Corporate Profile:

IRFM was established with an objective to provide quality education and increase the
competitive profile of the students. We have a team of qualified Finance Professionals who
regularly updates the course contents in accordance with marker needs.

We offer our training program in the workshop format. All these workshops are interactive & participative
programs based on Real life situations.

Besides, we make full use of, Participatory Exercises, Case Studies, and Practice Sessions. The
Workshops also offer individual counseling to each participant to build on strengths and
progressively eliminate the weaknesses. The participants are given Comprehensive Reference
Material & Workbook which is used by them during the workshop. This material also serves as
a useful guide-post in future.

Trainer’s Profile:
1. Manoj Kumar (MBA Finance)
Mr. Manoj Kumar is the founder of Global Research. He is Certified Excel Specialist from
Microsoft. He has got three years of experience in Modeling and Company Valuations. He has
got over one year of teaching experience in teaching Financial Modeling and Company
Valuations.

2. Ayush Jain (MBA Finance)

Mr. Ayush Jain is the Microsoft MVP. He has got 8 years of experience in Reporting and
Analytics.

3. Trilok Goyal (MBA Finance)

Mr. Trilok has 4 years of experience in Research and Investment Banking with one year of
teaching experience in training.

4. Dalip Sethi (MBA Finance)

Mr. Dalip Sethi is Train The Trainer (TTT) Certified with 12 years of experience in Risk
management. He has got the over 4 years of experience in training.
Certification in Financial Modeling & Company Valuation Using Excel
and VBA
By IRFM in association with
Global Research & Cyber Learning

IRFM’s training is a highly practical training program that bridges the gap between academic
financial theory and on-the-job application. The course content has been designed and updated
by the real practitioners in accordance with marker needs.

Our course provides the complete Valuation toolkit as they are currently used by investment
bankers and other practitioners in the global financial community. We teach both the theoretical
framework and the practical application of each valuation method while emphasizing more on
the issues arising in real life, and the solutions adopted by practitioners. In our courses we
compare and contrast the various valuation approaches against one another while highlighting
the pros and cons of each method to ensure better understanding and practical judgments. Our
materials are regularly updated, to ensure that they reflect the latest industry practices and
trends.

The course objective is to equip participants make meaningful interpretation out of Financial
Statements and with fundamental financial skill set they need to excel for the interviews and on
the job.
“Certification in Financial Modeling and
Take away for the Participants: Company Valuation Using Excel and
VBA”
Building comprehensive financial models from scratch
Learn to integrate assumptions and drivers into financial models Excel for Finance
Design Relative and Transaction Valuation Models from scratch Adv. Financial Modeling Using Excel
Build a professional, robust discounted cash flow (DCF) model Superb Relative Valuation modeling
Excel techniques and shortcuts for financial modeling Comparable Transaction Modeling
Real companies, real case studies with real issues and solutions Discounted Cash Flow modeling
Dynamic Mergers and Acquisition
Training Methodology & Program (M&A) Modeling

Hands-on, interactive, practical, non-theoretical approach

Focus on Valuation & Model Building applied on a Listed Company
Training will be a mix of theory and ‘Hands-on’ sessions
Build an Integrated Model with DCF Valuation, from Scratch
Build model template for relative valuation with Switches, Currency
converter, Output sheet, Valuation sheets
Modeling for Merger and acquisition
Day 1 & 2: Excel for Finance
Excel Basics
Introduction to Excel 2007
Formatting Rows, Columns, Tables and Sheets
Applying Number Formats
Using Find and Replace
Using the Paste Special Box
Basic Filtering & Sorting
Advanced Excel
Financial Functions: PV, FV, IPMT, PPMT, PMT, SLN, DDB, VBD
Date and Time Functions: Month, Year, Date, Datedif, Today, Day, Days360
Math and trig: Trunc, Sum, Sumproduct, Sumif, Product
Statistical: Average, Count, Counta, Countblank, countif, max, median, rank
Lookup and Reference: Address, Choose, Vlookup, Hlookup, Hyperlink, Index, Indirect,
Lookup, Match, offset, transpose
Logical: If, If with if, If with and , Or
Info: Iserror, istext, isnumber, isna
Working with Named Ranges
Creating multi-dimensional formulas with Referencing
Conditional Operations: Using Sumif, Countif and Averageif
Multiple Filtering, Multiple Sorting, Generating Subtotals & Formatting
Grouping Numbers and Dates, Formatting outputs
Scenario Analysis: Creating, Showing and Summarizing Scenarios
Sensitivity Analysis: Using Data Tables to sensitize outputs
Day 3: Accounting Crash Course: Financial Statement
Analysis
Introduction to Accounting
Basic accounting Principle
Income Statement
Balance Sheet
Cash Flow Statement
Consolidation for Balance Sheet and Income statement of subsidiaries with various methods
Inter corporate Investments (Minority passive, Joint Venture, Minority Active, Controlling
investment)
Methods of consolidation of Income and Balance sheet post merger

Understand various terms:

Deferred Tax, Minority interest, Equity income in affiliates, Extraordinary items,
Capitalization Vs Expensing, Fixed asset impairment, Fixed asset retirement and disposal,
Goodwill, intangible assets, Capital Lease, Treasury stock,
Annual impairment test (Only in Theory)

Day 4: Case study for Financial Projection with multiple schedule and
scenario.

