Warwick Finance Lab
M&A boutique simulation at Warwick University
6 student-analysts. 9 hours per week of modelling and valuation training. Individual equity research coverage. Alumni mentoring.
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What We Do
Developing students with proven commitment
We select top-performers at each recruitment season at a 15:1 admission rate, and nurture their valuation and market expertise
In-depth 15-week training and practical experience
Weeks 1-4
W1
Basic Accounting

Accounting Principles

Composition of BS, IS, CFS

Inter-relationships, Line-by-line Analysis of Main Items

Financial Ratio Analysis

W2
Advanced Accounting

Debt Accounting: PIK, Capitalized Interest, OID, OIP

Capital Lease Accounting

Inter-company Investments

W3
Corporate Finance

Time Value of Money,
NPV Calculation

Ranking Capital Projects, Bonds and Stocks

Cost of Capital, WACC, and Capital Structures

W3
Advanced Excel

Excel Shortcuts

Macro-based Shortcuts

Data Tables

Sensitivity Analysis

W4
Bonds and Debt

Fixed Income and Debt Capital Market Overview

Realized Compound, Holding Period Yield

Yield Calculations, Conventions, and Curve

W4
PowerPoint

Working with Pitchbook Templates, Master Slides

Linking Data from Excel

Weeks 5-8
W5
Thomson Eikon and Bloomberg Terminal

Shortcuts to Access Market Data, Beta, WACC, etc.

Accessing Equity Research and Analyst Estimates

Eikon/Bloomberg Excel Integration for Data Linking

W5
Analyzing Financial Reports

Layout and Composition of 10-K, 10-Q, 8-K, S-4, S-1

Understanding Financial Footnotes

Recognizing Patterns in the Structure to Improve Job Efficiency

W6
Financial Statements Modelling

Build Dynamic, Integrated 3 Statements Model (FSM)

Use Equity Research, Management Guidance, and Industry Forecasting Conventions

Normalize Historicals to Exclude Non-Recurring Items

GAAP/Non-GAAP Reconcilliation

W7
DCF Modelling

Build Step-by-Step DCF Model with 3 Scenarios Linked to FSM

Handling Stub Periods and Mid-Year Adjustments

Delevering and Relevering Beta and WACC

W7
ER Submission
Initial Coverage, FSM
W8
Trading Comps

Set Evaluation Benchmarks, Select Comparable Firms

Normalizing Operating Results, Calculating LTM Operating Results

Standardize Various Expense Classifications, FIFO to LIFO Inventory

W8
ER Submission
Integrated FSM and DCF
Weeks 9-12
W9
Transaction Comps

Screen for Comparable Transactions Using SIC and NAICS Codes

Best Practices for Incorporating Synergy Assumptions

Standardizing Information, Selecting Most Relevant Multiples

W10
Advanced VBA

Automating Data Entry Forms

Mastering the CELL and RANGE Objects

Creating Multiple Variable Styles and Macros

W10
ER Submission
FSM, DCF, Comps, and Football Field
W11
Accretion Dilution (M&A)

Complete Accretion Dilution Model with Sensitivity Analysis

Forecasting Pro Forma Financial Statements

Adjustments for Goodwill, Fair Market Value, Write Ups, Advisory and Debt Refinencing Fees

W11
M&A Submission
Buyer/Seller Universe and Transaction Comps
W12
LBO Modeling

Working Through an LBO on a Cocktail Napkin

Term Loan A/B/C– Modeling Mandatory
Amortization & Cash Sweeps

LBO Returns and Exit Analysis for All Providers of Capital

W12
M&A Submission
Integrated Accretion/
Dilution Model
Weeks 13-15
W13
Advanced LBO

Pricing Matrix Driven by LIBOR Spot Rates + Spread

Modeling Senior, Revolver, Sub, Mezzanine and Preferred Stock

Build Sources & Uses (S&U) Schedule

W13
M&A Submission
Integrated LBO Model
W14
Restructuring

Incorporating Bankruptcy Specific Elements, e.g. DIP Financing

Construction of Recovery Waterfall with Different Scenarios

Fees, Rejection Claims and CODI

W14
M&A Submission
Integrated LBO, DCF, FSM, and Football Field
W15
WSP Qualification

Wall Street Prep’s Certification in Financial & Valuation Modeling

Tests All 15-week Training Modules

Past industry coaching sessions
CFA Qualification
David Cahill and Peter Olinto, CFA Instructors
Wiley 11/27/2017
M&A/LBO
Joshua Rosenbaum and Joshua Pearl, Co-Authors
Wiley 11/27/2017
CMT Qualification
Alvin Kressler, CEO/
Executive Director
Wiley 11/27/2017
Restructuring
Jamie Bolden, Director
& Warwick Alumni
Gleacher Shacklock
1/18/2018
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Research
Up-to-date coverage across 4 sectors and 12 companies
Read a selection of our equity research coverage and transaction case studies
Equity research
Healthcare
Pfizer Inc.
Lingering LOE Threat; Cash Build-Up Suggests Potential M&A
02/09/2018
Report pdf
Tech, Media, and Telecom
Nvidia Inc.
FY 2018 to See Pullback in Crypto Mining Trend
02/11/2018
Report pdf
Netflix Inc.
Original Content Drives Growth; Increasing Debt Fuels Cash Burn
02/08/2018
Report pdf
Industrials
Ford Inc.
Clarity Needed Over Ford’s New Diet Plan
02/10/2018
Report pdf
Transaction case studies
Tech, Media, and Telecom
Amazon Inc.
Proposed Acquisition of Rite Aid

2nd Place, UIBS M&A Case Study Competition

11/25/2017
Pitch Book pdf
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People
Our team
LinkedIn
Nikita Khodkov
Partner
LinkedIn
Darren Limantara
Partner
LinkedIn
Ryan Ng
Analyst TMT
LinkedIn
Will Chung
Analyst Healthcare
LinkedIn
Lukas Bruell
Analyst TMT
LinkedIn
Doey Yoo
Analyst Industrials
LinkedIn
Jonathan Boh
Analyst FIG
LinkedIn
Joon Kang
Analyst TMT
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