Kersten Corporate Finance

Mergers & Acquisitions

Source: Danielle Stein Fairhurst (2019). Using excel for business and financial modelling: A
practical guide. Third edition.

Shortcuts for general windows

Alt + tab to switch program;

Ctrl + tab to switch workbooks;

Alt + F4 to close program;

(check whether your computer has a FN key, next to ctrl. If yes, then you need to press FN as
well for the function keys F1-F12).

Ctrl + N for a new workbook;

Shift + F11 for a new worksheet;

Ctrl + W to close worksheet;

Alt + E + L to delete a sheet;

Alt + W + F + F to freeze (and un-freeze) panes;

Alt + W + Q to zoom in or zoom out.

Navigating in excel

Arrows keys: Use them to move around;

Ctrl + pg up/ down to switch worksheets;

Ctrl + arrow keys to go to end of continuous range and select cell;

Shift + arrow keys to select a range;

Shift + ctrl + arrow to select a continuous range;

Home to move to the beginning of the line;

Ctrl + home to move to cell “A1”;

1
Kersten Corporate Finance – Mergers & Acquisitions
Visiting address: Gording 67 – 5406 CN Uden – The Netherlands
Postal address: Gording 67 – 5406 CN Uden – The Netherlands
+31 68364 0527 – joris@kerstencf.nl – www.joriskersten.nl
 Kersten Corporate Finance
Mergers & Acquisitions

Shift + enter to move to the cell above;

Tab to move to cell to the right;

Shift + tab to move to cell to the left;

Alt + down arrow to display a drop down list.

Editing in excel

Ctrl + S to save your workbook;

Ctrl + C to copy;

Ctrl + V to paste;

Ctrl + X to cut;

Ctrl + Z to undo;

Ctrl + Y to redo;

Ctrl + A to select all;

Ctrl + R to copy the far left cell across the range. You can set this range with holding “shift”;

Ctrl + D to copy the top cell down the range. You can set this range with holding “shift”;

Ctrl + B for bold;

Ctrl + 9 to hide row;

Shift + ctrl + 9 to un-hide row;

Shift + spacebar to highlight row (and ctrl + shift and + for another row);

Ctrl + spacebar to highlight column (and ctrl + shift and + for another column);

Ctrl + minus sign to delete selected cells.

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Kersten Corporate Finance – Mergers & Acquisitions
Visiting address: Gording 67 – 5406 CN Uden – The Netherlands
Postal address: Gording 67 – 5406 CN Uden – The Netherlands
+31 68364 0527 – joris@kerstencf.nl – www.joriskersten.nl
 Kersten Corporate Finance
Mergers & Acquisitions

Shortcuts for formulas in excel

F2 (or ctrl + ‘) to edit a formula/ showing precedent cells;

Alt + enter to start a new line in the same cell;

Shift + arrow to highlight within cells;

F4 change absolute referencing (“$”);

Esc to cancel a cell entry;

= to start a formula;

Alt + = to automatic sum selected cells;

Ctrl + ‘ to copy formula from above cell;

Ctrl + ~ to show formulas;

F9 to recalculate all workbooks.

Checking your work in excel

Alt + M + P to trace immediate precedents;

Alt + M + D to trace immediate dependents;

Alt + M + A + A to remove tracing arrows;

Ctrl + [ to highlight precedent cells;

Ctrl + ] to highlight dependent cells;

F5 + enter to go back to the original cell (for example after you jumped back with “ctrl + [“);

Shift + ctrl + { to trace all precedents;

Shift + ctrl + } to trace all dependents.

3
Kersten Corporate Finance – Mergers & Acquisitions
Visiting address: Gording 67 – 5406 CN Uden – The Netherlands
Postal address: Gording 67 – 5406 CN Uden – The Netherlands
+31 68364 0527 – joris@kerstencf.nl – www.joriskersten.nl
 Kersten Corporate Finance
Mergers & Acquisitions

Formatting you cells

Ctrl + 1 for the format box;

Alt + H + 0 to increase decimal;

Alt + H + 9 to decrease decimal;

Shift + ctrl + ~ for a general format;

Shift + ctrl + ! for a number format;

Shift + ctrl + # for a date format;

Shift + ctrl + $ for a currency format;

Shift + ctrl + % for a percentage format;

Alt + H + H to color a cell;

Alt + H + O + I to fit width to cell;

Alt + I + R to insert a row;

Alt + I + C to insert a column;

Alt + H + B + A to add a border.

