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

3.8 out of 5 stars 15 customer reviews

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Frequently Bought Together

  • Corporate Valuation Modeling: A Step-by-Step Guide
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  • Reverse Engineering Deals on Wall Street with Microsoft Excel + Website: A Step-by-Step Guide
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  • Modeling Structured Finance Cash Flows with Microsoft?Excel: A Step-by-Step Guide
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Editorial Reviews

From the Back Cover

Praise for CORPORATE VALUATION MODELING + CD

"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: #120,540 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

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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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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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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Format: Paperback Verified Purchase
For those interested in valuation modeling, this is a Must Buy. It's great for modeling beginners, but also good for those with more in-depth skills of excel and modeling. However, if you are an Excel Modeling guru, you might not get much from this book. Also, if you are a complete and utter Excel newbie, you might have difficulty grasping some concepts, even the more basic ones. So, if you're interested in this book, you're most likely like me: You've done a lot of work in Excel before, you're interested in Investment Banking or Accounting, and you want to learn how it's done professionally. Perhaps you're preparing for an interview on the Street. Or you're taking a Valuation course in school.

I love love loveee this book. The author makes the concepts easy to understand. He explains how the line items in the three statements are connected. He also explains each line item's significance which is good for refreshing your business knowledge. He walks you through how to build the model step by step, excel formula by excel formula. And for those who want a deeper understanding of a formula, the author includes a "tool box" at the end of each chapter which goes into an informative explanation. Finally, the book comes with a CD that contains pre-built models. I built my own model from scratch, but it was great to cross-compare his model to mine to see formatting suggestions, and figure out if I was entering a formula correctly.

Overall, this book gave me exactly what I needed. It was very affordable, compared to some of the other books on the topic. It's easy to follow, comprehensive, and gave me just what I needed information-wise. I highly recommend!
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