This is a bit embarassing, but I've having trouble balancing some of the projected years for this model.
The model is from Multiple Expansion, and I've followed every single step of their instructions. Why doesn't the b/s balance?
Would appreciate any help.
| Attachment | Size |
|---|---|
| blank_lbo_WIP.xlsx 62.15 KB | 62.15 KB |
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bump
bump. Anyone?
please, please, please help.
Not sure why but it seems that there might be circularity?
Cell P158 is not the same as O167 despite it being a direct reference to it. Make it 2 decimal places and you can see the difference.
The most common "cash, debt, interest, cash" circularity holds here, and I have the circularity option in Excel on. Somehow, it's still not working...I'm not sure why, as I've followed every single step of their instructions.
Is H38 supposed to be a circ break that toggles on/off to refresh? It returns error.
Yes, H38 is the toggle for circularity. What do you mean it returns error? On my end, it's functioning (you can enter 1 or 0 and it's 1 or 0)
Ahh okay - 1 and 0 works. Good luck
Set shareholders equity equal to assets - liabilities
this formula is busted. extend the life of the financing fees and the model balances perfectly. pls fix
May I ask how did you catch this one ? What was your thought process?
The cell you highlighted? I've extended the formulas here, but it won't balance.
Ah, i see. If I hardcode a 0, it balances. The formula is busted.
95% of the time when the model doesn't balance, especially when there is PIK involved, there is some kind of an error related to interest expense. Another common one that throws off the model will be the undrawn commitment fee on the revolver. I always check those few things first. Found the bust in 5 minutes. This formula is overly complicated and stupid way of doing this (not OP's fault, he just followed the guide). I love when people create these stupidly complex formulas to try to appear smart lol and then when there's a bust it's like brain surgery to find the error. For each tranche of financing fee amort you should always show beg and ending balances. Yes it takes more time but it's for exact reasons like this you don't want to skip stuff like that. The debt waterfall and optional prepayment is built in an incredibly stupid way in this model.
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