Source: Danielle Stein Fairhurst (2019). Using excel for business and financial modelling: A
practical guide. Third edition.

4
Kersten Corporate Finance – Mergers & Acquisitions
Visiting address: Gording 67 – 5406 CN Uden – The Netherlands
Postal address: Gording 67 – 5406 CN Uden – The Netherlands
+31 68364 0527 – joris@kerstencf.nl – www.joriskersten.nl
 Kersten Corporate Finance
Mergers & Acquisitions

Joris Kersten/ Kersten Corporate Finance

Gording 67 Uden/ The Netherlands

www.kerstencf.nl

joris@kerstencf.nl

+31 6 83640527

5
Kersten Corporate Finance – Mergers & Acquisitions
Visiting address: Gording 67 – 5406 CN Uden – The Netherlands
Postal address: Gording 67 – 5406 CN Uden – The Netherlands
+31 68364 0527 – joris@kerstencf.nl – www.joriskersten.nl
 Kersten Corporate Finance
Mergers & Acquisitions

Joris Kersten, August 7th 2020, Uden/ The Netherlands.

>60 articles (100% for free) on business valuation/ financial modelling. No registration, or
what so ever, needed to read them.

Earlier blogs on “net debt” (cash & debt free)

Article 1: Valuation: Introduction to "net debt" (cash & debt free)

https://www.linkedin.com/pulse/valuation-introduction-net-debt-cash-free-joris-kersten-
msc-bsc-rab/

Article 2: Valuation: Net debt (cash & debt free)

https://www.linkedin.com/pulse/valuation-net-debt-cash-free-joris-kersten-msc-bsc-rab/

Article 3: Valuation: Adjusted net debt – Cash like items

https://www.linkedin.com/pulse/valuation-adjusted-net-debt-cash-like-items-kersten-msc-
bsc-rab/

Article 4: Valuation: Adjusted net debt – Debt like items

https://www.linkedin.com/pulse/valuation-adjusted-net-debt-like-items-joris-kersten-msc-
bsc-rab/

Earlier blogs on “valuation of banks”

Article 1: Valuation of Banks: Business models of Banks

https://www.linkedin.com/pulse/valuation-banks-business-models-joris-kersten-msc-bsc-
rab/

Article 2: Bank Valuation: Financial Statements of Banks (part 1)

https://www.linkedin.com/pulse/bank-valuation-financial-statements-banks-part-1-joris/

6
Kersten Corporate Finance – Mergers & Acquisitions
Visiting address: Gording 67 – 5406 CN Uden – The Netherlands
Postal address: Gording 67 – 5406 CN Uden – The Netherlands
+31 68364 0527 – joris@kerstencf.nl – www.joriskersten.nl
 Kersten Corporate Finance
Mergers & Acquisitions

Earlier blogs on “Valuation of Oil & Gas Companies”

Article 1: Valuating Oil & Gas Companies: The Oil Industry

https://www.linkedin.com/pulse/valuating-oil-gas-companies-industry-joris-kersten-msc-
bsc-rab/

Article 2: Valuating Oil & Gas Companies: The Oil Industry – Part 2

https://www.linkedin.com/pulse/valuating-oil-gas-companies-industry-part-2-kersten-msc-
bsc-rab/

Earlier blogs on “Leveraged Buy-Outs (LBOs)”

Article 1: Leveraged Buyouts (LBOs): Key mechanics of LBOs

https://www.linkedin.com/pulse/leveraged-buyouts-lbos-key-mechanics-joris-kersten-msc-
bsc-rab/

Article 2: Leveraged Buy-Outs (LBOs): Term Loans, High-Yield Bonds and Financial Modelling

https://www.linkedin.com/pulse/leveraged-buy-outs-lbos-term-loans-high-yield-bonds-
joris/?trackingId=UKiJSEmmn6ANNwtec76sNw%3D%3D

