LIVE & ONLINE TRAINING TOPICS

 WALL STREET PREP FINANCIAL TRAINING CATALOG

Wall Street Prep is the trusted training provider

for the world’s top investment banks, private equity
firms, Fortune 1000 companies and business
schools. To learn more about our training offering,
call us at 617-314-7685.

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 WALL STREET PREP FINANCIAL TRAINING CATALOG

Foundational Courses............................................................................................... 4

Accounting and Financial Statement Analysis................................................................5

Excel for Finance.............................................................................................................7
Excel VBA Programming.................................................................................................9
Navigating Financial Reports........................................................................................11
Corporate Finance.........................................................................................................12
Bonds and Debt.............................................................................................................13
PowerPoint for Business and Finance...........................................................................15

Financial & Valuation Modeling.............................................................................. 16

Financial Statement Modeling......................................................................................17

Valuation & DCF Modeling............................................................................................18
Leveraged Buyout Modeling..........................................................................................19
Mergers & Acquisitions (Accretion/Dilution) Modeling.................................................20
Trading & Transactions Comparables Modeling............................................................21

Advanced Modeling................................................................................................. 22

Advanced Accounting Topics in Financial Modeling.....................................................23

Advanced M&A Accounting...........................................................................................24
Advanced LBO Modeling...............................................................................................25
Advanced Excel for Finance . ........................................................................................27

Industry-Specific Modeling..................................................................................... 28

Excel for Consultants.....................................................................................................29

Financial & Valuation Modeling for the E&P Oil & Gas Industry...................................30
Financial & Valuation Modeling for Midstream Oil & Gas Industry...............................32
Financial & Valuation Modeling for the Refining Oil & Gas Industry.............................33
Bank Industry Modeling................................................................................................34
Insurance Industry Modeling........................................................................................35
Bankruptcy and Restructuring Modeling......................................................................36
Real Estate (REIT) Modeling..........................................................................................37
Capitalization Table Modeling.......................................................................................38

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 WALL STREET PREP FINANCIAL TRAINING CATALOG

Foundational
Courses
 WALL STREET PREP FINANCIAL TRAINING CATALOG

Accounting and Financial

Statement Analysis LIVE: 1-5 DAYS

This course is designed to efficiently teach accounting to students and

professionals embarking on careers in finance. The course is written in a ONLINE: 6 HRS

clear, easy-to-follow style that makes accounting accessible, and is filled

with exercises that test and reinforce covered concepts.

Introduction to financial accounting °° Deferred tax assets/liabilities & income taxes

• The ABC’s of accounting: purpose, uses, and users
• Accounting regulations and principles
• U.S. versus international accounting standards
°° Retained earnings & net income
°° Analysis of inventory methods
°° Analysis of corporate investments – equity versus
consolidated methods of accounting

•  inancial reporting – introduction to corporate

F °° Analysis of fixed assets: Impairment, Capitalization
filings versus expensing decision

• Income statement °° Analysis of working capital & current liabilities

• Analysis of revenues – revenue recognition & accrual °° Introduction

concept of accounting °° Introduction to financing decisions – debt versus
equity
• Analysis of expenses & the matching principle
°° Leases & off-balance sheet debt
• Introduction to depreciation concept & methods °° Shareholders’ equity
• Analysis of income taxes

• Profitability analysis – EBITDA, EBIT, EPS Cash flow statement

• Types and analysis of non-recurring items • Overview – direct versus indirect methods of cash
flow statement preparation

Balance sheet • Analysis of cash flow from operations

• Overview – purpose, balance sheet identity, and °° Analysis of depreciation, deferred taxes and
working capital
double-entry accounting
• Analysis of cash flow from investing
• Analysis of the income statement-balance sheet
°° Capital expenditures & acquisitions
relationships
°° Purchases & sales of investments
°° Accounts receivable & revenues
• Analysis of cash flow from financing
°° Inventories & COGS
°° Debt issuance & repayment
°° Fixed assets & depreciation
°° Equity issuance & repurchase
°° Intangible assets & goodwill

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 WALL STREET PREP FINANCIAL TRAINING CATALOG

Accounting and Financial Statement Analysis, cont.

°° Dividends

Financial ratio analysis

• Purpose and use of ratio analysis

• Liquidity, profitability, activity, and solvency ratios

• Financial ratio analysis - an integrated approach

Financial statement analysis

• Analysis of depreciation methods

• Analysis of inventory methods

• Analysis of capitalization versus expensing decisions

• Analysis of income taxes

• Analysis of corporate investments

• Analysis of leases and off-balance sheet debt

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 WALL STREET PREP FINANCIAL TRAINING CATALOG

Excel for Finance

LIVE: 1-2 DAYS
For finance professionals, proficiency in Excel is a fundamental part of
the job. This course will take trainees to the next level by turning them
into advanced “power” users. We start with the basics before we quickly
introduce lesser known time-saving keyboard shortcuts and powerful ONLINE: 6.5 HRS

Excel functions and features that can immediately be used on the job.

Excel overview and navigation basics Basic Excel functions

• Introduction • Introduction to Functions: SUM & Average

• Getting Started • #Ref, #Div/0! & Other Excel Errors

• The Excel Ribbon

• Excel Settings Logical, date & concatenation functions

• Basic Excel Shortcuts, Navigation & Editing • Simple & Nested IF Statements
• Formatting in Excel • IFERROR & Concatenation
• Excel Navigation • Date Functions: EOMONTH & EDATE
• Splitting & Freezing Panes • ISNUMBER, ISTEXT & Combining with IF to Create
Overrides

Entering and editing data within Excel • More Date Functions: YEARFRAC, DAY, MONTH,
YEAR & DATE
• Entering & Editing Data
• AND & OR Functions
• Columns & Rows

• Paste Special
Lookup functions & data tables
• Ctrl Shortcuts
• HLOOKUP, VLOOKUP, CHOOSE, OFFSET & INDEX
• Naming Cells
Functions
• Anchoring Cells
• Common Errors with HLOOKUP, VLOOKUP, CHOOSE,
• Naming Worksheets OFFSET & INDEX
• Grouping & Hiding Columns & Rows • The MATCH Function
• Grouping Workbooks • Combining H/VLOOKUP, OFFSET, INDEX, CHOOSE
• Formula Auditing with MATCH

