Settling a debate - what does your bank use when building out 3 statement models? Vertical (ie 3 statements on 1 tab) or horizontal (3 statements across 3 tabs)? Also, in each of these cases, are inputs and outputs on separate tabs? THANK YOU!
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Vertical. Inputs and outputs are on same sheet. We use summary tabs for beginning of the model though plus for printing
I do 3statements on same tab.
If it’s just a run-if-the-mills financial model then inputs on same tab.. any special chart outputs on separate tab
If it’s a deep dive model that builds to financials through operations, then inputs often not on same tab as the 3 statement
Note that it’s often not the banks decision, it’s often times whoever builds the models decision on how to lay stuff like this out. Sometimes there are templates laid out a certain way but there are times when you won’t touch the template
Vertical models with inputs on a different page typically unless its not going to be seen by investors then inputs on the same page. I prefer horizontal models but doesn't seem like most people do..
Vertical models.
I like to have each line item built up (expenses, revenue build, capex/depreciation, etc.) on individual tabs and feed all of it into a 3 statement model on one tab. Outputs and various return analysis on separate tabs. I also like to do any capital structure adjustment on the three statement tab (more like 4 statements) so that there is not an empty column between historical and projected financials.
I prefer looking @/working with vert.
I like having: - every line as own tab - every year as own workbook - every statement in different folder - then a separate file on my desktop with a bunch of indirects pulling stuff into outputs
the sad part is that FP&A people actually will do that for some reason and then we have to make the interns put it all together to make it look right
Noway they do what is laid out in the comment lol (which amounts to one number per sheet in a massive cluster of worksheets)
I could see someone doing indirects on their desktop though which is just a total disaster lmao
Inputs on 2-3 different tabs, vertical model, and outputs on a separate tab.
Vertical model people: how do you feel about the 2-3 columns of adjustments on the balance sheet that make it hard to have each year on the same column in a 3 statement model?
This is the sole reason I prefer horizontal
Add a few extra columns to do bs adjustments
Add them all into one column, group them together so you can collapse it
Tab 1: Summary tab (w transaction assumptions, summary returns, PF balance sheet, etc.) Tab 2: Model (full three statement with returns calc), vertical style Tab 3: Operating build
Generally all you need. I tend to create additional tabs for outputs / presslinks for presentations.
Obviously, depending on where you are in deal processes, these get much more complex. Deal that we just signed up has the following:
Summary tab Charts output tab S&U tab Historical P&L output tab Model cases P&l output tab LBO Model tab Operating build tab Top customer build tab
and then a few support tabs that are from various VDR files that i used to build the model. This is also fairly simple compared to a few others i've made that had probably 5-8 additional tabs dedicated to operating builds
I do like to have a drivers page on its own tab. Is especially nice when the models get more and more complicated
Models are always better when they’re horizontal
100% horizontal - especially since it’s easier for others to follow once you have more in depth revenue builds, detailed capex, etc. type tabs.
Always used to do like “summary” then “is” “bs” “cf” and then have a “backups ->” tab like “wc” “depr” “amort” “debt” all following.
I think it depends on the model type. I'd never do a horizontal LBO model I don't think
It depends on the level of complexity of the model. I like to keep constant assumptions (same for all years) on a cases tab because I can screw with column widths. I then do a vertical model tab for 3 statements. If there is a complex revenue build, that can go on a separate tab. I do a separate tab for complex ABL availability builds as well. Debt schedule ideally goes on the vertical model tab unless it is too complex. I have the luxury and burden of having complete control over the model, so I can do pretty much whatever I want. I try and make it so everything can be print formatted to avoid having to output tons of stuff to PowerPoint every time I share the model with my boss or management. Lenders and bankers are happy to get in XLS.
Always vertical
We used to do an exec summary/inputs page as the first tab that would have a (very) boiled down 3 statement model on it along with key outputs, the full three statement model on the next tab and then another tab for the three statements individually.
Horizontal models, though could be cause of the sector I cover
Case specific. The more lines in the model, the more I want separate tabs. If it's a very short one, like the kind where the balance sheet is only the biggest buckets and CFI is only capex . . basically the kind where you're just trying to populate a few loose projection items for a pitchbook . . thats where I'm OK with vertical.
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