🚀 Advanced Financial Statement Analysis & Spreadsheet Mastery for Finance Professionals 📊

Module 1: The Framework of Advanced Financial Statement Analysis

ü  Review of the three core financial statements interpretation

ü  Linking the three statements: The articulation principle

ü  Understanding IFRS/GAAP complexities impacting analysis

ü  The role of footnotes and MD&A in advanced training

ü  Practical Session: Mapping and linking core financial statements from a real company

Module 2: Deep Dive into the Income Statement and Revenue Recognition

ü  Analysis of key income statement line items beyond EBIT

ü  Advanced concepts of operating vs. non-operating income/expenses

ü  Detailed assessment of revenue recognition policies and issues

ü  Evaluating the impact of exceptional/non-recurring items

ü  Practical Session: Analyzing different revenue recognition scenarios and their impact on profitability

Module 3: Advanced Balance Sheet and Capital Structure Analysis

ü  In-depth analysis of off-balance sheet financing and operating leases

ü  Advanced analysis of goodwill and intangible assets impairment

ü  Understanding deferred tax assets and liabilities

ü  Detailed breakdown of shareholders' equity and complex securities

ü  Practical Session: Reclassifying a company's balance sheet for clearer capital structure analysis

Module 4: Comprehensive Cash Flow Statement and Quality of Earnings

ü  Mastering the direct vs. indirect method of cash flow calculation

ü  Interpreting free cash flow to firm (FCFF) and free cash flow to equity (FCFE)

ü  Comparing cash flow from operations to net income for quality assessment

ü  Analyzing changes in working capital and their cash flow implications

ü  Practical Session: Calculating and interpreting various Free Cash Flow metrics

Module 5: Advanced Ratio Analysis and Trend Interpretation

ü  The DuPont Analysis framework: Disaggregating Return on Equity (ROE)

ü  Advanced solvency ratios: Coverage and leverage analysis

ü  Efficiency ratios: Inventory management and asset turnover cycles

ü  Interpreting time-series and cross-sectional trend analysis

ü  Practical Session: Applying the 5-factor DuPont Analysis model to peer companies

Module 6: Spreadsheet Skills Mastery: Essential Excel Tools for Finance

ü  Advanced Excel functions for financial data manipulation (INDEX, MATCH, OFFSET)

ü  Data validation, conditional formatting, and error checking for model robustness

ü  Scenario and goal seeking tools for financial planning

ü  Effective data visualization and charting for presenting findings

ü  Practical Session: Building a dynamic analytical dashboard using Excel's spreadsheet skills

Module 7: Financial Forecasting and Projection Techniques

ü  Top-down vs. bottom-up forecasting methodologies

ü  Advanced drivers-based forecasting for revenue and expenses

ü  Forecasting working capital and capital expenditure

ü  Techniques for creating pro forma financial statements interpretation

ü  Practical Session: Developing an integrated 3-statement forecast model structure

Module 8: Building a Comprehensive Financial Model in Excel (Part 1)

ü  Designing the model structure: Inputs, assumptions, calculations, and outputs

ü  Linking the historical financial statement analysis advanced training data

ü  Developing the revenue and operating expense forecast schedules

ü  Building the fixed asset and depreciation schedules

ü  Practical Session: Constructing the core drivers and historical data links in a financial model

Module 9: Building a Comprehensive Financial Model in Excel (Part 2)

ü  Modelling debt and interest payments (circularity resolution)

ü  Completing the integrated three-statement forecast

ü  Performing sensitivity analysis on key drivers using spreadsheet skills

ü  Model testing, auditing, and presentation best practices

ü  Practical Session: Finalizing the integrated financial model and checking for balance

Module 10: Assessing Earnings Quality and Financial Shenanigans

ü  Identifying red flags in revenue and expense recognition

ü  Analyzing aggressive capitalization and timing issues

ü  Techniques for detecting financial statement interpretation manipulation (e.g., Beneish M-Score)

ü  Case studies of high-profile accounting scandals

ü  Practical Session: Analyzing a company's financial footnotes to identify potential aggressive accounting policies

Module 11: Introduction to Business Valuation and Multiples Analysis

ü  Overview of key valuation approaches: DCF, Comparables, Precedents

ü  Selecting and calculating appropriate public company comparable multiples (P/E, EV/EBITDA)

ü  Adjusting multiples for non-recurring items and accounting differences

ü  Calculating Enterprise Value (EV) and Equity Value

ü  Practical Session: Selecting comparable companies and calculating a valuation range using multiples

Module 12: Discounted Cash Flow (DCF) Valuation Model Construction

ü  The theory of DCF and its importance in advanced financial statement analysis

ü  Forecasting Free Cash Flow to Firm (FCFF) and Free Cash Flow to Equity (FCFE)

ü  Calculating the Terminal Value using the Growth in Perpetuity method

ü  The exit multiple approach to Terminal Value

ü  Practical Session: Building the valuation component within the integrated financial model

Module 13: Cost of Capital (WACC) Calculation and Advanced Considerations

ü  Estimating the Cost of Equity (CAPM) and Beta calculation

ü  Determining the Cost of Debt and the impact of tax shield

ü  Calculating the Weighted Average Cost of Capital (WACC)

ü  Adjustments for country risk, small-cap risk, and industry-specific factors

ü  Practical Session: Calculating WACC using real-time market data in Excel

Module 14: Sensitivity and Scenario Analysis with Spreadsheet Skills

ü  Using Excel's Data Tables for two-variable sensitivity analysis

ü  Building custom scenarios (e.g., Base, Bear, Bull) for forecasting

ü  Advanced techniques for Monte Carlo simulation introduction (optional)

