Modelling in Excel

Discounted Cash Flow Valuation

(DCF)
Joris Kersten, MSc RAB
Location: Kersten Corporate Finance

July 10th 2020

Uden/ The Netherlands
 Topics
In this presentation I will talk about Financial Modelling in Excel.

And then more specific on “Discounted Cash Flow Valuation” (DCF).

Topics:
• Topic 1: Leveraged Buyout (LBO) Model (July 7th 2020);
• Topic 2: M&A Model - Accretion/ Dilution (July 7th 2020);

• Topic 3: Discounted Cash Flow Valuation (July 10th 2020);

• Topic 4: Excel Shortcuts & Business Valuation (to follow);

• Topic 5: Valuation Multiples 1 – Comparable Companies Analysis (to follow);
• Topic 6: Valuation Multiples 2 – Precedent Transaction Analysis (to follow).
About the trainer: Joris Kersten MSc BSc RAB
40 years old, living together with my girlfriend “Debby” and daughter “Floor” and
“Sophie”. Living in Uden (in the South of the Netherlands, about 100 km from city
Amsterdam, close to city Eindhoven).
Work
•Owner of ”Kersten Corporate Finance”, I work as an independent consultant
within the field of Mergers & Acquisitions (M&A);
•Co-owner of ”Samenwerkingsverband Kersten”: Real estate in DIY sector.
•Lecturer Corporate Finance at Tias Business School Tilburg/ Utrecht;
•Lecturer Corporate Finance at Nyenrode Business University in Breukelen;
•Lecturer Finance & Accounting at the Maastricht School of Management (MSM)
(and partner Universities in Peru/ Lima, Mongolia/ Ulaanbaatar, Surinam/
Paramaribo and Kuwait/ Kuwait City);
•Lecturer Corporate Finance at SP Jain School of Global Management in
Sydney/ Australia (and its locations in Mumbai, Dubai and Singapore).
Contact details:
•Trainer Corporate Finance/ Financial Modelling @ AMT Training London/ New
York/ Hong Kong at leading “bulge bracket” Investment Banks; joris@kerstencf.nl
•Trainer Corporate Finance @ Leoron Dubai/ Arab States of the Gulf at leading www.joriskersten.nl
institutions/ corporates in Kuwait, Bahrein, Saudi Arabia, Oman and United Arab +31(0)6 8364 0527
Emirates.
Education
•Education background: Master of Science (MSc) Strategic Management,
Bachelor of Science (BSc) Business Studies, both from Tilburg University (The
Netherlands).
•Registered Advisor Business Acquisitions – tax & legal (RAB);
•Degree in didactic skills in order to lecture at University;
•Right now following the “Executive Master in Business Valuation” to become a
“Registered Valuator” (RV).
 Training programs face to
face @ The Netherlands
The open training programs of Joris Kersten in The Netherlands take
place at the dates below. And for registration just write an email
(joris@kerstencf.nl) or look at www.joriskersten.nl.
1. 28, 29, 30, 31 October 2020 + 2, 3 November 2020: 6 days -
Business Valuation & Deal Structuring. Location: Amsterdam
Zuidas/ The Netherlands;
2. 16, 17, 18, 19 November 2020: 4 days - Financial Modelling in
Excel. Location: Amsterdam Zuidas/ The Netherlands.
Locations for both training programs: Crown Plaza Hotel @
Amsterdam South (“Zuidas”).

NEW - 100% online training program:

• Certificate “Registered Consultant Investment Management”
(RCIM) given out by Kersten Corporate Finance.
In 20 online sessions (in 10 working days) you will learn all on
investment management up to “intermediate level”.
Starting date: January 1st 2021. Training manual available very soon.
 Activities: Kersten Corporate
Finance
Service 1 - Training:
• Providing training in Business Valuation & Financial Modelling all over the globe;
• This at Universities, Investment Banks, Corporates and Financial Institutions;
• Open training programs in Amsterdam/ The Netherlands;
• Inhouse tailor made training programs all over the globe on request.
Service 2 - Consulting:
• M&A deal making in The Netherlands: Preparing valuations, information decks, negotiating LOI,
negotiating share purchase agreement and coordinating due diligence;
• Providing business valuations (DCF, comps, LBOs and M&A models);
• Financial Modelling.

