Fibre Network Deployment Model

The model begins with a physical build schedule. Homes passed accumulate as new homes are constructed each year, then become ready for service after a construction lag.

• This is the addressable footprint. Subscriber growth is not immediate: each annual cohort of ready homes follows its own penetration ramp toward a target rate over a set number of years.
• That vintage approach matters because later cohorts start from a low base and cannot contribute mature penetration in their first year. Gross additions, churn and net additions roll up into ending subscribers.
• Enterprise connections are modelled as a small share of the subscriber base, with separate ARPU and longer contracts. Installation fees are tied to gross additions, so early growth also produces setup revenue.

Together these drivers determine residential, enterprise, setup and wholesale revenue lines.

The model follows a logical chain. Network build schedules feed directly into the subscriber schedule as the addressable market, and also into the capex schedule as build costs.

• Subscriber activity drives revenue and variable cost lines. Operating costs are modelled bottom-up from physical drivers rather than a flat percentage of revenue: electricity and lease costs scale with cumulative ready-for-service homes, network maintenance scales with kilometres of plant, staff costs use headcount and salaries, and sales and marketing scales with gross additions.
• Capex is split between build (cost per home passed) and connection (cost per connect), with maintenance capex set as a percentage of gross fixed assets. Depreciation separates passive and active asset lives.
• Working capital uses days assumptions for receivables, inventory and payables. The debt schedule handles drawdowns, interest, amortisation and a debt service reserve account, feeding interest into the income statement and drawdowns into cash flow.

All of these ultimately feed the returns and valuation sheet and the checks sheet.

The model produces a full set of financial statements. The income statement runs from revenue through EBITDA, depreciation, interest, tax with NOL carry-forward, to net income.

• The balance sheet includes fixed assets, working capital, debt service reserve account, debt and equity, with a balance check. The cash flow statement uses the indirect method, showing operating, investing and financing cash flows, including drawdowns and repayments, and identifies peak funding.
• A dashboard summarises KPIs, trends and a funding bridge. The returns and valuation sheet calculates unlevered free cash flow, discounted cash flow equity value, an EV/EBITDA exit-based terminal value, project and equity IRR, MOIC, payback and minimum DSCR.

Sensitivity grids show how equity IRR responds to changes in key assumptions. A checks sheet validates balance sheet integrity, subscriber reconciliation, capex ties and covenant thresholds.

This template is useful for testing whether a fibre build can support its financing structure. Because costs are driven by physical metrics, you can see how construction delays push revenue later while interest and maintenance costs continue.

• The penetration ramp and vintage cohorts show why early take rates are low and how that affects cash coverage. The debt schedule, DSCR and peak funding outputs highlight periods when cash could be tight.
• The model allows you to vary build rates, cost per home, ARPU, churn and financing terms to understand sensitivities. It also flags common pitfalls: confusing homes passed with connected homes, applying churn to the wrong base, blending depreciation lives, or double-counting customer premises equipment.

The included checks and sign conventions help maintain consistency. The public download is a values-only preview, so explore the underlying logic here before requesting the full model.