Awards and Publications Awards Publications. Investor Relations. CEO Message. ESG-Driven Management. Back Numbers. Latest IR Materials Downloads. Financial Results. Earnings Presentation. Financial Report. Integrated Report Download files Zip. The Kao Way corporate philosophy. EVA Management. Mid-term Plan. Risk and Crisis Management. Consolidated Operating Results. Consolidated Financial Position. Consolidated Cash Flows. Depreciation and Amortization etc.
Key Performance Indicators. Consolidated Results by Segment. Changes in Accounting Standards. List of IR Materials. Earnings Conference. Management and Business Strategy Conference. Shareholder Information. Stock Price Information. This was very helpful as I prepare for an interview where I might be asked about financial modeling. I learned so much. Thank you for creating this free course!
Thanks Dheeraj for this tutorial. You made it appear simple. It looks great! Hi, could you kindly email me the colgate models, both the solved and unsolved.
Am unable to access. My email is sylvianyakio yahoo. Hi Dheeraj— Can you email me both models too? Staceyzafiroff gmail. You are a guru! You must analyze the stock market with impeccable precision.
I know it must be high! Also, could you analyze GoPro next? Thanks, Stacey Zafiroff. Thank you Stacey for the motivation Though i am not tracking GoPro, I will check and get back to you if i can evaluate this stock.
You need to just download the Colgate Model from the form at the start of this post and start learning financial modeling. I am not sure that joining this course with CA will be better for me? Outstanding work mate. I am not able to understand the link. Why have we assumed 2. Thanks for the encouragement and sorry for the late replies. This comment got dumped in the spam comments i received. Step 9C — as the company statement said that they are authorized by repurchase update 50 million shares, in the model, we just need to be careful that we do not repurchase more than 50 million shares.
If you check 9C, you will note that each year, we are repurchasing around 30 million shares. Step 9F — good question, why i divided by 2. This is just an assumption that i have used to keep the calculations simple. Hi you, thank you so much for your free course! Best, TA. I am writing a separate note on this. Will update you on this shortly. I took a finance course 10 years ago, do you think I need to take a refresher course?
It yes, can you please recommend something either an online tutorial or a book. Just curious to know what is your objective of taking a finance course? I can guide you further based on your inputs. Dheeraj,Thank you very much for taking time to share such insight in financial modeling.
Why do you subtract 1 from the base year in the horizontal analysis formula. What do you call that. My liquidity and solvency ratios are varying a little. I am unable to identify the error. This is Step 2C. For example my inventory turnover from Dec onwards if 5.
However urs is 5. I am writing a note on Ratio analysis where i am covering Colgate as an example. Will keep you posted on this. Great Work. Could you help with Financial Modelling of a New Mfg. Regarding the circular reference in step 10D. How do we go about getting rid of this circular reference. This is important. Follow the following steps to remove the DIV error. You cannot get rid of circular reference as it is inbuilt in the core modeling exercise.
Undo the delete. Thank you so much for publishing this — it is wonderfully written. I was just wondering, would you mind including all the ratio calculations in the solved template for verification purposes? I I am working towards writing another blog post completely dedicated to Ratio Analysis. Will update you once its posted. Therefore my question, how to come up with a Receivables b Inventories c Account payable.
Sorry for this late reply. The comments got dumped in between the spam messages i have been receiving. How do we come up with teh following — a Receivables — here we calculate the receivables turnover in days. We note that the receivable days is between 34 — 39 days. So going forward, we take an assumption that receivables days will be around 35 or so.
Based on this input of 35 days for colgate, we back calculate the receivables. Please refer the Colgate excel sheet solutions for further details. You have beautifully explained and demonstrated the flow of the FMCG company model. Thanks for it. However, I wish to value a company which is still in the nascent stage of development, i.
Could you please build such model? Currently i do not have such a model in place. A company that does not have any revenue from its product till date will be valued on the basis of how the growth may look like once they launch the product. Cant detail things much here without knowing the whereabouts of the company.
