Integrating Argus output into your valuation workbook saves you time, keeps formatting consistent, and enhances your report by embedding Argus data seamlessly. This guide will highlight specific sheets and tables that pertain to completing an Argus DCF valuation.
Benefits of Integration
No retyping: import directly from Argus into Valcre
If directed to do use using our legacy method, follow this guide.
Note: Image/GIF Examples below use a Retail template.
Set up the Workbook for Argus DCF
Step 1: Load the job via the Valcre ribbon, and follow all setup steps. Be sure to select Argus for DCF (located under Show All in modules).
Step 2: Select Set up Job.
Step 3: Import the Argus package into the workbook.
In the workbook, select Import. Pro tip: Be sure you have already added the Argus package to the job in Valcre Online.
Choose the Argus DCF package you wish to add.
Allow the workbook to populate relevant Argus modules.
Pro Tip: Once imported, fields from Argus will auto-map in the workbook.
Key Workbook Sheets for Argus DCF
The following sheets are specific to completing a DCF valuation. You will still need to complete all other workbook sheets. If you're new to the Valuation Workbook, refer to our full guides and attend a weekly basics training.
Rent Roll Sheet
Step 1: Select RentRoll from the bottom navigation menu.
Step 2: Enter Tenancy and Occupant Type.
Pro Tip: Tenant details from your Argus file will populate automatically. Adjust tenant names in yellow-shaded fields as needed.
Step 3: Set up the rent roll table using the appropriate template:
Step 4: Enter applicable data for the Rent Roll and assign the MLAs to the different tenants in the Tenant Group drop-down.
Pro tip: For Argus DCF, tenant details auto-populate; feel free to adjust the Tenant Names in the yellow-shaded field as needed by typing directly into the field(s).
Step 5: To clean up the presentation, select Click Here to Hide Unused Rows. This will remove all rows that are not being utilized.
Tenant Category Analysis table
This table breaks out the rent by the MLAs that have been assigned, allowing you to see the rent, vacancy, and square footage allocated to each MLA.
Step 1: Review for accuracy.
Step 2: Move to the Rent1 sheet by selecting Rent1 from the bottom or left side navigation menu.
Rent 1 Sheet
Step 1: Import your Lease Comparables and complete the set-up of the sheet.
Need to learn how to do this? Review the full Rent1sheet guide.
Step 2: Assign which MLAs you are using for this rent comp set, using the Tenant Leasing Groups.
Pro tip: We have multiple rent modules (sheets), so if you want to have a set of rent comps for each, use the multiple rent sheets. Enable this in the HOME sheet, under SHOW ALL for Modules in the setup section.
Market Rent Conclusion Table
In the Market Rent Conclusion table, you will see the indicated MLAs that you can conclude for.
Step 5: Navigate to the IE_IN (Revenue & Expenses) sheet by selecting IE_IN from the bottom or left side navigation menu.
IE_IN: Revenue + Expenses sheet
This sheet interprets your Argus cash flow into Revenue and Expense line items.
Step 1: Under Chart of Accounts, select Yes/No for each prompt to map the Argus file:
Use Other Tenant Revenue Category Names from Imported Argus DCF?
Use Other Revenue Category Names from Imported Argus DCF
Use Expense Category Names from Imported Argus DCF?
Step 2: Review and confirm all enabled Revenue and Expenses listed. Use the yellow fields to add any additional Revenue or Expense items not listed.
Pro Tip: If Argus includes sub-accounts for utilities (e.g., gas, electric), selecting No will avoid double-counting.
Historical Revenue, Vacancy + Expense Table
Step 1: Prepare the Historical Revenue and the Vacancy and Expense tables.
Select the applicable revenue year by selecting Yes at the top of the column for each year you want to use. This ensures that there are no empty columns in your presentation.
Step 2: Enter the Applicable Assigned Names in each table using the drop-down. (Optionally, use the Owner's Revenue Name field to manually enter if it is different from the Assigned Revenue Name.)
Step 3: Enter the applicable data for each assigned name in the columns.
Step 2: Navigate to the EXPCMP (Expense Comparables) sheet by selecting EXPCMP from the bottom or left-side navigation menu.
EXPCMP: Expense Comparables Sheet
Step 1: Set up your Expense Comparables table.
Not sure how to do this? Review our guide for the Expense Comparables sheet.
Pro Tip: When the cashflow expense categories do not match the categories exactly in the workbook, such as using CAM instead of Common Area Maintenance, you may see missing information in this table. To easily correct this, without having to retype anything, navigate to the Expense Comparables table directly below and locate the appropriate category name, select the drop-down, and change the name to match what is in your cash flow, and the proper information will auto-populate.
Step 2: Navigate to the OAR (Capitalization Rate Comparables) sheet by selecting OAR from the bottom navigation menu.
OAR sheet
Complete theOARsheet as normal, noting that the Rate & Growth Analysis table has some specific Argus DCF functionality listed below.
Rate & Growth Analysis table
The workbook uses your cash flow data to determine what the implications are for the cap rate. So if the growth rates and the yields from the cash flow imply or give you certain indications, you can either rely on that or use an estimate at or near that by using the band of investment methods to build it up and checking your growth rates and your cash flows so you can get an indication of your spreads or your yields.