ü  Interpreting and presenting the results of scenario analysis

ü  Practical Session: Applying 1-way and 2-way data tables to the DCF valuation output

Module 15: Credit Analysis and Default Risk Modelling

ü  Shifting the focus from equity to debt holder financial statement interpretation

ü  Key credit ratios: Debt/EBITDA, Interest Coverage, and Fixed Charge Coverage

ü  Introduction to Z-Score and other statistical default prediction models

ü  Analyzing loan covenants and subordination issues

ü  Practical Session: Calculating and benchmarking credit metrics against industry standards

Module 16: Equity Analysis and Investment Decision-Making

ü  Advanced metrics: Economic Value Added (EVA) and Market Value Added (MVA)

ü  Integrating qualitative factors with quantitative financial statement analysis

ü  Developing an investment thesis based on comprehensive analysis

ü  Measuring and interpreting shareholder returns

ü  Practical Session: Developing an investment recommendation based on a detailed case study analysis

Module 17: Mergers & Acquisitions (M&A) Analysis Overview

ü  Strategic rationale for M&A and its impact on financial statements interpretation

ü  Introduction to accretion/dilution analysis

ü  Assessing pro forma financial health post-acquisition

ü  Analyzing transaction multiples

ü  Practical Session: Simple accretion/dilution calculation using spreadsheet skills

Module 18: Strategic Financial Statement Analysis and Communication

ü  Synthesizing advanced financial statement analysis findings into clear narratives

ü  Best practices for creating impactful presentation decks

ü  Communicating complex financial insights to non-financial stakeholders

ü  Ethics in financial statement analysis advanced training and reporting

ü  Practical Session: Group presentation of a comprehensive company analysis and valuation

About Our Trainers

Our trainers are seasoned finance professionals, all holding advanced degrees and prestigious certifications such as CFA (Chartered Financial Analyst) or CPA (Certified Public Accountant). They bring an average of 15+ years of practical, real-world experience from top-tier financial institutions, investment banks, and corporate finance departments. This experience ensures that the financial statement analysis advanced training content is not just theoretical, but deeply rooted in current industry best practices and critical, hands-on application of spreadsheet skills. They specialize in distilling complex financial concepts into accessible, actionable insights.

Quality Statement

Phoenix Center for Policy, Research and Training is committed to delivering high-quality, impactful training that meets the rigorous demands of the global finance industry. We ensure our curriculum, especially this Advanced Financial Statement Analysis course, is continuously updated to reflect the latest accounting standards (IFRS/GAAP) and analytical techniques. Our dedication to excellence is evidenced by our NITA Approval and the consistently high satisfaction rates from our professional participants.

Tailor-Made Courses

We understand that every organization has unique challenges and opportunities as well as unique training needs. Phoenix Training Center offers tailor-made courses designed to address specific requirements and challenges faced by your team or organization. Whether you need a customized curriculum, a specific duration, or on-site delivery, we can adapt our expertise to provide a training solution that perfectly aligns with your objectives. We can customize this Course to focus on your industry, specific risk profile, or internal stakeholder dynamics. Contact us to discuss how we can create a bespoke training program that maximizes value and impact for your team. For further inquiries, please contact us on Tel: +254720272325 / +254737296202 or Email training@phoenixtrainingcenter.com

Admission Criteria

ü  Participants should be reasonably proficient in English.

ü  Applicants must live up to Phoenix Center for Policy, Research and Training admission criteria.

Terms and Conditions

ü  Discounts: Organizations sponsoring Four Participants will have the 5th attend Free

ü  What is catered for by the Course Fees: Fees cater for all requirements for the training – Learning materials, Lunches, Teas, Snacks and Certification. All participants will additionally cater for their travel and accommodation expenses, visa application, insurance, and other personal expenses.

ü  Certificate Awarded: Participants are awarded Certificates of Participation at the end of the training.

ü  Course Content Disclaimer: The program content shown here is for guidance purposes only. Our continuous course improvement process may lead to changes in topics and course structure.

ü  Approval of Course: Our Programs are NITA Approved. Participating organizations can therefore claim reimbursement on fees paid in accordance with NITA Rules.

Booking for Training

Simply send an email to the Training Officer on training@phoenixtrainingcenter.com and we will send you a registration form. We advise you to book early to avoid missing a seat to this training. Or call us on +254720272325 / +254737296202

Payment Options

We provide 3 payment options, choose one for your convenience, and kindly make payments at least 5 days before the Training start date to reserve your seat:

ü  Groups of 5 People and Above – Cheque Payments to: Phoenix Center for Policy, Research and Training Limited should be paid in advance, 5 days to the training.

ü  Invoice: We can send a bill directly to you or your company.

ü  Deposit directly into Bank Account (Account details provided upon request)

ü  Payment is due a week before the training starts.

Cancellation Policy

ü  Payment for all courses includes a registration fee, which is non-refundable, and equals 15% of the total sum of the course fee.

ü  Participants may cancel attendance 14 days or more prior to the training commencement date.

ü  No refunds will be made 14 days or less before the training commencement date. However, participants who are unable to attend may opt to attend a similar training course at a later date or send a substitute participant provided the participation criteria have been met.

Accommodation and Airport Transfer

For physical training attendees, we can assist with recommendations for accommodation near the training venue. Airport pick-up services can also be arranged upon request to ensure a smooth arrival. Please inform us of your travel details in advance if you require these services. For reservations contact the Training Officer on Email: training@phoenixtrainingcenter.com or on Tel: +254720272325 / +254737296202