Valuation, M&A, Corporate

Finance, Private Equity

62 free articles

Friday September 18th 2020

Joris Kersten, MSc BSc RAB
Kersten Corporate Finance/ The Netherlands
Trainer/ Consultant

➢ Joris Kersten (1980);

➢ Independent M&A
consultant;
➢ Independent Trainer Globally
in Valuation and Financial
Modelling;
➢ Co-owner real estate DIY
sector;
➢ Trainer Financial Modelling at
AMT Training London, New
York and Hong Kong;
➢ Trainer Corporate Finance at
Leoron Institute Dubai/ UAE.
 Trainer/
Consultant
➢ Adjunct Lecturer Corporate Finance &
Accounting at: TIAS Business School,
Nyenrode University, Maastricht School
of Management (MSM);
➢ Adjunct Lecturer Corporate Finance &
Accounting at partner Universities of
MSM at: Peru/ Lima, Mongolia/
Ulaanbaatar, Surinam/ Paramaribo and
Kuwait/ Kuwait City.
➢ Education: MSc Strategic Management &
BSc Business Studies, both from Tilburg
University;
➢ Registered Advisor Business Acquisitions
– Tax & Legal (RAB);
➢ Degree to teach in Universities;
➢ Registered Valuator (RV) – Right now
following this education/ training myself.
Kersten Corporate ➢ Consulting in M&A and Valuation
Finance ➢ Training in Valuation and Financial Modelling
➢ Address: Gording 67 – 5406 CN Uden – The
www.joriskersten.nl Netherlands
www.kerstencf.nl
➢ Joris@kerstencf.nl / +31 (0)6 8364 0527
Face to face ➢ 6 days - Business Valuation & Deal
Structuring.
training
➢ 28, 29, 30, 31 October 2020 + 2, 3 November
Registration at 2020.
joriskersten.nl or email ➢ Location: Crown Plaza Hotel @ Amsterdam
joris@kerstencf.nl South (“Zuidas”)/ The Netherlands.
Face to face training
Registration at joriskersten.nl or
email joris@kerstencf.nl

➢ 6 days - Business Valuation &

Deal Structuring.

➢ 28, 29, 30, 31 October 2020 +

2, 3 November 2020.

➢ Location: Crown Plaza Hotel @

Amsterdam South (“Zuidas”)/
The Netherlands.
Early bird discount (registration
before 1st October 2020)

Course manual + registration form available

at: www.joriskersten.nl
Cash & Debt free/ Net
debt
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/
Valuation (banks + oil &
gas companies)
Valuation of Banks: Business models of Banks
https://www.linkedin.com/pulse/valuation-banks-business-models-joris-
kersten-msc-bsc-rab/

Bank Valuation: Financial Statements of Banks (part 1)

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

Valuating Oil & Gas Companies: The Oil Industry

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

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/
Leveraged Buyouts
(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/
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/
Financial Modelling in
Excel
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/
Financial Modelling in
Excel
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/
Various 1: Corporate
Finance
Capital Market History Lessons – Corporate Finance (part 1)
https://www.linkedin.com/pulse/capital-market-history-lessons-corporate-finance-
part-joris/

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/

Investment Management: Securitization, Subprime Loans and Collateralised Debt

Obligations
https://www.linkedin.com/pulse/investment-management-securitization-
subprime-loans-joris/

How to break into M&A/ Investment Banking ?

https://www.linkedin.com/pulse/how-break-ma-investment-banking-joris-kersten-
msc-bsc-rab/?trackingId=J1%2BoTSOOJl%2BtgzKhoHh97Q%3D%3D
Various 2: Corporate
Finance
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/
Various 2: Corporate
Finance
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/

Article 7: Mergers & Acquisitions: The three big mistakes

https://www.linkedin.com/pulse/mergers-acquisitions-three-big-mistakes-joris-
kersten-msc-bsc-rab/
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/
Valuation for startups
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/
Valuation for startups
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/
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/
Business valuation to
Enterprise Value
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
Energy transition, Wall
Street
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/

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/
Cost of capital (WACC)
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/
Cost of capital (WACC)
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/

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/
Cost of capital (WACC)
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/
 Do not hesitate to contact me with
End any questions:

Any Questions ??
➢Joris@kerstencf.nl
Contact
Details

Kersten Corporate Finance

Joris Kersten
Joris@kerstencf.nl
+31 (0)6 8364 0527
www.joriskersten.nl

130 recommendations on
the training sessions of
Joris can be found at:
https://www.joriskersten.
nl/nl/reviews
Recommendations

130 recommendations on Joris’

training sessions can be found
on:
www.joriskersten.nl/nl/reviews
Training Dubai:

18-22 October
2020
Certificate
Investment Banking:

✓Valuation;
✓Deal Structuring;
✓DCF Analysis;
✓LBO Analysis;
✓M&A Analysis.
60 free articles on
valuation !

Please visit my LinkedIn page for 60 of

my free articles on the topics:

➢ Business Valuation, Financial

Modelling and Mergers &
Acquisitions.

www.linkedin.com/in/joriskersten

130 recommendations on the training

sessions of Joris can be found at:
https://www.joriskersten.nl/nl/reviews