Hi, would anyone be willing to take a quick look at a 3-statement operating model I made for ServiceNow, Inc?
It's the first forecast I've ever made so any help would be greatly appreciated! I have my first interview with a boutique in a couple weeks.
| +178 | Americas M&A League Table Q2 Updated | 73 | 10h |
| +132 | New Article: Dramatic Slide as UBS #22 (US) & New Leadership Desperately Needed | 26 | 1h |
| +109 | Restructuring: Anti-climactic Experience | 27 | 9s |
| +75 | IB Net Worth / Savings Check | 30 | 6m |
| +74 | A COMPLETE GUIDE TO SUMMER INTERNSHIP RECRUITING | 12 | 1d |
| +51 | Boutique firm wants access to my LinkedIn? | 40 | 1d |
| +39 | Investment Banking is Hard | 17 | 21h |
| +31 | PWP vs BofA | 23 | 3h |
| +25 | Who pays the highest right now? | 14 | 3h |
| +21 | Big 4 Transaction diligence (FDD) vs Valuations and modeling for goal to get in IB | 5 | 4d |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
COGS rationalisation seems a little aggressive, more than 10 pp in five years. Usually for longer term forecasts, it might be prudent to be a little more pessimistic in factoring in margin growth.
If your EBT is negative, it makes sense that you shouldn't be taxed anything at all.
Capex usually bottoms out at depreciation levels, just to make sure the fixed asset base is enough to sustain the business.
Non-current assets and liabilities typically don't grow with revenue; like the name suggests, the values don't change year on year unless you're amortising or adding on extraordinarily each year.
No point adding a PIK/Cash ratio if you're not going to tie anything to it. Your model doesn't change if I revise 100% cash interest to 50-50.
Your revolver calculations should take into account your OCI figure, since the latter flows into cash.
Got these from a quick look through. Will go into detail later if I have the time!