Why this cheat sheet exists
Most DCF models don't fail on theory — they fail on mechanics. A terminal growth rate above long-run GDP, a WACC applied to levered cash flows, a mid-year convention forgotten, stale net debt: these are the details reviewers catch in the first five minutes.
This sheet condenses what a senior analyst checks before any DCF leaves the desk: the seven mistakes that come up again and again, the order in which a model should actually be built, and a final checklist to run before you hit send.
It's designed to be printed and pinned next to your monitor. No email required.
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Want the full DCF model, not just the checklist?
The FinModelAI DCF Valuation Model applies the workflow on this sheet across three scenarios, a full WACC build and two terminal-value methods. FAST colour-coded, no macros, no circular references.
View the DCF modelWorking on a real asset deal instead?
The Solar + BESS model covers a utility-scale solar and storage project over ten years, with the ITC, MACRS, five revenue lines and a construction loan that takes out into permanent debt. The hotel model does the same work for a 180-key development on a USALI P&L.
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