Section 1 : Welcome! Course Introduction
Lecture 1 What does the course cover 00:03:35 Duration
Lecture 2 Download all course materials

Section 2 : The ascendance of investment banking services
Lecture 1 The importance of history, name, tradition, and reputation 00:02:29 Duration
Lecture 2 Early origins of investment banking services 00:05:56 Duration
Lecture 3 What is the difference between commercial and investment banking 00:02:11 Duration
Lecture 4 Why do universal banks have a competitive advantage 00:03:26 Duration
Lecture 5 Intrinsic conflicts of interest and the role of Chinese walls 00:02:59 Duration
Lecture 6 Historical M&A waves 00:05:34 Duration
Lecture 7 Three of the most important IPOs in history 00:04:47 Duration

Section 3 : The four main areas of investment banking activity
Lecture 1 Capital markets – raising equity and debt capital 00:07:22 Duration
Lecture 2 Advisory – M&A and Restructuring services 00:07:27 Duration
Lecture 3 Trading and Brokerage – trading with financial securities 00:03:10 Duration
Lecture 4 Asset management – the ability to use money to make more money 00:04:03 Duration

Section 4 : Strategies pursued by investment banks
Lecture 1 Strategies pursued by investment banks 00:04:01 Duration
Lecture 2 Relationship vs transaction-based banking 00:04:44 Duration
Lecture 3 The accidental investment banker - Book recommendation 00:01:01 Duration

Section 5 : Capital markets – Equity capital markets
Lecture 1 Why would a company want to go public 00:02:52 Duration
Lecture 2 Who are the investors in an IPO 00:03:05 Duration
Lecture 3 Coming up with a share price 00:03:50 Duration
Lecture 4 What does an IPO timetable look like 00:03:53 Duration
Lecture 5 The IPO syndicate – members and responsibilities 00:03:09 Duration
Lecture 6 The pricing process 00:04:46 Duration
Lecture 7 Fee distribution among investment banks 00:04:10 Duration
Lecture 8 Allocating shares to investors – who gets what 00:04:31 Duration
Lecture 9 Taking a long and short position with respect to a security (definition) 00:03:01 Duration
Lecture 10 Post-IPO stabilization Applying the Greenshoe option 00:05:06 Duration
Lecture 11 Greenshoe explained – Practical example
Lecture 12 Other ways to place equity capital – SEOs and private placements 00:01:32 Duration
Lecture 13 Facebook's IPO - Case study 00:05:35 Duration
Lecture 14 Course Challenge #1 - IPO 00:00:43 Duration

Section 6 : Capital Markets – Debt Capital Markets
Lecture 1 The four different types of bonds 00:02:41 Duration
Lecture 2 Why issue a bond 00:03:52 Duration
Lecture 3 The mechanics of a bond offering 00:03:58 Duration
Lecture 4 A particular type of bonds - Junk bonds 00:02:57 Duration
Lecture 5 What is securitization and why can it be useful 00:03:21 Duration
Lecture 6 Securitization - explained
Lecture 7 Asset-backed securities An example of securitization 00:05:03 Duration
Lecture 8 Loan syndication – a preferred instrument for most banks nowadays 00:02:33 Duration
Lecture 9 Project finance 00:05:46 Duration
Lecture 10 Course challenge #2 - Debt offerings 00:00:42 Duration

Section 7 : Advisory services – Mergers and acquisitions
Lecture 1 Why acquire another company 00:05:34 Duration
Lecture 2 Describing the typical deal lifecycles and buyer companies 00:03:16 Duration
Lecture 3 The three types of M&A processes 00:02:51 Duration
Lecture 4 A detailed description of an M&A process 00:00:39 Duration
Lecture 5 Valuation of target companies 00:04:00 Duration
Lecture 6 Payment options in M&A deals 00:04:10 Duration
Lecture 7 Financial vs 00:02:23 Duration
Lecture 8 Course challenge #3 - M&A

Section 8 : Advisory services – Restructuring
Lecture 1 Restructuring services – why and when 00:02:10 Duration
Lecture 2 The different types of Restructuring 00:04:51 Duration
Lecture 3 Course Challenge #4 - Restructuring 00:00:42 Duration

Section 9 : Trading and Brokerage
Lecture 1 How investment banks profit from Trading and Brokerage 00:03:07 Duration
Lecture 2 The different types of financial securities traded by investment banks 00:04:18 Duration

Section 10 : Asset management
Lecture 1 Why hire Investment banks as asset managers 00:01:32 Duration
Lecture 2 A risk-return comparison of different investments 00:02:59 Duration
Lecture 3 Private equity funds 00:07:16 Duration

