Ferdinand petra excel modelling (extract)

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Excel modelling (extract)
Prof: Ferdinand Petra (contact@ferdinand-petra.com)
Any reproduction, copy of this document is strictly forbidden without prior consent of the author

Excel Best Practices for Modeling

Excel Settings – Option Menu (1/2)
Shortcut: Alt T O
General Sub-menu Formulas Sub-menu
 Include your name in ‘User name’
− Useful to identify your comments
 Check ‘Automatic except for data tables’
− Press F9 to update data table
 Enable Iterative calculation (for circularities)
 Uncheck ‘Formula AutoComplete’

Excel Settings – Option Menu (2/2)
Shortcut: Alt T O
Save Sub-menu Advanced Sub-menu
 Set AutoRecover at 2min (Excel crashed more often than
you think)
 You may save under ‘Excel 97-2003 workbook’ if you
share the work with colleague having an older version
 Uncheck the 2 elements below

Excel Shortcuts (Windows – UK)
Shortcuts to know
General window
Alt + Tab Change application
Alt + F4 Close program
General Excel
Ctrl + N New file
Ctrl + O Open file
Ctlr + S Save
Alt F A Save As
F2 Edit Cell
F4 Repeat
Ctrl + Z Undo
Ctrl + Y Repeat
Alt + Ent Start new line in same cell
Shift + F2 Edit comment
Alt Access to the toolbar
Alt V Z Zoom
Printing
Alt P R Print Area menu
Alt P SP Open Page Set Up menu
Ctrl + P Print
Navigation
Ctrl + Pg Up/Down Switch tabs
Ctrl + Space / Shift + Space Select Column / Line
Ctrl + Plus Sign Add cell (or what is selected)
Ctrl + Minus sign Delete cell (or what is selected)
Ctrl + Arrow keys Go until next non empty cell
Shift + Arrow keys Select a cell range
Navigation (cont'd)
Ctrl + Shift + Arrow keys Select range until non empty cell
Alt H O R Change name of tab
Auditing
Alt M P Trace precedents
Alt M D Trace dependents
Alt M A A Remove auditing arrows
Ctrl + [ Go to precedent cell
F5 Enter Go to orginal cell
Formatting
Ctrl + B Bold
Ctlr + I Italic
Ctrl + U Underline
Ctrl + 1 Format Cell
Alt E A A Clear cell
Alt AG G (Al + Shift + →) Group rows or columns
Alt AU U (Al + Shift + ←) Ungroup rows or columns
Formula
F4 Anchor cell
Ctrl + C / Ctrl X Copy / Cut
Ctrl + V (or Enter) Paste after copy or cut
Alt E S (or Alt Gr + V) Paste special menu
Alt E S V Paste Value only
Alt E S T Paste Format only
Alt E S F Paste Formula only

Excel Shortcuts (Mac – UK)
Shortcuts to know
General window
⌘ + Tab Change application
⌘ + Q Close program
General Excel
⌘ + N New file
⌘ + O Open file
⌘ + S Save
Shift + ⌘ + S Save As
(Fn +) F2 or Ctrl + U Edit Cell
(Fn +) F4 Repeat
⌘ + Z Undo
⌘ + Y Repeat
Option + Ent Start new line in same cell
(Fn +) Shift + F2 Edit comment
N/A Access to the toolbar
Zoom
Printing
⌘ + P Print Area menu
N/A Open Page Set Up menu
⌘ + P Print
Navigation
Option + ← or → Switch tabs
Ctrl + Space / Shift + Space Select Column / Line
Ctrl or ⌘ + Plus sign Add cell (or what is selected)
Ctrl or ⌘ + Minus sign Delete cell (or what is selected)
⌘ + Arrow keys Go until next non empty cell
Shift + Arrow keys Select a cell range
Navigation (cont'd)
⌘ + Shift + Arrow keys Select range until non empty cell
Auditing
N/A Trace precedents
N/A Trace dependents
N/A Remove auditing arrows
N/A Go to precedent cell
N/A Go to orginal cell
Formatting
⌘ + B Bold
⌘ + I Italic
⌘ + U Underline
⌘ + 1 Format Cell
N/A Clear cell
⌘ + Shift + K Group rows or columns
⌘ + Shift + J Ungroup rows or columns
Formula
(FN +) F4 or Cmd + T Anchor cell
⌘ + C / ⌘ + X Copy / Cut
⌘ + V (or Enter) Paste after copy or cut
Ctrl + ⌘ + V Paste special menu
Ctrl + ⌘ + V + V Paste Value only
Ctrl + ⌘ + V + T Paste Format only
Ctrl + ⌘ + V + F Paste Formula only
For more shortcuts:
https://support.office.com/en-ie/article/Keyboard-shortcuts-in-Excel-2016-for-
Mac-acf5419e-1f87-444d-962f-4e951a658ccd

