What is meant by Enterprise Value? A simple way to think about enterprise value is that it represents the market value of all the assets of the firm, regardless of how they are funded.  In contrast, equity value refers to only the common equity holders’ residual stake in the value of...

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How to Model Multi-Stage Terminal Values As James Bond theme-song singer Shirley Bassey once crooned, "Cash Flows are forever, they are all I need to please me.... I've no fear that they might desert me". Ok, maybe not quite. For those who use Discounted Cash Flow ("DCF") for valuation, you have probably...

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Copy & Paste in Excel Using the CTRL + ENTER and SHIFT + F8 Shortcuts When working in Excel, one of the most common sequences is to fill in one cell (with a link or a formula) and then copy and paste the same thing into adjacent cells. How many ways...

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How to Work Simultaneously in Multiple Parts of the Same Excel Workbook “Mirror, mirror on the wall….” Many of us struggle to work with Excel files because you can only see one part of a file at a time…when you want to make a change to one part of a model...

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My Balance Sheet Doesn’t Balance: How to Balance Your Balance Sheet in 3 Easy Steps Have you ever been there?  It’s late at night, you’ve been slugging away at your model for days.  Now comes the pièce de résistance – it’s time to build the balance sheet and bring the model across...

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Ensuring Consistent Excel Formulas In a previous TTS Resource, we discussed how to evaluate a formula with “Edit” mode, as well as with the F9 key. But what if you have already reviewed your formula for correct syntax and want to ensure consistent Excel formulas for other cells? This is where CTRL +...

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Custom Number Formatting in Excel Part 1 Almost every Excel user has faced the need to format data in their spreadsheets in some way, shape, or form. Not surprisingly, this task can often lead to multiple trips to the formatting ribbon. Wouldn’t it be nice to be able to format data in...

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Using Find & Select for Objects in Excel When we build large models for our consulting clients, we will typically include a navigation dashboard to allow the user to easily jump to various parts of the model with just a mouse click. These dashboards are constructed via hyperlinked shapes or text...

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Closing Workbooks in Excel with Alt + F4 At Training The Street, we are strong advocates of using the keyboard for all things Excel. This includes the creation of new workbooks right up to and including the closing of these workbooks – or even the closing of Excel itself. Most people know...

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Evaluating an Excel Formula with “Edit” Mode and the F9 Key Almost everybody knows that pressing the F9 key in Excel recalculates all of the worksheets within all of the workbooks that a user has open. What many people don’t know, however, is that F9 can also be used to understand...

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