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About This Course
Sound investment decisions are the backbone of organisational growth, capital allocation, and long-term value creation. Whether you are evaluating a merger, appraising a capital project, or managing a portfolio, the ability to build rigorous financial models and conduct credible investment analysis is a non-negotiable competency for modern finance professionals.
This ten-day Investment Analysis & Financial Modelling Training programme by TrainingComplex is designed to take participants from foundational financial concepts through to the construction of sophisticated, real-world financial models. The curriculum covers the full spectrum of investment analysis — from understanding financial statements and the time value of money, through to discounted cash flow (DCF) valuation, comparable company analysis, leveraged buyout (LBO) modelling, project finance, and portfolio theory.
Participants will work extensively in Microsoft Excel, building models from scratch using industry-standard best practices. Each module combines conceptual instruction with hands-on modelling exercises drawn from realistic African and global business contexts, ensuring that learning is immediately transferable to participants' day-to-day roles.
The programme is facilitated by seasoned investment analysts and corporate finance practitioners who bring current, real-world experience from banking, private equity, infrastructure finance, and corporate treasury. By the end of the course, delegates will possess the confidence and technical proficiency to lead investment appraisals, present valuation findings to senior stakeholders, and contribute meaningfully to strategic financial decisions within their organisations.
Who Should Attend
- Investment analysts and associate analysts seeking to deepen their modelling and valuation skills
- Corporate finance managers and financial controllers responsible for capital allocation decisions
- Strategic planning professionals involved in business case development and feasibility studies
- Commercial bankers and credit analysts who evaluate project and corporate financing proposals
- Private equity and venture capital associates requiring structured valuation competencies
- Treasury officers and portfolio managers overseeing organisational investment portfolios
- Management consultants advising clients on mergers, acquisitions, and capital projects
- Accountants and auditors transitioning into investment or corporate finance roles
- Finance graduates and early-career professionals building foundational investment analysis capabilities
Learning Objectives
- Construct integrated three-statement financial models (income statement, balance sheet, and cash flow statement) from scratch in Excel
- Apply discounted cash flow (DCF) methodology to value companies, projects, and assets with accuracy and rigour
- Perform comparable company analysis (Comps) and precedent transaction analysis to derive market-based valuations
- Build and interpret leveraged buyout (LBO) models to assess private equity investment returns
- Design project finance models for infrastructure and capital-intensive investments, including debt structuring
- Conduct sensitivity analysis, scenario analysis, and Monte Carlo simulations to quantify investment risk
- Evaluate investment opportunities using key financial metrics including IRR, NPV, WACC, and equity multiples
- Apply portfolio theory and asset allocation principles to optimise risk-adjusted returns
- Interpret and analyse financial statements to assess the financial health and performance of investee companies
- Present investment analysis findings clearly and persuasively to executive and board-level stakeholders
- Demonstrate Excel best practices for model auditability, error-checking, and professional presentation
- Understand the regulatory and ethical considerations relevant to investment analysis and financial reporting
- Develop a complete, professionally formatted investment appraisal report for a real-world case scenario
Course Modules
Module 1: Foundations of Investment Analysis
- The investment decision-making process and the role of the financial analyst
- Overview of asset classes: equities, fixed income, real estate, and alternatives
- Key financial metrics: return on equity, EBITDA, earnings per share, and book value
- The time value of money: present value, future value, and annuity calculations
- Risk and return fundamentals: systematic vs. unsystematic risk
- Introduction to capital markets and the investment ecosystem in Africa and globally
Module 2: Financial Statement Analysis for Investors
- Reading and interpreting the income statement, balance sheet, and cash flow statement
- Key financial ratios: liquidity, solvency, profitability, and efficiency
- Quality of earnings assessment and identifying accounting red flags
- Working capital analysis and its impact on free cash flow
- Normalising historical financials for non-recurring items and accounting policy differences
- Comparative peer analysis using financial statement data
Module 3: Excel Best Practices for Financial Modelling
- Structuring a financial model: inputs, calculations, and outputs architecture
- Essential Excel functions for modelling: INDEX/MATCH, OFFSET, IFERROR, and array formulas
- Building dynamic assumptions dashboards and named ranges
- Error-checking techniques: circular references, auditing tools, and formula tracing
- Formatting standards for professional, client-ready financial models
- Version control, model documentation, and audit trail best practices
Module 4: Building Integrated Three-Statement Financial Models
- Linking the income statement, balance sheet, and cash flow statement dynamically
