Open the Google Sheet

It opens view-only. Use File → Make a copy to get your own editable version; nothing you type is shared with us or anyone else.

Prefilled with: Desi Bites Foods FY25 accounts and the base-case forecast from the case study (fictional company).

What it does

It values Desi Bites Foods, the blog’s fictional company, with a five-year DCF (discounted cash flow) and a terminal value. It then runs the reverse DCF: what terminal growth, or what scale of cash flows, a given share price implies. A sensitivity grid shows how far the answer moves when WACC (weighted average cost of capital) and terminal growth change together.

How to use it

  1. Open the sheet and use File → Make a copy.
  2. On the DCF tab, edit only the yellow cells: the assumptions and the five-year forecast. Everything else recalculates.
  3. Units are ₹ lakh unless a cell says otherwise. Values are as at 1 April 2025, after the IPO, and cash flows are discounted at year end.

The Checks tab confirms that, with the default inputs, the sheet reproduces the worked example in the explainer post.

The formulas

FCFF            =  EBIT × (1 − tax) + depreciation − capex − change in net working capital
Terminal value  =  FCFF in the final forecast year × (1 + g) ÷ (WACC − g)

FCFF is free cash flow to the firm; g is the terminal growth rate. The forecasting post builds the forecast and the margin of safety post shows how sensitive the answer is.

What it can’t tell you

A DCF is only as good as its forecast, and the terminal value is usually most of the answer. This sheet teaches the method on a company that doesn’t exist. It doesn’t value any real listed company, and its output is not a fair price or a recommendation.

How it works

The method, step by step, with the worked example this tool reproduces: Terminal value: the number that quietly becomes most of your valuation.

Also used in

This is a teaching tool. It shows how a calculation works on the numbers you give it; it doesn't tell you what to buy, sell or hold, makes no forecast, and doesn't value any real listed company. See the disclaimer.

← All tools