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IT services and infrastructure

Data centre operator financial model, built free.

A three-statement Excel model for a data centre operator, 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

Builds and operates colocation data centres, leasing IT capacity (MW, racks) to hyperscale and enterprise customers and passing power costs through.

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 three ways

    Discounted cash flow, trading multiples and net asset value, 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
Data centre operator sample model.xlsx
The Summary sheet of the sample data centre operator 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 data centre operator.

  1. How it earns revenue3 formulas
    Leasing and colocation revenue · All data centres
    Colocation revenueColocation rentInterconnection and other services
    Power cost and pass-through · All data centres
    Power costElectricity consumed (IT energy × PUE)Power tariff
    Power cost and pass-through · All data centres
    Power recovered at costPower costShare of leased capacity on pass-through contracts
  2. What drives its costs3 formulas
    Operating expenses · Across the business
    Total FTEsOperations and deliverySales and marketingTechnologyFinance, HR and administration
    Operating expenses · Across the business
    Total average FTEsOperations and deliverySales and marketingTechnologyFinance, HR and administration
    Operating expenses · Across the business
    Total staff costsSalariesOn-costsOther costs per FTE
  3. What it invests in3 formulas
    Capacity build-out and asset base · All data centres
    Development capexPhase 1 capexPhase 2 capexPhase 3 capex
    Capacity build-out and asset base · All data centres
    DepreciationDepreciation of existing assetsPhase 1 depreciationPhase 2 depreciationPhase 3 depreciation
    Capacity build-out and asset base · All data centres
    Closing net book valueOpening net book valueDevelopment capexDepreciation
  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

20 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
  • Operating expensesHeadcount build by function
  • Corporate costsFixed cost base indexed to CPI
  • Working capitalFull working capital
  • Income taxCorporate rate with tax losses
  • DebtAmortising term loan
  • Equity raisingDistribution reinvestment plan
  • Discounted cash flow valuationDCF on free cash flow to the firm
  • Multiples valuationEV / EBITDA multiple
  • Net asset valueBook net asset value
  • Interest-rate hedgingHedged share at a fixed rate
  • LeasesLease register
  • Key-metric summaryLast-twelve-month and run-rate metrics
  • Covenant tests and headroomLVR, gearing and ICR for property
  • Debt capacityLoan-to-value capacity
  • Case selectionStackable stress toggles
  • Interest-rate forecastMarket forward curve
  • Capacity build-out and asset basePhased build scheduleIT capacity (MW) commissioned over time, construction capex, depreciation and net book value.
  • Leasing and colocation revenueLease-up curve × price per kWLeased IT capacity, utilisation and colocation revenue (excluding power recovery).
  • Power cost and pass-throughIT load × PUE with pass-throughElectricity consumed (IT load × PUE), its cost and the amount recovered from customers.
Key numbers

The numbers it tracks.

  1. 01built MW
  2. 02leased MW
  3. 03utilisation
  4. 04revenue per kW
  5. 05EBITDA margin
  6. 06yield on cost
  7. 07capex per MW
  8. 08contracted revenue
Used for

What it is used for.

Also used for
  • Asset acquisition
  • Scenarios and sensitivities
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See a finished model, sheet by sheet

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.