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The Valuation Analyst Skills Training (VAST) course
Welcome to the course
Your instructor (1:38)
Lecture 1: Course overview (3:46)
Module 1: Valuation
Lecture 2: What will we learn in this module? (1:25)
Lecture 3: What is Valuation? (2:13)
Lecture 4: Different schools of thought in valuation of companies (2:39)
Lecture 5: Application of valuation analyst skills (2:30)
Lecture 6: End of Module 1
Module 2: Valuation framework
Lecture 7: What will we learn in this module? (0:20)
Lecture 8: Valuation framework - Step 1 : Business model (1:55)
Lecture 9: Valuation framework - Step 2: Historical financials (1:18)
Lecture 10: Valuation framework - Step 3: Forecast financials (1:02)
Lecture 11: Valuation framework - Step 4: Valuation technique (0:48)
Lecture 12: Valuation framework - Step 5: Valuation sensitivity (0:57)
Lecture 13: Valuation as an art and science (0:42)
Lecture 14: Valuation in the context of a real company (1:26)
Lecture 15: End of Module 2
Quiz #1: Test your learning of the module
Lecture 16: Please provide us your valuable feedback on the course thus far
Module 3: Business model of a company
Lecture 17: What will we learn in this module? (1:51)
Lecture 18: Business model - Products (1:34)
Lecture 19: Business model - Costs (1:32)
Lecture 20: Business model - Operations (0:51)
Lecture 21: Business model - Financing (0:49)
Lecture 22: Business model - Strategy (0:54)
Lecture 23: Sources of information for capturing the business model of a company (2:14)
Lecture 24: Downloading Walmart annual report (2:14)
Lecture 25: Reading through Walmart annual report (5:08)
Lecture 26: Walmart business model - Products (1:54)
Lecture 27: Walmart business model - Cost (1:09)
Lecture 28: Walmart business model - Operations (1:12)
Lecture 29: Walmart business model - Financing (1:19)
Lecture 30: Walmart business model - Strategy (2:49)
Lecture 31: End of Module 3
Lecture 32: Please provide us your valuable feedback on the course thus far
Module 4: Financial statements of a company
Lecture 33: What will we learn in this module? (1:59)
Lecture 34: The three key financial statements of any company (2:38)
Lecture 35: The typical structure of an income statement of a company (2:42)
Lecture 36: The typical structure of a balance sheet of a company (3:10)
Lecture 37: The typical structure of a cash flow statement of a company (5:18)
Lecture 38: Sources of information of the historical financial statements (2:56)
Lecture 39: Capturing Walmart's historical financial statements from Annual Report (4:28)
Lecture 40: Download the excel template for this module (0:34)
Lecture 41: Standardized income statements (5:24)
Lecture 42: Understanding minority interests (3:00)
Lecture 43: Standardized income statements - contd. (0:55)
Lecture 44: Standardized balance sheet (3:25)
Lecture 45: Capturing Walmart's income statement (4:19)
Lecture 46: Capturing Walmart's balance sheet (5:08)
Lecture 47: Conclusion (0:42)
Lecture 48: End of Module 4
Lecture 49: Please provide us your valuable feedback on the course thus far
Module 5A : Financial ratio analysis of a company
Lecture 50: What will we learn in this module? (2:17)
Lecture 51: The five steps to forecasting the financial statements (2:06)
Lecture 52: Download the excel template for this module (0:34)
Lecture 53: Calculating revenue growth, COGS margin and SGA margin for Walmart (5:49)
Lecture 54: Calculating depreciation rate and interest rate for Walmart (5:28)
Lecture 55: Calculating effective tax rate and minority interests for Walmart (3:19)
Lecture 56: Calculation of AR, Inventory, PPE and AR ratio for Walmart (7:50)
Lecture 57: Cash flows statement in Walmart Annual Report (4:48)
Lecture 58: Re-download the excel template for this module (0:34)
Lecture 59: Calculating the borrowings and dividend payout ratio for Walmart (3:14)
Lecture 60: End of Module 5A
Lecture 61: Please provide us your valuable feedback on the course thus far
Module 5B: Extrapolating financial ratios of a company
Lecture 62: Extrapolating the Revenue growth rate for Walmart (4:44)
Lecture 63: Extrapolating the COGS margin and SGA margin for Walmart (4:35)
Lecture 64: Extrapolating the Depreciation rate for Walmart (1:13)
Lecture 65: Extrapolating Interest rate, Effective Tax rate & Minority Interest for Walmart (4:07)
Lecture 66: Extrapolating AR, Inventory, PPE and AP ratio for Walmart (6:08)
Lecture 67: Extrapolating short term Borrowings for Walmart (3:19)
Lecture 68: Extrapolating long term Borrowings for Walmart (5:36)
Lecture 69: Extrapolating Dividends for Walmart (6:04)
Lecture 70: End of Module 5B
Lecture 71: Please provide us your valuable feedback on the course thus far
Lecture 71: Please provide us your valuable feedback on the course thus far
Module 5C: Forecasting the Income statement and Balance sheet of a company
Lecture 72: Forecasting future financial statements of a company (0:35)
Lecture 73: Forecasting the Revenues for Walmart (3:59)
Lecture 74: Forecasting COGS, Gross Profit and SGA for Walmart (6:05)
Lecture 75: Forecasting Depreciation and EBIT for Walmart (5:14)
Lecture 76: Forecasting Interest expense and EBT for Walmart (4:50)
Lecture 77: Forecasting Taxes, Minority interests and Profits for Walmart (6:57)
Lecture 78: Forecasting Inventory, AR and other Current assets for Walmart (7:27)
Lecture 79: Forecasting short term Borrowings for Walmart (2:57)
