Acknowledgements
About the author
Conventions
Overview
Executive summary
Warranty and disclaimer
1 Introduction and overview
Scope of the book
Model design methodology
Example models
Summary
2 Functions
Categories
Finance
Mathematics
Time
Lookup
Logic
Text
Other functions
Summary
3 Model template
Design objectives
Systematic design method
Case objectives
Templates
Input sheet
Timeline
Summary
4 Historic statements
Accounting sheets
Income Statement
Balance sheet
Adjustments
Summary
5 Sales forecast
Forecasting objectives
Method
Sales
Common size analysis
Forecast sheet
Summary
6 Assets
Fixed assets
Excel functions
Existing assets
New asset depreciation
Written down value
Asset summary
Tax depreciation
Summary
7 Debt
Debt schedule
Required entries
Interest rates
Forecast income statement
Forecast balance sheet
Summary
8 Balance sheet
Current assets
Non-current assets
Current liabilities
Long-term liabilities and shareholders’ funds
Tax
Balancing item
Summary
9 Cash flow
Outline
Cash flow statement
Cash for debt service
Cash waterfall
Chart
Summary
10 Ratios
Method
Common size analysis
Core ratios
Profitability
Operating efficiency
Financial structure
Cash flow
Debt coverage
Growth
Market ratios
Summary
11 Cost of capital
Background
Cost of debt
Preference capital
Historic cost of equity
Forecast cost of equity
Cost of capital
Graphical representation
Summary
12 Valuation
Cash flows
Terminal value
Choice of method
Initial valuation
Chart
Summary
13 Other approaches
Method
Book value
Adjusted book value
Market value
Multiples
Peer data
Summary
14 Alternative methods
Method
Adjusted present value
Economic profit
Summary
15 Sensitivity
Outline
Returns
Data matrix
Scenario manager
Manual scenarios
Summary
16 Optimisation
Outline
Goal Seek
Solver
Coding Solver
Summary
17 Reporting
Reporting
Executive summary
Dashboard
Dynamic charts
Summary
18 Auditing and review
Model review
Self-checks
Excel audits tools
Consistency checks
Audit sheet
Summary
19 Documentation
Documentation
Navigation
Protection
Version check
Final review
Summary
Appendices
1 Functions list, software installation and licence
2 An introduction to Microsoft® Office 2010 (Office 14)
Index
Alastair Day has worked in the finance industry for 20 years in treasury and marketing functions. In 1990 he established Systematic Finance as a consultancy and financial lessor concentrating on the computer and communications industries. Alastair has a degree in Economics and German from London University, an MBA from the Open University Business School, and is an associate lecturer in corporate finance with the OUBS. He is the successful author of several books including Mastering financial Modelling, Mastering Risk Modelling and The Financial Director’s Guide to Purchasing Leasing.
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