Магистратура
2024/2025
Финансовое моделирование
Статус:
Курс обязательный (Финансы)
Направление:
38.04.08. Финансы и кредит
Где читается:
Факультет экономики НИУ ВШЭ (Нижний Новгород)
Когда читается:
2-й курс, 1, 2 модуль
Формат изучения:
с онлайн-курсом
Онлайн-часы:
20
Охват аудитории:
для всех
Преподаватели:
Россохин Владимир Валерьевич
Прогр. обучения:
Финансы
Язык:
английский
Кредиты:
6
Course Syllabus
Abstract
Long-term projects require a thorough analysis, negotiations with investors, lenders, and partners. The financial model in MS Excel is the most important tool for planning, structuring, and analysis of a project. Here you pull up and summarize all available information on your expectations and forecast. Quality of your model defines the precision of your decisions and your ability to convince the other participants of the project. In this online-course you will learn how to build for your project a financial model with all reports and ratios that used in project finance. We will go through the path from a blank Excel workbook, discuss the best practice for financial modeling, dig into technical and financial aspects of the methods and ratios that we use in the model. Within the course we will work with a typical project finance model, but this model has a wide range of possible applications. The same structure and principles could be used for any project to create a new business, launch a product or for venture investments. You will see that the approach we use is universal and the model we build in the course can be your template for many future projects. The course is aimed at students with some experience in Excel. We will not be learning the basics of spreadsheets or MS Excel interface, but all special functions and services will be presented and explained before we use them in our model. All stages the development of the model will be supplemented with Excel files, so by the end of the course you will have both new skills and ready professional financial models. During the last week of the course you will develop your capstone project – your own financial model. After the HSE course, students will have necessary knowledge and skills to build a fully-fledged financial model for a project or a company. The model can be used to support investment decisions, raise capital or apply for debt financing The course consists of short video lectures, 7 to 12 minutes long, with embedded non-graded questions. Each week there will be a graded test, a and a final exam – capstone project. Students will choose a real or fictious project, collect necessary data and build a model from a template provided here. Finally, you will be required to submit your model for peer evaluation. It gives them a taste of what financial analysts go through in real life when developing a financial model. The goal of the course is to provide practical skills in financial modelling of investment projects by discussing best practice with the teacher as well as students work on their own projects. The rounding of the definitive performance grade is conducted in accordance with the standard mathematical rounding rules. The rounding of the intermediate grades is not conducted to avoid the rounding bias. The instructors use traditional methods of instruction by providing well-structured reading during contact hours with a lot of illustrations, problems and real case studies and discussing the materials.
Learning Objectives
- to create financial models
- to create correct and transparent model for expected sales, costs, and CAPEX of a project
- to choose a target capital structure, model a loan and generate an acceptable schedule to repay the loan
- to calculate such important indicators as NPV or IRR
- to perform a fully-fledged what-if analysis and present a broad range of possible scenarios in one model
Expected Learning Outcomes
- Learn general foundations of financial modeling. Understand best practice in financial modeling. Learn how to create structure of a financial model and setup common elements of the model.
- Learn about capital project assumptions and the way the are presented in the model. Learn how to create the assumptions sheet in the model.
- Learn how to create three standard financial reports in the financial model. Learn about financing a project, basic financial ratios and debt sculpturing.
- Learn how to calculate DCF profitability indicators. Learn about what-if analysis and how to apply it to the model.
- Apply knowledge to your case to build a financial model.
Course Contents
- Introduction and general principles.
- Assumptions.
- Reports and financing.
- Analysis and presentation.
- Capstone project.
Bibliography
Recommended Core Bibliography
- Damodaran, A. (2015). Applied Corporate Finance (Vol. Fourth edition). Hoboken, New Jersey: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1639191
Recommended Additional Bibliography
- Barker, R., & Milano, G. (2018). Building a Bridge between Marketing and Finance. Journal of Applied Corporate Finance, 30(2), 29–39. https://doi.org/10.1111/jacf.12297
- Benninga, S. (2014). Financial Modeling (Vol. Fourth edition). Cambridge, Massachusetts: The MIT Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1089520
- Copeland, T. E., Koller, T., & Murrin, J. (2000). Valuation : Measuring and Managing the Value of Companies (Vol. 3rd ed). New York: John Wiley & Sons, Inc. [US]. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=53431
- Damodaran, A. (2012). Investment Valuation : Tools and Techniques for Determining the Value of Any Asset, University Edition (Vol. 3rd ed). Hoboken, N.J.: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=442925
- Simon Benninga. (2008). Financial Modeling, 3rd Edition. The MIT Press.