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Model basics 0/13 1 Grow revenue from one assumption 2 Price times volume 3 Cost as a share of revenue 4 Gross profit and gross margin 5 Year over year growth 6 One formula for a whole block 7 Payroll from headcount and raises 8 Twelve months of subscribers 9 Revenue mix by product 10 Revenue from unit growth and price growth 11 CAGR and an index rebased to 100 12 Roll months into quarters 13 Price from a target margin
Income statement and schedules 0/14 14 Fixed and variable operating costs 15 EBITDA and EBITDA margin 16 Straight-line depreciation by asset 17 Depreciation from the year of purchase 18 Fixed asset roll-forward 19 Interest on the opening debt balance 20 Tax only when there is a profit 21 Tax losses carried forward 22 From EBITDA to net income 23 Depreciation waterfall with a half-year convention 24 Interest on the average balance 25 Retained earnings roll-forward 26 Declining balance depreciation 27 Timing flags for a project
Debt and cash 0/14 28 Monthly payment for three loans 29 Quarterly amortization table 30 Split payments with IPMT and PPMT 31 Revolver draw and repayment rule 32 Cash and revolver, fully linked 33 Cash flow from operations 34 Working capital from days 35 Cash roll-forward 36 Debt service coverage test 37 Term loan with a cash sweep 38 Cash conversion cycle from the balance sheet 39 Annual rate to a rate per period 40 Leverage and interest cover covenants 41 Three statements that balance
Valuation 0/16 42 Unlevered free cash flow 43 Discount factors and present values 44 Mid-year convention switch 45 NPV, IRR and profitability index 46 Terminal value by perpetual growth 47 Terminal value by exit multiple 48 Enterprise value to equity value 49 Dated cash flows with XNPV and XIRR 50 Return on an investment with irregular dates 51 Weighted average cost of capital 52 Unlever and relever beta from peers 53 Diluted shares with the treasury stock method 54 Implied exit multiple and implied growth 55 Unlevered to levered free cash flow 56 Trading multiples from a peer group 57 Price a bond from its cash flows
Analysis 0/17 58 Scenario switch with CHOOSE 59 Scenario lookup by name 60 Break-even by product 61 NPV across discount rates 62 Profit grid by price and volume 63 Terminal value grid by rate and growth 64 Payback period 65 CAC payback and lifetime value 66 Cohort payback by month 67 Leveraged buyout sources and uses 68 Buyout exit: money multiple and IRR 69 EPS accretion and dilution 70 IRR grid by entry and exit multiple 71 Return on invested capital 72 Purchase price allocation and goodwill 73 DuPont breakdown of return on equity 74 Probability-weighted value 
Modeldrill