• Creating Drop Down Menus with Data Validation

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 WALL STREET PREP FINANCIAL TRAINING CATALOG

Excel for Finance Professionals, cont. • Pivot Tables

• Data Tables VBA, recording macros & custom formatting

• Cell Alignment & Center Across Selection
• VBA & Macros in Excel

• Creating Dynamic Headers, Custom Formatting & the

Mathematical functions TEXT Function

• The SUMPRODUCT Function

• Advanced SUMPRODUCT: Adding Criteria &

Booleans in Excel

• SUMIF/S & AVERAGEIF/S

• CEILING, FLOOR & ABS Functions

• ROUND, ROUNDUP, ROUNDDOWN & COMBIN

Function

• The MIN & MAX Functions

• COUNT/A & COUNTIF/S Functions

• Present Value & Future Value Functions

• NPV & XNPV Functions

• IRR & XIRR Functions

Text functions

• Text Functions (LEN, LEFT, RIGHT, REPLACE, etc.)

• Using Text Functions to Solve Data Extraction

Challenges

• Flash Fill (Excel 2013 Only)

Making good use of the indirect function

• Combining INDIRECT with &

Sorting, pivots and filter tables

• Sort & Subtotal

• Autofilter

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 WALL STREET PREP FINANCIAL TRAINING CATALOG

Excel VBA Programming

NO LIVE
This course will teach trainees how unlock the magic of programming in COMPONENT

Excel with VBA macros. Trainees will learn to automate and extend the
Excel environment to supercharge models, automate previoulsy time-
consuming tasks and manage large quantities of data. ONLINE: 9 HRS

Range Object, Range Properties Important Tools and Excel Logic

• Getting Started With Range Object • Determining Last Row, Last Column, Next Row in
your Data Set
• Creating Your First Macro From Scratch
• Recording a Macro
• Adding a Secondary Command
• Absolute vs. Relative References
• Debugging in Excel VBA
• Comparison Operators in Excel VBA
• Several Ways to Trigger Your Macro
• If Then, If Then Else/ElseIF Statements
• Affecting Multiple Cells with One Range Command
• Comparative Operators with Text and Numbers
• VALUE, TEXT, ROW, COLUMN Properties
• Relative Positioning Using Offset
• ADDRESS, FORMULA, NUMBERFORMAT Properties
• Using GOTO and Labels
• FONT, BOLD, UNDERLINE or ITALIC Properties

Loops and Report Writing Basics

The Cells Object
• Intro to Loops; the For Next Loop
• Using Column Letters Instead of Numbers
• Fun with out For Next Loop
• Using Range Object with Cells Object
• Beginning out First Report Using Loops
• Affecting ALL Cells in a Worksheet
• Adding InputBox to Our First Report to Make It
• Using Range Object with Cells Object
Dynamic

• Printable Reports
Variables
• The FOR EACH Loop
• Declaring Variables
• DO LOOPS, DO Until, Loop Until
• Public and Private Variables
• DO While, Loop While
• Calling a Procedure from Another

• Using Constants

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 WALL STREET PREP FINANCIAL TRAINING CATALOG

Excel VBA Programming, cont.

Worksheet Events Made Easy

• Worksheet and Workbook Events

• Activex Controls of Worksheets

• Activex Controls vs. Forms Controls

• Button Click - Wage Calculator

• Keydow, KeyPress,MouseMove, MouseUp,

MouseDown Events

• Option Buttons Intro

• Compliance Check

• SpinButtons

• Activex Label Control

• ComboBox - Fill With ListFillRange

• Creating a Dynamic Range

• ComboBox - How To Use Multiple Columns

• ListBox Basics Using Dynamic Range

• Using Scroll Bar on a Worksheet

• FollowHyperlinks Event

Userforms

• Userform - Hide, Show and Unload

• Simple Database and Creating a Data Entry Form

• Set the Tab Order for Userform Controls

• Applying Dynamic Filters to Reports

• Report Generation and Aesthetics, Headers, Footers,

Repeat Rows

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 WALL STREET PREP FINANCIAL TRAINING CATALOG

Navigating Financial Reports

LIVE: 1 DAY
Efficient navigation of financial reports is crucial to effective financial
analysis. Using actual reports, we will review the structure and
composition of some of the most commonly used financial filings in
a step-by-step approach that will make these seemingly daunting ONLINE: 3 HRS

documents much more managable.

Overview Critical Disclosures in the Annual Filing

• Introduction to Financial Filings • Business overview & Risk Factors

• Overview of the 10K • Select Financial Data & Management Discussion &
Analysis
• Annual Report vs. the 10-K
• The Financial Statement

Important Footnotes
Other Important Filings
• Accounting Policies & Expense Breakouts
• The Quarterly Filing (10-Q)
• Tax, EPS & Restructuring
• 8-K
• Discontinued Ops, PP&E, Intangibles & Other
• S-1, S-3 & S-4
• Debt, Equity, Stock Options & Converts
• Proxy & 20-F
• Leases

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 WALL STREET PREP FINANCIAL TRAINING CATALOG

Corporate Finance
LIVE: 1 DAY
Corporate finance lays the conceptual foundation for real world financial
analysis. We start with an overview of corporate finance and its impact
on capital markets. Next, we introduce key concepts such as net present
value, IRR, and the discount in the context of valuing bonds. We then ONLINE: 3 HRS

conduct exercise-based discussions on equity and mezzanine securities

and proceed to in-depth valuation exercises.

Time value of money Ranking capital projects

• Present and future values of a single cash flow • Payback period

• Present and future values of a series of unequal cash • Net present value
flows

• Present and future value of annuities and Cost of capital

perpetuities
• Cost of debt

• Cost of preferred stock

Valuing bonds
• Cost of common equity
• Bond characteristics, prices and yields
• Weighted average cost of capital (WACC)

• WACC and capital structure

Valuing stocks

• Introduction to stock valuation

• The dividend discount model

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 WALL STREET PREP FINANCIAL TRAINING CATALOG

Bonds and Debt

NO LIVE
We’ll be blunt: bond analysis is usually taught horribly. Beyond super- COMPONENT

basic concepts of bond pricing and interest rate valuation, concepts like
convexity, modified duration and forward curves are introduced with no
connection to how they relate to real-world investment strategies. We ONLINE: 9 HRS

made this course with one overall objective in mind: to make something
truly different than what’s out there now. The result is an intuitive look
at the use of bonds in fixed income research, sales and trading and
investment banking.

