Forecasting and projected financial statements Discussion of revenue forecasts Discussion of COGS/SG&A forecasts Discussion of tax expense forecasts Discussion of net operating asset forecasts...

Forecasting and projected financial statements

Discussion of revenue forecasts

Discussion of COGS/SG&A forecasts

Discussion of tax expense forecasts

Discussion of net operating asset forecasts

Identification of “plug account”

Discussion of financial accounts forecasts

Balance sheet cleanly balances

Cash flow articulates to change in cash

Net income/dividends articulate to retained earnings

Investing cash flow articulates to dep/amort and LT assets

Operating cash flow articulates to net income and BS

Discussion of key forecast drivers

Validity checks versus historical ratios or external sources

Valuation analysis

DCF

Residual income

Terminal value modeling

Comparables (i.e. relative valuation)

Discussion of similarities/differences between approaches

Sensitivity checks on forecasting/valuation assumptions

Buy/sell/hold recommendation

Overall integration, presentation

Typos

Readability

Exhibits layout

Consistency across sections/exhibits

Articulate investment thesis

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