Introduction to Finance, Accounting, Modeling and Valuation
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#1 Best Selling Accounting Course on Udemy (Learn Finance and Accounting the Easy Way)! ** ACCORDING TO BUSINESS INSIDER: “Haroun is one of the highest rated professors on Udemy, so you can expect to be in good hands through the course of your education.” ** He is the author of the best selling business course on Udemy this year called ‘An Entire MBA in 1 Course’
This course will help you understand accounting, finance, financial modeling and valuation from scratch (no prior accounting, finance, modeling or valuation experience is required).
By the end of this course, you will also know how to value companies using several different valuation methodologies that I have used during my Wall Street career so you can come up with target prices for the companies that you are analyzing.
By the end of this course, you will also know how to analyze financial statements using many different financial ratios/formulas that I have used in my hedge fund, Goldman Sachs & venture capital career.
The Learning objectives of the course are as follows:
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Understand how to read and analyze financial statements like a Balance Sheet, an Income Statement, and a Cash Flow Statement.
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Discover the best modeling practices to be able to create your own financial statements.
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Recognize the role macroeconomics plays in modeling.
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Identify the different resources to research financial statements of public companies.
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Determine how to create a forecasting model from the financial statements.
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List the most commonly used valuation methods.
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Derive a target price of a stock using three or more valuation methods.
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Define and explain the financial metrics used to determine the health of a company.
Lastly, I am teaching this course in a much more visual and entertaining way; I hope you enjoy the course as I always use an ‘edutainment’ and visualization teaching approach to make complex topics simple/easy to understand.
Thanks,
Chris Haroun
CPE (Continuing Professional Education)
See above for Learning Objectives
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Thank You Message from Chris -
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Course Introduction & Who is this Course For?This course is for:
anyone interested in how accounting works (no prior accounting experience is needed).
anyone interested in how finance works (no prior finance experience is needed).
anyone interested in how modeling works (no prior modeling experience is needed).
anyone interested in how valuation works (no prior valuation experience is needed).
anyone interested in how financial ratios works (no prior financial ratios experience is needed).
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How to Ask me Questions Live on my Weekly Webcast (Includes Zoom)
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Why is the Income Statement Important & How Can It Help You Achieve Your Goals
Why is the income statement important and how can it help you achieve your goals? Once you understand the income statement, balance sheet and cash flow statements (all explained in this course), then we can move on to the modeling and then the valuation section of this course.
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Income Statement Explanation
An explanation of the income statement (assumes you have no experience with this topic).
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Income Statement Example and Analysis
An example of an income statement (attached is an excel version of this statement).
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Income Statement Analysis Exercise
Please find attached the income statement exercise. The instructions for the exercise are listed on the first tab in the attached Excel spreadsheet. When you have completed the exercise, please watch the next lecture for an explanation of the answers. Thanks
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Income Statement Analysis Exercise Answers Explanations
A discussion of the income statement exercise results.
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How to Access MANY More of my Finance Lesson Videos for Free
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Why is the Balance Sheet Important & How Can It Help You Achieve Your Goals
Why is the balance sheet important & how can it help you achieve your goals? Once you understand the income statement, balance sheet and cash flow statements (all explained in this course), then we can move on to the modeling and then the valuation section of this course.
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Balance Sheet Explanation
An explanation of the balance sheet (assumes you have no experience with this topic).
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Balance Sheet Example and Analysis
An example of a balance sheet (attached is an excel version of this statement).
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Balance Sheet Analysis Exercise
Please find attached the balance sheet exercise. The instructions for the exercise are listed on the first tab in the attached Excel spreadsheet. When you have completed the exercise, please watch the next lecture for an explanation of the answers. Thanks
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Balance Sheet Analysis Exercise Answer Explanations
A discussion of the balance sheet exercise results.
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Why is the Cash Flow Statement Important+How Can It Help You Achieve Your Goals
Why is the cash flow statement important & how can it help you achieve your goals? Once you understand the income statement, balance sheet and cash flow statements (all explained in this course), then we can move on to the modeling and then the valuation section of this course.
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Cash Flow Statement Explanation
An explanation of the cash flow statement (assumes you have no experience with this topic).
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Cash Flow Statement Example and Analysis
An example of a cash flows statement (attached is an excel version of this statement).
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Cash Flow Statement Analysis Exercise
Please find attached the cash flow statement exercise. The instructions for the exercise are listed on the first tab in the attached Excel spreadsheet. When you have completed the exercise, please watch the next lecture for an explanation of the answers. Thanks
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Cash Flow Statement Analysis Exercise Answer Explanations
A discussion of the cash flow statement exercise results.
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Financial Statement Analysis Conclusion (How All 3 Statements Are Related)
How are the cash flow statement, balance sheet and income statement connected?
