Capital Expenditure
Is capex separated into two categories: maintenance capex and growth capex? Does growth capex capture build-outs and equipment costs that are necessary to realize revenue projections? Does maintenance capex capture the economic reality that assets need to be maintained as well as replaced?
Dividends
Is there a plan for cash flow distribution and is it driven by a minimum and maximum cash balance level? While money is often best used for reinvestment in corporate growth, excess cash sitting on a Balance Sheet does not reward the investor.
Financial Statements
Are monthly and annual income statements, cash flow statements, and balance sheets incorporating all of the assumptions of the model detailed for at least three and preferably five years?
Summaries/Ratios
A well-organized model will easily provide summary data without an investor having to hunt down or deconstruct assumptions. Ratio comparison is essential in investment decision making and made far easier with readily accessible summary data.