Visiting address:
Kersten Corporate Finance
Gording 67
5406 CN Uden
The Netherlands
www.joriskersten.nl
Phone: +31 (0)6 8364 0527
Email: joris@kerstencf.nl
 Source used

Handbook:
Investment Banking:
Valuation, leveraged buyouts and mergers &
acquisitions.
Second edition (2013). Joshua Rosenbaum &
Joshua Pearl.
Wiley Publishing company.
Topic 3

Discounted Cash Flow

Valuation (DCF)
Source used:
Investment Banking: Valuation, leveraged buyouts and
mergers & acquisitions. Second edition (2013). Joshua
Rosenbaum & Joshua Pearl. Wiley Publishing company.
Discounted Cash Flow
Valuation: An Introduction
Discounted cash flow valuation (DCF) is an important
alternative to market-based valuation techniques like
“multiples” (“EBITDA multiples” is the topic of my next blog).
So DCF is very valuable when there are limited of no pure play
peer companies of comparable acquisitions available.
With DCF valuation I basically look at the free cash flows of a
company and we “discount these back” to get to an
“enterprise value”.
I will discuss all these steps in more detail.
You can image that within DCF valuation we need to make a
lot of assumptions, that is why “sensitivity analysis” is a very
important component of this type of valuation.
Here “Microsoft excel” comes in very handy, because excel is
great for sensitivity analysis.
Determine key performance
drivers
For DCF valuation you need to understand the target and its
sector the best way possible.
Think of the business model, financial profile, value
proposition, end markets, competitors, key risks etc.
This way you can determine the key drivers of a company’s
performance, particularly sales growth, profitability and free
cash flow (FCF) generation.
This since we need to come up with projections of future free
cash flows (FCFs).
And here fore we need to have insight on the:
1. Internal value drivers: e.g. opening new facilities,
developing new products, securing new customer
contracts, improving operational and/ or working capital
efficiency etc.
2. External value drivers: e.g. acquisitions, end market
trends, consumer buying patterns, macro-economic
factors, legislative/ regulatory changes etc.
Unlevered free cash flow
When we take a closer look at unlevered FCF then we mean the
cash generated by a company after paying: cash operating
expenses, associated taxes, funding of CAPEX, funding of operating
working capital (OWC).
But prior to payment of any interest expense!!
This because FCF is independent of capital structure as it represents
the cash available to all capital providers, so both debt and equity
holders.
In order to estimate FCF we need to make a lot of projections, think
of projections on:
1. SALES, EBITDA and EBIT;
2. COGS and SG&A;
3. TAX;
4. D&A (depreciation and amortization);
5. CAPEX;
6. Changes in OWC.
Unlevered free cash flow
For the projections we study carefully the past growth
rates, profit margins and other ratios.
These are usually a reliable indicator of future
performance, especially for mature companies in non-
cyclical sectors.
The projection period is on average 5 years, but this
depends on its sector, stage of development, and the
predictability of its financial performance.
With DCF valuation is it very common (and wise) to use
multiple scenarios.
The “management case” is often received directly from
the company and alongside different scenarios should be
developed.
Sales, COGS, SG&A, EBITDA
and EBIT projections
Top line projections in sales often come from “consensus estimates”
(consensus among equity analysts around the world).
Equity research often provides projections for a two to three year
period.
For the time after that industry reports and studies of consultants
can be consulted to estimate longer term sector trends and growth
rates.
Of course these projections need to be “sanity checked” with
historical growth rates as well as peer estimates and sector/ market
outlooks.
With COGS and SG&A projections I often rely upon historical COGS
and SG&A levels and/ or estimates from research in the projection
period.
EBITDA and EBIT projections for the projection period are typically
sourced from consensus estimates for public companies.
Of course here it is wise to review historical trends as well.
TAX, D&A, CAPEX and OWC
EBIT typically serves as the start for calculating FCFs. To bride from
EBIT to FCF, several additional items need to be determined,
including “marginal tax rate”, depreciation & amortization (D&A),
CAPEX and changes in OWC.
First we need to take tax out of the EBIT in order to arrive at NOPAT
(net operating profit after taxes).
Here fore we use the “marginal tax rate”, but the company’s actual
tax rate (effective tax rate) in previous years can also serve as a
reference point.
After that D&A is added because these are “non-cash” items.
CAPEX is deducted because this is a real cash out and this also
counts for OWC.
OWC needs to be carefully studied and largely consists out of the
“delta” in two subsequent years between “current assets minus
current liabilities”.
When we have carefully made the above steps, this then results in
