All finance lessons

Corporate Finance and Valuation

Turn operating assumptions into free cash flow and a defensible valuation range.

Lessons in order

Build each skill in sequence, or jump to a topic you need to review.

  1. Net present valueFoundation · Ready to start
  2. Estimate the cost of capitalIntermediate · Ready to start
  3. Forecast revenue and operating marginIntermediate · Ready to start
  4. Forecast reinvestment needsIntermediate · Ready to start
  5. Bridge operating profit to free cash flowIntermediate · Ready to start
  6. Bridge FCFF to FCFEIntermediate · Ready to start
  7. Build a DCFFoundation · Ready to start
  8. Stress-test terminal valueAdvanced · Ready to start
  9. Value a base and downside caseAdvanced · Ready to start

Capstone case

Use the numbers to defend a decision in two steps.

Build a valuation range from TCS data