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Written by the Founder and CEO of the prestigious New York School of Finance, this book schools you in the fundamental tools for accurately assessing the soundness of a stock investment. Built around a full-length case study of Wal-Mart, it shows you how to perform an in-depth analysis of that company's financial standing, walking you through all the steps of developing a sophisticated financial model as done by professional Wall Street analysts. You will construct a full scale financial model and valuation step-by-step as you page through the book. The New York School of Finance, founded by Mr. Pignataro, has trained thousands of business students and practitioners, and hundreds of bulge bracket banks and investment funds worldwide. Mr. Pignataro has also over 13 years of investment banking experience at some of the top firms on Wall Street. When we ran this analysis in January of 2012, we estimated the stock was undervalued. Since the first run of the analysis, the stock has increased 35 percent. Re-evaluating Wal-Mart 9 months later, we will step through the techniques utilized by Wall Street analysts to build models on and properly value business entities. Step-by-step financial modeling - taught using downloadable Wall Street models, you will construct the model step by step as you page through the book. Hot keys and explicit Excel instructions aid even the novice excel modeler. Model built complete with Income Statement, Cash Flow Statement, Balance Sheet, Balance Sheet Balancing Techniques, Depreciation Schedule (complete with accelerating depreciation and deferring taxes), working capital schedule, debt schedule, handling circular references, and automatic debt pay downs. Illustrative concepts including detailing model flows help aid in conceptual understanding. Concepts are reiterated and honed, perfect for a novice yet detailed enough for a professional. Model built direct from Wal-Mart public filings, searching through notes, performing research, and illustrating techniques to formulate projections. Includes in-depth coverage of valuation techniques commonly used by Wall Street professionals. Illustrative comparable company analyses - built the right way, direct from historical financials, calculating LTM (Last Twelve Month) data, calendarization, and properly smoothing EBITDA and Net Income. Precedent transactions analysis - detailing how to extract proper metrics from relevant proxy statements Discounted cash flow analysis - simplifying and illustrating how a DCF is utilized, how unlevered free cash flow is derived, and the meaning of weighted average cost of capital (WACC) Step-by-step we will come up with a valuation on Wal-Mart Chapter end questions, practice models, additional case studies and common interview questions (found in the companion website) help solidify the techniques honed in the book; ideal for universities or business students looking to break into the investment banking field.

PAUL PIGNATARO is the founder and CEO of the New York School of Finance (NYSF). He has over thirteen years of experience in investment banking and private equity in business mergers, acquisitions, restructurings, asset divestitures, asset acquisitions, and debt and equity transactions covering the oil, gas, power and utility, internet and technology, real estate, defense, travel, banking, and service industries. At NYSF, Mr. Pignataro continues to participate on the training team, actively providing training at bulge bracket banks and M&A teams at corporations, and billion dollar funds. Prior to his entrepreneurial endeavors, Mr. Pignataro worked at TH Lee Putnam Ventures, a $1 billion private equity firm affiliated with buyout giant Thomas H. Lee Partners. Prior to TH Lee, Mr. Pignataro worked in the Investment Banking department of Morgan Stanley.

Preface xv
The Walmart Case Study xvi
How This Book Is Structured xvii
Part ONE Financial Statements and Projections 1
Chapter 1 The Income Statement 3
Revenue 4
Cost of Goods Sold 4
Gross Profit 4
Operating Expenses 5
Other Income 6
EBITDA 6
Depreciation and Amortization 8
EBIT 8
Interest 9
EBT 9
Taxes 9
Net Income 10
Non-Recurring and Extraordinary Items 10
Distributions 11
Net Income (as Reported) 11
Shares 11
Earnings per Share (EPS) 12
Walmart’s Income Statement 12
Revenue 15
Getting to EBITDA 19
Digging up Depreciation 19
Cost of Goods Sold 21
Gross Profit 22
Selling, General, and Administrative Expenses 23
Other Income 23
EBITDA 24
Beyond EBITDA 24
Depreciation and Amortization 24
EBIT 24
Interest 25
EBT 25
Taxes 26
Net Income 26
Non-Recurring Events 26
Net Income (after Non-Recurring Events) 28
Distributions 28
Net Income (as Reported) 29
Shares and EPS 29
Income Statement—Making Projections 31
Revenue 32
Cost of Goods Sold 36
Operating Expenses 38
Depreciation and Amortization 40
Interest Income 40
Taxes 40
Non-Recurring Events 42
Non-Controlling Interest 43
Shares 44
Basic Shares Outstanding 44
Diluted Shares Outstanding and the Treasury Method 45
Earnings per Share 47
Chapter 2 The Cash Flow Statement 51
Cash from Operating Activities 51
Revenue 53
Cost of Goods Sold 53
Operating Expenses 53
Depreciation 53
Interest 53
Taxes 54
Cash from Investing Activities 55
