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Materials, chemicals and packaging

Coated steel products group financial model, built free.

A three-statement Excel model for a flat steel and coated products group, built from your own figures and checked to balance.

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We use generative AI in parts of our process, so mistakes can occur. Every model should be checked by a person before it is relied on. Read more

The business

Makes flat steel in an integrated blast-furnace steelworks and/or an electric-arc-furnace mini-mill, and turns much of it into metal-coated and painted products (roofing, walling, building products) sold at a premium over hot-rolled coil, across several regions, often with steel-building businesses, joint ventures in other countries, a raw-materials mine and surplus land being developed and sold (for example BlueScope Steel, with Australian Steel Products, North Star BlueScope, Buildings and Coated Products North America, Asia and New Zealand).

See the sampleHow the model works

In short

  • 01

    Three linked statements

    Income statement, balance sheet and cash flow, linked in every period.

  • 02

    Valued two ways

    Discounted cash flow and trading multiples, side by side.

  • 03

    Monthly to annual

    Monthly, quarterly, half-yearly or annual periods, for up to 30 years.

  • 04

    Checked every period

    A Checks sheet shows the balance sheet balances and the cash reconciles.

The sample

The sample, as Excel draws it.

Built by the same system and checks as yours, on illustrative figures: every sheet as Excel draws it, or live.

Annual · 10 years · Low detail
Coated steel products group sample model.xlsx
The Summary sheet of the sample coated steel products group model

Illustrative figures: the sample describes no real business. The live preview shows values; your model’s Excel file has every formula.

How it works

How the model works for a coated steel products group.

  1. How it earns revenue3 formulas
    Product pricing and plant revenue · All plants
    Import parity priceLanded price in model currencyImport dutyPort and delivery costs
    Product pricing and plant revenue · All plants
    Plant sales revenueProductionfrom capacity and productionRealised price per unit
    Product pricing and plant revenue · All plants
    Realised price per unitImport parity priceDiscount to import parityProduct mix and service premium
  2. What drives its costs3 formulas
    Direct labour · All plants
    Direct labourFixed labourVariable labour (production × cost per unit)
    Maintenance · All plants
    Maintenance costFixed maintenanceVariable maintenance (production × cost per unit)
    Plant fixed overheads · All plants
    Plant fixed overheadsBase overheadsStep costs (extra shifts and lines)
  3. What it invests in3 formulas
    Plant capex and depreciation · All plants
    Plant capital expenditureSustaining capexGrowth capex
    Plant capex and depreciation · All plants
    Plant depreciationDepreciation of existing assetsDepreciation of sustaining additionsProject 1 depreciation (from commissioning)from from commissioningProject 2 depreciation (from commissioning)from from commissioningProject 3 depreciation (from commissioning)from from commissioning
    Plant capex and depreciation · All plants
    Closing net book valueOpening net book valuePlant capital expenditurePlant depreciation
  4. How it is funded3 formulas
    Debt
    RepaymentsScheduled repaymentsPrepayments from an equity raise and the cash sweep
    Debt
    Closing balanceOpening balanceDrawdownsRepayments
    Debt
    Interest expenseOpening balanceAll-in interest rateshare of the year
  5. How profit becomes cash3 formulas
    Working capital
    Trade receivablesRevenuefrom statementsDebtor daysDays in period
    Working capital
    InventoryDirect costs (positive)from statementsInventory daysDays in period
    Working capital
    Trade payablesCash operating costs (positive)from statementsCreditor daysDays in period
What it covers

26 parts, each one tested.

Every part is a tested building block with its own checks: yours is put together from the ones your business needs.

  • CPI forecastConsensus curve with long-run anchor
  • Exchange rate (US dollar)Exchange rate by financial year
  • Operating expensesHeadcount build by function
  • Corporate costsFixed cost base indexed to CPI
  • Working capitalFull working capital
  • Income taxCorporate rate with tax losses
  • Corporate fixed assetsStraight-line over remaining life
  • DebtAmortising term loan
  • Dividends and distributionsPayout of net profit
  • Discounted cash flow valuationDCF on free cash flow to the firm
  • Multiples valuationEV / EBITDA multiple
  • Associates and joint venturesEquity accounting
  • Interest-rate hedgingHedged share at a fixed rate
  • LeasesLease register
  • InventoryWeighted average costRaw materials, work-in-progress and finished goods held to support production and sales (used in place of the inventory part of working capital), and the cost-of-sales effect of the costing method and stock provisions.
  • Key-metric summaryLast-twelve-month and run-rate metrics
  • Discount rate (WACC)CAPM at target gearing
  • Terminal valuePerpetuity growth on normalised cash flow
  • Capacity and productionOperating days × daily rateHow much a plant can make and how much it does make, from capacity, operating time, utilisation and yield.
  • Direct labourFixed plus variable labourWages and on-costs of the production workforce at each plant.
  • MaintenanceFixed plus cost per unitRoutine maintenance and periodic shutdowns needed to keep plant running.
  • Plant fixed overheadsStep-fixed with shifts and linesSite costs that do not vary with output: site management and supervision, quality, site services, insurance, rates and other production overheads of each plant.
  • Plant capex and depreciationSustaining capex plus growth projectsSustaining and expansion capital expenditure on plant, and the depreciation and book value that follow.
  • Energy and carbonEnergy intensity × priceElectricity, gas and fuel used by a plant, and the cost of the carbon it emits.
  • Feedstock and raw materialsConsumption rate × input priceRaw materials consumed by a process plant, from consumption rates and input prices.
  • Product pricing and plant revenueBenchmark or import-parity priceRealised price of what a process plant sells and the revenue it earns.
Key numbers

The numbers it tracks.

  1. 01despatches by segment (t)
  2. 02metal spread per tonne
  3. 03coated product premium
  4. 04EBIT by segment
  5. 05share of joint venture profit
  6. 06net cash
Used for

What it is used for.

Also used for
  • Scenarios and sensitivities
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The sample is built on illustrative figures and describes no real business. Models are calculations prepared from the information you provide. They are not financial advice and must be independently verified. See our terms.