Free Discounted Cash Flow Spreadsheet


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Jae Jun

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Discounted Cash Flow Spreadsheet

With any intrinsic value model, there are shortcomings and disadvantages. Even with this version of the discounted cash flow spreadsheet, there are disadvantages to using the DCF model, but it is logical and reasonable.

Before moving on, I also created a free Graham formula spreadsheet that may interest you.

This free DCF spreadsheet utilizes the Discounted Cash Flow method, which I believe is a very logical method of valuing a stock and estimating its fair value.

How to Value a Stock with the DCF Spreadsheet

This free discounted cash flows spreadsheet  is based off FWallStreet and is an enhanced version of the original spreadsheet available from fwallstreet.com.

The underlying calculations are the same but many tweaks have been made to the formula and variables.

The full version of the stock value calculator includes an entire suite of valuation models to help you value stocks quickly and accurately.

Before you download the free spreadsheets, just click on the image below to receive exclusive content and value added resources that we don’t share and publish anywhere else. 

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How to Download the Free DCF Spreadsheet

To download the free DCF spreadsheet, simply enter your email in the form at the bottom of the page. Once you have entered your email, you will automatically receive, not just the DCF spreadsheet but eight more spreadsheets for your own use. You will also be able to get articles such as this directly to your inbox.

How To Use The Free Spreadsheet

I’ve tried to make it as user friendly simple to understand.

The spreadsheet requires manual inputs for the required data.

Follow the instructions in the spreadsheet to use it properly.

Premium Stock Valuation Spreadsheets

Feel free to check out this 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

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More Resources

Professor Damodaran’s Page includes a discounted cash flow spreadsheet.

Macabus also has a good DCF spreadsheet, but requires a lot of inputs.

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31 responses to “Free Discounted Cash Flow Spreadsheet”

  1. Andrei says:

    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.

  2. Luis says:

    Jae,

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

  3. Jae Jun says:

    @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.

  4. Aurelien says:

    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

  5. Jae Jun says:

    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.

  6. Aurelien says:

    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.

  7. Jae Jun says:

    Great. Hope you find heaps of opportunities with it

  8. Aurelien says:

    Hi Jae,

    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

  9. Jae Jun says:

    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.

  10. spike says:

    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?

  11. Jae Jun says:

    Spike,

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

  12. Mario says:

    Hi

    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.

  13. Jae Jun says:

    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.

  14. bruc says:

    Will your spreadsheets work with office 2000?

  15. Jae Jun says:

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

  16. Smith says:

    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?

  17. Jae Jun says:

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

  18. Ryan says:

    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.

  19. Steven says:

    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

  20. Jae Jun says:

    link has been fixed.

  21. Ming says:

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

  22. Jae Jun says:

    Yes only US stocks.

  23. Ryan says:

    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.

  24. James says:

    Why isn’t the DCF link still working Jae?

  25. Jae Jun says:

    I upgrade the DCF spreadsheet and moved it to a lite version which you can purchase for a cheap price.

  26. DCF spreadsheet is back and is available if you sign up with your email.

  27. Frank says:

    Jae, I signed up with my email and although I received and completed the confirmation process I never received a download to the spreadsheet. Please advise.

  28. Hi Frank,

    Can you check your spam?
    Since it is an automated message, it could be incorrectly identified as spam.

  29. Jovica says:

    First of all, thanks for this great blog…I’m relatively new to finance so I’m sorry if my question sounds dumb. What to do if growth rate based on 10 yr. FCF growth for AAPL (2003-2012) is 67% (median). Even for AAPL it’s way to much. How it’s possible to automate such process for various companies and still get realistic results?

  30. The main thing to remember is that a company cannot grow faster than it’s ROE. If the ROE is inflated due to leverage then it definitely wont grow that fast.

    e.g. lets say aapl has an ROE of 30%, then the max growth you would enter is 30%. But after doing some more detailed analysis such as using the DuPont spreadsheet, you find that the ROE of 30% is not sustainable, then lower it.

  31. Nikhil Patil says:

    Hi,

    I downloaded your DCF spreadsheet for MAC and since then I have updated the spreadsheet so that it works without pulling data from the Internet. One question on FCF. The total value is calculated using NPV of 20 year FCF. What I am not sure of is that to get to Equity Value no debt is being deducted from the Total Value. The per share price is calculated using Total Value/Outstanding shares. Am I missing something

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