Course curriculum

  • 1

    Introduction & welcome to VMC Module 1

    • Brief welcome to the Valuation Master Class

    • Introduction to Andrew and the Valuation Master Class
  • 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 Wrap up and next steps

    • 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

    • L06 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

    • L16 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
  • 6

    Chapter 5: Company research

    • L01 Deeper research about FAST

    • Add Valuation Master Class Certificate to Your LinkedIn Profile and recommendation
  • 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
  • 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

Instructor

Dr. Andrew Stotz, CFA

In 1992, Dr. Stotz left a management career at Pepsi-Cola in California to teach finance in Thailand and has not stopped teaching since. In 1993, he found his life calling as a financial analyst, a job for which he was eventually voted #1 in Thailand. In the second half of his 20-year career in investment banking, Dr. Stotz was a head of research leading teams of financial analysts. During that time, he served as a two-time president of CFA Society Thailand and now runs his own firm, A. Stotz Investment Research, which provides research and tools for institutions and high-net-worth investors; as well as, helps CEOs make their companies financially world class. He holds a Bachelor of Science in finance and an MBA from California State University and earned his Ph.D. in finance at the University of Science and Technology of China. Andrew lives in Bangkok with his 82-year-old mother, who will attest that he remains an analyst at heart!