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CPE Review Quiz: Section 2-4
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Why is Financial Modeling Important & How Can It Help You Achieve Your Goals
Why is financial modeling important & how can it help you achieve your goals? Now that we understand how to analyze and create an income statement, balance sheet and cash flow statement, we can project the aforementioned financial statements. Once we are finished with the 4 valuation sections, then we will learn how to come up with the appropriate target prices for companies we are doing research on.
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Financial Modeling Best Practices
Please find attached a 1 page document containing 25 of my modeling and valuation best practices. Thanks
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Why is Investor Relations+SEC.Gov Important & How Can It Help Me Build Models?
An introduction to 3 crucial (and free) sources where we can get data to create our financial model forecasts.
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Introduction to Investor Relations (A Great Model Data Source)
What is investor relations and how can the investor relations function help us to better understand companies we are considering investing in?
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SEC.gov is Another Great Model Resource
All investors can now get access to information at the exact same time. This lecture will explain exactly where to get this information and how to navigate several online documents, including the 10-K, 10-Q, S-1 IPO filings etc.
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Yahoo Finance is Also a Great Model Resource
I used to pay thousands of dollars per month/year for Bloomberg access. I will teach you how to get almost all of that information for free!
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What Quarterly Earnings Call & Why Is It Important for Modeling Purposes?
Learn what a quarterly earnings call is and how it can help you understand investment ideas better.
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CPE Review Quiz: Section 5-6
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Case Study Introduction and What You Will Learn in this Section
This section is an extremely in depth overview of how I analyze LinkedIn (ticker: LNKD), including creating financials, forecasting financials and several different valuation methodologies, including discounted cash flow (DCF), P/E, P/R, terminal value calculation, weighted average cost of capital calculation, total addressable market analysis and more.
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Qualitative Analysis on LinkedIn
How can I research what a company does? What are the best resources?
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What is the Total Addressable Market for LinkedIn and Why is this Important?
How do I calculate the size of the total addressable market for LinkedIn's products, what does this mean and why is this important when analyzing a company or creating a financial model?
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LinkedIn Model Introduction
This lecture explains how to navigate and set up a professional financial model.
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LinkedIn Model Discussion in More Detail (Historical Data Only)
Please open the attached PDF of the LinkedIn earnings press release before viewing this lecture. Thanks
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Forecasting the LinkedIn Model
Basics on how to forecast the income statement, cash flow statement and balance sheet for my LinkedIn model.
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Financial Modeling Exercises Introduction
An introduction to financial modeling (used so we can come up with target prices for the companies we analyze).
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Financial Modeling Exercise
Please find attached the financial modeling exercise. The instructions for the exercise are listed on the first tab in the attached Excel spreadsheet. When you have completed the exercise, please watch the next lecture for an explanation of the answers. Thanks
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Modeling Exercise Answer Explanations
An in depth discussion of the answers to the financial modeling exercise. "Learn to read financial statements like a good book!"
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CPE Review Quiz: Section 7-8
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Introduction to Valuation
Now that we know how to create and model financial statements, we can learn how to value companies based on the financial statements that we created.
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More Detail on Growth Versus Value and P/E + P/R + DCF Overview
It is crucial that we understand what kind of investors we are or work for as growth investors value companies in different ways than value investors do.
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25 Valuation and Modeling Best Practices
Please find attached the 25 Valuation and Modeling Best Practices PDF. Thanks
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What is DCF, Why is it Important and How Does it Work?
What does discounted cash flow (DCF) mean and why is it important to helping us value companies? How can we create a DCF?
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Calculating the Terminal Value
What is the terminal value and why is it crucial for us in order to value a company based on discounted cash flow analysis?
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Calculating the Weighted Average Cost of Capital (WACC)
How can we calculate what rate to discount our future cash flows at? We will discuss the cost of equity and the cost of debt as part of the W.A.C.C. (weighted average cost of capital) for our target price analysis.
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DCF Example
An example of DCF valuation applied to my LinkedIn model.
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DCF Exercise
Please find attached the DCF exercise. The instructions for the exercise are listed on the first tab in the attached Excel spreadsheet. When you have completed the exercise, please watch the next lecture for an explanation of the answers. Thanks -
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DCF Exercise Answer Explanations Part 1 of 2
An extremely in depth discussion of the DCF valuation exercise from the previous lesson (part 1 of 2).
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DCF Exercise Answer Explanations Part 2 of 2
An extremely in depth discussion of the DCF valuation exercise from the previous lesson (part 2 of 2).
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What is Price / Revenue and Why Do We Need to Base a Target Price on this Ratio?
This section discusses how we can value companies that don't yet have earnings.
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Price to Revenue Example
This lecture shows how we can calculate a target price for LinkedIn using a price to revenue target price methodology.