Article 3: Leveraged Buy-Outs (LBOs): Components of an LBO model

https://www.linkedin.com/pulse/leveraged-buy-outs-lbos-components-lbo-model-kersten-
msc-bsc-rab/

Earlier blogs on “Debt & Leverage”

Article 1: Debt: Ratio “debt/ GDP” in the US, The Netherlands, Germany and Japan

https://www.linkedin.com/pulse/debt-ratio-gdp-us-netherlands-germany-japan-kersten-
msc-bsc-rab/

Article 2: Debt: Why global debt increased over the last 100 years

https://www.linkedin.com/pulse/debt-why-global-increased-over-last-100-years-kersten-
msc-bsc-rab/

7
Kersten Corporate Finance – Mergers & Acquisitions
Visiting address: Gording 67 – 5406 CN Uden – The Netherlands
Postal address: Gording 67 – 5406 CN Uden – The Netherlands
+31 68364 0527 – joris@kerstencf.nl – www.joriskersten.nl
 Kersten Corporate Finance
Mergers & Acquisitions

Article 3: Debt of companies: Leverage, Private Equity, Solvency and Bankruptcy

https://www.linkedin.com/pulse/debt-companies-leverage-private-equity-solvency-kersten-
msc-bsc-rab/

Earlier blogs on “Weighted Average Cost of Capital (WACC) – step by step”

Article 1: Capital Market History Lessons – Corporate Finance (part 1)

https://www.linkedin.com/pulse/capital-market-history-lessons-corporate-finance-part-
joris/

Earlier blogs on Financial Modelling

Article 1: Financial Modelling in Excel: Circular references, interest calculations and iterations

https://www.linkedin.com/pulse/financial-modelling-excel-circular-references-kersten-msc-
bsc-rab/

Article 2: Excel basics for Finance: SUM, MAX, MIN, AVERAGE, IF, cell referencing, named
ranges

https://www.linkedin.com/pulse/excel-basics-finance-sum-max-min-average-cell-named-
joris/

Article 3: Excel for Valuation: COUNTIF, VLOOKUP, INDEX and MATCH

https://www.linkedin.com/pulse/excel-valuation-countif-vlookup-index-match-kersten-msc-
bsc-rab/

Article 4: Excel for Business Valuation: OFFSET, FORECAST and CHOOSE

https://www.linkedin.com/pulse/excel-business-valuation-offset-forecast-choose/

Article 5: Excel for Business Valuation: NPV, IRR, PMT and EOMONTH

https://www.linkedin.com/pulse/excel-business-valuation-npv-irr-pmt-eomonth-kersten-
msc-bsc-rab/

8
Kersten Corporate Finance – Mergers & Acquisitions
Visiting address: Gording 67 – 5406 CN Uden – The Netherlands
Postal address: Gording 67 – 5406 CN Uden – The Netherlands
+31 68364 0527 – joris@kerstencf.nl – www.joriskersten.nl
 Kersten Corporate Finance
Mergers & Acquisitions

Article 6: Excel for Business Valuation: Custom Formatting, Conditional Formatting and
Sparklines

https://www.linkedin.com/pulse/excel-business-valuation-custom-formatting-sparklines-
joris/

Earlier blogs on “various topics”

Article 1: Financing a M&A transaction: An introduction

https://www.linkedin.com/pulse/financing-ma-transaction-introduction-joris-kersten-msc-
bsc-rab/

Article 2: Valuation: How to adjust for “Operating Lease” (under Dutch GAAP)

https://www.linkedin.com/pulse/valuation-how-adjust-operating-lease-under-dutch-gaap-
joris/

Article 3: M&A closing mechanisms: Locked Box & Completion Accounts

https://www.linkedin.com/pulse/ma-closing-mechanisms-locked-box-completion-accounts-
joris/

Article 4: Scoping a financial model built primarily for business valuation:

https://www.linkedin.com/pulse/scoping-financial-model-built-primarily-business-joris/

Article 5: Consolidation of M&A targets and Purchase Price Allocation (PPA)

https://www.linkedin.com/pulse/consolidation-ma-targets-purchase-price-allocation-joris/

Article 6: Economics: Do economies have to grow to maintain the same level of prosperity
???

https://www.linkedin.com/pulse/economics-do-economies-have-grow-maintain-same-level-
joris/

