We Produce World Class Valuation Experts

  • PRACTICAL

    Learn practical experience for equity valuation.

  • CONFIDENCE

    Gain confidence and advance your career.

  • EFFICIENCY

    Increase your efficiency and get ahead.

  • IMPACT

    Become an expert and make an impact.

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 Magic Powder Company worksheet submission

    • L12 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

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What some students have said:

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."

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."

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!"

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."

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

CEO, A. Stotz Investment Research

Andrew Stotz, Ph.D., CFA

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!