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. Spreadsheets included: • model.xls - This program provides a rough guide to which discounted cash flow model may be best suited to your firm. • higrowth.xls - This spreadsheet can be used to value tough-to-value firms, with negative earnings, high growth in revenues and few comparables. If you have a firm, this is your best choice. • divginzu.xls - A complete dividend discount model that can do stable growth, 2-stage or 3-stage valuation. This is your best choice if you are analyzing financial service firms. • fcfeginzu.xls - A complete FCFE valuation model that allows you to capital R&D and deal with options in the context of a valuation model. • fcffginzu.xls - This model tries to do it all, with all of the associated risks and rewards. I hate having to work with a dozen spreadsheets to value a firm, and I have tried to put them all into one spreadsheet - a ratings estimator, an earnings normalizer, an R&D converter, an operating lease converter, a bottom-up beta estimator and industry averages. Try it out and make your own additions.
Source: Damodaran Online
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Subjects: Finance, Spreadsheets
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