Lecture 80: Forecasting AP and other current liabilities for Walmart (3:08)
Lecture 81: Forecasting Long term borrowings and other liabilities for Walmart (3:01)
Lecture 82: Forecasting Minority interests for Walmart (2:07)
Lecture 83: Forecasting Common Equity for Walmart (5:24)
Lecture 84: Quick Recap of what we have learnt so far (1:12)
Lecture 85: End of Module 5C
Lecture 86: Please provide us your valuable feedback on the course thus far
Module 5D: Forecasting the Cash Flows statement of a company
Lecture 87: Cash flows statement of any company (2:33)
Lecture 88: Non-cash costs in Cash flow from Operations of Walmart (2:56)
Lecture 89: Non operating expenses in Cash flow from Operations of Walmart (1:47)
Lecture 90: Current operating liabilities in Cash flow from Operations of Walmart (3:21)
Lecture 91: Current operating assets in Cash flow from Operations of Walmart (4:06)
Lecture 92: Calculating Cash flow from Operations of Walmart (1:25)
Lecture 93: Cash flow from Investments (1:18)
Lecture 94: Capital expenditures for Cash flow from Investments of Walmart (4:35)
Lecture 95: Calculating cash flow from Investments of Walmart (1:57)
Lecture 96: Borrowings to be repaid in Cash flow from Financing of Walmart (2:59)
Lecture 97: Interest & Borrowings to be repaid in Cash Flow from Financing of Walmart (2:38)
Lecture 98: Dividends and Share buy back in Cash flow from Financing of Walmart (2:03)
Lecture 99: Calculating Cash flow from Financing of Walmart (1:50)
Lecture 100: Calculating end of year Cash balance of Walmart (4:24)
Lecture 101: Linking the Cash flows statement with Balance sheet (3:02)
Lecture 102: End of Module 5D
Lecture 103: Please provide us your valuable feedback on the course thus far
Quick Recap: What have we learn in this course so far?
Lecture 104: What have we learnt so far in this course? (3:14)
Module 6A: Valuation technique
Lecture 105: What will we learn in this module? (1:48)
Lecture 106: What are we trying to estimate when we say "valuation"? (2:16)
Lecture 107: The two important valuation equations (1:09)
Lecture 108: Understanding FREE CASH FLOWS in DCF technique (1:46)
Lecture 109: Understanding operating cash profits (1:00)
Lecture 110: Understanding operating cash investments (1:06)
Lecture 111: Free cash flows are calculated for the future (1:11)
Lecture 112: Understanding DISCOUNTING in DCF technique (1:01)
Lecture 113: Understanding the discount rate (1:28)
Lecture 114: Understanding the present value of explicit cash flows (0:50)
Lecture 115: Understanding terminal value (2:17)
Lecture 116: Understanding enterprise value and equity value (0:38)
Lecture 117: End of Module 6A
Lecture 118: Please provide us your valuable feedback on the course thus far
Module 6B: Valuation technique application on a company
Lecture 119: The 5 steps to undertaking the valuation analysis of a company (3:54)
Lecture 120: Download the excel spreadsheet for this module (0:34)
Lecture 121: Calculating Earnings Before Interest & Taxes (EBIT) of Walmart (5:07)
Lecture 122: Calculating post tax Operating profit and Operating cash profit of Walmart (4:44)
Lecture 123: Calculating Capital expenditures of Walmart (1:57)
Lecture 124: Calculating Working capital of Walmart (4:49)
Lecture 125: Calculating total operating cash investments of Walmart (2:12)
Lecture 126: Calculating the Free Cash Flows to Firm (FCFF) of Walmart (1:20)
Lecture 127: Calculating Weighted Average Cost of Capital (WACC) of Walmart (5:11)
Lecture 128: Understanding the concept of DISCOUNTING (2:55)
Lecture 129: Calculating the present value of FCFF of Walmart (4:46)
Lecture 130: Calculating the terminal growth rate of Walmart (3:45)
Lecture 131: Calculating the terminal value or perpetuity value of Walmart (3:53)
Lecture 132: Calculating the Enterprise value (EV) (1:52)
Lecture 133: Calculating the consolidated Equity value of Walmart (4:55)
Lecture 134: Calculating the value of Minority Interests of Walmart (5:02)
Lecture 135: Calculating the Equity value per share of Walmart (2:50)
Lecture 136: Calculating the gap in Equity value per share vs current price of Walmart (1:07)
Lecture 137: End of Module 6B
Lecture 138: Please provide us your valuable feedback on the course thus far
Module 7: Valuation sensitivity
Lecture 139: What will we learn in this module? (1:33)
Lecture 140: Implications of the valuation estimate (1:56)
Lecture 141: Making the "right" assumptions (2:08)
Lecture 142: Download the excel spreadsheet for this module (0:34)
Lecture 143: Calculating the valuation sensitivities to changes in important model inputs (5:49)
Lecture 144: End of Module 7
Lecture 145: Please provide us your valuable feedback on the course thus far
VALUATION GUIDE - HAVE IT BY YOUR DESK
Lecture 146: Step by step valuation guide
Lecture 147: Quick Recap: What did we learn in this course? (2:39)
Lecture 148: Please provide us your valuable feedback
PRACTICE ASSIGNMENTS - Take this to test your learnings from the course
Lecture 149: Practice Assignment #1: DIFFICULTY LEVEL - MEDIUM
Lecture 150: Practice Assignment #2: DIFFICULTY LEVEL - MEDIUM
Lecture 151: Practice Assignment #3: DIFFICULTY LEVEL - HARD
Lecture 152: Practice Assignment #4: DIFFICULTY LEVEL - MEDIUM
Lecture 153: Practice Assignment #5: DIFFICULTY LEVEL - EASY
Lecture 154: Please provide us your valuable feedback on the course thus far
Lecture 3: What is Valuation?
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