for example 5 free cash flows (ideally in 5 different operating
scenarios).
Now it is time to discount these FCFs with a discount factor which
we also call the “WACC”.
An overview of the calculation of FCFs is given under here. The table
comes from the book:
Investment Banking: Valuation, leveraged buyouts and mergers &
acquisitions of Joshua Rosenbaum & Joshua Pearl (chapter 3 DCF) in the
book).
This is the main book I use in my training “Business Valuation & Deal
Structuring” and my participants receive a hard-copy of this book when
they register.
Weighted average cost of
capital (WACC)
The WACC is broadly accepted as a standard for use
as the discount rate to calculate the present values of
a company its FCFs.
The WACC can be thought of as an opportunity cost
of capital of what an investor would expect to earn in
an alternative investment with a similar risk profile.
It basically represents the weighted average of the
required return on the invested capital in a given
company.
For the WACC you need to choose a target capital
structure for the company that is consistent for its
long term strategy.
Weighted average cost of
capital (WACC)
In case you target company is not public then consider
the capital structure of “public comparable companies”.
This since it assumed that their management teams have
created right capital structures since they are seeking to
maximize shareholder value.
The cost of debt in the WACC represents the company’s
credit profile.
This is based on multiple factors like size, sector, outlook,
cyclicality, credit ratings, credit statistics, cash flow
generation, financial policy, acquisition strategy etc.
So for the cost of debt we can for example look at
publicly traded bonds and then the cost of debt is
determined on the basis of the current yield on
outstanding issues.
But with private debt we can also look at current yield on
outstanding debt.
Cost of equity
To determine the cost of equity is a little more complex. In
many cases we will use the Capital Asset Pricing Model
(CAPM).
With this model we will look at a suitable return for the equity
of a company.
This return consists out of the risk free rate (the return that
you can make while staying in bed), so for example the return
on 10 year government bonds of The Netherlands.
On top of that investors want to be compensated for the
“Market Risk Premium”, this is the spread over the expected
market return and the risk free rate.
At last this market risk premium is affected by a Beta.
A Beta is a measure of the covariance between the rate of
return on a company’s stock and the overall market return,
with for example the “Amsterdam Exchange Index (AEX)” used
as a proxy for the market.
When the valuator has collected all info: Target capital
structure, cost of debt and cost of equity the WACC can be
constructed.
An overview of the calculation of the WACC is given under here. The
overview comes from the book:
Investment Banking: Valuation, leveraged buyouts and mergers &
acquisitions of Joshua Rosenbaum & Joshua Pearl (chapter 3 DCF) in the
book).
This is the main book I use in my training “Business Valuation & Deal
Structuring” and my participants receive a hard-copy of this book when
they register.
Terminal value
In DCF valuation we calculate the terminal value of all future cash
flows of a company.
In many case FCFs are estimated for 5 years and then we assume a
company will be in a steady state.
So we can calculate the present value of the estimated 5 FCFs, but
then we still have to deal with the value after these 5 years.
We can do this with two methods: the
1. Exit Multiple Method (EMM), or the,
2. Perpetuity Growth Method (PGM).
With the EMM we take the EBITDA of for example year 5 and
multiple it with an exit multiple. After that we need to discount
back this “terminal value” to year 0 (now).
Or we can use the PGM and take the FCF year 5 and we divide it by
the WACC to calculate the “perpetuity value” (with or without
“growth”).
Of course, this terminal value also needs to be discounted back to
year 0 (now).
Enterprise Value (EV)
Eventually we discount al the FCFs of the estimation
period (let’s say 5 years) and we also add the present
value of the terminal value.
And the outcome of this calculation is the “Enterprise
Value (EV)”.
When we deduct all debt and debt-like items and add all
excess cash and cash-like items we have then calculated
the market value of equity.
And simply said, when this market value of equity is
higher than the book value of equity, there is “goodwill”.
Then we can add the EV from DCF in the “football field”
next to EV calculations from for example “comparable
companies”, “precedent transactions” and a “Leveraged
Buyout Analysis (LBO)”.
An overview of the “Football Field” is given under here. The overview
comes from the book:
Investment Banking: Valuation, leveraged buyouts and mergers &
acquisitions of Joshua Rosenbaum & Joshua Pearl (chapter 3 DCF) and
chapter 6 (LBO) in the book).
This is the main book I use in my training “Business Valuation & Deal
Structuring” and my participants receive a hard-copy of this book when
they register.
End …

