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1、Introduction to Financial Modeling,Brought to you by: The EDS Financial Trading and Technology Center Teaching Assistants,The Financial Modeling Class,Initiated by the Department of Finance and Assembled by FTTC Proctors Two classes 1 hour + 1 hour exercise Financial Modeling I (w/ exercise) Financi
2、al Modeling II (w/ exercise) Conducted two or three times per semester,Class Outline,Introduction to Financial Modeling Definition Types of Models Used Format Tips for Modeling in Excel Structuring the Model Making the Model Easy to Use Some Excel Tools and Keyboard Shortcuts Example Build-out of Se
3、veral Financial Models DCF DDM WACC Comparables Q&A Break Practical Exercise (1 hour),What Does a Financial Model Do?,Compute many different types of finance problems Bond immunization Portfolio weightings Equity valuations Valuations of mergers, acquisitions, or divestitures Forecast financial perf
4、ormance Earnings growth Profitability Options Analyze different economic and financial scenarios Options payoffs given different expirations Sales growth given different economies/business cycles Profitability given different product demand quantities,Types of Financial Models (Investment Banking),D
5、ynamic Forecast Model Merger Consequences Model - Mergers, acquisitions, divestitures Leveraged Buy-Out (LBO) Model Discounted Cash Flow (DCF) Model Recapitalization Model,Some Examples of Financial Models,Some Examples of Financial Models,Some Examples of Financial Models,What Makes a GOOD Financia
6、l Model?,Flexibility: Design the model so that it can be modified easily. Tip: any assumption that was made to create the model, such as revenue growth, or discount rate, should be easy to change Visibility: Create the model under the premise that anyone should be able to review/audit and understand
7、 it quickly. Tip: refrain from embedding hard coded data in formulas or hiding/grouping rows/columns Organization and Design: Organize workbook so that worksheets flow together logically. Tip: group all assumptions on separate tab; name all other tabs according to the information or function each co
8、ntains (e.g. income statement, balance sheet, depreciation schedule, output, etc.),What Makes a GOOD Financial Model?,Depth: Construct model to reflect the reality of the business while making as few simplifying assumptions as possible. Tip: build separate schedules for capital expenditures, depreci
9、ation, debt, etc. Realistic Depiction of Business Operations: Choose assumptions that are reasonable and defensible. Tip: most assumptions will be determined by a senior banker or researcher, but research or industry reports can provide guidance Formatting: Use formatting for a purpose. Tip: use one
10、 color for hard coded data (i.e. constants or historical data), another for links and a third for formulas,Format of a Financial Model,Data and Assumptions - Inputs Calculations Solutions to Calculations - Outputs Links Between Calculations (Outputs become inputs) Titles and Notes for Clarification Model Maintenance Check (Dashboard),Assumptions,Calculations,Solutions to Calculations,Links Between Calculations,Title & Notes,Model Maintenance Check (Dashboard),Common Keyboard Shortcuts,