A 12-week program · Built on Canadian filings
Eighty-four daily tasks take you from the accounting equation to a defended valuation range, a model that reconciles to the filing, and a research report you could hand to a hiring manager. Real SEDAR+ filings. Real Canadian rules. No return promises.
Designed for a motivated beginner — a career changer looking at the CIRO pathway, a commerce student whose program stayed theoretical, or a self-directed investor who wants to understand what they own.
Why this exists
The gap between "I watched the videos" and "I can do the work" is where most self-taught analysts stall.
You can define WACC and still have no idea what to do when your DCF says a stock is worth 30% less than the market thinks.
This program is built around evidence rather than completion. Every day produces a file: an annotated statement, a ratio dashboard, a balanced three-statement model, a valuation range with named assumptions. By Week 12 those files are your capstone package — and, if you want it to be, the thing you show in an interview.
It is also unapologetically Canadian. You pull filings from SEDAR+, not EDGAR. You price the risk-free rate off the Government of Canada 10-year. You compare GICs to bond ETFs, work through IFRS 16 lease accounting, and read the CIRO proficiency rules so you know what registration would actually require.
And it is honest about what it is. The program builds practical skill. It does not confer a licence, and it will not tell you what to buy.
From the worked examples · September 2026
The Complete Edition includes the template fully worked on Dollarama and CN Rail from five years of audited statements, with a page reference beside every input and a written rationale beside every assumption. Both were chosen because they are hard in different ways: capitalised leases and an unconsolidated affiliate on one side, $49 billion of track and a pension surplus on the other.
Both examples land below the market price at textbook inputs. The commentary doesn't tune the numbers to fix that. It teaches you what the market must believe, whether that belief is reasonable, and what evidence would prove it wrong — which is the actual skill.
"A DCF at textbook inputs will very often value a high-quality compounder below its market price. The learner's job is not to conclude 'overvalued, sell' but to work out what the market must believe."
— from the Worked Example Analyst Commentary
Two companies, one method · CAD millions
| From the models | Dollarama | CN Rail |
|---|---|---|
| Years of audited data | 5 | 5 |
| Latest revenue | 7,256 | 17,304 |
| EBITDA margin (operating) | 30.0% | 49.3% |
| Return on invested capital | 19.9% | 11.6% |
| Net debt incl. leases / EBITDA | 2.3x | 2.5x |
| WACC used | 7.2% | 7.8% |
| Scenario range per share | $85 – $167 | $80 – $133 |
| Integrity checks passing | 11 of 11 | 11 of 11 |
Figures from the worked-example workbooks, prepared from public filings and market data as of mid-September 2026. Educational illustration only — not a recommendation on either security.
The program
Days 1–5 are focused learning plus a small applied task (75–100 minutes). Day 6 is a lab that combines the week's skills. Day 7 is review and correction. Every week ends with a file in your portfolio folder.
Phase 1
A one-page map of how the three statements connect
An evidence file with page citations from a real SEDAR+ filing
A five-year ratio dashboard with DuPont decomposition
A weighted peer scorecard and a preliminary investment view
Phase 2
A historical model that ties to the filing, with an audit tab reading MODEL OK
A driver-based three-year forecast whose balance sheet balances
A working unlevered DCF with documented WACC and two terminal methods
A defensible range with sensitivities, scenarios and a reconciliation to multiples
Phase 3
A four-product comparison a beginner client could read
Three model portfolios and a mock investment policy statement
A compliant mock KYC, suitability memo and conflict inventory
Phase 4
A 2–4 page report, a 10-minute presentation and a rubric score
The Complete Edition
Five pieces, built to be opened side by side — the teaching text, the model template, two fully worked companies and the commentary that explains every judgement.
All 12 weeks
Every week gets a plain-language primer, worked-example callouts, the five mistakes beginners make that week, and a closed-notes checkpoint — plus two tests, a time-value-of-money problem set, answer keys, the self-grading rubric and a pre-filled error log.
Weeks 3, 5–8
Inputs, Historical, Forecast, Valuation and Checks — 640 live formulas, a three-scenario switch, a WACC × growth sensitivity grid, and an audit tab that separates real errors from judgement flags.
Weeks 2–8, 12
Five years of IFRS statements tied to the dollar, with page references. Leases treated as debt, Dollarcity handled in the bridge, three scenarios logged, and a rationale beside every driver.
Weeks 2–8, 12
Five years of US GAAP statements. The KCS termination fee and a one-off tax year isolated, the pension asset excluded and explained, and terminal-year capex normalised.
Weeks 4, 6, 8, 12
Why each assumption was chosen, how the valuation was judged, what the market must believe — and a rubric-graded self-assessment showing what a 92/100 looks like and where the points were lost.
Choose your edition
Founding-cohort pricing while the first group works through the program. Prices in Canadian dollars.
Study Guide
The 17-page syllabus, free
Complete Edition
Founding price · regular $119
Complete + Walkthroughs
Founding price · regular $179
All sales are final. Because the editions are digital downloads, we can't offer refunds once your download link has been issued, so start with the free study guide if you're unsure. If you're charged twice or your download doesn't work, email us and we'll make it right.
Who it's for
Different starting points, the same destination: a file you can defend to someone who disagrees.
01
Career changer
You're looking at the CIRO or CSC pathway. Week 11 maps the registration route; Week 12 gives you something to show a dealer.
02
Commerce or economics student
Your program taught the theory. This teaches you to pull a filing, build a model that reconciles and defend a number.
03
Self-directed investor
By Week 8 you will be able to read an annual report, value the business and say plainly what the market must believe for the price to make sense.
Questions
No. Week 1 starts with the accounting equation. You need comfort with a spreadsheet, about ten hours a week, and the willingness to produce a file every day rather than watch a video.
The templates are .xlsx files with standard formulas (INDEX, IFERROR, SUMIFS — nothing exotic). They work in Excel, LibreOffice and Google Sheets.
No, and the material says so on nearly every page. Providing individualised investment advice in Canada requires registration through a CIRO-regulated firm. This program builds the analytical skill those roles need; Week 11 helps you map the actual pathway from CIRO's own pages.
No. They are educational illustrations of method using public filings as of September 2026. Both examples value the companies below their market price at base-case inputs, and the commentary explains why that is not a sell call. Nothing in the program tells you what to buy.
Because almost nothing else is. The filings repository (SEDAR+), the risk-free rate, the product set (GICs, TFSAs, RRSPs), the accounting framework most TSX companies use (IFRS) and the regulator (CIRO) all differ from the US material most courses are built on.
As downloadable files — a PDF and Excel workbooks — sent to your email after purchase, with a link to a page where updated versions are posted for twelve months.
Each week's checkpoint has full answers, the commentary shows every judgement made in the worked examples, and the error log names the mistakes most beginners make each week. If you're still stuck, reply to any program email and describe where.
Important. This is an educational program. It does not provide investment advice, does not recommend any security, and does not qualify or authorize anyone to advise clients or trade securities for others. All examples use public information and fictional clients. Forecasts in the materials are illustrations of method, presented as ranges, and will be out of date; verify every figure against current filings before relying on it. Registration and proficiency requirements in Canada are set by CIRO and provincial securities regulators and change over time — confirm them directly.
Start with Week 1
The syllabus is free. The Complete Edition is there when you want the teaching text, the templates and the worked examples.