- Forecasting revenue using driver-based and top-down approaches
- Modelling operating costs, depreciation schedules, and capital expenditure
- Constructing the debt and interest schedule with revolving credit facilities
- Balancing the model: the cash sweep and plug mechanisms
- Stress-testing the integrated model and resolving common structural errors
Module 5: Discounted Cash Flow (DCF) Valuation
- Free cash flow to firm (FCFF) vs. free cash flow to equity (FCFE): definitions and derivation
- Calculating the weighted average cost of capital (WACC) and its components
- Terminal value estimation: Gordon Growth Model vs. exit multiple approach
- Building a fully functional DCF model from historical financials to enterprise value
- Bridge from enterprise value to equity value and per-share price
- Critical assessment of DCF assumptions and common pitfalls
Module 6: Relative Valuation: Comparable Company and Precedent Transaction Analysis
- Logic and limitations of market-based valuation multiples
- Selecting and screening a relevant comparable company universe
- Calculating and spreading EV/EBITDA, P/E, EV/Revenue, and Price/Book multiples
- Building a structured comps table and deriving an implied valuation range
- Precedent transaction analysis: deal premiums, control considerations, and data sources
- Triangulating DCF and relative valuation outputs into a football field chart
Module 7: Leveraged Buyout (LBO) Modelling
- Private equity investment thesis and the LBO transaction structure
- Sources and uses of funds: equity contribution, senior debt, and mezzanine financing
- Building the LBO model: acquisition, debt schedules, and operating projections
- Calculating investor returns: IRR, money-on-money (MoM), and equity value at exit
- Sensitivity analysis on entry multiple, exit multiple, and leverage ratio
- Credit metrics and covenant compliance in LBO transactions
Module 8: Project Finance & Infrastructure Investment Modelling
- Project finance structure: special purpose vehicles, concession agreements, and offtake contracts
- Revenue and cost modelling for infrastructure, energy, and real estate projects
- Debt sizing and structuring: DSCR, LLCR, and gearing covenants
- Building a project finance model from pre-construction through operations to exit
- Government and development finance institution (DFI) participation and blended finance structures
- Project risk matrix: construction risk, demand risk, and refinancing risk
Module 9: Risk Analysis, Sensitivity & Scenario Modelling
- Identifying and categorising key value drivers and risk factors in a financial model
- Building one-way and two-way data tables for sensitivity analysis in Excel
- Scenario manager: base case, upside, and downside scenario construction
- Introduction to Monte Carlo simulation: probability distributions and random variable inputs
- Break-even analysis and threshold return calculations
- Communicating risk analysis results clearly in investment committee presentations
Module 10: Portfolio Theory & Asset Allocation
- Modern portfolio theory: diversification, the efficient frontier, and the capital market line
- Calculating portfolio return, variance, and covariance using matrix methods in Excel
- The Capital Asset Pricing Model (CAPM) and beta estimation
- Alternative risk measures: Value at Risk (VaR), Sharpe ratio, and maximum drawdown
- Strategic vs. tactical asset allocation and rebalancing frameworks
- Environmental, social, and governance (ESG) integration in investment portfolio construction
Module 11: Mergers, Acquisitions & Deal Structuring
- The M&A deal lifecycle: origination, due diligence, valuation, and closing
- Accretion/dilution analysis in share-for-share and cash acquisition transactions
- Purchase price allocation and goodwill calculation under IFRS 3
- Synergy modelling: revenue synergies, cost synergies, and integration costs
- Transaction structuring considerations: earnouts, deferred consideration, and representations and warranties
- Case study: modelling a complete acquisition from bid price to post-merger pro forma
Module 12: Fixed Income & Equity Securities Analysis
- Bond pricing, yield to maturity, duration, and convexity fundamentals
- Credit analysis: assessing default risk, credit spreads, and ratings methodologies
- Equity research process: initiating coverage, investment thesis, and target price derivation
- Dividend discount model (DDM) and residual income valuation approaches
- Reading and deconstructing a professional sell-side equity research report
- African capital markets: equity and bond market structures, liquidity, and regulatory frameworks
Module 13: Investment Presentation, Reporting & Professional Standards
- Structuring a compelling investment memorandum or appraisal report
- Visualising financial data: charts, waterfall diagrams, and dashboard design in Excel
- Executive summary writing: conveying valuation conclusions and investment recommendations concisely
- Professional and ethical standards for investment analysts: CFA Institute Code of Ethics overview
- Regulatory considerations: securities laws, insider trading, and disclosure obligations in key African jurisdictions
- Capstone presentation: defending investment findings and assumptions before a simulated investment committee
Requirements & Prerequisites
Participants should have a working knowledge of accounting fundamentals and be comfortable reading financial statements. Proficiency in Microsoft Excel at an intermediate level — including formulas, basic functions, and spreadsheet navigation — is required before attending. Prior experience in a finance, accounting, or business analysis role is strongly recommended, as the programme builds on applied professional knowledge rather than introducing finance from first principles.
