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["Value Drivers",null,null,"Terminal",null,"ROE Move",1,5,10]
[null,"ROE",null,0.08,null,"Declining",0.32,0.15,0.1]
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[null,"COST OF CAP",null,0.08,null,"Flat",0.08,0.08,0.08,null,"Observed P/E"]
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[null,"BV",null,14.4,null,null,null,null,null,null,"Implied k"]
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["Interpolate"]
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[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Terminal"]
["Equity Balance"]
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["Valuation"]
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[null,"PB",null,{"$f":"D22/D7","v":1.7222190349532047}]
[null,"P/E Formula",null,{"$f":"(1-D4/D3)/(D5-D4)","v":12.5}]

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["Key Drivers"]
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[null,"Growth rate in CAPEX",null,null,{"$f":"DCF!E14","v":0.02},null,null,"EV/NOPAT",null,{"$f":"G54","v":27.19461399650482}]
[null,"WACC",null,null,0.05,null,null,"EV/Invested Capital",null,2.9914075396155302]
[]
[null,"Asset life",null,null,{"$f":"DCF!E21","v":10},"years",null,"Observed EV/EBITDA "]
[null,"Tax rate ",null,null,0]
[null,"Invested Capital",null,null,1000]
[]
["Derpreciation Expense"]
[null,"Gross plant balance",null,null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100,101,102,103,104,105,106,107,108,109,110,111,112,113,114,115,116,117,118,119,120,121,122,123,124,125,126,127,128,129,130,131,132,133,134,135,136,137,138,139,140,141,142,143,144,145,146,147,148,149,150,151,152,153,154,155,156,157,158,159,160,161,162,163,164,165,166,167,168,169,170,171,172,173,174,175,176,177,178,179,180,181,182,183,184,185,186,187,188,189,190,191,192,193,194,195,196,197,198,199,200,201,202,203,204,205,206,207,208,209,210,211,212,213,214,215,216,217,218,219,220]
[null,"Opening balance",null,null,null,{"$f":"E16","v":100},{"$f":"F16","v":202},306.04000000000002,412.16079999999999,520.40401599999996,630.81209631999991,743.4283382463999,858.29690501132791,975.46284311155443,1094.9720999737856,1116.8715419732614,1139.2089728127266,1161.9931522689812,1185.233015314361,1208.9376756206482,1233.1164291330613,1257.7787577157223,1282.934332870037,1308.5930195274377,1334.7648799179865,1361.4601775163462,1388.6893810666731,1416.4631686880066,1444.7924320617667,1473.688280703002,1503.162046317062,1533.2252872434035,1563.8897929882714,1595.167588848037,1627.0709406249978,1659.6123594374976,1692.8046066262475,1726.6606987587725,1761.1939127339481,1796.4177909886271,1832.3461468083997,1868.9930697445675,1906.3729311394586,1944.5003897622478,1983.3903975574929,2023.0582055086427,2063.5193696188157,2104.7897570111923,2146.8855521514165,2189.8232631944447,2233.6197284583336,2278.2921230275006,2323.8579654880509,2370.3351247978121,2417.7418272937684,2466.096663839644,2515.418597116437,2565.7269690587655,2617.0415084399406,2669.3823386087397,2722.7699853809145,2777.2253850885327,2832.7698927903034,2889.4252906461097,2947.213796459032,3006.1580723882125,3066.2812338359768,3127.6068585126968,3190.1589956829507,3253.9621755966095,{"$f":"BR16","v":3319.041419108542},3385.4222474907128,3453.1306924405271,3522.1933062893377,3592.6371724151245,3664.4899158634271,3737.7797141806959,3812.5353084643102,3888.786014633597,3966.5617349262689,4045.8929696247937,4126.8108290172895,4209.3470455976358,4293.5339865095884,4379.4046662397805,4466.9927595645768,4556.3326147558682,4647.4592670509855,4740.4084523920046,4835.2166214398449,4931.9209538686418,5030.5593729460143,5131.1705604049348,5233.7939716130331,5338.4698510452936,5445.2392480661993,5554.1440330275236,5665.2269136880741,5778.531451961836,5894.1020810010723,6011.9841226210938,6132.2238050735159,6254.8682811749859,6379.9656467984851,6507.5649597344545,6637.7162589291438,6770.4705841077266,6905.8799957898809,7043.9975957056786,7184.8775476197925,7328.5750985721879,7475.1466005436314,7624.6495325545038,7777.1425232055954,7932.6853736697067,8091.3390811431,8253.1658627659635,8418.2291800212824,8586.5937636217077,8758.3256388941409,8933.4921516720224,9112.1619947054623,9294.4052345995715,9480.293339291562,9669.8992060773944,9863.297190198944,10060.563134002923,10261.774396682982,10467.009884616642,10676.350082308976,10889.877083955156,11107.674625634259,11329.828118146945,11556.424680509885,{"$f":"ED16","v":11787.553174120081},12023.304237602482,12263.770322354532,12509.045728801622,12759.226643377655,13014.411176245207,13274.699399770112,13540.193387765514,13810.997255520824,14087.217200631239,14368.961544643866,14656.340775536743,14949.467591047476,15248.456942868424,15553.426081725793,15864.494603360308,16181.784495427517,16505.420185336065,16835.528589042784,17172.239160823639,17515.683944040113,17865.997622920917,18223.317575379333,18587.783926886921,18959.539605424659,19338.730397533152,19725.505005483814,20120.015105593491,20522.415407705364,20932.863715859472,21351.520990176661,21778.551409980195,22214.122438179798,22658.404886943394,23111.572984682261,23573.804444375906,24045.280533263423,24526.186143928691,25016.709866807265,25517.044064143411,26027.384945426278,26547.932644334804,27078.891297221504,27620.469123165938,28172.878505629255,28736.336075741841,29311.06279725668,29897.284053201816,30495.229734265853,31105.134328951175,31727.237015530198,32361.781755840802,33009.017390957619,33669.197738776769,34342.581693552303,35029.43332742335,35730.021993971815,36444.622433851247,37173.514882528274,37916.985180178839,38675.324883782414,39448.831381458062,40237.808009087224,41042.564169268968,{"$f":"GP16","v":41863.41545265435},42700.683761707434,43554.697436941584,44425.791385680423,45314.30721339403,46220.593357661914,47145.005224815155,48087.905329311463,49049.663435897695,50030.656704615649]
[null,"Add: CAPEX",null,null,100,{"$f":"E14*(1+$E$4)","v":102},{"$f":"F14*(1+$E$4)","v":104.04},106.1208,108.243216,110.40808032000001,112.61624192640001,114.868566764928,117.16593810022657,119.5092568622311,121.89944199947573,124.33743083946524,126.82417945625456,129.36066304537965,131.94787630628724,134.58683383241299,137.27857050906127,140.02414191924251,142.82462475762736,145.6811172527799,148.59473959783551,151.56663438979223,154.59796707758807,157.68992641913982,160.84372494752262,164.06059944647308,167.34181143540255,170.68864766411059,174.1024206173928,177.58446902974066,181.13615841033547,184.75888157854217,188.45405921011303,192.22314039431529,196.06760320220161,199.98895526624565,203.98873437157056,208.06850905900197,212.22987924018202,216.47447682498566,220.80396636148538,225.22004568871509,229.72444660248939,234.31893553453918,239.00531424522995,243.78542053013456,248.66112894073726,253.63435151955201,258.70703854994304,263.8811793209419,269.15880290736072,274.54197896550795,280.0328185448181,285.63347491571449,291.3461444140288,297.17306730230939,303.1165286483556,309.17885922132274,315.36243640574918,321.66968513386416,328.10307883654144,334.6651404132723,341.35844322153775,348.1856120859685,355.14932432768785,362.25231081424164,{"$f":"BR14*(1+$E$4)","v":369.49735703052647},376.88730417113703,384.42505025455978,392.11355125965099,399.95582228484403,407.9549387305409,416.11403750515171,424.43631825525478,432.92504462035987,441.5835455127671,450.41521642302246,459.4235207514829,468.61199116651255,477.98423098984279,487.54391560963967,497.29479392183248,507.24068980026914,517.38550359627448,527.73321366819994,538.28787794156392,549.05363550039522,560.0347082104031,571.23540237461111,582.66011042210334,594.3133126305454,606.19957888315628,618.32357046081938,630.69004187003577,643.3038427074365,656.16991956158529,669.29331795281701,682.67918431187331,696.33276799811074,710.25942335807292,724.46461182523444,738.95390406173919,753.73298214297404,768.80764178583354,784.18379462155019,799.86747051398117,815.86481992426081,832.18211632274608,848.82575864920102,865.80227382218504,883.11831929862876,900.78068568460139,918.7962993982934,937.17222538625924,955.9156698939845,975.03398329186416,994.53466295770147,1014.4253562168556,1034.7138633411928,1055.4081406080168,1076.5163034201771,1098.0466294885807,1120.0075620783523,1142.4077133199194,1165.2558675863177,1188.5609849380439,1212.3322046368048,1236.5788487295408,1261.3104257041316,1286.5366342182142,{"$f":"ED14*(1+$E$4)","v":1312.2673669025785},1338.51271424063,1365.2829685254426,1392.5886278959515,1420.4404004538706,1448.8492084629479,1477.8261926322068,1507.382716484851,1537.530370814548,1568.2809782308389,1599.6465977954556,1631.6395297513648,1664.272320346392,1697.5577667533198,1731.5089220883863,1766.1391005301541,1801.4618825407572,1837.4911201915725,1874.240942595404,1911.7257614473122,1949.9602766762584,1988.9594822097836,2028.7386718539792,2069.313445291059,2110.69971419688,2152.9137084808176,2195.9719826504338,2239.8914223034426,2284.6892507495113,2330.3830357645015,2376.9906964797915,2424.5305104093873,2473.021120617575,2522.4815430299263,2572.9311738905249,2624.3897973683356,2676.8775933157026,2730.4151451820167,2785.023448085657,2840.7239170473704,2897.5383953883179,2955.4891632960844,3014.5989465620059,3074.890925493246,3136.3887440031108,3199.1165188831733,3263.0988492608367,3328.3608262460534,3394.9280427709746,3462.826603626394,3532.083135698922,3602.7247984129003,3674.7792943811583,3748.2748802687815,3823.2403778741573,3899.7051854316405,3977.6992891402733,4057.2532749230791,4138.3983404215405,4221.1663072299716,4305.5896333745713,4391.7014260420628,4479.5354545629043,4569.1261636541622,{"$f":"GP14*(1+$E$4)","v":4660.5086869272454},4753.7188606657901,4848.7932378791056,4945.7691026366874,5044.684484689421,5145.5781743832094,5248.4897378708738,5353.4595326282915,5460.5287232808578,5569.7392977464751]
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[null,"Closing 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[]
[null,"Depreciation rate on gross plant",null,null,null,{"$f":"1/$E$7","v":0.1},{"$f":"1/$E$7","v":0.1},0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,{"$f":"1/$E$7","v":0.1},0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,{"$f":"1/$E$7","v":0.1},0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,{"$f":"1/$E$7","v":0.1},0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1]
