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Financial Statement Modeling

DCF, LBO, M&A Modeling
Comparables Modeling
Advanced Financial Modeling

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Excel 2007
Reference Sheet

Industry-specific modeling
Accounting & FSA
Advanced Excel
PowerPoint

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Excel 2007
Reference Sheet

Frequently Used Formulas

Recording a Macro

Perpetuity Formula

Example: Create a macro to insert borders at the bottom of cells

1. Place the cursor in the desired cell.
2. Hit Alt w m r (View Macros Record Macro)
3. Input macro name (Border) and shortcut key (Ctrl Shift B). As soon as
you hit OK, you are starting to record this macro.
4. When finished inserting a bottom border (using Ctrl 1) in the desired cell,
hit Alt w m r to Stop Recording the macro.
5. Try going to any cell or a range of cells and hitting Ctrl Shift B

Perpetuity =

Cash Flowt+1
(Cost of Capital - Growth Rate)

Discounting (PV) of a Cash Flow

DCF =
Cash Flowt
(1 + i)^(period t)
Cost of Equity
Cost (K)Equity = Rf + (Risk PremiumMarket)
Weighted Average Cost of Capital
WACC = KDebt * (1-Tax Rate) *

+ KEquity *

D+E

E
D+E

Compound Annual Growth Rate (CAGR)

CAGR = Ending Value ^ (1/No. of Periods) - 1
Beginning Value

Data Table
Example: Create a data table that will output 2005 EPS based on a range of
2005 revenue growth and EBIT margin assumptions
1. Input a range of revenue growth rates in a column (as pictured)
2. Input a range of EBIT margins in a row (as pictured)
3. Reference 2005 EPS (the output variable) from model into the cell between
the input row and input column as illustrated below
4. Highlight the matrix
5. Type Alt a w t (Data What if analysis Data Table)
6. Reference the row input variable from the model (2005 EBIT margin is the
row input variable)
7. Reference the column input variable from the model (2005 revenue growth
is the column input variable)
8. Hit Enter

Data Validation
Example: Create a list
1. Enter data to be in list (A3:A5)
2. Go to cell to be validated (A7)
3. Click Data Tab > Data Validation
4. Click the Settings tab to specify List
5. Input Source info (=$A$3:$A$5) and hit OK

Customizing a Number Format

Custom formatting defines the format for positive numbers, negative numbers,
zero values, and text, in that order: <Positive>;<Negative>;<Zero>;<Text>
Example: [Blue]0.0x;[Red](#,##0.00);"OK!";"Analysis of" @

EnterorResult:
12
1000
0
Colgate

Values:
Ifpositive,then
Ifnegative,then
Ifzero,then
Iftypedtext,then

Displayed:
12.0x
(1,000.00)
OK!
AnalysisofColgate

Application:
Showingmultiples
Expenses
BalanceSheetCheck
ModelHeading

Iterations and Circularity

Example: Inserting a
circularity breaker
toggle in a model;
Insert an IF statement
to modify the interest
expense formula to
incorporate the
circularity breaker,
such that if it is turned
on, the interest
expense becomes zero,
breaking the
circularity
Go to: Office Button > Excel Options (Alt t o) > Formulas tab
Ensure the Iteration box is checked for 100 iterations as illustrated.