Duncan McKeen – CFI Education – DCF Valuation Modeling

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Duncan McKeen – CFI Education – DCF Valuation Modeling

DCF Valuation Modeling
A discounted cash flow (DCF) approach is one of the most common valuation techniques. If done properly, it provides a very meaningful measure of the enterprise value or equity value.

• Learn how to design, construct, and review a best-in-class DCF valuation model
• Avoid common errors made with cash flows, discount rates, taxes, and timing
• Use one- and two-dimensional data tables to illustrate sensitivity to key inputs

Overview
DCF Valuation Modeling Course Overview
DCF Valuation is one of the most common valuation techniques used in modern finance today. This technique is flexible in that it can be used for very early-stage growth companies as well as established companies operating in more mature industries. Although DCF Valuation is one of the soundest valuation techniques, errors in DCF models are actually quite common. Finance professionals often make mistakes related to the calculation and pairing of the company’s cash flows and its discount rate. Errors related to the timing of cash flows or the valuation date are also quite common. Finally, many struggle with the right level of detail for income tax calculations and fail to correctly break out the current and deferred taxes in both levered and unlevered income tax schedules.

DCF Valuation Modeling Learning Objectives
Upon completing this course, you will be able to:

• Understand how DCF Valuation compares to Comparable Trading Analysis and Precedent
• Transaction Analysis and the pros and cons of each valuation technique.
• Review the importance of upfront model design and the best layout for a DCF Valuation Model, which has been optimized for presentation and printing.
• Discuss common errors made with income taxes and the need for both a levered and unlevered income tax schedule in the model.
• Understand the importance of pairing the right cash flows (UFCF) with the correct discount rate (WACC) and review the steps for calculating each of these in detail.
• Build separate schedules for both the perpetuity method and the multiple method for calculating the terminal value and discuss common errors related to timing.
• Design and build a dashboard for stakeholders using one and two-dimensional data tables to illustrate the model’s sensitivity to critical valuation inputs.

Recommended Prerequisite Courses

These preparatory courses are optional, but we recommend you complete the stated prep course(s) or possess the equivalent knowledge prior to enrolling in this course:

1. Financial Analysis Fundamentals
2. Accounting Principles and Standards
3. Operational Modeling

Who Should Take This Course?
This course is most suitable for anyone working in valuation, including investment banking, equity research, private equity, and corporate development.

What you’ll learn

DCF Model Theory
Course Introduction
Downloadable Files
Important Dates
Time Quantity of Money
Cash Flows & Discount Rates
How Long to Forecast For
Discrete Forecast
Terminal Value
Enterprise Value & Equity Value

Compact DCF Model
Download Compact Model Template
Keyboard Shortcuts
Model Structure
Formula Building
UFCF Schedule
DCF Schedule Part 1
DCF Schedule Part 2
Sensitivity Analysis Part 1
Sensitivity Analysis Part 2
Sensitivity Analysis Part 3
Download Complete Compact Model
Interactive Exercise 1
Check-in

Valuation Techniques
Comparison of Techniques
Various Views of Value
Interactive Exercise 2

DCF Model Design
Financial Modeling Guidelines
Preferred Design Process Part 1
Preferred Design Process Part 2
Preferred Model Layout
Building Blocks
Interactive Exercises 3

Model Drivers
Understanding Drivers
Download Full Model Template
Tour of DCF Model
Choose & Index Functions
Combo Box
Solution
Interactive Exercises 4
Check-in

[Optional] Macabacus
Overview of Tables
Uploading Schedules
Tips for Uploads

Operational Schedule
Overview Operational Schedule
Revenue & Costs Overview
Revenue & Costs Solution
Overview of Other Schedules
Solution of Other Schedules
Solution of Levered Tax Schedule
Solution of Income Statement
Reasons for Deferred Taxes
Interactive Exercises 5
Check-in

Tax Schedules
Two Tax Schedules
Tax Shield from Interest

UFCF Schedule
UFCF Schedule Overview
Unlevered Tax Schedule
Tax Shield from Interest
Ensuring Consistency
Two UFCF Methods
Schedule Overview
Schedule Solution
Interactive Exercises 6
Check-in

WACC Schedule
Time Quantity of Money
WACC Formula
Cost of Debt Formula
Cost of Equity Formula
Beta Formula
Overview of Schedule
Schedule Build Part 1
Schedule Build Part 2
Interactive Exercises 7

Other Inputs
Model Alert Part 1
Model Alert Part 2
Model Alert Part 3
Check-in

DCF Schedule
Two Components
Key Timing Events
Three Important Dates
Finance Equations
Perpetuity Overview
Perpetuity Build Dates
Perpetuity Build Adjustments
Perpetuity Build Discounting
Perpetuity Build Enterprise Value
Perpetuity Build Equity Value
Multiple Overview
Multiple Build Terminal Value
Multiple Build Enterprise Value
Interactive Exercises 8
Check-in

Dashboard
Presenting Outputs
Perpetuity Overview
Perpetuity 2D Data Table
Perpetuity Equity Value
Perpetuity Master Switch
Perpetuity 1D Data Table
Multiple Method

Model Review
Locating Inputs
Go To Precedent and Return
Check for Row Differences
Download Complete Full Model
Interactive Exercises 9
Course Summary

Qualified Assessment
Qualified Assessment

What our students say

Great Course with amazing instructor Mr. Duncan McKeen! Thank
Nader Elsayed Elsayed Eldeeb 

Brilliant
DCF modelling looks very complex to me until I did From CFI . There’s a combination of less complexity and vey good formatting.
Kartik Goyal

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