[null,"Depreciation expense",null,null,null,{"$f":"F18*F13","v":10},{"$f":"G18*G13","v":20.200000000000003},{"$f":"H18*H13","v":30.604000000000003},41.216080000000005,52.040401599999996,63.081209631999997,74.342833824639996,85.829690501132802,97.546284311155446,109.49720999737856,111.68715419732615,113.92089728127267,116.19931522689814,118.5233015314361,120.89376756206482,123.31164291330613,125.77787577157224,128.29343328700369,130.85930195274378,133.47648799179865,136.14601775163462,138.86893810666731,141.64631686880065,144.47924320617668,147.3688280703002,150.3162046317062,153.32252872434034,156.38897929882717,159.51675888480372,162.70709406249978,165.96123594374978,169.28046066262476,172.66606987587727,176.11939127339483,179.64177909886271,183.23461468083997,186.89930697445675,190.63729311394587,194.45003897622479,198.3390397557493,202.30582055086427,206.35193696188159,210.47897570111923,214.68855521514166,218.9823263194445,223.36197284583338,227.82921230275008,232.3857965488051,237.03351247978122,241.77418272937686,246.6096663839644,251.54185971164372,256.57269690587657,261.70415084399406,266.93823386087399,272.27699853809145,277.72253850885329,283.27698927903037,288.94252906461099,294.7213796459032,300.61580723882128,306.62812338359771,312.76068585126973,319.01589956829508,325.39621755966095,{"$f":"BS18*BS13","v":331.90414191085421},338.54222474907129,345.31306924405271,352.21933062893379,359.2637172415125,366.44899158634274,373.77797141806963,381.25353084643103,388.8786014633597,396.65617349262692,404.58929696247941,412.68108290172898,420.93470455976359,429.35339865095887,437.94046662397807,446.69927595645771,455.63326147558683,464.74592670509855,474.04084523920051,483.52166214398449,493.1920953868642,503.05593729460145,513.11705604049348,523.37939716130336,533.84698510452938,544.5239248066199,555.41440330275236,566.52269136880739,577.85314519618362,589.4102081001073,601.1984122621094,613.22238050735166,625.48682811749859,637.99656467984857,650.75649597344545,663.77162589291447,677.04705841077271,690.58799957898816,704.39975957056788,718.48775476197932,732.85750985721882,747.51466005436316,762.46495325545038,777.71425232055958,793.26853736697069,809.13390811431009,825.31658627659635,841.82291800212829,858.65937636217086,875.83256388941413,893.34921516720226,911.21619947054626,929.44052345995715,948.02933392915622,966.98992060773946,986.32971901989447,1006.0563134002923,1026.1774396682983,1046.7009884616643,1067.6350082308977,1088.9877083955157,1110.7674625634261,1132.9828118146945,1155.6424680509886,{"$f":"EE18*EE13","v":1178.7553174120083},1202.3304237602483,1226.3770322354533,1250.9045728801623,1275.9226643377656,1301.4411176245208,1327.4699399770113,1354.0193387765514,1381.0997255520824,1408.7217200631239,1436.8961544643867,1465.6340775536744,1494.9467591047478,1524.8456942868424,1555.3426081725793,1586.4494603360308,1618.1784495427519,1650.5420185336066,1683.5528589042785,1717.223916082364,1751.5683944040113,1786.5997622920918,1822.3317575379333,1858.7783926886923,1895.9539605424661,1933.8730397533154,1972.5505005483815,2012.0015105593493,2052.2415407705366,2093.2863715859471,2135.1520990176664,2177.8551409980196,2221.4122438179797,2265.8404886943395,2311.1572984682261,2357.3804444375905,2404.5280533263426,2452.6186143928694,2501.6709866807269,2551.7044064143411,2602.7384945426279,2654.7932644334805,2707.8891297221508,2762.046912316594,2817.2878505629255,2873.6336075741842,2931.1062797256682,2989.728405320182,3049.5229734265854,3110.5134328951176,3172.72370155302,3236.1781755840802,3300.901739095762,3366.919773877677,3434.2581693552306,3502.9433327423353,3573.0021993971818,3644.462243385125,3717.3514882528275,3791.698518017884,3867.5324883782414,3944.8831381458062,4023.7808009087225,4104.2564169268971,{"$f":"GQ18*GQ13","v":4186.3415452654353},4270.0683761707432,4355.4697436941588,4442.5791385680423,4531.4307213394031,4622.0593357661919,4714.5005224815159,4808.7905329311461,4904.9663435897701,5003.0656704615649]
[]
[null,"Accumulated depreciation balance"]
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[]
["Enterprise"]
[]
[null,"Opening net invested capital balance",null,null,null,null,{"$f":"F37","v":1000},{"$f":"G37","v":1020},1040.4000000000001,1061.2080000000001,1082.4321600000001,1104.0808032,1126.1624192639999,1148.68566764928,1171.6593810022657,1195.0925686223111,1218.9944199947574,1243.3743083946526,1268.2417945625457,1293.6066304537967,1319.4787630628725,1345.86833832413,1372.7857050906127,1400.2414191924249,1428.2462475762736,1456.811172527799,1485.947395978355,1515.6663438979222,1545.9796707758805,1576.8992641913983,1608.4372494752263,1640.6059944647309,1673.4181143540254,1706.8864766411061,1741.0242061739284,1775.8446902974069,1811.3615841033552,1847.5888157854224,1884.5405921011311,1922.231403943154,1960.6760320220171,1999.8895526624576,2039.8873437157069,2080.6850905900214,2122.2987924018221,2164.7447682498587,2208.0396636148562,2252.2004568871535,2297.2444660248966,2343.1893553453947,2390.0531424523028,2437.8542053013489,2486.6112894073758,2536.3435151955232,2587.070385499434,2638.8117932094228,2691.5880290736113,2745.4197896550836,2800.3281854481852,2856.334749157149,2913.4614441402919,2971.7306730230976,3031.1652864835596,3091.7885922132309,3153.6243640574958,3216.6968513386455,3281.0307883654186,3346.6514041327273,3413.5844322153816,3481.8561208596893,3551.4932432768833,{"$f":"BS37","v":3622.5231081424213},3694.9735703052697,3768.8730417113752,3844.2505025456026,3921.1355125965151,3999.5582228484454,4079.5493873054147,4161.1403750515237,4244.3631825525545,4329.2504462036059,4415.835455127678,4504.1521642302314,4594.2352075148365,4686.1199116651333,4779.8423098984358,4875.439156096405,4972.947939218333,5072.4068980026996,5173.8550359627534,5277.3321366820091,5382.8787794156497,5490.5363550039638,5600.3470821040428,5712.3540237461239,5826.6011042210466,5943.1331263054672,6061.9957888315766,6183.2357046082088,6306.9004187003738,6433.0384270743816,6561.699195615869,6692.9331795281869,6826.7918431187509,6963.3276799811265,7102.5942335807495,7244.6461182523644,7389.539040617412,7537.3298214297602,7688.0764178583559,7841.8379462155235,7998.6747051398343,8158.6481992426307,8321.8211632274833,8488.2575864920327,8658.0227382218745,8831.1831929863129,9007.8068568460403,9187.9629939829611,9371.7222538626211,9559.1566989398743,9750.339832918673,9945.3466295770468,10144.253562168589,10347.138633411962,10554.081406080202,10765.163034201807,10980.466294885844,11200.075620783562,11424.077133199233,11652.55867586322,11885.609849380486,12123.322046368095,12365.788487295458,12613.104257041367,{"$f":"EE37","v":12865.366342182195},13122.673669025839,13385.127142406356,13652.829685254485,13925.886278959575,14204.404004538768,14488.492084629544,14778.261926322135,15073.827164848577,15375.303708145548,15682.809782308459,15996.465977954629,16316.395297513722,16642.723203463996,16975.577667533278,17315.089220883943,17661.391005301622,18014.618825407655,18374.911201915809,18742.409425954127,19117.257614473212,19499.602766762677,19889.594822097934,20287.386718539892,20693.13445291069,21106.997141968906,21529.137084808288,21959.719826504457,22398.914223034546,22846.892507495235,23303.83035764514,23769.906964798043,24245.305104094004,24730.211206175885,25224.815430299401,25729.311738905391,26243.897973683499,26768.775933157169,27304.151451820315,27850.234480856725,28407.239170473862,28975.383953883342,29554.891632961011,30145.989465620234,30748.909254932638,31363.887440031292,31991.165188831921,32630.988492608562,33283.608262460737,33949.280427709957,34628.266036264162,35320.831356989445,36027.247984129237,36747.792943811823,37482.74880268806,38232.40377874182,38997.051854316654,39776.992891402988,40572.532749231046,41383.983404215673,42211.663072299983,43055.896333745986,43917.014260420903,44795.354545629321,{"$f":"GQ37","v":45691.261636541909},46605.086869272745,47537.188606658208,48487.932378791375,49457.691026367203,50446.84484689455,51455.781743832442,52484.897378709094,53534.595326283277]
[null,"Less: depreciation",null,null,{"$f":"INDEX(F29:GZ29,E7)","v":0.17657661940022279},null,{"$f":"$E$35*G34","v":176.5766194002228},{"$f":"$E$35*H34","v":180.10815178822725},183.71031482399181,187.38452112047165,191.13221154288107,194.95485577373867,198.85395288921345,202.83103194699774,206.8876525859377,211.02540563765646,215.24591375040961,219.5508320254178,223.94184866592616,228.42068563924471,232.9890993520296,237.64888133907019,242.4018589658516,247.24989614516863,252.19489406807205,257.23879194943345,262.38356778842211,267.6312391441906,272.98386392707437,278.44354120561593,284.01241202972824,289.69266027032279,295.48651347572923,301.39624374524385,307.42416862014875,313.57265199255176,319.84410503240281,326.24098713305085,332.76580687571192,339.42112301322624,346.20954547349072,353.13373638296059,360.19641111061981,367.40033933283229,374.74834611948899,382.24331304187876,389.88817930271642,397.6859428887708,405.63966174654621,413.75245498147717,422.02750408110671,430.46805416272889,439.07741524598345,447.85896355090307,456.81614282192123,465.95246567835966,475.27151499192684,484.7769452917654,494.47248419760069,504.36193388155272,514.44917255918381,524.73815601036745,535.23291913057483,545.93757751318628,556.85632906345006,567.99345564471901,579.35332475761345,590.94039125276572,602.75919907782111,614.81438305937752,627.11067072056505,{"$f":"$E$35*BT34","v":639.65288413497638},652.44594181767593,665.49486065402948,678.80475786711008,692.38085302445234,706.22847008494136,720.35303948664034,734.76010027637324,749.45530228190069,764.44440832753878,779.73329649408959,795.32796242397137,811.2345216724508,827.45921210589984,844.00839634801787,860.88856427497831,878.10633556047787,895.66846227168742,913.58183151712115,931.85346814746367,950.49053751041299,969.50034826062142,988.89035522583379,1008.6681623303506,1028.8415255769576,1049.4183560884967,1070.4067232102666,1091.814857674472,1113.6511548279616,1135.924177924521,1158.6426614830114,1181.8155147126715,1205.4518250069252,1229.5608615070637,1254.1520787372051,1279.2351203119492,1304.8198227181881,1330.916219172552,1357.5345435560032,1384.6852344271233,1412.3789391156658,1440.6265178979791,1469.4390482559386,1498.8278292210573,1528.8043858054787,1559.3804735215883,1590.5680829920204,1622.3794446518607,1654.8270335448981,1687.9235742157962,1721.6820457001124,1756.1156866141148,1791.2380003463973,1827.0627603533253,1863.6040155603921,1900.8760958716,1938.8936177890321,1977.6714901448131,2017.2249199477092,2057.569418346664,2098.7208067135975,2140.6952228478694,2183.509127304827,2227.1793098509233,{"$f":"$E$35*EF34","v":2271.722896047942},2317.1573539689007,2363.5005010482787,2410.7705110692445,2458.9859212906294,2508.1656397164425,2558.3289525107716,2609.4955315609868,2661.6854421922067,2714.9191510360506,2769.2175340567715,2824.6018847379073,2881.0939224326653,2938.7158008813185,2997.4901168989454,3057.4399192369242,3118.5887176216629,3180.9604919740959,3244.5797018135781,3309.4712958498499,3375.6607217668475,3443.1739362021844,3512.0374149262288,3582.2781632247534,3653.9237264892486,3727.0022010190337,3801.5422450394149,3877.5730899402038,3955.124551739008,4034.2270427737876,4114.911583629264,4197.2098153018487,4281.1540116078859,4366.7770918400438,4454.1126336768448,4543.1948863503812,4634.0587840773896,4726.7399597589374,4821.2747589541159,4917.7002541331995,5016.0542592158636,5116.3753444001813,5218.7028512881852,5323.0769083139494,5429.5384464802282,5538.1292154098337,5648.8917997180306,5761.8696357123918,5877.1070284266398,5994.6491689951736,6114.5421523750783,6236.8329954225801,6361.5696553310318,6488.8010484376528,6618.5770694064058,6750.948610794534,6885.9675830104243,7023.6869346706326,7164.1606733640456,7307.4438868313273,7453.5927645679531,7602.6646198593126,7754.7179122564985,7909.8122705016285,{"$f":"$E$35*GR34","v":8068.0085159116616},8229.3686862298946,8393.956059954493,8561.8351811535831,8733.0718847766566,8907.7333224721897,9085.8879889216332,9267.6057487000671,9452.957863674068]
