Bridgesheet

Master model

Pro

Values a company end to end in a single workbook: the three statements feed the WACC, DCF, trading comps, precedent deals and an LBO, which all converge on a football field. Change one assumption and everything updates.

Download the example file (.xlsx)
  • 16 sheets linked by formulas
  • 5 methods, 1 football field
  • Checks from every module
  • Input
  • Calculation

01 — General

Step 1 of 10

Tip: copy a block of cells in Excel or Google Sheets, then paste it into a table cell. Rows and columns fill in from that cell; rows are added when needed.

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Summary, charts and sensitivities, ready to drop into a presentation.

File language

Independent of the interface: for instance, generate a French or German model for a client abroad.

Model currencyEUReditable in the General step

Free plan: files carry a “Free version” notice.

Method

The three-statement model projects the income statement, balance sheet and cash flow. Its figures flow by formula into the other modules: years 1 and 2 for trading comps, the base year (LTM) for precedent deals and the LBO entry.

The WACC comes from the CAPM, with beta unlevered and relevered (Hamada) at the three-statement tax rate. It is the DCF discount rate; the DCF values the business by perpetual growth and by exit multiple.

Trading comps and precedent deals apply the 1st quartile, median and 3rd quartile of the primary multiple to the target's metrics. The LBO runs on the three-statement operations; its range is the value a sponsor would pay to hit its target IRRs.

The football field shows every method as value per share: DCF over the sensitivity grid at ±1 step, comps and deals between the 1st and 3rd quartiles, LBO between the two target IRRs. Everything is calculated by formulas in the workbook.

Limitations: a simplified LBO (paper LBO, a single debt tranche), LTM metrics entered for the base year, and one tax rate across all modules.

What's in the file

  1. 01CoverCompany, date, currency, language, status of every check, contents and disclaimer.
  2. 02InputsAll assumptions, module by module: three statements, cost of capital, valuation, trading comps, precedent deals, LBO, football field. Values taken from another module are green links.
  3. 03Income statementFrom revenue to net income, year by year.
  4. 04Balance sheetAssets, liabilities and a balance check for every period.
  5. 05Cash flowOperating, investing and financing cash flows; closing cash.
  6. 06DebtDebt schedule and interest, with no circular reference.
  7. 07WACCUnlevered then relevered beta, cost of equity and debt: the WACC that feeds the DCF.
  8. 08DCFFree cash flows discounted at the calculated WACC, two terminal values, bridge to equity value.
  9. 09Trading compsEV and multiples of listed peers; target metrics taken from the three statements.
  10. 10Trading comps — valuationImplied target values by multiple: 1st quartile, median, 3rd quartile.
  11. 11Precedent dealsPrecedent transaction multiples; target LTM metrics.
  12. 12Precedent deals — valuationImplied target values by transaction multiple.
  13. 13LBOPaper LBO on the three-statement operations: sources and uses, deleveraging, IRR and MOIC.
  14. 14Football fieldValue-per-share ranges from every method and a native Excel chart, all driven by formulas.
  15. 15OutputsEach module's outputs, the LBO range at the target IRRs, sensitivity grids.
  16. 16ChecksChecks from every module, prefixed with the module name; alerts kept out of the total.