Pre-seminar: Excel Crash Course

Transcription

1 Pre-seminar: Excel Crash Course Introduction Getting Started The Excel Ribbon Excel Settings Basic Excel Shortcuts, Navigation & Editing Formatting in Excel Excel Navigation Splitting & Freezing Panes Entering & Editing Data Columns & Rows Paste Special Ctrl Shortcuts Naming Cells Anchoring Cells Naming Worksheets Grouping & Hiding Columns & Rows Grouping Workbooks Formula Auditing

2 Introduction to Functions: SUM & Average #Ref, #Div/0! & Other Excel Errors Simple & Nested IF Statements IFERROR & Concatenation Date Functions: EOMONTH & EDATE ISNUMBER, ISTEXT & Combining with IF to Create Overrides More Date Functions: YEARFRAC, DAY, MONTH, YEAR & DATE AND & OR Functions HLOOKUP, VLOOKUP, CHOOSE, OFFSET & INDEX Functions Common Errors with HLOOKUP, VLOOKUP, CHOOSE, OFFSET & INDEX The MATCH Function Combining H/VLOOKUP, OFFSET, INDEX, CHOOSE with MATCH Creating Drop Down Menus with Data Validation Data Tables Cell Alignment & Center Across Selection The SUMPRODUCT Function Advanced SUMPRODUCT: Adding Criteria & Booleans in Excel SUMIF/S & AVERAGEIF/S CEILING, FLOOR & ABS Functions ROUND, ROUNDUP, ROUNDDOWN & COMBIN Function The MIN & MAX Functions COUNT/A & COUNTIF/S Functions Present Value & Future Value Functions NPV & XNPV Functions IRR & XIRR Functions

3 Text Functions (LEN, LEFT, RIGHT, MID, REPLACE, etc.) Using Text Functions to Solve Data Extraction Challenges Flash Fill (Excel 2013 Only) Combining INDIRECT with & Sort & Subtotal Autofilter Pivot Tables, Part 1 Pivot Tables, Part 2 VBA & Macros in Excel Creating Dynamic Headers, Custom Formatting & the TEXT Function Conclusion

4 Day 1: Financial Statement Modeling Excel Settings for Modeling Keyboard Shortcuts Formatting Conventions Modeling Best Practices Naming, Linking & Deleting Cells Model Structure Modeling the Historical Income Statement Introduction to Forecasting Segment-Level Revenue Forecasting Inputting the Historical Balance Sheet Working Capital Forecasting & Roll-Forward Mechanics Accounts Receivable Inventory Accounts Payable

5 Accrued Expenses & Deferred Revenue Intangible Assets Modeling Intangible Assets PP&E Modeling PP&E Other Balance Sheet Assets Modeling Other Current Assets Deferred Tax Assets Deferred Tax Liabilities Other Liabilities Modeling Deferred Taxes & Other Balance Sheet Items Debt Modeling Debt Capital Stock Modeling Capital Stock Treasury Stock Modeling Treasury Stock Retained Earnings and OCI Modeling Retained Earnings Modeling Other Comprehensive Income Linking Schedules Back to the Balance Sheet Cash From Operations Modeling Cash from Operations

6 Cash From Investing & Other Financing Activities Modeling Cash from Investing & Other Financing Activities Understanding the Role of the Revolver in Financial Models Modeling the Revolver Modeling Interest Income Dealing with Circularities in Financial Models EPS Modeling EPS Integrity Checking & Balancing the Model Sensitivity Analysis Using Data Tables Scenario Analysis Depreciation Waterfall

7 Day 2: Valuation Overview & DCF Modeling Learn market-based valuation, including comparable company analysis and comparable transaction analysis using appropriate equity and enterprise value multiples (PE, EV/EBITDA, etc.) Intrinsic valuation, including DCF and LBO (floor) valuation Presentation of valuation results using sensitivity analysis and data tables Participants learn to identify and analyze the elements of the financial statement that are key to the value of an enterprise, including: o Market capitalization o Enterprise value o Options o Preferred stock o Minority interests o Debt o Cash and marketable securities o Treasury Stock Method of Calculating Diluted Shares Outstanding

8 Use previously built model to derive unlevered earnings and unlevered free cash flow Handle working capital items, deferred taxes and long-term accruals Learn how to derive a discount rate by deriving the cost of debt and the cost of equity Derive the cost of capital using CAPM Select the correct discount rates Estimating terminal value Calculating enterprise value Using the enterprise value to determine implied share prices Analyze key input assumptions at various sensitivities

9 Day 3: Mergers & Acquisitions (Accretion/Dilution) Modeling Setting up a control area for assumptions Inputting deal assumptions (% cash vs. stock considerations, purchase premium, asset write-ups, advisory fees, financing fees, and severance fees) Calculating shares outstanding using the treasury stock method Appropriate treatment of convertible securities Allocating purchase price and calculating goodwill Preparing the pushed-down balance sheet Making pro forma balance sheet adjustments Calculating sources & uses of funds Inputting operating & synergy projections Calculating the stub year period Building a pro forma income statement and making appropriate deal-related adjustments to arrive at accretion/dilution per share Error-checking a merger model and inserting circuit breaker switches where appropriate Sensitivity analysis: EPS accretion/dilution in stock vs. cash deal; interest rate assumptions, premium paid Pre-tax synergies required to break-even, and break-even PE analysis Revenue, EBITDA, and Net Income contribution analysis

10 Acquisition accounting and purchase price allocation Accounting through 2009 Purchase accounting under 141 Deferred tax issues in M&A New accounting rules - FAS 141r and FAS 160 o Fees transaction, financing and equity o Restructuring costs o Treatment of in process R&D o Earn-outs and contingent obligations o Contingent liabilities and assets o Negative goodwill o Partial acquisitions and minority interest o Goodwill on partial acquisitions Tax issues related to in process R&D Exercise: Putting it all together: Purchase price allocation Considerations to buyers and to sellers Inside vs. outside basis Asset sales vs. stock sales vs. 338(h)(10) elections Taxable vs. nontaxable transactions Exercise: Modeling tax considerations and buyer indifference points