Fast DCF gut-check: pull the implied terminal growth rate out of your exit multiple. If it's >3% forever, your model assumes the company outgrows the economy for eternity. And if TV is >75% of EV, you're not valuing the forecast - you're valuing year 11+.
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A DCF is only as honest as its assumptions tab. If WACC, growth and margins are hardcoded into the formulas, that's not a model, it's a guess with extra steps. Put every driver in one input cell you can flex. Then your sensitivity tables actually mean something.
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A clean LBO model lives or dies on one tab: the assumptions tab. If your entry multiple, leverage, and exit are hardcoded across six sheets, you don't have a model. You have a spreadsheet that lies to you the moment a deal term changes.
The fix is boring but it works: one inputs tab, every other cell links back to it. Change the exit multiple once and watch IRR and MOIC move everywhere. Inputs one color, formulas another, no macros, no circular refs. Can't audit the build, can't trust the output.
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