No Experience?

The Valuation Master Class is taught by yours truly, an award-winning analyst, head of research, and two-term CFA Society president. From no experience to expert Through my complete, proven, step-by-step bootcamp, I have guided more than a thousand of novices to valuation experts.

No Confidence?

In the Valuation Master Class, you will use the World-Class financial model—the ValueModel—that helped me become a top analyst in Asia. From no confidence to respect As my student, you will produce high-level equity valuations on companies, from various countries and sectors, that will wow industry professionals.

No Connections?

As your teacher, I am personally committed to your success and will help you get where you want through my experience and network. From no connections to building your network That means, once you become a valuation expert, I am going to do everything I can to help you get your foot in the door wherever you want.

Course curriculum

  • 1

    Introduction & welcome to VMC Module 1

  • 2

    Chapter 1: Easy-to-understand accounting

    • L01 Introduction & welcome to chapter 1

    • L02 The most important financial statement

    • L03 How shareholders set up a business

    • L04 Balance sheet basics

    • L05 Four main types of long-term assets

    • L06 The importance of inventory

    • L07 Depreciation and accrued accounts

    • L08 Principles and four main accrual accounts

    • L09 Gross profit and retained earnings

    • L10 Settling accounts receivables and payables

    • L11 Wrap up

    • Ch1 Questions
  • 3

    Chapter 2: Profit & loss forecasting

    • L01 Introduction & welcome

    • L02 Speed vs accuracy

    • L03 Valuation starts with revenue

    • L04 ValueModel Setup and Troubleshooting

    • L05 A - ValueModel - Forecast revenue

    • 06 Common-size analysis - Net margin

    • L07 Forecasting gross profit

    • L08 Common-size analysis - Gross margin

    • L09 Porter on competitive advantage

    • L10 B - ValueModel - Forecast gross profit

    • L11 Common-size analysis - EBIT margin

    • L12 C - ValueModel - Forecast EBIT

    • L13 MSCI and sector analysis

    • L14 Wrap up & next steps

    • Ch 2 Questions
  • 4

    Chapter 3: Balance sheet forecasting

    • L01 Introduction and welcome to chapter 3

    • L02 Current assets

    • L03 D - ValueModel - Forecast current assets

    • L04 Common-size analysis - Current assets and forecasting cash

    • L05 Long-term assets - LT investments

    • L06 Long-term assets - Gross fixed assets

    • L07 Capex and how to forecast it

    • L08 ValueModel treatment of fixed assets

    • L09 E - ValueModel - Forecast gross fixed assets

    • L10 Accumulated depreciation and how to forecast it

    • L11 Long-term assets - Net fixed assets

    • L12 F - ValueModel - Forecast NFA and other assets

    • L13 Common-size analysis - Liabilities

    • L14 Forecasting liabilities

    • L15 G - ValueModel - Forecast liabilities

    • L16 H - ValueModel - Forecast equity

    • L17 Wrap up & next steps

    • Ch 3 Questions
  • 5

    Chapter 4: Avoiding common valuation mistakes

    • L01 Introduction & welcome

    • L02 9 Valuation Mistakes and How to Avoid Them

    • L03 I - ValueModel - Detect common errors

    • L04 Wrap up & next steps

    • Ch 4 Questions

    • How to join the group?
  • 6

    Chapter 5: Company research

    • L01 Deeper research about FAST

    • Ch 5 Questions
  • 7

    Chapter 6: Basic absolute valuation

    • L01 Introduction and welcome to chapter 6

    • L02 The foundation of valuation - DCF

    • L03 Value FAST using constant growth model

    • L04 Free cash flow to the firm

    • L05 Free cash flow to equity

    • L06 J - ValueModel - Review free cash flow output

    • L07 Cost of equity

    • L08 K - ValueModel - Estimate cost of equity

    • L09 Weighted average cost of capital

    • L10 L - ValueModel - Estimate weighted average cost of capital

    • L11 Fade and terminal periods

    • L12 M - ValueModel - Fade and terminal period assumptions

    • L13 N - ValueModel - Review discount valuation output

    • L14 Wrap up and next steps

    • L15 Tell the world when you've finished Module 1

    • Ch 6 Questions
  • 8

    Chapter 7: Basic relative valuation

    • L01 Introduction and welcome

    • L02 Relative valuation

    • L03 O - Valuemodel - Review multiple valuation output

    • L04 Relationship between DCF and multiples

    • L05 Sensitivity analysis

    • L06 Wrap up and next steps

    • L07 How to continue your journey

    • L08 How to join Module 2

    • Ch 7 Questions

The Valuation Master Class Road Map to Valuation Mastery

Module 1: Valuation Novice

You will familiarize yourself with the ValueModel (uniquely enables you to value any company in the world) and learn to recognize common valuation mistakes. You will gain a strong understanding of financial statements, forecasting, and valuation.

