I will post videos to this page throughout the semester. The videos will mostly be solutions to homework or in-class Excel exercises; the videos are not a replacement for my lectures. Videos should not be used in lieu of coming to class. Excel can be difficult to learn therefore I make these videos in case you get lost in class and need to revisit a topic. Please use them as an additional resource to help learn valuation and modeling. Disclaimer: Values may be different depending on when video was made and when you are watching.
This video goes over basic formatting and introduces students to shortcut keys in Excel. Note this video is a summary of the material covered in WSP Excel Crash Course.
Watch on Screencast Watch on Vimeo Back to Video ListThis video goes over the Class Worksheet from Basic Excel. It covers functions related to time value of money, statistical function, logical functions, lookup functions, and custom formatting.
Template Solution Watch on Screencast Watch on Vimeo Back to Video ListThis video goes over Homework 1 (ignore video calling it Homework 2).
Template Solution Watch on Screencast Watch on Vimeo Back to Video ListThis video goes over the Excel practice exercises from Basic Excel Modeling.
Template Watch on Screencast Watch on Vimeo Back to Video ListThis video goes over practice problems.
Template Watch on Screencast Watch on Vimeo Back to Video ListThis video works through Homework 2, building an income statement and balance sheet for a fictional Lemonade stand company.
Handout Solution Watch on Screencast Watch on Vimeo Back to Video ListThis video works through the in-class exercise on our fictional lemonade stand. It is an extension of Homework 2; we add more complex transactions and build out a cash flow statement. The solution file is the same from above.
Handout Solution Watch on Screencast Watch on Vimeo Back to Video ListThis video works through practice problem 2 in which we build financial statements for a fictional donut shop.
Handout Template Solution Watch on Screencast Back to Video ListThis video goes over financial statement analysis for a real world company. It covers calculating a common-size balance sheet and income statement for Edwards Lifesciences (EW). We also cover a range of ratio calculations. Lastly we briefly discuss interpreting the numbers.
Template Solution Watch on Screencast Watch on Vimeo Back to Video ListThis video goes over financial statement analysis for a real world company. It covers calculating a common-size balance sheet and income statement for Stitch Fix (SFIX). We also cover a range of ratio calculations. Lastly we briefly discuss interpreting the numbers.
Template Solution Watch on Screencast Watch on Vimeo Back to Video ListThis video goes over financial statement analysis for a real world company. It covers calculating a common-size balance sheet and income statement for YETI Holdings Inc (YETI). We also cover a range of ratio calculations. Lastly we discuss interpreting the numbers.
Template Solution Watch on Screencast Watch on Vimeo Back to Video ListThis video goes over financial statement analysis for a real world company. It covers calculating a common-size balance sheet and income statement for Silk Road Medical (SILK). We also cover a range of ratio calculations. Lastly we discuss interpreting the numbers.
Template Solution Watch on Screencast Back to Video ListThis video goes over financial statement analysis for a real world company. It covers calculating a common-size balance sheet and income statement for DocuSign (DOCU). We also cover a range of ratio calculations. Lastly we discuss interpreting the numbers.
Template Solution Watch on Screencast Back to Video ListThis video goes over calculating the projected unlevered free cash flows for Gentex Corp. Topics include pulling in historical data dynamically, estimating sales growth and other important inputs using the 10K, analyst reports, and earnings call transcript, calculating NWC, and proper modeling formatting.
Template Material Solution Watch on Screencast Watch on Vimeo Back to Video ListThis video completes a financial statement model for Stitch Fix (SFIX). Topics include pulling in historical data dynamically, estimating sales growth and other important inputs using the 10K, analyst reports, and earnings call transcript, calculating NWC, and proper modeling formatting.
Material Watch on Screencast Back to Video ListThis video is additional practice calculating unlevered cash flows for Alaska Air. The video focuses mainly on the calculation and alternative approaches to those used in the Gentex example.
Template Solution Watch on Vimeo Back to Video ListThis video goes over creating pro forma financial statements using cash as the plug and calculating unlevered cash flows.
Template Solution Watch on Vimeo Back to Video ListThis video extends the pro-forma example to require external financing. Specifically, how to use both debt and cash as the plugs, i.e., use debt financing if cash is no longer available.
Template Solution Watch on Vimeo Back to Video ListThis videos covers the practice problems for the Financial Statement Modeling module. Topics include forecasting and calculation of unlevered cash flows.
Practice Problems Watch on Screencast Back to Video ListThis video completes a financial statement model for Silk Road Medical (SILK). Topics include pulling in historical data dynamically, estimating sales growth and other important inputs using the 10K, analyst reports, and earnings call transcript, calculating NWC, and proper modeling formatting. Valuation using data up to Fiscal-year 2021.
Material Template Solution Watch on Screencast Back to Video ListThis video completes a financial statement model for DocuSign (DOCU). Topics include pulling in historical data dynamically, estimating sales growth and other important inputs using the 10K, analyst reports, and earnings call transcript, calculating NWC, and proper modeling formatting. Valuation using data up to Fiscal-year 2023.
Material Template Solution Watch on Screencast Back to Video ListThis video works through the Gentex template. We discuss how to calculate the Terminal value using perpetuity growth and the exit multiple approaches. We also work through the calculation of the weighted average of capital. Lastly we finish by calculating the enterprise value and the associated equity value of Gentex. Note: Do not use average debt for WACC calculation of capital structure weights; only done in video to show a non-zero debt value. Please note, the numbers in solution will be different at time of viewing. Also this is forecasting 2019 forward, see class session videos for updated values.
Template Solution Watch on Screencast Watch on Vimeo Back to Video ListThis video works through the Alaska Airlines template. We discuss how to calculate the Terminal value using perpetuity growth and the exit multiple approaches. We also work through the calculation of the weighted average of capital. Lastly we finish by calculating the enterprise value and the associated equity value of Alaska Airlines.
