Fully Explicit DCF - eLearning Excel Model

An eLearning spreadsheet demonstrating how to reconcile implicit and explicit commercial real estate valuation models.

Priced for accessibility, the spreadsheet builds a modern 'Fully Explicit' DCF. In other words, a DCF with no exit yield! Furthermore, the models transition from 'Implicit' through to 'Shortcut' and 'Literal' DCFs, so that you can see how everything fits together.

This is an interactive spreadsheet complete with definitions, resources and exercises.

'Fully Explicit' DCF paper: https://www.preprints.org/manuscript/202503.1068/v1