Beruflich Dokumente
Kultur Dokumente
1 Thou shall not hard code any numbers in a formula 2 Thou shall always reference the source in a formula 3 Thou shall never hide columns/rows, rather group them 4 Thou shall use the mouse as little as possible 5 Thou shall make all worksheets presentable and easy to understand 6 Thou shall be consistent in formatting and coloring 7 Thou shall use relative and absolute references appropriately 8 Thou shall utilize the Help function for it is the Lord and Savior 9 Thou shall never claim to be an expert user less they desire to be smitten 10 Thou shall have no program before Excel
(1) Compound annual growth rate formula: [(FV/PV)^(1/N)] - 1 (2) Net present value formula: CF1/(1+r)1 + CF2/(1+r)2 + CFN/(1+r)N
o Delete: Ctrl Entering Data o Click on the cell o Type in the formula bar o Hit F2 when in the cell you want to edit Manipulating Data - Fill down, Copy, Paste, Paste special o Copy = Ctrl + C o Paste = Ctrl + V o Paste Special = after copying, right click paste special or ALT + E + S and the letter corresponding to what you want to do o Fill down : select the cell that has the original formula , hold the shift key down and click on the last cell (in the series that needs the formula), Menu Bar Edit Fill Down or Ctrl+ D Formatting Cells and Spreadsheets o Format Format cells or Ctrl+ 1 o Hover your mouse between a column/row until the pointer turns into an arrow that points in two opposing directions, double click to make the column Auto fit o Format Conditional Formatting Auto-filter, Sort data: Another advantage of excel is being able to sift through large amounts of data very quickly. o Menu bar Data Sort or Alt + D + S o To Auto filter, select the row that you want filtered then : Menu bar Data Filter Auto filter or Alt + D+F+ F Basic operations - Referencing cells (see above figure) o The column comes first then the row number
o Sometimes it is necessary to keep a certain position that is not relative to the new cell location (ex: when you use fill down) This is possible by inserting a $ before the Column letter or a $ before the Row number (or both). This is called Absolute Positioning/referencing
Formulas When selecting cells you can go ahead and either click on the cells you want to have the formula use to calculate using your mouse, or you can use shift + arrow keys to select the cells o Sum will add together the specified cells =SUM (first value, second value) or Alt = = o Average will return the average of the specified cells (simplifies having to add the cells together and then divide by the number of cells) = average (first value, second value ) o Min/max will return the smallest (Min) value in the selected range of cells = min (first value, second value) = max (first value, second value) o Count function returns the number of entries (actually counts each cell that contains number data) in the selected range of cells = count (first value, second value) o If function will check the logical condition of a statement and return one value if true and a different value if false =IF (condition, value-if-true, value-if-false) Charts To insert a chart, select the data you want in your chart then go to the Menu bar Insert Chart or Alt I H Then select the type of chart you want from the left hand side menu. o Pie chart o Bar charts o Line charts o And more! Excel Workshop Page 6
Web Query o Data>import external data > new web query Reminder: ALT brings you to the top menu bar, then use the underlined letters to get where you want to go o Go to finance.yahoo.com and type in a ticker of your choice o Click on the yellow arrow next to last trade (it should turn green) note that in excel you can download any of the tables that have a yellow arrow next to them o Hit import and OK Calculating Beta o Open a web browser and go to finance.yahoo.com o Type in the same ticker as before o On the left hand side menu, click on historical prices o Change the start date to November 29th 2001 Monthly o Hit get prices o Scroll to the bottom of the page and hit download to spreadsheet o Open with excel o Right click on the bottom worksheet tab and go to move or copy o Under to book go to Book 1 and hit OK o Delete columns B through F by: Hovering your mouse over the column letter Shortcut: CTRL spacebar to select a column, CTRL to delete o Go back to finance.yahoo.com and type in ^SPX (S&P) and repeat steps 3 to 10 o Copy data next to first companys historical prices o Calculate monthly return for both MSFT and ^SPX (this month last month divided by last month) and copy down Calculate 5 year monthly Beta =SLOPE( known ys, known xs) known Ys = returns for MSFT known Xs = returns for SPX =LINEST(known ys, known xs) Tools> Data Analysis > regression
Calculating WACC o Link risk free rate to web query worksheet by: hitting = and clicking on the web query tab and then the cell you want to link it to hitting = then Ctrl page up to get to the web query worksheet and then using the arrow keys to move around o Enter 1.5% as the spread and 35% as the tax rate o Cost of Debt = pre-tax rate * (1-tax rate) o Link the risk free rate and beta o calculate cost of equity = risk free + beta * risk premium Calculating PV, FV o = 1/(1+ Discount Rate)^Nr of years o PV of terminal growth = PV factor * Terminal FCF /(WACC terminal growth rate) o = PV(rate, nper, pmt, [fv], {type]) rate is the interest rate per period. If you borrow money at 6 percent per year and the period is a year, rate equals 0.06. If the period is a month, rate equals 0.06/12, or 0.005. #per is the number of periods in the annuity. In our copier example, #per equals 5. If payments for the copier are made each month for 5 years, #per equals 60. Your rate must be consistent with #per, of course. In other words, if #per implies that a period is a month, you need to use a monthly interest rate. If #per implies that a period is a year, use an annual interest rate. pmt is the payment made each period. In our example, pmt is $5,000. A payment is a positive number, while money received is a negative number. fv is the cash balance (or future value) that you want to have after the last payment is made. In our copier example, fv equals 0. (If we want a $5,000 cash balance after the last payment, fv would equal $5,000.) If fv is omitted, it's assumed to equal 0. type is either 0 or 1. Type indicates when payments are made. If type is omitted or equal to 0, payments are made at the end of each period. When type equals 1, payments are made at the beginning of each period.