Bond math basics • Bid / Ask spreads, all-in-cost and settlement dates

• Fixed income market overview • Demystifying bond screenshots in Bloomberg, part 1

• Characteristics of loans vs. bonds

Clean vs dirty prices
• Overview of bond sectors

• Bullet bond vs. 0-coupon bond vs Annuity bond
structure
• Rate of return: Current yield vs nominal yield vs YTM
• Premiums, discounts and the Price/Yield
relationship
• Calculating yields between coupons
• Day count conventions
• Accrued interest – clean vs dirty price
• Realized compound yield (effective yield) and
holding
period yield

Yield calculations and conventions • Demystifying bond screenshots in Bloomberg, part 2

• Semi-annual vs quarterly vs annual coupons

• Bond equivalent yield and effective annual yield
• Converting between period YTM, bond equivalent
yield, effective annual yield
Interest rate risk: Price sensitivity
to changes in rates
• Introduction to interest rate risk

• Money market vs capital market instruments • Credit risk, liquidity risk and event risk

• Money market math and converting discount rates to • Measuring interest rate risk: DV01 (PVBP)
yield • Hedging interest rate risk

• Dollar duration, modified duration and convexity

Real world bond quotes • Demystifying bond screenshots in Bloomberg, part 3
• Primary vs secondary market

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 WALL STREET PREP FINANCIAL TRAINING CATALOG

Bonds and Debt, cont. • ECB’s main refinancing rate, marginal lending rate,
and deposit rate
Embedded options • Impact of short term rates on longer term rates and
the economy
• Callable bonds
• Quantitative easing and negative interest rates
• Make whole call provisions, call protection and
premiums • Fiscal policy: Inflation, Fundamental demand

• American vs European calls and sinking fund • Yield curve at various points in the economic cycle
redemption

• Option adjusted spread (OAS), yield to call (YTC), Credit analysis

and yield to worst (YTW)
• Credit Ratings, Credit Spreads and Credit Spread Risk
• Demystifying screenshots in Bloomberg, Part 4
• Credit ratios: Profitability, debt and coverage ratios

• Covenant analysis and examples

Spot rates
• High yield vs investment grade debt analysis
• The trouble with YTM and why we need spot rates
• Credit default swaps
• Bond stripping and Treasury STRIPs

• Calculating spot rates using STRIPs

Anatomy of a bond offering
• Comparing bonds using YTM vs Spot rates
• The role of debt capital markets
• Bootstrapping and the spot (zero) curve
• The underwriter / borrower relationship
• Nominal spread vs the Z-spread
• Memorandum/Prospectus Overview

• The Hierarchy of Underwriters: Deal Economics

Forward rates
• Execution: Transaction Pricing and Process
• Forward rates and forward rate notation

• Using sport rates to derive forward rates

• Spot curve vs forward curve the par curve

Understanding the yield curve

• Liquidity preference and risk premium theory

• Expectations theory and biased expectations

• Market segmentation and preferred habitat

• Fed policy impact on interest rates

• Federal funds and the discount rate

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 WALL STREET PREP FINANCIAL TRAINING CATALOG

PowerPoint for
Business and Finance LIVE: 1 DAY

This course is designed to teach those seeking careers in investment

banking and consulting how to efficiently build a pitchbook. We begin ONLINE: 3 HRS

with a PowerPoint orientation before moving on to key topics such as

formatting guidelines, slide master setup and use, keyboard shortcuts,
working with PowerPoint in conjunction with the Office suite, advanced
PowerPoint features, and effective communication strategy.

Introduction to PowerPoint • Hints & tips

• Introduction to PowerPoint and creating • Conclusions

presentations • Real world examples
• Importance and uses • Investment banking templates
°° Pitch book
Formatting and guidelines °° Profiles
°° Executive summary
• PowerPoint tricks and shortcuts
°° Fairness opinion
• Navigating in PowerPoint
• Consulting templates
• Inserting data / tables
°° Problem statement & hypothesis
• Working with shapes °° Research project (data or survey)
°° Final deliverable
Creating a PowerPoint deck
Final PowerPoint exercises
• Communication strategy – goals of deck and how to
communicate effectively • Consulting: Three page deck on problem, results and
• Structuring presentation & story boarding recommendations

• Panel writing • Investment banking: M&A rationale for company A

acquiring company B
°° Format
°° Developing content • Investment banking: Creating a mini-pitch book

°° Presenting data • Venture capital: Idea expression, funds needed and

• Quality control management

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 WALL STREET PREP FINANCIAL TRAINING CATALOG

Financial
& Valuation
Modeling
 WALL STREET PREP FINANCIAL TRAINING CATALOG

Financial Statement Modeling

LIVE: 1-3 DAYS
Participants develop a model completely from scratch, inputting historical
data and assumptions to project out financial statements using step-
by-step instruction on selecting, locating, and developing appropriate
projection drivers. At completion, participants will have developed a ONLINE: 11 HRS

complete and comprehensive three-statement model using various

supporting schedules.

Financial modeling overview Financial statement model development

• Review key Excel skills for financial modeling • Learn to build projection drivers

• Basic Excel techniques and keyboard shortcuts • Learn to integrate assumptions into financial models
– learn what makes a good assumption
• The most accurate way to perform Excel’s basic
functions without the mouse • Build core statements:

• Customize Excel settings for effective modeling °° Cash flow statement

°° Balance sheet

Learn to format and structure financial models °° Income statement

to limit errors and simplify auditing • Build supporting schedules:
°° Debt schedule
• Standard modeling structures and formulas
°° Working capital
• Best practices in modeling
°° Interest schedule
• Learn the correct way to check models for errors, °° Retained earnings
accuracy and integrity
°° PP&E analysis
• Check and fix circular reference and iteration • Understand the interconnectivity of the core
problems (#REF) financial statements and learn how the cash flow
• Tools for formula checking and auditing statement, income statement, and balance sheet are
linked.

