
What is the aim of this course?
During many consulting projects, you will have to do a lot of financial analysis and draw conclusions about a specific company or industry. This is especially true during due diligence projects, strategic projects, and turn-arounds. Financial analyses will help you decide which option is better, what investments you should take, estimate potential improvements, and estimate the impact on the profit and the balance sheet. On top of that, during consulting projects, you have to do everything 3x faster and with little data. Therefore, I will teach you in this course how to do fast and efficiently financial analyses and how to draw conclusions from them
In the course, you will learn the following things:
How to do financial analyses in Excel fast and efficiently
How to draw conclusions from the analyses
How to analyze financial statements in Excel
How to use financial indicators
How to model a business in Excel
How to analyze business units of the firm
How to carry out analyses related to M&A
How to evaluate a potential investment in Excel
How to estimate the value of the firm using simple methods
This course is based on my 15 years of experience as a consultant in top consulting firms and as a Board Member responsible for strategy, performance improvement, and turn-arounds in the biggest firms from the Retail, FMCG, SMG, B2B, and services sectors that I worked for. I have carried out or supervised over 90 different performance improvement projects in different industries that generated a total of 2 billion in additional EBITDA. On the basis of what you will find in this course, I have trained in person over 100 consultants, business analysts, and managers who are now Partners in PE and VC funds, Investment Directors and Business Analysts in PE and VC, Operational Directors, COO, CRO, CEO, Directors in Consulting Companies, Board Members, etc. On top of that, my courses on Udemy were already taken by more than 340 000 students, including people working in EY, McKinsey, Walmart, Booz Allen Hamilton, Adidas, Naspers, Alvarez & Marsal, PwC, Dell, Walgreens, Orange, and many others.
I teach through case studies, so you will have a lot of lectures showing examples of analyses and tools that we use. To every lecture, you will find attached (in additional resources) the Excel files as well as additional presentations and materials shown in the lectures, so as a part of this course, you will also get a library of ready-made analyses that can, with certain modifications, be applied by you or your team in your work.
Why have I decided to create this course?
Analyzing the financial situation of the firm is a fundamental skill in consulting. It helps you understand the current situation of the firm, identify problems, and estimate potential savings. Many Management Consultants and Business Analysts did not finish Business School, and sometimes struggled with some financial analyses. This sometimes puts them at a disadvantage and makes it difficult for them to get promoted. On top of that, many consultants and analysts who studied finance at university/college have forgotten some things.
Therefore, I have decided to create this course that will help students understand or refresh how to do financial analyses in Excel. The course will give you the knowledge and insight into real-life case studies that will make your life during a consulting project much easier. Thanks to this course, you will know how to understand financial data, analyze it, and draw conclusions from it. You will also master the essential information related to valuation.
To sum it up, I believe that if you want to become a world-class Management Consultant or Business Analyst, you have to have a pretty decent understanding of financial analysis. That is why I highly recommend this course to Management Consultants or Business Analysts, especially those who did not finish business school or Economics. The course will help you become an expert in financial analysis at the level of McKinsey, BCG, Bain, and other top consulting firms. That is why, I highly recommend this course to Managers, Management Consultants, and owners/founders of businesses that need better to have a good understanding of the business.
In what way will you benefit from this course?
The course is a practical, step-by-step guide loaded with tons of analyses, tricks, and hints that will significantly improve the speed with which you understand and analyze businesses. There is little theory – mainly examples, a lot of tips from my own experience, as well as other notable examples worth mentioning. Our intention is that, thanks to the course, you will learn:
How to do financial analyses in Excel fast and efficiently
How to draw conclusions from the analyses
How to analyze financial statements in Excel
How to use financial indicators
How to model a business in Excel
How to analyze business units of the firm
How to carry out analyses related to M&A
How to evaluate a potential investment in Excel
How to estimate the value of the firm using simple methods
You can also ask me any questions either through the discussion field or by messaging me directly.
How is the course organized?
The course is currently divided into 8 sections. Currently, you will find the following sections:
Introduction. We begin with a little intro to the course, as well as some general info on how the course is organized
General Analysis of Financial Statements. In the second section, I will show you how to analyze 3 main financial statements: cash flows, profit and loss statements, and balance sheets.
Financial Analysis of Indicators. In this section, I will show you how to use financial indicators and ratios to analyze the situation of the firm, especially in comparison with other firms. We will look at profitability, efficiency, liquidity, and debt ratios.
Modeling of Profit & Loss statement in practice. In the 4th section, I show you how to model the profit and loss statement of a company in Excel. A business model of the firm that you can use to understand the business, forecast future growth, or for valuation purposes
Business Units Analysis. In the 5th section, we will discuss the analysis of Business Units. Many firms are running more complicated businesses with plenty of business units that you should analyze separately. We will have a look at 2 examples of such analyses
Valuation. During consulting projects, especially devoted to M&A or due diligence, you will have to evaluate a specific business. In this section, I will show you examples of how to do it in practice.
Financial Analyses related to M&A. In this section, I will show you how to analyze the different aspects of M&A. Here, we will see what is better: organic growth or M&A, how to estimate the impact of M&A on the firm, and how to decide whether to sell a business unit or not
Investment Analyses. In the last section, I will show you how to analyze different investments in the firm. We will look at investments demanded by customers, investments that are supposed to generate savings, and investments in bottlenecks. Different types of investments require different approaches.
You will also be able to download many additional resources
Useful frameworks and techniques
Selected analyses presented in the course
Links to additional presentations, articles, and movies
Links to books worth reading
At the end of my course, students will be able to…
How to conduct fast and efficiently financial analyses during a consulting project in Excel
How to draw conclusions from financial analyses
Analyze financial indicators, ratios
Do an essential firm valuation
Analyze investments in Excel
Estimate the impact of the M&A activity
Create a business model of the firm in Excel
Analyze business units
Who should take this course? Who should not?
Management Consultants and Business Analysts
Managers
Financial Controllers
Startup Founders
Owners of small and mid-sized businesses
Investment Directors
What will students need to know or do before starting this course?
Basic or intermediate Excel
Basic knowledge of economics or finance
Basic or intermediate knowledge of finance & accounting