[null,"Add: CAPEX",null,null,{"$f":"INDEX(F28:GZ28,E7)","v":1.1132652786531647},null,{"$f":"G35*$E$36","v":196.57661940022285},{"$f":"H35*$E$36","v":200.50815178822728},204.51831482399186,208.60868112047169,212.7808547428811,217.03647183773873,221.3772012744935,225.80474529998338,230.32084020598307,234.92725701010275,239.62580215030482,244.41831819331091,249.30668455717714,254.29281824832071,259.3786746132871,264.56624810555286,269.85757306766391,275.25472452901721,280.75981901959756,286.37501539998948,292.10251570798926,297.9445660221491,303.90345734259205,309.98152648944398,316.18115701923284,322.5047801596175,328.95487576280982,335.53397327806607,342.2446527436274,349.08954579849996,356.07133671447002,363.19276344875937,370.45661871773461,377.8657510920894,385.42306611393116,393.13152743620981,400.99415798493402,409.01404114463281,417.19432196752552,425.53820840687604,434.04897257501364,442.72995202651396,451.58455106704423,460.61624208838515,469.82856693015287,479.22513826875598,488.80964103413106,498.58583385481364,508.55755053191001,518.72870154254827,529.10327557339917,539.68534108486722,550.47904790656457,561.48862886469578,572.71840144198973,584.17276947082951,595.85622486024613,607.77334935745102,619.92881634460014,632.32739267149202,644.973940524922,657.87341933542041,671.03088772212891,684.45150547657147,698.14053558610283,{"$f":"BT35*$E$36","v":712.10334629782494},726.34541322378152,740.87232148825717,755.68976791802231,770.80356327638276,786.21963454191041,801.94402723274879,817.98290777740385,834.34256593295197,851.02941725161111,868.05000559664336,885.41100570857623,903.11922582274769,921.18161033920273,939.60524254598681,958.39734739690664,977.5652943448448,997.11660023174159,1017.0589322363764,1037.4001108811042,1058.1481130987263,1079.3110753607009,1100.897296867915,1122.9152428052732,1145.3735476613788,1168.2810186146064,1191.6466389868983,1215.4795717666366,1239.7891632019694,1264.5849464660089,1289.876645395329,1315.6741783032355,1341.9876618693006,1368.8274151066864,1396.2039634088203,1424.1280426769968,1452.6106035305368,1481.6628156011475,1511.2960719131706,1541.521993351434,1572.3524332184629,1603.799481882832,1635.8754715204886,1668.5929809508984,1701.9648405699165,1736.0041373813149,1770.7242201289416,1806.1387045315203,1842.2614786221509,1879.1067081945941,1916.6888423584862,1955.0226192056562,1994.1230715897696,2034.005533021565,2074.6856436819967,2116.1793565556368,2158.5029436867494,2201.6730025604847,2245.7064626116944,2290.6205918639289,2336.4330037012078,2383.1616637752318,2430.8248970507366,2479.4413949917512,{"$f":"EF35*$E$36","v":2529.0302228915866},2579.6108273494178,2631.2030438964066,2683.8271047743347,2737.5036468698218,2792.2537198072187,2848.098794203363,2905.0607700874302,2963.1619854891787,3022.4252251989624,3082.8737297029415,3144.5312042970008,3207.4218283829405,3271.5702649505993,3337.0016702496118,3403.741703654604,3471.816537727696,3541.2528684822501,3612.0779258518951,3684.3194843689334,3758.0058740563127,3833.1659915374389,3909.8293113681884,3988.0258975955521,4067.7864155474631,4149.142143858413,4232.1249867355818,4316.767486470294,4403.1028361996996,4491.1648929236935,4580.9881907821682,4672.6079545978109,4766.0601136897667,4861.3813159635629,4958.6089422828336,5057.7811211284898,5158.9367435510612,5262.1154784220817,5367.3577879905233,5474.7049437503356,5584.1990426253424,5695.8830234778497,5809.8006839474065,5925.9966976263549,6044.516631578882,6165.4069642104614,6288.7151034946701,6414.4894055645645,6542.7791936758558,6673.6347775493741,6807.1074731003628,6943.2496225623709,7082.1146150136183,7223.7569073138911,7368.2320454601686,7515.596686369372,7665.9086200967595,7819.2267924986945,7975.6113283486684,8135.1235549156427,8297.8260260139541,8463.7825465342339,8633.0581974649176,8805.7193614142161,{"$f":"GR35*$E$36","v":8981.8337486425025},9161.470423615352,9344.6998320876592,9531.5938287294121,9722.225705304003,9916.6702194100835,10115.003623798284,10317.303696274252,10523.649770199736]
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[null,"Less: CAPEX",null,null,null,null,{"$f":"G36","v":196.57661940022285},{"$f":"H36","v":200.50815178822728},204.51831482399186,208.60868112047169,212.7808547428811,217.03647183773873,221.3772012744935,225.80474529998338,230.32084020598307,234.92725701010275,239.62580215030482,244.41831819331091,249.30668455717714,254.29281824832071,259.3786746132871,264.56624810555286,269.85757306766391,275.25472452901721,280.75981901959756,286.37501539998948,292.10251570798926,297.9445660221491,303.90345734259205,309.98152648944398,316.18115701923284,322.5047801596175,328.95487576280982,335.53397327806607,342.2446527436274,349.08954579849996,356.07133671447002,363.19276344875937,370.45661871773461,377.8657510920894,385.42306611393116,393.13152743620981,400.99415798493402,409.01404114463281,417.19432196752552,425.53820840687604,434.04897257501364,442.72995202651396,451.58455106704423,460.61624208838515,469.82856693015287,479.22513826875598,488.80964103413106,498.58583385481364,508.55755053191001,518.72870154254827,529.10327557339917,539.68534108486722,550.47904790656457,561.48862886469578,572.71840144198973,584.17276947082951,595.85622486024613,607.77334935745102,619.92881634460014,632.32739267149202,644.973940524922,657.87341933542041,671.03088772212891,684.45150547657147,698.14053558610283,{"$f":"BT36","v":712.10334629782494},726.34541322378152,740.87232148825717,755.68976791802231,770.80356327638276,786.21963454191041,801.94402723274879,817.98290777740385,834.34256593295197,851.02941725161111,868.05000559664336,885.41100570857623,903.11922582274769,921.18161033920273,939.60524254598681,958.39734739690664,977.5652943448448,997.11660023174159,1017.0589322363764,1037.4001108811042,1058.1481130987263,1079.3110753607009,1100.897296867915,1122.9152428052732,1145.3735476613788,1168.2810186146064,1191.6466389868983,1215.4795717666366,1239.7891632019694,1264.5849464660089,1289.876645395329,1315.6741783032355,1341.9876618693006,1368.8274151066864,1396.2039634088203,1424.1280426769968,1452.6106035305368,1481.6628156011475,1511.2960719131706,1541.521993351434,1572.3524332184629,1603.799481882832,1635.8754715204886,1668.5929809508984,1701.9648405699165,1736.0041373813149,1770.7242201289416,1806.1387045315203,1842.2614786221509,1879.1067081945941,1916.6888423584862,1955.0226192056562,1994.1230715897696,2034.005533021565,2074.6856436819967,2116.1793565556368,2158.5029436867494,2201.6730025604847,2245.7064626116944,2290.6205918639289,2336.4330037012078,2383.1616637752318,2430.8248970507366,2479.4413949917512,{"$f":"EF36","v":2529.0302228915866},2579.6108273494178,2631.2030438964066,2683.8271047743347,2737.5036468698218,2792.2537198072187,2848.098794203363,2905.0607700874302,2963.1619854891787,3022.4252251989624,3082.8737297029415,3144.5312042970008,3207.4218283829405,3271.5702649505993,3337.0016702496118,3403.741703654604,3471.816537727696,3541.2528684822501,3612.0779258518951,3684.3194843689334,3758.0058740563127,3833.1659915374389,3909.8293113681884,3988.0258975955521,4067.7864155474631,4149.142143858413,4232.1249867355818,4316.767486470294,4403.1028361996996,4491.1648929236935,4580.9881907821682,4672.6079545978109,4766.0601136897667,4861.3813159635629,4958.6089422828336,5057.7811211284898,5158.9367435510612,5262.1154784220817,5367.3577879905233,5474.7049437503356,5584.1990426253424,5695.8830234778497,5809.8006839474065,5925.9966976263549,6044.516631578882,6165.4069642104614,6288.7151034946701,6414.4894055645645,6542.7791936758558,6673.6347775493741,6807.1074731003628,6943.2496225623709,7082.1146150136183,7223.7569073138911,7368.2320454601686,7515.596686369372,7665.9086200967595,7819.2267924986945,7975.6113283486684,8135.1235549156427,8297.8260260139541,8463.7825465342339,8633.0581974649176,8805.7193614142161,{"$f":"GR36","v":8981.8337486425025},9161.470423615352,9344.6998320876592,9531.5938287294121,9722.225705304003,9916.6702194100835,10115.003623798284,10317.303696274252,10523.649770199736]
[null,"Less: Taxes",null,null,null,null,{"$f":"G42*G41","v":0},{"$f":"H42*H41","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT42*BT41","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EF42*EF41","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GR42*GR41","v":0},0,0,0,0,0,0,0,0]
[null,"Less: Working Capital changes"]
[null,"FCF",null,null,null,null,{"$f":"G46-G47-G48-G49","v":89.999999999999943},{"$f":"H46-H47-H48-H49","v":91.799999999999955},93.635999999999996,95.508719999999954,97.418894399999942,99.367272287999953,101.35461773375991,103.38171008843517,105.4493442902039,107.55833117600795,109.70949779952809,111.90368775551869,114.14176151062904,116.42459674084159,118.75308867565843,121.12815044917164,123.55071345815509,126.02172772731814,128.54216228186459,131.11300552750185,133.73526563805194,136.40997095081292,139.1381703698292,141.9209337772258,144.75935245277026,147.6545395018257,150.60763029186216,153.61978289769945,156.69217855565347,159.82602212676653,163.02254256930189,166.28299342068794,169.60865328910177,173.00082635488383,176.46084288198148,179.99005973962107,183.58986093441359,187.26165815310191,191.00689131616389,194.82702914248716,198.72356972533692,202.69804111984377,206.75200194224067,210.88704198108536,215.10478282070721,219.40687847712132,223.79501604666376,228.27091636759695,232.83633469494896,237.49306138884788,242.24292261662492,247.08778106895738,252.0295366903365,257.07012742414327,262.21152997262618,267.45576057207859,272.80487578352017,278.26097329919071,283.82619276517448,289.50271662047805,295.29277095288751,301.19862637194535,307.22259889938414,313.36705087737187,319.6343918949193,{"$f":"BT46-BT47-BT48-BT49","v":326.0270797328177},332.54762132747408,339.19857375402364,345.98254522910395,352.90219613368629,359.96024005635991,367.15944485748719,374.50263375463692,381.99268642972982,389.63254015832433,397.42519096149067,405.37369478072071,413.48116867633507,421.75079204986173,430.185807890859,438.78952404867607,447.56531452964975,456.51662082024291,465.64695323664751,474.95989230138048,484.45909014740801,494.1482719503565,504.03123738936347,514.11186213715087,524.39409937989376,534.88198136749156,545.57962099484166,556.49121341473847,567.62103768303336,578.97345843669405,590.55292760542807,602.3639861575366,614.4112658806871,626.6994911983013,639.23348102226714,652.0181506427125,665.05851365556668,678.35968392867835,691.92687760725175,705.76541515939698,719.88072346