What is this course all about?

Valuation Master Class is an online, video-based training program that teaches beginners in finance every step in the valuation process to transform them into valuation experts.

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 you have no knowledge of finance and want to switch your career to the world of finance.

How does this course work?

The full Valuation Master Class consists of five modules, which our students say takes about 200 hours to complete. But to get to Module 5, you must progress through the first four modules! The current course you are viewing is Module 1, which contains 8 hours of content. 

Valuation Master Class Foundation is where you begin your journey. The Foundation Package includes an introduction to finance, Module 1 and Module 2 for an unbeatable price. Click below to learn more.

Course curriculum

  • 1

    Introduction & welcome to VMC Module 1

  • 2

    Profit & loss forecasting

    • Speed vs accuracy in valuation

    • Valuation starts with revenue

    • ValueModel set up

    • Forecasting revenue in practice

    • How to forecast gross profit

    • Forecasting gross profit in practice

    • How to forecast operating profit

    • Forecasting operating profit in practice

    • Questions

  • 3

    Balance sheet forecasting

    • Forecasting current assets

    • Forecasting current assets in practice

    • Forecasting LT investments

    • Forecasting gross fixed assets

    • ValueModel treatment of fixed assets

    • Forecasting net fixed assets

    • Forecasting LT assets in practice

    • Forecasting current liabilities

    • Forecasting LT liabilities

    • Forecasting liabilities in practice

    • Forecasting equity

    • Forecasting equity in practice

    • Questions

  • 4

    Company research

    • Deeper research about FAST

    • Deeper research about FAST Part 2

    • Questions

    • Questions

  • 5

    Absolute valuation

    • DCF is the foundation of valuation

    • Valuing using the constant growth model

    • Free cash flow to the firm

    • Free cash flow to the equity

    • Free cash flow in practice

    • Calculating the cost of equity

    • Calculating the cost of equity in practice

    • Calculating the WACC

    • Calculating the WACC in practice

    • Fade and terminal periods

    • Fade and terminal periods in practice

    • Reviewing valuation estimates

    • Tell the world when you've finished Module 1

    • Questions

  • 6

    Relative valuation and sensitivity

    • Relative valuation

    • Valuemodel - Review multiple valuation output

    • Relationship between DCF and multiples

    • Sensitivity analysis

    • Questions

The Valuation Master Class Road Map to Valuation Mastery

Foundation Package

Finance Made Ridiculously Simple

We ensure that you know the necessary accounting, how to read financial statements, and how it all relates to business. Besides, you will also learn global benchmarks of financial performance, e.g., the average net margin of all companies in the world.

Module 1

You will familiarize yourself with the ValueModel (which 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.

Get access to valuation tools used by real institutions

  • Master balance sheet and income statement forecasts
  • Be able to calculate financial ratios
  • Apply absolute and relative valuation methods
  • Decide which valuation method is suitable in different settings
  • Determine the target price of a company

Module 2

You will value and do forecasts for 3 companies from different sectors, industries, and countries using the ValueModel, and learn how to decompose revenue into its key drivers. You will have reached an intermediate level of understanding of forecasting, valuation, and research.  

  • Create a detailed revenue breakdown
  • Value assigned companies from different industries
  • Review industry analysis using Porter's Five Forces
  • Learn the most common valuation mistakes and how to avoid them

Professional Package

Module 3

You will value 2 companies from different sectors, industries, and countries, along with 1 company of your choice. You will learn how to assess a company's financial performance in a global context and to evaluate a company's competitive position. Besides, you will start working on your final valuation report project.

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. 

  • Benchmark companies against their peers
  • Learn advanced topics in forecasting and valuation
  • Value companies of your choice

Module 4

You will value 2 companies from different sectors, industries, and countries, along with 1 company of your choice. The work on your final valuation report project continues. Also, you will evaluate and give feedback on valuations done by 5 junior students.

In addition, you will learn how to evaluate a stock's investment attractiveness considering Fundamentals, Valuation, Momentum, and Risk (FVMR), and be taught the A. Stotz Investment Research 9 Point Stock Picking Checklist.

You will acquire immense practical experience in valuing companies, deepen your knowledge of specialized topics, and learn how to identify weak points in others' research. 

  • Assess a company's investment attractiveness
  • Address environmental, social, and corporate governance (ESG)

Module 5

You will value 2 companies from different sectors, industries, and countries and evaluate and give feedback on valuations done by 5 junior students. You will also analyze the ESG aspects of a company.

In preparation for the presentation of your final valuation report project, you will learn how to structure the story behind your assumptions and how to bring excitement to your presentation.

You will finalize your final valuation report project, present it to Dr. Stotz, and defend your buy/sell recommendation.

  • Write an original research report
  • Learn how to make an impactful presentation

Congratulations, you have become a Valuation Expert! 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. Of course, our team will always support a Valuation Expert if needed! At this point, Dr. Stotz would love to help you get your dream job! 

Join Valuation Master Class Foundation!

Valuation Master Class is created to equip you with the skills required to work as an investment banker, asset manager, or equity analyst, or become a value investor.
Andrew Stotz on Bloomberg TV


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!