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◆ Models I · drill · Financial Modeling Keyboard Mastery track

Run the sensitivity table

Mixed anchors run the grid — row-lock the header, column-lock the driver; one formula fills every cell.
The valuation committee sits at four and the VP wants the terminal value stress-tested before the book goes out. Run it as a two-way sensitivity — one number will not survive that room. The forecast is done — FY-final unlevered free cash flow is on the page, already grown a year — so the terminal value is that cash flow over WACC less the terminal growth rate. Build the grid: five discount rates across, three growth rates down, fifteen cells, and one formula does all of them if its three references are pinned the right way round. Bring the figures to house standard, then mark the case the committee is actually being shown. The page lands somewhere new every run.
train this drill → par 35s · optimal 32 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.
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+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+1⌘1 on macOpen the Format Cells dialog
The master formatting dialog — number formats, alignment, borders in one place when a ribbon walk would take longer.
Alt h b s⌥ h b s on macOutside borders
OUTSIDE border (S for outSide) — ONE frame around the selection’s perimeter, interior clean. The finished-table look; A is the grid of lines, S is the frame.
Ctrl+S⌘S on macSave
The optimal line
the par-setting sequence, straight through:
D13 =$C$7/(D$12-$C13)F4 cycles each reference to the lock it needs · select D13:H15 ctrl+d then ctrl+r · ctrl+1 n · D15 alt h b s · 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 the comps
Build both enterprise-value multiples across the peer set, read the median, high and low,
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