Module 2: Valuation Advanced Beginner

You will value and do forecasts for 5 companies from different sectors, industries, and countries using the ValueModel. Importantly, your work will be reviewed by your peers and myself.

Module 3: Valuation Competent

You will value 5 companies from different sectors, industries, and countries, along with 2 of your choice. Moreover, you will evaluate and give feedback on valuations done by 4 junior students.

You will prove your valuation skills by valuing young companies in new industries and situations. The connection between real business and valuation will become evident. You will start to learn how to present your valuations in a proper, written format.

Module 4: Valuation Proficient

You will value 9 companies (2 distressed, 2 from different sectors, and 5 of your choice). Also, you will evaluate and give feedback on valuations done by 5 junior students.

You will acquire immense practical experience in valuing companies, deepen your knowledge of specialized topics, and learn how to identify weak points in professional equity research reports. Also, you will learn to present your valuations compellingly.

Module 5: Valuation Expert

You will choose a company to value and write a full report while presenting your buy/sell recommendation to me as if I was your client. You will review and give feedback on 6 junior students’ valuation work. 

Congratulations, you have become a Valuation Expert! You have valued 21 companies and reviewed the work of other students on a further 15 companies. At this point, you have developed the ability to produce world-class equity research. Though you should never stop learning, you are now equipped to continue developing on your own. It is time to get that dream job!

Instructor

Andrew Stotz, Ph.D., CFA

CEO, A. Stotz Investment Research

In 1992 I left a promising management career at Pepsi-Cola in California to teach finance in Thailand, and I have not stopped teaching since. In 1993, I found my life calling as a financial analyst. Over my 20-year career at brokerages and investment banks, my proudest moment was when my clients voted me #1 analyst in Thailand in the Asiamoney Brokers Polls and Institutional Investor magazine.

I now run my own company, A. Stotz Investment Research, where we provide research and research tools for institutions and high-net-worth investors; as well, we have a consulting arm that helps CEOs and management teams make their companies financially world-class.

The ValuationMasterClass.com comes from my near three decades of teaching and working in finance. I am also the host of the My Worst Investment Ever podcast, author of four books, and creator of four online courses.

I hold a Bachelor of Science degree in finance, an MBA from California State University, and a Ph.D. in finance from the University of Science and Technology of China. I live in Bangkok with my 81-year-old mother, who will attest that I remain an analyst at heart!


Testimonials

“Andrew’s passion for teaching comes to life as early as the first video on Module 1. This really helped me remain relentless from Module 1 to Module 5, and it elevated my performance as an investment banker and current investment fund analyst. It’s amazing how I can now value any company in the world right away, without any confusion or overthinking.”

Jana Kristofova (Luxembourg) - Investment Professional

“Before the Valuation Master Class, I had no offers, no experience, and almost gave up on my dream to work in finance. Fortunately, Andrew helped me turn that around. Check out my story!”

Kontee Siravongtanawadi (USA)

“Andrew’s commitment to the students is incredibly unique. I’ve never had a teacher who cared this much about my learning and development. The unique nature of this course helped me learn more about finance in a month than 3 years of finance courses in university!”

Johannes Steffan Huang (Indonesia)

“The Valuation Master Class changed my life and the way I understand my business. I graduated from this course with the ability to completely understand the finances of my company, which is absolutely crucial when you run a business. Looking back, I realized there’s no better feeling than being taught and getting feedback directly from THE Dr. Andrew Stotz! Learning from him is a total confidence-booster and not many people can say they were mentored by an award-winning analyst and CFA Society president!”

Shivam Agrawal (Thailand) - Business Owner