Why do investment banks create more DCF models than LBO models?

LBO models are typically built by private equity firms or for private equity (PE) firms trying to do a leveraged buyout; they involve 3 statements and are quite time consuming.

DCFs are much more common for most non-PE companies, and most of a bank’s clients are non-PE. They typically involve forecasting unlevered free cash flows, which exclude the impact of interest expense and therefore do not require a debt schedule. Debt schedules can significantly enhance the complexity of a model given the circular relationship between cash flows, debt repayments, and interest expense.