Earlier blogs on “bonds”

Article 1: Bonds - An introduction

https://www.linkedin.com/pulse/corporate-finance-bonds-introduction-joris-kersten-msc-
bsc-rab/
9
Kersten Corporate Finance – Mergers & Acquisitions
Visiting address: Gording 67 – 5406 CN Uden – The Netherlands
Postal address: Gording 67 – 5406 CN Uden – The Netherlands
+31 68364 0527 – joris@kerstencf.nl – www.joriskersten.nl
 Kersten Corporate Finance
Mergers & Acquisitions

Article 2: Bonds & Bond Markets

https://www.linkedin.com/pulse/bonds-bond-markets-corporate-finance-joris-kersten-msc-
bsc-rab/

Article 3: Bonds, Rating Agencies and Credit Ratings

https://www.linkedin.com/pulse/bonds-rating-agencies-credit-ratings-joris-kersten-msc-bsc-
rab/

Earlier blogs on “Valuation & funding of start-ups”

Article 1: Valuation & funding of start-ups - Funding rounds

https://www.linkedin.com/pulse/valuation-funding-startups-rounds-joris-kersten-msc-bsc-
rab/

Article 2: Startup valuation: Pre-money and post-money valuation

https://www.linkedin.com/pulse/startup-valuation-pre-money-post-money-joris-kersten-
msc-bsc-rab/

Article 3: Valuation methods for Startups (early stage) – Part 1

https://www.linkedin.com/pulse/valuation-methods-startups-early-stage-part-1-kersten-
msc-bsc-rab/

Article 4: Valuation methods for Startups (early stage) – Part 2

https://www.linkedin.com/pulse/valuation-methods-startups-early-stage-part-2-kersten-
msc-bsc-rab/

Article 5: Startups in Silicon Valley: The beginning – Part 1

https://www.linkedin.com/pulse/startups-silicon-valley-beginning-part-1-joris-kersten-msc-
bsc-rab/

Article 6: Startup Funding & Convertible Debt (part 1)

https://www.linkedin.com/pulse/startup-funding-convertible-debt-part-1-joris-kersten-msc-
bsc-rab/

10
Kersten Corporate Finance – Mergers & Acquisitions
Visiting address: Gording 67 – 5406 CN Uden – The Netherlands
Postal address: Gording 67 – 5406 CN Uden – The Netherlands
+31 68364 0527 – joris@kerstencf.nl – www.joriskersten.nl
 Kersten Corporate Finance
Mergers & Acquisitions

Earlier blogs on “Mergers & Acquisitions (M&As)” and “M&A transactions”

Article 1: M&A Transactions: Share Deals, Asset Deals and Legal Mergers and Divisions

https://www.linkedin.com/pulse/ma-transactions-share-deals-asset-legal-mergers-kersten-
msc-bsc-rab/

Earlier blogs on “Investment Management”

Article 1: Investment Management: Securitization, Subprime Loans and Collateralised Debt

Obligations

https://www.linkedin.com/pulse/investment-management-securitization-subprime-loans-
joris/

Earlier blogs on “Careers in M&A and Investment Banking”

Article 1: How to break into M&A/ Investment Banking ?

https://www.linkedin.com/pulse/how-break-ma-investment-banking-joris-kersten-msc-bsc-
rab/?trackingId=J1%2BoTSOOJl%2BtgzKhoHh97Q%3D%3D

Earlier blogs on “Business valuation to Enterprise Value”

1) Leveraged Buyout (LBO) Analysis:

https://www.linkedin.com/pulse/leveraged-buyouts-lbos-joris-kersten-msc-bsc-rab/

2) M&A Analysis – Accretion/ Dilution:

https://www.linkedin.com/pulse/ma-model-accretion-dilution-joris-kersten-msc-bsc-rab/

3) Discounted Cash Flow Valuation:

https://www.linkedin.com/pulse/discounted-cash-flow-valuation-dcf-joris-kersten-msc-bsc-
rab/

4) Valuation Multiples 1 – Comparable Companies Analysis:

https://www.linkedin.com/pulse/valuation-multiples-1-comparable-companies-analysis-joris