Training Methodology
- Guided model-building workshops where participants construct financial models from a blank spreadsheet, replicating professional analyst workflows step by step
- Case studies drawn from real African and international investment scenarios including infrastructure projects, listed equities, and M&A transactions
- Excel-based simulation exercises with structured debriefs that highlight common modelling errors and best-practice audit techniques
- Small-group investment pitches where participants present their valuation findings and defend assumptions under cross-examination from peers and facilitators
- Sensitivity and scenario planning labs using real datasets to stress-test investment assumptions and quantify downside risk
- Facilitator-led walkthroughs of published analyst reports and information memoranda to decode professional valuation language and structure
- Peer review sessions where participants critique each other's models using a structured quality-assurance checklist
- A capstone project in which each participant completes a full investment appraisal — including a DCF model, comparable analysis, and written report — for a realistic target company or project
Organisational Benefits
- Improved quality and rigour of investment appraisals, reducing the risk of costly capital misallocation
- Stronger internal capability to evaluate mergers, acquisitions, and strategic partnerships without sole reliance on external advisers
- More credible business cases and financial projections submitted to boards, lenders, and investors
- Faster and more accurate financial modelling, reducing turnaround time for investment decisions
- Enhanced risk management through the consistent application of sensitivity and scenario analysis
- A common financial modelling language and standard across finance teams, improving collaboration and model auditability
- Greater staff confidence and retention as professionals gain high-value, market-relevant skills
- Improved stakeholder communication with clear, data-driven investment presentations and reports
- Strategic competitive advantage through better-informed capital allocation and portfolio management decisions
Where Is Investment Analysis & Financial Modelling Training Offered?
This course runs in-person across: Nairobi, Johannesburg, Kigali, Addis Ababa, Zanzibar, Dubai, Pretoria, Kisumu, Naivasha, Abuja, Nakuru, Riyadh, Lagos, Arusha, Cape Town, Mombasa, Dar es Salaam, Accra, Kampala, plus Live Virtual (online) cohorts. Browse live dates for your city below.
Upcoming Schedules
| Location | Format | Dates | Price |
|---|
| Nairobi, Kenya |
In-Person |
5 Oct 2026 – 16 Oct 2026 |
KES 230,000 |
| Johannesburg, South Africa |
In-Person |
5 Oct 2026 – 16 Oct 2026 |
USD 7,000 |
| Kigali, Rwanda |
In-Person |
12 Oct 2026 – 23 Oct 2026 |
USD 3,800 |
| Addis Ababa, Ethiopia |
In-Person |
12 Oct 2026 – 23 Oct 2026 |
USD 4,800 |
| Live Virtual |
Online |
17 Oct 2026 – 6 Dec 2026 |
KES 160,000 |
| Zanzibar, Tanzania |
In-Person |
19 Oct 2026 – 28 Oct 2026 |
USD 5,000 |
| Dubai, United Arab Emirates |
In-Person |
19 Oct 2026 – 28 Oct 2026 |
USD 8,200 |
| Pretoria, South Africa |
In-Person |
19 Oct 2026 – 28 Oct 2026 |
USD 6,600 |
| Live Virtual |
Online |
19 Oct 2026 – 28 Oct 2026 |
KES 160,000 |
| Kisumu, Kenya |
In-Person |
19 Oct 2026 – 28 Oct 2026 |
KES 240,000 |
| Naivasha, Kenya |
In-Person |
19 Oct 2026 – 30 Oct 2026 |
KES 230,000 |
| Abuja, Nigeria |
In-Person |
19 Oct 2026 – 30 Oct 2026 |
USD 5,600 |
| Nakuru, Kenya |
In-Person |
19 Oct 2026 – 28 Oct 2026 |
KES 240,000 |
| Riyadh, Saudi Arabia |
In-Person |
26 Oct 2026 – 6 Nov 2026 |
USD 9,000 |
| Lagos, Nigeria |
In-Person |
26 Oct 2026 – 4 Nov 2026 |
USD 5,000 |
+234 more dates — view live schedule →
Frequently Asked Questions
Do I need to be an Excel expert before attending this course?
You need a solid intermediate level of Excel — comfortable with formulas, basic functions, and navigating spreadsheets — but you do not need to be an advanced user. The course includes dedicated modules on Excel best practices and modelling architecture, so participants quickly develop the technical fluency required for professional-grade model building.
Will I receive a certificate upon completing the course?
Yes. Participants who attend the full programme and complete the capstone assignment receive a TrainingComplex Certificate of Completion in Investment Analysis & Financial Modelling. This certificate is a recognised mark of professional development and can be added to your CV or LinkedIn profile.
Is this course suitable for someone with no prior investment banking experience?
The course is designed for finance professionals with working knowledge of accounting and financial statements, but not necessarily investment banking backgrounds. Corporate finance managers, accountants, strategic planners, and commercial bankers have all benefited greatly from the programme. Pure beginners to finance would find the pace challenging and are advised to complete a foundational accounting course first.
What materials and tools will participants receive?
Each participant receives a comprehensive course workbook, a library of pre-built Excel model templates covering DCF, LBO, comps, and project finance, as well as case study datasets. These materials are yours to keep and adapt for use in your organisation after the programme ends.
Can this course be delivered in-house for our finance team?
Absolutely. TrainingComplex offers customised in-house delivery of this programme, with case studies and model templates tailored to your organisation's industry and investment context. Contact our corporate training team to discuss scheduling, group sizes, and bespoke content requirements.
