Integrated 3-Statement DCF Valuation Model (Excel, balance sheet ties every year)

A five-year integrated model built the way a bank analyst builds one, then stripped of everything that makes those hard to read.

• Assumptions sheet drives every line: growth, margins, capex, working-capital days, tax, and a CAPM WACC build-up.

• Three statements fully linked. Cash is the balancing item through the cash flow statement. The balance-sheet check row reads zero in every year, and was verified to before listing.

• DCF with both terminal methods side by side: Gordon growth and exit multiple, plus the two cross-checks that catch bad assumptions: the exit multiple your growth rate implies, and the growth rate your multiple implies.

• Sensitivity grid: value per share across WACC and terminal growth.

• Comps sheet with EV/Revenue, EV/EBITDA and P/E, and the median fed back as a check on the exit multiple.

• Guide sheet explains each design choice, including the ones made for readability: interest on opening debt to avoid circularity, flat debt, no loss carry-forward.

No macros. No hidden sheets. Every cell is either a yellow input or a blue formula. Excel and Google Sheets.

Who it is for: analysts, founders and students who need a valuation that ties out rather than a template that looks finished. Every assumption (growth, margins, capex, working-capital days, tax, WACC) feeds the three statements, and the balance sheet check row reads zero in every year, which was tested before listing rather than assumed. The DCF sheet shows the perpetuity growth and exit multiple methods side by side, with the implied multiple and implied growth cross-checks that catch inconsistent assumptions, plus a WACC and growth sensitivity grid and a comparable companies sheet.