MVNO financial model, built free.
A three-statement Excel model for a mobile virtual network operator (MVNO), built from your own figures and checked to balance.
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Sells mobile plans under its own brand over a host operator's network, paying wholesale rates per subscriber or per gigabyte, and competing on price, bundles and low acquisition cost.
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, as Excel draws it.
Built by the same system and checks as yours, on illustrative figures: every sheet as Excel draws it, or live.
Illustrative figures: the sample describes no real business. The live preview shows values; your model’s Excel file has every formula.
How the model works for an MVNO.
- How it earns revenue3 formulasRecurring revenue and ARR · All product plansSubscription revenueOpening ARRClosing ARRshare of the yearRecurring revenue and ARR · All product plansNew customer ARRNew customersfrom new customers and sales and marketingARR per new customerRecurring revenue and ARR · All product plansNet expansion ARRPrice increase on the installed baseUpsell and cross-sell (net of contraction)
- What drives its costs3 formulasCost of revenue · All product plansCost of revenueHosting and infrastructureCustomer support and successFixed platform and support overheadNew customers and sales and marketing · All product plansSales and marketingCustomer acquisition spend (new logos)Account management and renewalsNew customers and sales and marketing · All product plansCustomer acquisition spend (new logos)New customersCustomer acquisition cost (CAC)
- What it invests in3 formulasCorporate fixed assetsCapital expenditureRevenuefrom statementsCapex as % of revenueAdditional planned capexCorporate fixed assetsDepreciationDepreciation of the opening asset baseDepreciation of new capexCorporate fixed assetsClosing net book valueOpening net book valueCapital expenditureDepreciation
- How it is funded3 formulasDebtRepaymentsScheduled repaymentsPrepayments from an equity raise and the cash sweepDebtClosing balanceOpening balanceDrawdownsRepaymentsDebtInterest expenseOpening balanceAll-in interest rateshare of the year
- How profit becomes cash3 formulasBillings and deferred revenue · All product plansClosing deferred revenueClosing ARRfrom recurring revenue and ARRShare of ARR billed in advanceBilling term invoiced in advanceBillings and deferred revenue · All product plansBillingsSubscription revenue (recurring revenue and arr)from recurring revenue and arrClosing deferred revenueOpening deferred revenueWorking capitalTrade receivablesRevenuefrom statementsDebtor daysDays in period
19 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
- Corporate fixed assetsStraight-line over remaining life
- DebtAmortising term loan
- Equity raisingDistribution reinvestment plan
- Dividends and distributionsPayout of net profit
- Discounted cash flow valuationDCF on free cash flow to the firm
- Multiples valuationEV / EBITDA multiple
- Key-metric summaryLast-twelve-month and run-rate metrics
- Case selectionStackable stress toggles
- New customers and sales and marketingNew customers per period × CACNew paying customers (logos, subscribers, gross adds) won each period for a plan, and the sales and marketing spent winning them (acquisition cost) and keeping them (account management). Carrying the spend per plan keeps new customers and the spend that wins them consistent; its roll-up lands in operating expenses.
- Customer base and churnConstant churn rateCustomer roll-forward for a plan — opening customers + new customers − churned customers = closing customers.
- Recurring revenue and ARRARR bridge on ARPA with price increases and net expansionThe ARR bridge for a plan (opening ARR + new-customer ARR + net expansion − churned ARR = closing ARR) and the subscription revenue recognised from it. Pricing (ARPA, seats, tiers, price increases) and net expansion (upsell, cross-sell, contraction) are part of each method.
- Billings and deferred revenueBilled in advance (billing mix) with deferred revenueInvoicing of subscriptions and usage and the deferred revenue that results from billing in advance.
- Cost of revenueCost per customer plus fixed platform costDirect cost of serving a plan's customers — hosting, customer support and success, app-store fees, royalties and (for telcos) wholesale access — so that gross margin can differ by plan. Use this in any model with product plans.
- Device sales and costUnits × ASP at gross marginHardware unit sales, revenue and cost of goods for a device line, including handsets sold by telcos.
The numbers it tracks.
- 01subscribers
- 02ARPU
- 03churn
- 04wholesale cost per subscriber
- 05gross margin per subscriber
- 06SAC
- 07EBITDA
What it is used for.
- Operating forecastGuide · Financial projections
- Budget and rolling forecastGuide · Cash flow forecast
- ValuationGuide · DCF valuation model
- Startup and venture fundingGuide · Startup financial model
- Merger or acquisition (strategic)Guide · Financial modelling services
- Scenarios and sensitivities
More in telecommunications.
- Mobile network operator financial model
- Broadband and fibre provider financial model
- Telecommunications company financial model
- Wholesale fibre network financial model
- Satellite operator financial model
Looking for an MVNO financial model template? Ours arrives built for your business, with your figures in it.
See a finished model, sheet by sheetThe 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.