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Price to Revenue Valuation Exercise
Please find attached the Price / Revenue exercise. The instructions for the exercise are listed on the first tab in the attached Excel spreadsheet. When you have completed the exercise, please watch the next lecture for an explanation of the answers. Thanks
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Price to Revenue Exercise Answer Explanations
A discussion of the answers to the price to revenue valuation exercise.
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Introduction to P/E and Why it Matters
Why do almost all investors love valuing companies using a price to earnings valuation methodology (growth and value investors)? How can we value companies with different earnings growth rates using price to earnings?
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Price to Earnings Example
How to pick a target price for LinkedIn using price to earnings.
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Price to Earnings Valuation Exercise
Please find attached the Price / Earnings valuation exercise. The instructions for the exercise are listed on the first tab in the attached Excel spreadsheet. When you have completed the exercise, please watch the next lecture for an explanation of the answers. Thanks
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Price to Earnings Exercise Answer Explanations
An in depth explanation of the answers to the price to earnings valuation exercise.
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Additional Valuation Methodologies
Additional valuation methodologies, including EV/EBITDA, EV/Sales, price to book, cash flow, etc.
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Introduction to Formulas
Analyzing companies using different formula methodologies from these 4 categories: Profitability Formulas, Time Formulas, Comp. (Competition) Formulas and Debt Formulas.
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Amazing Formulas to Assess Financials
A discussion of the following formulas:
Analyze financial statements using profitability ratios: Gross Margin (Cost of Goods Sold / Revenue), Operating Margin (EBITDA/ Revenue), Net Profit Margin (Net Income / Revenue), Return on Assets (Net Income / Assets) and Return on Equity (Net Income / Equity). Gross Margin (Cost of Goods Sold / Revenue), Operating Margin (EBITDA/ Revenue), Net Profit Margin (Net Income / Revenue), Return on Assets (Net Income / Assets) and Return on Equity (Net Income / Equity).
Analyze financial statements using debt and inventory formulas: Debt to Assets (Total Liabilities/ Total Assets), Debt to Equity (Total Liabilities/ Total Equity), Interest Coverage Ratio (EBITDA / Interest) and Inventory Days on Hand (Inventory / Cost of Good Sold) * 365.
Analyze and compare companies using the following formulas: Price / Earnings, PEG (P/E / Growth), Price / Revenue, EV/EBITDA, EV/Sales, Price/Free Cash Flow and Price / Book.
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Exercise on Using Formulas
An exercise using the following formulas to analyze financial statements:
Analyze financial statements using profitability ratios: Gross Margin (Cost of Goods Sold / Revenue), Operating Margin (EBITDA/ Revenue), Net Profit Margin (Net Income / Revenue), Return on Assets (Net Income / Assets) and Return on Equity (Net Income / Equity). Gross Margin (Cost of Goods Sold / Revenue), Operating Margin (EBITDA/ Revenue), Net Profit Margin (Net Income / Revenue), Return on Assets (Net Income / Assets) and Return on Equity (Net Income / Equity).
Analyze financial statements using debt and inventory formulas: Debt to Assets (Total Liabilities/ Total Assets), Debt to Equity (Total Liabilities/ Total Equity), Interest Coverage Ratio (EBITDA / Interest) and Inventory Days on Hand (Inventory / Cost of Good Sold) * 365.
Analyze and compare companies using the following formulas: Price / Earnings, PEG (P/E / Growth), Price / Revenue, EV/EBITDA, EV/Sales, Price/Free Cash Flow and Price / Book.
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Discussion of the Answers to the Formulas Exercise
A discussion of the answers to the formula questions from the previous exercise:
Analyze financial statements using profitability ratios: Gross Margin (Cost of Goods Sold / Revenue), Operating Margin (EBITDA/ Revenue), Net Profit Margin (Net Income / Revenue), Return on Assets (Net Income / Assets) and Return on Equity (Net Income / Equity). Gross Margin (Cost of Goods Sold / Revenue), Operating Margin (EBITDA/ Revenue), Net Profit Margin (Net Income / Revenue), Return on Assets (Net Income / Assets) and Return on Equity (Net Income / Equity).
Analyze financial statements using debt and inventory formulas: Debt to Assets (Total Liabilities/ Total Assets), Debt to Equity (Total Liabilities/ Total Equity), Interest Coverage Ratio (EBITDA / Interest) and Inventory Days on Hand (Inventory / Cost of Good Sold) * 365.
Analyze and compare companies using the following formulas: Price / Earnings, PEG (P/E / Growth), Price / Revenue, EV/EBITDA, EV/Sales, Price/Free Cash Flow and Price / Book.
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CPE Review Quiz: Section 9-15
