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Corporate Valuation Modeling: A Step-by-Step Guide Paperback – February 8, 2010

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Editorial Reviews

From the Back Cover


"Valuation is regarded as more art than science. Keith has deciphered the complex and technical skills developed over years of investment banking and corporate finance experience into a logical, usable book that I have not seen after years of M&A work. More than a list of formulae, Keith builds the foundations of very robust knowledge of model logic, construction, and customization, while subtly building a library of extremely useful formula combinations and putting the tools in the workshop for you. This is the book I needed ten years ago."—Adam Quinn, Senior Relationship Manager, Professional Services, St. George Institutional andCorporate Bank, and Chief Investment Officer, TAC Capital Investment and Advisory

"This guide enables the user to set out data and assumptions, understand logic, and deliver results. Once you're in control of your model you can apply different scenarios, stress testing, and become the 'go to person' on a deal."—Anthony Ditchburn, Associate Director, Financial Institutions Credit, Wholesale Banking, a division of National Australia Bank Limited

Corporate Valuation Modeling takes you step by step through the process of creating a powerful corporate valuation model. Each chapter skillfully discusses the theory of the concept, followed by Model Builder instructions that inform you of every step necessary to create the template model. Many chapters also include a validation section that shows techniques and implementations that you can employ to make sure the model is working properly. Engaging and informative, this reliable resource:

  • Provides a comprehensive, integrated approach to modeling a corporate entity with the primary goal of determining a firm value

  • Contains a Tool Box section at the end of each chapter that assists those who may be less skilled in Excel techniques and functions

  • Walks you through the full process of constructing a fully dynamic corporate valuation model

About the Author

KEITH A. ALLMAN is the manager of analytics and modeling at Pearl Street Capital Group. He is also the founder of Enstruct, a quantitative finance training and consulting company. Prior to this, he was a vice president in the Global Special Situations Group at Citigroup. Allman has also worked in Citigroup's Global Securitized Markets division modeling conduit transactions and in MBIA Corporation's Quantitative Analytics group. He is the author of the Wiley titles Modeling Structured Finance Cash Flows with Microsoft Excel and Reverse Engineering Deals on Wall Street with Microsoft Excel. Allman received a master's degree in international affairs with a concentration in finance and banking from Columbia University and dual bachelor degrees from UCLA.


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Product Details

  • Paperback: 275 pages
  • Publisher: Wiley; 1 edition (February 8, 2010)
  • Language: English
  • ISBN-10: 047048179X
  • ISBN-13: 978-0470481790
  • Product Dimensions: 7.6 x 0.6 x 9.3 inches
  • Shipping Weight: 12.6 ounces (View shipping rates and policies)
  • Average Customer Review: 3.8 out of 5 stars  See all reviews (15 customer reviews)
  • Amazon Best Sellers Rank: #873,982 in Books (See Top 100 in Books)

More About the Author

I never intended to love finance, but I do. I started as an intern fifteen years ago, migrated to Wall Street, moved over to international markets, and during the last 8 years kept busy writing. The industry has been bruised from the credit crisis, but I am convinced with dedication, knowledge, proper analysis, and ethics it can move beyond these issues. I write and continue writing to help equip finance professionals with the skills and tools necessary to move in such a direction.

Customer Reviews

Most Helpful Customer Reviews

19 of 19 people found the following review helpful By O. Haneef on May 24, 2010
Format: Paperback Verified Purchase
There are many different variations on the basic DCF valuation model. Every bank has one, every business school has one, and everyone modifies it for their own purposes.

Keith's book offers some distinct advantages: (1) It actually walks you through the steps of building the model, instead of simply typing the inputs into one. This will ensure you understand it, but it might take some time to build it. (The full model is included for people who want to skip the typing). (2) Secondly, it is a "full blown" model and not a simplified version of one. While the first is common, and the second is common, the combination is (in my experience) uncommon.

