What is this course all about?

The Valuation Master Class is an on-demand online course that trains attendees to become company valuation experts. Graduates can confidently value any company and possess the in-demand industry skills needed to succeed as investment bankers, asset managers, equity analysts, or value investors. The course is the brainchild of #1-rated financial analyst Dr. Andrew Stotz, CFA, who has valued companies for 30+ years. 

This course will help you become a valuation expert, whether you are new to the field of finance and want practical valuation experience, have already been valuing companies and want to deepen your knowledge, or have no knowledge of finance and want to switch your career to the world of finance.

The Valuation Master Class Boot Camp is a 6-week guided course where you complete Valuation Master Class Foundation, additional assignments, as well as, write and present a complete company research report.

Valuation Master Foundation

  • 1

    Introduction & welcome to VMC Foundation

  • 2

    Checklists

    • Profit & loss statement

    • Balance sheet

    • Secret Sauce
  • 3

    Forecasting revenue

    • Understand how the company generates revenue

    • Apply life cycle analysis to estimate the growth potential

    • Identify the story of future growth

    • Assess constraints to growth to estimate maximum growth

    • Create a framework to decompose revenue drivers

    • Check the robustness of your revenue assumptions

    • ValueModel - Setup and revenue forecast
  • 4

    Forecasting gross margin

    • Study the supply chain and cost structure

    • Apply Porter's Forces to assess the industry's profitability

    • Analyze potential drivers and pressures on gross margin

    • Evaluate trends and management's efforts to boost gross margin

    • ValueModel - Gross profit forecast
  • 5

    Forecasting EBIT margin

    • Investigate the nature and cost structure of SG&A

    • Analyze management guidance and external factors

    • Decide on the significance of other operating income or expenses

    • ValueModel - Operating profit forecast
  • 6

    Forecasting current assets

    • Determine the average time it takes the company to collect its cash

    • Estimate the average time it takes the company to sell its inventory

    • Investigate the nature and relevance of other current assets

    • ValueModel - Current asset forecast
  • 7

    Forecasting fixed assets

    • Understand the fixed asset composition of your company

    • Distinguish between growth and maintenance CAPEX

    • Identify the expansion plans and growth ambitions

    • Determine the average useful life of the assets

    • Consider assets under construction and robustness checks

    • ValueModel - Fixed asset forecast
  • 8

    Forecasting current liabilities

    • Determine the average time it takes the company to pay its suppliers

    • Check the length of the cash conversion cycle

    • Investigate the nature and relevance of other current liabilities

    • ValueModel - Current liabilities forecast
  • 9

    Forecasting long-term debt

    • Identify the company's willingness to take on debt

    • Consider the company's ability to access debt

    • Investigate the nature and relevance of other long-term liabilities

    • ValueModel - Long-term liabilities forecast
  • 10

    Forecasting equity

    • Determine the paid-up capital and future equity issuances

    • Estimate the company's dividend payout policy

    • Decide on the significance of special items adjustments

    • ValueModel - Equity forecast
  • 11

    Manage the plugs

    • Determine the minimum cash a company needs to operate

    • Consider overdrafts to bridge a financing gap

    • ValueModel - Plug items
  • 12

    Free cash flow

    • Apply the constant growth model to get a first estimate of value

    • Review your free cash flow to the firm forecast

    • Decide on whether to use FCFF or FCFE
  • 13

    Forecasting infinity

    • Estimate the cost of equity using the CAPM method

    • Consider the average cost of debt to calculate WACC

    • Fade ROIC to avoid extreme LT free cash flow forecasts

    • Determine a realistic terminal growth rate

    • ValueModel - Review valuation
  • 14

    Most common valuation mistakes

    • Avoiding common mistakes

Join the 6-week Boot Camp!

Valuation Master Class Boot Camp is the only program that trains you exactly how to value actual companies like a pro and get your dream job in finance.
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Andrew Stotz on Bloomberg TV

If you prefer a self-paced experience, learn more about Foundation!