258468,734.27833793183663,748.9639046904731,763.94318278428227,779.22204643996861,794.80648736876788,810.70261711614353,826.91666945846623,843.45500284763534,860.32410290458824,877.53058496268,895.08119666193397,912.9828205951726,931.2424770070761,949.86732654721754,968.86467307816201,988.24196653972558,1008.0068058705201,1028.1669419879304,1048.7302808276891,1069.7048864442431,1091.0989841731284,1112.9209638565908,1135.1793831337222,{"$f":"EF46-EF47-EF48-EF49","v":1157.8829707963969},1181.0406302123251,1204.6614428165713,1228.754671672903,1253.3297651063613,1278.3963604084884,1303.9642876166586,1330.0435733689915,1356.6444448363718,1383.7773337330987,1411.4528804077604,1439.6819380159159,1468.4755767762344,1497.8450883117594,1527.8019900779941,1558.3580298795541,1589.5251904771453,1621.3156942866881,1653.7420081724222,1686.8168483358704,1720.5531853025877,1754.9642490086403,1790.0635339888131,1825.8648046685894,1862.3821007619613,1899.6297427772006,1937.6223376327453,1976.3747843854007,2015.9022800731091,2056.2203256745697,2097.3447321880612,2139.2916268318231,2182.0774593684591,2225.7190085558286,2270.2333887269451,2315.6380565014842,2361.9508176315139,2409.1898339841446,2457.3736306638266,2506.521103277104,2556.651525342646,2607.7845558495001,2659.9402469664901,2713.1390519058205,2767.4018329439359,2822.7498696028151,2879.2048669948717,2936.7889643347689,2995.5247436214659,3055.4352384938938,3116.5439432637741,3178.874822129048,3242.4523185716289,3307.3013649430613,3373.4473922419238,3440.9163400867619,3509.7346668884966,3579.9293602262669,3651.5279474307918,3724.5585063794078,3799.0496765069984,3875.0306700371384,3952.5312834378801,4031.5819091066369,{"$f":"GR46-GR47-GR48-GR49","v":4112.2135472887694},4194.4578182345449,4278.346974599237,4363.913914091223,4451.1921923730461,4540.2160362205068,4631.0203569449168,4723.6407640838152,4818.1135793654939]
[]
[null,"EV = NPV of FCF",null,null,null,null,{"$f":"NPV($E$5,50:50)","v":2991.4075396155304}]
[null,"EV / EBITDA",null,null,null,null,{"$f":"G52/G46","v":10.438421480008584}]
[null,"EV / NOPAT",null,null,null,null,{"$f":"G52/G40","v":27.19461399650482}]
[null,"EV / Invested Capital",null,null,null,null,{"$f":"G52/G34","v":2.9914075396155302}]

{"sheet":"Historic Data","index":2,"n_rows":173,"n_cols":17,"rows_kept":173,"cut":false,"hidden":false,"merged":[]}
[null,null,2002,2003,2004,2005,2006,2007,2008,2009,2010,2011,2012,2013,2014,2015,2016]
[null,"HIGHLIGHTS"]
[null,"INCOME STATEMENT"]
[null,"Revenue",1395,1653,2363,3583,3854,4861,5904,5079,6920,5836,7216,6084,6910,8423,10237]
[null,"Gross profit",142,150,120,84,461,825,1125,836,1175,725,796,896,1178,1505,2126]
[null,"EBITDA Before Special Items",124,142,64,9,328,579,749,469,747,305,473,610,929,1212,1826]
[null,"EBIT Before Special Items",74,74,-49,-116,201,443,614,251,468,-38,4,211,559,860,1421]
[null,"Implied Depreciation",{"$f":"C6-C7","v":50},{"$f":"D6-D7","v":68},113,125,127,136,135,218,279,343,469,399,370,352,405]
[null,"EBITDA After Special Items",null,null,null,null,null,null,749,469,684,305,299,530,977,1258,1826]
[null,"EBIT After Special Items",null,null,null,null,null,null,614,251,310,-60,-697,102,607,906,1421]
[null,"Net financial items",60,53,-41,-42,-40,0,46,-48,-72,-93,-14,-138,-53,-15,-33]
[null,"Profit/loss before tax",60,54,-89,-158,161,443,660,204,238,-153,-713,-36,523,925,1287]
[null,"Profit/loss for the year",45,36,-61,-192,111,291,470,125,156,-166,-963,-82,392,685,965]
[]
[null,"Balance sheet total",1269,1390,2881,3085,3654,4296,6327,7959,7066,7689,6972,5640,6997,8587,9931]
[null,"Equity",596,613,1162,962,1262,1516,1587,2542,2754,2576,1622,1524,2379,2899,3190]
[null,"Provisions",130,166,181,239,265,305,393,534,370,329,353,388,390,458,622]
[null,"Average interest bearing position net",173,236,-625,-560,-299,179,395,-55,-593,-990,-1189,-862,494,1721,2111]
[null,"Net working capital",627,603,686,498,122,-68,-73,317,672,-71,233,-596,-957,-1383,-1941]
[null,"Investments in property plant and equipment",null,null,89,95,153,265,509,606,458,406,167,73,163,220,304]
[]
[null,"Cash flow from operating activities",-126,153,-30,148,598,701,277,-34,56,840,-73,1248,1126,1472,2181]
[null,"Cash flow from investing activities",3,-119,-201,-137,-144,-317,-680,-808,-789,-761,-286,-239,-285,-425,-817]
[null,"Free cash flow",null,null,458,-46,-101,-54,-403,-842,-733,79,-359,1009,841,1047,1364]
[null,"Cash flow from financing activities",null,null,null,null,null,null,-91,1075,568,-13,832,-1150,389,-360,-611]
[]
[null,"Change in cash and cash equivalents less current",-106,15,227,-35,353,330,-494,233,-165,66,473,-141,1230,687,753]
[]
[null,"FINANCIAL RATIOS"]
[null,"Gross margin",10.199999999999999,9.1,5.0999999999999996,2.4,12,17,19.100000000000001,16.5,17,12.4,11,14.7,17,17.899999999999999,20.8]
[null,"EBITDA margin before special items",8.9,8.6,5,0.3,8.5,11.9,12.7,9.1999999999999993,10.8,5.2,6.6,10,13.4,14.4,17.8]
[null,"EBIT margin before special items",5.3,4.5,-2.1,-3.2,5.2,9.1,10.4,4.9000000000000004,6.8,-0.7,0.1,3.5,8.1,10.199999999999999,13.9]
[null,"EBITDA margin after special items",null,null,null,null,null,null,12.7,9.1999999999999993,9.9,5.2,4.0999999999999996,8.6999999999999993,14.1,14.9,17.8]
[null,"EBIT margin after special items",null,null,null,null,null,null,10.4,4.9000000000000004,4.5,-1,-9.6999999999999993,1.7,8.8000000000000007,10.8,13.9]
[null,"Return on invested capital ROIC before special items",9.6,8.1,-3.8,-13.2,11.9,30.9,43.4,9.5,10.8,-1.3,0.2,7.7,35.299999999999997,117.2,265.2]
[null,"Solvency ratio",47,44.1,40.299999999999997,31.2,34.5,35.299999999999997,25.1,31.9,39,33.5,23.3,27,34,33.799999999999997,32.1]
[null,"Net interest bearing debt/EBITDA before special items",null,null,null,null,null,null,-0.1,-0.3,0.8,1.8,1.9,-0.1,-1.5,-1.9,-1.8]
[null,"Return on equity",7.8,5.9,-6.9,-18.100000000000001,10,21,33.9,6.1,5.9,-6.2,-45.9,-5.2,20.100000000000001,26.2,32.6]
[null,"Gearing",44.5,40.4,50.1,51.2,13.8,9.9,7.8,13.8,33.200000000000003,35.700000000000003,108,39.9,25.5,17.100000000000001,15.5]
[null,"SHARE RATIOS"]
[null,"Earnings per share EUR",0.4,0.3,-0.5,-1.1000000000000001,0.6,1.6,2.5,0.6,0.8,-0.8,-4.8,-0.4,1.8,3.1,4.4000000000000004]
[null,"Book value per share EUR",5.7,5.8,6.6,5.5,6.8,8.1999999999999993,8.6,12.5,13.5,12.6,8,7.5,10.6,12.9,14.4]
[null,"Price / book value EUR",1.7,2.2000000000000002,1.3,2.5,4.7,9,4.7,3.4,1.7,0.7,0.5,2.9,2.9,5,4.3]
[null,"P / E ratio ",21.9,38.6,-18.2,-12.7,52.8,47.1,16.3,71,30.8,-10.3]
[null,"Cash flow from operating activities per share EUR",-1.2,1.5,-0.2,0.8,3.2,3.8,1.5,-0.2,0.3,4.0999999999999996,-0.4,6.1,5,6.6,9.8000000000000007]
[null,"Dividend per share EUR",0.1,0,0,0,0,0,0,0,0,0,0,0,0.52,0.91]
[null,"Payout ratio",23.5,0,0,0,0,0,0,0,0,0,0,0,29.9,29.9]
[null,"Share price December EUR",9.4,13.1,8.8000000000000007,13.9,32,74,40.700000000000003,42.6,23.6,8.3000000000000007,4.3,21.5,30.4,64.8,61.7]
[null,"Average number of shares",104892414,105003966,150815322,174911173,182722520,185204103,185204103,197723281,203704103,203704103,203704103,203704103,221674711,224074513,222360341]
[null,"Number of shares at the end of the year",105003966,105003966,null,null,null,null,185204103,203704103,203704103,203704103,203704103,203704103,224074513,224074513,221544727]
[null,"Produced and shipped wind turbines MW",2670,2667,2784,3185,4239,4502,6160,6131,4057,5054,6171,4513,6125,7948,9957]
[]
[]
[null,null,null,null,null,2005,2006,2007,2008,2009,2010,2011,2012,2013,2014,2015,2016]
[null,"Revenue",null,null,null,3582.6,3854.3,4861,6035,5079,6920,5836,7216,6084,6910,8423,10237]
[null,"Production costs",null,null,null,-3498.1,-3393.1,-4036,-4856,-4243,-5745,-5111,-6420,-5188,-5732,-6918,-8111]
[null,"Gross profit",null,null,null,{"$f":"F55+F56","v":84.5},461.20000000000027,825,1179,836,1175,725,796,896,1178,1505,2126]
[null,"Research and development costs",null,null,null,-72.7,-93.4,-124,-119,-92,-150,-203,-255,-246,-213,-211,-227]
[null,"Distribution costs",null,null,null,-42.7,-69.5,-99,-181,-178,-206,-208,-204,-195,-158,-186,-190]
[null,"Administration costs",null,null,null,-84.8,-113.4,-159,-211,-315,-351,-352,-333,-244,-248,-248,-288]
[null,"Operating profit EBIT before special items",null,null,null,{"$f":"F57+F58+F59+F60","v":-115.7},{"$f":"G57+G58+G59+G60","v":184.90000000000029},443,668,251,468,-38,4,211,559,860,1421]
[null,"Special items",null,null,null,0,15.7,null,null,0,-158,-22,-701,-109,48,46,0]
[null,"Operating profit EBIT",null,null,null,-115.7,200.6,443,668,{"$f":"J61+J62","v":251},310,-60,-697,102,607,906,1421]
[null,"Income/loss from investments in associates and joint ventures",null,null,null,-0.1,-0.1,0,0,1,0,1,-2,0,-31,34,-101]
[null,"Financial income",null,null,null,15.7,10.5,19,66,14,22,26,78,20,50,61,56]
[null,"Financial costs",null,null,null,-58.1,-50.1,-19,-20,-62,-94,-120,-92,-158,-103,-76,-89]
[null,"Profit before tax",null,null,null,{"$f":"F63+F64+F65+F66","v":-158.19999999999999},160.9,443,714,204,238,-153,-713,-36,523,925,1287]
[null,"Income tax",null,null,null,-33.299999999999997,-50,-152,-203,-79,-82,-13,-250,-46,-131,-240,-322]
[null,"Profit for the year",null,null,null,{"$f":"F67+F68","v":-191.5},110.9,291,511,125,156,-166,-963,-82,392,685,965]
[null,"Earnings per share EPS",null,null,null,12,null,11,null,12,null,12,null,12,null,4.2]
[null,"Earnings per share EUR",null,null,null,-1.1000000000000001,0.61,1.58,2.77,0.63,0.77,-0.82,-4.76,-0.41,1.79,3.1,4.41]
[null,"Earnings per share EUR diluted",null,null,null,-1.1000000000000001,0.61,1.57,2.76,0.63,0.77,-0.82,-4.76,-0.41,1.77,3.07,4.3899999999999997]
[]
[]
[null,null,null,null,null,2005,2006,2007,2008,2009,2010,2011,2012,2013,2014,2015,2016]
[null,"Goodwill",null,null,null,321.5,319.70001220703125,320,320,320,320,320,216,215,215,0,0]
[null,"Completed development projects",null,null,null,89.199996948242188,69.300003051757813,48,60,99,169,577,485,331,274,0,0]
[null,"Software",null,null,null,1,7.6999998092651367,34,62,73,88,90,64,42,32,0,0]
[null,"Development projects in progress",null,null,null,65.599998474121094,80.800003051757813,105,202,320,457,256,251,153,137,0,0]
[null,"Total intangible assets",null,null,null,477.29998779296875,477.5,507,644,812,1034,1243,1016,741,658,687,828]
[null,"Land and buildings",null,null,null,216.69999694824219,229.69999694824219,261,433,661,867,1020,785,803,695,0,0]
[null,"Plant and machinery",null,null,null,139.30000305175781,128.10000610351563,143,159,230,304,387,220,219,211,0,0]
[null,"Other fixtures and fittings tools and equipment",null,null,null,95.300003051757813,99,116,167,216,248,326,218,151,168,0,0]
[null,"Property plant and equipment in progress",null,null,null,15.100000381469727,33.099998474121094,118,271,354,285,165,63,48,58,0,0]
[null,"Property plant and equipment",null,null,null,466.39999389648438,489.89999389648438,638,1030,1461,1704,1898,1286,1221,1132,1279,1329]
[null,"Investments in associates and joint ventures",null,null,null,2.9000000953674316,0.40000000596046448,1,1,1,4,4,1,1,188,225,201]
