Very often, a financial analyst will find himself building a financial model that involves analysis or forecasting of a securities transaction such as an IPO, public share purchase (in the case of M&A or share buy-backs), and equity or debt issuance, to name a few.
It is clear that financial markets, banking, investments, and financial modeling […]
Free cash flow (FCF) is equal to the after-tax operating earnings of the company plus non-cash charges less investments in working capital, plant, property and equipment (or PP&E), and other assets.
FCF is the cash flow generated by a company that is available to all providers of capital, both debt and equity.
The table illustrates how free […]
The terminal value is the value of the company’s expected cash flow beyond the explicit forecast horizon. A high-quality estimate of terminal value is critical because it often accounts for a large percentage of the total value of the company in a discounted cash flow valuation.
As a result, all financial analysts should be familiar with […]
Define the deliverables at each stage of building a financial model to guide development efforts and ensure that the correct expectation is set among the financial modeling team as well as the users and eventual audience of the financial model results.
Consult the entire team and users early on to ensure that you build adequate detail […]
As advertising spend migrates from print to online, the magazine publishing industry in some markets is seeing slower growth, with many magazine titles now needing to diversify into cross-platform editorial and advertising products that integrate the traditional print title with online and mobile product offerings. However, in many developing markets and also in markets where […]
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