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Ferdinand petra excel modelling (extract)

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Financial training - Extract on Excel financial modelling slides

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Ferdinand petra excel modelling (extract)

  1. 1. 1www.ferdinand-petra.com – Corporate Valuation – All rights reserved 2018 © www.ferdinand-petra.com Excel modelling (extract) Prof: Ferdinand Petra (contact@ferdinand-petra.com) Any reproduction, copy of this document is strictly forbidden without prior consent of the author
  2. 2. 2www.ferdinand-petra.com – Corporate Valuation – All rights reserved 2018 © Excel Best Practices for Modeling
  3. 3. 3www.ferdinand-petra.com – Corporate Valuation – All rights reserved 2018 © Excel Settings – Option Menu (1/2) Shortcut: Alt T O General Sub-menu Formulas Sub-menu  Include your name in ‘User name’ − Useful to identify your comments  Check ‘Automatic except for data tables’ − Press F9 to update data table  Enable Iterative calculation (for circularities)  Uncheck ‘Formula AutoComplete’ Excel Best Practices for Modeling
  4. 4. 4www.ferdinand-petra.com – Corporate Valuation – All rights reserved 2018 © Excel Settings – Option Menu (2/2) Shortcut: Alt T O Save Sub-menu Advanced Sub-menu  Set AutoRecover at 2min (Excel crashed more often than you think)  You may save under ‘Excel 97-2003 workbook’ if you share the work with colleague having an older version  Uncheck the 2 elements below Excel Best Practices for Modeling
  5. 5. 5www.ferdinand-petra.com – Corporate Valuation – All rights reserved 2018 © Excel Shortcuts (Windows – UK) Shortcuts to know General window Alt + Tab Change application Alt + F4 Close program General Excel Ctrl + N New file Ctrl + O Open file Ctlr + S Save Alt F A Save As F2 Edit Cell F4 Repeat Ctrl + Z Undo Ctrl + Y Repeat Alt + Ent Start new line in same cell Shift + F2 Edit comment Alt Access to the toolbar Alt V Z Zoom Printing Alt P R Print Area menu Alt P SP Open Page Set Up menu Ctrl + P Print Navigation Ctrl + Pg Up/Down Switch tabs Ctrl + Space / Shift + Space Select Column / Line Ctrl + Plus Sign Add cell (or what is selected) Ctrl + Minus sign Delete cell (or what is selected) Ctrl + Arrow keys Go until next non empty cell Shift + Arrow keys Select a cell range Navigation (cont'd) Ctrl + Shift + Arrow keys Select range until non empty cell Alt H O R Change name of tab Auditing Alt M P Trace precedents Alt M D Trace dependents Alt M A A Remove auditing arrows Ctrl + [ Go to precedent cell F5 Enter Go to orginal cell Formatting Ctrl + B Bold Ctlr + I Italic Ctrl + U Underline Ctrl + 1 Format Cell Alt E A A Clear cell Alt AG G (Al + Shift + →) Group rows or columns Alt AU U (Al + Shift + ←) Ungroup rows or columns Formula F4 Anchor cell Ctrl + C / Ctrl X Copy / Cut Ctrl + V (or Enter) Paste after copy or cut Alt E S (or Alt Gr + V) Paste special menu Alt E S V Paste Value only Alt E S T Paste Format only Alt E S F Paste Formula only Excel Best Practices for Modeling
  6. 6. 6www.ferdinand-petra.com – Corporate Valuation – All rights reserved 2018 © Excel Shortcuts (Mac – UK) Shortcuts to know General window ⌘ + Tab Change application ⌘ + Q Close program General Excel ⌘ + N New file ⌘ + O Open file ⌘ + S Save Shift + ⌘ + S Save As (Fn +) F2 or Ctrl + U Edit Cell (Fn +) F4 Repeat ⌘ + Z Undo ⌘ + Y Repeat Option + Ent Start new line in same cell (Fn +) Shift + F2 Edit comment N/A Access to the toolbar Zoom Printing ⌘ + P Print Area menu N/A Open Page Set Up menu ⌘ + P Print Navigation Option + ← or → Switch tabs Ctrl + Space / Shift + Space Select Column / Line Ctrl or ⌘ + Plus sign Add cell (or what is selected) Ctrl or ⌘ + Minus sign Delete cell (or what is selected) ⌘ + Arrow keys Go until next non empty cell Shift + Arrow keys Select a cell range Navigation (cont'd) ⌘ + Shift + Arrow keys Select range until non empty cell Auditing N/A Trace precedents N/A Trace dependents N/A Remove auditing arrows N/A Go to precedent cell N/A Go to orginal cell Formatting ⌘ + B Bold ⌘ + I Italic ⌘ + U Underline ⌘ + 1 Format Cell N/A Clear cell ⌘ + Shift + K Group rows or columns ⌘ + Shift + J Ungroup rows or columns Formula (FN +) F4 or Cmd + T Anchor cell ⌘ + C / ⌘ + X Copy / Cut ⌘ + V (or Enter) Paste after copy or cut Ctrl + ⌘ + V Paste special menu Ctrl + ⌘ + V + V Paste Value only Ctrl + ⌘ + V + T Paste Format only Ctrl + ⌘ + V + F Paste Formula only For more shortcuts: https://support.office.com/en-ie/article/Keyboard-shortcuts-in-Excel-2016-for- Mac-acf5419e-1f87-444d-962f-4e951a658ccd Excel Best Practices for Modeling
  7. 7. 7www.ferdinand-petra.com – Corporate Valuation – All rights reserved 2018 © Anchoring Cells How does that Work  In a formula, $ sign blocks the data on the right  To anchor a cell − Get into the cell (F2) – need a reference into the cell − Move toward the cell of reference − Press F4 several times to get the $ where you wish  Different types of anchoring − $C$1: the whole cell is blocked − $C4: The “C” column will be blocked − O$7: The line “7” will be blocked Excel Best Practices for Modeling When to Use It?  The role of anchoring is to gain time in expanding formulas − Anchoring must be used every time you apply the same reference in a calculation − i.e. one reference = easier to change the input  Anchoring is fundamental when using data retrieval functions: − To block one cell or lines or columns: − Hlookup / Vlookup / Offset in large tables (e.g. comps) − Choose function Other Way: Name Cells  Go on the cell you want to name  Alt M M D  Name you cell (do not use space)  Please don’t use it a lot  Conflict when copying sheets
