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ISERROR formulas, 255“256, 269 Logical functions, 64
ISERROR function, 98“100, 132, 134“135 Long-term assets:
ISNUMBER function, 102 financial model, input for, 163
ISTEXT function, 102 formulas for, 178, 180
Iterations, 43“45, 99, 128 Long-term liabilities, 153, 183, 185
Lookup functions, 64
LOWER function, 103
K
Key performance indicators, ratios as,
M
209“210
Keyboard, using mouse vs., 10 Macros, 271“285
KISS principle, 14“15 code for, 279“285
definition of, 315
editing code for, 279“285
L function, 315, 325“326
Labels, 295 recording, 272“275
LBOs (leveraged buyouts), 5 running, 275“276




TLFeBOOK
Index
336




Macros (Continued): Negative numbers:
shortcut keys for, 273“276 format for, 305
using Visual Basic to write, 276“282 MIN and MAX functions with, 73
in ratios, 211
(See also Visual Basic for
for uses of cash, 200
Applications macros)
Nested IF statements, 69“70
when to use, 272
Net debt, 212
Manufacturing industries, projection
Net debt/EBITDA (ratio), 221
models for, 3
Net debt/shareholders™ equity (ratio), 220
Margin statement, income statement
Net fixed assets, 151, 219
as, 223
Net income, 7
Margins, forecasting, 229
calculating, 263“264
Marketable securities, 149
formulas for, 172, 173
M&A (see Mergers and Acquisitions)
Net interest earnings, 4
MATCH function, 91“95
Net margin, 219
MatchEntry:
Net PPE, 151
for combo boxes, 294
forecasting, 233“234
for list boxes, 293
formulas for, 179
Math functions, 64
reconciliation for, 202“203
MAX function, 71“73
Net to retained earnings, formula for,
Max value, 295
172, 173
MaxLength, 290
Net working capital, 213
Menu Bar key, 57“58
Noncurrent items (on balance sheet), 147
Mergers and Acquisitions, 5“6
Non-operating expenses, formula for,
Methods, 320
169, 171
MID function, 103
Normal style, 29
MIN function, 71“73
NPV function, 104“108
Min value, 295
NTF (see Necessary to finance)
Minimum cash, 232
Number attribute, 30, 31
MOD function, 101
Numbers, formatting, 304“308
Modeling, 109
Modular thinking, 18
Modules:
O
deleting, 319
Object hierarchy, 319“321
inserting, 318“319
Object model, 319
MONTH function, 85“88
Objects, 319
Mouse, placement of, 10“11
placing, on sheets, 287“288
Mouse, using keyboard vs., 10
possible types of, 319
Move to the Next Pane key, 56
Occam™s razor, 14
Multiline property, 290
OFFSET function, 74“76
On-screen controls (see Controls)
N Operating assets, forecasting, 233“234
Operating cash flow ratios, 223
˜˜N™™ (no), 312
Operating expenses, formulas for, 168, 169
Necessary to finance (NTF), 121“122
Operating liabilities, forecasting, 233“234
calculating cumulative, 267“268
Operating working capital (OWC), 7“8,
and cash sweeps, 238
213, 217
connecting, to balance sheet, 239
Operating working capital/sales (ratio),
effect of interest expense from, 142“143
formulas for, 183“184 216“217
Necessary to finance plug, 247 Operations, cash flows from, 201




TLFeBOOK
Index 337




Option buttons, 291 designing (see Designing projection
OR function, 77 models)
Other assets, forecasting, 233, 234 developing, 8“11
Other current assets, 150 for industry/manufacturing, 3
forecasting, 233 for insurance companies, 4
formulas for, 176, 178 limitations of, 2“3
Other current liabilities, 152 uses of, 4“6
forecasting, 233 (See also Working financial model)
formulas for, 181, 182 PROPER function, 103
Other equity account, 153 Properties, 320
Other liabilities, forecasting, 235 Properties icon, 288“289
Other long-term assets, 151 Properties window, 317
Other net worth account, formulas for, Proprietary technology, 151
186, 187 Provision for taxes, formulas for, 172, 173
Output sheets, 193“194
balance sheet, 196“197
Q
cash flow statement, 199“207
income statement, 194“195 Quick ratio, 152, 213“214
OWC (see Operating working capital)

