◆ Models I · drill · Financial Modeling Keyboard Mastery track
Attribute the returns
growth is priced at the multiple you paid and the rerating at the EBITDA you exit with — swap the two and the bridge stops tying.
The exit committee sits Thursday and the partner wants one page: how much of the equity gain came from growing EBITDA, how much from selling at a higher multiple, and how much from paying the debt down. Entry and exit capitalization is already on the sheet. Build the three levers, total them, show each as a share of the gain, and prove it with the check — a value creation bridge nobody can tie is a bridge nobody believes.
The shortcuts in this drill
Alt+=⌥ = on macAutoSum the adjacent range
AutoSum reads the block above or beside the cursor and proposes the SUM — foot rows and columns without typing a formula.
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.
The optimal line
the par-setting sequence, straight through:
growth =(D4-C4)*C5 · multiple =(D5-C5)*D4 · paydown =C7-D7 · alt+= totals · share =C11/$C$14 then ctrl+d · check =C14-C16 → 0 · ctrl+s
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