Financial Modeling & Statement Analysis
May 17th & 18th 2016


  • Location: New York City
  • Dates: May 17th & 18th 2016
  • Use Early Bird Discount Code (expires 4/15/16) 20160415
  • Learn efficient modeling for specific financial analysis
  • Build financial models to guide negotiations and decision-making
  • Apply Excel shortcuts and hot keys to get you off the mouse
  • Learn effective auditing techniques on existing models
  • Employ Monte Carlo Simulations
  • Engage in relevant commercial discussions with active project developer/financial advisor
SKU: FMSA-NYC-May-2016 Categories: , , ,

Product Description


Financial Analysts, Investment & Evaluation Professionals, Business Development Planners, Mergers & Acquisitions Specialists, Accountants, Valuation Professionals




Financial Modeling and Analysis teaches students how to conceive of and build a financial model from beginning-to-end, followed by due diligence. This course demonstrates how financial models guide commercial discussions. Participants will learn how to negotiate off the financial model.

This course will utilize a Discounted Cash Flow (“DCF”) pro forma approach derived from a full suite of financial statements: 1) Income Statement, 2) Statement of Retained Earnings, 3) Balance Sheet and, 4) Statement of Cash Flow. Participants use “hot keys” and page-setup techniques to build a fully integrated pro forma DCF model from a list of assumptions. The “mouseless” Excel techniques employed dramatically reduce model coding time. Next, delegates learn how to integrate all financial statements to produce a correctly-balanced Balance Sheet, without circularities. The class will use this model as a guide to review commercial issues, negotiate strategies and analyze financial ratios. Finally, the course demonstrates the power of Monte Carlo simulation analysis creating a dynamic decision-making tool and elevating beyond simple static input and output spreadsheets.

This course is indispensable to the effective use of financial spreadsheets for any industry or sector. (NB: A working knowledge of financial accounting is helpful but not essential.)


Part 1 Introduction to Excel
Part 2 Introduction to Financial Statements
Part 3 Introduction of a Pro Forma Model
Part 4 Assets: Purchasing versus Leasing
Part 5 Operational Worksheets
Part 6 Debt
Part 7 Coding Full Financial Statements
Part 8 Discussion on Valuation
Part 9 Discounted Cash-Flow Modeling
Part 10 Using the Model to Price the Asset
Part 11 Monte Carlo Simulation Analysis


This course takes a practical “learn by doing” modular approach. The course structure for each module follows a four-step pattern: 1) teaching of the material, 2) spreadsheet exercise, 3) review of the exercise; then, 4) follow-up with a question and answer session. Each successive module builds upon the previous exercise. Each participant will be given problem and answer files to insure course fluidity for every student’s level.

This course will use methodologies to:

  • Identify the model-type for analysis
  • Create models that are easy to navigate without forfeiting robustness
  • Use that model to assist your decision-making process


Vair Training courses are held at world-class international venues. Registration fees include morning coffee/tea, networking lunches and afternoon refreshments. Course materials are provided electronically on-site. Detailed venue descriptions, times and logistics are included with post-registration materials and documents.


2-day Public Courses are US$2,950 per delegate. Fees include all course materials and training. 10% Early-Bird Discounts are applied to registrations and payments received at least 8 weeks prior to individual courses. Additionally, 10% Combo-Course Discounts are applied when the same delegate registers for back-to back courses delivered on consecutive dates. Group-Rates Discounts are also available: please inquire +1 404 512 5936 or


Part 1 – Introduction to Excel

  • Quick review of the Excel program
  • Using “mouseless” excel techniques to create an efficient and robust historical analysis of the case study
  • Sample excel “short-cut” and “hot keys” techniques employed are:
    • Navigating the spreadsheet without the mouse
    • Shortcut keys using “alt” and “ctrl”
    • Anchoring using the “F4”
    • Editing using the “F2”
    • Hiding columns and Freezing Panes for faster modeling
    • Overall efficient model lay-out techniques
    • Function wizard, e.g. – logic functions like “IF” statements, “PMT,” plus a series of other embedded excel functions
    • These techniques will be used throughout the two days, plus additional excel techniques will be introduced in later sessions
  • Simple EBITDA coding exercise
    • Transposing
    • Goal Seek
    • Nominal versus Real
    • Addressing pro forma currency issues
      • Purchase power parity (“PPP”)
      • Interest rate parities
    • Simple financial analysis – comparing Income Statements to Balance Sheets by using “The Line”

Part 2 – Introduction to Financial Statements

  • Review the relation between the major components
  • Balance Sheet as a “snap-shot”
  • Income Statement as a “moving picture”
  • Statement of Retained Earnings
  • Statement of Cash Flow – “tying them all together”
  • Sample financial statement analysis
    • Common-size financial statements
    • Vertical analysis
    • Year-on-year growth

Part 3 – Introduction of a Pro Forma Model

  • Elements to consider when building a pro forma model
    • An exercise in back-engineering from desired outputs
  • Top-down versus bottom-up modeling
  • The assumption page