[null,"Other investments",null,null,null,0,0,0,0,0,0,0,0,0,14,20,26]
[null,"Receivables from associated companies",null,null,null,0.40000000596046448,0.30000001192092896,0,0,0,0,0,0,0,0,0,0]
[null,"Other receivables",null,null,null,4.6999998092651367,11.300000190734863,13,25,16,25,44,32,34,36,39,55]
[null,"Deferred tax",null,null,null,139.60000610351563,162,154,186,384,224,333,146,155,170,149,208]
[null,"Marketable securities",null,null,null,0,0,0,0,0,0,0,0,0,0,0,190]
[null,"Total other non current assets",null,null,null,{"$f":"SUM(F86:F91)","v":147.60000601410866},174.00000020861626,168,212,401,253,381,179,190,408,433,680]
[null,"Total non current assets",null,null,null,{"$f":"F92+F85+F80","v":1091.2999877035618},1141.3999941051006,1313,1886,2674,2991,3522,2481,2152,2198,2399,2837]
[null,"Inventories",null,null,null,698.29998779296875,880.70001220703125,1107,2867,3929,2735,2546,2244,1425,1509,1899,1985]
[null,"Trade receivables",null,null,null,620.79998779296875,710.9000244140625,660,938,525,624,663,792,626,598,795,1038]
[null,"Sales orders in progress",null,null,null,378.29998779296875,328.89999389648438,0,0,0,0,0,0,0,0,0,0]
[null,"Tax receivables",null,null,null,0,0,0,0,0,0,0,0,57,65,109,49]
[null,"Corporation tax",null,null,null,18.799999237060547,14,35,49,93,64,41,63,0,0,0,0]
[null,"Investments",null,null,null,9.1000003814697266,10.800000190734863,0,121,0,0,0,0,0,0,0,0]
[null,"Cash and cash equivalents",null,null,null,126.30000305175781,444.60000610351563,764,162,488,335,375,851,694,2018,2765,3550]
[null,"Other",null,null,null,133.40003395080566,112.29991436004639,417,304,250,317,542,410,354,506,408,328]
[null,"Total current assets",null,null,null,{"$f":"SUM(F94:F101)","v":1985},2502.199951171875,2983,4441,5285,4075,4167,4360,3156,4696,5976,6950]
[null,"Current and non current assets held for sale",null,null,null,0,0,0,0,0,0,0,0,332,103,0,0]
[null,"Non current assets held for sale",null,null,null,0,0,0,0,0,0,0,131,0,0,103,95]
[null,"Other",null,null,null,9.0999146401882172,10.799957066774368,0,0,0,0,0,0,0,0,109,49]
[null,"Total assets",null,null,null,{"$f":"F93+F102+F103+F104+F105","v":3085.39990234375},3654.39990234375,4296,6327,7959,7066,7689,6972,5640,6997,8587,9931]
[]
[null,"Liabilities and Capital"]
[null,"Share capital",null,null,null,23.5,24.899999618530273,25,25,27,27,27,27,27,30,30,30]
[null,"Other reserves",null,null,null,0.30000001192092896,5.9000000953674316,-3,-78,-41,9,7,5,-10,498,138,61]
[null,"Retained earnings",null,null,null,938,1230.9000244140625,1494,1640,2556,2718,2542,1590,1507,1851,2731,3099]
[null,"Shareholders in Vestas Wind Systems A/S’ share of equity",null,null,null,0,0,1516,0,0,0,0,0,0,0,0,0]
[null,"Total equity",null,null,null,961.79998779296875,1261.699951171875,1516,1587,2542,2754,2576,1622,1524,2379,2899,3190]
[null,"Minority interests",null,null,null,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Provisions",null,null,null,88.599998474121094,98.800003051757813,107,122,137,139,145,175,200,231,314,457]
[null,"Pension obligations",null,null,null,2,2.7999999523162842,2,2,2,2,2,2,0,0,0,0]
[null,"Tax payables",null,null,null,0,0,0,0,0,0,0,0,39,41,44,37]
[null,"Other liabilities",null,null,null,333.70001220703125,187.80000305175781,271,395,436,323,356,412,2,10,10,90]
[null,"Construction contracts in progress",null,null,null,0,0,260,123,16,40,147,21,47,104,15,19]
[null,"Financial debts",null,null,null,0,0,125,14,339,910,914,1458,604,3,495,496]
[null,"Other",null,null,null,110.29996490478516,-21.299999952316284,-528,-509,-331,-357,-491,-416,-65,-128,5,15]
[null,"Total non current liabilities",null,null,null,534.5999755859375,268.10000610351563,237,147,599,1057,1073,1652,827,261,883,1114]
[null,"Prepayments from customers",null,null,null,488.70001220703125,925.79998779296875,82,2677,2889,1546,1865,1716,1568,2156,2258,3002]
[null,"Trade payables",null,null,null,519.79998779296875,807.5999755859375,889,1030,1062,1120,1563,1008,832,945,1760,1666]
[null,"Financial liabilities",null,null,null,139.39999389648438,227.90013122558594,1572,886,867,589,612,974,403,1256,787,959]
[null,"Liabilities directly associated with current and non current assets held for sale",null,null,null,441.1,163.30000000000001,0,0,0,0,0,0,486,0,0,0]
[null,"Total current liabilities",null,null,null,{"$f":"SUM(F123:F126)","v":1588.9999938964843},2124.6000946044924,2543,4593,4818,3255,4040,3698,3289,4357,4805,5627]
[null,"Total liabilities",null,null,null,{"$f":"F127+F122","v":2123.5999694824218},2392.700100708008,2780,4740,5417,4312,5113,5350,4116,4618,5688,6741]
[null,"Total equity and liabilities",null,null,null,{"$f":"F128+F113","v":3085.3999572753905},3654.400051879883,4296,6327,7959,7066,7689,6972,5640,6997,8587,9931]
[]
[null,null,null,null,null,2005,2006,2007,2008,2009,2010,2011,2012,2013,2014,2015,2016]
[null,"Profit for the year",null,null,null,-191.5,110.90000152587891,291,511,125,156,-166,-963,-82,392,685,965]
[null,"Adjustments for non cash transactions",null,null,null,235.60000610351563,241.60000610351563,348,258,369,411,366,1345,677,676,603,1086]
[null,"Interest received etc",null,null,null,15.699999809265137,10.5,19,32,8,22,22,38,5,8,14,25]
[null,"Financial costs paid",null,null,null,-58.099998474121094,-50.099998474121094,-19,-9,-31,-49,-60,-92,-124,-62,-43,-71]
[null,"Income tax paid",null,null,null,-40.599998474121094,-90.900001525878906,-128,-148,-114,-131,-69,-97,-57,-148,-184,-212]
[null,"Cash flow from operating activities before change in net working capital",null,null,null,-38.900001525878906,222,511,644,357,409,93,231,419,866,1075,1793]
[null,"Change in net working capital",null,null,null,186.80000305175781,375.5,190,-367,-391,-353,747,-304,829,260,397,388]
[null,"Cash flow from operating activities",null,null,null,147.89999389648438,597.5,701,277,-34,56,840,-73,1248,1126,1472,2181]
[null,"Purchase of intangible assets",null,null,null,-50.099998474121094,-34.799999237060547,-82,-169,-227,-328,-327,-169,-189,-115,-148,-202]
[null,"Purchase of property plant and equipment",null,null,null,-94.699996948242188,-153.39999389648438,-265,-509,-606,-458,-406,-167,-73,-163,-220,-287]
[null,"Purchase of other non current assets",null,null,null,-5.4000000953674316,-6.5999999046325684,0,-12,0,-12,-19,0,0,-16,-3,0]
[null,"Disposal of property plant and equipment",null,null,null,18.200000762939453,20,30,10,15,11,12,45,20,8,1,21]
[null,"Purchase of marketable securities",null,null,null,0,0,0,0,0,0,0,0,0,0,0,-200]
[null,"Acquisition of subsidiaries net of cash",null,null,null,-6.4000000953674316,0,0,0,0,-2,-21,0,0,0,-55,-83]
[null,"Disposal of other non current assets",null,null,null,1.6000000238418579,1,0,0,10,0,0,5,3,1,0,0]
[null,"Acquisition of associates and joint ventures",null,null,null,0,0,0,0,0,0,0,0,0,0,0,-66]
[null,"Disposal of companies",null,null,null,0,29.799999237060547,0,0,0,0,0,0,0,0,0,0]
[null,"Cash flow from investing activities",null,null,null,-136.80000305175781,-144,-317,-680,-808,-789,-761,-286,-239,-285,-425,-817]
[null,"Capital infusion gross",null,null,null,0,186.10000610351563,0,0,0,0,0,0,0,0,0,0]
[null,"Free cash flow",null,null,null,0,0,0,0,792,0,79,-359,1009,841,1047,1364]
[null,"Capital increase net of transaction costs",null,null,null,0,0,0,0,0,0,0,0,0,432,0,0]
[null,"Capital increase",null,null,null,0,0,0,0,-1,0,0,0,0,0,0,0]
[null,"Disposal of treasury shares",null,null,null,0,0,0,0,0,0,0,0,0,0,40,11]
[null,"Repayment of non current liabilities",null,null,null,-62.599998474121094,-289.70001220703125,-24,-91,284,596,0,0,0,0,0,0]
[null,"Acquisition of treasury shares",null,null,null,0,-3.4000000953674316,-30,0,0,-28,-17,0,-7,-43,-176,-417]
[null,"Dividends paid",null,null,null,0,0,0,0,0,0,0,0,0,0,-116,-201]
[null,"Raising of financial debt",null,null,null,0,0,0,0,0,0,0,0,0,0,496,0]
[null,"Repayment of financial debts",null,null,null,0,0,0,0,0,0,0,-50,-1143,0,-604,-4]
[null,"Raising of financial debts",null,null,null,0,0,0,0,0,0,4,882,0,0,0,0]
[null,"Raising of non current liabilities",null,null,null,16.299999237060547,6.5999999046325684,0,0,1075,568,0,0,0,0,0,0]
[null,"Cash flow from financing activities",null,null,null,-46.299999237060547,-100.40000152587891,-54,-91,233,-165,-13,832,-1150,389,-360,-611]
[null,"Net increase in cash and cash equivalents",null,null,null,-35.200000762939453,353.10000610351563,330,-494,219,479,66,473,-141,1230,687,753]
[null,"Cash and cash equivalents at January",null,null,null,114,89.900001525878906,443,763,27,18,332,370,847,690,2014,2765]
[null,"Exchange rate adjustments on cash and cash equivalents",null,null,null,11.100000381469727,0.10000000149011612,-10,-50,479,332,-28,4,-16,94,64,32]
[null,"Cash and cash equivalents without disposal restrictions",null,null,null,76,406.89999389648438,750,150,0,0,351,691,623,1819,2569,3215]
[null,"Cash and cash equivalents with disposal restrictions",null,null,null,50.299999237060547,37.700000762939453,0,0,0,0,0,0,0,0,196,335]
[null,"Cash at bank and in hand with disposal restrictions",null,null,null,0,0,14,12,0,0,24,160,71,199,0,0]
[null,"Investments",null,null,null,0,0,0,121,488,335,0,0,0,0,0,0]
[null,"Total cash and cash equivalents",null,null,null,126.30000305175781,444.60000610351563,0,0,0,0,0,0,0,0,0,0]
[null,"Total cash at bank and in hand",null,null,null,0,0,764,283,-9,-3,375,851,694,2018,0,0]
[null,"Current portion of bank debt",null,null,null,-36.400001525878906,-1.5,-1,-64,479,332,-5,-4,-4,-4,0,0]
[null,"Cash and cash equivalents at December",null,null,null,89.900001525878906,443.10000610351563,763,219,20,10,370,847,690,2014,2765,3550]

{"sheet":"Financial Model","index":3,"n_rows":213,"n_cols":29,"rows_kept":213,"cut":false,"hidden":false,"merged":[]}
["Timeline"]
[null,"Year",null,null,null,null,null,null,2005,2006,2007,2008,2009,2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021,2022,2023,2024,2025]
[null,"Historic Switch",null,null,null,2016,null,null,{"$f":"I2<=$F$3","v":true},true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false]
[null,"Last Historic Year",null,null,null,{"$f":"'Financial Model'!F3","v":2016},null,null,{"$f":"I2=$F$4","v":false},false,false,false,false,false,false,false,false,false,false,true,false,false,false,false,false,false,false,false,false]
[]
[]
["Historic Profit and Loss"]
[null,"MW Delivered",null,null,null,null,null,null,{"$f":"'Historic Data'!F51","v":3185},{"$f":"'Historic Data'!G51","v":4239},{"$f":"'Historic Data'!H51","v":4502},{"$f":"'Historic Data'!I51","v":6160},{"$f":"'Historic Data'!J51","v":6131},{"$f":"'Historic Data'!K51","v":4057},{"$f":"'Historic Data'!L51","v":5054},{"$f":"'Historic Data'!M51","v":6171},{"$f":"'Historic Data'!N51","v":4513},{"$f":"'Historic Data'!O51","v":6125},{"$f":"'Historic Data'!P51","v":7948},{"$f":"'Historic Data'!Q51","v":9957},{"$f":"'Historic Data'!R51","v":0},{"$f":"'Historic Data'!S51","v":0},{"$f":"'Historic Data'!T51","v":0},{"$f":"'Historic Data'!U51","v":0},{"$f":"'Historic Data'!V51","v":0},{"$f":"'Historic Data'!W51","v":0},{"$f":"'Historic Data'!X51","v":0},{"$f":"'Historic Data'!Y51","v":0},{"$f":"'Historic Data'!Z51","v":0}]