Any questions …
 Source used

Handbook:
Investment Banking:
Valuation, leveraged buyouts and mergers &
acquisitions.
Second edition (2013). Joshua Rosenbaum &
Joshua Pearl.
Wiley Publishing company.
 Training programs face to
face @ The Netherlands
The open training programs of Joris Kersten in The Netherlands take
place at the dates below. And for registration just write an email
(joris@kerstencf.nl) or look at www.joriskersten.nl.
1. 28, 29, 30, 31 October 2020 + 2, 3 November 2020: 6 days -
Business Valuation & Deal Structuring. Location: Amsterdam
Zuidas/ The Netherlands;
2. 16, 17, 18, 19 November 2020: 4 days - Financial Modelling in
Excel. Location: Amsterdam Zuidas/ The Netherlands.
Locations for both training programs: Crown Plaza Hotel @
Amsterdam South (“Zuidas”).

NEW - 100% online training program:

• Certificate “Registered Consultant Investment Management”
(RCIM) given out by Kersten Corporate Finance.
In 20 online sessions (in 10 working days) you will learn all on
investment management up to “intermediate level”.
Starting date: January 1st 2021. Training manual available very soon.
 Activities: Kersten Corporate
Finance
Service 1 - Training:
• Providing training in Business Valuation & Financial Modelling all over the globe;
• This at Universities, Investment Banks, Corporates and Financial Institutions;
• Open training programs in Amsterdam/ The Netherlands;
• Inhouse tailor made training programs all over the globe on request.
Service 2 - Consulting:
• M&A deal making in The Netherlands: Preparing valuations, information decks, negotiating LOI,
negotiating share purchase agreement and coordinating due diligence;
• Providing business valuations (DCF, comps, LBOs and M&A models);
• Financial Modelling.

Visiting address:
Kersten Corporate Finance
Gording 67
5406 CN Uden
The Netherlands
www.joriskersten.nl
Phone: +31 (0)6 8364 0527
Email: joris@kerstencf.nl
100% online training program
Registered Consultant Investment Management (RCIM)
On January 1st 2021 you can start (100% online) with obtaining your Certificate “Registered
Consultant Investment Management” (RCIM) given out by “Kersten Corporate Finance” in
The Netherlands.
In 19 webinars (19 topics) of about 3 hours each, I will teach you the key elements of
“investment management”. And this in 6 main themes.
After the webinars you practice with cases and exercises yourself, including questions from
past CFA exams (level 1, 2 and 3). In the cases and exercises I will also teach you to actively
use “Microsoft Excel” since this is an important tool in Corporate Finance.
The correct answers of the cases and exercises are also presented to you by webinars,
worked out in detail. This in order to check your own work.
When you have finished the 19 webinars and have practised with the exercises and cases (all
online), then there is an online exam to take (whenever you feel ready).
And when you pass the exam then you will receive the “Certificate Investment Management”
of “Kersten Corporate Finance”. (pass = grade above 5.5 on a scale of 10)
Your name, and certificate number, will then be mentioned in the register on
www.joriskersten.nl.
So for example your employer can then verify that you obtained the “Certificate Investment
Management” of “Kersten Corporate Finance”.
100% online training program
Level training:
Participants get from a "foundation" level to "intermediate" level. This takes about 1 month
to 3 months, depending on your own speed.
Foreknowledge needed for the training: A basic understanding of the Profit & Loss statement,
cash flow statement and balance sheet. Moreover, a basic understanding of Microsoft excel.
The “course manual” with all info and conditions of the training will be available in the week
of June 8th 2020.
And registration & subscription will also start in the week of June 8th 2020.
The 19 topics of the webinars, divided over 6 main themes are:

Theme 1: Key elements of investments

1) Asset classes and financial instruments. 2) Securities markets. 3) Mutual funds and other
investment companies.

Theme 2: Portfolio theory

4) Risk, return and the historical record. 5) Efficient diversification. 6) Capital asset pricing
model and arbitrage pricing theory. 7) Efficient market hypothesis.
100% online training program
Theme 3: Debt securities
8) Bond prices and yields. 9) Managing bond portfolios.

Theme 4: Security analysis

10) Macroeconomic and industry analysis. 11) Equity valuation. 12) Financial Statement
Analysis.

Theme 5: Derivative markets

13) Option markets. 14) Option valuation. 15) Future markets and risk management.