Learn how to present financial statement model • Learn to apply automatic “balance checks”

• Understand treatment of non-recurring charges and

• Create a ratios page
tax implications on financial models
• Prepare a model for distribution
• Understand implications of new FASB regulations
• Learn summary and sensitivity analysis using data on financial models used by investment banks and
tables other financial institutions.

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 WALL STREET PREP FINANCIAL TRAINING CATALOG

Valuation & DCF Modeling

LIVE: 1 DAY
Valuation represents the heart of the investment banking and corporate
finance skill set. Participants will first learn the intuition and mechanics of
complex valuation methodologies. They will then learn DCF analysis, using
free cash flows they already projected in the financial modeling module. ONLINE: 6 HRS

In addition, they learn how to estimate the weighted average cost of

capital (WACC), including several approaches to calculating terminal value.
Finally, they will use data tables to analyze a broad range of scenarios
given different assumptions.

Valuation methodologies deconstructed
• Learn market-based valuation, including
comparable company analysis and comparable
transaction analysis using appropriate equity and
enterprise value multiples (PE, EV/EBITDA, etc.)
• Intrinsic valuation, including DCF and LBO (floor)
valuation
• Presentation of valuation results using sensitivity
analysis and data tables
Calculate free cash flows using the unlevered
valuation approach
• Use previously built model to derive unlevered
earnings and unlevered free cash flow
• Handle working capital items, deferred taxes and
long-term accruals
• Discount the cash flows
• Learn how to derive a discount rate by deriving the
cost of debt and the cost of equity

• Derive the cost of capital using CAPM

Enterprise value relationships
• Select the correct discount rates
• Participants learn to identify and analyze the
elements of the financial statement that are key to
Calculate the value
the value of an enterprise, including:
°° Market capitalization • Estimating terminal value

°° Enterprise value • Calculating enterprise value

°° Options • Using the enterprise value to determine implied
°° Preferred stock share prices
°° Minority interests
°° Debt Sensitivity analysis
°° Cash and marketable securities
• Analyze key input assumptions at various
°° Treasury Stock Method of Calculating Diluted
Shares Outstanding sensitivities

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 WALL STREET PREP FINANCIAL TRAINING CATALOG

Leveraged Buyout Modeling

LIVE: 1-2 DAYS
Trainees learn how to build a real, complex LBO model from scratch.
We begin with basic LBO concepts, typical deal structures, and current
industry dynamics before moving on to step-by-step modeling. Trainees
learn the most common and challenging issues that emerge when ONLINE: 7 HRS

modeling buyouts. We conclude with a sensitivity and scenario analysis,

as well as how to build output tables that are key to any LBO analysis.

Constructing a fully integrated LBO model
• Participants will learn typical deal structures of
leveraged buyouts, along with current market
metrics. They will then structure an Excel model for
the valuation and analysis of an LBO transaction in-
line with those typical deal benchmarks using a real
life case study
• The LBO analysis will be driven off an integrated,
dynamic three statement pro forma LBO projection
model
• Participants will learn how to model the typical
instruments of LBO financing, including cost
assumptions and sources and uses of funds
• Learn to insert a revolving credit facility and cash
sweep, integrate industry standard treatment of
senior notes, PIK instruments, and preferred equity
• Identify and error-proof the circularities and iteration
problems inherent in an LBO model
Exit and sensitivity analysis
• Participants will build the sensitivity tables
required for correct analysis of an LBO, including
the construction of multiples, and IRR tables using
both data tables and various sorting functions in
Excel, including VLOOKUPS, OFFSET, CHOOSE, and
INDEX.
• Participants will design different scenarios for their
LBO model, including: Base/Best/Worst Case

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 WALL STREET PREP FINANCIAL TRAINING CATALOG

Mergers & Acquisitions

(Accretion/Dilution) Modeling LIVE: 1-2 DAYS

Participants will build a merger model in Excel to reflect the pro forma
impact of various acquisition scenarios. Key topics covered include ONLINE: 6 HRS

a quick test of accretion/dilution in all-stock deals, pricing structures

(exchange ratios/collars/”walk-away” rights), purchase accounting, and the
step-by-step allocation of purchase price.

Building a robust merger model • Error-checking a merger model and inserting circuit
breaker switches where appropriate
• Setting up a control area for assumptions
• Sensitivity analysis: EPS accretion/dilution in stock
• Inputting deal assumptions (% cash vs. stock
vs. cash deal; interest rate assumptions, premium
considerations, purchase premium, asset write-ups,
paid
advisory fees, financing fees, and severance fees)
• Pre-tax synergies required to break-even, and break-
• Calculating shares outstanding using the treasury
even PE analysis
stock method
• Revenue, EBITDA, and Net Income contribution
• Appropriate treatment of convertible securities
analysis
• Allocating purchase price and calculating goodwill

• Preparing the pushed-down balance sheet Advanced merger accounting

• Making pro forma balance sheet adjustments
• Calculating sources & uses of funds
• Inputting operating & synergy projections
• Calculating the stub year period
• Understanding the differences between asset sales
(including 338h10 elections) and stock sales
• Taxation issues, including deferred taxes created by
the step-up of asset values

• Building a pro forma income statement and making • Legal considerations in acquisitions
appropriate deal-related adjustments to arrive at
accretion/dilution per share

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 WALL STREET PREP FINANCIAL TRAINING CATALOG

Trading & Transactions

Comparables Modeling LIVE: 1-2 DAYS

Trading and transaction comparables analyses are two of the most

widely used valuation methodologies, and form fundamental part of the ONLINE: 12 HRS

core valuation skill set of investment bankers and finance professionals.

Participants will learn how to select comparables and build dynamic
comps models in Excel from scratch, using real case studies, industry
best practices, and sensitivity analyses.

