Build a model on a real filing

Accretion / dilution

Work the arithmetic of a stated all-stock deal: derive the acquirer's standalone diluted EPS from its filed net income and diluted share count (and check it against the filed EPS you are given), add the stated target income, add the stated new shares, and compute the pro-forma EPS. The last cell is the change as a percentage of standalone EPS — positive is accretive, negative is dilutive. Every filer runs the SAME stated deal, so the difference in the result is entirely the acquirer's own filed figures: the sign is a property of the pair, not of the deal, and the walk stops at the EPS delta.

Given · Net income, weighted-average diluted shares outstanding, and diluted EPS, as filed in the latest annual report — plus the stated deal (a target income set at a fixed fraction of the filed net income, and a fixed share issue), which is handed to you and never graded.

Comps (fundamentals)

Build the first row of a comps table from filings alone: derive the operating margin — filed operating income over filed revenue — for the subject and for each of the two stated peers, each from that filer's own latest annual report, then compute the peer midpoint and the subject's signed gap against it in percentage points. Every filer's margin names its own fiscal year, because the three fiscal calendars do not align and a comps row that hides that basis is not one. The walk stops at the signed difference — it compares arithmetic, never companies.

Given · Revenue and operating income for all three filers, as filed in each one's latest annual report and cited per figure — plus the stated peer pair, which is a fixed constant of the drill (handed to you, never graded, and not a judgment about comparability).

DCF sensitivity grid

Re-run the single-stage DCF arithmetic nine times: the stated discount rate one percentage point below, at, and above its base, crossed with terminal growth half a point below, at, and above its own. Each cell of the 3 × 3 grid is the implied enterprise value at that pair of stated rates; the centre cell is the single-stage DCF drill's own sum. The grid shows how the arithmetic responds when a stated assumption moves — it stops at enterprise value in every cell and never reaches a per-share number.

Given · Operating cash flow, interest expense, the effective tax rate and capital expenditures, as filed in the latest annual report, bridged to unlevered free cash flow — the same base the single-stage DCF grounds on, so this drill needs nothing new from the filing.

Single-stage DCF

Compound a base unlevered free-cash-flow figure at a stated growth rate, discount each year at a stated discount rate, take a Gordon terminal value, and sum to an implied enterprise value. Every cell is arithmetic; the model stops at enterprise value and never reaches a per-share number.

Given · Operating cash flow, interest expense, the effective tax rate and capital expenditures, as filed in the latest annual report, bridged to unlevered free cash flow (CFO + after-tax interest − CapEx).

EBITDA bridge

Walk net income back up to EBITDA — add interest expense, then income tax expense, then depreciation and amortisation — and then reconcile the same figure the other way, from operating income. The two routes rarely land on the same number, and the last cell is the gap between them, which is where the non-operating items sit. Nothing is assumed: every figure in it is filed.

Given · Net income, interest expense, income tax expense, depreciation and amortisation, and operating income, as filed.

Basic LBO

Size an entry enterprise value off an EBITDA proxy, split it into debt and sponsor equity at a stated leverage, grow EBITDA at a stated rate, exit at a stated multiple, and work out the multiple of invested capital and the annualized rate that multiple implies.

Given · Operating income and depreciation & amortization, as filed in the latest annual report.

Three-statement linkage

Derive the lines that link one filed statement to the next — gross profit from revenue and cost, operating income from gross profit and operating expenses, total equity from assets and liabilities. The model has to reconcile end to end.

Given · Revenue, cost of revenue, operating expenses, net income, total assets and total liabilities, as filed.

WACC build-up

Derive an effective tax rate from the filed tax figures, cost the filed debt and tax-affect it, cost the equity by CAPM from a stated risk-free rate, beta and premium, weight the two by the filed debt and a stated equity market value, and blend them into a weighted average cost of capital. Every cell is a percentage; the model stops at the rate and is never applied to a company's cash flows here.

Given · Interest expense, income tax expense, pre-tax income, both filed debt lines and book equity, as filed in the latest annual report. The equity market value is a stated figure, not a filed one — a market value needs a price, and this page displays none.

What “graded” means here

Every figure you are given traces to a filing, and the filing’s accession and period sit on the page beside it. If we cannot read the filing a model needs, the drill refuses instead of estimating. The grade itself is arithmetic — no language model is involved, so it returns the same verdict every time — and the correct values are never written into the page: they are recomputed on the server when you submit.