But I stock in the step 4E. I do not understand how do you project the Receivables, Inventories, Accounts payable and Accrued income taxes. I need some help here. I do not understand how do you project the Receivables, Inventories, Other current assets, etc.
Is with the proponcional os Net sales and Ration Assumptions Drivers??? I am sorry i do not have such a model at this stage. However, stay tuned. Some thoughts though, as we do calculate most areas that would be classified as operating expenses, why not link up those once to the Rev Estimation as well. I might have missed something in regards to this but would be glad if you could give your thoughts on it, as Earnings would be an important factor to determine share price. You are right. Its just about how you think about certain assumptions.
For example, advertising expenses should move with Revenue can see the direct links so Revenue linkages makes sense. If you are comfortable with Revenue assumption linkages, you can also take that. I have seen many analysts doing so. A lot of thanks for sharing your knowledge!
I have a question though. Your Tutorial is really nice and I learnt a lot of the mechanisms from it. One question. I have already tried to go through the model and I got stuck during the equity section Step 9C to find out he implied share price. However at that time, my income statement is still not finished as the interest expense statistic is not ready and hence no EPS is derived.
If I reverse the step to calculate interest expense first, equity data and cash flow from financing activities needs to be used. How should I solve this problem? Many thanks!!! Thanks for your note. You need to carefully follow each step one by one without skipping any.
This also means that you have to follow the same sequence as suggested in this tutorial. It will be great if you could send me your Financial Model — i will have a look at it and see the exact nature of the problem.
Awesome financial modeling tutorial. I will be working on this provided unsolved Colgate financial model and then hopefully be able to do my own model of another company. Once completed I am going to try and show interviewers what I have accomplished and hopefully land a financial analyst entry level position. I really appreciate the effort you put in to come up with this very nice tutorial.
I have one main issue anytime i look at a financial model, Please i would like to know how to check if the financial model built is reliable in terms of the accuracy of the forecast. Accuracy of the forecast can be done by revisiting assumptions and checking the same with the publicly available resources. Likewise, in results and conference calls, management do provide their guidance on key numbers like Revenue, profit etc — broadly these should be in line with the estimates provided.
Request you to please assist how you forecast the numbers of revenue growth and whats the best forecast method i can use for further forecasting? Each depends on the availability of data and your time.
For eg. FMCG companies forecast can be done geography wise, product wise or both. Though such an approach is time consuming but is often recommended as it more robust. This is really amazing stuff Dheeraj, you were able to break the financial modeling concepts down into an extremely digestible form for ease of learning, much appreciated!
I was just wondering, is there a follow up post on how to conduct a scenario analysis? Hi Dheeraj, Thank you for this tutorial, Dheeraj, i need your guidance pls, I am 32 years old,BCA graduate in job and interested in to be a Equity research analyst. Please guide me. However problem is i have no understanding and dont know where to start from. I really admire you finance people but i have no knowledge and i am ready to learn and hopefully get a CFA qualification for myself as it is not common here in Ghana.
Can you advise on what i need to do and learn to at least be able to understand what you have done inside out and get ready to do more complex things?
I love to project figures naturally so i trust i will enjoy finance but i need to know how i can start understanding from scratch so i can understand all about finance including NYSE, derivatives, options reading and interpretations. I want a career in finance and set a company later when i have money. Thanks for your kind words! I think getting a CFA charter will be first step towards a career in Finance.
I strongly recommend the same considering your enthusiasm for Finance. Thanks Mr Dheeraj sir, for sharing this knowledge. I need this for my financial self study. Love the way you present all the information And the memes too. I am interested in building my finance career experience in Financial Modelling and i have found these materials as a good starting point.
I am impressed. Its the best available online material. People who have FM-phobia will overcome there fears by the end of the page. Thanks very much for sharing the template. It is an excellent tool to understand the topic financial modelling. The model template is excellent. Tolong contack saya atau send a email. I will joint.