Trading comparables modeling Transaction comparables modeling

• 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 to reflect nonrecurring charges and
stock option expenses
• Standardize various expense classifications
including FIFO to LIFO inventory accounting
• Similarly to trading comps, participants set
evaluation benchmarks, select precedent
transactions, gather appropriate financial details,
input financial data, and calculate and interpret
financial and market ratios
• Calculating purchase premiums
• Understanding pricing structures (fixed vs. floating,
collars, and walk-away rights)
• Best practices for incorporating synergy assumptions
and appropriately calculating unaffected pre-deal
share prices

• 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 key valuation multiples using the

VLOOKUP function and generating multiple tables

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 WALL STREET PREP FINANCIAL TRAINING CATALOG

Advanced
Modeling
 WALL STREET PREP FINANCIAL TRAINING CATALOG

Advanced Accounting
Topics in Financial Modeling LIVE: 1-2 DAYS

Here, we dive into less-understood accounting topics in the context of

financial analysis. We start with how financial statements are adjusted by NO ONLINE

companies and analysts to show “non-GAAP” results. We cover deferred COMPONENT

taxes and inter-company investments with a specific focus on the

application of the equity method and consolidation method. We finish
by addressing accounting issues that emerge from various debt-related
activities such as original issue discount, PIKs, and capitalized interest.

Building a waterfall depreciation schedule deferred taxes. Trainees will also learn how to
incorporate the limitations on carrying over NOL’s in
• Learn the intuition and mechanics underlying
certain M&A transactions.
waterfall projection schedules. Trainees will
complete a waterfall depreciation schedule and
discuss its implications, benefits, and shortcomings. Intercompany investments

• Deferred tax accounting and modeling
• Learn the common causes of DTL’s and DTA’s, best
practices for projections and modeling mechanics.
• Definitions and common causes: Key case studies
will include projecting DTLs and DTAs created
due to depreciation method differences, revenue
recognition differences, and NOL rules.
• Estimation and projections: Learn to estimate the tax
basis of assets using disclosures typically found in
companies’ deferred tax footnote, MACRS schedules,
and best-practices assumptions.
Understanding and modeling NOL’s
• Learn the treatment of NOL’s, best practices for
projections, and modeling their effects on the
financial statements, valuation analysis, and
• Learn the characteristics of, and differences
between, the equity method and consolidation
method of accounting for intercompany investments.
Modeling exercises will clarify accounting concepts,
and teach best practices for projecting intercompany
investments when building financial models.
• Equity method: Understand the accounting rules
governing equity investments, and impact of these
investments on the investor’s financial statements.
. Learn best practices for projecting and modeling
equity investments.
• Consolidation method: Understand accounting
for minority interests, minority dividends, and
appropriate cash flow classifications. Learn how
recent changes in accounting standards have
affected the calculation of goodwill and minority
interest in partial acquisitions.

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 WALL STREET PREP FINANCIAL TRAINING CATALOG

Advanced M&A Accounting

LIVE: 1-2 DAYS
Several areas of accounting and M&A modeling pose particular
challenges for finance professionals. Designed by a team of experienced
investment bankers, this course addresses many of the less understood
M&A accounting and modeling concepts encountered in practice. NO ONLINE
COMPONENT

Advanced M&A accounting Tax issues related to in process R&D

• Acquisition accounting and purchase price • Exercise: Putting it all together: Purchase price
allocation allocation

• Accounting through 2009 – Purchase accounting • Tax considerations in M&A

under 141 • Considerations to buyers and to sellers
• Deferred tax issues in M&A • Inside vs. outside basis
• New accounting rules - FAS 141r and FAS 160 • Asset sales vs. stock sales vs. 338(h)(10) elections
°° Fees – transaction, financing and equity
• Taxable vs. nontaxable transactions
°° Restructuring costs
• Exercise: Modeling tax considerations and buyer
°° Treatment of in process R&D
indifference points
°° Earn-outs and contingent obligations
°° Contingent liabilities and assets
°° Negative goodwill
°° Partial acquisitions and minority interest
°° Goodwill on partial acquisitions

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 WALL STREET PREP FINANCIAL TRAINING CATALOG

Advanced LBO Modeling

LIVE: 2 DAYS
Trainees will learn how to build a real, complex LBO model from scratch.
They start by learning basic LBO concepts, typical deal structures, and
industry dynamics. They will then begin the step-by-step modeling,
covering the most common and challenging issues that emerge when ONLINE: 9 HRS

modeling buyouts. The course concludes with several advanced topics,

such as purchase price allocation and deferred taxes in acquisitions.

LBO Basics • Initial Valuation: Offer Price vs. Enterprise Value

• Introduction to LBO’s • Diluted Shares

• What makes a good LBO? • Sources and Uses of Funds

• Current LBO Environment • Creating the Historical Income Statement

• LBO Capital Structure – Equity • Forecasting the Income Statement

• LBO Capital Structure – Debt • Forecasting Accounts Receivable

• Term Loans & the Revolver • Forecasting Other Working Capital Items

• Bonds • Preparing the PP&E Schedule

• Covenant, Mezzanine Financing & Bridge Loans • Preparing the Software Development Costs,
Intangibles and Goodwill Schedules

• Forecasting PP&E
Structure of PE firms & investor dynamics
• Forecasting Software Development Costs
• Top PE Firms
• Forecasting Intangibles, Goodwill, Other Assets &
• Dry Powder Other Liabilities
• How PE Funds Work • The Cash Flow Statement
• GP vs. LP Dynamics • Interest Income and Circularity
• Whole-Fund vs. Deal-by-deal Distribution Model • Modeling the Revolver

• Modeling Required Debt Amortization

Modeling a real LBO
• Modeling Cash Sweeps
• Case Study Introduction: The Leveraged Buyout of • Modeling the Revolver Borrowing Base Compliance
BMC
• Modeling PIK Debt & Preferreds
• General Inputs
• Capitalized Financing Fees

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 WALL STREET PREP FINANCIAL TRAINING CATALOG

Advanced LBO Modeling, cont. Advanced purchase price allocation modeling

• Modeling Asset Write Ups

• Modeling Interest Expenses
• Asset Sale (338)/Stock Sale Toggle and DTL’s
• Completing the IS and CFS
• Impact on the IS and CFS

