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Corporate Finance & Valuation Intermediate

Three-Statement Financial Model in Excel

Build one company model from historicals to drivers, schedules, income statement, balance sheet and cash flow, with a scenario switch, every cell checked live.

8 lessons 8 labs 2.1 h Certificate

  • One-time payment
  • 14-day money-back guarantee
  • Secure checkout with Stripe

What you'll build

What you will be able to do

Each lab ends with a concrete result that you build yourself and the checker confirms, cell by cell.

  • Turn three years of Cedarline Home Goods history into the drivers that the whole model will forecast with.
  • Forecast revenue, COGS, SG&A and EBITDA for 2026–2028 and drive them with one scenario switch (CHOOSE and INDEX).
  • Forecast receivables, inventory and payables from days drivers and calculate how much cash working capital ties up each year.
  • Forecast capex, depreciate each year's capex over its useful life in a waterfall and roll net PP&E forward.
  • Build an amortising term loan and a bullet bond, cap the repayment with MIN and calculate interest on opening balances.
  • Pull revenue, costs, depreciation and interest from the schedules into the income statement and calculate tax and net income.
  • Link the schedules into the balance sheet, roll retained earnings forward and prove that assets equal liabilities plus equity every year.
  • Build the cash flow statement from net income with the indirect method and prove that closing cash ties to the balance sheet.

About this course

A linked three-statement model is the foundation of most valuation and planning work. This course takes you through building one that balances. You turn historical figures into forecast drivers, project revenue and costs with a scenario switch and build a working capital schedule from receivable, inventory and payable days. A fixed asset schedule handles capex and depreciation, and a debt schedule calculates interest without circular references. You then assemble the income statement, link retained earnings into the balance sheet and confirm the balance check, and derive the cash flow statement using the indirect method so that cash ties out. For aspiring analysts, finance students, interview candidates and founders who want to understand their model.

Curriculum

Course content

8 lessons · 8 labs · 2.1 h · final exam

  1. Historicals & Ratios as Forecast DriversLab14 min5 checked tasks
    Unlocked when you buy the course
  2. Revenue & Cost Forecast with a Scenario SwitchLab16 min4 checked tasks
    Unlocked when you buy the course
  3. Working Capital Schedule: DSO, DIO, DPOLab15 min4 checked tasks
    Unlocked when you buy the course
  4. PP&E & Depreciation Schedule (Capex Waterfall)Lab17 min4 checked tasks
    Unlocked when you buy the course
  5. Debt & Interest Schedule without CircularityLab15 min4 checked tasks
    Unlocked when you buy the course
  6. Building the Income StatementLab14 min4 checked tasks
    Unlocked when you buy the course
  7. The Balance Sheet: Retained Earnings & the Balance CheckLab15 min5 checked tasks
    Unlocked when you buy the course
  8. Cash Flow Statement (Indirect Method) & Cash Tie-OutLab18 min4 checked tasks
    Unlocked when you buy the course
  9. Final exam12 questions, 75% to pass, unlimited retries.

Certificate

Finish with a certificate you can verify

Complete every lesson and pass the final exam to receive a certificate of completion for this course, with a unique credential ID and a public verification page.

  • Names the course, your score and the date of issue
  • A verification link for your CV or LinkedIn profile
  • 12 questions, 75% to pass, unlimited retries.

A Tutorvo certificate confirms that you completed a course. It is not an official or professional qualification.

Illustration. Your certificate shows your own name, course and credential ID.

Before you buy

Questions about this course

Is this a subscription?

No. You pay $9.99 once for this course. There is no subscription and nothing renews automatically. Prices are in US dollars; taxes may be added where required.

What exactly do I get?

All lessons and labs of this course, the final exam and the certificate, including later updates to the course, for as long as Tutorvo offers it. Access is personal and tied to your account.

Can I get a refund?

Yes. If you are not satisfied, email hello@tutorvo.com within 14 days of buying and we refund the course in full via Stripe. The guarantee does not apply once a certificate for the course has been issued to you, or where there are signs of abuse.

When can I start?

Right after payment. Access starts immediately at your request; for consumers in the EU/EEA the statutory right of withdrawal therefore ends once access has begun, while our 14-day money-back guarantee applies regardless.

Do I need Excel or other software?

No. The labs run in a spreadsheet inside your browser on a laptop, tablet or phone. Function names and syntax follow Excel.

Is the certificate an official qualification?

No. It confirms that you completed all lessons of the course and passed its final exam. It is not an official, state-recognised or professional qualification. The name is taken from your profile when the certificate is issued.

Full details are in our Terms · hello@tutorvo.com

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