Capital Appraisal: NPV, IRR, MIRR, Payback
All six appraisal measures from dated cash flows, including MIRR and discounted payback, with a warning when IRR has multiple answers.
Capital Appraisal: NPV, IRR, MIRR, Payback is a free Excel workbook: 3 sheets, 47 live formulas and realistic sample data throughout, 10 KB as .xlsx.
The formulas are printed on this page, unedited, so you can check the method before downloading anything. Swap in your own numbers and the whole file recalculates — which is the part no chat window can hand you. Opens in Excel, Google Sheets, Numbers and LibreOffice; no add-in and no macro.
A look inside
This is a real slice of the Cash flows sheet from the actual file — not a screenshot, and not a mock-up. Cells shown in violet are live formulas, exactly as they arrive.
| # | Date | Cash flow | Cumulative | Discount factor | Discounted cash flow | Note | Cumulative discounted |
|---|---|---|---|---|---|---|---|
| 2 | 2026-01-15 | £-1,850,000 | =SUM($B$2:B2) | =1/(1+Appraisal!$B$3)^((A2-$A$2)/365) | =B2*D2 | Capital spend — plant and fit-out | =SUM($E$2:E2) |
| 3 | 2026-07-15 | £-420,000 | =SUM($B$2:B3) | =1/(1+Appraisal!$B$3)^((A3-$A$2)/365) | =B3*D3 | Second phase | =SUM($E$2:E3) |
| 4 | 2026-12-31 | £180,000 | =SUM($B$2:B4) | =1/(1+Appraisal!$B$3)^((A4-$A$2)/365) | =B4*D4 | Partial year trading | =SUM($E$2:E4) |
| 5 | 2027-12-31 | £610,000 | =SUM($B$2:B5) | =1/(1+Appraisal!$B$3)^((A5-$A$2)/365) | =B5*D5 | =SUM($E$2:E5) | |
| 6 | 2028-12-31 | £790,000 | =SUM($B$2:B6) | =1/(1+Appraisal!$B$3)^((A6-$A$2)/365) | =B6*D6 | =SUM($E$2:E6) | |
| 7 | 2029-12-31 | £845,000 | =SUM($B$2:B7) | =1/(1+Appraisal!$B$3)^((A7-$A$2)/365) | =B7*D7 | =SUM($E$2:E7) | |
| 8 | 2030-12-31 | £870,000 | =SUM($B$2:B8) | =1/(1+Appraisal!$B$3)^((A8-$A$2)/365) | =B8*D8 | =SUM($E$2:E8) | |
| 9 | 2031-12-31 | £880,000 | =SUM($B$2:B9) | =1/(1+Appraisal!$B$3)^((A9-$A$2)/365) | =B9*D9 | =SUM($E$2:E9) |
What’s in the file
What it explains
- Why IRR is not enough
- Discounted payback, not payback
- Sign changes and multiple IRRs
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