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Valuation for Management Consultants & Business Analysts

Name: Valuation for Management Consultants & Business Analysts
Rating: 4.5 (158 reviews)

A practical guide on how to estimate the value of firms during consulting projects and do a company valuation

Created byAsen Gyczew

Last updated 6/2026

English

What you'll learn

Understand main concepts used in company valuation
Estimate the value of different firms
Create in Excel financial models used for valuation
Do the valuation of complex firms (with many business units)
Estimate the value of firms with significant non-core assets

Course content

9 sections • 89 lectures • 3h 51m total length

Introduction2:36
Let's start with a short introduction
A little bit about me1:47
A little bit about me and my experience
How to deal with Blurry image2:04
Here I will show you what to do if a blurry image appears.
How to reach additional resources1:06
Here I will show you how to find additional resources attached to the course like Excel files, presentations, links, etc.

Essential Concepts1:11
Every good methodology requires solid foundations. That’s why we will first look at essential concepts that are heavily used in valuation.
Time value of money3:42
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
Time value of money – in Excel2:30
In this lecture, I will show you how to calculate the time value of money in Excel
NPV – Introduction4:06
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
NPV – How to use it2:03
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
IRR2:11
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 the same results as from the investment you are analyzing
NPV – How to calculate it in Excel3:58
In this lecture, I will show you how to use in practice in Excel the NPV
Cost reduction Investment – Ceramic Tiles – Introduction1:30
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
Cost reduction Investment – Ceramic Tiles – Current Costs2:23
In this lecture, we will solve previously introduced case study
Cost reduction Investment – Ceramic Tiles – Future Costs2:41
In this lecture, we will solve previously introduced case study
Cost reduction Investment – Ceramic Tiles – NPV4:22
In this lecture, we will solve previously introduced case study
Cost reduction Investment – Ceramic Tiles – Solution in Power Point2:06
In this lecture, we will solve previously introduced case study

Cash Flow – Introduction0:52
For some valuation methods extremely important is the Cash Flow. In this section, we will look at it in more detail.
What is the purpose of Cash Flow3:20
There are a number of things you want to achieve by creating and analyzing Cash Flow (CF). We will discuss them in this section
3 parts of Cash Flow1:50
We want to see how the Cash Flow has altered the cash position during the period. We divide the Cash Flows into 3 streams:
CF from Operating Activities:
CF from Investing Activities:
CF from Financing Activities:
We will discuss this issue in this lecture
Cash Flow from Operating Activities4:19
Let’s see how we calculate the Cash Flow from Operating Activities
Cash Flow from Investing1:13
Cash Flow from Investing Activities we would calculate using the following elements
Cash Flow from Financing2:06
Cash Flow from financing activities consists of the following elements:
Cash Flow statement example – Amazon4:07
Let's have a look at the Cash Flows of Amazon
Cash Flow statement example – Disney3:34
Let's have a look at the Cash Flows of Disney

Valuation Case study – Introduction1:21
In this section, I will show you how to do the valuation of the company that we have created the financial model. We will use the 2 sets of methods DCF and multipliers
Introduction to Valuation2:08
In this lecture, I will show you the basic assumptions behind the DCF methods
Introduction to DCF method2:17
There are 2 main DCF methods: FCFF and FCFE. Here I will show you the difference between them before we go into details
Difference between FCFF and FCFE2:10
In this lecture, we will apply the DCF using the FCFF model to the financial model we have created
DCF method of valuation applied to FCFF3:32
In this lecture, we will apply the DCF using the FCFF model to the financial model we have created
DCF method of valuation applied to FCFE1:55
In this lecture, we will apply the DCF using the FCFE model to the financial model we have created
Introduction to using multipliers for valuation2:50
Now we move on to multiplier methods of valuation
Enterprise to EBIT or EBITDA3:59
We will start with the EBIT and EBITDA multipliers
Price per Earning multiplier2:00
In this lecture, I will use the P/E to do the valuation

