Sensitivity tables
Two assumptions at once, without a data table.
By Surojit Chakraverti, founder of L3VLUP and an investor running a long-short healthcare and technology equities strategy.
On this subject: sensitivity tables.Updated 30 September 2026
Part of m&a and private equity models, with the models, labs and guides around it.
What it does
A grid that shows an output for every pair of two assumptions: share price against discount rate and growth, or MOIC against entry and exit multiple. Spreadsheets offer a data-table feature for this; the models here write each cell as a formula instead, so that the arithmetic is visible, the grid recalculates on its own, and the centre cell can be checked against the main sheet.
Where it lives
The same schedule in each model that carries it, with the rows to open. Open a model in the browser, go to the sheet, and click the lines.
- Sensitivity, rows 5–7: WACC increment, Terminal growth increment, Exit multiple increment
- Sensitivity, rows 10–15: Perpetuity growth rate, Implied value per share, Implied value per share, Implied value per share…
- Sensitivity, rows 18–25: Terminal EBITDA multiple, FY5E, Implied value per share, Implied value per share, Implied value per share…
- Sensitivity, row 5: Multiple increment
- Sensitivity, rows 8–13: Exit year, MOIC, MOIC, MOIC…
- Sensitivity, rows 16–21: Exit year, IRR, IRR, IRR…
- Sensitivity, rows 24–31: Exit multiple, MOIC, MOIC, MOIC…
- Sensitivity, rows 5–7: Offer premium increment, Stock consideration increment, Run-rate synergy increment
- Sensitivity, rows 10–15: Stock consideration, % of total, Accretion / (dilution), Accretion / (dilution), Accretion / (dilution)…
- Sensitivity, rows 18–25: Run-rate cost synergies, pre-tax ($m), Accretion / (dilution), Accretion / (dilution), Accretion / (dilution)…
What a reviewer looks for
- A data table whose row and column inputs point at the wrong cells.
- A grid whose centre does not match the model, which means one of the two is stale.
- Increments so small that every cell shows the same result.
Learn it, then build it
Build · Lab · ~15 min
DCF Builder
Build a DCF by hand from revenue to a share price, know how much of it sits in the terminal value, and name the one assumption the answer hinges on.
Build · Lab · ~3 min
IRR by Eye
Say the IRR for any multiple and hold before the interviewer finishes the sentence, and the multiple for any IRR.
Read · Guide · 10 min
Scenario and Sensitivity Architecture: Building a Model That Can Be Stress-Tested
Read · Guide · 12 min
How to Build a DCF Model: Build Order, Terminal Value and the Sanity Checks