Valuations basics

• Estimating long-term growth and profitability
• Seasonal variation in estimates
• How far should I estimate in quarter level (net sales and EBIT)?
• What is important in analysis to try to estimate?
• Where to get information about companies?

Income statement

• Calculation Paths between Income Statement
• Non-recurring items included in EBIT
• What to do if company does not report depreciation?
• What to do if company tells nothing about taxes?
• Associated companies’ profit is reported before EBIT
• Quarterly information is not available
• Net sales is in division level but EBIT is in group level

Forum & analysis commenting

• Guide for using graphs and images in forum comments
• Guide for editing forum comment text
• The track-record and creditability of current management
• Description of competitive situation and position in markets
• Setting and arguing recommendation
• General instructions for providing comments in company specific forums

Valuation literature

• Valuatum Research projects
• EVA Valuation tutorial
• EVA-MVA graphs from Finnish companies
• Damodaran webpages (Prof. Finance at Stern Business School)

Balance sheet

• Calculation Paths between Income Statement
• How the Balance sheet is made even?
• Parameter allocation – Balance sheet liabilities
• Company does not tell the share of interest bearing debt
• Parameter allocation – Assets

Web interface

• Consensus estimates
• How to use multi-criteria rankings?
• How to change estimates?
• Initiation of coverage

Excel model

• Information about cell protection
• Automatic calculation of quarterly estimates for next year
• Advanced Excel Information
• How to make changes to the Excel model?
• The chart macro in the Excel model – how to use the chart efficiently
• How to change year in the Excel model?
• How to start new division or end existing one?
• Circular reference problem
• I have to change black output cell even though it is not allowed
• How much history data should I fill at minimum?
• How to set value for Tangible assets / net sales %?
• Adjustments to stock splits and issues
• Reported cash flow parameters
• Instructions for share issue
• Estimating EBITDA instead of EBIT
• Estimate period lenght
• Unable to run the “Year change” macro
• Application- or object-defined error
• Forecasting Depreciations & Amortization

Wacc & Valuation

• EVA-Valuation
• DCF-Valuation
• Fair value is negative in the model
• Setting fair value and the meaning of DCF
• WACC – Parameter guidance

Data Transfer

• Prepare company in the database
• Possible problem: Microsoft WinHTTP Services (winhttp.dll)
• Database Update Errors and Solutions
• How to copy company data from database to Valuatum Excel model (DB2Excel)?

Excel Model Update (Conversion)

• What, when and why?
• How to update Excel model(s)?

Java applet

• How is the Balance sheet is made even?
• DCF and EVA
• Estimating dividends
• Estimating Working capital
• Estimating fixed assets and gross investments
• Estimating Balance sheet parameters
• Estimating Net sales
• Estimating EBIT
• Estimating Income statement parameters

Word template

• Installation
• Save & Load