A Practical Guide to Investment Banking and Private Equity

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 field.