Written by the Founder and CEO of the prestigious New York School
of Finance, this book schools you in the fundamental tools for
accurately assessing the soundness of a stock investment. Built
around a full-length case study of Wal-Mart, it shows you how to
perform an in-depth analysis of that company's financial standing,
walking you through all the steps of developing a sophisticated
financial model as done by professional Wall Street analysts. You
will construct a full scale financial model and valuation
step-by-step as you page through the book. When we ran this
analysis in January of 2012, we estimated the stock was
undervalued. Since the first run of the analysis, the stock has
increased 35 percent. Re-evaluating Wal-Mart 9months later, we will
step through the techniques utilized by Wall Street analysts to
build models on and properly value business entities. *
Step-by-step financial modeling - taught using downloadable Wall
Street models, you will construct the model step by step as you
page through the book. * Hot keys and explicit Excel instructions
aid even the novice excel modeler. * Model built complete with
Income Statement, Cash Flow Statement, Balance Sheet, Balance Sheet
Balancing Techniques, Depreciation Schedule (complete with
accelerating depreciation and deferring taxes), working capital
schedule, debt schedule, handling circular references, and
automatic debt pay downs. * Illustrative concepts including
detailing model flows help aid in conceptual understanding. *
Concepts are reiterated and honed, perfect for a novice yet
detailed enough for a professional. * Model built direct from
Wal-Mart public filings, searching through notes, performing
research, and illustrating techniques to formulate projections. *
Includes in-depth coverage of valuation techniques commonly used by
Wall Street professionals. * Illustrative comparable company
analyses - built the right way, direct from historical financials,
calculating LTM (Last Twelve Month) data, calendarization, and
properly smoothing EBITDA and Net Income. * Precedent transactions
analysis - detailing how to extract proper metrics from relevant
proxy statements * Discounted cash flow analysis - simplifying and
illustrating how a DCF is utilized, how unlevered free cash flow is
derived, and the meaning of weighted average cost of capital (WACC)
* Step-by-step we will come up with a valuation on Wal-Mart *
Chapter end questions, practice models, additional case studies and
common interview questions (found in the companion website) help
solidify the techniques honed in the book; ideal for universities
or business students looking to break into the investment banking
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