hold it longer and the MOIC grows while the IRR falls — an IRR is a MOIC spread over the years.
The IC reads Thursday and the partner wants the returns bridge in front of it — the same entry multiple at exit, three exit years, no multiple expansion in the story. EBITDA, net debt and the preferred are already fed in from the operating model and the debt schedule. Build the enterprise value and the equity value across the page, then the MOIC (multiple of invested capital — cash out over cash in) and the IRR for every exit case. Deductions on this page carry their sign.
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.”
Shift+↓⇧↓ on macExtend selection one cell
functions you'll type: SUM()
the par-setting sequence, straight through:
build C7 → =C5*$C$6 · C10 → =SUM(C7:C9) · each line ctrl+r across · ctrl+b + alt h b p on the equity line · D14 → =D10/$C$10 · D15 → =D14^(1/D13)-1 · ctrl+r · ctrl+b · ctrl+s