Final answer:
The focus of Excel modeling step #3, "Forecast revenue down to EBITDA", is projecting revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA).
Step-by-step explanation:
The focus of Excel modeling step #3, "Forecast revenue down to EBITDA", is projecting revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA). This step involves estimating the company's future revenue and calculating its EBITDA, which is a measure of profitability. By forecasting revenue and EBITDA, analysts can gain insights into the company's financial performance and make informed decisions.