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1、Introduction to Financial Modeling,Brought to you by:The EDS Financial Trading and Technology CenterTeaching Assistants,The Financial Modeling Class,Initiated by the Department of Finance and Assembled by FTTC ProctorsTwo classes 1 hour+1 hour exerciseFinancial Modeling I(w/exercise)Financial Modeli
2、ng II(w/exercise)Conducted two or three times per semester,Class Outline,Introduction to Financial ModelingDefinitionTypes of Models UsedFormatTips for Modeling in ExcelStructuring the ModelMaking the Model Easy to UseSome Excel Tools and Keyboard ShortcutsExample Build-out of Several Financial Mode
3、lsDCFDDMWACCComparablesQ&ABreakPractical Exercise(1 hour),What Does a Financial Model Do?,Compute many different types of finance problemsBond immunizationPortfolio weightingsEquity valuationsValuations of mergers,acquisitions,or divestituresForecast financial performanceEarnings growthProfitability
4、Options Analyze different economic and financial scenariosOptions payoffs given different expirationsSales growth given different economies/business cyclesProfitability given different product demand quantities,Types of Financial Models(Investment Banking),Dynamic Forecast ModelMerger Consequences M
5、odel-Mergers,acquisitions,divestituresLeveraged Buy-Out(LBO)ModelDiscounted Cash Flow(DCF)ModelRecapitalization Model,Some Examples of Financial Models,Some Examples of Financial Models,Some Examples of Financial Models,What Makes a GOOD Financial Model?,Flexibility:Design the model so that it can b
6、e modified easily.Tip:any assumption that was made to create the model,such as revenue growth,or discount rate,should be easy to changeVisibility:Create the model under the premise that anyone should be able to review/audit and understand it quickly.Tip:refrain from embedding hard coded data in form
7、ulas or hiding/grouping rows/columnsOrganization and Design:Organize workbook so that worksheets flow together logically.Tip:group all assumptions on separate tab;name all other tabs according to the information or function each contains(e.g.income statement,balance sheet,depreciation schedule,outpu
8、t,etc.),What Makes a GOOD Financial Model?,Depth:Construct model to reflect the reality of the business while making as few simplifying assumptions as possible.Tip:build separate schedules for capital expenditures,depreciation,debt,etc.Realistic Depiction of Business Operations:Choose assumptions th
9、at are reasonable and defensible.Tip:most assumptions will be determined by a senior banker or researcher,but research or industry reports can provide guidanceFormatting:Use formatting for a purpose.Tip:use one color for hard coded data(i.e.constants or historical data),another for links and a third
10、 for formulas,Format of a Financial Model,Data and Assumptions-InputsCalculationsSolutions to Calculations-OutputsLinks Between Calculations(Outputs become inputs)Titles and Notes for ClarificationModel Maintenance Check(Dashboard),Assumptions,Calculations,Solutions to Calculations,Links Between Calculations,Title&Notes,Model Maintenance Check(Dashboard),Common Keyboard Shortcuts,