This part deals with excel application of what has been covered on Day 3 (Obviously you should be
good in excel by now)
Project Income, Balance sheet and Cash flow statement with Schedules and assumption drivers
Learn how to prepare Depreciation and Debt schedule
Prepare working capital schedule, Capex projection, sales projection
Supporting schedules: Deferred Taxes, Intangible Assets, Retained Earnings , and Debt &
Interest
Create scenarios, Do sensitivity analysis on Excel

Note: Objective of this session is to learn multiple ways of forecasting financial

statements under different situations and assumptions and how it is done in real
life situations:
Day 5 & 6: Financial Modeling Using Excel
Overview of the Program:

Financial Modeling refers to the process of building a structure that integrates the Balance Sheet,
Income Statement, Cash Flow Statement and supporting schedules to enable decision making in
areas like, Business Planning and Forecasting, Equity Valuation, Credit Analysis/Appraisal,
Merger/acquisition analysis, Project Appraisal etc. Trainees learn how to build full, dynamic
Financial Statement Projection models in Excel from scratch, using real case studies and
sensitivity analyses.

Participants develop a model completely from scratch, inputting historical data and
assumptions to project financial statements using step-by-step instruction on selecting and
developing appropriate projection drivers. At completion, participants will have developed a
complete and comprehensive three-statement model
using various supporting schedules.

Interactive, Step-by-Step Learning Approach:

Participants are given step by step instructions to build

comprehensive models from scratch, the way it is done
on the job. They are directed to external documents and
resources (like Annual Report, Press Release, Quarter
filings etc) needed for more information to make the
model more accurate.

Key Learning Outcomes

Building comprehensive financial models from

scratch
Learn to integrate assumptions and drivers into
financial models
Excel techniques and shortcuts for financial modeling
Income statement , Balance sheet , and Cash flow statement
Supporting schedules: Working Capital, Deferred Taxes, PP&E / Depreciation, Intangible
Assets, Retained Earnings , and Debt & Interest
Financial Ratios Output Sheet
Perform sensitivity analysis using data tables, Spinners, Scroll bars
Perform scenario analysis using data validation
Day 7 & 8: Discounted Cash Flow model (DCF) Modeling:
Overview of the Program:
Once the Financial Model is designed and Projections are made for the Company. Now we learn
the use of Financial Models in Valuations.

Valuation represents the heart of the investment banking and corporate finance skill set. A solid
foundation of Valuation tools is laid before building valuation models. Participants are required
to have the deep knowledge of Valuation issues.

Following are the various conceptual issues of the valuation

framework.

Enterprise valuation vs. market valuation

Intrinsic valuation vs. relative valuation
Participants identify and analyze the important issues to the
value of an enterprise.
Understand and identify the treatment of Dilutive Securities
(Options, preferred stock, Warrants, Convertible Debt) to
Enterprise value.
Understand the impact of minority interests, debt, cash and
marketable securities
Comparable Company analysis Vs Comparable Transaction
analysis

Key Learning Outcomes

When the theoretical frame work is laid down, the participants start learning to build a robust
Discounted Cash Flow (DCF) model which includes the calculations of FCFF, WACC, Terminal
Value, Levered and un-levered Beta and Intrinsic Value.

Participants learn how to build a professional, robust discounted cash flow (DCF) model in
Excel from scratch, using real case studies and sensitivity analyses.
Learn the difference between un-levered and levered free cash flows, and the implication on
Enterprise value and implied share price.
Learn to Project levered & unlevered Free cash flows in Excel of a given listed company by
normalizing operating profits.
Project working capital items (Accounts payables, Inventory, account payables etc), deferred
taxes, capital expenditures, and short term and long-term debt.
Calculate the projected terminal value using both the exit multiple and the growth in
perpetuity approach and implication to share price.
Use of CAPM to calculate the discount rate by deriving the cost of debt of equity.
Understand the role of capital structure in determining beta, the cost of equity, and ultimately
WACC.
Understand use of beta and how to de-lever and re-lever beta and implication on WACC.
Calculate shares outstanding using the treasury stock method when Dilutive securities are
ITM (In-the-Money)
Utilize the enterprise value to determine implied share prices.
Calculating net debt and treatment of debt equivalents such as preferred stock, convertible
securities , capital leases , and minority interest
Calculating options and convertible securities using both the standard and treasury stock
methods
Day 9 & 10: Relative valuation modeling in Excel:
Comparable Company Trading Analysis (‘Comps’) is the most basic but effective valuation tool
used by investment bankers and analyst. This technique used in all kinds of valuations. For
example:- Private market valuation, IPO valuation, comparative analysis, identifying potential
targets for M&A etc

