Re: COUNTIF, Then What?
You need two criteria. One for date and one for Yes or No trained. If you are using Excel 2007 or 2010, use COUNTIFS function. note that this is NOT backward compatible with Excel 2003. If you are on Excel 2003, you need to use an array. This is covered extensively in our Advanced Excel for Data An... You need two criteria. One for date and one for Yes or No trained.
If you are using Excel 2007 or 2010, use COUNTIFS function. note that this is NOT backward compatible with Excel 2003.

If you are on Excel 2003, you need to use an array.
This is covered extensively in our Advanced Excel for Data Analysis class:
http://www.wstselfstudy.com/packagetech.html Read More

RE: DTL in purchase price allocation
That's correct. The only time goodwill is touched with respect to deferred tax activity resulting from a merger, etc., is if a valuation allowance was established on the acquisition date due to uncertainty as to the realization in the future of acquired deferred tax assets. In that case, if the... That's correct. The only time goodwill is touched with respect to deferred
tax activity resulting from a merger, etc., is if a valuation allowance was
established on the acquisition date due to uncertainty as to the realization
in the future of acquired deferred tax assets. In that case, if the DTAs
are eventually realized (and a valuation allowance had been established to
place a reserve on those DTAs on the acquisition date), the reversal of the
DTAs would result in a reduction of goodwill rather than a reduction of
income tax expense. Read More

Re: Custom fonts for Chart Y Axis.
After creating your chart, Format the Y axis and enter this code in:
[=100]$0.0;_$0.0

Substitute the 100 for whatever the top figure of your Y axis.
If you don't want the decimal, then use this instead:

[=100]$0;_$0

Re: PPE&depreciation schedule
Very astute observation! Yes, you are 100% correct. To go even further, the CIP portion also needs to have capitalized interest to make thoroughly accurate. However, for most companies, this is an immaterial number. Real estate development and REITS, this becomes significant and as such, we need to ... Very astute observation! Yes, you are 100% correct. To go even further, the CIP portion also needs to have capitalized interest to make thoroughly accurate.
However, for most companies, this is an immaterial number. Real estate development and REITS, this becomes significant and as such, we need to calculate the allocation of CapEx to CIP and then build in a lag time for the CIP to become "live" (Development Completed) which then, as you noted, starts to be depreciated. Read More

RE: Corporate Valuation: Nuances on these methodologies
Excellent questions! 1) For tons more detailed explanation on capital leases, please go to our new topic forums at www.wallst-training.com/forum and under Valuation Topics, we have a wealth more back and forth d... Excellent questions!
1) For tons more detailed explanation on capital leases, please go to our new topic forums at www.wallst-training.com/forum and under Valuation Topics, we have a wealth more back and forth discussion on capital leases. Do note that there are some who disagree with our assessment of capital lease treatment.

2) Assuming no changes going forward and assuming same stock price, correct. However, if you get Net Income and EPS from average analyst estimates, it would be different since they are both averages with different calculations by each analyst.

3) Since it seems you are calculating the "Reference Range", you still use options exercisable because you are calculating "standalone valuation". For an LBO valuation, since you are assuming a "change of control" you would use options outstanding.

4) Yes, to be exactly precise, you would need a different shares outstanding for each calculation, something that would give you more accuracy but isn't typically the norm since you end up summarizing the valuation ranges anyway, so it's not material.

5) You should include all deals, but with an emphasis on completed deals since those actually went through. Forward multiples in deal comps are not always available since you do not always have access to historical analyst reports. However, if you are compiling the multiples as deals are announced (as an investment banker should be in coverage groups) then you should include forward multiples, and for that, the template in our Complex Trading Comps template would be sufficient. Read More