Section 11 : A step-by-step guide to Company Valuation
Lecture 1 Why value a company 00:01:37 Duration
Lecture 2 How much is a company worth for an investor 00:03:13 Duration
Lecture 3 The two variables that drive a firm’s value 00:01:57 Duration
Lecture 4 The mechanism of Unlevered cash flow calculation 00:04:34 Duration
Lecture 5 Introducing a discount factor – Weighted average cost of capital 00:03:58 Duration
Lecture 6 Calculating a firm's cost of debt 00:00:55 Duration
Lecture 7 Calculating a firm’s cost of equity 00:04:42 Duration
Lecture 8 How to find the beta for an unlisted firm
Lecture 9 Estimating a company’s future cash flows 00:02:32 Duration
Lecture 10 The two stages of a DCF model 00:02:24 Duration
Lecture 11 Discounting cash flows and terminal value 00:01:44 Duration
Lecture 12 Calculating enterprise and equity value 00:01:10 Duration

Section 12 : Financial modeling fundamentals
Lecture 1 What is a financial model 00:02:02 Duration
Lecture 2 Why use a financial model 00:02:35 Duration
Lecture 3 Inefficient financial modeling practices 00:05:49 Duration
Lecture 4 Efficient financial modeling practices 00:04:58 Duration
Lecture 5 Different types of financial models we can build 00:04:42 Duration
Lecture 6 The right level of detail we should use when building a 5 or 10-year model 00:02:35 Duration
Lecture 7 The right way to approach the forecasting exercise 00:02:51 Duration
Lecture 8 Building complete financial models 00:02:15 Duration
Lecture 9 Forecasting P&L items 00:05:58 Duration
Lecture 10 Forecasting Balance sheet items (12) 00:02:35 Duration
Lecture 11 Forecasting Balance sheet items (22) 00:05:08 Duration

Section 13 : DCF Valuation - Introduction
Lecture 1 How to value a company - Introduction 00:01:04 Duration
Lecture 2 The stages of a complete DCF Valuation 00:06:34 Duration
Lecture 3 Let's go through the structure of the DCF model we will create in Excel 00:02:57 Duration
Lecture 4 A glimpse at the company we are valuing - Cheeseco 00:01:11 Duration

Section 14 : DCF valuation - Forecasting of key P&L items
Lecture 1 Modeling the top line 00:03:56 Duration
Lecture 2 Building flexible financial models in Excel 00:02:17 Duration
Lecture 3 Modeling other items Other revenues and Cogs 00:03:51 Duration
Lecture 4 Modeling other items Operating expenses and D&A 00:02:27 Duration
Lecture 5 Modeling Other Items Interest expenses, Extraordinary items and Taxes

Section 15 : DCF Valuation - Forecasting key Balance Sheet items
Lecture 1 How to forecast Balance Sheet items - the clear and practical way 00:00:42 Duration
Lecture 2 A key concept for finance practitioners - the Days methodology 00:01:35 Duration
Lecture 3 How to calculate Days
Lecture 4 How to use Days to project the future development of BS items 00:02:22 Duration
Lecture 5 Forecasting Property, plant & equipment, Other assets and Other liabilities 00:02:22 Duration

Section 16 : DCF Valuation - Creating clean output sheets
Lecture 1 Excel best practices! Create a good-looking and clean output sheet in your model 00:02:37 Duration
Lecture 2 Putting what we learned into practice - Populating the P&L sheet 00:02:29 Duration
Lecture 3 How to create a clean output Balance Sheet in your Financial Model 00:01:53 Duration
Lecture 4 Completing the output BS sheet for the historical period 00:03:43 Duration

Section 17 : DCF valuation - Calculating unlevered cash flows and Net cash flow
Lecture 1 Learn how to calculate Unlevered free cash flows 00:03:18 Duration
Lecture 2 Important! Reconcile UFCF to Net cash flow 00:01:53 Duration
Lecture 3 A very useful lesson! Cash flow calculation 00:06:39 Duration
Lecture 4 Arriving to actual Net cash flow figures and performing a check with cash 00:03:57 Duration
Lecture 5 A fast and effective way to modify multiple cell references in Excel

Section 18 : DCF valuation - Calculating present value of cash flows in the forecast period
Lecture 1 Introducing weighted average cost of capital (WACC) and perpetuity growth rate 00:01:55 Duration
Lecture 2 Learn how to find the present value of future Cash Flows in Financial Models 00:03:00 Duration

Section 19 : DCF valuation - Calculating Continuing value, Enterprise value and Equity ealue
Lecture 1 Calculating Continuing value and Enterprise value of the business 00:02:21 Duration
Lecture 2 Final steps! Calculating Equity value of the business 00:01:27 Duration