Financial functions
Function ACCRINT ACCRINTM AMORDEGRC AMORLINC COUPDAYBS COUPDAYS COUPDAYSNC COUPNCD COUPNUM COUPPCD CUMIPMT CUMPRINC DB Description Returns the accrued interest for a security that pays periodic interest Returns the accrued interest for a security that pays interest at maturity Returns the depreciation for each accounting period by using a depreciation coefficient Returns the depreciation for each accounting period Returns the number of days from the beginning of the coupon period to the settlement date Returns the number of days in the coupon period that contains the settlement date Returns the number of days from the settlement date to the next coupon date Returns the next coupon date after the settlement date Returns the number of coupons payable between the settlement date and maturity date Returns the previous coupon date before the settlement date Returns the cumulative interest paid between two periods Returns the cumulative principal paid on a loan between two periods Returns the depreciation of an asset for a specified period by using the fixed-declining balance method Returns the depreciation of an asset for a specified period by using the double-declining balance method DDB or some other method that you specify DISC Returns the discount rate for a security DOLLARDE Converts a dollar price, expressed as a fraction, into a dollar price, expressed as a decimal number DOLLARFR Converts a dollar price, expressed as a decimal number, into a dollar price, expressed as a fraction DURATION Returns the annual duration of a security with periodic interest payments EFFECT Returns the effective annual interest rate FV Returns the future value of an investment FVSCHEDULE Returns the future value of an initial principal after applying a series of compound interest rates INTRATE Returns the interest rate for a fully invested security IPMT Returns the interest payment for an investment for a given period Excel Workshop Page 9
IRR ISPMT MDURATION MIRR NOMINAL NPER NPV ODDFPRICE ODDFYIELD ODDLPRICE ODDLYIELD PMT PPMT PRICE PRICEDISC PRICEMAT PV RATE RECEIVED SLN SYD TBILLEQ TBILLPRICE TBILLYIELD VDB XIRR
Returns the internal rate of return for a series of cash flows Calculates the interest paid during a specific period of an investment Returns the Macauley modified duration for a security with an assumed par value of $100 Returns the internal rate of return where positive and negative cash flows are financed at different rates Returns the annual nominal interest rate Returns the number of periods for an investment Returns the net present value of an investment based on a series of periodic cash flows and a discount rate Returns the price per $100 face value of a security with an odd first period Returns the yield of a security with an odd first period Returns the price per $100 face value of a security with an odd last period Returns the yield of a security with an odd last period Returns the periodic payment for an annuity Returns the payment on the principal for an investment for a given period Returns the price per $100 face value of a security that pays periodic interest Returns the price per $100 face value of a discounted security Returns the price per $100 face value of a security that pays interest at maturity Returns the present value of an investment Returns the interest rate per period of an annuity Returns the amount received at maturity for a fully invested security Returns the straight-line depreciation of an asset for one period Returns the sum-of-years' digits depreciation of an asset for a specified period Returns the bond-equivalent yield for a Treasury bill Returns the price per $100 face value for a Treasury bill Returns the yield for a Treasury bill Returns the depreciation of an asset for a specified or partial period by using a declining balance method Returns the internal rate of return for a schedule of cash flows that is not necessarily periodic Excel Workshop Page 10
net present value for a schedule of cash flows that is not necessarily periodic yield on a security that pays periodic interest annual yield for a discounted security; for example, a Treasury bill annual yield of a security that pays interest at maturity
Troubleshooting Formula Errors o Auditing Toolbar (Alt T U) Trace Precedents Trace Dependents IF(ISERROR) o For example, if you enter the following in your worksheet: A1: =B1/C1 B1: 5 C1: 0 o You would get #DIV/0! Returned to cell A1. You can change the formula in cell A1 to hide the error value to the following: o =IF(ISERROR(B1/C1),"",B1/C1) o With the example values given above, this formula returns the empty string ("").