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helpful!
awesome
nice
The videos were ditaled and easy to follow. Making then easy to understand even if I could not use Excel at the moment since I’m no with my laptop.
Very helpful!
Great material.
Very helpful and informative.
Like Actually. Very Informative.
Forgot to copy taxes across on income statement
Interest income & expense misslinked
7% Interest rate on debt matrix integrity error
Total int expense on debt schedule misisng revolver
watch your formatting and the zoom. 100% minimum after save.
IS – line 13 should link to amort, PBT should start with amort
Net cash starts CFS on bottom
Cash interest calc uses average interest
Other LT assets on BS misslink
IS – EBIT margins should be off sales
IS – EBIT margin should be off sales
IS – PBT should be off EBIT
IS – Missing gross margins, Taxes should be off PBT
Debt – Missing revolver interest
IS – PBT should be off EBIT
IS – Sales growth linked incorrectly, Missing EBIT margin, EBITDA = EBIT + D&A, PBT should be off EBIT
BS – Should link to long term not current liabs
Debt – Missing revolver interest
Calcs – A/P should be off COGS
Debt – Interest should be avg balance * rate
IS – Need to include both dep and amort in line 17
IS – Missing historical D&A
IS – PBT should be off EBIT
IS – PBT should be off EBIT
Debt tab – Cash balance should not subtract revolver, Int rate is linked incorrectly
On I/S, EBITDA = EBIT + D&A
On I/S, EBITDA = EBIT + D&A
I/S – PBT should be off EBIT
I/S – Missing gross and EBIT margins
Debt – Need avg balance for revolver int calc
Debt – opening cash balance should not subtract revolver
I/S – PBT should be off EBIT
Debt tab – revolver int should be avg balance * rate
I/S – PBT should be off EBIT
I/S – EBIT margin should be off sales
I/S – Int exp should be linked up to circ switch
CFS – Hist cash balance should subtract revolver
I/S – Sales growth off by 1 column
Debt tab – revolver interest off by 1 column
I/S – PBT should be off EBIT
CFS – Opening cash balance should subtract revolver, Additions to intangibles are linking to amort
Debt tab – Int rates off by 1 column
IS – EBIT margin should be off sales
Calcs – Net income off by a column, Dividends off by a column, Share issuances should not be part of R/E
I/S – EPS calc should be off net income, Dividends should be off net income
CFS – Change in debt should not include revolver
Debt tab – int income should be avg balance * rate
I/S – Historical EBIT is incorrect, Historical PBT should be off EBIT
I/S – EBIT calc should start with gross profit, PBT should be off EBIT
Debt tab – Total int expense missing revolver
I/S – EBITDA = EBIT + D&A, Missing circ switch on interest, Interest expense should be total, not just revolver, PBT should be off EBIT, Dividends should be off net income
Calcs – Need to solve for A/R using A/R days formula, Need to solve for A/P using A/P days formula
Debt tab – There are 2 different tranches of LT debt with different interest rates – need to model out separately
I/S – Dividends should be off net income
Debt tab – Revolver int rate is incorrect
I/S – PBT should be off EBIT
Calcs – Net income in R/E off by 1 column
CFS – Other LT liabs linking to current
I/S – PBT should be off EBIT, Dividends should be off net income
I/S – PBT should be off EBIT
CFS – Dividends should be an outflow
I/S – PBT should be off EBIT
I/S – Missing historical D&A
Debt tab – Cash balance should come from the B/S
B/S – Missing cash, Revolver should be -min
Calcs – OWC formula is incorrect
Debt – int income and expense formulas should be avg balance * rate, your parenthesis is off
I/S – Missing historical EBIT, margin, D&A, EBITDA, PBT, net income, EPS
B/S – Sr notes off by 1 column
CFS – Investing CF missing intangibles in sum
I/S – PBT should be off EBIT
I/S – EBITDA = EBIT + D&A, Int expense should be the total
very fair and comprehensive test
Very simple and easy to follow, the visuals were appealing
Very helpful and concise & breaks down everything in a easy way to understand. However, sometimes the interactive freezes and even refreshing wont work. I had to sometimes restart the module again.
Profit before tax calculated off of EBIT not EBITDA
Calculated DIV as a % of CS. This should be a % of NI.
Profit Before Tax calculated off of EBIT not EBITDA
subtract revolver from net cash position on cash flow statement in column D
Matrix integrity error in AP calc on CALCS tab
Do not use IF statements for Cash / Revolver – we didn’t count off here but would be considered wrong in the real world. Only a MAX / MIN function.
PBT should be calculated on EBIT not EBITDA
Model not completed.
