Financial Modelling for Analysts
Structured courses. Specific skills.
Each programme at Bornapeskt covers one discipline thoroughly — from model architecture to scenario testing. No broad overviews, no assumed knowledge.
Programmes on offer
Each course below addresses a distinct phase of financial analysis work. They can be taken independently or sequenced — the structure is designed to accommodate both routes.
Model Architecture
Covers spreadsheet structure, formula discipline, and the separation of inputs, calculations, and outputs. Participants work through three realistic balance sheet models from scratch — not templates.
FoundationValuation Methods
DCF, comparable company analysis, and precedent transactions — each method built manually, not imported. Emphasis on understanding where assumptions change outputs meaningfully.
IntermediateScenario & Sensitivity
Dynamic scenario managers, data tables, and tornado charts. The course addresses how to structure sensitivity analysis so it communicates clearly to a non-technical audience.
AppliedLBO Modelling
Leveraged buyout mechanics — debt scheduling, returns analysis, and management equity waterfalls. Participants model a full transaction from term sheet assumptions to IRR output.
AdvancedReporting & Presentation
Translating model outputs into board-ready materials. Covers chart selection, number formatting conventions, and how to present uncertainty without undermining credibility.
CommunicationCredit Analysis
Covenant testing, debt capacity analysis, and credit memo construction. Designed for analysts working in lending, fixed income, or corporate treasury functions.
SpecialistHow the instruction is structured
Every exercise uses real company filings — not fabricated numbers designed to produce clean results.
Participants receive source materials, build their model, then compare against a worked solution with annotated commentary. The commentary explains not just what the correct structure is, but why common alternatives fail under different conditions. Sessions run asynchronously, so timing adjusts to professional schedules without losing the feedback loop that makes practice meaningful.
Participants read actual filings and identify the data relevant to the exercise before opening a spreadsheet.
The model is constructed without a template. Structure decisions are left to the participant intentionally.
Worked solutions include line-by-line commentary. Differences from the participant's version are discussed, not penalised.
Each module closes with a scenario where assumptions shift. The model must handle it without manual adjustment.
The people behind the material
Tobias Wrenner
Curriculum Lead
Spent fourteen years in corporate finance before shifting to instruction. Builds every model used in the courses from publicly traded companies in manufacturing and logistics.
Adrienne Kusel
Senior Reviewer
Reviews participant submissions across the valuation and LBO modules. Background in equity research. Focuses feedback on model logic rather than formatting conventions.
Rafal Ostrowski
Technical Reviewer
Covers credit analysis and reporting modules. Former credit analyst with a regional bank. Brings direct experience in covenant structuring and lender communication.