​6 hours of training and 2-4 hours of homework a week.

• 2 weeks: Accounting and students start researching a company of their choice.

• 7 weeks of Financial Modelling: Build a real-life model on Apple Inc.

• 2 weeks of Valuations – Value Apple Inc using DCF and public comparables. Conduct LBO and M&A Accretion analysis.

• 1 week –Write Initiating coverage Equity research report on a public listed company 

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​First 2 weeks – Accounting

Program Content

• Accounting – Induction, Introduction to accounting and Income Statement.

• How to write an Equity Research Log.

• Overview of Balance Sheet.

• Cash Flow statement, Ratios and Advanced Accounting.

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Weeks 3 to 9 – Financial Modelling

Program Content

• Accounting exam.

• Setting up a detailed Shareholders Equity Schedule.

• Equity options and RSU's - Share-based compensation expense.

• Forecasting the rest of the Balance Sheet line items.

• Forecasting the Cash Flow Statement.

• Balancing the model using proprietary techniques.

• Dealing with circular reference.

• Auditing  a financial model.

• Advanced excel concepts.

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Weeks 13 to 11 – Valuations

Program Content

• DCF valuation

  • Time value of money.

  • Spreading Free cash flow to Equity and Firm valuations schedule.

  • WACC.

  • Terminal value – Gordon growth and Multiple method.

  • Calculating Fair Value.

  • Sensitivity Analysis.

  • Spreading data table for DCF valuation.

• Comparable valuations

  • PE ratios – pros and cons.

  • PB ratios - pros and cons.

  • PEG ratio - pros and cons.

  • EV/EBITDA - pros and cons.

  • EV/EBIT- pros and cons.

  • EV/Revenue - pros and cons.

  • EV/Sales- pros and cons.

• M&A modelling – Accretion/Dilution analysis.

• Overview of Private Equity.

• LBO modelling

  • Step 1 - Set up the pre-transaction structure operating model​.

  • Step 2 - Set up the capital structure.

  • Step 3 - Build the post transaction operating model.

  • Step 4 - Calculate IRR's.

  • Step 5 - Optimise the model.

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Weeks 12 – Writing Equity Research Report

Program Content

• Write a detailed initiation coverage equity research report on a company of student’s choice.

• Build an advanced financial model with a detailed Revenue breakdown sheet.

• Value Apple using sum of the parts method. 

• Use advanced techniques to compute valuations of fast-growing internet stocks such as Amazon using the Siegel calculator and an extended DCF model.   

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