Cosmetics E-commerce – Case Introduction2:29
Imagine that you have to create a financial model that will forecast the cash flow of e-commerce selling cosmetics and related products.
Cosmetics E-commerce – Data Available4:34
In this lecture, we will solve the previously introduced case study.
Cosmetics E-commerce – Sales & Margin & Head Office Costs3:24
In this lecture, we will solve the previously introduced case study.
Cosmetics E-commerce – P&L4:59
In this lecture, we will solve the previously introduced case study.
Cosmetics E-commerce – How to get from Net Profit to Cash Flow5:03
In this lecture, we will solve the previously introduced case study.
Cosmetics E-commerce – Some comments on Working Capital3:46
In this lecture, we will solve the previously introduced case study.
Cosmetics E-commerce – Back to Excel2:41
In this lecture, we will solve the previously introduced case study.
Cosmetics E-commerce – Working Capital, Capex, Debt3:56
In this lecture, we will solve the previously introduced case study.
Cosmetics E-commerce – Cash Flow3:53
In this lecture, we will solve the previously introduced case study.
Hotel Business Drivers3:40
Let’s first look at the Margin after Variable Costs and after that at the drivers of the EBITDA.
Hotel Model in Excel – Case Introduction0:53
Paul has some capital from selling his SaaS startup. Now he wants to invest some of his money into a chain of hotels. Help him estimate how much money he has to invest.
Hotel Model in Excel – Revenues & Gross Margin4:10
In this lecture, we will solve the previously introduced case study.
Hotel Model in Excel – Fixed Costs3:03
In this lecture, we will solve the previously introduced case study.
Hotel Model in Excel – Investments3:19
In this lecture, we will solve the previously introduced case study.
Hotel Model in Excel – Cash Flow on hotel level2:18
In this lecture, we will solve the previously introduced case study.
Hotel Model in Excel – HQ costs2:39
In this lecture, we will solve the previously introduced case study.
Hotel Model in Excel – Loans3:09
In this lecture, we will solve the previously introduced case study.
Hotel Model in Excel – Modeling chain of hotels Part 13:11
In this lecture, we will solve the previously introduced case study.
Hotel Model in Excel – Modeling chain of hotels Part 24:02
In this lecture, we will solve the previously introduced case study.
Hotel Model in Excel – Valuation of the business2:37
In this lecture, we will solve the previously introduced case study.
Introduction to the FMCG Business Model0:51
In this section, we will move to products. The first one to be discussed is FMCG products. I will show you the main challenges they are facing, the KPIs that matter in B2C service, and examples of companies. As an example, I will show you how to model in Excel Cosmetics business.
Things that matter in FMCG Business Model3:01
I will shortly go through things that are important in other FMCG.
Introduction to modeling FMCG in Excel0:32
I will show you how we will approach modeling the FMCG business model in Excel
Drivers for FMG business model1:52
I will show you in this lecture what KPIs, and drivers are important for the FMCG model and how they generate the end results – operating profit
FMCG business model in Excel – Basic assumptions and Sales2:26
In this lecture, we will solve the previously introduced case study.
FMCG business model in Excel – Fixed and Variable Production Costs3:25
In this lecture, we will solve the previously introduced case study.
FMCG business model in Excel – Gross Margin2:17
In this lecture, we will solve the previously introduced case study.
FMCG business model in Excel – Cost of sales and marketing and Net Margin2:44
In this lecture, we will solve the previously introduced case study.
FMCG business model in Excel – Net Sales Margin1:44
In this lecture, we will solve the previously introduced case study.
FMCG business model in Excel – Head Office costs0:56
In this lecture, we will solve the previously introduced case study.
FMCG business model in Excel – P&L2:23
In this lecture, we will solve the previously introduced case study.
Examples of other financial models0:25
In this lecture, we will solve the previously introduced case study.

Alternative Valuation Techniques – Introduction1:35
It’s difficult to estimate the value of the firm if it has low profits and low cash flow. In this section, we will see what alternative methods you can use in such situations.
EV/Revenues Multiplier4:12
Many firms that concentrate on growth show losses for the first few years. In such cases, you may use the EV/Revenues Multiplier. Let’s see how this can be done.
EV/User multiplier3:03
Some people prefer to look at the customer base rather than the total revenues. Let’s see how you can use the customer base to estimate the value of the firm.
SaaS Firm Valuation – Case Introduction0:58
Imagine that you were asked during a consulting project to do the valuation of a firm that is growing fast and has losses.
SaaS Firm Valuation – Data Available2:21
In this lecture, we will solve the previously introduced case study.
SaaS Firm Valuation – Solution3:02
In this lecture, we will solve the previously introduced case study.
Non-operating Assets Valuation3:36
Some firms have assets that they don’t use for their core business. The value of these assets is not shown to the full extent in their profits or cash flows. Let’s see what we should do with them.
Non-operating Assets – Case Introduction0:59
Imagine that you were asked during a consulting project to do the valuation of a firm that has some non-operating assets.
Non-operating Assets – Data Available2:02
In this lecture, we will solve the previously introduced case study.
Non-operating Assets – Solution2:09
In this lecture, we will solve the previously introduced case study.

Valuation of Complex Firms – Introduction1:19
Many firms consist of many different businesses. Those businesses have different Cash Flows, Profits, and expected growth rates. In this section, we will see how we can approach the valuation of complex firms.
Valuation of Complex Firms – General Approach3:03
Let’s see the general approach to the valuation of complex firms. We will use the concepts that we have learned so far.
Valuation of the Conglomerate – Case Introduction0:44
Imagine that you were asked during a consulting project to do the valuation of a firm that operates 3 business units.
Valuation of the Conglomerate – Data Available2:03
In this lecture, we will solve the previously introduced case study.
Valuation of the Conglomerate – Solution3:09
In this lecture, we will solve the previously introduced case study.