Establishes value of A Company and measures its performance vis-à-vis the operating and
trading statistics of company’s peer group

Training Methodology:

The participants are first explained how to select the Peer

Group (Comparables) before building the Models for
Relative Valuation. In this part of the Program, we shall
learn to design the real Template for Trading Combs which
is actually used various Research companies.

Then we shall take 10 companies from world over for

relative valuations.

Then participants are directed to build superb comps

models in Excel from scratch, using real case studies,
industry best practices, and sensitivity analyses.
This model includes Switches, Output sheet, Valuations sheets, Currency Converter and
forecasts.

Leaning Outcomes:

Participants learn to select appropriate comparable companies by evaluating operational,

financial, size, and other similarities
Set evaluation benchmarks & select comparable companies
Gather appropriate financial history and projections
Normalizing operating results and calculating LTM operating results
Exclude nonrecurring charges, normalize for stock option expense
Standardize various expense classifications including FIFO to LIFO inventory accounting
Calculate shares outstanding using the treasury stock method
Input financial data & calculate and interpret financial and market ratios
Presenting trading comps by structuring output schedule
Selecting and Evaluating Appropriate Multiples (P/E Trailing and forward, EBIT Multiple, EBITDA
Multiple, P/B Multiple, Revenue Multiple, PEG)
Calculate and interpret financial and market ratios Common analytical challenges including
Calandarization, nonrecurring items, dilutive securities, and classification issues are addressed
using industry best practices.

Day 11 & 12: Use of Macro (VBA) in Excel and Modeling

1. Introduction to Macro 2. The Workbook Object

Recording a Macro Creating and Opening Workbooks

Cell References in Macros Saving and Closing Workbooks
Viewing and Running Macros Referencing Workbooks
Printing Workbooks
E-Mailing a Workbook
Other Workbook Methods and Properties

3. The Worksheet Object 4. Control Constructs

Adding and Deleting Worksheets The If...Then Statement

Referencing Worksheets The Select Case Statement
Copying and Moving Worksheet The Do...Loop Statement
The For...Next Statement
The For Each...Next Statement
The Go to Statement

5. Working with Text

Text Input and Output

The MsgBox Function
InputBox Function
Day 13, 14 & 15 (M&A) Accretion / Dilution
Modeling
Overview of the Program:
Participant build a model of M&A to see the pro forma impact of
various scenario post merger
Understand the allocation of purchase price with Purchase method
of accounting post merger
Under the accretion-dilution in EPS after the merger in various
scenario after adjustments
Various methods for the payments (Stock based or cash based)

Prepare a comprehensive Merger Model:

Design and Set up a control area for assumptions and drivers
Learn to deal with deal assumptions and various issues like (% cash vs.
stock considerations, Purchase premium, Asset write-ups, Advisory fees, Financing fees, and severance fees)
Use of Treasury method to calculate shares outstanding
Appropriate treatment of convertible securities like Options, Warrants, Convertible debt and Preferred stock
Calculate Goodwill while allocating Purchase price to assets after re-evaluation of the assets of the target company
Adjust the Balance sheet and prepare the pro-forma Balance Sheet
Calculating Sources & Uses of funds with making the operating & synergy projections
Calculate the EPS post merger after making the adjustments to Income statement and prepare the pro-forma Income
statements
Synergies required to break-even before and after tax if premium is paid
Sensitivity analysis: EPS accretion/dilution in stock vs. cash deal; interest rate assumptions, premium paid.
Analysis of contribution of Revenue, EBITDA, and Net Income post merger

This model is designed with very practical approach to see the impact of acquisition of one company by another
company after the real adjustments have been made to Financial Statements.

M&A Accretion/Dilution Modeling

Superb exhaustive accretion-dilution analysis

Buy side and sell side processes
Project the Consolidated Financial statements post merger and do the various adjustments for goodwill
calculation
Handle the Fair market value write ups, advisory fees and financing fees and debt refinancing
Learn the proper treatment of various items like deferred taxes created in M&A and convertible securities and options.