Hi Dheeraj, Thank you very much for your work. You set the useful term of computer equipment and software as 3years, however you continue to book the depreciation cost after the forth year. For example, the capex of computer equipment in is 4, But the total depreciation generated from this capex is 10, from Mar to Mar Although you set 4 years as the useful time of computer equipment in , you apply 3 years in.
Could you show me the correct calculation? Thanks for the great tutorial. I have doubt on the debt schedule. Why do you consider dividends to be paid out before arriving at the cash available for debt service? Dividends are returns for shareholders. Basis the performance of current year dividend is distributed to shareholders.
On the other hand cash sweep is essentially a cash surplus after considering all the cash operations for the year. Therefore, the preferential treatment to service debt before equity does not arise here. I realized one thing, that the way the revenues of Colgate were forecasted is more kind of an approximation. The another approach is to see through the sales-gdp regression analysis.
If we find that the p value is 0. I see a point in taking the approach like you are suggesting. Would call this as a mathematical approach to projecting revenues using regression analysis. Unfortunately, I have not yet seen many models where this technique is primarily used to project revenues. One reason could be availability of the data to make it statistically viable. Additionally, the approach I suggested is too simplistic. A research analyst will do well do dig into the segments, product portfolios and geographies to find the growth rate of sub parts and then add it up.
However, it takes lot of time and I avoided presenting those complex forecasts at this stage. Thank you very much for putting this tutorial together. I do have a quick question for you though — why is it that circular references are allowed to exist in this model? In step 8A, we were told to assumed that the future number of basic and diluted shares will remain the same as they were in Since we were only able to calculate 10D by assuming 8A, why do we plug the calculated amount to replace the assumed amount?
Any chance I can get a copy of the colgate example excel file. I would really appreciate it. Hey Brian, you just need to download the excel sheet from the form provided above. Is it possible to download it in any different way? Keep up the good works!! Hi Dheeraj, Its always been rewarding and intellectual feast for me to learn things from your case studies. Great Work on Colgate-Palmolive. Thank you Sandeep for your kind consideration. I hope you liked the Financial Modeling Training Tutorial.
Best, Dheeraj. Thank you Dheeraj! Can you please answer my email about the Alibaba Group? It was sent about 2 weeks ago. And just one more question…how do you estimate the percentages for the further years? Thanks for sharing this well explained tutorial. Can you share financial model related to Indian banking sector. Thanks Sudeep. At this stage i do not have a banking model, however, I do plan to write about it in my coming posts.
Thank you very much. I really appreciate your expertise in breaking this down to a very simple methodology. There is no limit to how far I can take this. Thank you again. Many thanks Stephan :- I am glad you liked the tutorial. Hope this proves useful.
Thanks Dheeraj for such a wonderful explanation of financial modelling. Thanks Nidhi. I look forward to preparing a banking sector model pretty soon. Will let you know about the same. Hi Dheeraj, thanks for this awesome tutorial. When i try to open the Financial Model of Colgate, it gives me circular reference. Does the model contain any errors or am i missing something?
Hi Rachael, many thanks for the download. This financial model contains circular references as the financial statements Income statmements, Balance Sheet and Cash Flows are interlinked. Circular references come when we link the Interest expense from the Debt Schedule to the Income Statement.
Hope this helps, Dheeraj. Wow Thanks for this stuff. So kind to share this complex — made it easy financial Modelling tutorial. This is an epic Financial Modeling Tutorial. Best I have ever read. I have bookmarked this one and will get back to you once i try unsolved templates. This is an epic Financial Modeling tutorial.
Bookmarked for reference. Thank You. I will followup with more questions as i try the unsolved template. Free Investment Banking Course. Login details for this Free course will be emailed to you. Forgot Password? Download Colgate's Financial Model. What is Financial Modeling in Excel? Comments Thanks sir, excellent work. Thank you Dheeraj for such a great insight about financial modeling. Awesome work done by you.
Could you email it to me? Hi, Can you please email me the template? I am unable to download it. Thank you Dheeraj for this great tutorial! Can you please send me the templates? Thank you dheeraj for this great turorial! Can youn please send me the templates? Sir, I am unable to downlaod the model. Kindly email me the same. Thanks Dheeraj for sharing this. Could you please mail me the templates? Please email me the excel models as well.
