A series of tutorial videos on fundamental concepts and spreadsheet structuring

Formatting Cells: In this video, we go over some formatting decisions in Excel that are important to consider when building a financial model. These include things like text alignment within cells, deciding an appropriate unit, choosing which rows to bold or italicize, column and row spacing, etc.

Market Cap: In this video, we explain how to calculate a company’s fully diluted market cap. The fully diluted market cap must account for anti-dilutive shares (i.e. warrants, options, etc.) that have been excluded from the diluted share count but that, if exercised, would dilute current shareholders.

Segments and Metrics: In this video, we go over how to build a model to show the different operating segments of a company, as well as any important metrics that are needed to make projections. For example, for a clothing retailer, this would include the number of stores and the same store sales (comps).

Income Statement: In this video, we go through the different components of the Income Statement and how to estimate them in order to arrive at a price target. These components include projecting the revenue, gross margin, operating expenses, interest expense, and tax rate.

Biotech Valuation: In this video, we go through the process of valuing a research-stage biotech company. The analysis involves determining the patient pool sizes for the diseases they are researching, estimating how much their potential treatments might cost, examining efficacy and safety results of their data readouts as well as those of competitors, assigning a justifiable probability of approval and market share ranges, and constructing their future income statement to arrive at a price target.