Risk Free Rate represents the minimum return required for riskier investments. Typically based on 10-year US Treasury bond yield. Real risk-free rate includes inflation, nominal rate excludes it. Real rate formula: (1 + Nominal rf) ÷ (1 + Inflation)
HBU concept originated with Irving Fisher in real estate appraisal. Appraisal Institute defines it as legally permissible, physically possible, financially feasible use
Founded in London in 1868 as Institution of Surveyors. Received royal charter in 1881, became Royal Institution in 1947. Headquartered in London with regional offices worldwide. Serves 134,000 members across nearly 150 countries
EBITDA stands for Earnings Before Interest, Taxes, Depreciation and Amortization. It's a loose proxy for cash flow excluding non-cash expenses. EBITDA excludes debt financing, capital structure and depreciation methods
Free Cash Flow (FCF) includes non-cash expenses and capital expenditures. FCF is more accurate than EBITDA and Net Income. FCF is used in DCF analysis for valuation purposes
54 courses totaling 3385 lessons and 200+ interactive exercises. 14 required core courses in financial modeling and valuation. Minimum 3 elective courses available for advanced topics. Program completion takes 4-6 months at own pace