Anchoring Cells
How does that Work
 In a formula, $ sign blocks the data on the right
 To anchor a cell
− Get into the cell (F2) – need a reference into the cell
− Move toward the cell of reference
− Press F4 several times to get the $ where you wish
 Different types of anchoring
− $C$1: the whole cell is blocked
− $C4: The “C” column will be blocked
− O$7: The line “7” will be blocked
When to Use It?
 The role of anchoring is to gain time in expanding
formulas
− Anchoring must be used every time you apply the
same reference in a calculation
− i.e. one reference = easier to change the input
 Anchoring is fundamental when using data retrieval
functions:
− To block one cell or lines or columns:
− Hlookup / Vlookup / Offset in large tables (e.g.
comps)
− Choose function
Other Way: Name Cells
 Go on the cell you want to name
 Alt M M D  Name you cell (do not use space)
 Please don’t use it a lot  Conflict when copying sheets

Add Comments
Why is it Required?
 Whatever you work on, your analysis will be checked by
someone:
− The person may not be the guy next to you
− You might be working something else when (s)he’ll
review your work
 So for every input:
− Font color is blue
− Disclose where you found the info in the
comment
Taylor Your Comment Box
 Your name (and extension) may be required every time
you add comment
 Taylor your comment box will save you some time
 Access: Alt T O (shortcut for the Option Menu)
− Sub-menu: General
− Write your name in “User Name” at the bottom
What Do You Write in Your Comment?
 The source of information:
− Annual Report 2013 (Fr) – p180/256
− JPM (12/4/14) – p5/12
 Be very specific on the name of the document
− Annual Reports, Reference Document and Financial
Report can be different
− English version vs. French version
 Do’s and Don’t:
− Explain the source of every figure within the cell
− Avoid Website links as they may change in name
 Adding a comment in each input cell does not
prevent you from printing the sources of data

Formatting is Primary (1/2)
The Color Code
 Blue = Inputs
 Black = Formula
 Green = Reference to another worksheet
 Red = Warning to other users (or link to data providers)
Inputs
 Do not input the same data TWICE
− Excel must be dynamic
− Avoid daisy chaining (e.g. link to link to link….)
 Do not embed inputs in formulas
− Break inputs in separate lines
Center Across Selection
 Go to format cells
− Ctrl + 1
− ‘Alignment’ Tab
 Use ‘Center Across Selection
 Unclick ‘Merge Cells’
 Why?
− Avoid formatting issues
(when using Merge Cells)
when adding columns,
cells
Example
125.45 BLUE
= 125.2 - 10 + 68.2 BLUE
=D6 BLACK
=+Sheet2!E6 GREEN
=+Datastream!E13 RED
Color R/G/B code
BLUE 0 / 0 / 255
BLACK 0 / 0 / 0
GREEN 0 / 128 / 0
RED 255 / 0 / 0
GREY (borders) 211 / 206 / 196
NO
OK

Formatting is Primary (2/2)
Basics
 Access: Ctrl + 1,
‘Number’ tab
 Excel standard type:
− Align decimals
between positive
and negative
number
 Use custom for
specific formatting
Custom
 Access: Ctrl + 1,
‘Number’ Tab
 Create desired
formatting in ‘Type’
Type Display
0.0 2.0
0.0 1525.0
0,000.0 1,525.0
0,000.0_) 1,525.6
(0,000.0) (1,525.6)
#,###.0 .7
#,##0.0 0.7
Positive and Negative Figures
 ; (semi-column) = separator between positive and
negative data
 _ (underscore):
− Creates the space the size of the next character
− Used to align decimals
Number / Text Formatting
 Used for:
− Multiples
− Basis points
− Years
Number Type Display
8.4 #,##0.0x 8.4x
150 0"bps" 150bps
10 0" Years" 10 Years
31/12/2010 yyyy"E" 2010E
Number Type Display
3.5% 0.0% 3.5%
-3.5% 0.0%;(0.0%) (3.5%)
3.5% 0.0%_);(0.0%) 3.5%
-3.5% 0.0%_);(0.0%) (3.5%)
1,256 #,##0_);(#,##0) 1,525.6
-1,256 #,##0_);(#,##0) (1,525.6)

Other Advice on Excel
Following Some Basic Rules May Save You A Lot Of Time (especially at 2am) …
 Do not link two or more spreadsheet together
− As soon as you change the name and/or the location of one of the files, the link will not be updated anymore
− If you need a large amount of date from one file
− Copy/Paste Value the data (blue color code) and write down the source of the information (e.g. Market v1.xls)
 Keep formulas short!
− Why? Everyone should be able to edit it quickly
− Can you edit this?
=(E20+Waterfall!$F$8)^(1/'Excel shortcut'!D6)/(circularity!C$11/(1+Datastream!C$5))*(1-'Color and format'!K$14+'Color
and format'!B$12)/(1-Waterfall!$E$13)+'Excel shortcut'!$E$23
− Break down long formulas in small pieces and explain each step
 DO NOT use the Mouse
− At the beginning it will be difficult but, in the short term, it will make you gain a lot of time (and prevents some mistakes)
− A few years back, we took out the mouse of the interns when they began
 When doing a model with financial data on several sheet, keep a given year in the same column consistently across the file
− This will help you a lot for auditing
 DO NOT hide rows, columns (or sheets) - Instead use the grouping function (Alt A G G)
− If you hide, you will not see that, when you expand your formula, you will expand on hidden cells
− Hiding sheets could lead you to send file to clients and/or co-mandated banks with information you do not want to share

Ferdinand petra excel modelling (extract)

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