Theme 6: Active investment management

16) Evaluating investment performance. 17) International diversification. 18) Hedge funds.
19) Taxes, inflation and investment strategy.

The “course manual” with all info and conditions of the training will be available in the week
of June 8th 2020.
(will become July 2020 due to very busy agenda “after” corona)
More info on valuation …
About 60 articles on “Business Valuation” can be found on my linkedin
page under “articles”: www.linkedin.com/in/joriskersten

(On the next slides I will also give you all the links to the (free) articles).

Or visit my website for training in valuation (worldwide) & investment

consulting (M&A + Valuation): www.joriskersten.nl

Joris Kersten, MSc RAB

Phone: +31 (0)6 8364 0527
Email: joris@kerstencf.nl
60 free articles on valuation
Earlier blogs on “net debt” (cash & debt free)

Article 1: Valuation: Introduction to "net debt" (cash & debt free)

https://www.linkedin.com/pulse/valuation-introduction-net-debt-cash-free-
joris-kersten-msc-bsc-rab/

Article 2: Valuation: Net debt (cash & debt free)

https://www.linkedin.com/pulse/valuation-net-debt-cash-free-joris-kersten-
msc-bsc-rab/

Article 3: Valuation: Adjusted net debt – Cash like items

https://www.linkedin.com/pulse/valuation-adjusted-net-debt-cash-like-items-
kersten-msc-bsc-rab/

Article 4: Valuation: Adjusted net debt – Debt like items

https://www.linkedin.com/pulse/valuation-adjusted-net-debt-like-items-joris-
kersten-msc-bsc-rab/
60 free articles on valuation
Earlier blogs on “valuation of banks”

Article 1: Valuation of Banks: Business models of Banks

https://www.linkedin.com/pulse/valuation-banks-business-models-joris-kersten-msc-
bsc-rab/

Article 2: Bank Valuation: Financial Statements of Banks (part 1)

https://www.linkedin.com/pulse/bank-valuation-financial-statements-banks-part-1-
joris/

Earlier blogs on “Valuation of Oil & Gas Companies”

Article 1: Valuating Oil & Gas Companies: The Oil Industry

https://www.linkedin.com/pulse/valuating-oil-gas-companies-industry-joris-kersten-
msc-bsc-rab/

Article 2: Valuating Oil & Gas Companies: The Oil Industry – Part 2
https://www.linkedin.com/pulse/valuating-oil-gas-companies-industry-part-2-kersten-
msc-bsc-rab/
60 free articles on valuation
Earlier blogs on “Leveraged Buy-Outs (LBOs)”

Article 1: Leveraged Buyouts (LBOs): Key mechanics of LBOs

https://www.linkedin.com/pulse/leveraged-buyouts-lbos-key-mechanics-
joris-kersten-msc-bsc-rab/

Article 2: Leveraged Buy-Outs (LBOs): Term Loans, High-Yield Bonds and

Financial Modelling
https://www.linkedin.com/pulse/leveraged-buy-outs-lbos-term-loans-
high-yield-bonds-joris/?trackingId=UKiJSEmmn6ANNwtec76sNw%3D%3D

Article 3: Leveraged Buy-Outs (LBOs): Components of an LBO model

https://www.linkedin.com/pulse/leveraged-buy-outs-lbos-components-
lbo-model-kersten-msc-bsc-rab/
60 free articles on valuation
Earlier blogs on “Debt & Leverage”

Article 1: Debt: Ratio “debt/ GDP” in the US, The Netherlands, Germany and Japan
https://www.linkedin.com/pulse/debt-ratio-gdp-us-netherlands-germany-japan-
kersten-msc-bsc-rab/

Article 2: Debt: Why global debt increased over the last 100 years
https://www.linkedin.com/pulse/debt-why-global-increased-over-last-100-years-
kersten-msc-bsc-rab/

Article 3: Debt of companies: Leverage, Private Equity, Solvency and Bankruptcy

https://www.linkedin.com/pulse/debt-companies-leverage-private-equity-solvency-
kersten-msc-bsc-rab/

Earlier blogs on “Weighted Average Cost of Capital (WACC) – step by step”

Article 1: Capital Market History Lessons – Corporate Finance (part 1)

https://www.linkedin.com/pulse/capital-market-history-lessons-corporate-finance-part-
joris/
60 free articles on valuation
Earlier blogs on Financial Modelling

