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    Learn practical experience for equity valuation.


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Course curriculum

  • 1

    Introduction & welcome to VMC Module 1

    • Brief welcome to the Valuation Master Class
    • Introduction to Andrew and the Valuation Master Class
    • Questions
  • 2

    Chapter 1: Basic accounting and finance

    • L01 Introduction & welcome to chapter 1
    • L02 Download glossary of terms and worksheet
    • 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 receivable and payables
    • L11 Magic Powder Company worksheet submission
    • L12 Wrap up and next steps
    • Ch1 Questions
  • 3

    Chapter 2: Basic profit & loss forecasting

    • L01 Introduction & welcome
    • L02 Speed vs accuracy
    • L03 Valuation starts with revenue
    • L04 ValueModel Setup and Troubleshooting
    • L05 Work the model - Forecast revenue for FAST
    • L06 Common-size analysis – Net margin
    • L07 Forecasting gross profit
    • L08 Common-size analysis – Gross margin
    • L09 Porter on competitive advantage
    • L10 Work the model - Forecast gross profit for FAST
    • L11 Common-size analysis – EBIT margin
    • L12 Work the model - Forecast EBIT for FAST
    • L13 Common-sized industry analysis
    • L14 Assignment description
    • L15 Assignment submission
    • L16 Wrap up & next steps
    • Ch 2 Questions
  • 4

    Chapter 3: Basic balance sheet forecasting

    • L01 Introduction and welcome to chapter 3
    • L02 The role of current assets
    • L03 Work the model - Forecast current assets for FAST
    • L04 Common-size analysis – Current assets
    • L05 Fixed assets - LT Investments
    • L06 Fixed assets - Capex
    • L07 Fixed assets - PP and E then Forecast FAST
    • L08 Fixed assets - Accumulated Depreciation
    • L09 Forecast NFA and other assets for FAST
    • L10 Common-size analysis – Liabilities
    • L11 Forecasting liabilities
    • L12 Forecast liabilities for FAST
    • L13 Forecast shareholders equity
    • Upload equity section of balance sheet
    • L14 Wrap up & next steps
    • Ch 3 Questions
  • 5

    Chapter 4: How to avoid common valuation mistakes

    • L01 Introduction & welcome
    • L02 9 Valuation Mistakes and How to Avoid Them
    • L03 Avoiding Common Mistakes in the ValueModel
    • L04 Assignment submission
    • L04 Wrap up & next steps
    • Ch 4 Questions
  • 6

    Chapter 5: Company research

    • L01 Deeper research about FAST
  • 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 Work the model - Check your FCF assumptions
    • L07 Cost of equity
    • L08 Weighted average cost of capital
    • L09 Fade and terminal periods
    • L10 Work the model - Valuation Distribution Your Conclusion
    • L11 Assignment submission
    • L12 Wrap up and next steps
    • Ch 6 Questions
  • 8

    Chapter 7: Basic relative valuation

    • L01 Introduction and welcome
    • L02 Relative valuation
    • L03 Relationship between DCF and multiples
    • L04 Relative valuation for FAST
    • L05 Sensitivity analysis
    • L06 Wrap up and next steps
    • Ch 7 Questions
    • L07 How to continue your journey

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What some students have said:

Jana Kristofova (Luxembourg)

This course brought a lot of added value

Jana Kristofova (Luxembourg)

"I did an internship in M&A in Bangkok a few years ago and my valuation skills were not as good at that time. Since then my plan was to improve my financial modeling and valuation skills. I had even brought a manual for financial modeling issued by Wall Street Prep. I definitely gained a lot of knowledge and experience in company valuation while going through modules 1 to 5 of the Valuation Master Class. If I get a company to value right now, I will be able to prepare a draft without hesitation or thinking too much on where to start. This course brought a lot of added value for me."
Lim Lee Bin (Singapore)

This course brought light to valuation

Lim Lee Bin (Singapore)

"Before I entered this course, valuation seemed like a foreign land to me, exciting but full of mystery. This course brought light to valuation which has just intensified my excitement for the course. Thanks to the effective team support from A. Stotz Investment Research, I could use the ValueModel with ease and comfort."
Pimfun Jierapipatkul (Thailand)

I wish I knew about the course earlier!

Pimfun Jierapipatkul (Thailand)

"In the past, I tried many ways to learn practical valuation like asking senior colleagues and friends, but the Valuation Master Class helped me clearly see the overall principles of valuation. In a very short amount of time, the Valuation Master Class guided me on how to start a valuation and where to focus my attention. I wish I knew about the Valuation Master Class earlier!"
Erick Rubin (Israel)

Andrew's teaching style is awesome

Erick Rubin (Israel)

"Andrew is really an expert and his teaching style is awesome. His examples of real-life experiences are very good since it helps us remember the idea. His illustrations are also very helpful and making complicated things easier for us to learn."
Shivam Agrawal (Thailand)

Taught me how to avoid mistakes

Shivam Agrawal (Thailand)

"I have analyzed companies in the past and completed valuations, but the Valuation Master Class taught me how to avoid mistakes that I didn’t even realize I was making. I also learned how to be more realistic while valuing a company. I undertook company valuation for the CFA Institute Research competition and had no one to guide me while I was first making mistakes. The Valuation Master Class helped me overcome my errors and has made me more confident in the valuation process."

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Your Valuation Master

Andrew Stotz, Ph.D., CFA

CEO, A. Stotz Investment Research

Andrew Stotz, Ph.D., CFA

Andrew Stotz, PhD, CFA has worked in the world of finance for the past 25 years and now runs his firm, A. Stotz Investment Research. He graduated with a Bachelor of Science in Finance and an MBA from California State University. He earned his Ph.D. in finance from the University of Science and Technology of China. For much of his career, he was a financial analyst and Head of Research, managing teams, and writing investment strategy. Andrew was twice voted No. 1 Analyst in Thailand, and he served two terms as CFA Society Thailand president.