Pro-forma spreadsheets are usually way too complex.
Nobody likes to review other people's spreadsheets, let alone with dozens of tabs & hundreds of line items. A comprehensive model may signal competency (in Excel), but the reader can't build conviction if it's too hard to follow.
A 5-year base case pro-forma should include
the projected revenue growth,
revenue mix evolution,
gross profit and EBITDA margin evolution,
entry/exit multiple,
M&A activities, and
3-5 other key highlights (if any).
This can be done in 1 tab = easy reading + high integrity.
It's totally fine to have a big & complex model for your own usage on the back end.
Choose simplicity; good communication to stakeholders is so important.
