Learning Center
Free courses in finance, accounting, investing and financial markets, taught the way an analyst uses them. Every calculator in the terminal has a companion course here: what it is for, the formula, what each variable means, a worked example whose numbers actually tie, the mistakes people make, and how the concept comes up in an interview.
17 free courses, 171 checks, 207 minutes of reading. Each course ends in a free completion record, a certificate of completion anyone can verify, and together they are the preparation for the VALUATIO Verified Valuation Assessment.
Reading a 10-K
Where the numbers in every model actually come from.
10-KThe three-statement model
How the income statement, balance sheet and cash flow lock together.
3SMEnterprise value and equity value
Two different questions, and the bridge between them.
EVFree cash flow
The only number in a valuation that is actually cash.
FCFWorking capital and the cash conversion cycle
Why a profitable company can still run out of money.
NWCTrading multiples
Shorthand for a discounted cash flow, and why the shorthand leaks.
MULTCost of equity and beta
What shareholders require, and why it depends on someone else’s debt.
CoEWeighted average cost of capital
The return a business must earn before it has created anything.
WACCDiscounted cash flow
What a business is worth to the people who own its cash flows.
DCFTerminal value
The three-quarters of your valuation you spent ten minutes on.
TVSensitivity and scenario analysis
A single number is a guess. A range you can defend is an answer.
SENSComparable companies
What the market is paying, right now, for businesses like this one.
CCAPrecedent transactions
What buyers have actually paid, control premium and all.
PTSum of the parts
Value a group one business at a time, then reassemble it.
SOTPLeveraged buyout
What a financial buyer can pay, given the returns they have promised.
LBOAccretion and dilution
Whether a deal adds to earnings per share, and why that is not the same as whether it creates value.
A/DQuality of earnings
Reported EBITDA is an opening position. This is how it gets tested.
QoE