11
Kersten Corporate Finance – Mergers & Acquisitions
Visiting address: Gording 67 – 5406 CN Uden – The Netherlands
Postal address: Gording 67 – 5406 CN Uden – The Netherlands
+31 68364 0527 – joris@kerstencf.nl – www.joriskersten.nl
 Kersten Corporate Finance
Mergers & Acquisitions

5) Excel Shortcuts & Business Valuation:

https://www.linkedin.com/pulse/excel-shortcuts-business-valuation-joris-kersten-msc-bsc-
rab

6) Valuation Multiples 2 – Precedent Transaction Analysis:

https://www.linkedin.com/pulse/valuation-multiples-2-precedent-transaction-kersten-msc-
bsc-rab

Earlier blogs on “Energy Transition”

Article 1: Energy transition: Introduction to Sustainable/ Renewable Energy

https://www.linkedin.com/pulse/energy-transition-introduction-sustainable-joris-kersten-
msc-bsc-rab/

Article 2: Energy transition: Energy mix of The Netherlands & Goals for co2 reduction

https://www.linkedin.com/pulse/energy-transition-mix-netherlands-goals-co2-reduction-
joris/

Earlier blogs on Wall Street

Article 1: Wall Street – A general introduction

https://www.linkedin.com/pulse/wall-street-general-introduction-joris-kersten-msc-bsc-rab/

Article 2: Wall Street – The Federal Reserve banking system

https://www.linkedin.com/pulse/wall-street-federal-reserve-banking-system-kersten-msc-
bsc-rab/

Earlier blogs on the “cost of capital”

Article 1: Valuation & Betas (CAPM)

https://www.linkedin.com/pulse/valuation-betas-capm-joris-kersten-msc-bsc-rab/

Article 2: Valuation & Equity Market Risk Premium (CAPM)

https://www.linkedin.com/pulse/valuation-equity-market-risk-premium-capm-joris-kersten-
msc-bsc-rab/

12
Kersten Corporate Finance – Mergers & Acquisitions
Visiting address: Gording 67 – 5406 CN Uden – The Netherlands
Postal address: Gording 67 – 5406 CN Uden – The Netherlands
+31 68364 0527 – joris@kerstencf.nl – www.joriskersten.nl
 Kersten Corporate Finance
Mergers & Acquisitions

Article 3: Is the Capital Asset Pricing Model dead ? (CAPM)

https://www.linkedin.com/pulse/capital-asset-pricing-model-dead-capm-joris-kersten-msc-
bsc-rab/

Article 4: Valuation & the cost of debt (WACC)

https://www.linkedin.com/pulse/valuation-cost-debt-wacc-joris-kersten-msc-bsc-rab/

Article 5: Valuation & Capital Structure (WACC)

https://www.linkedin.com/pulse/valuation-capital-structure-wacc-joris-kersten-msc-bsc-
rab/

Article 6: International WACC & Country Risk – Part 1

https://www.linkedin.com/pulse/valuation-international-wacc-country-risk-part-1-joris/

Article 7: International WACC – Part 2

https://www.linkedin.com/pulse/valuation-international-wacc-part-2-joris-kersten-msc-bsc-
rab/

Article 8: Present Values, Real Options, the Dot.com Bubble

https://www.linkedin.com/pulse/valuation-present-values-real-options-dotcom-bubble-
joris/

Article 9: Valuation: Different DCF & WACC techniques

https://www.linkedin.com/pulse/valuation-different-dcf-wacc-techniques-joris-kersten-msc-
bsc-rab/

Article 10: Valuation of a company abroad

https://www.linkedin.com/pulse/valuation-company-abroad-joris-kersten-msc-bsc-rab/

Article 11: Valuation: Illiquidity discounts, control premiums and minority discounts

https://www.linkedin.com/pulse/valuation-illiquidity-discounts-control-premiums-joris/

Article 12: Valuation: Small firm premiums

https://www.linkedin.com/pulse/valuation-small-firm-premiums-joris-kersten-msc-bsc-rab/

13
Kersten Corporate Finance – Mergers & Acquisitions
Visiting address: Gording 67 – 5406 CN Uden – The Netherlands
Postal address: Gording 67 – 5406 CN Uden – The Netherlands
+31 68364 0527 – joris@kerstencf.nl – www.joriskersten.nl