DCF Model Excel Template
Three-statement integration. Mid-year discounting. Terminal value cross-check. Built by practitioners, not template shops.
Who it's for
Investment banking associates, private equity associates, corporate development, valuation analysts, finance directors. Used on real deals — not just for case studies.
What's in the model
COVER
Model name, version, instructions, hyperlinked tab index.
INPUTS
All assumptions on one tab: WACC components, growth rates, margins, working capital, capex. Three scenarios — Base, Upside, Downside — controlled by one dropdown.
OPERATING
Five-year P&L forecast. Revenue build, gross margin, EBITDA, taxes.
FCF
Unlevered free cash flow with full reconciliation: EBIT × (1−t) + D&A − Capex − ΔWC. Mid-year discounting toggle.
WACC
Cost of equity (CAPM), cost of debt (post-tax), capital structure, weighted average. Bottom-up beta calculation.
DCF
Present value of explicit forecast plus terminal value. Two terminal value methods (Gordon growth and exit multiple) calculated in parallel as a cross-check.
OUTPUTS
Enterprise value, equity value, implied share price, sensitivity table (WACC × terminal growth), summary chart.
CHECKS
Eight integrity checks: BS balances, CF closing ties to BS cash, FCF reconciliation, terminal value sanity check. Same standard used at top-tier banks.
What makes this different
Mid-year discounting
Most templates only do end-of-year, which under-discounts cash flows by half a year of WACC. Material on growth businesses.
Terminal value cross-check
Gordon growth and exit multiple calculated independently and compared. If they diverge by more than 15%, your assumptions are inconsistent.
Three-statement integration that ties
The DCF doesn't sit in isolation. It's built on a forecast P&L, BS, and CF that cross-check.
CHECKS tab
Eight integrity checks that go red if anything breaks. Industry standard at investment banks; rarely included in template-shop models.
Open formulas
No macros, no VBA, no hidden sheets. You can audit every number to its source.
Specifications
Excel (.xlsx) · 7 tabs · ~600 formula cells · print-ready (A4 landscape, fit-to-page) · file size <500 KB · same-day delivery
14-day money-back guarantee · same-day delivery · secure checkout via Lemon Squeezy
Frequently asked questions
Does it include industry-specific variants?
No — this is the generalist model. Industry-specific variants (banks, insurance, REITs, project finance) are available as separate models in the catalogue.
Can I customise it?
Yes — fully open formulas. You own the file outright once purchased.
Will it work in Google Sheets?
Yes, with minor adjustments. Array formulas behave differently and conditional formatting may need to be re-applied. Around 80% works out of the box.
Refund policy?
14-day money-back guarantee, no questions asked, if it doesn't fit your need.
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About SFS Models
SFS Models builds institutional-grade Excel financial models for banking and finance professionals. Our models are used by FP&A, Treasury, ALM and Capital teams at US and UK regional banks, by PE firms, and by corporate finance consultancies. Open formulas, no VBA, fully auditable. Built by practitioners.