L3VLUP
L3VLUP Skills · Board Book Studio

The pages a board actually reads.

A board book is what a company’s adviser puts in front of its directors before they vote on a price: the terms, the process that produced them, and every method anyone has for saying what the business is worth, each on its own page.

Give the studio a ticker and it reads the company itself. A US filer comes back from its own filings, every figure carrying the form, the period and the page number it is printed on; a company listed in London, Frankfurt or Tokyo comes back from its published statements, dated to the balance sheet it sits on. Anything a filing cannot answer, from the discount rate to the peer set, is stated as an assumption on the page rather than buried in a cell. A number you can defend and a number you assumed are different kinds of number, and a deck that hides the difference is a deck you cannot present.

Excel, every derived number a live formula PowerPoint, on a house template15 page types · 10 a ticker fills on its own · 5 where the rows are yours

New to these documents? Read the real ones bankers filed with the SEC first, then build the same pages here.

1

The company

Everything on the pages starts here. A US filer is read from its own filings, a company listed anywhere else from its published statements.

Try:
2

The pages

Read a company first.

3

Inputs and assumptions

Read a company first.

4

Build

Read a company first.