Cash from Financing Activities 55
Financial Statement Flows Example 56
Walmart’s Cash Flow Statement 62
Cash from Operating Activities 62
Cash from Investing Activities 65
Cash from Financing Activities 66
Cash Flow Statement—Making Projections 68
Cash from Operating Activities 68
The Seven Methods of Projections 69
Cash from Investing Activities 73
Proceeds from Disposal of Property and Equipment 78
Items Based on Cash Available 78
Cash Flow from Financing Activities 81
Dividends 81
Purchase of Common Stock 82
Purchase of Redeemable Non-Controlling Interest 85
Payment of Capital Lease Obligations 85
Other Financing Activities 85
Effect of Exchange Rate on Cash 86
Chapter 3 Depreciation Schedule 91
Straight Line Depreciation 92
Accelerated Depreciation 93
Declining Balance 93
Sum of the Year’s Digits 94
Modified Accelerated Cost Recovery System (MACRS) 94
Deferred Taxes 97
Deferred Tax Asset 97
NOL Carryback Example 98
Deferred Tax Liability 99
Projecting Depreciation 101
Straight Line Depreciation 101
Anchoring Formula References 105
Accelerated Depreciation 116
Chapter 4 Working Capital 139
Operating Working Capital 140
Walmart’s Operating Working Capital 142
Receivables 145
Inventory 147
Prepaid Expenses 148
Accounts Payable 149
Accrued Liabilities 151
Accrued Income Taxes 152
Projecting Operating Working Capital 153
Receivables 154
Inventories 156
Prepaid Expenses 157
Accounts Payable 159
Accrued Liabilities 159
Accrued Income Taxes 160
Operating Working Capital and the Cash Flow Statement 160
Changes in Accounts Receivable 164
Inventories 164
Prepaid Expenses 165
Changes in Accounts Payable 168
Changes in Accrued Liabilities 168
Changes in Accrued Income Taxes 169
Chapter 5 The Balance Sheet 175
Assets 175
Current Assets 175
Cash and Cash Equivalents 175
Accounts Receivable 175
Inventory 176
Prepaid Expense 177
Non-Current Assets 178
Property, Plant, and Equipment (PP&E) 178
Intangible Assets 178
Liabilities 178
Current Liabilities 178
Accounts Payable 178
Accrued Liabilities 179
Short-Term Debts 179
Non-Current Liabilities 179
Long-Term Debts 179
Deferred Taxes 179
Walmart’s Balance Sheet 180
Current Assets 180
Non-Current Assets 180
Goodwill 182
Other Assets and Deferred Charges 182
Current Liabilities 182
Non-Current Liabilities 183
Deferred Taxes 183
Redeemable Non-Controlling Interest 185
Shareholders’ Equity 187
Balance Sheet Projections 191
Cash Flow Statement Drives Balance Sheet vs. Balance Sheet
Drives Cash Flow Statement 191
Assets 193
Accounts Receivable 194
Inventory 196
Liabilities 200
Accounts Payable 201
Balancing an Unbalanced Balance Sheet 205
NYSF Balance Sheet Balancing Method 211
Chapter 6 The Debt Schedule, Circular References, and Finalizing the Model 215
Debt Schedule Structure 216
Modeling the Debt Schedule 216
Short-Term Debt 217
Mandatory Issuances/(Retirements) and Non-Mandatory
Issuances/(Retirements) 217
Long-Term Debt Due within One Year 220
Obligations Under Capital Leases Due Within One Year 223
Long-Term Debt 225
Long-Term Obligations under Capital Leases 227
Total Issuances/(Retirements) 231
Total Interest Expense 231
Cash Available to Pay Down Debt 231
Circular References 242
Circular Reference #Value! Errors 250
Automatic Debt Paydowns 254
Basic Switches 255
Finalizing the Model 256
Part TWO Valuation 277
Chapter 7 What Is Value? 279
Book Value 279
Market Value 279
Enterprise Value 280
Multiples 284
Three Core Methods of Valuation 286
Comparable Company Analysis 286
Precedent Transactions Analysis 287
Purchase Multiples 287
Discounted Cash Flow Analysis 288
Chapter 8 Discounted Cash Flow Analysis 291
Mid-Year vs. End-of-Year Convention 291
Unlevered Free Cash Flow 292
Weighted Average Cost of Capital (WACC) 301
Cost of Debt 302
Cost of Equity 302
Market Risk Premium 305
Beta 307
Levering and Unlevering Beta 308
Terminal Value 309
Multiple Method 309
Perpetuity Method 310
Walmart DCF Analysis 311
WACC 313
Cost of Equity 313
EBITDA Method 319
Perpetuity Method 323
Chapter 9 Comparable Company Analysis 327
Last Twelve Months (LTM) 328
Calendarization 330
Costco as a Comparable Company 331
Costco Adjusted 2012 Year End 331
Costco Adjusted LTM Data 332
Costco Annual Income Statement 334
Revenue 334
COGS and Operating Expenses 334
Depreciation 336
Interest 338
Taxes 338
Non-Controlling Interests 341
Non-Recurring Events 341
Earnings per Share (EPS) 341
Costco Quarterly Income Statement 342
Backing into Q4 345
Costco Year-End and LTM Adjustments 349
Costco Projections 355
Revenue 357
COGS 357
Depreciation 358
Other Income 359
Taxes 360
Non-Controlling Interests 360
Shares and Earnings per Share 360
Calculating Comparable Metrics 361
Diluted Shares Outstanding and the
Treasury Stock Method 366
Costco Market Value and Enterprise Value 368
Multiples 372
Chapter 10 Precedent Transactions Analysis 373
Identifying Precedent Transactions 373
Walmart Precedent Transaction Analysis 374
Chapter 11 Conclusion 383
52-Week High/Low 383
Comparable Company Analysis 384
Precedent Transactions 385
Discounted Cash Flow 386
Appendix 1
Model Quick Steps 391
Appendix 2
Financial Statement Flows 393
Appendix 3
Excel Hotkeys 395
About the Author 397
About the Companion Web Site 399
Index 401
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