• Impact on the Balance Sheet

LBO exit & returns analysis

• Model Review and Introduction to Exit Analysis

• Enterprise Value at Various Exit Multiples

• Exit Equity to Sponsors & Management, Equity

Kickers to Mezz

• Returns to Senior Debt

• Returns to Sub Debt

• Modeling IRRs and Cash-on-Cash Returns

• Creating an LBO Summary Table

• Modeling Hurdle Rate Sensitivity

• IRR Sensitivity to Leverage and Valuation

• IRR Sensitivity to Mezz Debt Terms

Pro forma balance sheet adjustments

• Setting up the Historical Balance Sheet

• Adjusting the Balance Sheet to Reflect the LBO

• Modeling LBO Goodwill and a Recap Toggle

• Pro Forma Balance Sheet (PFBS) Historicals

• Forecasting PFBS Assets

• Forecasting PFBS Liabilities & Equity

• Dividend recaps
• Understanding BMC’s Dividend Recap

• Adjusting the Model for BMC’s Dividend Recap and

PIK Toggle Sub Debt

• Alarm Over Dividend Recaps Setting up the

Historical Balance Sheet

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 WALL STREET PREP FINANCIAL TRAINING CATALOG

Advanced Excel for Finance

LIVE: 1-2 DAYS
This course is designed for intermediate Excel users who would like to
power-charge their productivity in Excel, by introducing lesser-known but
highly-effective functionality. This course is applicable to all PC versions of
Excel, and identifies where differences exist between versions. NO ONLINE
COMPONENT

Modeling best practices Power-charged data analysis

• Introduction to macros & distribution of Boost for • Building data tables and presentation best practices
Excel • Using pivot tables
• Basic Excel setup including macro security, iterations • Advanced modeling topics
& calculations settings
• Understanding and controlling for circular
• Customizing toolbars in Excel (including adding references
icons to your toolbar)
• Building effective Dashboards into analysis and
• Excel best practices, including common “shortcut” using switches
keys and other efficiency tips
• Error-proofing analysis presented in Excel
• Understanding how to efficiently design historical
• Auditing effectively across multiple sheets and files
inputs & forecast financial projections
in Excel
• Best practices for building formulas (auto sum,
• Finding and removing phantom links
filling, anchoring)
• Finding and removing unused names
• Auditing formulas and cell references
• Handling too many formats in Excel and reducing
• Power-charged formatting and presentation
file size
• Utilizing shortcuts and power keys (special WSP add-
in included)
Management and manipulation of large data sets
• Using data validation to create scenario toggles

• Incorporating INDEX, MATCH, CHOOSE functions to
power-charge toggles
• Dynamic formatting, bordering by combining Styles
and Go to Special functionality
• Importing and cleaning of data from various sources
• Helpful functions in data management (text to
columns, LEFT, RIGHT, MID, PROPER, TRUNC,
CONCATENATE, SEARCH, FIND, RANK, date
functions, converting to numbers,

• Tips and tricks, best practices (e.g., saving in .xlsb,

manual calculation, etc.)

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 WALL STREET PREP FINANCIAL TRAINING CATALOG

Industry-Specific
Modeling
 WALL STREET PREP FINANCIAL TRAINING CATALOG

Excel for Consultants

LIVE: 1-2 DAYS
An important part of becoming a consultant is the ability to effectively
gather, analyze, and present data to clients, and much of that work is
done in Excel. Here, trainees learn to power-charge their productivity in
Excel, by unlocking Excel’s lesser-known but highly-effective functionality. NO ONLINE
COMPONENT
The course will focus on solving problems in Excel that are rooted in the
consulting context, especially on the manipulation and analysis of large
data sets, while reinforcing keyboard and shortcut efficiency.

Modeling best practices • Presentation best practices

• Basic Excel setup including macro security, iterations
& calculations settings
• Customizing toolbars in Excel
• Excel best practices, including common “shortcut”
keys and other efficiency tips
• Understanding how to efficiently design historical
inputs & forecast financial projections
• Best practices for building formulas (auto sum,
filling, anchoring)
• Auditing formulas and cell references
• Using pivot tables
• Understanding circular references
• Building effective Dashboards into analysis and
using switches
• Error-proofing analysis presented in Excel
• Auditing effectively across multiple sheets and files
• Finding and removing phantom links
• Finding and removing unused names
• Handling too many formats and reducing file size

Working with large data sets

Formatting and presentation
• Importing and cleaning of data from various sources
• Utilizing shortcuts and power keys
• Extracting data with unique parameters from large
• Using data validation to create scenario toggles
unstandardized data sets
• Incorporating INDEX, MATCH, CHOOSE, INDIRECT,
• Helpful functions in data management (text to
and other functions to power-charge toggles
columns, LEFT, RIGHT, MID, PROPER, TRUNC,
• Conditional formatting, and combining Styles and CONCATENATE, SEARCH, FIND, RANK, date
Go to Special functionality functions

• Extracting numbers from commingled strings

Power-charged data analysis • Organizing difficult to scrub large data containing
blanks, duplicates, and other complications
• Building data tables

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 WALL STREET PREP FINANCIAL TRAINING CATALOG

Financial & Valuation Modeling

for the E&P Oil & Gas Industry LIVE: 1-5 DAYS

Trainees develop Exploration & Production (E&P) models completely from

scratch, inputting historical data as well as macro– and company-specific NO ONLINE

assumptions to project out financial statements using step-by-step COMPONENT

instruction on selecting, locating, and developing appropriate projection

drivers. At completion, trainees will have developed a comprehensive
O&G model using various supporting schedules.

Introduction to Oil and Gas accounting • Forecasting crude oil and natural gas prices
and financial statement analysis • Understanding the role of price and volume hedges
• Participants will understand dynamics of the O&G • Standard formatting best practices.
industry and the factors determining crude oil and
• Excel best practices, efficient formula construction,
natural gas prices
and appropriate driver selections
• Learn the different business segments – upstream,
• Learning to use data tables to present various
midstream, and downstream – that make up the
sensitivities to projected financial metrics
O&G industry
• Balancing the balance sheet accounts, including
• Learn O&G terminology, units, and key terms
excess cash and revolver
• Distinguish between full-cost and successful efforts
• Fixing circularity problems, iteration, and other
accounting methods and their impact on financial
common modeling troubleshooting
statements and on financial statement analysis
• Balancing sheet / cash flow statement crosschecks
• Learn the structure and layout of the O&G financial
reports and filings (i.e. 10-K, 10-Q, annual report)
Overview of O&G valuation modeling
• Learn how to analyze and interpret O&G financial
statements, footnotes, and disclosures • Enterprise value vs. Equity value
• Understand how to perform O&G reserves and • Relative vs. Intrinsic value
production ratio analysis
• Modeling techniques

• Calculating and interpreting multiples

Introduction to O&G financial modeling
• Useful Excel shortcuts and functions
• Building comprehensive O&G models from scratch
• The “football field”
the way it is done at major financial institutions.

