BIWS modeling course applicable for other divisions of finance?
If I am going for AM/ ER, is BIWS as big as a game-changer as for IBD. I guess it would help teach the conceptual fundamentals of DCF which is as important for AM. Maybe 3 statement modeling is important too. Generally, is understanding mergers, LBO, all that good stuff important for public equities?
It is applicable. Understanding mergers and LBO doesn't hurt as there are subsets of public equity firms do model deeply.
Most important modeling skills for fundamental analysis? Idea generation, building a pitch from the ground up, etc. Any good resources. Btw, does Rosenbaum help bridge the gap for this
Rosenbaum is more for banking and PE.
All the things that go into producing a forward view on earnings and free cash flow are important - simplistically it's revenue and cost build really, but of course every business has its nuances, that's where experience matters and that's what you don't have as a newcomer so you have to learn by doing one at a time.
Building a pitch from the ground up: many resources out there. You can look at a slide deck put out by Paul Enright or read tweets of Brett Caughran, both ex-Tiger Cub analyst / PMs. Pitch the Perfect Investment is a decent book on the subject.
Idea generation: there is no secret formula, if there is, it's already arbitraged away by the market. So it's comparing the stock price, and what the business is worth based on your out year earnings / free cash flow (assuming you are a value investor if not I cannot add value). Is there a giant disconnect between the price and the business worth?
M&A and LBO less relevant but the WSO Elite Modeling Package also includes Excel Modeling as part of the package and building the proper habits there is relevant for almost any finance career. Good luck!
Coming from the legend himself, thanks! (albeit with a shameless plug, but fair)
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