Toolkit
Templates & tools for fundamentals work.
Free downloadable models I use myself, plus a few interactive tools that run in your browser. Most are direct downloads — the IB-grade DCF below opens its own page first.
Interactive tools
Run in your browser. No download needed.
DCF Calculator
Live discounted cash flow with sensitivity table. Tune revenue growth, margins, WACC, and terminal growth, watch the implied share price move in real time.
LBO Calculator
Live sponsor IRR with returns attribution and entry × exit sensitivity grid. Pick a sector scorecard, edit any input, watch the debt schedule and IRR recalculate. Same engine as the Python pipeline.
Worked-example gallery
Pre-built workbooks for cyclical names — through-cycle and expansion-cycle scorecards side by side. Currently MU; XOM, NVDA, and an integrated-oil tier list queued.
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Reverse DCF Calculator · new
The reverse of a DCF: instead of asking what a stock is worth, solve for the free-cash-flow growth the market is already pricing in. The through-cycle reality check behind every thesis.
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Through-Cycle Price Target · new
For cyclicals: normalized EPS × recovery multiple across bear / base / bull, probability-weighted into one blended target with the full range. The framework behind the through-cycle PTs.
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Earnings Power Value (EPV) · new
Greenwald's no-growth valuation: capitalize normalized, distributable earnings at the cost of capital for a floor value — then read off how much of today's price is an unproven growth premium.
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Accretion / Dilution · new
For deals: combine acquirer and target, fund it with a cash/stock mix, and solve for pro-forma EPS, the accretion or dilution, and the run-rate synergies needed just to break even.
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Position Sizing (Kelly) · new
Turn bear / base / bull scenarios and their odds into a Kelly-optimal position size, then size down to half-Kelly. Valuation says what to buy; this says how much.
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Trading Comps Calculator · new
Drop in a target's metrics and peer-median multiples. Get implied share price across every standard methodology — EV/EBITDA, EV/Sales, P/E, EV/FCF — with a sensitivity grid.
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Football Field Calculator · new
Visualize the spread of implied prices across nine valuation methodologies. Horizontal bars show where the current price sits in each range. The cover-slide artifact for any pitch.
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Mid-Cycle EBITDA Calculator · new
For cyclicals — semis, oil & gas, materials. Plug in seven to ten years of revenue and EBITDA. Get mid-cycle margin and through-cycle EV/EBITDA. The honest multiple.
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WACC Calculator · new
CAPM cost of equity plus after-tax cost of debt, weighted by capital structure. The discount rate for any DCF, with the full build-up shown.
Downloadable templates
Open in Excel or Google Sheets. Edit freely.
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IB-grade DCF Template · live
20-tab Excel workbook with a worked Micron example: two-stage FCFF DCF, peer-blended multiples, three scenarios, reverse-DCF decomposition, sensitivity tables. The Python pipeline that auto-populates this for any ticker is available on request.
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IB-grade Trading Comps Template · new
19-tab Excel workbook with a worked Micron example: Football Field with 9 methodologies, Mini-DCF, WACC, Cyclical Adjustments, Through-Cycle multiples. The Python refresh pipeline rebuilds it for any ticker in ~30 seconds. Sector flags for Standard, Oil & Gas, Semiconductors, AI, Hyperscaler.
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IB-grade LBO & M&A Template · new
17-tab Excel workbook shipped as TWO worked Micron examples (through-cycle + AI-cycle scorecards) so methodology disagreement is explicit. Sources & uses, debt schedule with covenant tracking, returns attribution, reverse-LBO take-private analysis, accretion/dilution, peer-blended comps, sanity-check auto-flags. Python pipeline available on request.
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Quarterly Earnings Tracker · new
15-tab Excel workbook with a worked Micron example: 3-statement reformat from audited SEC EDGAR XBRL, multi-scenario DCF (Bull/Base/Bear with probability weighting), trading comps, sensitivity tornado, segment-level revenue projections, half-Kelly position sizing, backtest accuracy log, and an analytical findings synthesis. Python pipeline auto-refreshes the universe nightly via GitHub Actions. Source-cited assumption library; self-learning prediction log over time. 42-step audit suite.
Coming soon
Buy-side & reverse-LBO
Five calculators, one workbook, one precedents database. The same analytical depth a sponsor associate would bring to a deal — in browser tools that ship as free credentialing artifacts. Public-company analysis grounded in capital-structure reality.
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Reverse-LBO Calculator · new
Solve the LBO backward: target IRR → max entry multiple → implied take-private price per share. Both Micron worked examples (through-cycle + AI-cycle) and the WDC post-spin take- private case ship as one-click presets.
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Returns Waterfall · new
Decompose sponsor IRR / MOIC into the three drivers that actually move the deal: EBITDA growth, multiple expansion, and debt paydown. Returns bridge SVG, attribution donut, the 30%- rule re-rating flag, sensitivity heatmap.
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Distribution Waterfall · new
LP and GP distribution waterfall: 8% pref, 100% catch-up, 80/20 carry. Toggle between European (whole-fund) and American (deal-by-deal) mechanics. Year-by-year cash flow with IRR and MOIC for each side. The carry math, fully transparent.
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Cap Table & Waterfall · new
Pre/post-money cap table builder with options pool refresh, liquidation preferences (1× / 2× / participating), and an exit waterfall. Run the same exit through different liq- pref structures and see exactly what term decides who wins on a soft exit.
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QofE Quick-Check · new
Walk reported EBITDA to a defensible run-rate adjusted EBITDA the way a Big Four QofE provider would: one-times, owner adjustments, run-rate normalizations, pro-forma synergies (with haircut), SBC. Aggressiveness flag based on uplift.
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Take-Private Precedents · new · data
Hand-curated database of recent take-privates: sponsor, sector, deal value, premium, entry multiple, status. Filter by sector / year / sponsor / size. Sourced primarily from SEC DEFM14A proxies. v1 covers 30 deals; v2 expands to 100+.
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Reverse-LBO Template · new · workbook
8-tab IB-grade Excel workbook with two worked examples (MU through-cycle, WDC post-spin take-private). Drivers, forward LBO, reverse-LBO at four IRR thresholds, returns attribution, sensitivity grid, sources & uses, audit notes. Free; pipeline on request.
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Worked examples & case studies
Both reverse-LBO calculators come with pre-loaded examples. The full long-form treatments live as separate pages: MU reverse-LBO (through-cycle vs AI-cycle methodology disagreement) and WDC post-spin take-private case (NAND-only at 5× leverage, the friction list).
Background on the framework: "Reverse-LBO in five minutes". What I read on the buy-side: reading list.
Forthcoming. An interactive earnings-tracker calculator (browser-only, like the DCF and LBO calculators) is queued next, sharing the same engine as the QET workbook above. A v2 take-private precedents database with SEC EDGAR auto-refresh is also in flight.
Looking for finished long-form research? See the reports page.