People commonly hide data in Excel models by formatting the cells as white text or doing something similar to make information disappear.
There's a simple trick to finding all hidden data in an Excel worksheet. I use this trick every time I receive a financial model from a party that I haven't worked with before. I've found all sorts of hidden information over the years.
Remember: if you don't want people to see your data, don't send it to them. :)
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