Section 20 : DCF Valuation - Additional analyses accompanying the Financial Model
Lecture 1 Sensitivity analysis for WACC and perpetuity growth 00:04:41 Duration
Lecture 2 An application of Goal seek 00:01:41 Duration
Lecture 3 Recap of the financial model with charts and hypothesis testing 00:04:28 Duration

Section 21 : Tesla valuation - Complete DCF exercise
Lecture 1 Organizing external inputs in a 'Drivers' sheet 00:03:55 Duration
Lecture 2 The input data we will work with 00:01:27 Duration
Lecture 3 Forecasting Tesla's expected deliveries
Lecture 4 Comparing delivery figures with the ones of industry peers 00:02:54 Duration
Lecture 5 Estimating an average selling price of Tesla vehicles 00:04:51 Duration
Lecture 6 Calculating automotive revenue 00:04:38 Duration
Lecture 7 Peer comparison Gross profit % 00:02:19 Duration
Lecture 8 Calculating automotive gross profit 00:02:49 Duration
Lecture 9 Calculating automotive cost of sales 00:02:05 Duration
Lecture 10 Forecasting 'energy' and 'services' revenue 00:02:53 Duration
Lecture 11 Calculating 'energy' and 'services' gross profit and cost of sales 00:02:48 Duration
Lecture 12 Forecasting operating expenses 00:05:16 Duration
Lecture 13 Building a fixed asset roll forward estimating Capex 00:06:20 Duration
Lecture 14 Building a fixed asset roll forward D&A schedule 00:05:43 Duration
Lecture 15 Peer comparison D&A as a percentage of revenues 00:01:27 Duration
Lecture 16 Calculating DSO, DIO, DPO 00:01:55 Duration
Lecture 17 Producing a clean P&L output sheet 00:01:29 Duration
Lecture 18 Fill in the P&L output sheet 00:01:54 Duration
Lecture 19 Calculating investments in working capital 00:01:59 Duration
Lecture 20 Forecasting Unlevered free cash flow 00:05:31 Duration
Lecture 21 Forecasting other assets 00:03:53 Duration
Lecture 22 Forecasting other liabilities 00:02:13 Duration
Lecture 23 Completing Unlevered free cash flow 00:03:42 Duration
Lecture 24 Modeling Tesla's financing needs in the forecast period 00:04:56 Duration
Lecture 25 Calculating Net income 00:01:23 Duration
Lecture 26 Bridging Unlevered Free cash flow to Net cash flow 00:03:58 Duration
Lecture 27 Balancing the Balance sheet 00:00:58 Duration
Lecture 28 Estimating Weighted average cost of capital (WACC) 00:06:07 Duration
Lecture 29 Performing Discounted cash flow valuation (DCF) 00:03:34 Duration
Lecture 30 Calculating enterprise value, equity value, and price per share 00:02:11 Duration
Lecture 31 Closing remarks 00:03:49 Duration

Section 22 : Relative valuation – triangulating DCF results with multiples
Lecture 1 Why do we use multiples 00:03:51 Duration
Lecture 2 What types of multiples are there 00:02:38 Duration
Lecture 3 Finding the right comparable companies 00:01:43 Duration
Lecture 4 The most widely used multiples 00:03:28 Duration
Lecture 5 Best practices that ensure accurate calculation of multiples 00:02:02 Duration

Section 23 : A guide to Leveraged Buyouts
Lecture 1 What is an LBO 00:02:05 Duration
Lecture 2 The phases of an LBO process 00:01:44 Duration
Lecture 3 When is an LBO a feasible option 00:03:23 Duration
Lecture 4 Making money in an LBO 00:03:53 Duration
Lecture 5 Who are the lenders in an LBO 00:03:58 Duration

Section 24 : LBO Valuation - Building a leveraged buyout (LBO) model from scratch
Lecture 1 Introduction to the model we will build 00:05:04 Duration
Lecture 2 Establishing the maximum amount of debt that can be used in the transaction 00:04:16 Duration
Lecture 3 Financial sponsors’ perspective 00:02:27 Duration
Lecture 4 Forecasting financials until EBIT 00:05:17 Duration
Lecture 5 The optimal debt structure 00:03:00 Duration
Lecture 6 Estimating cash flows and debt payments 00:03:16 Duration
Lecture 7 Completing the model for the period 2018-2021 00:04:17 Duration
Lecture 8 Calculating Enterprise value and IRR 00:05:01 Duration
Lecture 9 Performing sensitivity analysis 00:04:02 Duration

Section 25 : Interview preparation
Lecture 1 Career guide and frequently asked interview questions