M&A Modeling

In this course you will learnt to build a comprehensive, three-statement merger model. All key assumptions required, and outputs of such an analysis will be explored with an emphasis on the impact on the financials of the buyer in a strategic acquisition.

View video to get a brief overview of the course

What do you get on this course?


  • Build a detailed Sources & Uses table, including impact of dilutive instruments in the target, operating cash requirement, and equity issuance, debt issuance and advisory fees
  • How to consolidate the two balance sheets at deal dates, including the impact of fees, asset step-ups and related deferred tax liabilities, and related Goodwill adjustments
  • How to build a fully integrated three-statement model including funding, synergy and tax implications
  • How to generate a variety of outputs to analyse the deal including: EPS accretion / dilution, ROIC, premium vs. synergy analysis, analysis at various prices (AVP), and contribution analysis

key Topics

Complete topics step by step or jump to any of the below at any time.

  • The advantages of a full-blown merger model
  • Preparing the stand-alone data for acquirer and target
  • Preparing key deal data
  • Building a flexible funding structure using a sources and uses of funds table
  • Calculating goodwill
  • Dealing with fair value adjustments to the target’s net assets
  • Dealing with refinancing of target’s debt
  • Modeling fees (advisory, debt-issuance and equity-issuance)
  • Consolidating the financial statements of acquirer and target
  • Synergies
  • Earnings accretion / dilution and relative P / E analysis
  • Assessing the value creation potential of the deal using return on invested capital (ROIC) analysis
  • Contribution analysis
  • Analysis at various prices (AVP)
  • Net present value of synergies vs. control premium
  • Identifying the maximum offer price and a suitable financing mix
  • Building data tables to sensitize outputs to key input assumptions

Having trouble deciding? Check out AMT Training’s latest online financial courses.

12 hours of video content.

Estimated 24 hours to complete.

How to access your course

  • Checkout and pay for the course(s).
  • Your course(s) will be added to your DELTA account.
  • You will then receive an email with joining instructions.
  • You will have 12 months access from date of purchase.


This course is open to all. To maximize the benefit of this course we recommend an understanding of financial statements and Microsoft Excel.

Technical Requirements

You will need an Internet connected device to access the videos and download supporting resources. Supporting resources can be used offline, which require Microsoft Excel 2003 or later and a PDF reader.

Comprehensive Resources

You’ll be able to easily access all of the materials you need through our learning management system DELTA

  • Bite-size trainer led HD videos detailing step by step techniques and best practices.
  • Download the slides and files as used in the videos, which can be completed while watching or saved for later.
  • Open forum for quick problem solving.

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