This is an attempt to list and explain the key concepts of developing financial models (also applicable to any other kinds of reports, budgets or forecasts). I am demonstrating how to structure a model, setup the timeline, format cells by their purpose, make scenarios, create checks and controls, use flags. The underlying Excel file contains a comprehensive demo model showing the most common working sheets (capex, funding, working capital, economic assumptions) and explaining how the income statement, balance sheet and cash flow statement are built and tied together.


The booklet and the Excel file also give specific examples which cause complexities to many analysts (circular calculations, proper demonstration of variances, calculating IRR and NPV with a few zero cashflow periods in the beginning etc.)


This publication is a work-in-constant-progress. Help me make it better – send me word what else you think I should add.

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