Part 4 – Assets: Purchasing Versus Leasing

  • Implications on:
    • Calculating different depreciation schedules
    • Interest payments
    • P/L multiples
    • Taxes
    • Capital Budgeting
    • Discussion on Operating versus Capital Leases

Part 5 – Operational Worksheets

  • Calculating Revenue
    • Drivers
    • Average price conventions
  • Calculating Cost of Goods Sold (“COGS”)
    • Function of sales
    • Independent of sales
    • Using COGS to drive inventory accounts
    • Using Inventory Turnover to drive Units Sold
    • LIFO versus FIFO versus Average costing
  • Other Operating Expenses
    • Growing expenses
  • Arriving to EBIT
  • Using Revenues and Costs to derive Accounts Payable and Accounts Receivable

Part 6 – Debt

  • Financial discussions
    • Effective interest rate
    • Using Excel’s Function Wizard to calculate Annuities
    • Average Loan Life
    • Tax shields
  • Calculating debt schedules
    • Decomposing debt service
    • Tricking the model to accommodate different time horizons
  • Coding and selecting from different debt schedules
    • Interest impact on taxes
    • Principal repayment and Time Value of Money (“TVM”)

Part 7 – Coding Full Financial Statements

  • The Income Statement
    • Revenue based assumptions and outputs, versus
    • Fixed cost assumptions and outputs
    • Depreciation impact
    • Using the correct interest payment
    • Coding tax
    • Discussion on accounting-based valuation multiples
  • The Statement of Retained Earnings
    • Dividend Payout Ratio
    • Retention Ratio
    • Addressing losses and dividend coding
    • Dividend policy impact on future growth and share price
  • The Balance Sheet
    • Carrying items forward
    • Early discussions on book versus cash issues
    • The balancer
  • The Statement of Cash Flows
    • Indirect method versus direct method
    • Trapped cash
    • Integrating cash flow into the statements
    • Auditing and checking for balancing
    • Common mistakes to the balancer
      • Gross versus net fixed-assets
      • Retained earnings
      • Dividends
      • Correct use of current accounts
  • Reviewing, interpreting and making decisions based on outputs
    • Using the model to manage expectations, “below” and “above” you

Part 8 – Discussion on Valuation

  • Discounted Cash Flow Method (“DCF”)
  • Dividend Growth Model (“DGM”)
  • Price-to-Earnings Multiples (“P/E x”)
  • What are the advantages and disadvantages to each method
  • Decomposition of the case study’s historical share price
    • Book value versus market value
  • Decomposition of pro forma using financial statement analysis
    • Profit margins
    • Asset turnover
    • Capital structure
    • Return on Equity (“ROE”) using the DuPont Analysis

Part 9 – Discounted Cash-Flow Modeling

  • The “denominator” to valuation
  • How to calculate Cost of Capital
    • What is the Weighted Average Cost of Capital (“WACC”)
    • How to calculate the Cost of Equity (“re”)
      • Capital Asset Pricing Model (“CAPM”)
      • What is the Beta (“β”)
        • Covariance and timing issues
      • What is the Risk-free Rate (“rf”)
      • What the Market Risk Premium (“rm – rf”)
    • How to calculate the Cost of Debt (“rd”)
      • Market value versus book value
      • Historical rates versus prevailing rates
      • Importance of capital structure to rd
    • Applying corporate tax rates (“TC”)
    • How to address leverage (or gearing) in the WACC
    • What are the commercial implications to WACC
  • The “numerator” to valuation
  • Elements to arrive at cash flow
    • Accounting entries versus cash flow
    • What is Free Cash Flow (“FCF”)
  • Continuing Value (“CV”)
    • How to calculate CV
      • The importance of growth (“g”) to CV
    • The importance and weight of the CV to the overall DCF valuation
    • Balance time horizons of assumption validity and the CV

Part 10 – Using the Model to Price the Asset

  • Different valuation techniques
    • What does the time value of money (“TVM”) mean
    • The concept of opportunity costs
    • Risk versus reward
    • Calculating Net Present Value (“NPV”)
    • Calculating Internal Rate of Return (“IRR”)
    • How to calculate the Enterprise Value
    • What are the benefits and deterrents of both the NPV and IRR methods
  • Decomposition of pro forma using financial statement analysis
    • Profit margins
    • Asset turnover
    • Capital structure
    • Return on Equity (“ROE”) using the DuPont Analysis
  • Stressing the model by changing assumptions
    • Logging scenarios and changes
  • Sizing the Debt Capacity
    • Debt Coverage Ratios
      • Debt Service Coverage Ratios (“DSCR”)
      • Liquidity ratios versus maintenance ratios
      • Using the model to negotiate debt covenants
  • Excel techniques employed
    • Goal-seeking
    • Sensitivity tables
  • Reviewing, interpreting and making decisions based on outputs
    • Using the model to manage expectations, “below” and “above” you

Part 11 – Monte Carlo Simulation Analysis

This course leads to Vair’s various Specialty and Master Classes



Charles T. “Chip” Haskell, Jr.

Charles T. “Chip” Haskell, Jr., is a Managing Director with The Vair Companies. The Vair Companies specializes in financial and development services for the international infrastructure sector. Chip is also the author of Advanced Modelling for Project Finance for Negotiations and Analysis by Euromoney Books (ISBN 1-84374-214-4).

