Stage 2 (2020) “Follow-up with AFM”

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Stage 2 (2020) "Follow-up with AFM"

This is a case from the Financial Modeling World Cup 2020, Stage 2 (Oct 16-19) competition. It can be used to expand your knowledge of financial modeling and train for future FMWC Stages.

Case description:

The objective of this case is to create an integrated 5-year annual financial model for Just Around the Corner Inc. (JAC), a network of small- and mid-size retail grocery stores in Jabrana. You will be provided with historical financial statements and most of the supporting schedules but will need to create the remaining schedules (tax, revolver, and retained earnings) and link them to the existing model. The goal is to forecast JAC’s financials for the next five years, incorporating the given assumptions and the possibility of a worst-case scenario.

JAC’s plan to continue increasing its retail network may lead to the maximum capacity of its logistics center being reached in a couple of years. Additionally, the possibility of a government-imposed lockdown scenario could result in a significant drop in sales per store. As such, it is important to accurately forecast JAC’s financials for the next five years while taking these factors into account.

The downloadable file consists of the following:
-Task: Excel file with given case assumptions and model template; PDF file with Case Materials; PDF file with Questions.
-Solution: Excel file with the full Solution Model; PDF file with correct Answers in Bold.

This model awarded 450 points, while the whole 2h Stage allowed to earn 1,000 points in total.

For your questions/suggestions/consideration please reach out to the Organizing Committee of the Financial Modeling World Cup at
You can also buy tickets to participate in the future FMWC Stages at


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