Investment Banking Toolkit

The valuation tools every IB analyst uses.

Learn by doing. These free calculators replicate the models a Day-1 investment banking analyst builds in Excel with the theory, formulas and interview context that recruiters actually test.

7 modelsFormula + steps on every toolFree, no sign-up
Intrinsic value

DCF Valuation

Discounted Cash Flow project 5 years of free cash flow, discount at WACC, add a terminal value, and back out equity value per share.

Where it's used: Every M&A pitchbook, IPO valuation, and equity research report.

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Relative value

Comparable Company Analysis

Value a target using trading multiples (EV/EBITDA, EV/Sales, P/E) of listed peers. Enter up to 6 peers and get median, mean, and implied value ranges.

Where it's used: The bread-and-butter method for public-company valuation and IB interviews.

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Valuation range

Football Field Chart

Visualize a target's valuation range across DCF, Trading Comps, Precedent Transactions, 52-Week High/Low and Analyst Targets the classic IB summary slide.

Where it's used: Page 1 of every fairness opinion and board valuation deck.

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Discount rate

WACC Build-Up

CAPM cost of equity, after-tax cost of debt and market-value weights, the rate that drives every DCF.

Where it's used: Every DCF and capital-budgeting decision.

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Private equity

LBO Returns (IRR & MOIC)

Buy with debt, grow EBITDA, pay down debt, exit at a multiple, and see where the returns come from.

Where it's used: PE screening and the 'paper LBO' interview test.

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M&A

Accretion / Dilution

Pro-forma EPS for a merger funded with any mix of stock, debt and cash, including synergies.

Where it's used: Every merger model and board deck.

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Conglomerates

Sum-of-the-Parts

Value each segment on its own multiple, apply a holding-company discount and bridge to price per share.

Where it's used: Diversified groups, demergers and spin-offs.

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Why triangulate?

In investment banking, valuation is triangulated never a single number. DCF gives you intrinsic (fundamental) value; Comps gives you what the market is paying right now for similar businesses; Football Field stitches every method into one visual range for the client.

Master these three and you've covered ~80% of what a first-year analyst does on a live deal.

How to use this toolkit

  1. 1. Pick a real listed company (e.g. TCS, Infosys, HDFC Bank).
  2. 2. Build the DCF using its latest 10-K / annual report numbers.
  3. 3. Enter 4–6 peers into the Comps tool.
  4. 4. Drop both ranges into the Football Field and compare to CMP.
  5. 5. Write a 1-page memo defending your view. That's an IB analyst's week.

Educational tool only. Not investment advice, not a recommendation, and not a substitute for professional valuation work.