Build a Robust Stock Valuation System - Financial Modeling
4.6 (60 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
449 students enrolled

Build a Robust Stock Valuation System - Financial Modeling

Learn how to value any stock using Multiples. Apply rigorous finance fundamentals to build a system designed to last.
4.6 (60 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
449 students enrolled
Last updated 5/2020
English [Auto]
Current price: $104.99 Original price: $149.99 Discount: 30% off
5 hours left at this price!
30-Day Money-Back Guarantee
This course includes
  • 4 hours on-demand video
  • 7 articles
  • 46 downloadable resources
  • Full lifetime access
  • Access on mobile and TV
  • Assignments
  • Certificate of Completion
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What you'll learn
  • Discover how to value stocks using Multiples Based Valuation techniques using real world data obtained for free from credible sources.
  • Design and build your own stock valuation system from scratch, and replicate the system on any stock, anywhere, anytime.
  • Learn how to 'match' firms on industry, subindustry, size, liquidity, profitability, competitive advantage, and cashflow management.
  • Gain a comprehensive, hands on understanding of how to extract, compile, and compare financial statements using powerful functions on Excel / Google Sheets.
  • Explore the benefits and limitations of each Multiple, including the P/e, P/s, MTB, and P/OCF. Even if you don't know anything about any of them.
  • Understand what each Multiple means and why it works the way it does, including its underlying assumptions.
  • Create your own Multiples from scratch to give yourself a genuine competitive advantage.
  • No prior knowledge required. We start from the very basics. And build you to a PRO at Stock Valuation using Multiples.
  • Knowledge of basic Accounting is useful but NOT essential.
  • You'll need a calculator, access to Microsoft Excel® OR a Google account (Google Sheets).

Make better investment decisions by becoming a master at one of the most versatile and core finance fundamentals concepts - Stock Valuation, using Multiples.

Design and build your own robust valuation system from scratch, using financial modeling techniques that are rigorously grounded in the academic and practitioner literature. Then replicate your system on any stock going forward, anytime, anywhere.

Learn how to extract, compile, and compare real financial statements while pushing the boundaries on what’s possible with financial modeling on Excel® and Google Sheets.

Explore why even credible sources can give you different information about the same thing. And what you can do to make sure you have the ‘right’ estimates for your stock valuation, so you can make robust investment decisions backed by solid finance fundamentals.

Discover how to find the most appropriate "comparable" firm by learning how to ‘match’ firms on size, profitability, competitive advantage, cashflow management, and more. This is the "make or break" factor in financial modeling of stock valuation using Multiples.

Don’t just use Multiples that are out there – learn how to create your own. From scratch.

There’s no prior knowledge required. We’ll start you from the very basics, and build you to a PRO at Stock Valuation using Multiples thanks to:

5 SECTIONS TO MASTERY (plus, all future updates included).

Introduction & The Fundamentals

  • Explore what valuation is (and what it isn’t).

  • Understand Multiples Valuation and what its single core underlying assumption is (this assumption also underlies most if not all finance fundamentals).

  • Build your Accounting Fundamentals – you’ll need it for when you work with real world financial statements, extensively applying financial modeling techniques in hands on walkthroughs that follow.

Identifying Our Target and Pool of Comparable Firms

  • Choose any company you want. Or work with us on our randomly chosen S&P500 firm (which eliminates any bias from us).

  • Start the financial modeling by explore how to identify a pool of comparable firms for your target firm.

  • See where - and how - to download financial statements from credible sources including the SEC, for free.

  • Learn how to compile financial statements from scratch and make them easily comparable and replicable financial modeling activities.

Identifying a core comparable firm

  • Remove the subjectivity and guesswork from choosing a great comparable correctly. Apply robust finance fundamentals and financial modeling techniques to your stock valuation methodology, consistently.

  • Match firms on industry, subindustry, size, liquidity, profitability, competitive advantage, and cashflow management.

  • See precisely why a firm makes a great comparable.

  • This aspect of financial modeling really is the "make or break factor" for any investment valuation done via Multiples.

Explore core Stock Valuation Multiples

  • Master the core valuation Multiples most commonly used for stock valuation.

  • Understand what the P/e, P/s, MTB, and P/OCF Multiples are, and what their underlying assumptions are (even if you don't know anything about any of them).

  • Gain a solid understanding of how each Multiple works - and why it works the way it does.

  • Discover what it takes to create your own stock valuation Multiples. From scratch. Done right, this would mean your financial modeling approach is truly unique.

Value stocks using Multiples

  • Apply the key valuation Multiples to value the target firm using all the core finance fundamentals and financial modeling techniques you've built up from scratch.

  • See first hand what constitutes a 'reasonable' estimate, and what doesn't.

  • Explore Multiples that you can obtain from third party sources - with the caveats you want to bear in mind.

  • Learn whether and when you should buy vs sell your target stock.


We've used the same tried and tested, proven to work teaching techniques that've helped our clients ace their exams and become chartered certified accountants, get hired by the most renowned investment banks in the world, and indeed, apply rock solid financial modeling techniques to value their own stocks. We're proud of our students - whose finance fundamentals are second to none.