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 WALL STREET PREP FINANCIAL TRAINING CATALOG

E&P Oil & Gas Modeling, cont. evaluation benchmarks, select precedent O&G
transactions, gather appropriate financial details,
Building an O&G Net Asset Valuation (NAV) input financial data, and calculate and interpret
model financial and market ratios

• Calculating purchase premiums

• Project cash flows for each major project and field
to derive the value of E&P segment • Understanding pricing structures (fixed vs. floating,
collars, and walk-away rights)
• Learn how to value in-ground versus producing
reserves • Best practices for incorporating synergy assumptions
and appropriately calculating unaffected pre-deal
• Understanding proper valuation methodology and
share prices
drivers for each major O&G business segment
• Estimating the weighted average cost of capital
(WACC) and common pitfalls to avoid Building an O&G M&A modeling

• Using data tables to analyze a broad range of • Participants will build an O&G merger model in Excel
scenarios given different assumptions to reflect the pro forma impact of various acquisition
scenarios.

Building an O&G trading comps model
• Set O&G evaluation benchmarks & select
comparable companies
• Gather appropriate financial history and projections
• Normalizing operating results and calculating LTM
operating results
• Topics covered include a quick test of accretion-
dilution in all-stock deals, pricing structures
(exchange ratios/collars/”walk-away” rights),
purchase accounting, the step-by-step allocation of
purchase price, and the derivation of important O&G
metrics and ratios.

• Exclude nonrecurring charges, normalize for stock

option expense

• 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 key valuation multiples using the

VLOOKUP function and generating multiple tables

Building an O&G transaction comps model

• Similarly to trading comps, trainees set O&G

Page 31
 WALL STREET PREP FINANCIAL TRAINING CATALOG

Financial & Valuation Modeling

for Midstream Oil & Gas Industry LIVE: 1-2 DAYS

Participants develop an in-depth understanding of the midstream

industry dynamics, while learning how to build financial and valuation NO ONLINE

models of the midstream companies. COMPONENT

Midstream industry overview using real case studies, industry best practices, and
sensitivity analyses.
• Participants develop comprehensive understanding
of the following midstream industry aspects:
Midstream valuation modeling
°° Natural gas midstream
°° Petroleum midstream • Participants will value a midstream company using
°° The MLP defined the following valuation methodologies:
°° Tax advantage of MLP structure at the corporate °° Yield
level
°° Distribution growth
°° Requirements for MLP status
°° Acquisitions as a key driver of distribution growth
°° Tax Implications at the investor and institutional
investor levels °° Yield versus distribution growth
°° Valuation Risks

Midstream financial analysis and financial

modeling

• Participants learn how to build a professional,

robust projection model for a midstream company,

Page 32
 WALL STREET PREP FINANCIAL TRAINING CATALOG

Financial & Valuation Modeling

for the Refining Oil & Gas Industry LIVE: 1-2 DAYS

Participants will develop an in-depth understanding of the refining industry

dynamics, while learning how to build financial and valuation models of NO ONLINE

downstream companies. COMPONENT

Refining industry overview Refining financial analysis and financial modeling

• Participants will develop comprehensive • Participants learn how to build a professional, robust
understanding of the following refining industry projection model for a refining company, using real
aspects: case studies, industry best practices, and sensitivity
°° Industry structure - U.S., Canada, and worldwide analyses.

°° Industry regulations
°° Overview of refinery business Refining valuation modeling
°° Capacity and complexity
• Participants will value a downstream company by
°° Processes – crude distillation, coking and building the following valuation models:
thermal processes, catalytic cracking, catalytic
hydrocracking, hydroprocessing, hydrotreating, °° DCF modeling
catalytic reforming, alkylation
°° Comparables analysis, including EV/EBITDA, P/E,
°° Products – gasoline, distillate (jet, diesel, heating P/CF, ROCE, and refinery replacement cost
oil), other
°° EV/complexity barrel per day modeling
• Margins and economics

Page 33
 WALL STREET PREP FINANCIAL TRAINING CATALOG

Bank Industry Modeling

LIVE: 2 DAYS
The unique regulatory framework and business model of banks pose
particular challenges in the areas of forecasting and valuation. In
this course, participants focus exclusively on financials, and build a
complete banking model, as well as a DCF and comparables valuation. NO ONLINE
COMPONENT
This intensive course is designed to equip professionals engaged in the
projection and valuation of financial services firms with the practical
financial skill set they need on the job.

Commercial banks and the regulatory framework Challenges in bank valuation

• Overview & paradigms of the banking system & • Debt service and income as operating or financing
regulation expense

• Understanding the role of credit rating agencies
• Basle II compliance and its effect on bank regulation
and the three pillars
• Bank’s Internal rating systems
• Calculating risk weighted assets
• Calculating tier one and tier two capital
• Double leverage as a workaround
• Regulatory constraints on reinvestment and
implications on growth
• Challenges to the traditional firm valuation
approach, and the calculation of levered vs.
unlevered free cash flows
• Alternative approaches to valuation: Dividend
discount models (DDM), Excess return valuation,
Comparables and appropriateness of price / book
(PB) ratios

Building a financial institution forecast model

Building a bank valuation model
• Retail banking
• Learn how to build a residual income valuation
• Consumer lending and credit cards
model based on the projection derived in the balance
• Commercial banking sheet and income statement projection model.
• Investment banking °° Projecting cash flows
• Asset / wealth management °° Calculating the cost of equity
• Model clean-up °° Other issues in valuation:

• Balancing the model and checking for accuracy °° Incorporating regulatory constraints on the
valuation
• Error-proofing techniques & sensitivity analysis °° Regulatory capital ratio and calculating minimum
capital adequacy
• Ratio analysis

Page 34
 WALL STREET PREP FINANCIAL TRAINING CATALOG

Insurance Industry Modeling

LIVE: 2 DAYS
The unique regulatory framework and business model of insurance
companies pose particular challenges in the areas of forecasting and
valuation. This intensive course is designed to equip professionals
engaged in the projection and valuation of P&C and life insurance firms NO ONLINE
COMPONENT
with the practical financial skill set they need on the job.