R
P Radio buttons, 291
Paste, code for, 284 Ranges, 58“62
Patents, 151 defining names for, 59“60
Payable days, 216 deleting names of, 62
Payment-in-kind (PIK) debt, 222 informative names for, 62
Period (dot operator), 321 naming many single-cell ranges at same
Picture property, 290 time, 60“61
PIK debt, 222 Ratios, 209“226
Plant, property, and equipment (PPE), categories of, 211“212
151 for common-size statements, 223“226
Plug numbers, 99“100, 119“121 for coverage, 221“223
connecting, to balance sheet, 268 EBIT in, 212
and income statement, 140“143 EBITDA in, 212
Point size, 33 for efficiency, 214“218
Positive numbers: industry benchmarks for, 210
format for, 305 as key performance indicators, 209“210
for sources of cash, 200 for leverage, 220“221
Post-sweep debt, 250 for liquidity, 213“214
PPE (plant, property, and equipment), 151 negative numbers in, 211
net debt in, 212
(See also Net PPE)
for profitability, 218“220
Preferred stock, 152
for size, 213
Present valuing, 104
Recalculate key, 56“57
Printing, hiding rows for, 310“313
Receivable days, 215
Profitability, ratios for, 218“220
Reconciliations, 202“207
Project Explorer window, 317
Recording macros, 272“275
Projection models, 1“11
Reference functions, 64
advantages of standardized, 1“2
Repeat the Last Command key, 52“53
for banks, 3“4
Reserved words, 323
critical numbers in, 6“8




TLFeBOOK
Index
338




Retained earnings, 152“153 Size, ratios for, 213
forecasting, 235 Sources of cash, 200, 201
linking income statement to, Spelling Command key, 56
Spin buttons, 295
254“255
Spreadsheet modeling, 13
Return on assets (ROA), 220
ST investments, formula for, 174, 176
Return on average assets, 220
Standard toolbar, 24“26
Return on average common equity, 219
Standardized models, 1“2
Return on equity (ROE), 211, 219
Static numbers, 130“132, 146
Revenues:
dynamic numbers vs., 238
forecasting, 228
finding totals of, 240“241
formulas for, 166“167
Static totals:
Revolvers, 121
for assets, 244
RIGHT function, 103
for equity, 246
ROA (return on assets), 220
for liabilities, 244“246
ROE (see Return on equity)
Statistical functions, 64
ROUND function, 100“101
Stock, 152
ROUNDDOWN function, 102
Stub year, 5
ROUNDUP function, 102
Style, 29“30, 294
Rows, hiding, 310“313
SUM function, 77“78
SUMIF function, 78“81
S SUMPRODUCT function, 81
Sales/accounts receivable (ratio), 215 Surplus funds (SF), 121
Sales/(accounts receivables þ inventory þ calculating cumulative, 266“267
net fixed assets) (ratio), 219 connecting, to balance sheet, 239
Sales/net fixed assets (ratio), 217 effect of interest income from,
Sales/total assets (ratio), 218 140“142
Sans serif type, 31 formulas for, 174“175
Save As key, 58
Scenarios, 298“302
and changing formula to read
T
scenario inputs, 300“301
Tables, reconciliation, 202“203
inserting rows in, 299“300
T-accounts, 116“117
for more than one input row,
TakeFocusOnClick property, 290“291
301“302
Taxes, forecasting, 231
setting toggle cell for, 299
Taxes payable, forecasting, 235
Screen appearance, 28“29
Text boxes, 290
Scroll bars, 295
TEXT function, 103
Senior debt/EBITDA (ratio), 221
Text functions, 64
SF (see Surplus funds)
Tier I/Tier II capital (ratio), 4
SGA, formulas for, 168“169
Times interest earned (TIE), 221“222
Shareholders™ equity, 112

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