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◆ Models I · drill · Financial Modeling Keyboard Mastery track

Run the comps

lock the enterprise-value column and one formula prices the whole tape — the anchor is what lets it travel sideways.
Your MD wants a value on the target before Monday’s pitch, and the comp set is already pulled — trading comparables, the peers the market already prices. Build the multiples off each peer’s enterprise value, take the median of the set, and carry it down to a share price: implied enterprise value, less net debt, over the diluted count. That bottom line is the number that goes on the page.
train this drill → par 89s · optimal 85 keys · keyboard only · free
The shortcuts in this drill
Alt walks: tap Alt, release, then the letters in sequence — each key steps one ribbon menu. On a Mac, tap and use the same letters (KeyTips, Excel 2024+).
Shift+→⇧→ on macExtend selection one cell
Nudge a selection one cell at a time when the block you need doesn’t end at a data edge.
Ctrl+R⌘R on macFill right from the cell to the left
Same as fill down, but across — one quarter’s formula becomes the whole year in two keystrokes.
Shift+↓⇧↓ on macExtend selection one cell
Ctrl+D⌘D on macFill down from the cell above
Build the logic once in the top cell, select down, and stamp it — the standard way to fill a schedule.
Ctrl+B⌘B on macBold
Bold marks structure: titles, total rows, anything the reviewer’s eye should land on first.
Alt h b p⌥ h b p on macTop border
Top border above a total row — the accounting ruling that says “this line sums the ones above.”
Ctrl+S⌘S on macSave
functions you'll type: MEDIAN() · MAX() · MIN()
The optimal line
the par-setting sequence, straight through:
F5 =$C5/D5 · ctrl+r then ctrl+d over the block · F10 =MEDIAN(F5:F9) · F11 =MAX · F12 =MIN · ctrl+r across · C16 =C15*F10 · C18 =C16-C17 · C20 =C18/C19 · ctrl+b alt h b p · ctrl+s
More Models I drills
Build the discount rate
Unlever a five-comp beta set, relever at your own structure, weight both sides
Build the unlevered FCF
EBIT → less taxes → NOPAT → plus D&A, less capex and the NWC build: the row every DCF disc
Discount the cash flows
Discount factors × free cash flows build the present-value row; a Gordon terminal value an
Run precedent transactions
A six-deal precedent tape, the median multiple paid, and the implied equity value
← DCF Transaction Comps → all 74 drills
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