Financial Modelling for Private Equity

Start Date:
1. February 2021
Finish date:
29. October 2020
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10794.00 GBP (VAT incl.)
Ascentium Associates - Training Directory 2020.pdf
Mr. Aleksander Grzeszczak


Financial Modelling for Private Equity

 2-Day Executive Education Training Programme



This course is available on an in-house basis only - To have this delivered for your team, please contact us.
Pricing is from GBP8995 + VAT (where applicable) for a group of up to 8 attendees
For bigger groups or for training delivered outside London, please contact us for a quote


Programme Overview

Financial Modelling for Private Equity - This Financial Modelling & Structuring seminar will teach the mechanics of modelling and will attempt to equip participants with general framework and “cookie cutter” tools to help them perform various practical financial modelling & structuring tasks as done in most investment banks. The course is designed to make participants think about the detail of creating a financial model and learn about the different types of models used for different purposes. The course will provide a comprehensive picture on why modelling is hopeless without clear structuring and vice versa.

The programme format comprises of limited lecture material aimed at providing guidelines and useful tips, individual assignments and class discussions. Class sessions will be complemented by four individual assignments set around various modelling tasks in Excel (see outline below). Group work on assignments is neither encouraged nor discouraged – it is up to you to select the best learning method for yourself.

This programme is ideal for investment banking, Private Equity  and corporate finance junior professionals, as well as those involved in financial advisory in general.

Course Director 

Aleksander Grzeszczak has for the past 10 years been a senior advisor to Value Discovery Partners (VDP), a major private equity investment fund focused on emerging markets, particularly on South Eastern Europe. Alek has executed a number of acquisitions in the region and is currently responsible for restructuring of the operating companies, executing business plans, acquiring and selling assets. To read Alek's full profile, please click here

This course is aimed at:              

• Private equity professionals
• Corporate M&A teams
• Corporate managers
• Finance managers
• Bankers and corporate financiers
• Accountants
• Consultants

Key Learning Outcomes:

The course is intended to deliver a general and practical investment banking modeling skill-set that can be applied immediately in the workplace. Attendees of this 2-day course will gain an understanding of:

• How financial models are built in general
• How a fully revolving financial model is built from “scratch”
• How DCF Valuation, Leveraged Buyout (LBO) and M&A models are designed and built

Pre-Requisites: The course requires a reasonable knowledge of accounting, basics of corporate finance, and basics of excel.

Note – This programme requires you to bring your own laptop loaded with Excel spreadsheet software


Course Outline

Day 1 Topics

Introduction to financial modelling

  • Establishing objectives 
  • Defining building blocks 
  • Good house keeping rules

Business Projections, Building Financial Statements, Tracing Cash Flows

  • Business forecasting
  • Pro forma statements
  • Cash flow analysis
  • Funding gap calculation
  • Circularity equations:
      I/S to B/S,   I/S to C/F,  B/S to C/F

Introduction to Operating Models

  • Modelling framework
  • Choices of operating models
  • Examples of top – down and hybrid models
  • Concluding remarks

Introduction to Financial Models

  • Key principals
  • Common pitfalls
  • “Four boxes” of cashflow paradigm
  • Comprehensive standalone financial model
  • Circularity equations revisited
  • Mapping cash and cashflow circularity
  • Setting tasks for Individual Assignment #1

Individual Assignment #1
Financial Statements Model – “Does my balance sheet balance?”

Review of Individual Assignment #1

Discounted Cash Flow (DCF) Modelling (I)

  • DCF Introduction
  • Net present value & IRRs
  • Inputs and computations
  • Forecasting cashflows
  • Calculating free cashflows
  • Discount rate (WACC)
  • Terminal value
  • Outputs and clever tweaks
  • Free cashflows to firm
  • Free cashflows to equity
  • A few words on Firm Value
  • Pros & cons
  • Setting tasks for Individual Assignment #2

Individual Assignment #2
DCF Model – “Getting mechanics right…”

Discounted Cash Flow (DCF) Modeling (II)
We review the common pitfalls related to modelling DCF.
We will go “backwards and forwards” through a fully working model.
We also discuss the issue of calculating pro formas in our modelling analysis.
DCF Pitfalls

  • Levered & unlevered
  • Mid-year convention
  • Matching exit multiple to growth rate
  • Dilution & options calculations

Review of Individual Assignment #2

Capital raising exercises

  • Concept of financial pro forma-s
  • Standard formats for presenting IPO and debt issuance transaction


Day 2  Topics

M&A - Structuring & Modelling Considerations for Mergers

  • What are merger models for?
  • Definitions of M&A
  • M&A Considerations
  • Generic vs. specific approach to modelling mergers
  • Inputs and modelling tasks
  • Merger analysis tools
  • Contribution Analysis
  • Sensitivity tools
  • Setting tasks for Individual Assignment #3