Matrix integrity error on div calc
Mistake in AP calculation (off of COGS not Rev)
Missing total int exp on debt schedule
Missing dividends on IS
Miss linked LT liabilities on CFS
Dividend matrix integrity error on calcs tab
AP calculation linked to REV not COGS
INT EXP calc on Senior Notes is wrong
Missing total int exp line on debt schedule
INT EXP line on IS linked to wrong row on debt schedule
LT liabilities miss linked on CFS
great questions
Perfect exam questions from concepts covered though out the course!
Challenged my understanding of the material.
Questions were well thought out and actively challenged my understanding of the material
Just wow!
Flawless execution on exam creation. Unreplaceable experience!
This exam was extremely thorough, it was a very good knowledge check.
for the if statements on interest income and interest expense, you need to complete the if statement by adding a 0 at the end. if i change the circ toggle to 0, your model says false for these line items.
You need to link the revolver line item on the debt schedule to the balance sheet to calculate interest on the revolver. you are taking the average of the years? i know you know better 🙂
also for row 34 on the debt schedule… cell d34 includes the revolver. this should just be all the long term debt. no revolver. this is why the balance sheet did not balance by 40.
Profit before taxes need to be calculated using EBIT not EBITDA
Interest income on cash needs to be calculated using an average formula
When i change the circ toggle to 0, model says false. dont forget to complete the if statement by adding a 0 at the end.
Great job!
When i change circ toggle to 0, model says FALSE… make sure to add a 0 to your if statements and close them out.
When i change your circ toggle to 0, model says FALSE. Make sure to add 0 to if statement and close it out.
Always save model with circ toggle set to 1 so there is interest in the model
Always save model with circ toggle set to 1 so there is interest in the model.
total interest expense on the income statement should link to row 35 on the debt schedule not row 25.
helpful
On debt schedule, interest income should be based on cash balance, even for the historical cash. you are using cash less revolver.
Profit before tax needs to be calculated off EBIT not EBITDA. Interest expense on the income statement is being linked to a blank cell rather than row 30 on the debt schedule. Also, must net revolver balance out of historical cash on the CFS. Historical cash should be cash less revolver
Must use average balance for calculation of interest income on cash. not only the ending balance
Interest income on cash needs to be calculated off average balance, not just ending
Profit before tax should be calculated off EBIT not EBITDA, Interest income on cash needs to be off the historical cash not cash less revolver
Profit before tax should be calculated off EBIT not EBITDA
Use the historical balances for cash and revolver from the balance sheet to link back to the debt schedule and then copy across the projected years on the debt schedule.
The historical balance sheet didn’t balance due to Total Liabilities only including the NonCurrent Liabilities. The CFS also needs to be completed.
Interest income on the debt schedule is incorrect.
Use the revolved interest rate interest expense on the revolver
Balance sheet doesn’t balance. Interest income is incorrect. Net income is incorrect.
Cash interest income on the debt schedule should use the average of ending balances. The revolver on the debt schedule should be linked the balance sheet. The revolver on the balance sheet should use a “-min”
Senior notes is 10% interest rate
Good test involving all DCF, LBO and Valuation fundamentals
It does explain comps, LBO, and DCF really clear and I finally figure out the differences among those three.
CFS – Net income on the CFS should start with projected year 1 in column F not column D, NCI net income is an add back and should link to row 27 on income statement – the NCI net income is non cash
IS – Profit before tax should be calculated off of EBIT not EBITDA
Debt schedule – Interest income should be calculated off average balance starting with column D and E – there is a matrix integrity issue
CFS – Need to start with Net income available to common
Debt – row 32 should be linking up long term debt interest, not the debt balances
IS – Need to include Circ toogle
Calcs – Capex needs to be a % of sales not gross profit
CFS – missing amortization in CFO, CFI – Capex and additions to intangibles need to be negative, CFI – you dont need row 19, you have already accounted for the NCI net income and the NCI dividends
BS – make sure to include formulas for cash and revolver to balance the model
Interest rate for interest income on cash is mislinked, need to be linking to column E in the first year for the interest rate and this way you will be interest income each year
IS – Profit before tax should be based on EBIT not EBITDA, Net income available to common needs to subtract NCI net income not add it, Missing circ toogle for years 2 through 5
CFS – Needs to start with Net income available to common,
BS – total liabilities calculation needs to include current liabilities
Calcs – RE earnings needs to be calculated with Net income available to common
Missing interest rate on calculation of interest income in year 5 on debt schedule. this is a result of a matrix integrity error
IS – profit before taxes needs to subtract interest expense, not add it
interest income on cash needs to be calculated off of average formula… you are just using the ending balance
=IF(ABS(Total Assets-Total liabilities and equity>0.001),Total Assets-Total liabilities and equity,0)
More Dynamic
Eric, Thanks for your comment. You do not want to do the above for a number of reasons that frankly won’t fit in a comment reply box. Suffice it to say, that a balance sheet check should always be formatted to 0.000 decimal points, and should never have an IF statement (or anything else for that matter!)