Before joining The Vair Companies, Chip was a Director with Mirant, based in Amsterdam. Mirant is one of the leading independent energy companies in the world. There he was the functional lead on all aspects of asset development for both greenfield development and acquisition activities for EMEA.

Prior to joining Mirant, Chip was a Manager with Wärtsilä Development and Finance, the in-house developer for one of the world’s largest manufacturers of utility grade diesel engine power plants. His responsibilities were primarily focused in South America.

While a graduate student, Chip interned as a financial analyst with the Overseas Private Investment Corporation of Washington, D.C.; and, with the United States Department of Commerce’s Foreign Commercial Service in Lima, Peru, working on the Camisea gas fields.

Chip has a BA in Economics and French from Hanover College, a MA in French from Middlebury College and a Masters in International Finance and Accounting from Thunderbird, The American Graduate School of International Management. He is a US citizen, authorized to work in the EU. He is fluent in French and Spanish and has a strong working knowledge of several European languages.


“Such a passionate instructor with undeniable experience who can get you immediately involved and interested. I truly enjoyed his lively and energetic way of sharing his expertise.”

-Danuta Danilova, IFC

“I thought the class was great, simply put. The instructor was very engaging, yet entertaining at the same time making a somewhat dry topic much more interesting and he was able to make the class continually think. I particularly enjoyed being able to look at a project finance transaction from both the debt and equity perspective.”

– Mike Awad

“(The instructor) was very engaging and did an excellent job in catering to the entire audience, combining the commercial deal discussion with going into hands-on excel modeling in a very intense, focused way. We were very pleased with the result…”

– Wolfgang Arbaczewski, VP, HSH Nordbank

“One of the best teachers I have ever had.”

– Jesus Gonzalez Lugo, Organizacion de Auditoria Social y Ciudadana

“I have a good basic knowledge of Excel, but the course gave me better insight into keyboard hot keys and ways to improve my modeling skills.”

– Rupesh Shah, RBS-Sempra Commodities

“Excellent course – glad to have done the first two days of basic modeling before the PPP advanced course.”

– Deena Padamadan, Export Development Canada

“Very impressed by the depth and thorough knowledge of the subject by the instructor.”

– Anton Tontchev, PPP Canada

Chip is probably one of the best modellers out there along with a few others, but no one else, I am sure, has the Project Finance expertise allied to it as he does. I am very grateful for getting a glimpse at this wealth of knowledge.

– David Coulibaly, Canadian Pacific

“Your program was amazing. I truly think that everyone should have a refresher on modeling once a year… Anyone that has not taken your training class is at a huge disadvantage.”

– Irina Benimovich

“Excellent presentation and content. I liked the way the model was built up and the commercial discussions.”

– Akash Prakash, Eskom

“Great course – thank you.”

– Erick Oechler Solana, Hermes Infraestructura

“The course was fantastic. Instructors were great…it definitely broadened my horizons and showed new possibilities.”

– Mutiat Bello, PPP Canada

“Very entertaining with valuable insights.”

– Jean-Philippe Nolet, Export Development Canada

“Very practical and useful course!”

– Enrique Regalado, Director, AMEXCAP

“Instructor was very knowledgeable and obviously has a lot of experience in the subject area.”

– Philswa Nongalo, Eskom

Vair Training Courses: Terms & Conditions

Early-Bird Special: 10% discount for registrations and payments received at least 8 weeks prior to event. The discount code is automated and expires at 12:01AM EST on the date shown on each course.

Combo-Course Discount: 10% discount when same delegate registers for back-to-back courses delivered on consecutive dates

Group-Rates: Group discounts available. Please inquire at +1 770 853 0362 or

Course Information

Fee: Registration fees include continental breakfasts, morning/afternoon refreshments and networking lunches. Delegate lodging is not included.

Billing and Confirmation: Invoices and/or payment confirmations are forwarded within three (3) business days of receipt of registrations.

Venue: Courses are held at world-class international venues. Locations, times and meeting places are confirmed two (2) weeks prior to course commencement.

Materials: Course materials are provided electronically on Day 1 of on-site registration. Delegates are required to bring a laptop computer equipped with Microsoft Excel 2010 software to training

Hours: Courses run 9:00 am–5:30 pm daily. Each day consists of 7 training hours. A 2-day course = 14 total instructional hours.

Certificates: An official Vair Training course Certificate of Completion will be issued to each delegate, upon request.

Cancellation Policy: All cancellations must be received in writing. A full refund less a 15% administrative fee will be given for cancellations up to thirty (30) days before the event start-date. Cancellations received less than thirty (30) days before the event will not be eligible for a refund. A comparable future course may be attended in lieu of a refund depending upon availability and location. Delegate replacements are also welcome.

Schedule Changes: Vair Training may find it necessary to reschedule or cancel sessions and will give registrants appropriate advance notice of such changes. On such occasions, full refunds will be given. Vair Training will not be responsible for penalties incurred as a result of discounted airfare purchases. For more information regarding Vair Training administrative policies, please contact our offices at +1 770 853 0362.

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