Welcome to our flagship course on Discounted Cash Flow Valuation Analysis.

The Goals of this course: 

  1. To demystify the concepts used in a DCF Valuation
  2. To teach the practical implementation of a DCF, step by step
  3. To show you how to use a DCF to tell a story about the value of a company.


Our Promise:

  1. This course will help you become more proficient using the DCF approach
  2. This course will help you become more confident discussing valuation concepts
  3. This course will allow you to make better valuation decisions.


During this course, we want you to learn the following:

  1. Properly calculate the cash flows used to value a company
  2. Choose the appropriate cost of capital and match it to the CFs
  3. Timing Issues when discounting Cash Flows
  4. Common styles and approaches to designing a DCF
  5. Powerful Excel skills including sensitivity analysis.

Learning Topics Include

  • Properly calculate the cash flows used to value a company

    Unlevered Free Cash Flow vs Levered Free Cash Flow

    Unlevered Cash Flows: Cash Flow before the Impact of Debtl

    Free Cash Flows: Cash Flows after all Operating Expenditures

    Calculating UFCF: Top Down starting with EBITDA vs Bottom Up starting with Net Income

  • Choosing the appropriate cost of capital and Timing Issues when discounting Cash Flows

    Different Types of Discount Rates

    How to Match Cash Flows with the Correct Discount Rates

    A Very Common Matching Error when Choosing a Discount Rate

    WACC and how to calculate it properly

    How Timing Errors Can Impact Valuation

    Mid-Year Convention: Understanding the Timing When a Company Receives Cash Flows

  • Common styles and approaches to designing a DCF

    Manual Approach vs NPV Function vs XNPV Function to calculate the Present Value of Cash Flows

    Terminal Value: Perpetuity - Assumes that the UFCF in the Terminal Year will Continue Into Perpetuity

    Terminal Value: EBITDA Multiple Approach - Taking Terminal Year EBITDA and Multiplying by a Multiple

    Terminal Value: EBITDA Exit Multiple - Assumes that the Company will be Sold at Some Period in the Future

The Gold Standard of DCF Valuation Training

Includes all content from our live sessions and incorporates Marquee’s teaching approach honed by 20 years in the classroom

  • 50 expert videos. Pause, fast forward, and rewind to suit your individual pace

  • Over 10 Hours of Interactive Content

  • Build up a DCF Valuation Analysis with full solution videos and a full answer key

  • Understand Critical Valuation Concepts

  • Learn Powerful Sensitivity Analysis Tools in Excel

  • Presentation book of key concepts (Over 50 pages of tips and resources)

  • Dedicated course support

Access DCF Valuation

Special launch price (Regular $195)

Course curriculum

  • 1

    Introduction and Course Materials

  • 2

    Chapter 1: Course Overview

  • 3

    Chapter 2: DCF Valuation

    • Learning Objectives

    • 2a - DCF Overview

      FREE PREVIEW

    • 2b - DCF to Value a Company

    • 2c - DCF Criticisms

    • 2d - Responding to DCF Criticisms

    • 2e - Common DCF Errors

    • 2f - Review of Case Study and Model
  • 4

    Chapter 3: Cash Flows

    • Learning Objectives

    • 3a - Cash Flows Used in a DCF

    • 3b - Unlevered Cash Flows

    • 3c - Free Cash Flows

    • 3d - Calculating UFCF
  • 5

    Chapter 4: Discount Rate

    • Learning Objectives

    • 4a - Discount Rate Introduction

    • 4b - Discount Rates in a DCF

    • 4c - Common Matching Error

    • 4d - Calculating WACC

    • 4e - Common WACC Error

    • 4f - Cost of Debt

    • 4g - Cost of Equity

    • 4h - Levered Valuations

    • 4i - Review of WACC Schedule
  • 6

    Chapter 5: Income Taxes

    • Learning Objectives

    • 5a - Income Taxes in a DCF

    • 5b - Current vs Deferred Tax

    • 5c - Tax Calculation Example

    • 5d - Review of Tax Schedule

    • 5e - Current Tax in a DCF

    • 5f - Calculating the Tax Shelter
  • 7

    Chapter 6: Terminal Year

    • Learning Objectives

    • 6a - Terminal Year Overview

    • 6b - Revenue and EBITDA

    • 6c - Capex and Depreciation

    • 6d - Interest Expense

    • 6e - Income Taxes

    • 6f - Working Capital

    • 6g - Terminal Year Growth
  • 8

    Chapter 7: Timing Calculations

    • Learning Objectives

    • 7a - DCF Timing Calculations

    • 7b - Manual Approach

    • 7c - Mid-Year Convention

    • 7d -NPV Function

    • 7e - XNPV Function

    • 7f - Terminal Value: Perpetuity

    • 7g - Impact of a Timing Error

    • 7h - Terminal Value: EBITDA Multiple

    • 7i - Terminal Value: EBITDA Exit Multiple

    • 7j - The Splits

    • 7k - Implied Terminal Value Growth
  • 9

    Chapter 8: Sensitivities and Summary

    • Learning Objectives

    • 8a - Creating Sensitivity Analysis

    • 8b - Applying Conditional Formatting

    • 8c - Building the Summary Page

    • 8d - Automating the Summary Page

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