Circular references in Excel: trace the loop before you iterate
Reproduce an accidental self-including SUM, then build a revolver loop that funds its own interest. Compare timing, algebraic and iteration fixes with checked numbers.
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Interest coverage ratio: calculate it and explain what changed
Calculate three years of interest coverage on a fictional borrower, compare EBIT and EBITDA conventions, run a downside and reconcile the interest figure to the debt schedule.
Percentage change in Excel: growth, declines and zero bases
Calculate percentage change in Excel with one formula, catch the ratio-not-change mistake, and handle negative and zero starting values and percentage points on a checked variance table.
Terminal value formula: compare perpetual growth and exit multiples
Calculate terminal value both ways on one fictional forecast, discount each correctly to today, and expose the implied growth rate and implied multiple hiding inside your assumption.
Unlevered free cash flow: bridge EBITDA to cash
Reconcile EBITDA to unlevered free cash flow in one worked example, cross-check it with a tax-shield shortcut, and see how the levered figure differs.
CAGR in Excel: calculate growth and catch the wrong period count
Calculate CAGR in Excel from a five-year revenue series, compare it with the average yearly growth rate, catch the off-by-one period count and convert an annual rate to monthly.