Each year ÷ (1+r)^n — discounting is a fill; then add the terminal value.
The operating model closed this morning and the committee sits at four. Five years of unlevered free cash flow are on the page, WACC and long-term growth are agreed — the discounting is what is missing. Present-value the forecast years, put a Gordon terminal value on the back of year five, and land the enterprise value. Discounting is end of year here, no mid-year convention, and the year-5 factor you build is the one the terminal value discounts at — never retype a discount factor.
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.
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.”
functions you'll type: SUM()
the par-setting sequence, straight through:
C7 factor =1/(1+$C$11)^C5 · fill C7:G7 → · C8 =C6*C7 · fill → · C14 =G6*(1+C12)/(C11-C12) · C15 =C14*G7 · C16 =SUM(C8:G8)+C15 · ctrl+b alt h b p · ctrl+s