Build Real Valuation Skills That Matter
Most analysts struggle with DCF models because nobody shows them the messy reality. We teach valuation the way it actually works in practice, not just theory from textbooks. You'll work through real financial statements and build models that actually get used.
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Three Approaches We Actually Use
Forget the academic fluff. These are the methods that work when you're sitting across from a CFO trying to justify your numbers.
Discounted Cash Flow
Everyone talks about DCF, but most people build overly complex models that fall apart. We focus on getting your assumptions right and building models that withstand scrutiny.
- Start with historical performance patterns
- Build realistic revenue projections
- Calculate WACC that makes sense
- Test sensitivity across scenarios
Comparable Company Analysis
Finding the right comparables is harder than it looks. You need companies that actually match your target's business model and growth stage, not just the same industry code.
- Screen for genuine comparables
- Adjust multiples for differences
- Understand when to use EV ratios
- Account for market conditions
Precedent Transactions
Past deals tell you what buyers actually paid, which often differs from theoretical value. But you need to dig into deal terms and market timing to use this method effectively.
- Find relevant transaction data
- Adjust for deal premiums
- Factor in market timing
- Consider strategic vs financial buyers
Dr. Henrik Bjornsen
Lead Valuation Instructor
I spent twelve years doing equity research before moving into teaching. My specialty was consumer goods companies, which meant dealing with messy retail data and unpredictable consumer trends. The models I built had to survive quarterly earnings calls and investor presentations.
What I learned is that valuation is more about judgment than formulas. You need to understand business models deeply enough to know which assumptions really matter. A small change in terminal growth rate might be critical for one company but irrelevant for another.
When I teach, I start with actual company financials and walk through the analysis step by step. We debate the assumptions. Students often catch things I miss, which is the point. Valuation should be a rigorous process, not a formula you plug numbers into.
Background
- PhD in Finance, Stockholm School of Economics
- Former equity analyst at Nordea Markets covering retail sector
- Published research on valuation methodology in emerging markets
- Currently serves on advisory board for two Taiwanese fintech startups
Mei-Ling's Move to Private Equity
Banking → Private EquityStarted as a credit analyst at a local bank doing basic financial analysis. After completing our program in early 2023, she moved to a mid-market PE firm focusing on manufacturing deals. Now she leads due diligence on potential acquisitions.
Her advantage was learning to model different scenarios quickly and defend her assumptions under pressure. PE interviews are brutal, and being able to walk through your valuation logic clearly made the difference.
Two-year progression: 2023-2025
James Transitions from Audit
Audit → Corporate DevelopmentSpent four years in audit before realizing he wanted to work on deals. The valuation skills he picked up in our 2024 program helped him land a role in corporate development at a semiconductor company.
What helped most was understanding how acquirers think about synergies and integration costs. His audit background gave him credibility on financial controls, and adding valuation skills opened up new opportunities.
Eighteen-month transition: Mid-2024 to early 2025Next Program Starts September 2025
We run intensive programs twice a year with limited enrollment. The autumn session begins in September and runs through November. Classes meet twice weekly in the evenings to accommodate working professionals.
Program Details
Applications for the September cohort open in June 2025. We review applications on a rolling basis and typically fill spots by mid-July. Priority goes to candidates with relevant work experience who can contribute to class discussions.