  8. 8. 8www.ferdinand-petra.com – Corporate Valuation – All rights reserved 2018 © Add Comments Why is it Required?  Whatever you work on, your analysis will be checked by someone: − The person may not be the guy next to you − You might be working something else when (s)he’ll review your work  So for every input: − Font color is blue − Disclose where you found the info in the comment Excel Best Practices for Modeling Taylor Your Comment Box  Your name (and extension) may be required every time you add comment  Taylor your comment box will save you some time  Access: Alt T O (shortcut for the Option Menu) − Sub-menu: General − Write your name in “User Name” at the bottom What Do You Write in Your Comment?  The source of information: − Annual Report 2013 (Fr) – p180/256 − JPM (12/4/14) – p5/12  Be very specific on the name of the document − Annual Reports, Reference Document and Financial Report can be different − English version vs. French version  Do’s and Don’t: − Explain the source of every figure within the cell − Avoid Website links as they may change in name  Adding a comment in each input cell does not prevent you from printing the sources of data
  9. 9. 9www.ferdinand-petra.com – Corporate Valuation – All rights reserved 2018 © Formatting is Primary (1/2) The Color Code  Blue = Inputs  Black = Formula  Green = Reference to another worksheet  Red = Warning to other users (or link to data providers) Excel Best Practices for Modeling Inputs  Do not input the same data TWICE − Excel must be dynamic − Avoid daisy chaining (e.g. link to link to link….)  Do not embed inputs in formulas − Break inputs in separate lines Center Across Selection  Go to format cells − Ctrl + 1 − ‘Alignment’ Tab  Use ‘Center Across Selection  Unclick ‘Merge Cells’  Why? − Avoid formatting issues (when using Merge Cells) when adding columns, cells Example 125.45 BLUE = 125.2 - 10 + 68.2 BLUE =D6 BLACK =+Sheet2!E6 GREEN =+Datastream!E13 RED Color R/G/B code BLUE 0 / 0 / 255 BLACK 0 / 0 / 0 GREEN 0 / 128 / 0 RED 255 / 0 / 0 GREY (borders) 211 / 206 / 196 NO OK
  10. 10. 10www.ferdinand-petra.com – Corporate Valuation – All rights reserved 2018 © Formatting is Primary (2/2) Basics  Access: Ctrl + 1, ‘Number’ tab  Excel standard type: − Align decimals between positive and negative number  Use custom for specific formatting Excel Best Practices for Modeling Custom  Access: Ctrl + 1, ‘Number’ Tab  Create desired formatting in ‘Type’ Type Display 0.0 2.0 0.0 1525.0 0,000.0 1,525.0 0,000.0_) 1,525.6 (0,000.0) (1,525.6) #,###.0 .7 #,##0.0 0.7 Positive and Negative Figures  ; (semi-column) = separator between positive and negative data  _ (underscore): − Creates the space the size of the next character − Used to align decimals Number / Text Formatting  Used for: − Multiples − Basis points − Years Number Type Display 8.4 #,##0.0x 8.4x 150 0"bps" 150bps 10 0" Years" 10 Years 31/12/2010 yyyy"E" 2010E Number Type Display 3.5% 0.0% 3.5% -3.5% 0.0%;(0.0%) (3.5%) 3.5% 0.0%_);(0.0%) 3.5% -3.5% 0.0%_);(0.0%) (3.5%) 1,256 #,##0_);(#,##0) 1,525.6 -1,256 #,##0_);(#,##0) (1,525.6)
  11. 11. 11www.ferdinand-petra.com – Corporate Valuation – All rights reserved 2018 © Other Advice on Excel Following Some Basic Rules May Save You A Lot Of Time (especially at 2am) …  Do not link two or more spreadsheet together − As soon as you change the name and/or the location of one of the files, the link will not be updated anymore − If you need a large amount of date from one file − Copy/Paste Value the data (blue color code) and write down the source of the information (e.g. Market v1.xls)  Keep formulas short! − Why? Everyone should be able to edit it quickly − Can you edit this? =(E20+Waterfall!$F$8)^(1/'Excel shortcut'!D6)/(circularity!C$11/(1+Datastream!C$5))*(1-'Color and format'!K$14+'Color and format'!B$12)/(1-Waterfall!$E$13)+'Excel shortcut'!$E$23 − Break down long formulas in small pieces and explain each step  DO NOT use the Mouse − At the beginning it will be difficult but, in the short term, it will make you gain a lot of time (and prevents some mistakes) − A few years back, we took out the mouse of the interns when they began  When doing a model with financial data on several sheet, keep a given year in the same column consistently across the file − This will help you a lot for auditing  DO NOT hide rows, columns (or sheets) - Instead use the grouping function (Alt A G G) − If you hide, you will not see that, when you expand your formula, you will expand on hidden cells − Hiding sheets could lead you to send file to clients and/or co-mandated banks with information you do not want to share Excel Best Practices for Modeling

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