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Free Resources

Below are some resources that we offer for free. Our live and online courses make liberal use of shortcuts from the WST Macros Excel Add-In, so install it today to familiarize yourself.

Technical Resources

Finance Resources

  • Cash Flow Metrics Cheat Sheet (PDF)
    This handy comparison chart outlines common cash flow metrics and how to use them.
  • SDC Thomson: "Transaction Value" (XLS)
    Which of these three is correct for deal comps? Transaction Value, Rank Value, or Enterprise Value?
  • Quarterly DCF Discounting (XLS)
    Illustration of annual vs. quarterly DCF and discounting properly using =NPV function in one cell.
  • Payback Period Example (XLS)
    Calculation of discounted and undiscounted payback period (both intuitive and with arrays).
  • DCF Stub Period Discounting (XLS)
    Illustration of how to properly discount full year and stub periods for DCF or similar analyses.
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  • WACC (PDF)
    The world revolves around WACC.
  • Valuation Methodologies (PDF)
    Summary of corporate valuation methodologies as used on Wall Street investment bankers, including overview discussion of trading comps, deal comps, DCF and LBO analysis.
  • Financial Statement Integration (PDF)
    Exhibit that illustrates the integration and linkages among the three major financial statements: Income Statement, Balance Sheet and Cash Flow Statement.
  • Financial Statement Steps (PDF)
    Summary of the steps required to building a fully-integrated, self-balancing financial projection model.
  • Financial Statement Assumptions (PDF)
    Brief overview of the logic in defending and justifying your sales/revenue growth and other financial projection model assumptions.
  • Treasury Options Shares (XLS)
    Explanation of how to account for diluted shares outstanding using the treasury method of adjustment.
  • IPO Process & Timetable (PDF)
    Summary of the IPO and Securities Issuance process and timetable
  • M&A Process & Timetable (PDF)
    Summary of the IPO and Securities Issuance process and timetable
  • M&A Strategy (PDF)
    Article from Chief Executive magazine on M&A strategy.
  • Circular References (PDF)
    Explanation of how circular references are created in a financial model, and how to avoid them.
  • Excel Iterations Logic (PDF)
    Explanation of how Excel iterates when circular references are unavoidable.
  • SEC Filing Types (PDF)
    Summary of the major SEC filings types.
  • Ibbotson Risk Premia (PDF)
    2011 Edition of Risk Premia over Time 2011, © 2011 Ibbotson Associates, Inc.

Career Resources