Building a financial model is one thing. Presenting it is another. In investment banking, the model isn’t just a tool for internal analysis — it often becomes part of a client discussion, board presentation, or internal committee review. In these settings, clarity matters as much as accuracy. The audience isn’t reading formulas; they’re listening to your interpretation of what the model says.
This article explains how to present a financial model professionally — not line by line, but as a decision-making tool that supports a clear narrative.
Know the Purpose Before You Present
Every model has a role. It could be:
- Supporting a valuation
- Evaluating a potential acquisition
- Justifying a price in a fairness opinion
- Showing expected returns for a buyer or investor
- Presenting deal financing options
Before you walk into the room, you need to know what question the model is answering. You are not presenting the file — you’re presenting a conclusion, backed by logic.
Focus on Outputs, Not Mechanics
Clients and committees don’t want a walkthrough of your cell references. They want to understand what the model shows and what it means.
Lead with:
- The key metric (valuation, IRR, accretion/dilution, etc.)
- The base case assumption set
- The headline result
Then explain how sensitive that result is to different inputs. Keep the focus on what changes matter — not every change.
Show Assumptions Clearly
Make sure all core assumptions are visible — and ideally summarized in a clean page or slide.
Highlight:
- Revenue growth rates
- Margins
- Capex and working capital assumptions
- Discount rates or multiples
- Deal structure (if relevant)
If the audience questions the result, they’ll ask: “What’s driving this?” Be ready to show it without digging through tabs or breaking your narrative.
Use Sensitivity Tables and Scenarios Wisely
One of the most effective ways to present a model is by showing how it behaves under different conditions. Use clean sensitivity tables or scenario summaries to guide the discussion.
For example:
- “At a 7.5% WACC and 2.0% terminal growth, equity value is $280M.”
- “If growth slows by 200 bps, the return drops below our target.”
This shows that you understand both the model and the deal context — and that the model supports a range of views, not just one.
Prepare a Summary View
Don’t open the raw Excel file as your first move. Always start with a 1-page summary of:
- Assumptions
- Outputs
- Sensitivities
- Key risks or footnotes
You can back into the model if needed, but the first impression should be structured. Many firms use a “model outputs” slide for this purpose.
Anticipate Pushback
Senior reviewers often challenge assumptions — not because they’re wrong, but to test if you understand them. Be ready to defend:
- Why you chose a certain discount rate
- Why synergies are reasonable
- Why margins expand in later years
- Why the exit multiple is appropriate
Know what changes when those inputs move. You don’t have to be defensive — just prepared.
Version Control and File Hygiene
If you're sharing the model or displaying it live:
- Make sure it’s the final version
- Remove test rows, comments, or incomplete tabs
- Confirm that checks and flags all return “OK”
- Name the file clearly, with version and date
- Lock any formulas you don’t want changed
You only get one chance to make a first impression — don’t let it be a broken file.
Know When Not to Present the Model
Sometimes, the model is too technical for the audience. In that case, present the result — not the file. Show a slide with valuation range, return metrics, or accretion impact, and leave the Excel file as a backup if detailed questions arise.
You don’t need to walk every person through the logic. You need them to trust that the logic is sound — and that you know how to explain it if asked.
Closing Thought
A good model helps you analyze a deal. A well-presented model helps you sell it. In investment banking, how you explain your analysis is just as important as the analysis itself. A clean, confident presentation turns a spreadsheet into a decision tool — and positions you as someone who can not only build models, but lead conversations.