Section 1 : Welcome! Course Introduction

Lecture 1 What does the course cover 3:35
Lecture 2 Download all course materials Text

Section 2 : The ascendance of investment banking services

Lecture 3 The importance of history, name, tradition, and reputation 2:29
Lecture 4 Early origins of investment banking services 5:56
Lecture 5 What is the difference between commercial and investment banking 2:11
Lecture 6 Why do universal banks have a competitive advantage 3:26
Lecture 7 Intrinsic conflicts of interest and the role of Chinese walls 2:59
Lecture 8 Historical M&A waves 5:34
Lecture 9 Three of the most important IPOs in history 4:47

Section 3 : The four main areas of investment banking activity

Lecture 10 Capital markets – raising equity and debt capital 7:22
Lecture 11 Advisory – M&A and Restructuring services 7:27
Lecture 12 Trading and Brokerage – trading with financial securities 3:10
Lecture 13 Asset management – the ability to use money to make more money 4:3

Section 4 : Strategies pursued by investment banks

Lecture 14 Strategies pursued by investment banks 4:1
Lecture 15 Relationship vs transaction-based banking 4:44
Lecture 16 The accidental investment banker - Book recommendation 1:1

Section 5 : Capital markets – Equity capital markets

Lecture 17 Why would a company want to go public 2:52
Lecture 18 Who are the investors in an IPO 3:5
Lecture 19 Coming up with a share price 3:50
Lecture 20 What does an IPO timetable look like 3:53
Lecture 21 The IPO syndicate – members and responsibilities 3:9
Lecture 22 The pricing process 4:46
Lecture 23 Fee distribution among investment banks 4:10
Lecture 24 Allocating shares to investors – who gets what 4:31
Lecture 25 Taking a long and short position with respect to a security (definition) 3:1
Lecture 26 Post-IPO stabilization Applying the Greenshoe option 5:6
Lecture 27 Greenshoe explained – Practical example Text
Lecture 28 Other ways to place equity capital – SEOs and private placements 1:32
Lecture 29 Facebook's IPO - Case study 5:35
Lecture 30 Course Challenge #1 - IPO 0:43

Section 6 : Capital Markets – Debt Capital Markets

Lecture 31 The four different types of bonds 2:41
Lecture 32 Why issue a bond 3:52
Lecture 33 The mechanics of a bond offering 3:58
Lecture 34 A particular type of bonds - Junk bonds 2:57
Lecture 35 What is securitization and why can it be useful 3:21
Lecture 36 Securitization - explained
Lecture 37 Asset-backed securities An example of securitization 5:3
Lecture 38 Loan syndication – a preferred instrument for most banks nowadays 2:33
Lecture 39 Project finance 5:46
Lecture 40 Course challenge #2 - Debt offerings 0:42

Section 7 : Advisory services – Mergers and acquisitions

Lecture 41 Why acquire another company 5:34
Lecture 42 Describing the typical deal lifecycles and buyer companies 3:16
Lecture 43 The three types of M&A processes 2:51
Lecture 44 A detailed description of an M&A process 0:39
Lecture 45 Valuation of target companies 4:0
Lecture 46 Payment options in M&A deals 4:10
Lecture 47 Financial vs 2:23
Lecture 48 Course challenge #3 - M&A

Section 8 : Advisory services – Restructuring

Lecture 49 Restructuring services – why and when 2:10
Lecture 50 The different types of Restructuring 4:51
Lecture 51 Course Challenge #4 - Restructuring 0:42

Section 9 : Trading and Brokerage

Lecture 52 How investment banks profit from Trading and Brokerage 3:7
Lecture 53 The different types of financial securities traded by investment banks 4:18

Section 10 : Asset management

Lecture 54 Why hire Investment banks as asset managers 1:32
Lecture 55 A risk-return comparison of different investments 2:59
Lecture 56 Private equity funds 7:16

Section 11 : A step-by-step guide to Company Valuation

Lecture 57 Why value a company 1:37
Lecture 58 How much is a company worth for an investor 3:13
Lecture 59 The two variables that drive a firm’s value 1:57
Lecture 60 The mechanism of Unlevered cash flow calculation 4:34
Lecture 61 Introducing a discount factor – Weighted average cost of capital 3:58
Lecture 62 Calculating a firm's cost of debt 0:55
Lecture 63 Calculating a firm’s cost of equity 4:42
Lecture 64 How to find the beta for an unlisted firm Text
Lecture 65 Estimating a company’s future cash flows 2:32
Lecture 66 The two stages of a DCF model 2:24
Lecture 67 Discounting cash flows and terminal value 1:44
Lecture 68 Calculating enterprise and equity value 1:10

Section 12 : Financial modeling fundamentals

Lecture 69 What is a financial model 2:2
Lecture 70 Why use a financial model 2:35
Lecture 71 Inefficient financial modeling practices 5:49
Lecture 72 Efficient financial modeling practices 4:58
Lecture 73 Different types of financial models we can build 4:42
Lecture 74 The right level of detail we should use when building a 5 or 10-year model 2:35
Lecture 75 The right way to approach the forecasting exercise 2:51
Lecture 76 Building complete financial models 2:15
Lecture 77 Forecasting P&L items 5:58
Lecture 78 Forecasting Balance sheet items (12) 2:35
Lecture 79 Forecasting Balance sheet items (22) 5:8

Section 13 : DCF Valuation - Introduction

Lecture 80 How to value a company - Introduction 1:4
Lecture 81 The stages of a complete DCF Valuation 6:34
Lecture 82 Let's go through the structure of the DCF model we will create in Excel 2:57
Lecture 83 A glimpse at the company we are valuing - Cheeseco 1:11