Article 1: Financial Modelling in Excel: Circular references, interest calculations and iterations
https://www.linkedin.com/pulse/financial-modelling-excel-circular-references-kersten-msc-bsc-rab/

Article 2: Excel basics for Finance: SUM, MAX, MIN, AVERAGE, IF, cell referencing, named ranges
https://www.linkedin.com/pulse/excel-basics-finance-sum-max-min-average-cell-named-joris/

Article 3: Excel for Valuation: COUNTIF, VLOOKUP, INDEX and MATCH

https://www.linkedin.com/pulse/excel-valuation-countif-vlookup-index-match-kersten-msc-bsc-rab/

Article 4: Excel for Business Valuation: OFFSET, FORECAST and CHOOSE

https://www.linkedin.com/pulse/excel-business-valuation-offset-forecast-choose/

Article 5: Excel for Business Valuation: NPV, IRR, PMT and EOMONTH
https://www.linkedin.com/pulse/excel-business-valuation-npv-irr-pmt-eomonth-kersten-msc-bsc-rab/

Article 6: Excel for Business Valuation: Custom Formatting, Conditional Formatting and Sparklines
https://www.linkedin.com/pulse/excel-business-valuation-custom-formatting-sparklines-joris/
60 free articles on valuation
Earlier blogs on “various topics”

Article 1: Financing a M&A transaction: An introduction

https://www.linkedin.com/pulse/financing-ma-transaction-introduction-joris-kersten-msc-bsc-rab/

Article 2: Valuation: How to adjust for “Operating Lease” (under Dutch GAAP)
https://www.linkedin.com/pulse/valuation-how-adjust-operating-lease-under-dutch-gaap-joris/

Article 3: M&A closing mechanisms: Locked Box & Completion Accounts

https://www.linkedin.com/pulse/ma-closing-mechanisms-locked-box-completion-accounts-joris/

Article 4: Scoping a financial model built primarily for business valuation:

https://www.linkedin.com/pulse/scoping-financial-model-built-primarily-business-joris/

Article 5: Consolidation of M&A targets and Purchase Price Allocation (PPA)

https://www.linkedin.com/pulse/consolidation-ma-targets-purchase-price-allocation-joris/

Article 6: Economics: Do economies have to grow to maintain the same level of prosperity ???
https://www.linkedin.com/pulse/economics-do-economies-have-grow-maintain-same-level-joris/
60 free articles on valuation
Earlier blogs on “bonds”

Article 1: Bonds - An introduction

https://www.linkedin.com/pulse/corporate-finance-bonds-introduction-
joris-kersten-msc-bsc-rab/

Article 2: Bonds & Bond Markets

https://www.linkedin.com/pulse/bonds-bond-markets-corporate-finance-
joris-kersten-msc-bsc-rab/

Article 3: Bonds, Rating Agencies and Credit Ratings

https://www.linkedin.com/pulse/bonds-rating-agencies-credit-ratings-
joris-kersten-msc-bsc-rab/
60 free articles on valuation
Earlier blogs on “Valuation & funding of start-ups”

Article 1: Valuation & funding of start-ups - Funding rounds

https://www.linkedin.com/pulse/valuation-funding-startups-rounds-joris-kersten-msc-bsc-rab/

Article 2: Startup valuation: Pre-money and post-money valuation

https://www.linkedin.com/pulse/startup-valuation-pre-money-post-money-joris-kersten-msc-bsc-rab/

Article 3: Valuation methods for Startups (early stage) – Part 1

https://www.linkedin.com/pulse/valuation-methods-startups-early-stage-part-1-kersten-msc-bsc-rab/

Article 4: Valuation methods for Startups (early stage) – Part 2

https://www.linkedin.com/pulse/valuation-methods-startups-early-stage-part-2-kersten-msc-bsc-rab/

Article 5: Startups in Silicon Valley: The beginning – Part 1

https://www.linkedin.com/pulse/startups-silicon-valley-beginning-part-1-joris-kersten-msc-bsc-rab/

Article 6: Startup Funding & Convertible Debt (part 1)

https://www.linkedin.com/pulse/startup-funding-convertible-debt-part-1-joris-kersten-msc-bsc-rab/
60 free articles on valuation
Earlier blogs on “Mergers & Acquisitions (M&As)” and “M&A
transactions”

Article 1: M&A Transactions: Share Deals, Asset Deals and Legal Mergers
and Divisions
https://www.linkedin.com/pulse/ma-transactions-share-deals-asset-legal-
mergers-kersten-msc-bsc-rab/

