Excel Spreadsheets Library

Corporate finance spreadsheets

These spreadsheets are most useful if you are interested in conventional corporate financial analysis. It includes spreadsheets to analyze a project's cashflows and viability, a company's risk profile, its optimal capital structure and debt type, andwhether it is paying out what it can afford to in dividends.

Valuation Inputs Spreadsheets

In this section, you will find spreadsheets that allow you to
a. Estimate the right discount rate to use for your firm, starting with the risk premium in your cost of equity and concluding with the cost of capital for your firm.
b. Convert R&D and operating leases into capitalized assets
c. estimate the right capital expenditures and diagnose the terminal value assumptions to see if they are reasonable.

Big-picture valuation spreadsheets

If you are looking for one spreadsheet to help you in valuing a company, I would recommend one of these 'ginzu' spreadsheets. While they require a large number of inputs, they are flexible enough to allow you to value just about any company. You do have to decide whether you want to use a dividend, FCFE or FCFF model spreadsheet. If you have no idea which one will work for you, I would suggest that you try the "right model" spreadsheet first.

Focused valuation spreadsheets

If you have a clear choice in terms of models - stable growth dividend discount, 2-stage FCFE etc. - you can download a spreadsheet for the specific model in this section.

Valuation of specific types of companies: Valuation is all about exceptions, and these spreadsheets are designed to help value specific types of companies including:

Financial Service firms

While dividend discount models tend to be the weapon of choice for many, you will find an excess equity return model here.

Troubled firms

You will find an earnings normalizer spreadsheet, a generic valuation model for valuing a firm as a going concern and a spreadsheet that allows you to estimate the probability that a troubled firm will not survive.

Private companies

You will find spreadsheets for adjusting discount rates and estimating illiquidity discounts for private companies.

Young and high-growth firms

You will find a revenue growth estimator as well as a generic valuation model for high growth firms in this section.

Multiples

You can estimate equity as well as firm value multiples, based upon fundamentals.

Valuation in Acquisitions

You can value synergy in an acquiisition and analyze a leveraged buyout.

Valuation of other assets

In this section, you will find a model for valuing income-generating real estate.

Value Enhancement Spreadsheets

In this section, you will find a spreadsheet that reconciles EVA and DCF valuation, a model for estimating CFROI and a DCF version of a value enhancement spreadsheet.

Basic option pricing models

In this seciton, you will find Black-Scholes models for valuing short term options, long term options and options that result in dilution of stock (such as warrants). In addition, you will find spreadsheets that convert Black-Scholes inputs into Binomial model inputs and use the binomial model to value options.

Real option models in corporate finance

In this section, you will find three basic real option models - the option to delay, the option to expand and the option to abandon. In addition, the value of financial flexibility is considered as an option.

Real option models in valuation

In this section, you will find models to value both a patent (and a firm owning a patent) as an option, natural resource firms and equity in deeply troubled firms.
These spreadsheet programs are written in Excel and are not copy protected. Download them and feel free to modify them to your own specifications.

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