Brandon Leon

Toolkit · Free template

An IB-grade DCF workbook. Free.

20 tabs, every formula auditable: two-stage DCF, peer-blended multiples, three scenarios, reverse-DCF decomposition, sensitivity tables. Built around an IB-grade research methodology, audited end-to-end. The Python pipeline that auto-populates this for any ticker is available on request.

Get the workbook

The 20-tab Excel workbook with a worked Micron (MU) example so you can see what a finished IC analysis looks like. Drop your email and the download appears here. ~162 KB, no follow-up unless you opt in.

Just the file by default. Disclaimer.

Thanks — here's the workbook.

Download the workbook (162 KB) Universal Edition · Apr 2026 · .zip

If the download doesn't start, click here. Want the Python pipeline that auto-populates this for any ticker? Scroll down ↓

Want the full Python pipeline?

The workbook above is the static template. The Python + Jupyter pipeline I built around it pulls live data from yfinance, runs a 9-step end-to-end build, and produces a fully populated workbook for any ticker in ~60 seconds. I send the source on request to analysts, researchers, and students with a real use case — tell me what you're working on and I'll send it over.

I read every request and reply personally. Usually within 24 hours.

Got it — I'll be in touch within a day.

What's in the template

How to use it

Two paths, depending on which tier you have.

Workbook tier (manual fill-in)

  1. Download & unzip

    Drop your email at the top to reveal the download. Unzip ib-dcf-template.zip anywhere on your computer and open IB_DCF_Template.xlsm in Excel.

  2. Read the sample run

    The workbook ships populated with Micron (MU) as a worked example so you can see what a finished IC-grade analysis looks like end-to-end — how the tabs cross-reference, what the sensitivity tables compute, how the Reverse DCF decomposes the market price.

  3. Replace MU with your own company

    Overwrite the yellow-highlighted input cells: ticker, shares, beta, debt, revenue / EBIT / CapEx forecasts, scenario paths. Live formulas recalculate automatically. Source the data manually (yfinance, SEC filings, FactSet, Bloomberg) — or get the pipeline tier and skip the manual sourcing entirely.

Pipeline tier (request access above ↑)

  1. Email me a use case

    Use the request form near the top. Tell me what you're working on. I send the source over after a quick read.

  2. Run setup

    Mac/Linux: ./setup.sh  ·  Windows: double-click setup.bat. Installs Python dependencies (yfinance, openpyxl, pandas, jupyter).

  3. Edit Cell 3 of the notebook

    Plug in your ticker, peers, rating, and scenario assumptions. jupyter notebook IB_DCF_Notebook.ipynb → run all cells. Pipeline executes 9 numbered steps in ~60 seconds and produces a fully populated workbook.

What you need

FAQ

What's the difference between the workbook and the pipeline?
The workbook is the 20-tab Excel file. It comes pre-populated with Micron as a worked example so you can see what a finished IC analysis looks like. To run a different company, you replace MU's inputs manually with your own data. The pipeline is the Python + Jupyter system that automates the data sourcing — it pulls financials from yfinance, builds the peer set, runs the 9-step build, and produces a fully populated workbook for any ticker in ~60 seconds. The workbook is a free direct download; the pipeline is sent on request to people with a real use case.
Is this really free?
Yes — both tiers. The workbook is a free download. The pipeline is also free for analysts, researchers, and students with a real use case — I just want to know what you're working on before I send the source. Built on open-source libraries (yfinance, openpyxl, pandas, jupyter). No paid data feeds required.
Why gate the pipeline behind a request form?
Two reasons. (1) The pipeline is a real piece of work and I'd rather it goes to people with a use case I can engage with. (2) Every request is a conversation — if you tell me you're building a thesis on a name, I'll often have something useful to add. The form isn't a filter to keep people out; it's a filter to start better conversations.
Does this work for any ticker?
The workbook works for any public company — you just have to source the data manually. The pipeline (request access above) auto-pulls from yfinance, which covers most US-listed equities and major international tickers (NYSE, NASDAQ, LSE, TSE). For names yfinance doesn't track, both versions handle missing data gracefully (visible "N/A" instead of silent magic numbers).
Will this give me the same answer as a top-tier sell-side desk?
It uses the same methodology (two-stage FCFF DCF, EV-bridge, peer-blended multiples, sector-aware mid-cycle factors). The answer depends on your assumptions in Cell 3 — growth path, scenario levers, CapEx normalization factor. The template is dynamic — change one input, the entire model recalculates.
What's the Reverse DCF tab?
It decomposes the market price into PV of explicit forecast + PV of reasonable terminal value + residual. The residual is what the market is paying for that fundamentals can't justify. The tab also reverse-solves for the perpetual growth rate the market price implies. For overvalued names, the implied growth often comes out 8–12% — mathematically impossible long-term. It's the most powerful slide for an UNDERWEIGHT pitch.
I'm not technical. Is this hard to use?
The workbook tier is just Excel — if you can open a .xlsm and overwrite cells, you can use it. The pipeline tier requires Python (free; install from python.org) and double-clicking a setup script — the README walks through every step and most users have it working in 5 minutes.
Can I customize it?
Yes — every formula in the workbook is editable. If you have the pipeline tier, every Python module is open too: want a 7-year forecast? Edit cff_forecast.py. Want to add a new scenario? Edit Cell 3 of the notebook. Want to change the peer cohort? Edit Cell 3.
Does it work on Mac?
Yes. Tested on macOS, Windows, and Linux.
How is this different from a free DCF spreadsheet on the internet?
Most free templates are static one-pagers with a hardcoded company. This is a 20-tab IB-grade workbook with peer-blended multiples, three scenarios, sensitivity surfaces, and a reverse-DCF decomposition built to sell-side IC standards. The pipeline tier auto-populates everything for any ticker via yfinance, with 9 audits closed against silent magic numbers and broken references. It's been audited end-to-end like a production model.

Two ways in.

Workbook is a free download. Pipeline is on request.

Get the workbook ↑ Request pipeline access ↑

Universal Edition · Apr 2026 · License: MIT-style for personal, academic, and research use; please credit if you publish off this work. For the interactive web calculator, see the DCF Calculator. For other free templates, see the toolkit.