Section 14 : DCF valuation - Forecasting of key P&L items

Lecture 84 Modeling the top line 3:56
Lecture 85 Building flexible financial models in Excel 2:17
Lecture 86 Modeling other items Other revenues and Cogs 3:51
Lecture 87 Modeling other items Operating expenses and D&A 2:27
Lecture 88 Modeling Other Items Interest expenses, Extraordinary items and Taxes

Section 15 : DCF Valuation - Forecasting key Balance Sheet items

Lecture 89 How to forecast Balance Sheet items - the clear and practical way 0:42
Lecture 90 A key concept for finance practitioners - the Days methodology 1:35
Lecture 91 How to calculate Days
Lecture 92 How to use Days to project the future development of BS items 2:22
Lecture 93 Forecasting Property, plant & equipment, Other assets and Other liabilities 2:22

Section 16 : DCF Valuation - Creating clean output sheets

Lecture 94 Excel best practices! Create a good-looking and clean output sheet in your model 2:37
Lecture 95 Putting what we learned into practice - Populating the P&L sheet 2:29
Lecture 96 How to create a clean output Balance Sheet in your Financial Model 1:53
Lecture 97 Completing the output BS sheet for the historical period 3:43

Section 17 : DCF valuation - Calculating unlevered cash flows and Net cash flow

Lecture 98 Learn how to calculate Unlevered free cash flows 3:18
Lecture 99 Important! Reconcile UFCF to Net cash flow 1:53
Lecture 100 A very useful lesson! Cash flow calculation 6:39
Lecture 101 Arriving to actual Net cash flow figures and performing a check with cash 3:57
Lecture 102 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 103 Introducing weighted average cost of capital (WACC) and perpetuity growth rate 1:55
Lecture 104 Learn how to find the present value of future Cash Flows in Financial Models 3:0

Section 19 : DCF valuation - Calculating Continuing value, Enterprise value and Equity ealue

Lecture 105 Calculating Continuing value and Enterprise value of the business 2:21
Lecture 106 Final steps! Calculating Equity value of the business 1:27

Section 20 : DCF Valuation - Additional analyses accompanying the Financial Model

Lecture 107 Sensitivity analysis for WACC and perpetuity growth 4:41
Lecture 108 An application of Goal seek 1:41
Lecture 109 Recap of the financial model with charts and hypothesis testing 4:28

Section 21 : Tesla valuation - Complete DCF exercise

Lecture 110 Organizing external inputs in a 'Drivers' sheet 3:55
Lecture 111 The input data we will work with 1:27
Lecture 112 Forecasting Tesla's expected deliveries
Lecture 113 Comparing delivery figures with the ones of industry peers 2:54
Lecture 114 Estimating an average selling price of Tesla vehicles 4:51
Lecture 115 Calculating automotive revenue 4:38
Lecture 116 Peer comparison Gross profit % 2:19
Lecture 117 Calculating automotive gross profit 2:49
Lecture 118 Calculating automotive cost of sales 2:5
Lecture 119 Forecasting 'energy' and 'services' revenue 2:53
Lecture 120 Calculating 'energy' and 'services' gross profit and cost of sales 2:48
Lecture 121 Forecasting operating expenses 5:16
Lecture 122 Building a fixed asset roll forward estimating Capex 6:20
Lecture 123 Building a fixed asset roll forward D&A schedule 5:43
Lecture 124 Peer comparison D&A as a percentage of revenues 1:27
Lecture 125 Calculating DSO, DIO, DPO 1:55
Lecture 126 Producing a clean P&L output sheet 1:29
Lecture 127 Fill in the P&L output sheet 1:54
Lecture 128 Calculating investments in working capital 1:59
Lecture 129 Forecasting Unlevered free cash flow 5:31
Lecture 130 Forecasting other assets 3:53
Lecture 131 Forecasting other liabilities 2:13
Lecture 132 Completing Unlevered free cash flow 3:42
Lecture 133 Modeling Tesla's financing needs in the forecast period 4:56
Lecture 134 Calculating Net income 1:23
Lecture 135 Bridging Unlevered Free cash flow to Net cash flow 3:58
Lecture 136 Balancing the Balance sheet 0:58
Lecture 137 Estimating Weighted average cost of capital (WACC) 6:7
Lecture 138 Performing Discounted cash flow valuation (DCF) 3:34
Lecture 139 Calculating enterprise value, equity value, and price per share 2:11
Lecture 140 Closing remarks 3:49

Section 22 : Relative valuation – triangulating DCF results with multiples

Lecture 141 Why do we use multiples 3:51
Lecture 142 What types of multiples are there 2:38
Lecture 143 Finding the right comparable companies 1:43
Lecture 144 The most widely used multiples 3:28
Lecture 145 Best practices that ensure accurate calculation of multiples 2:2

Section 23 : A guide to Leveraged Buyouts

Lecture 146 What is an LBO 2:5
Lecture 147 The phases of an LBO process 1:44
Lecture 148 When is an LBO a feasible option 3:23
Lecture 149 Making money in an LBO 3:53
Lecture 150 Who are the lenders in an LBO 3:58

Section 24 : LBO Valuation - Building a leveraged buyout (LBO) model from scratch

Lecture 151 Introduction to the model we will build 5:4
Lecture 152 Establishing the maximum amount of debt that can be used in the transaction 4:16
Lecture 153 Financial sponsors’ perspective 2:27
Lecture 154 Forecasting financials until EBIT 5:17
Lecture 155 The optimal debt structure 3:0
Lecture 156 Estimating cash flows and debt payments 3:16
Lecture 157 Completing the model for the period 2018-2021 4:17
Lecture 158 Calculating Enterprise value and IRR 5:1
Lecture 159 Performing sensitivity analysis 4:2

Section 25 : Interview preparation

Lecture 160 Career guide and frequently asked interview questions Text