Earlier blogs on “Investment Management”

Article 1: Investment Management: Securitization, Subprime Loans and

Collateralised Debt Obligations
https://www.linkedin.com/pulse/investment-management-securitization-
subprime-loans-joris/
60 free articles on valuation
Earlier blogs on “Business valuation to Enterprise Value”

1) Leveraged Buyout (LBO) Analysis:

https://www.linkedin.com/pulse/leveraged-buyouts-lbos-joris-kersten-msc-bsc-rab/

2) M&A Analysis – Accretion/ Dilution:

https://www.linkedin.com/pulse/ma-model-accretion-dilution-joris-kersten-msc-bsc-rab/

3) Discounted Cash Flow Valuation:

https://www.linkedin.com/pulse/discounted-cash-flow-valuation-dcf-joris-kersten-msc-bsc-rab/

4) Valuation Multiples 1 – Comparable Companies Analysis:

https://www.linkedin.com/pulse/valuation-multiples-1-comparable-companies-analysis-joris

5) Excel Shortcuts & Business Valuation:

https://www.linkedin.com/pulse/excel-shortcuts-business-valuation-joris-kersten-msc-bsc-rab

6) Valuation Multiples 2 – Precedent Transaction Analysis:

https://www.linkedin.com/pulse/valuation-multiples-2-precedent-transaction-kersten-msc-bsc-rab
60 free articles on valuation
Earlier blogs on “Energy Transition”

Article 1: Energy transition: Introduction to Sustainable/ Renewable Energy

https://www.linkedin.com/pulse/energy-transition-introduction-sustainable-joris-
kersten-msc-bsc-rab/

Article 2: Energy transition: Energy mix of The Netherlands & Goals for co2 reduction
https://www.linkedin.com/pulse/energy-transition-mix-netherlands-goals-co2-
reduction-joris/

Earlier blogs on Wall Street

Article 1: Wall Street – A general introduction

https://www.linkedin.com/pulse/wall-street-general-introduction-joris-kersten-msc-
bsc-rab/

Article 2: Wall Street – The Federal Reserve banking system

https://www.linkedin.com/pulse/wall-street-federal-reserve-banking-system-kersten-
msc-bsc-rab/
60 free articles on valuation
Earlier blogs on the “cost of capital”

Article 1: Valuation & Betas (CAPM)

https://www.linkedin.com/pulse/valuation-betas-capm-joris-kersten-msc-bsc-rab/

Article 2: Valuation & Equity Market Risk Premium (CAPM)

https://www.linkedin.com/pulse/valuation-equity-market-risk-premium-capm-joris-kersten-msc-bsc-rab/

Article 3: Is the Capital Asset Pricing Model dead ? (CAPM)

https://www.linkedin.com/pulse/capital-asset-pricing-model-dead-capm-joris-kersten-msc-bsc-rab/

Article 4: Valuation & the cost of debt (WACC)

https://www.linkedin.com/pulse/valuation-cost-debt-wacc-joris-kersten-msc-bsc-rab/

Article 5: Valuation & Capital Structure (WACC)

https://www.linkedin.com/pulse/valuation-capital-structure-wacc-joris-kersten-msc-bsc-rab/

Article 6: International WACC & Country Risk – Part 1

https://www.linkedin.com/pulse/valuation-international-wacc-country-risk-part-1-joris/
60 free articles on valuation
Article 7: International WACC – Part 2
https://www.linkedin.com/pulse/valuation-international-wacc-part-2-joris-kersten-msc-bsc-
rab/

Article 8: Present Values, Real Options, the Dot.com Bubble

https://www.linkedin.com/pulse/valuation-present-values-real-options-dotcom-bubble-joris/

Article 9: Valuation: Different DCF & WACC techniques

https://www.linkedin.com/pulse/valuation-different-dcf-wacc-techniques-joris-kersten-msc-
bsc-rab/

Article 10: Valuation of a company abroad

https://www.linkedin.com/pulse/valuation-company-abroad-joris-kersten-msc-bsc-rab/

Article 11: Valuation: Illiquidity discounts, control premiums and minority discounts
https://www.linkedin.com/pulse/valuation-illiquidity-discounts-control-premiums-joris/

Article 12: Valuation: Small firm premiums

https://www.linkedin.com/pulse/valuation-small-firm-premiums-joris-kersten-msc-bsc-rab/