More interestingly, (3) this model is more advanced than most of the others out there. The primary improvement is he has more "checks and balances" thrown in. The model has little checks that make sure cash ties through, that the extra cash pays off the debt, that capital expenditures are accounted for and that their depreciation pours through the income statement etc. This is invaluable. It does make it complicated, and sometimes I had circular references that were hard to fix, but this just forced me to deal with what was really going on in the model.

All in all, nicely done.
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17 of 18 people found the following review helpful By mattdbergman on May 15, 2011
Format: Paperback Verified Purchase
Deserves Recognition As Simply Top-Notch

First off, apologies for the length.

I'm an admitted total geek for business valuation and modeling, so I can speak with at least the knowledge of having read extensively and continually on the topic. If you're someone who wants to learn both how to build a model in Excel (and how to use VBA), while also getting broad (relatively speaking, the book is not a valuation treatise, nor is it intended to be used as one), coverage of the underlying mechanics of valuation and if you're limited to choosing just a single book as your source of learning, go with this gem. I'm frankly shocked that it's not routinely mentioned as a matter of course when someone asks the "How can I learn to Model?" question.

What makes this book special is, ironically, the very quality that one of the other comments complains about: constructing financial models and valuing businesses while no doubt critically linked, are discrete, independent topics of study. You need to master both of them and also how they fit together. And that's exactly the premise of this book, from the introduction onward and I really believe that it's unique at least as standalone books go (e.g., you could read all of Prof. Damodoran's books and then teach yourself how to use his million spreadsheets - and I strongly suggest it, the man is amazing - but you could spend a life time simply getting through everything he has out there). Most books in the genre will come with a supporting spreadsheet (see McKinsey), but will say literally nothing on how to use either Excel or the modeling template. In terms of actually integrating the two, really only Bennigna is in the class of Mr. Allman's book and again, that's an advanced corporate finance textbook.
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8 of 8 people found the following review helpful By Antonio on November 16, 2010
Format: Kindle Edition
This book takes you through creating a pro-forma financial model. In truth I'm still working through the book, so my rating might change later.

One thing that is almost essential in my experience when trying to work through a tutorial like this, is the final model so you can double check any confusing points. Unfortunately if you buy the kindle edition you don't get copies of the spreadsheet. Furthermore neither the publisher nor the author appears to have a download site.

This book is OK, but I would strongly recommend you forget any ebook version of this text as you won't have a working copy of the final spreadsheet !

Update 1 February 2010
I borrowed the paperback version of this book which came with a CD. It's good that the author will e-mail people the spreadsheets, but the publisher needs to make things more streamlined. Anyway, I worked through most of the book building up the spreadsheet myself, but then it was taking too long, so I just read through the remainder of the text and experimented with the workbook on the CD. In the last week or so I've reread parts of the book as I'm now working on my own financial model.

This book takes the reader through building a financial valuation model from scratch. A Competing text is the book by Tjia, "Building Financial Models". Tjia's book is also good, but I would rate this one higher.

Good points of the book Corporate Valuation Modeling are clear explanations, and a model that is not as over simplified as you might find in standard financial modeling texts. The author is a founder of company that offers training in this area, and I can imagine that working through the book is similar to attending one of his seminars.
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2 of 2 people found the following review helpful By Converging Media on December 12, 2010
Format: Paperback Verified Purchase
It's refreshing to read a book from a practitioner in the field as oppose to an academic who regurgitates standard textbook formulas. Keith Allman does a nice job highlighting the behind-the-scenes excel strategies with industry color-commentary.

Just as it is rare for a magician to divulge the secrets of the craft, this author makes a conscious decision to create a useful product and spares no expense in doing so. His background in portfolio management and structured finance tilts the thought process in a logical order that results into a good end-product.

His section on Long-Term debt and unusual insights into terminal value is worth the price of admission on its own. I give him 4-stars for the content. But due to my customer acquisition background, he gets his 5th-star for sending me the files via email (eBook readers, fear not!) - thus giving a soup to nuts effort to his intended readers. Thumbs-up to this product!
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