Individual Assignment #3
Merger Model – “Do we have a deal?”
Review of Individual Assignment #3

Debt financing models

  • Credit view of the world vs. equity story or “show me the money”
  • What to look for when dealing with debt elements of a deal

LBO (Leveraged Buyouts) models

  • Why LBOs?
  • Buy out view of the world vs. public equity
  • Basic inputs and modelling formats of an LBO model
  • Debt capacity factors & structural issues (ex. Subordination)
  • Structural enhancements (Derivative Structures; Senior Convertible; Seller Note)
  • Relative value analysis
  • Incorporating credit analysis into an LBO model
  • Roll-over equity and a few other optical matters
  • Setting tasks for Individual Assignment #4

Individual Assignment #4
LBO Model – “Half a turn cheaper and we do a deal… What?”
Review of Individual Assignment #4

Distress Models

  • Framework for corporate work-out models
  • Modelling examples in work-outs

Big and mighty final Q&A 



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Cancellation Policy - Attendee cancellations received more than fifty (50) days in advance of the course will receive a full refund of the fees paid for a course. Cancellations received from forty-nine (49) to thirty six (36) days in advance of the course will be subject to a fee of 50% of fees paid. All cancellations must be made in writing (by letter, or email - proof of receipt will be required) to the relevant contact at Ascentium Associates or via This email address is being protected from spambots. You need JavaScript enabled to view it.">This email address is being protected from spambots. You need JavaScript enabled to view it. .Unfortunately no refunds will be made for cancellations made within thirty five (35) days of a course. Cancellations received less than thirty five (35) days in advance of a course will receive a 100% credit to be used at another course for up to 12 months from the cancellation date.

Substitution Policy - A registered attendee may transfer this place on a course to another colleague from the same organisation provided we are notified in advance of the commencement of the course.

Postponement Policy - Ascentium Associates reserves the right to postpone a course at any time in advance of a course if it becomes necessary to do so. Examples include but are not limited to: if the course trainer were to become unavailable and no alternative replacement found in time, or if we receive an insufficient number of registered attendees that would be required to effectively run a course.

If a course is postponed, delegate payments already received are entitled to a full refund of fees paid or they can elect to have the funds credited towards the fees of a future course and receive a 10% discount.

Ascentium Associates will confirm the status (running or postponed) of a course up to 2-3 weeks (or earlier) before a course’s scheduled dates and will contact attendees by email. It is advised that attendees do not undertake any accommodation or travel  arrangements until it is confirmed that a course will run. Ascentium Associates are not liable for any costs incurred by delegates if it becomes necessary to postpone a course.

Force Majeure - Force Majeure refers to circumstances beyond our control that make it impossible to run a course.  This includes but is but not limited to circumstances such as: bad weather conditions, acts of God, disasters, acts of terrorism, acts of war, strike action, regulations or orders of governmental authorities, civil unrest. In the case of force majeure, we reserve the right to keep attendee fees as a contribution to all incurred course related costs, such as venue and administrative costs.

Travel and accommodation - The course fee does not include any travel or accommodation costs incurred by attendees. Whilst Ascentium Associates may suggest accommodation nearby the training venue, we are not accountable for making any bookings for accommodation or transportation arrangements on behalf of attendees. Attendees are responsible for their own transfers to and from the training venue and we will not accept any liability for any transport disruption an attendee may encounter. Our cancellation policy applies if an attendee is unable to attend all or part of a course.

Course Leader and External Experts - Whilst course trainers and any external speakers and subject matter topics are confirmed in advance of the course, there may be circumstances beyond our control for which we reserve the right to change any aforementioned trainers, speakers or topics.

Programme contents – The course contents delivered verbally or provided in any format are purely for education and information purposes only and do not constitute advice or any course of action. Whilst all reasonable care has been taken for contents to be accurate and up to date, Ascentium Associates accepts no liability for any incompleteness or inaccuracy. Ascentium Associates accepts no liability whatsoever for any direct or consequential loss arising from the use of the contents of a course.

Programme Fee -  Fees allow attendees to go to all the training sessions and food and beverage refreshment breaks at the course. The fee also includes tuition and the training materials, which will be given at the course. Where applicable, the fees  are subject to local taxes such as VAT and these are charged upon registration.

  1. Payment - Full cleared payment of the fees must be received in advance of attending a course. Failure to do so may result in an attendee not being allowed to participate in the course. Payments can be made by most credit cards or wireRegistrations received fifteen (15) days or less before a course commences, then the payment must be via credit card.

Membership fees - Full cleared payment of the membership fees must be received in order to benefit from member rates. The annual membership fee applies for a full calendar year and is only refundable if the very first programme related to the member is postponed and a refund is requested. Even if only one programme is booked per annum, the membership fee is not refundable even if no more courses are booked during the remainder of year. 


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