Multiplier Arbitrage – General Approach4:16
Many firms use the so-called Multiplier Arbitrage to increase the value of a firm. In this section, we will look at the general concept and a case study devoted to this approach.
Vertical Consolidation via M&As – Case Introduction2:02
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
Vertical Consolidation via M&As – Available Data1:36
In this lecture, we will solve the previously introduced case study.
Vertical Consolidation via M&As – Goals we want to achieve2:45
In this lecture, we will solve the previously introduced case study.
Vertical Consolidation via M&As – Analysis of M&A Target1:37
In this lecture, we will solve the previously introduced case study.
Vertical Consolidation via M&As – Organic growth option4:15
In this lecture, we will solve the previously introduced case study.
Vertical Consolidation via M&As – M&A option2:47
In this lecture, we will solve the previously introduced case study.
Vertical Consolidation via M&As – Comparison of both options2:41
In this lecture, we will solve the previously introduced case study.

Requirements

Basic or intermediate Excel
Basic knowledge of economics
Basic or intermediate knowledge of finance & accounting

Description

This course contains the use of artificial intelligence.

What is the aim of this course?

During many consulting projects, you will be asked to estimate the value of a firm or business units belonging to that firm. This will be especially true during strategic projects, due diligence projects, and M&A projects. That is why it is a good idea to master different valuation techniques and see how you can present the business model in Excel. In this course, I will teach you how to estimate the value of firms during consulting projects.

In the course you will learn the following things:

Essential concepts used in valuation
What techniques you can use to estimate the value of the firm
How to create a simple financial model in Excel
How to estimate the value of complex firms with many different business units
How to approach non-operating assets during the valuation
What is Multiplier Arbitrage

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 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 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 now are 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 200 000 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 Excels 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?

Valuation is a pretty difficult task that you have to perform during most strategic projects. You have to master different skills and tools that you will be using during such projects, especially financial modeling, identifying synergies, and potential improvements. Most firms don’t give you the full toolbox that you need during such projects. This may lead to huge frustration during consulting projects that require doing valuation and a lot of inefficiencies.

Therefore, I have decided to create this course that will help students understand or refresh the main skills and tools that they need to do the valuation of companies. 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 what and how to do when you will have to do company valuation. You will master how to analyze data and draw conclusions from the analyses.

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 company valuation. That is why, I highly recommend this course to Management Consultants or Business Analysts, especially those that did not finish business school. The course will help you become an expert in valuation on the level of McKinsey, BCG, Bain, and other top consulting firms.

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:

Essential concepts used in valuation
What techniques you can use to estimate the value of the firm
How to create a simple financial model in Excel
How to estimate the value of complex firms with many different business units
How to approach non-operating assets during the valuation
What is Multiplier Arbitrage

You can also ask me any question either through the discussion field or by messaging me directly.

How is the course organized?

The course is divided currently into the following sections:

Introduction. We begin with a little introduction to the course as well as some general info on how the course is organized
Essential Concepts. Every good methodology requires solid foundations. That’s why we will first look at essential concepts that are heavily used in valuation.
Cash Flow. For some valuation methods extremely important is the Cash Flow. In this section, we will look at it in more detail.
Essential Valuation Techniques. In valuation, we will usually use 2 groups of methods. We will discuss them in this section, using a ready-made financial model. Later, you will learn how to create such a model.
Financial Modeling. As you have noticed to do valuation in some cases, we will have to create a financial model. We will see how this can be done relatively easily.
Alternative Valuation Techniques. It’s difficult to estimate the value of the firm if it has low profits and low cash flow. In this section, we will see what alternative methods you can use in such situations.
Valuation of Complex Firms. Many firms consist of many different businesses. Those businesses have different Cash Flows, Profits, and expected growth rates. In this section, we will see how we can approach the valuation of complex firms.
Multiplier Arbitrage. Many firms use the so-called Multiplier Arbitrage to increase the value of a firm. In this section, we will look at the general concept and a case study devoted to this approach.

You will be able also to download many additional resources

1. Useful frameworks and techniques

2. Analyses shown in the course

3. Additional resources

4. Links to additional presentations, articles, and movies

5. Links to books worth reading

At the end of my course, students will be able to…

Understand the main concepts used in company valuation
Estimate the value of different firms
Create in Excel financial models used for valuation
Do the valuation of complex firms (with many business units)
Estimate the value of firms with significant non-core assets

Who should take this course? Who should not?

Management Consultants
Business Analysts
Managers
Financial Analysts
Investment Analysts
Startup Founders
Managers responsible for Acquisitions and Mergers

What will students need to know or do before starting this course?

Basic or intermediate Excel
Basic knowledge of economics
Basic or intermediate knowledge of finance & accounting

Who this course is for:

Management Consultants
Business Analysts
Managers
Financial Analysts
Investment Analysts
Startup Founders
Managers responsible for Acquisitions and Mergers

Valuation for Management Consultants & Business Analysts

What you'll learn

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Course content

Introduction4 lectures • 8min

Essential Concepts12 lectures • 33min

Cash Flow8 lectures • 21min

Essential Valuation Techniques9 lectures • 22min

Financial Modeling32 lectures • 1hr 30min

Alternative Valuation Techniques10 lectures • 24min

Valuation of Complex Firms5 lectures • 10min

Multiplier Arbitrage8 lectures • 22min

Conclusions1 lecture • 2min

Requirements

Description

Who this course is for: