Model Update

Workflow

Step 1: Identify What Changed

Determine the update trigger:

• Earnings release: New quarterly actuals to plug in
• Guidance change: Company updated forward outlook
• Estimate revision: Analyst changing assumptions based on new data
• Macro update: Interest rates, FX, commodity prices changed
• Event-driven: M&A, restructuring, new product, management change

Step 2: Plug New Data

After Earnings

Update the model with reported actuals:

| Line Item | Prior Estimate | Actual | Delta | Notes | |-----------|---------------|--------|-------|-------| | Revenue | | | | | | Gross Margin | | | | | | Operating Expenses | | | | | | EBITDA | | | | | | EPS | | | | | | [Key metric 1] | | | | | | [Key metric 2] | | | | |

Segment Detail (if applicable):

• Update each segment's revenue and margin
• Note any segment mix shifts

Balance Sheet / Cash Flow Updates:

• Cash and debt balances
• Share count (buybacks, dilution)
• Capex actual vs. estimate
• Working capital changes

Step 3: Revise Forward Estimates

Based on the new data, adjust forward estimates:

| | Old FY Est | New FY Est | Change | Old Next FY | New Next FY | Change | |---|-----------|-----------|--------|------------|------------|--------| | Revenue | | | | | | | | EBITDA | | | | | | | | EPS | | | | | | |

Key Assumption Changes:

• What assumptions are you changing and why?
• Revenue growth rate: old → new (reason)
• Margin assumption: old → new (reason)
• Any new items (restructuring charges, one-time gains, etc.)

Step 4: Valuation Impact

Recalculate valuation with updated estimates:

| Valuation Method | Prior | Updated | Change | |-----------------|-------|---------|--------| | DCF fair value | | | | | P/E (NTM EPS × target multiple) | | | | | EV/EBITDA (NTM EBITDA × target multiple) | | | | | Price Target | | | |

Step 5: Summary & Action

Estimate Change Summary:

• One paragraph: what changed, why, and what it means for the stock
• Is this a thesis-changing event or noise?

Rating / Price Target:

• Maintain or change rating?
• New price target (if changed) with methodology
• Upside/downside to current price

Step 6: Output

• Updated Excel model (if user provides the existing model)
• Estimate change summary (markdown or Word)
• Updated price target derivation

Important Notes

• Always reconcile your estimates to the company's reported figures before projecting forward
• Note any non-recurring items and whether your estimates are GAAP or adjusted
• Track your estimate revision history — it shows your analytical progression
• If the quarter was noisy, separate signal from noise in your estimate changes
• Check consensus after updating — how do your revised estimates compare to the Street?
• Share count matters — dilution from stock comp, converts, or buybacks can materially affect EPS

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