Module 1: Introduction to Valuation

• Overview of Valuation: Definition and importance.
• Types of Valuation: Intrinsic vs. Relative valuation.
• The Role of Valuation in Finance: Applications in investment, corporate finance, and financial reporting.

Module 2: Discounted Cash Flow (DCF) Valuation

• DCF Fundamentals: Concept and components.
• Free Cash Flow (FCF) Calculation: Operating, investing, and financing activities.
• Estimating Discount Rates: Cost of equity, debt, and capital (WACC).
• Terminal Value Estimation: Perpetuity growth and exit multiple methods.
• Building a DCF Model: Step-by-step construction and sensitivity analysis.

Module 3: Relative Valuation

• Comparables Analysis: Selection of comparable companies.
• Valuation Multiples: P/E, EV/EBITDA, P/S, and others.
• Application and Interpretation: Case studies and market practice.

Module 4: Asset-Based Valuation

• Net Asset Value (NAV): Calculation and adjustments.
• Liquidation and Replacement Costs: Methodologies and applications.

Module 7: Practical Application and Case Studies

• Valuation in Practice: Industry-specific valuation approaches.
• Case Studies: Real-world examples and exercises.
• Ethics in Valuation: Professional standards and common pitfalls.

Course 2: Financial Statement Analysis
Module 1: Introduction to Financial Statement Analysis
Overview of Financial Statements: Balance sheet, income statement, cash flow statement.
Purpose and Importance: Stakeholders and their interests.
Module 2: Balance Sheet Analysis
Assets: Current vs. non-current, tangible vs. intangible.
Liabilities: Short-term vs. long-term.
Equity: Components and significance.
Ratios and Metrics: Liquidity and solvency ratios.
Module 3: Income Statement Analysis
Revenue Recognition: Policies and impact.
Expenses and Costs: COGS, SG&A, depreciation, and amortization.
Profitability Metrics: Gross profit, operating profit, net income.
Common Size Analysis: Vertical and horizontal analysis.
Module 4: Cash Flow Statement Analysis
Operating Activities: Direct vs. indirect method.
Investing Activities: Capital expenditures and investments.
Financing Activities: Debt and equity transactions.
Cash Flow Ratios: Cash flow adequacy and free cash flow.
Module 5: Financial Ratios and Metrics
Profitability Ratios: ROE, ROA, and margin analysis.
Liquidity Ratios: Current, quick, and cash ratios.
Solvency Ratios: Debt to equity, interest coverage.
Efficiency Ratios: Inventory turnover, receivables turnover.
Module 6: Quality of Earnings and Red Flags
Earnings Quality: Persistent vs. transitory earnings.
Accounting Red Flags: Revenue manipulation, expense recognition.
Forensic Analysis: Detecting fraud and aggressive accounting.
Module 7: Forecasting and Projections
Pro Forma Financial Statements: Construction and assumptions.
Revenue and Expense Forecasting: Techniques and best practices.
Sensitivity and Scenario Analysis: Assessing risk and uncertainty.
Module 8: Comprehensive Case Studies
Real-World Analysis: Detailed company analysis.
Industry-Specific Cases: Financial services, manufacturing, technology.
Ethical Considerations: Case discussions and ethical dilemmas.