Here's how we'll help you master stock valuation and turn you into a PRO at financial modeling:

A Solid Foundation

You’ll gain a solid foundation of the core finance fundamentals that drive the entire stock valuation process. These fundamentals are the essence of getting a good valuation estimate, for any firm - anywhere in the world.

Complete Walkthroughs

We start from a blank spreadsheet. And build it up to a rigorous, robust, and reusable template that you can adopt and modify for your own financial modeling and valuations. You'll never feel overwhelmed, because you'll know each spreadsheet inside out.

Loads of Practice Questions

Apply what you learn immediately with 100+ practice questions, all with impeccably detailed solutions. Your finance fundamentals and financial modeling skills will be stronger than ever, seriously.

Cheat Sheets & Resources

One page cheat sheets and workable Excel® & Google Sheet spreadsheets – all included.

Push the boundaries. Take your Excel® and Google Sheets skills to the next level.

Together, we'll push the boundaries on what's possible with Excel® and Google Sheets.

You'll work with some of the most advanced and complex functions Excel® and Google Sheets have to offer. And this will help you work faster, while reducing the likelihood of errors.

Perhaps most importantly - it will help you future proof and automate your successive stock valuation and financial modeling exercises. Allowing you to identify potentially lucrative investment opportunities faster, with confidence that your methodologies are backed by rock solid finance fundamentals.

Say goodbye to information overload.

Engage with carefully thought out, clutter-free, and engaging study materials that focus on the 20% finance fundamentals that drive 80% of the great financial modeling results.

Easily follow through complex stock valuation concepts with great visuals that don’t overdo it.

Explore byte-sized lectures that don’t cut corners – so you receive the right amount of information which will hold you in good stead wherever you go, whatever you move on to do.

Watch your confidence grow.

Apply what you learn immediately in example question walkthroughs and progressively challenging quizzes with impeccably detailed solutions.

Engage with over 100 questions ranging from simple true and false ones to more complex problems that take you outside your comfort zone.

Questions are relevant for Ivy League / Russell Group University students studying any core Finance Fundamentals / Financial Analysis course, as well as professionals studying for the ICAEW CFAB, ACA, ACCA, and CFA qualifications.

All questions designed in-house, by Russell Group Distinction Tutors.

To top it all, you can work with us in conducting your own stock valuation - thanks to our hands on walkthroughs, where we show you exactly what to do and how to conduct great financial modeling... One step at a time. One cell at a time. One spreadsheet at a time.

Gaining a solid command over core finance fundamentals has never been easier.

Explore what to do when things don't go according to plan.

We've intentionally included 'hiccups' and troubleshooting in the videos, so you gain a genuine and authentic view of the kind of issues you'll encounter when conducting your own stock valuation exercises.


We're proud of our students, and inspired by these stories - we decided to share them (unedited) with you...

"I have had a great experience with Fervent tutor as I was taught more of the content and less memorizing. I think their timings and their work is professional as the tutor seeks the most efficient and productive way to help the student. I studied accounting with the tutor and it contributed greatly to my knowledge for the exam."

- Abdulaziz, BA (Hons), International Management

"Fervent goes above and beyond the call of duty. First, they help you get the basics right and then assist you until you get a firm grip of your module. Fervent provides an extremely professional and patient environment. Doesn’t matter how many questions you have or silly you think they are, they encourage all of it. I never would have passed my module rather score a merit in it if it wouldn’t have been for Fervent."

- Shambhavi, MSc, Accounting and Finance

Fervent provides an exceptional service, the whole process from start to finish was very hands on and supportive – during my final year I needed tuition for a governance paper, essentially I was hoping they would do all the work for me but in the long run I got so much more than I bargained for ….they changed my entire thought process and maintained a complete professional reserve. Working with me every step of the way, I was encouraged to think critically in achieving my objective and inspired to dig deep. As a result I produced a 2000 word essay (which I had them proof read as well) worthy of a distinction. Thank you for all the help and most importantly thank you for believing in me.

- Sean, MSc, Accounting and Finance

Throughout the period of doing my Master’s dissertation, I felt agonised from not only researching my specific topic but also writing clearly with no any grammatical errors. Fortunately, I found Fervent which offers efficient and comprehensive services. At first, I just expected my dissertation to be improved in terms of grammar; however, Fervent provided me much more than that. All essential aspects such as formatting, structure, logic, consistency of analysis and critique, strength of arguments are also checked and corrected. One thing that I’ve been very grateful is related to my topic details. In addition to pointing out some big mistakes and recommending more accurate and professional alternative solutions, Fervent gave me many more interesting and valuable ideas which helped to develop my content to have stronger arguments and more critical analysis. My tutor’s suggestions helped me become more analytical in my thought process and in producing a better research paper; my critical thinking skills also saw a considerable improvement. Without Fervent’ support, I don’t believe I could have been awarded an excellent grade for this dissertation. Thank you so much for invaluable help over my hard time.