Step 1: Set up your table as applicable.
Expanded Band of Investment
Step 2: Enter your spread, which will update your Mortgage interest rate.
Step 3: Before completing the rest of the OAR sheet, our valuation experts recommend working backward a bit and completing the DCF sheet next. Select DCF from the bottom or left side navigation menu.
DCF Sheet
This sheet supports multiple scenarios.
Step 1: Set up the table
Select the holding period
Enter the Prospective Fiscal Year Upon Completion
Enter Prospective Fiscal Year Upon Stabilization
Indicate if you wish to Use Expanded DCF Presentation for DCF 1
Indicate which color you would like Negative Numbers Formatted: Red/Black.
Learn more about this sheet in ourDCF sheet guide.
Step 2: Select Click Here to Hide Unused Rows to remove unused rows and make your tables more presentable.
Step 3: In the Present Value Assumptions table, all your data is there; review for accuracy.
Finish setting up your table
The Terminal Capitalization and Discount Rates populate for you; however, you can adjust as applicable by typing directly into the yellow fields.
Reversionary Sales Cost: This does not come from Argus and will need to be manually entered.
NOI to Capitalize: choose the preferred NOI to capitalize
Determine if you want to gross up your NOI or Resale.
Your table automatically adjusts based on these selections.
Pro tip: The Error Check will look at your Argus file and let you know how accurate you are compared to the Argus cash flow. You can set your sensitivity to adjust when there are items in your cash flow that you don’t want to capitalize in your direct cap.
Step 5: Move to the ASSMPTNS (Assumptions) sheet by selecting ASSMPTNS from the bottom navigation menu.
Assumptions sheet
This is your DCF summary chart, located in the cash flow section at the end of the direct cap. It automatically pulls data from your Argus file and outlines the key details.
Step 1: Review tables for accuracy and enter applicable data in the blue and yellow shaded fields.
Step 2: Navigate to the Direct Cap sheet by selecting DIRECTCAP from the bottom (DIRCAP from the left-side) navigation menu.
Direct Cap Sheet
Step 1: Assign your Conclusion.
Step 2: Double-check your value.
Step 3: Review Comments. These are auto-text created based on the information entered into your workbook and will filter into your Report template for you.
Learn more about this sheet in ourDirect Cap guide.
Step 4: Navigate to the Rates sheet by selecting Rates from the bottom navigation menu.
Rates Sheet
The tables in this sheet present your growth analysis from multiple angles, helping readers quickly understand the assumptions behind your underwriting.
Negative or red values signal potential cash flow volatility.
Exceptionally high growth rates may suggest overly aggressive assumptions and could benefit from revision.
Instead of asking your reader to dig through the cash flow and calculate holding periods themselves, this layout makes your insights clear, accessible, and impactful.
Step 1: Select Click here to hide unused rows. This will remove unused rows and clean up your tables for presentation.
Step 2: Navigate back to the OAR sheet.
OAR sheet
Step 1: Select your Equity Yield Rate (EYR) and determine your appreciation.
Pro tip: You can either enter it manually or use the implications from your cash flow. The same applies to the growth factor in the Expanded Band of Investment table.
Step 2: Select the debt coverage ratio in the Simple Band of Investment table.
Step 3: At the top of the Rates and Growth Analyses table, enter your Equity Dividend Rate (EDR).
Pro tip: Our valuation experts at Valcre recommend entering this last because after entering all other information, you can find the Implied EDR at the end of this sheet, next to the Cap Rates Summary Table. You can use this and enter it in the EDR to round off your presentation. This completes the indicated Capitalization Rate, Implied Overall Rate, and Debt Coverage Ratio on the OAR sheet.
Step 4: Navigate back to the DirectCap sheet and select your Capitalization Rate using the drop-down.
Step 5: Navigate to the IA Rev sheet by selecting IA_REV in the bottom menu.
IA Rev Sheet
This sheet auto-populates based on data from previous tabs and gives the appearance of a professionally built model.
It displays historical and projected years side by side, with visuals that illustrate expense trends against your forecast, plus a trend line to highlight the overall trajectory.
Step 1: Set up the revenue conclusions table based on what information is applicable.
All Comment tables in this sheet:
These comment fields are an auto-texted summary paragraph to be used in the DCF section of your report based on the findings and the results that are in the Total Rental Revenue table.
Select what you would like your conclusions to be based upon. You can use it as is, or make adjustments to the text by using F2 + F9 to convert the table to output text and type directly into the comments.
Navigate to the IA_OPEX sheet by selecting IA_OPEX from the bottom navigation menu.
IA-OPEX
Same as with the revenue sheet, this sheet is for the expenses.
Step 1: Review and make any applicable adjustments to the comment fields for your report. Any tables that you don’t need are automatically hidden.
Step 2: Navigate to the Exec Summary sheet by selecting EXEC from the bottom or left side navigation menu.
Exec Summary
This sheet presents your findings in a clear, organized table, helping your reader quickly assess the quality and depth of your analysis. It auto-populates from data entered throughout the workbook, making it easy to deliver polished, trustworthy insights.
Step 1: Add any applicable information or data in the yellow fields
Comments
0 comments