[null,"Revenues",null,null,null,null,null,null,{"$f":"'Historic Data'!F55","v":3582.6},{"$f":"'Historic Data'!G55","v":3854.3},{"$f":"'Historic Data'!H55","v":4861},{"$f":"'Historic Data'!I55","v":6035},{"$f":"'Historic Data'!J55","v":5079},{"$f":"'Historic Data'!K55","v":6920},{"$f":"'Historic Data'!L55","v":5836},{"$f":"'Historic Data'!M55","v":7216},{"$f":"'Historic Data'!N55","v":6084},{"$f":"'Historic Data'!O55","v":6910},{"$f":"'Historic Data'!P55","v":8423},{"$f":"'Historic Data'!Q55","v":10237},{"$f":"'Historic Data'!R55","v":0},{"$f":"'Historic Data'!S55","v":0},{"$f":"'Historic Data'!T55","v":0},{"$f":"'Historic Data'!U55","v":0},{"$f":"'Historic Data'!V55","v":0},{"$f":"'Historic Data'!W55","v":0},{"$f":"'Historic Data'!X55","v":0},{"$f":"'Historic Data'!Y55","v":0},{"$f":"'Historic Data'!Z55","v":0}]
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[null,"Tax payables",null,null,-1,null,null,null,{"$f":"'Historic Data'!F117","v":0},{"$f":"'Historic Data'!G117","v":0},{"$f":"'Historic Data'!H117","v":0},{"$f":"'Historic Data'!I117","v":0},{"$f":"'Historic Data'!J117","v":0},{"$f":"'Historic Data'!K117","v":0},{"$f":"'Historic Data'!L117","v":0},{"$f":"'Historic Data'!M117","v":0},{"$f":"'Historic Data'!N117","v":39},{"$f":"'Historic Data'!O117","v":41},{"$f":"'Historic Data'!P117","v":44},{"$f":"'Historic Data'!Q117","v":37},{"$f":"'Historic Data'!R117","v":0},{"$f":"'Historic Data'!S117","v":0},{"$f":"'Historic Data'!T117","v":0},{"$f":"'Historic Data'!U117","v":0},{"$f":"'Historic Data'!V117","v":0},{"$f":"'Historic Data'!W117","v":0},{"$f":"'Historic Data'!X117","v":0},{"$f":"'Historic Data'!Y117","v":0},{"$f":"'Historic Data'!Z117","v":0}]
[null,"Other liabilities",null,null,-1,null,null,null,{"$f":"'Historic Data'!F118","v":333.70001220703125},{"$f":"'Historic Data'!G118","v":187.80000305175781},{"$f":"'Historic Data'!H118","v":271},{"$f":"'Historic Data'!I118","v":395},{"$f":"'Historic Data'!J118","v":436},{"$f":"'Historic Data'!K118","v":323},{"$f":"'Historic Data'!L118","v":356},{"$f":"'Historic Data'!M118","v":412},{"$f":"'Historic Data'!N118","v":2},{"$f":"'Historic Data'!O118","v":10},{"$f":"'Historic Data'!P118","v":10},{"$f":"'Historic Data'!Q118","v":90},{"$f":"'Historic Data'!R118","v":0},{"$f":"'Historic Data'!S118","v":0},{"$f":"'Historic Data'!T118","v":0},{"$f":"'Historic Data'!U118","v":0},{"$f":"'Historic Data'!V118","v":0},{"$f":"'Historic Data'!W118","v":0},{"$f":"'Historic Data'!X118","v":0},{"$f":"'Historic Data'!Y118","v":0},{"$f":"'Historic Data'!Z118","v":0}]
[null,"Construction contracts in progress",null,null,-1,null,null,null,{"$f":"'Historic Data'!F119","v":0},{"$f":"'Historic Data'!G119","v":0},{"$f":"'Historic Data'!H119","v":260},{"$f":"'Historic Data'!I119","v":123},{"$f":"'Historic Data'!J119","v":16},{"$f":"'Historic Data'!K119","v":40},{"$f":"'Historic Data'!L119","v":147},{"$f":"'Historic Data'!M119","v":21},{"$f":"'Historic Data'!N119","v":47},{"$f":"'Historic Data'!O119","v":104},{"$f":"'Historic Data'!P119","v":15},{"$f":"'Historic Data'!Q119","v":19},{"$f":"'Historic Data'!R119","v":0},{"$f":"'Historic Data'!S119","v":0},{"$f":"'Historic Data'!T119","v":0},{"$f":"'Historic Data'!U119","v":0},{"$f":"'Historic Data'!V119","v":0},{"$f":"'Historic Data'!W119","v":0},{"$f":"'Historic Data'!X119","v":0},{"$f":"'Historic Data'!Y119","v":0},{"$f":"'Historic Data'!Z119","v":0}]
[null,"Financial debts",null,null,null,1,null,null,{"$f":"'Historic Data'!F120","v":0},{"$f":"'Historic Data'!G120","v":0},{"$f":"'Historic Data'!H120","v":125},{"$f":"'Historic Data'!I120","v":14},{"$f":"'Historic Data'!J120","v":339},{"$f":"'Historic Data'!K120","v":910},{"$f":"'Historic Data'!L120","v":914},{"$f":"'Historic Data'!M120","v":1458},{"$f":"'Historic Data'!N120","v":604},{"$f":"'Historic Data'!O120","v":3},{"$f":"'Historic Data'!P120","v":495},{"$f":"'Historic Data'!Q120","v":496},{"$f":"'Historic Data'!R120","v":0},{"$f":"'Historic Data'!S120","v":0},{"$f":"'Historic Data'!T120","v":0},{"$f":"'Historic Data'!U120","v":0},{"$f":"'Historic Data'!V120","v":0},{"$f":"'Historic Data'!W120","v":0},{"$f":"'Historic Data'!X120","v":0},{"$f":"'Historic Data'!Y120","v":0},{"$f":"'Historic Data'!Z120","v":0}]
[null,"Other",null,null,-1,null,null,null,{"$f":"'Historic Data'!F121","v":110.29996490478516},{"$f":"'Historic Data'!G121","v":-21.299999952316284},{"$f":"'Historic Data'!H121","v":-528},{"$f":"'Historic Data'!I121","v":-509},{"$f":"'Historic Data'!J121","v":-331},{"$f":"'Historic Data'!K121","v":-357},{"$f":"'Historic Data'!L121","v":-491},{"$f":"'Historic Data'!M121","v":-416},{"$f":"'Historic Data'!N121","v":-65},{"$f":"'Historic Data'!O121","v":-128},{"$f":"'Historic Data'!P121","v":5},{"$f":"'Historic Data'!Q121","v":15},{"$f":"'Historic Data'!R121","v":0},{"$f":"'Historic Data'!S121","v":0},{"$f":"'Historic Data'!T121","v":0},{"$f":"'Historic Data'!U121","v":0},{"$f":"'Historic Data'!V121","v":0},{"$f":"'Historic Data'!W121","v":0},{"$f":"'Historic Data'!X121","v":0},{"$f":"'Historic Data'!Y121","v":0},{"$f":"'Historic Data'!Z121","v":0}]
[null,"Payments from Customers",null,null,-1,null,null,null,{"$f":"'Historic Data'!F123","v":488.70001220703125},{"$f":"'Historic Data'!G123","v":925.79998779296875},{"$f":"'Historic Data'!H123","v":82},{"$f":"'Historic Data'!I123","v":2677},{"$f":"'Historic Data'!J123","v":2889},{"$f":"'Historic Data'!K123","v":1546},{"$f":"'Historic Data'!L123","v":1865},{"$f":"'Historic Data'!M123","v":1716},{"$f":"'Historic Data'!N123","v":1568},{"$f":"'Historic Data'!O123","v":2156},{"$f":"'Historic Data'!P123","v":2258},{"$f":"'Historic Data'!Q123","v":3002},{"$f":"'Historic Data'!R123","v":0},{"$f":"'Historic Data'!S123","v":0},{"$f":"'Historic Data'!T123","v":0},{"$f":"'Historic Data'!U123","v":0},{"$f":"'Historic Data'!V123","v":0},{"$f":"'Historic Data'!W123","v":0},{"$f":"'Historic Data'!X123","v":0},{"$f":"'Historic Data'!Y123","v":0},{"$f":"'Historic Data'!Z123","v":0}]
[null,"Trade payables",null,null,-1,null,null,null,{"$f":"'Historic Data'!F124","v":519.79998779296875},{"$f":"'Historic Data'!G124","v":807.5999755859375},{"$f":"'Historic Data'!H124","v":889},{"$f":"'Historic Data'!I124","v":1030},{"$f":"'Historic Data'!J124","v":1062},{"$f":"'Historic Data'!K124","v":1120},{"$f":"'Historic Data'!L124","v":1563},{"$f":"'Historic Data'!M124","v":1008},{"$f":"'Historic Data'!N124","v":832},{"$f":"'Historic Data'!O124","v":945},{"$f":"'Historic Data'!P124","v":1760},{"$f":"'Historic Data'!Q124","v":1666},{"$f":"'Historic Data'!R124","v":0},{"$f":"'Historic Data'!S124","v":0},{"$f":"'Historic Data'!T124","v":0},{"$f":"'Historic Data'!U124","v":0},{"$f":"'Historic Data'!V124","v":0},{"$f":"'Historic Data'!W124","v":0},{"$f":"'Historic Data'!X124","v":0},{"$f":"'Historic Data'!Y124","v":0},{"$f":"'Historic Data'!Z124","v":0}]
[null,"Financial liabilities",null,null,null,1,null,null,{"$f":"'Historic Data'!F125","v":139.39999389648438},{"$f":"'Historic Data'!G125","v":227.90013122558594},{"$f":"'Historic Data'!H125","v":1572},{"$f":"'Historic Data'!I125","v":886},{"$f":"'Historic Data'!J125","v":867},{"$f":"'Historic Data'!K125","v":589},{"$f":"'Historic Data'!L125","v":612},{"$f":"'Historic Data'!M125","v":974},{"$f":"'Historic Data'!N125","v":403},{"$f":"'Historic Data'!O125","v":1256},{"$f":"'Historic Data'!P125","v":787},{"$f":"'Historic Data'!Q125","v":959},{"$f":"'Historic Data'!R125","v":0},{"$f":"'Historic Data'!S125","v":0},{"$f":"'Historic Data'!T125","v":0},{"$f":"'Historic Data'!U125","v":0},{"$f":"'Historic Data'!V125","v":0},{"$f":"'Historic Data'!W125","v":0},{"$f":"'Historic Data'!X125","v":0},{"$f":"'Historic Data'!Y125","v":0},{"$f":"'Historic Data'!Z125","v":0}]
[null,"Liabilities directly associated with current and non current assets held for sale",null,null,null,1,null,null,{"$f":"'Historic Data'!F126","v":441.1},{"$f":"'Historic Data'!G126","v":163.30000000000001},{"$f":"'Historic Data'!H126","v":0},{"$f":"'Historic Data'!I126","v":0},{"$f":"'Historic Data'!J126","v":0},{"$f":"'Historic Data'!K126","v":0},{"$f":"'Historic Data'!L126","v":0},{"$f":"'Historic Data'!M126","v":0},{"$f":"'Historic Data'!N126","v":486},{"$f":"'Historic Data'!O126","v":0},{"$f":"'Historic Data'!P126","v":0},{"$f":"'Historic Data'!Q126","v":0},{"$f":"'Historic Data'!R126","v":0},{"$f":"'Historic Data'!S126","v":0},{"$f":"'Historic Data'!T126","v":0},{"$f":"'Historic Data'!U126","v":0},{"$f":"'Historic Data'!V126","v":0},{"$f":"'Historic Data'!W126","v":0},{"$f":"'Historic Data'!X126","v":0},{"$f":"'Historic Data'!Y126","v":0},{"$f":"'Historic Data'!Z126","v":0}]
[null,"Total Liabilities and Capital",null,null,null,null,null,null,{"$f":"SUM(I51:I63)","v":3085.3999572753905},{"$f":"SUM(J51:J63)","v":3654.400051879883},4296,6327,7959,7066,7689,6972,5640,6997,8587,9931,0,0,0,0,0,0,0,0,0]
[]
[null,"Invested Capital - Direct method",null,null,null,null,null,null,{"$f":"SUMPRODUCT(I33:I63,$E$33:$E$63)","v":1396.5000085830688},{"$f":"SUMPRODUCT(J33:J63,$E$33:$E$63)","v":1188.7999694347382},2450,2205,3261,3916,3725,3073,1990,1315,959,534,0,0,0,0,0,0,0,0,0]
[null,"Invested Capital - Financing method",null,null,null,null,null,null,{"$f":"SUMPRODUCT(I33:I63,$F$33:$F$63)","v":1396.5000635147094},{"$f":"SUMPRODUCT(J33:J63,$F$33:$F$63)","v":1188.8001189708709},2450,2205,3261,3916,3725,3073,1990,1315,959,534,0,0,0,0,0,0,0,0,0]
[]
[null,"Accumulated special items",null,null,null,null,null,null,{"$f":"H69-I22","v":0},{"$f":"I69-J22","v":-15.7},-15.7,-15.7,-15.7,142.30000000000001,164.3,865.3,974.3,926.3,880.3,880.3,880.3,880.3,880.3,880.3,880.3,880.3,880.3,880.3,880.3]
[null,"Adj. Invested Capital",null,null,null,null,null,null,{"$f":"I67+I69","v":1396.5000635147094},{"$f":"J67+J69","v":1173.1001189708709},2434.3000000000002,2189.3000000000002,3245.3,4058.3,3889.3,3938.3,2964.3,2241.3000000000002,1839.3,1414.3,880.3,880.3,880.3,880.3,880.3,880.3,880.3,880.3,880.3]
[]
[null,"EBIT (Operating Profit)",null,null,null,null,null,null,{"$f":"'Financial Model'!I17","v":-115.69999999999982},{"$f":"'Financial Model'!J17","v":184.90000000000009},{"$f":"'Financial Model'!K17","v":443},{"$f":"'Financial Model'!L17","v":668},{"$f":"'Financial Model'!M17","v":251},{"$f":"'Financial Model'!N17","v":468},{"$f":"'Financial Model'!O17","v":-38},{"$f":"'Financial Model'!P17","v":4},{"$f":"'Financial Model'!Q17","v":211},{"$f":"'Financial Model'!R17","v":559},{"$f":"'Financial Model'!S17","v":860},{"$f":"'Financial Model'!T17","v":1421},{"$f":"'Financial Model'!U17","v":0},{"$f":"'Financial Model'!V17","v":0},{"$f":"'Financial Model'!W17","v":0},{"$f":"'Financial Model'!X17","v":0},{"$f":"'Financial Model'!Y17","v":0},{"$f":"'Financial Model'!Z17","v":0},{"$f":"'Financial Model'!AA17","v":0},{"$f":"'Financial Model'!AB17","v":0},{"$f":"'Financial Model'!AC17","v":0}]
