FMVA case studies
FMVA · Put your knowledge to work in context.
The Financial Modeling & Valuation Analyst (FMVA®) is a professional certification offered by the Corporate Finance Institute (CFI). CFI describes it as a program to "Learn advanced financial modeling, earn industry-standard credentials, and stand out as a top valuation expert," positioning it as a pathway into corporate finance, investment banking and financial planning & analysis work. The FMVA case studies are 5 cases and about 3,689 words.
1The 1.7-Turn Terminal Value
You are valuing a packaging distributor for a sponsor. The DCF covers 2024E-2028E; the present value of explicit free cash flow is 141m, 2028E EBITDA is 120m and 2028E unlevered FCF is 75m.
756 words, about 4 min2The Model That Moves When You Press F9
A colleague has built a three-statement credit model with a revolver. Cash is the plug, and interest on the revolver is computed on the average of the opening and closing balances - a circular reference.
792 words, about 4 min3The Lookup That Ties to the Dollar
A monthly management pack maps margin onto a 380-row customer master using VLOOKUP from a 4,200-row sales table. The pack's total gross margin of 12.84m ties to the GL to the dollar, but three customers show #N/A, and Customer 4471 shows a 31% margin against 22% last month.
742 words, about 4 min4Holding the Number After a Six-Million Miss
A specialty retailer budgeted FY revenue of 128.9m with H1 at 45% ( 58.0m) and H2 at 55%. H1 actuals came in at 52.0m.
680 words, about 3 min5The Lease That Decides the Covenant
A distributor signs a 7-year lease on a distribution center: payments of 4.2m annually in advance, escalating 3% a year, incremental borrowing rate 6.5%. There is a 5-year renewal at then-market rent and a termination right after year 4 on payment of a 2.1m penalty.
719 words, about 4 min