P&C and life insurance industry overview • DAC roll-forward

• Global insurance sector overview • Reserving process and reserves analysis

• P&C and life insurance overview • Investment portfolio analysis

• Size, structure and key players • Liquidity analysis

• Personal vs. commercial vs. specialty Lines • Risk-based capital ratios

• Multi-line Insurance • Financial leverage analysis

• Publicly traded and mutual insurance companies • Accounting for reinsurance by the ceding insurer

• Operating model of an Insurance company • Analyzing an insurer’s 10-K and financial

supplements
• Key drivers
• Deep dive into statutory financials (including
• Risks and regulation
schedules)
• GAAP vs. Statutory reporting
• Operational and financial benchmarking
• Key terminology

Case study modeling and valuation

Accounting and financial statement analysis
• Financial statement modeling
• Accounting for life insurance (mortality)
• M&A activity in the sector
• Accounting for fixed, variable, and indexed annuities
• Valuation drivers and analysis
• Income statement analysis
• Trading and transaction comparables analyses
• Loss ratios, expense ratios and combined ratios
• Dividend discount model
• Premiums & UPR analysis

• Balance sheet analysis

Page 35
 WALL STREET PREP FINANCIAL TRAINING CATALOG

Bankruptcy and
Restructuring Modeling LIVE: 2 DAYS

Using a real case study, we begin with an overview of the restructuring

and bankruptcy framework. Trainees then learn to build an advanced ONLINE: 6 HRS

bankruptcy model from scratch, incorporating bankruptcy specific

elements like DIP financing, the creation of liabilities subject to
compromise, working capital drivers, cancellation of debt income, and
Fresh Start accounting. We conclude with valuation analysis and a
recovery analysis, where we layer various valuation scenarios to analyze
possible recoveries to the various creditors.

Underlying causes of credit market dislocation • Out-of-Court Reorganization

• Current State of the Distressed Markets • Negotiation with Creditors

• Credit Market Dislocation • Forbearance Agreements

• Availability of Financing, including DIP Financing • Exchange Offers

• Out of court Liquidation

Restructuring fundamentals °° UCC 9-504 Foreclosure Sale

°° Assignment for the Benefit of Creditors
• Restructuring Terms and Concepts

• Common Restructuring Techniques

Case study modeling and valuation
• Chapter 11 Reorganization
• Financial statement modeling
°° Automatic Stay and Adequate Protection
• Working capital and operational adjustments to
°° Cash Collateral and DIP Financing
traditional modeling assumptions
°° Restructuring Leases & Executory Contracts
• Debt waterfall
°° Fraudulent Conveyance & Preference Actions
°° Section 363 Sales • Calculating Normalized EBITDA
°° Plan of Reorg & Disclosure Statement • Deriving valuation ranges using multiples
°° The Absolute Priority Rule • Modeling exit assumptions
°° Cram Down & BK Voting Provisions
• Analyzing Proposed Plan Distribution
°° Fresh Start Accounting
• Performing recovery sensitivity by investor class
• Chapter 7 – Liquidation/Asset Sale Process

Page 36
 WALL STREET PREP FINANCIAL TRAINING CATALOG

Real Estate (REIT) Modeling

LIVE: 1-2 DAYS
This course is designed to teach REIT modeling with a specific focus on
analyzing REITs. First, we cover the REIT industry’s unique drivers and
challenges. Trainees then build REIT financial and valuation models
from scratch, with a focus on the Net Asset Value (NAV) approach. Along ONLINE: 8.5 HRS

the way, we cover modeling best practices for same store properties,
acquisitions, developments, and dispositions. We will model and
deconstruct critical REIT profit metrics like FFO, AFFO, and CAD.

REIT overview Modeling REIT-specific metrics and ratios

• Industry profile • Funds from operations (FFO)

• Industry drivers and terminology • Adjusted funds from operations (AFFO / CAD)

• Tax advantages of REIT’s

• REIT basics REIT valuation modeling

• The structure of REIT’s (UPREIT’s and DOWNREIT’s)
• Modeling REIT financial statements
• The financials of REIT’s as compared to other
companies
• Working with press releases, financial filings, and
historical data
• Sector-specific drivers and forecasting best practices
• Step-by-step modeling: Net Asset Value (NAV)
°° Common adjustments to NAV
°° Arriving at implied cap rates
• Comparable Company and Transaction Analyses
°° Selecting the right companies and transactions
°° Scrubbing the numbers
°° Selecting the right multiples

• Segment-level modeling • Discount Cash Flow Analysis

°° Same store properties °° Calculating cash flows

°° Acquisitions °° Calculating the terminal value

°° Developments °° Determining the discount rate

°° Dispositions (Discontinued operations)

• Line-by-line projections: The income statement

• Line-by-line projections: The balance sheet

• Line-by-line projections: The cash flow statement

Page 37
 WALL STREET PREP FINANCIAL TRAINING CATALOG

Capitalization Table Modeling

LIVE: 1-2 DAYS
This course is designed to assist venture capital and investment banking
professionals in understanding how to model early-stage investments.
We begin with basic concepts and an overview of early-stage investing.
Trainees learn how to build a cap table model from scratch utilizing Excel NO ONLINE
COMPONENT
best practices with a focus on pre-investment, new investment terms and
exit valuation assumptions. Trainees also learn how to model a waterfall
(flow of funds).

Conceptual overview of early-stage investing °° PIK vs. cash dividends

• Convertible debt common terms and features °° Stacked vs. pari passu participation
°° Stock option pools and warrants
• Convertible preferred stock common terms and
°° Common stock
features
• Modeling the exit valuation assumptions
• Stock options common terms and features

• Warrants common terms and features

Modeling the waterfall (flow of funds)
• Common equity
• Modeling dynamic conversion tests

Modeling the cap table • Calculating proceeds

• Inserting error-checks into the waterfall

• Pre-investment ownership
• Building a durable decision tree into the waterfall
• Modeling investment terms
• Calculating returns and proceeds at various
°° Liquidation preference multiples
sensitivities
°° Participating vs. non-participating preferred shares
°° Capped vs. uncapped participation

Page 38