[null,"Tax rate",null,null,null,null,null,null,{"$f":"IF(I3,-I29/I26)","v":-0.21049304677623284},0.31075201988812912,0.34311512415349887,0.28431372549019607,0.38725490196078433,0.34453781512605042,-8.4967320261437912E-2,-0.35063113604488078,-1.2777777777777777,0.25047801147227533,0.25945945945945947,0.25019425019425018,false,false,false,false,false,false,false,false,false]
[null,"Statutory tax rate",null,null,null,0.25,null,null,{"$f":"$F$74","v":0.25},{"$f":"$F$74","v":0.25},0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25]
[null,"NOPAT",null,null,null,null,null,null,{"$f":"I72*(1-I74)","v":-86.774999999999864},{"$f":"J72*(1-J74)","v":138.67500000000007},332.25,501,188.25,351,-28.5,3,158.25,419.25,645,1065.75,0,0,0,0,0,0,0,0,0]
[]
[null,"NOPAT / avg. Invested Capital",null,null,null,null,null,null,{"$f":"I75/(AVERAGE(I67,H67))","v":-6.213748374747987E-2},0.10727961181410975,0.18261514188032249,0.21525241675617615,6.8880351262349065E-2,9.7812456458130137E-2,-7.45975657636435E-3,8.8261253309797002E-4,6.251234445980644E-2,0.25370650529500754,0.56728232189973615,1.4276624246483589,0,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"Adj. ROIC",null,null,null,null,null,null,{"$f":"I75/AVERAGE(H70:I70)","v":-6.213748374747987E-2},0.10793507950786291,0.18420468428369691,0.21671424863742536,6.927832775181246E-2,9.611698340544389E-2,-7.1719764457194623E-3,7.6651847309520157E-4,4.5852287543824061E-2,0.16107653296449975,0.31612998088516392,0.65512048192771088,0,0,0,0,0,0,0,0,0]
[]
[]
[]
[]
[null,"Cash Flow Selected Items"]
[null,"Adjustments for non cash transactions",null,null,null,null,null,null,{"$f":"'Historic Data'!F133","v":235.60000610351563},{"$f":"'Historic Data'!G133","v":241.60000610351563},{"$f":"'Historic Data'!H133","v":348},{"$f":"'Historic Data'!I133","v":258},{"$f":"'Historic Data'!J133","v":369},{"$f":"'Historic Data'!K133","v":411},{"$f":"'Historic Data'!L133","v":366},{"$f":"'Historic Data'!M133","v":1345},{"$f":"'Historic Data'!N133","v":677},{"$f":"'Historic Data'!O133","v":676},{"$f":"'Historic Data'!P133","v":603},{"$f":"'Historic Data'!Q133","v":1086},{"$f":"'Historic Data'!R133","v":0},{"$f":"'Historic Data'!S133","v":0},{"$f":"'Historic Data'!T133","v":0},{"$f":"'Historic Data'!U133","v":0},{"$f":"'Historic Data'!V133","v":0},{"$f":"'Historic Data'!W133","v":0},{"$f":"'Historic Data'!X133","v":0},{"$f":"'Historic Data'!Y133","v":0},{"$f":"'Historic Data'!Z133","v":0}]
[null,"Purchase of intangible assets",null,null,null,null,null,null,{"$f":"-'Historic Data'!F140","v":50.099998474121094},{"$f":"-'Historic Data'!G140","v":34.799999237060547},{"$f":"-'Historic Data'!H140","v":82},{"$f":"-'Historic Data'!I140","v":169},{"$f":"-'Historic Data'!J140","v":227},{"$f":"-'Historic Data'!K140","v":328},{"$f":"-'Historic Data'!L140","v":327},{"$f":"-'Historic Data'!M140","v":169},{"$f":"-'Historic Data'!N140","v":189},{"$f":"-'Historic Data'!O140","v":115},{"$f":"-'Historic Data'!P140","v":148},{"$f":"-'Historic Data'!Q140","v":202},{"$f":"-'Historic Data'!R140","v":0},{"$f":"-'Historic Data'!S140","v":0},{"$f":"-'Historic Data'!T140","v":0},{"$f":"-'Historic Data'!U140","v":0},{"$f":"-'Historic Data'!V140","v":0},{"$f":"-'Historic Data'!W140","v":0},{"$f":"-'Historic Data'!X140","v":0},{"$f":"-'Historic Data'!Y140","v":0},{"$f":"-'Historic Data'!Z140","v":0}]
[null,"Purchase of property plant and equipment",null,null,null,null,null,null,{"$f":"-'Historic Data'!F141","v":94.699996948242188},{"$f":"-'Historic Data'!G141","v":153.39999389648438},{"$f":"-'Historic Data'!H141","v":265},{"$f":"-'Historic Data'!I141","v":509},{"$f":"-'Historic Data'!J141","v":606},{"$f":"-'Historic Data'!K141","v":458},{"$f":"-'Historic Data'!L141","v":406},{"$f":"-'Historic Data'!M141","v":167},{"$f":"-'Historic Data'!N141","v":73},{"$f":"-'Historic Data'!O141","v":163},{"$f":"-'Historic Data'!P141","v":220},{"$f":"-'Historic Data'!Q141","v":287},{"$f":"-'Historic Data'!R141","v":0},{"$f":"-'Historic Data'!S141","v":0},{"$f":"-'Historic Data'!T141","v":0},{"$f":"-'Historic Data'!U141","v":0},{"$f":"-'Historic Data'!V141","v":0},{"$f":"-'Historic Data'!W141","v":0},{"$f":"-'Historic Data'!X141","v":0},{"$f":"-'Historic Data'!Y141","v":0},{"$f":"-'Historic Data'!Z141","v":0}]
[null,"Purchase of other non current assets",null,null,null,null,null,null,{"$f":"-'Historic Data'!F142","v":5.4000000953674316},{"$f":"-'Historic Data'!G142","v":6.5999999046325684},{"$f":"-'Historic Data'!H142","v":0},{"$f":"-'Historic Data'!I142","v":12},{"$f":"-'Historic Data'!J142","v":0},{"$f":"-'Historic Data'!K142","v":12},{"$f":"-'Historic Data'!L142","v":19},{"$f":"-'Historic Data'!M142","v":0},{"$f":"-'Historic Data'!N142","v":0},{"$f":"-'Historic Data'!O142","v":16},{"$f":"-'Historic Data'!P142","v":3},{"$f":"-'Historic Data'!Q142","v":0},{"$f":"-'Historic Data'!R142","v":0},{"$f":"-'Historic Data'!S142","v":0},{"$f":"-'Historic Data'!T142","v":0},{"$f":"-'Historic Data'!U142","v":0},{"$f":"-'Historic Data'!V142","v":0},{"$f":"-'Historic Data'!W142","v":0},{"$f":"-'Historic Data'!X142","v":0},{"$f":"-'Historic Data'!Y142","v":0},{"$f":"-'Historic Data'!Z142","v":0}]
[null,"Disposal of property plant and equipment",null,null,null,null,null,null,{"$f":"-'Historic Data'!F143","v":-18.200000762939453},{"$f":"-'Historic Data'!G143","v":-20},{"$f":"-'Historic Data'!H143","v":-30},{"$f":"-'Historic Data'!I143","v":-10},{"$f":"-'Historic Data'!J143","v":-15},{"$f":"-'Historic Data'!K143","v":-11},{"$f":"-'Historic Data'!L143","v":-12},{"$f":"-'Historic Data'!M143","v":-45},{"$f":"-'Historic Data'!N143","v":-20},{"$f":"-'Historic Data'!O143","v":-8},{"$f":"-'Historic Data'!P143","v":-1},{"$f":"-'Historic Data'!Q143","v":-21},{"$f":"-'Historic Data'!R143","v":0},{"$f":"-'Historic Data'!S143","v":0},{"$f":"-'Historic Data'!T143","v":0},{"$f":"-'Historic Data'!U143","v":0},{"$f":"-'Historic Data'!V143","v":0},{"$f":"-'Historic Data'!W143","v":0},{"$f":"-'Historic Data'!X143","v":0},{"$f":"-'Historic Data'!Y143","v":0},{"$f":"-'Historic Data'!Z143","v":0}]
[]
[null,"Stock Price and Financial Ratios"]
[null,{"$f":"'Historic Data'!B48","v":"Share price December EUR"},null,null,null,null,null,null,{"$f":"'Historic Data'!F48","v":13.9},{"$f":"'Historic Data'!G48","v":32},{"$f":"'Historic Data'!H48","v":74},{"$f":"'Historic Data'!I48","v":40.700000000000003},{"$f":"'Historic Data'!J48","v":42.6},{"$f":"'Historic Data'!K48","v":23.6},{"$f":"'Historic Data'!L48","v":8.3000000000000007},{"$f":"'Historic Data'!M48","v":4.3},{"$f":"'Historic Data'!N48","v":21.5},{"$f":"'Historic Data'!O48","v":30.4},{"$f":"'Historic Data'!P48","v":64.8},{"$f":"'Historic Data'!Q48","v":61.7},{"$f":"'Historic Data'!R48","v":0},{"$f":"'Historic Data'!S48","v":0},{"$f":"'Historic Data'!T48","v":0},{"$f":"'Historic Data'!U48","v":0},{"$f":"'Historic Data'!V48","v":0},{"$f":"'Historic Data'!W48","v":0},{"$f":"'Historic Data'!X48","v":0},{"$f":"'Historic Data'!Y48","v":0},{"$f":"'Historic Data'!Z48","v":0}]
[null,"P/E Ratio",null,null,null,null,null,null,{"$f":"'Historic Data'!C44","v":21.9},{"$f":"'Historic Data'!D44","v":38.6},{"$f":"'Historic Data'!E44","v":-18.2},{"$f":"'Historic Data'!F44","v":-12.7},{"$f":"'Historic Data'!G44","v":52.8},{"$f":"'Historic Data'!H44","v":47.1},{"$f":"'Historic Data'!I44","v":16.3},{"$f":"'Historic Data'!J44","v":71},{"$f":"'Historic Data'!K44","v":30.8},{"$f":"'Historic Data'!L44","v":-10.3},{"$f":"'Historic Data'!M44","v":0},{"$f":"'Historic Data'!N44","v":0},{"$f":"'Historic Data'!O44","v":0},{"$f":"'Historic Data'!P44","v":0},{"$f":"'Historic Data'!Q44","v":0},{"$f":"'Historic Data'!R44","v":0},{"$f":"'Historic Data'!S44","v":0},{"$f":"'Historic Data'!T44","v":0},{"$f":"'Historic Data'!U44","v":0},{"$f":"'Historic Data'!V44","v":0},{"$f":"'Historic Data'!W44","v":0}]
[null,"Book Value per Share",null,null,null,null,null,null,{"$f":"'Historic Data'!C42","v":5.7},{"$f":"'Historic Data'!D43","v":2.2000000000000002},{"$f":"'Historic Data'!E43","v":1.3},{"$f":"'Historic Data'!F43","v":2.5},{"$f":"'Historic Data'!G43","v":4.7},{"$f":"'Historic Data'!H43","v":9},{"$f":"'Historic Data'!I43","v":4.7},{"$f":"'Historic Data'!J43","v":3.4},{"$f":"'Historic Data'!K43","v":1.7},{"$f":"'Historic Data'!L43","v":0.7},{"$f":"'Historic Data'!M43","v":0.5},{"$f":"'Historic Data'!N43","v":2.9},{"$f":"'Historic Data'!O43","v":2.9},{"$f":"'Historic Data'!P43","v":5},{"$f":"'Historic Data'!Q43","v":4.3},{"$f":"'Historic Data'!R43","v":0},{"$f":"'Historic Data'!S43","v":0},{"$f":"'Historic Data'!T43","v":0},{"$f":"'Historic Data'!U43","v":0},{"$f":"'Historic Data'!V43","v":0},{"$f":"'Historic Data'!W43","v":0}]
[null,"Price to Book Ratio",null,null,null,null,null,null,{"$f":"'Historic Data'!C43","v":1.7},{"$f":"'Historic Data'!D43","v":2.2000000000000002},{"$f":"'Historic Data'!E43","v":1.3},{"$f":"'Historic Data'!F43","v":2.5},{"$f":"'Historic Data'!G43","v":4.7},{"$f":"'Historic Data'!H43","v":9},{"$f":"'Historic Data'!I43","v":4.7},{"$f":"'Historic Data'!J43","v":3.4},{"$f":"'Historic Data'!K43","v":1.7},{"$f":"'Historic Data'!L43","v":0.7},{"$f":"'Historic Data'!M43","v":0.5},{"$f":"'Historic Data'!N43","v":2.9},{"$f":"'Historic Data'!O43","v":2.9},{"$f":"'Historic Data'!P43","v":5},{"$f":"'Historic Data'!Q43","v":4.3},{"$f":"'Historic Data'!R43","v":0},{"$f":"'Historic Data'!S43","v":0},{"$f":"'Historic Data'!T43","v":0},{"$f":"'Historic Data'!U43","v":0},{"$f":"'Historic Data'!V43","v":0},{"$f":"'Historic Data'!W43","v":0}]
[null,"ROE",null,null,null,null,null,null,{"$f":"'Historic Data'!C38/100","v":7.8E-2},{"$f":"'Historic Data'!D38/100","v":5.9000000000000004E-2},{"$f":"'Historic Data'!E38/100","v":-6.9000000000000006E-2},{"$f":"'Historic Data'!F38/100","v":-0.18100000000000002},{"$f":"'Historic Data'!G38/100","v":0.1},{"$f":"'Historic Data'!H38/100","v":0.21},{"$f":"'Historic Data'!I38/100","v":0.33899999999999997},{"$f":"'Historic Data'!J38/100","v":6.0999999999999999E-2},{"$f":"'Historic Data'!K38/100","v":5.9000000000000004E-2},{"$f":"'Historic Data'!L38/100","v":-6.2E-2},{"$f":"'Historic Data'!M38/100","v":-0.45899999999999996},{"$f":"'Historic Data'!N38/100","v":-5.2000000000000005E-2},{"$f":"'Historic Data'!O38/100","v":0.20100000000000001},{"$f":"'Historic Data'!P38/100","v":0.26200000000000001},{"$f":"'Historic Data'!Q38/100","v":0.32600000000000001},{"$f":"'Historic Data'!R38/100","v":0},{"$f":"'Historic Data'!S38/100","v":0},{"$f":"'Historic Data'!T38/100","v":0},{"$f":"'Historic Data'!U38/100","v":0},{"$f":"'Historic Data'!V38/100","v":0},{"$f":"'Historic Data'!W38/100","v":0}]
[null,"Shares ",null,null,null,null,null,null,{"$f":"'Historic Data'!C49","v":104892414},{"$f":"'Historic Data'!D49","v":105003966},{"$f":"'Historic Data'!E49","v":150815322},{"$f":"'Historic Data'!F49","v":174911173},{"$f":"'Historic Data'!G49","v":182722520},{"$f":"'Historic Data'!H49","v":185204103},{"$f":"'Historic Data'!I49","v":185204103},{"$f":"'Historic Data'!J49","v":197723281},{"$f":"'Historic Data'!K49","v":203704103},{"$f":"'Historic Data'!L49","v":203704103},{"$f":"'Historic Data'!M49","v":203704103},{"$f":"'Historic Data'!N49","v":203704103},{"$f":"'Historic Data'!O49","v":221674711},{"$f":"'Historic Data'!P49","v":224074513},{"$f":"'Historic Data'!Q49","v":222360341},{"$f":"'Historic Data'!R49","v":0},{"$f":"'Historic Data'!S49","v":0},{"$f":"'Historic Data'!T49","v":0},{"$f":"'Historic Data'!U49","v":0},{"$f":"'Historic Data'!V49","v":0},{"$f":"'Historic Data'!W49","v":0}]
