Free Discounted Cash Flow DCF Valuation Spreadsheet

March 24th, 2008

23 Comments

Jae Jun

Table of Contents:

Free Excel Discounted Cash Flow Spreadsheet
How to Value a Stock
Other Points
IMPORTANT!
How to Download
Premium Spreadsheets
DCF Excel Spreadsheet Screenshot

Free Excel Discounted Cash Flow Spreadsheet

Previously I put up a Ben Graham formula investment spreadsheet.

As with any intrinsic value model, there are shortcomings and disadvantages. Even with this version of the DCF spreadsheet, there are disadvantages but it is logical and reasonable.

This free DCF stock valuation spreadsheet utilizes the Discounted Cash Flow method, which I believe to be one of the most logical methods of valuing a business and estimating its fair value.

How to Value a Stock

The discounted cash flow intrinsic value calculation is based off FWallStreet’s method. The original spreadsheet can be downloaded from his post on JNJ.

This free version is just an enhanced version of the original spreadsheet. The underlying calculations are the same but many tweaks have been made to the formula and variables.

The full version of the stock valuation spreadsheet includes an entire suite of valuation models at great value. Buyers receive 1 year of free updates as well.

How to Use this Excel DCF Spreadsheet

If you have read the AAPL stock analysis post, you would have seen the screen shots of what it looks like. If you have personally used either the Benjamin Graham valuation spreadsheet or the portfolio tracking spreadsheet you will know how much time you save with the automated downloading of data.

Once you have the valuation spreadsheets working, just be sure to enter the ticker in the ticker box only. Everything starts from there.

Other Points

Since this stock valuation calculator is free, if you enjoy this spreadsheet, consider buying the best stock valuation spreadsheet available on the internet.

IMPORTANT!

Please read the installation guide and FAQ.

To date, I’ve been spending hours helping people with simple excel issues on a free product rather than anything spreadsheet related.

So for all excel and install problems, place all questions in the comment sections below. That way I won’t have to answer the same question again and again.

How to Download

The download has now moved.

To download the spreadsheet, you must go to the main page of Old School Value and sign up with your email to receive a list of free spreadsheets.

The list includes nine free spreadsheets, the add-in required to download data from the internet as well as all the installation help material.

Premium Spreadsheets

Feel free to check out the free version and then when ready, go to the stock valuation software page and review what you will get with the premium.

The premium version includes several valuation models as well as fundamental analysis data, historical data, charts and competitor comparison features. Just by entering one ticker, you can immediately get all that information on your favorite stock which will save you hours in your analysis.

Go now and see for yourself why people rave about the spreadsheets.

DCF Excel Spreadsheet Screenshot

Are your stocks cheap or overvalued? Check with the stock valuation spreadsheets

Tags: excel, intrinsic value, spreadsheet

- Andrei

Hey Jae,

Awesome job with the blog. It is really great–mostly the spreadsheets–now if only you could help me get them to work–I am having the hardest time getting the add-ins to work. I thought I managed but then I put in a symbol ODP and I got a bunch of #NAME! things to come up on the statements tab of the Valuation Spreadsheet…Please help. Thanks.

- Luis

Jae,

To add on to Andrei, why dont financial’s work with your sheet?

- Jae Jun

@Andrei,

It still seems like the function isnt being called properly. Did you unzip the files to the proper folder and then point excel to the file in the folder you unzipped to?

@Luis,

if you take a look at the financial statements for financial companies such as AXP, you’ll notice that the statements are different to the regular companies. Since the template for the statements tab only applies to non-financials, I would have to create another statements tab for financials. But, I won’t be doing that because I dont know how to determine the intrinsic value for banks etc.

- Aurelien

Hi Jae,

This spreadsheet is very nice looking and I was excited to see it for JNJ. However, it seems to freeze when I put in another stock symbol to get information. I have a fast internet connection, so I don’t think that’s the issue. Could it be the Morningstar site, or is there something wrong with the sheet, or does it simply take a long time in general?

Thanks

Hi Aurelien,

The spreadsheet freezes because it has to access the Morningstar database and then run the commands on each cell to pull the commands.

Although Morningstar loads quickly in a web browser, the excel sheet has to request the information from Morningstar for every cell. Basically it’s asking the same thing about 200 times.

That’s the cause for the delay. If you look in the bottom right corner, it will tell you the % complete.

To update on my previous post: The sheet is working fine, it was just slower then expected.

Very cool. I’ve already found a company that seems to be quite undervalued and also has a 10% dividend yield. MAS.

Will look more into it tomorrow.

Great. Hope you find heaps of opportunities with it

The spreadsheet is suddenly only giving me error’s in the cells. Have you heard anything about Morningstar changing their data display, or any other reason for this?

Thanks,

Aurelien

I too have been getting the same error. I’m not quite sure what the error is but it seems to work again after I restart excel several times or try writing the ticker in both lower and upper case.

- spike

I’m running Excel on a Mac – so there is no c:/ for me to download to.
I put the files in Applications/Microsoft Office 2004/Office/Add-Ins/SMF, but I get a compile error ‘Expected: end of statement’

Can you help?

Spike,

It wont run on Mac. You’d have to run it off a Windows OS.
http://www.oldschoolvalue.com/intrinsic-value-spreadsheets/

- Mario

I downloaded the free version of the DCF valuation spreadsheet. On the DCF Valuation sheet, cell C6 has a Note saying that it should use CROIC for Growth but the IF formula within cell C6 points to J32 (the median for Free Cash Flow). Based on the Note inbedded in C6, should the formula be pointing to J33 instead?

Thanks.

Mario,

I first used FCF, then changed to CROIC and then reverted back to FCF.
I found CROIC was sometimes much too high. Since we are looking for good companies, the managers at these companies have very good performance and money allocation skills which is what you want in an investment.
However, the growth was far to high to predict 10 years.

Which is why I changed back to FCF and also included a FCF override feature in the premium spreadsheet.

- bruc

Will your spreadsheets work with office 2000?

No you should have at least excel 2002.
Office 2000 is a 10 year old product and doesn’t support many things.

- Smith

I can’t download the Free Excel Discounted Cash Flow Investing Spreadsheet as well as the others free tools such as “Benjamin Graham Stock Valuation Spreadsheet “,”Randy’s SMF Excel Add-in “, etc.

Are they still available?

What do you mean? I can download them perfectly fine. Just click and follow the links.

- Ryan

I just get name errors on this one. Your other spread sheets work fine for me. Do I need to delete smf files and try again? Thanks and great site.

- Steven

Hello,

When I click the spreadsheet install link. It is linked to a page with an error message: Error-404

Is there anywhere I can go to get the install instructions?

Thank you for your time,
Steven

link has been fixed.

- Ming

Does the spreadsheet only work for US stock?
How about stock in other countries ?

Yes only US stocks.

I received the email and some of the free spreadsheets links (DCF, Beneish M Score,Competitor Comparison, Financial Statements) are no longer working. Note: It works for the other spreadsheets. Please let me know where I can find the missing spreadsheets.

Free Discounted Cash Flow DCF Valuation Spreadsheet

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