Template Solution Watch on Screencast Watch on Vimeo Back to Video ListThis video works through the estimation of beta using both the regression and bottom up approach.
Template Solution Watch on Screencast Watch on Vimeo Back to Video ListThis video works through Homework 7.
Homework 7 Solution Watch on Screencast Watch on Vimeo Back to Video ListThis video works the estimation of the terminal value and weighted average cost of capital for Stitch Fix (SFIX). We also calculate the equity value. Please note, the numbers in solution will be different at time of viewing.
Template Solution Watch on Screencast Back to Video ListThis video works the estimation of the terminal value and weighted average cost of capital for Silk Road Medical (SILK). We also calculate the equity value. Please note, the numbers in solution will be different at time of viewing. VIDEO ERROR: Interest Coverage Ratio should be EBIT/Interest Expense; NOT EBITDA. This is corrected in Solution file.
Template Solution Watch on Screencast Back to Video ListThis video works the estimation of the terminal value and weighted average cost of capital for DocuSign Inc (DOCU). We also calculate the equity value. Please note, the numbers in solution will be different at time of viewing.
Template Solution Watch on Screencast Back to Video ListThis video works through Homework 8, a bottom-up approach to forecasting and a DCF valuation.
Handout Template Solution Watch on Screencast Watch on Vimeo Back to Video ListThis video works through the a few different approaches to accounting for equity grants to employees in our valuations. Specifically how to deal with past option awards through either a treasury stock approach or directly valuing the options using Black Scholes.
Template Solution Watch on Vimeo Back to Video ListThis video works through a sensitivity analysis of our Gentex Valuation. Discussion includes the use of Data Tables and Scenario Manager in Excel. I also recap our valuation from start to finish. Note please use the Solution file from Video #1 above as your starting point.
Solution Watch on Vimeo Back to Video ListThis video works through the a few different approaches to accounting for equity grants to employees in our valuations (both options and restricted stock). Specifically how to deal with past option awards through either a treasury stock approach or directly valuing the options using Black Scholes.
Template Solution Watch on Screencast Back to Video ListThis video works through a sensitivity analysis of our Stitch Fix (SFIX) Valuation. Discussion includes the use of Data Tables and Scenario Manager in Excel. I also recap our valuation from start to finish. Note please use the Solution file from Video #25 as your starting point.
Solution Watch on Screencast Back to Video ListThis video works through the a few different approaches to accounting for equity grants to employees in our valuations (both options and restricted stock). Specifically how to deal with past option awards through either a treasury stock approach or directly valuing the options using Black Scholes.
Template Solution Watch on Screencast Back to Video ListThis video works through a sensitivity analysis of our Silk Road Medical(SILK) Valuation. Discussion includes the use of Data Tables and Scenario Manager in Excel.
Template Solution Watch on Screencast Back to Video ListThis video works through the a few different approaches to accounting for equity grants to employees in our valuations (both options and restricted stock). Specifically how to deal with past option awards through either a treasury stock approach or directly valuing the options using Black Scholes. We also perform sensitivity analysis of our DocuSign (DOCU) Valuation. Discussion includes the use of Data Tables and Scenario Manager in Excel.
Template Solution Watch on Screencast Back to Video ListThis video works through the practice problems. We practice our ability to deal with equity compensation and cross holdings. As well as estimating the market value of debt and calculating levered cash flows.
Questions Solution Watch on Screencast Watch on Vimeo Back to Video ListThis video walks through a Last twelve month calculation for Microsoft, Best Buy, and Walt Disney as of November 2019.
Template Solution Watch on Vimeo Back to Video ListThis video walks through a relative valuation using public trading comparables. Please note there is an (obvious) error around 31:30 mark, I copied over the value in Cell F24 (with F25), you should do the opposite and drag the F24 formula down to F25. The error is corrected in the attached solution. Also did not add 28 (Operating Lease, current) when calculating Net Debt for VC.
Template Solution Watch on Screencast Watch on Vimeo Back to Video ListThis video walks through a relative valuation using public trading comparables. We discuss selecting comps, pulling in the required data, calculating and applying multiples, and lastly estimating excess cash.
Template Solution SFIX Industry Peers Watch on Screencast Back to Video ListThis video walks through a relative valuation using public trading comparables. We discuss selecting comps, pulling in the required data, calculating and applying multiples.
Template Solution Watch on Screencast Back to Video ListThis video walks through a relative valuation using public trading comparables. We discuss selecting comps, pulling in the required data, calculating and applying multiples.
Template Solution Watch on Screencast Back to Video ListThis video the practice problems for this module. We review basic calculations related to relative valuation including LTM, Enterprise Value multiples, Equity Value multiples, Transaction comps. We also discuss estimating excess cash.
Handout Template Solution Watch on Screencast Back to Video ListThis video goes over the steps to building a football field chart for our Gentex valuation.
Template Solution Watch on Screencast Watch on Vimeo Back to Video ListThis video goes over the steps to building a football field chart for our Stitch Fix valuation.
Template Solution Watch on Screencast Back to Video ListThis video goes over the steps to building a football field chart for our SILK valuation.
Template Solution Watch on Screencast Back to Video ListThis video goes over the steps to building a football field chart for our DOCU valuation.
Template Solution Watch on Screencast Back to Video ListThis video covers miscellaneous Excel skills including Pivot Tables, conditional formatting, basic graphing skills, concatenating, INDIRECT function, the group of TEXT based functions, and goal seek.
Template Solution Watch on Screencast Watch on Vimeo Back to Video ListThis video goes through additional practice exercises.
Template Solution Watch on Screencast Watch on Vimeo Back to Video List