> For the complete documentation index, see [llms.txt](https://help.modelreef.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://help.modelreef.io/how-tos/valuation/build-a-forward-valuation-using-ticker-fundamentals.md).

# Build a Forward Valuation Using Ticker Fundamentals

{% hint style="info" %}
Before you start

* The ticker symbol for the company you want to analyse.
* Whether you are focusing on FCFF or FCFE valuation.
* A rough view of growth, margin and capital structure assumptions for the forward period.
  {% endhint %}

{% hint style="success" %}
What you will build

* A model seeded with historical fundamentals from ticker data.
* Forecast rules applied to those fundamentals.
* A DCF or equity valuation based on the extended forecast.
  {% endhint %}

{% stepper %}
{% step %}

### Create a new model for the ticker

* In your workspace, create a new model.
* Name it for the company and the purpose, for example:
  * `Valuation - Ticker - ABC`.
* Set:
  * Currency to match the reporting currency of the company.
  * Model start and end dates to cover both historical and forecast periods.
  * Base periodicity (often annual or quarterly for listed company analysis).
    {% endstep %}

{% step %}

### Import ticker fundamentals

* Use the **Stock Ticker** import.
* Enter the company’s ticker symbol.
* Select the fundamentals you want to import, for example:
  * Revenue.
  * COGS.
  * Opex.
  * EBITDA.
  * Tax.
  * Balance sheet items.
* Run the import.

Model Reef will create Data Library entries and variables populated with historical data.
{% endstep %}

{% step %}

### Review and tidy imported series

* Inspect the imported variables:
  * Confirm that line items like revenue, EBITDA and net income match reported data.
  * Check that units and time periods align with the company’s reporting calendar.
* Clean up naming and categories if needed to keep the model tidy and consistent.
  {% endstep %}

{% step %}

### Add forward looking assumptions

Model Reef can prefill forward periods using default logic, but you should make these explicit.

* For Revenue:
  * Add growth rate drivers for the forward years.
  * Apply them to the revenue variables.
* For margins:
  * Set target EBITDA and margin trajectories.
  * Adjust COGS and Opex variables accordingly.
* For capex and working capital:
  * Define simple percentage of revenue or explicit schedules.
* For debt and equity:
  * Model the expected capital structure going forward.

The goal is to move from historical data into a coherent forward forecast.
{% endstep %}

{% step %}

### Configure valuation settings

* Open **Valuation settings**.
* Set:
  * WACC based on the company’s risk profile.
  * Equity discount rate if you plan to compute FCFE based valuation.
  * Terminal value method and parameters.
* Ensure the forecast horizon is sufficient to capture the company’s medium term trajectory.
  {% endstep %}

{% step %}

### Review FCFF, FCFE and valuation outputs

* Open the **Cash Waterfall**:
  * Confirm FCFF looks sensible over the forecast horizon.
  * Check that capex and working capital behaviour match expectations.
* If you are using FCFE:
  * Confirm debt movements and interest flows are correct.
* Review valuation outputs:
  * Project NPV.
  * Equity NPV.
  * IRR, Money Multiple, Payback.
  * Implied valuation metrics such as EV to EBITDA where relevant.
    {% endstep %}

{% step %}

### Use scenarios for alternative cases

Create separate models for:

* Base case.
* Bull case.
* Bear case.

In each:

* Keep historical imported data intact.
* Adjust growth, margin, capital structure and discount rate assumptions.
* Compare valuations across these case models.
  {% endstep %}
  {% endstepper %}

### Check your work

* Historical imported data matches reported company disclosures.
* Forward assumptions are transparent and documented.
* FCFF and FCFE behave rationally given the company’s economics.
* Valuation outputs are in a plausible range compared to market price.

### Troubleshooting

<details>

<summary>Imported data does not match expected values</summary>

Double check the ticker symbol, reporting currency and data provider assumptions. You may need to adjust mappings.

</details>

<details>

<summary>Valuation diverges massively from market price</summary>

Review your discount rates, growth and margin assumptions. Market price reflects many factors, including expectations and risk premiums.

</details>

### Related guides

* [Long-Horizon Scenario Planning](/use-cases/capital-projects-and-infrastructure/long-horizon-scenario-planning.md)
* [Mapping Branches](/help/importing-and-data-inputs/mapping-branches.md)
* [Model Archiving](/help/workspace-and-organisation/model-archiving.md)
* [Subcategory Selection](/syntax/variables-syntax/subcategory-selection.md)