Matt DeFeo
Holds your hand yet expects reasonable competency. Would highly recommend.
Video made sense and was easy to follow could have gone faster if he waned to
I enjoyed.
Great shortcuts
great
Funky music
Broke down finance concepts I previously thought of as too complicated such as Eq/Enter value, DCFs. LBOs, and more!
Very helpful. I found the interactives helpful but they did sometimes glitch and not let me redo the problem if I made a mistake, and wouldn’t let me see the correct answer.
Great
Great course!
It does explain comps, LBO, and DCF really clear and I finally figure out the differences among those three.
Easy to follow
Good
Good
Great course
good
Peter was great!
Great course! Peter is a great teacher
Peter gave us the confidence necessary to hit the ground running!
good exam
Interest Income formula off.
Error in Profit before tax formula
Error in Interest Expense linking
Model has circularity bust because revolver was included in FCF. This should be part of net cash reconciliation.
1) Revolver on debt schedule in opening balance should be in cell D7
2) Linked E7 to D7 instead of the BS on debt schedule
3) On IS Interest expense linked to wrong cell on debt schedule
4) Historical PBT calculated off of EBITDA
5) Projected PBT linked to EBIT
Double counted D&A in PBT on IS
Numerous errors. please see your instructor to walk through the model and plan for a retest on Monday.
Model circularity turned off – lots of highlighting left in model by the way. this should be removed before “finishing”
Missing revolver from net cash on bottom of CFS. this is why BS doesn’t balance.
Inventory formula wrong on calcs
AP formula wrong on calcs
Missing circ toggle on interest income
PBT formula incorrect
There are numerous errors in this model, many arising from matrix integrity issues. Please contact your instructor Monday morning to review. A take home assessment will be provided Monday evening.
1) Revolver is netted from cash on CFS, not included in CFF
2) PBT calculated off of EBIT not EBITDA
1) circ switch should be turned on. Formatting needs to be fixed (highlighting etc…)
2) PBT calculated off of EBIT not EBITDA
Circ switch on interest income messed up throughout the years
Circ switch on interest expenses messed up through the years
Missing circ switch
1) RE misslink on opening calcs balance
2) Taxes misslink with matrix integrity error
1) revolver must be netted on CFS from opening cash. Subtracting only works if CF available to pay down debt is in excess of the revolver.
2) Cash missing max function on BS
Missing cash reconciliation on the CFS.
Revolver on balance sheet was linking to a blank line on the cash flow statement rather than the Cash/(revolver) line on the cash flow
Revolver on Balance sheet was mislinked on cash flow statement, Calculation of inventory on calculations worksheet should be based on COGS not Sales
Change in other long term assets on cash flow statement was incorrect should be prior year minus current
On the income statement, the circ formal for interest income is wrong.. should be =1 not 0, On the debt schedule the formula for interest expense on the revolver needs to be multiplied by the revolver interest rate
Circ formula on interest income and interest expense needs to include 0, when toggle is changed to 0 it says false
debt schedule needs a calculation for total interest expense,
On income statement, interest expense is linked to interest income on debt schedule
On debt schedule senior note interest expense needs to be calculated using average formula
you reversed the links for interest income and interest expense on the income statement. as soon as i relink these, the model is perfect… big picture, slow down and always triple check your work
matrix integrity error in calculation of inventory on calcs page. you are in column E and linking to assumptions in column d
always save model with circ toggle set to 1 so anyone reviewing your model sees the impact of financing costs on the model
circ formulas for interest income and interest expense on income statement are incorrect.. you have if circ=circ… should be =1
On income statement, calculation of profit before tax needs to based on EBIT not EBITDA
On income statement, calculation of profit before tax needs to be based on EBIT not EBITDA
Profit before tax on income statement needs to be calculated off EBIT not EBIDA
Profit before taxes needs to be calculated off EBIT not EBITDA
Interest expense on the income statement needs to be total interest from the debt schedule… you have only linked in bank debt interest
when circ toggle is set to 0, model says false. dont forget to close out your if statements for interest income and interest expense at the end with a 0
You need to either name the circ toggle circ or when you write your formulas for interest income and interest expense and you reference the toggle, lock it with an F4
Profit before taxes needs to be calculated off EBIT not EBITDA
Few comments – make sure to complete all interest calculations on your debt schedule, and to link totals from there to the IS. this got you in to trouble in the model. Your interest calc on the IS excludes all interest on the revolver. Having cash interest on the CFS is not good modeling technique.
In non-cash sweep model revolver is netted from cash. you put it in CFF which created a circularity error in your model.