The Knowledge Base Level I contains over 850 pages of highly specialized content specifically geared toward corporate finance and spreadsheet analysis. By the end of the curriculum you will have built a relatively complex forecasting, transaction and valuation model in Excel – and learned the concepts underlying the analysis.

A  B  C  D  E  F  G  H  I  J  K  L  M   N  O  P  Q  R  S  T  U   V  W  X  Y  Z A Above the Line / Operating Items Accounts Payable - Changes in Working Capital (Cash Flow Statement) Accounts Receivable - Changes in Working Capital (Cash Flow Statement) Accrued Expenses - Changes in Working Capital (Cash Flow Statement) Acquisition Adjustments to LTM Amortization, Addback (Cash Flow Statement) Amortization - Obtaining the Data Average Interest Average Interest Check B Balance Sheet Forecasting Balance Sheet, What is Beta / Risk Betas, Levering and Unlevering Buildup Buildup - Segments Bullet Note / Senior Subordinated Notes / High Yield / Bond, What is C      Back to top Capcase Capital Asset Pricing Model (CAPM) Capital Expenditures (Capex), Example Capital Expenditures (Cash Flow Statement) Capital Structure, Impact of Capitalized Financing Costs Forecasting Case Dependent Triggers Case Number Cases, Operating Cash Available for Debt Repayment (Cash Flow Statement) Cash Available for Debt Repayment, Role in Debt Schedule Cash Flow Statement, Function of Cash Flow Statement, What is Cash - Including in Enterprise Value Cash on Balance Sheet as Use of Funds Check, Overall Checks, Balance Sheet Checks, Cumulative Checks - on Cover Page Circular References Closing Adjustments Closing Balance Sheet, Building the Closing Balance Sheet, Components Closing Balance Sheet, Introduction to Color Coding Cells Common Equity Forecasting Comparable Company Analysis, Introduction to Comparables - For Beta Calculation Comps - Factors Affecting Comparability Convertibles - Including in Enterprise Value Copy and Insert Entire Page Cost of Goods Sold (COGS), Components of Cost of Goods Sold (COGS), Projected Formula Cost Structure - Operating Buildup Cover Page - Summary Valuation Coverage Ratios Credit Statistics Cutting vs. Copying Cyclicality - Impact on Beta D D&A - Obtaining the Data<      Back to top Days Receivable (Working Capital Ratios) DCF - Excel Illustration DCF - Sensitivity Analysis DCF - Steps DCF - Taxes on EBIT Debt - Including in Enterprise Value Debt Schedule - Stress Testing Debt Schedule Construction - Excess Cash Added Debt Schedule Construction - Incremental Revolver Borrowings Debt Schedule Construction - Optional Debt Retirement [Also see Triggers] Debt Schedule Construction - Required Debt Retirement Debt Schedule Construction - Scheduled Debt Retirement Debt Schedule Construction - Sources Debt Schedule Sources and Uses, How it Works Debt Schedule, What is a Debt, Types of Deleveraging Depreciation, Addback (Cash Flow Statement) Depreciation - Obtaining the Data Diluted Shares Discount Rate and Cost of Capital Discounted Cash Flow (DCF) Example Divestiture Adjustments to LTM E      Back to top Earnings Before Interest and Taxes (EBIT), Calculation EBITDA Calculation, Two Approaches EBITDA Growth Rate, Common Mistake EBITDA, Concept & Calculation EBITDA / Interest EBITDA less Capex / Interest EBITDA Multiple Formula EBITDA Multiples - A Proof EBITDA Multiples - Using the Formula EDGAR SEC Archive Enterprise Value, Derivation Enterprise Value Formula Equity Value Calculation F      Back to top Finance vs. Accounting Financing Cost Amortization, Addback (Cash Flow Statement) Financing Costs Amortization Forecasting Flow of a Transaction Model Footnotes, What are Forecasting Capital Expenditures (Capex) Forecasting Cost of Goods Sold (COGS) - Margin Trends, Business Mix, Non-Recurring Items Forecasting Revenue (Sales) - Pro Forma, Organic, Divestiture, Market Share, Trends Forecasting SG&A (Selling, General & Administrative Expenses) Formula, How to Create a Future Value G      Back to top Gross Profit, Calculation Growth Rate Formula H      Back to top I        Back to top If-Then Statements Income Statement, A Typical Income Statement, What is Income Tax Expense Forecasting Insert a Page / Insert Copied Rows Intangibles Forecasting Interest Expense Forecasting Interest Income Forecasting Inventory - Changes in Working Capital (Cash Flow Statement) Inventory Turns (Working Capital Ratios) J      Back to top K      Back to top Keystrokes, How to Learn L      Back to top Latest Twelve Month (LTM) Calculation Leverage Ratios Linking Subtotals - Common Mistake Lookup Table LTM Calculation LTM Results, Adjustments to M      Back to top Market Value Balance Sheet MAX Function MD&A (Management’s Discussion and Analysis), What is MIN Function Naming Cells Multiples - Factors Affecting Comparability Multiples Analysis - Introduction to Multiples, List of Commonly Used Multiples - Principle of Consistency N      Back to top Net Debt, What is Net Debt / EBITDA Net Income (Cash Flow Statement) Net Working Capital Not Meaningful Non-Recurring Items Number Format - Custom O      Back to top Offset Function for Operating Case Offset Function for Transaction Case One Time Items Operating Assumptions, Concept Operating Buildup Operating Leverage - Impact on Beta Operating Leverage Operating Profit (EBIT), Calculation Optional Debt Retirements (Debt Schedule) Options, What Are Other Assets and Liabilities Forecasting Other Current Assets - Changes in Working Capital (Cash Flow Statement) P      Back to top PE Multiples Percent of Sales, Formula Perpetuity Pooling - Adjustments to LTM PP&E Forecasting Preferred Stock - Including in Enterprise Value Present Value Price-Earnings Ratio Price-Volume Buildup Pro Forma Closing Balance Sheet Purchase Accounting Adjustments to LTM Purple Color Coding Q      Back to top R      Back to top Relative and Absolute References Relative Value Analysis, Introduction to Required Debt Retirements (Debt Schedule) Restructuring Liabilities, Treatment of Revenue (Sales), Projected Formula Revenue (Sales), What is Revolver, Incremental Borrowing on (Debt Schedule) Revolver, What is Risk and Return S      Back to top Scenario Analysis Selling, General & Administrative (SG&A), Components of Shares Outstanding, Calculation of Sources and Uses - Image Sources and Uses - Build Lookup Sources and Uses - Linking Cover Page Sources and Uses - Purpose of Sources and Uses - Revolver Plug Sources of Cash Concept - Debt Schedule Sum Formula - Non-Contiguous Section Sum Formulas / SumBars - Not Just for Beginners! T      Back to top 10-K and 10-Q Reports Term Loan, What is Terminal Value, Perpetuity Method Text & Formula Combination Trace Precedents and Dependents Transaction Analysis, Introduction to Transactions, What are They? Transcase Treasury Stock Method for Options Triggers / On-Off Switches / If-Then Statements U      Back to top Unlevered Free Cash Flow (UFCF) - Calculation, Method I Unlevered Free Cash Flow (UFCF) - Calculation, Method II Unlevered Free Cash Flow (UFCF) - Concept Unusual Items Uses of Cash Concept - Debt Schedule V      Back to top W      Back to top Weighted Average Cost of Capital (WACC) Working Capital % of Sales Working Capital Forecasting XYZ      Back to top

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