Stage 4 (2020) “Keep Snoozing!”

Professional Excel Templates for your Business

Stage 4 (2020) "Keep Snoozing!"

This is an actual case from the Financial Modeling World Cup 2020, Stage 4 (Dec 18-21) competition. It can be used to expand your knowledge of financial modeling and train for future FMWC Stages.

Case description:

Create a high-level cashflow forecast for Keep Snoozing Inc. (KSI) which operates a small network of 5 hotels and has plans to build and open 20 new hotels in different cities of Evergreen. For tax purposes, each hotel is operated by a separate legal entity. The holding company regularly receives dividends from the individual hotels and provides overall management of the hotel network.

The travel industry experienced a slowdown in 2020, therefore the expansion plans were changing rapidly. The company needed to quickly model various expansion scenarios and to see how they influence the profitability of their business and return on investment. The financial model should be flexible enough to incorporate different timings of new hotel initiation. In other words, the model should allow moving each individual hotel up or down the timeline or even completely removing it from the calculations.

The downloadable file consists of the following:
-Task: Excel file with given case assumptions; 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 1,000 points + 250 Extra points for the bonus question, while the whole 2h Stage allowed to earn 2,000 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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