These modules provide an introduction to the main financial statements and the relationship between them. Participants will analyze how these statements reflect a company’s financial position and economic performance, as well as the differences between the main accounting frameworks.

• Balance sheet
• Income statement
• Relationship between the balance sheet and the income statement
• Annual report and management report
• Comparison between the Plan General de Contabilidad (PGC) and International Financial Reporting Standards (IFRS).

These modules will examine cash flow statements from both an accounting and an analytical perspective. The objective is to understand how cash is generated and used, and to identify the different levels of cash flow used in financial analysis.

• Cash flow from operating activities
• Cash flow from investing activities
• Cash flow from financing activities
• Calculating free cash flow from operations
• Calculating debt-free free cash flow

These modules introduce the main approaches used to analyze and estimate the economic value of a business. Participants will examine their fundamentals, the drivers of value creation and the impact of debt on shareholder returns.

• Accounting, financial and market approaches
• Fundamentals of economic value: sales, EBITDA, operating cash flow, free operating cash flow, working capital and CAPEX
• Drivers of economic value: growth, margin and capital turnover
• Impact of debt on shareholder returns
• Operating and financial leverage

These modules give an introduction to the time value of money and its application in estimating a company’s intrinsic value. Participants will learn the key financial metrics needed to analyze investments and value future cash flows.

• Future value
• Present value
• Net present value (NPV)
• Internal rate of return (IRR)
• Fundamentals of the discounted cash flow model

These modules provide an analysis of capital structure and its impact on a company’s value. Participants will learn to design a financial plan, apply common valuation methodologies and calculate the appropriate discount rate.

• Financial modeling and financial plan development
• Valuation using discounted cash flow analysis
• Valuation using comparable listed company multiples
• Valuation using comparable transaction multiples
• Differences between Enterprise Value and Equity Value
• Calculation of the cost of equity
• Calculation of the cost of debt
• Determination of the weighted average cost of capital (WACC)

In these modules, participants will apply the concepts studied to create a complete financial model in Excel. Through this case study, participants will project the company’s financial statements and apply the main valuation methodologies.

• Review of basic Excel functions applied to financial modeling
• Modeling the financial plan: income statement, balance sheet and cash flow statement
• Valuation using discounted cash flow analysis
• Valuation using comparable listed company multiples
• Valuation using comparable transaction multiples

These modules will introduce the functioning of capital markets, their participants and their role within the financial system. Participants will analyze the main debt and equity instruments, as well as the markets and transactions in which they are traded.

• Key concepts, market participants and market functions
• Structure of the financial system
• Debt instruments: bonds and loans
• Characteristics, cash flows, rates, maturities and risks of debt instruments
• Order of priority between debt and equity
• Types and issuers of equity securities
• Types of stocks
• Public and private equity markets
• Primary and secondary markets
• Fundamentals of equity valuation
• Main transactions: initial public offerings (IPOs), public offerings of shares and accelerated bookbuilding or bought deals

In these modules, participants will continue their in-depth analysis of the case study by examining the results obtained and incorporating different scenarios. They will complete the valuation process and determine the final share price in a transaction.

• Scenario analysis and management dashboard development
• Review and interpretation of the financial model’s results
• Adjustments to the Enterprise Value to determine the final share price or Equity Value
• Determination of the final price in the purchase and sale agreement
• Practical application of artificial intelligence in financial modeling and business valuation

These modules analyze debt markets and the main instruments used in financial risk management. Participants will examine their characteristics, functioning, valuation and fundamental legal aspects.

Debt markets

• Types, characteristics and issuers
• Credit risk and credit ratings
• Rating agencies and their legal and commercial impact
• Primary market and the bond issuance process
• Secondary market
• Bond valuation
• Loan agreements
• Derivative instruments for risk management

Key concepts, participants and functions of derivatives

• Main types of risks subject to hedging
• Types of derivative instruments
• Key legal and regulatory aspects
• Futures: how they work, valuation principles and their use in risk management
• Swaps: how they work, valuation principles and their use in risk management
• Options: how they work, valuation principles and their use in risk management