# The Financial Due Diligence Associate: companion files

Julian R. Sterling

## What is here

- **FDD_Quellmark_Model.xlsx**: the workbook that rebuilds the Quellmark case and reproduces the figures of the book with live formulas. Sheets: Read Me, Inputs, QoE, Revenue, Net Debt, NWC, Closing, Capex, Checks.
- **FDD_Associate_Toolkit.docx**: the checklists of Appendix B (scoping, core information requests, management meeting questions, adjustment tests, debt-like items, working capital, report review, purchase agreement definitions), in editable form.

## Which sheet answers which chapter

- Chapters 4 to 6 and 8: QoE (the bridge from reported to diligence-adjusted EBITDA, the first quarters and the LTM, the CIM and the sell-side QoE)
- Chapter 7: Revenue (growth, segments, price and volume, concentration, days)
- Chapter 9: Net Debt (net debt, debt-like items with an agreed flag, the equity bridge)
- Chapter 10: NWC (twelve months, the adjustments, the three pegs)
- Chapter 11: Capex (maintenance and growth capex, cash conversion)
- Chapter 13: Closing (the estimated and final closing statements, the claim and the escrow)

## Two inputs to change first

1. On Inputs, set the replacement chief executive's cost to 1.4 for FY2025: watch the owner add-back and the adjusted EBITDA.
2. On Inputs, set the agreed flag of the rebate line of the debt-like items to 1: watch the equity bridge. Reset the inputs afterwards: the Checks sheet compares the workbook with the figures printed in the book.

Blue type on a light blue background is an input, black type a formula. No macro, no circular reference, no external link. The Checks sheet should read ALL CHECKS OK on the default inputs.

Ashgrove Pell, Tallis Ridge Capital Partners, Quellmark Labels and every other name in the case are fictional; the model is simplified; all case figures are illustrative assumptions, not market terms. Provided as is, without warranty. Not accounting, investment, legal or tax advice.