- Duang MSc, Financial Analysis and Fund Management (with CFA®)

Undoubtedly the gains that I have acquired from the studying with Fervent are plentiful and significantly make me different from what I used to be in terms of my expanded knowledge base, improved English skills (e.g. English-writing), as well as being more confident communicating with English speakers and with the improved ability to think differently and critically for dealing with various types of course works in my study in the university more readily.

My tutor is specialized not only in the teaching of Accounting and Finance but also very familiar with the relevant knowledge in the subjects such as Marketing and Management. This is why I trust this person at an initial point along with his kind, friendly and very patient characteristics (e.g. I’m always encouraged by my tutor during the session with him, often to hear: if you really want it and then you can do it and will make it with no doubts).

“Skilled worker ushers in the gate, leads a pious life depending on individual.” This is a Chinese old saying which I can still remember vividly because it was what my tutor had told me in my  with him and made me believe an excellent learning outcome and a constructive learning process requires the hardworking from both of us. The record shows we did it. This is another reason I like Fervent as in the session with my tutor you see his hardworking as for the preparation for each session and in making the sessions distinctive from cliché-ridden teaching-and-listening classes by exploring the best way and the most suitable set of teaching methods to provide the student with the best value for money.

Jiajian BA (Hons), Business and Management

Who this course is for:
  • ACA, ACCA, CFA®, other Professional students
  • Ivy League / Russell Group University students
  • Finance Managers keen on applying Multiples / Relative Valuation techniques the right way.
  • Investors wanting to work with techniques that are rigorously grounded in academic and practitioner literature.
  • Analysts, and aspiring Investment Bankers wanting to gain a solid foundation in comps valuation.
  • Anyone who wants to learn stock valuation using Multiples!
Course content
Expand all 31 lectures 04:26:09
+ Special Announcement
1 lecture 01:38
Coronavirus [Special Announcement]
+ Introduction & The Fundamentals
5 lectures 52:16

Explore what valuation is. And what it isn't!

Preview 08:23
Introduction to Valuation [Quiz]
10 questions
Introduction to Multiples Based Valuation [Quiz]
10 questions
What is Shorting?
What is Shorting? [Quiz]
5 questions

Explore the core fundamentals of Accounting - the 20% you need to know to value stocks. And do it right.

Accounting Fundamentals I - The Core Concept
Accounting Fundamentals I - The Core Concept [Quiz]
10 questions

Take a closer look into the 3 primary statements, what they look like, and something that makes Accounting truly special.

Accounting Fundamentals II - Exploring Financial Statements
Accounting Fundamentals II - Exploring Financial Statements [Quiz]
15 questions
+ Identifying Our Target and Pool of Comparable Firms
5 lectures 49:36

To mitigate any bias from the instructor (e.g., opinion(s) on a given stock), we choose a target firm at random, from the S&P500 pool of firms.

Identifying our target firm
Identifying a Pool of Comparable Firms

Learn and explore credible sources including the SEC, and see how you can extract financial statements of companies you want to value.

Extracting Financial Statements of Comparable Firms

Learn how to make financial statements easily comparable by compiling multiple firm's statements in this step-by-step walkthrough.

Compiling Financial Statements to Make Them Easily Comparable

Explore the final spreadsheet with all firms' financial statements compiled.

Exploring the Compiled Financial Statements (and conducting some final cleaning)
This assignment gives you the opportunity to apply what you've been learning so far. It also helps you get ready for the next phase of the course - valuing firms using Multiples, working with real world data.
Extracting and Compiling Financial Statements [Assignment]
3 questions
+ Identifying our Core Comparable Firm
3 lectures 49:57

Explore how to match firms on size and liquidity, while building an automated system that you can replicate for any firm.

Matching firms on Size and Liquidity

Match firms further- this time, on profitability, competitive advantage, and cashflow management.

Matching firms on Profitability, Competitive Advantage, and Cashflow Management
Identifying our core comparable firm
Assignment 1 (Extracting Financial Statements) is a pre-requisite to this assignment. This assignment gives you the opportunity to apply your knowledge to your target and pool of comparables. To help you identify the closest and most similar firm to your target firm.
Identifying a Core Comparable [Assignment]
2 questions
+ Exploring Key Valuation Multiples
5 lectures 33:50

Explore one of the most popular investor ratios and the core assumptions behind it.

Preview 08:40
Price-to-Earnings (P/e) [Quiz]
15 questions
Price-to-Sales (P/s)
Price-to-Sales (P/s) [Quiz]
10 questions
Market-to-Book (MTB)
Market-to-Book (MTB) [Quiz]
10 questions
Price-to-OperatingCashflow (P/OCF)
Price-to-OperatingCashflow (P/OCF) [Quiz]
5 questions
Creating Your Own Multiples
Creating Your Own Multiples [Quiz]
5 questions
+ Valuing Stocks Using Multiples
5 lectures 57:13
Valuing our target firm using source data
Valuing our target firm using source data (and designing our own Multiple)
Valuing our target firm using third party Multiples
Valuing our target firm using the pool of comparables
Comparing our estimates with the market price
+ BONUS: Continue Your Journey On Mastering Finance
3 lectures 15:58
Interesting Questions Asked (IQAs)
What would you like to learn next?
BONUS: Continue Your Journey On Mastering Finance