Not able to download them. Thanks for the help. Hey Dheeraj Could I have the excel template…. Also wrote earlier if you have any material on different types of valuation models…..
Hello Dear, I tried to download the templates for the free model but I was not apply to receive them.
Fabulous explanations. Please do forward if you the model if you can Many thanks. Hey, great article. Just wondering where i can get the template. Kindly send it. I have not received email of templates, could you please send me the files? Regards Ali. Hi Dheeraj sir, I am not able to get the financial model template even after signing up for download. Request you to please share it with me. Hi Dheeraj, Great post. Thanks for the effort. Thank you in advance.
It would be great if you share the template with me. Can you please email the most updated copy Thanks much. Hi Dheeraj, This site is wonderful, glad I found it. Hi Dheeraj, I have enrolled for paid venture capital course. Regards, Anurag. Thanks and regrads, Arjun. Please assist by emailing me the MOdel.
Kind regards, Akintayo. Please check your email. Dear Dheeraj, Awesome article. Many thanks for this wonderful work. Many thanks Satish.
Hi Dheeraj, I enjoy your site and appreciate your time and desire to share your knowledge with people like me! Hello Dheeraj Sir, First of all i would like to thank you for giving us a useful model and some information about Financial modeling. Thank you so much! Hi, Dheeraj I am not able to receive the files.
Request to share them. Hi Dheeraj, I to found this very informative — thank you! Would it be possible to get a copy of the template? Glad you liked the financial modeling tutorial. Best, Eason. Hi, Thanks for sharing this info, will you mind to send me the model. Please how can I get the videos of the financial modeling? Excellent Question Sachin. I am happy you thought about this :- Only those who have opened the annual report and tried populating the historical figures may not this issue.
This is amazing! Could you kindly mail me the template? Thanks, Dheeraj. Hello Sir, Great Tutorial. Hi Pratik, If they have never bought back the shares, then there are two scenarios — 1.
Hope this answers your queries. Hi Phil, I am updating this case study.. Could you send me the most up to date model solved and unsolved please?
Hi Ryan, I am working on the updated model to be released soon. Thanks for this amazing tutorial. Can you help with the analysis of banking sector? HI Tejal, As of now, I have not yet prepared a banking sector model. Hi Dheeraj, Thank you for an amazing model, this truly helps getting hands on experience on this very interesting aspect of fundamental analysis. Hello Pooja, Thanks. Many thanks, Dheeraj. Hello Dheeraj I havent received the template in my mail Please forward it.
Hey Kartik, just send you an email on this. Please check. Hi Adit, I have taken this just on the basis of historical growth rates though i should have investigated further on this. Hi dheeraj! Hi Adit, You can send me an email on dheeraj at wallstreetmojo.
Hi Adit, I am currently working on updating this case study along with the Ratio Analysis. Thakns, Dheeraj. Hey dheeraj! Thank you so much for your reply! The infrastructure sector focuses on renewable energy.
Investment Portfolio. This is under investigation by University Finance Committee and Executive Board and an update will be provided when available. Quarterly Sector Analysis. For each claim made by individuals the total expenses by category is given along with the total expenses claimed over the period. Some of the claims are for multiple journeys and this is highlighted on the pdf documents.
It is important to note that some of the travel expenses claimed by the members of Executive Board may be externally funded by third party organisations and the costs of the trips are reimbursed by them after the event.
The purpose of the electronic expenses system is a financial one. The electronic expenses system does not record, nor does it need to record, the full details associated with each claim. For example, whether the mode of transport was first or standard class, the reason for the journey or the name of the hotel, is not recorded on the system.
In addition to their core role, each member of Executive Board has a different portfolio of recurrent and project responsibilities. The nature of the core role combined with the Executive Board portfolio and external responsibilities means that some members of Executive Board have to travel more extensively than others.
0コメント