Master Valuation Techniques That Actually Work
Our autumn 2025 program walks you through DCF modelling, comparable company analysis, and precedent transactions. You'll work through real case studies and build models that mirror what analysts actually do day-to-day.
Request Program DetailsChallenges We Help You Navigate
Most people struggle with the same things when learning valuation. Here's what trips them up and how we address each obstacle in our program.
Building Terminal Value Without Guessing
Terminal value can make up 70% of a company's valuation, yet many analysts just use industry averages without understanding why. This leads to models that fall apart under scrutiny.
- Walk through perpetuity growth assumptions using actual industry data
- Compare exit multiple approaches across different sectors
- Practice defending your assumptions in mock presentations
- Learn when to adjust for company-specific growth constraints
Selecting Truly Comparable Companies
Picking comps seems straightforward until you realize that companies in the same industry can have wildly different margin profiles, growth rates, and business models.
- Review filtering criteria that go beyond just industry classification
- Analyze margin, growth, and capital intensity patterns
- Work through real examples where obvious comps don't actually fit
- Build screening frameworks you can reuse across sectors
Adjusting EBITDA for One-Time Items
Companies report all sorts of "non-recurring" expenses. Figuring out what's genuinely one-time versus what's actually part of the business is harder than it looks.
- Examine footnotes and MD&A sections for recurring "one-time" items
- Compare adjustment patterns across multiple years
- Practice making defensible normalization decisions
- Learn when to push back on management's adjusted figures
Handling Negative Free Cash Flow Periods
High-growth companies often burn cash for years. Traditional DCF approaches break down when you're discounting negative cash flows that might not turn positive for 3-5 years.
- Model working capital needs during scaling phases
- Use scenario analysis for when profitability might emerge
- Compare with revenue multiple approaches as cross-check
- Adjust discount rates for different risk profiles over time
Program Structure
Six modules over twelve weeks, starting September 2025. Each module builds on the previous one, and you'll work through progressively complex cases as your skills develop.
Financial Statement Analysis
- Reading cash flow statements properly
- Spotting quality of earnings issues
- Normalizing historical financials
- Building projection assumptions
Discounted Cash Flow Models
- Free cash flow to firm calculations
- WACC components and estimation
- Terminal value approaches
- Sensitivity and scenario analysis
Comparable Company Analysis
- Selecting and screening comps
- EV/EBITDA, P/E, and sector multiples
- Adjusting for differences in scale
- Football field chart construction
Precedent Transactions
- Finding relevant transaction data
- Control premium analysis
- Synergy assumptions and testing
- When precedents mislead you
Sector-Specific Approaches
- Tech and SaaS metrics
- Real estate and REIT valuation
- Financial services approaches
- Natural resources and cyclicals
Integrated Case Studies
- Full valuation project from scratch
- Presenting findings and defending work
- Handling pushback on assumptions
- Writing clear investment memos
Learn From Practitioners
Ingrid Thorsvik
Senior Valuation Analyst
Spent nine years building models for M&A advisory teams. She's valued everything from mining companies to software startups, and knows which shortcuts work and which ones will get your model thrown out.
Siobhan Rafferty
Equity Research Director
Twelve years covering Australian equities, mostly in industrials and consumer sectors. Her stock pitches are known for thorough comp analysis and realistic assumptions that actually hold up over time.
Investment Options
Choose the format that fits your schedule and learning preferences
Self-Paced Program
12 weeks access, work at your own pace
- All six module materials and exercises
- Pre-built Excel model templates
- Case study datasets and solutions
- Email support for technical questions
- Access to recorded session library
Live Cohort Program
12 weeks, September to November 2025
- All self-paced materials included
- Weekly live sessions with instructors
- Small group model review sessions
- Direct feedback on your case work
- Peer discussion and collaboration
- LinkedIn recommendation upon completion