[null,"ROIC",null,null,null,null,null,null,{"$f":"'Historic Data'!F35","v":-13.2},{"$f":"'Historic Data'!G35","v":11.9},{"$f":"'Historic Data'!H35","v":30.9},{"$f":"'Historic Data'!I35","v":43.4},{"$f":"'Historic Data'!J35","v":9.5},{"$f":"'Historic Data'!K35","v":10.8},{"$f":"'Historic Data'!L35","v":-1.3},{"$f":"'Historic Data'!M35","v":0.2},{"$f":"'Historic Data'!N35","v":7.7},{"$f":"'Historic Data'!O35","v":35.299999999999997},{"$f":"'Historic Data'!P35","v":117.2},{"$f":"'Historic Data'!Q35","v":265.2},{"$f":"'Historic Data'!R35","v":0},{"$f":"'Historic Data'!S35","v":0},{"$f":"'Historic Data'!T35","v":0},{"$f":"'Historic Data'!U35","v":0},{"$f":"'Historic Data'!V35","v":0},{"$f":"'Historic Data'!W35","v":0},{"$f":"'Historic Data'!X35","v":0},{"$f":"'Historic Data'!Y35","v":0},{"$f":"'Historic Data'!Z35","v":0}]
[]
[]
["Assumptions from History",null,null,null,"Average","Last Year","Input"]
[]
[null,"Units Growth",null,null,{"$f":"AVERAGEIF($3:$3,TRUE,102:102)","v":0.13853975661065318},{"$f":"SUMIF($4:$4,TRUE,102:102)","v":0.25276799194765975},{"$f":"Scenario!E25","v":7.0000000000000007E-2},3,null,{"$f":"IF(J3,J8/I8-1,INDEX($E102:$G102,$H102))","v":0.33092621664050226},6.2042934654399584E-2,0.36828076410484223,-4.7077922077921608E-3,-0.33828086772141575,0.245748089721469,0.22101305896319756,-0.26867606546750933,0.35719033902060704,0.29763265306122455,0.25276799194765975,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[null,"Price ",null,null,{"$f":"AVERAGEIF($3:$3,TRUE,103:103)","v":1.1263218429460848},{"$f":"SUMIF($4:$4,TRUE,103:103)","v":1.0281209199558099},{"$f":"'Financial Model'!F103","v":1.0281209199558099},3,{"$f":"IF(I$3,I10,INDEX($E103:$G103,$H103))","v":1.1248351648351649},0.90924746402453416,1.0797423367392269,0.97970779220779225,0.82841298320013046,1.7056938624599458,1.1547289275821131,1.1693404634581106,1.3481054730777753,1.1281632653061224,1.0597634625062908,1.0281209199558099,1.0281209199558099,1.0281209199558099,1.0281209199558099,1.0281209199558099,1.0281209199558099,1.0281209199558099,1.0281209199558099,1.0281209199558099,1.0281209199558099]
[null,"Price Growth",null,null,{"$f":"AVERAGEIF($3:$3,TRUE,104:104)","v":0.11596675539990729},{"$f":"SUMIF($4:$4,TRUE,104:104)","v":0.2153626973762317},{"$f":"Scenario!F25","v":0.01},3,null,{"$f":"IF(J$3,J9/I9-1,INDEX($E104:$G104,$H104))","v":7.5838776307709521E-2},0.26118880211711581,0.24151409175066862,-0.15840927920463965,0.36247292774168138,-0.15664739884393064,0.23646333104866346,-0.15687361419068735,0.13576594345825121,0.21895803183791607,0.2153626973762317,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01]
[]
[null,"COGS Less Depreciation",null,null,null,null,null,null,{"$f":"I12-I21","v":3373.4},3250,3900,4775,4025,5466,4768,5951,4789,5362,6566,7706,0,0,0,0,0,0,0,0,0]
[null,"COGS as Percent of Revenue",null,null,{"$f":"AVERAGEIF($3:$3,TRUE,107:107)","v":0.80815118820096254},{"$f":"SUMIF($4:$4,TRUE,107:107)","v":0.75275959753834132},{"$f":"Scenario!G25","v":0.75},3,{"$f":"IF(I$3,I106/I$9,INDEX($E107:$G107,$H107))","v":0.94160665438508351},{"$f":"IF(J$3,J106/J$9,INDEX($E107:$G107,$H107))","v":0.8432140725942453},0.80230405266406091,0.79121789560894784,0.79247883441622369,0.78988439306358382,0.81699794379712132,0.82469512195121952,0.787146614069691,0.77597684515195364,0.77953223317107923,0.75275959753834132,0.75,0.75,0.75,0.75,0.75,0.75,0.75,0.75,0.75]
[null,"COGS per Unit",null,null,{"$f":"AVERAGEIF($3:$3,TRUE,108:108)","v":0.90962338953210031},{"$f":"SUMIF($4:$4,TRUE,108:108)","v":0.77392788992668471},0.8,3,{"$f":"IF(I$3,I106/I8,INDEX($E108:$G108,$H108))","v":1.0591522762951335},0.76669025713611705,0.86628165259884493,0.77516233766233766,0.65649975534170613,1.3473009613014544,0.94341115947764143,0.964349376114082,1.0611566585419898,0.87542857142857144,0.82611977856064422,0.77392788992668471,0.8,0.8,0.8,0.8,0.8,0.8,0.8,0.8,0.8]
[]
[null,"Research and Development Growth",null,null,{"$f":"AVERAGEIF($3:$3,TRUE,110:110)","v":0.13473332442094019},{"$f":"SUMIF($4:$4,TRUE,110:110)","v":7.5829383886255819E-2},{"$f":"Scenario!I25","v":7.0000000000000007E-2},3,null,{"$f":"IF(J3,J13/I13-1,INDEX($E110:$G110,$H110))","v":0.28473177441540587},0.32762312633832957,-4.0322580645161255E-2,-0.22689075630252098,0.63043478260869557,0.35333333333333328,0.2561576354679802,-3.5294117647058809E-2,-0.13414634146341464,-9.3896713615023719E-3,7.5829383886255819E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[null,"Distribution Cost as Percent of Revenue",null,null,{"$f":"AVERAGEIF($3:$3,TRUE,111:111)","v":2.5382837467151472E-2},{"$f":"SUMIF($4:$4,TRUE,111:111)","v":1.8560125036631826E-2},0.02,3,{"$f":"IF(I$3,I14/I$9,INDEX($E111:$G111,$H111))","v":1.1918718249316141E-2},1.8031808629323094E-2,2.0366179798395393E-2,2.9991714995857496E-2,3.5046268950580821E-2,2.9768786127167629E-2,3.5640849897189859E-2,2.8270509977827051E-2,3.2051282051282048E-2,2.2865412445730825E-2,2.2082393446515493E-2,1.8560125036631826E-2,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
[null,"Administration costs as Percent of Revenue",null,null,{"$f":"AVERAGEIF($3:$3,TRUE,112:112)","v":3.9461723685931517E-2},{"$f":"SUMIF($4:$4,TRUE,112:112)","v":2.8133242160789294E-2},3.5000000000000003E-2,3,{"$f":"IF(I$3,I15/I$9,INDEX($E112:$G112,$H112))","v":2.3669960363981467E-2},2.9421684871442286E-2,3.2709319070150178E-2,3.4962717481358742E-2,6.2020082693443591E-2,5.0722543352601158E-2,6.031528444139822E-2,4.6147450110864748E-2,4.0105193951347796E-2,3.589001447178003E-2,2.9443191262020659E-2,2.8133242160789294E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2]
[]
[null,"Depreciation as Percent of Prior Plant Balance",null,null,{"$f":"AVERAGEIF($3:$3,TRUE,114:114)","v":0.25484512458756914},{"$f":"SUMIF($4:$4,TRUE,114:114)","v":0.31665363565285382},0.31,3,null,{"$f":"IF(J$3,J21/I34,INDEX($E114:$G114,$H114))","v":0.30681818583333942},0.27760767849435153,0.12695924764890282,0.21165048543689322,0.19096509240246407,0.20129107981220656,0.24710221285563752,0.31026438569206843,0.30303030303030304,0.31095406360424027,0.31665363565285382,0.31,0.31,0.31,0.31,0.31,0.31,0.31,0.31,0.31]
[]
[null,"Net Capital Exenditures",null,null,{"$f":"AVERAGEIF($3:$3,TRUE,116:116)","v":442.14999898274738},{"$f":"SUMIF($4:$4,TRUE,116:116)","v":468},{"$f":"Scenario!H25","v":1000},3,{"$f":"IF(I3,I85+I86+I87+I88,$G$116)","v":131.99999475479126},174.79999303817749,317,680,818,787,740,291,242,286,370,468,1000,1000,1000,1000,1000,1000,1000,1000,1000]
[]
[null,"Inventories as Pecent of COGS",null,null,{"$f":"AVERAGEIF($3:$3,TRUE,118:118)","v":0.4063010686521118},{"$f":"SUMIF($4:$4,TRUE,118:118)","v":0.25759148715286789},0.26,3,{"$f":"IF(I$3,I41/I106,INDEX($E118:$G118,$H118))","v":0.2070018342897281},0.27098461914062499,0.28384615384615386,0.60041884816753932,0.97614906832298132,0.50036589828027811,0.53397651006711411,0.37707948243992606,0.29755690123198997,0.28142484147706082,0.28921717940907704,0.25759148715286789,0.26,0.26,0.26,0.26,0.26,0.26,0.26,0.26,0.26]
[null,"Receivables as Percent of Revenues",null,null,{"$f":"AVERAGEIF($3:$3,TRUE,119:119)","v":0.12092028771351025},{"$f":"SUMIF($4:$4,TRUE,119:119)","v":0.10139689362117808},0.12,3,{"$f":"IF(I$3,I42/I9,INDEX($E119:$G119,$H119))","v":0.17328197057806308},0.18444335532108619,0.13577453198930262,0.15542667771333885,0.10336680448907265,9.0173410404624274E-2,0.11360520904729267,0.10975609756097561,0.10289283366206443,8.6541244573082488E-2,9.4384423602042022E-2,0.10139689362117808,0.12,0.12,0.12,0.12,0.12,0.12,0.12,0.12,0.12]
[null,"Other Current Assets as Percent of Revenues",null,null,{"$f":"AVERAGEIF($3:$3,TRUE,120:120)","v":7.9507281548353959E-2},{"$f":"SUMIF($4:$4,TRUE,120:120)","v":3.6827195467422094E-2},0.06,3,{"$f":"IF(I$3,I45/I9,INDEX($E120:$G120,$H120))","v":0.14807682157674174},0.11810183645708189,9.2984982513886025E-2,5.8492129246064624E-2,6.7532978932860796E-2,5.5057803468208093E-2,9.9897189856065799E-2,6.5548780487804881E-2,6.7554240631163706E-2,8.2633863965267729E-2,6.1379555977680161E-2,3.6827195467422094E-2,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06]
[null,"Payables as Percent of COGS",null,null,{"$f":"AVERAGEIF($3:$3,TRUE,121:121)","v":0.22053314332028631},{"$f":"SUMIF($4:$4,TRUE,121:121)","v":0.21619517259278484},0.2,3,{"$f":"IF(I$3,I61/I106,INDEX($E121:$G121,$H121))","v":0.15408786025759433},0.24849230018028845,0.22794871794871796,0.21570680628272251,0.26385093167701862,0.20490303695572631,0.32781040268456374,0.16938329692488657,0.1737314679473794,0.17624020887728459,0.26804751751446848,0.21619517259278484,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2]
[null,"Other Current Liabilities as Percent of Revenues",null,null,{"$f":"AVERAGEIF($3:$3,TRUE,122:122)","v":0.23869368822455908},{"$f":"SUMIF($4:$4,TRUE,122:122)","v":0.29471524860799064},0.24,3,{"$f":"IF(I$3,(I59+I60)/I9,INDEX($E122:$G122,$H122))","v":0.16719700137102006},0.23467295951032677,-9.1750668586710549E-2,0.35923777961888981,0.50364244930104352,0.17182080924855492,0.23543522960932145,0.18015521064301551,0.24704142011834321,0.29348769898697541,0.26866912026593848,0.29471524860799064,0.24,0.24,0.24,0.24,0.24,0.24,0.24,0.24,0.24]
[]
[null,"Provisions as Percent of Revenues",null,null,{"$f":"AVERAGEIF($3:$3,TRUE,124:124)","v":2.8081120425919356E-2},{"$f":"SUMIF($4:$4,TRUE,124:124)","v":4.4641984956530233E-2},0.03,3,{"$f":"IF(I$3,I53/I9,INDEX($E124:$G124,$H124))","v":2.4730642124189441E-2},2.56337085986451E-2,2.201193170129603E-2,2.0215410107705053E-2,2.6973813742862767E-2,2.0086705202312139E-2,2.4845784784098698E-2,2.4251662971175165E-2,3.2873109796186718E-2,3.3429811866859623E-2,3.7278879259171317E-2,4.4641984956530233E-2,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03]
[null,"Deferred Tax as Percent of Cap Exp",null,null,{"$f":"AVERAGEIF($3:$3,TRUE,125:125)","v":0.1173380615460074},{"$f":"SUMIF($4:$4,TRUE,125:125)","v":0.14743589743589744},0.14000000000000001,3,null,{"$f":"IF(J$3,(J39-139)/J116,INDEX($E125:$G125,$H125))","v":0.13157895260886335},4.7318611987381701E-2,6.9117647058823534E-2,0.2995110024449878,0.10800508259212198,0.26216216216216215,2.4054982817869417E-2,6.6115702479338845E-2,0.10839160839160839,2.7027027027027029E-2,0.14743589743589744,0.14000000000000001,0.14000000000000001,0.14000000000000001,0.14000000000000001,0.14000000000000001,0.14000000000000001,0.14000000000000001,0.14000000000000001,0.14000000000000001]
[]
[]
[]
[]
[]
[]
[]
["Operating Analsys"]
[null,"Revenues"]
[null,"MW Delivered",null,null,null,null,null,null,{"$f":"IF(I3,I8,H135*(1+I102))","v":3185},4239,4502,6160,6131,4057,5054,6171,4513,6125,7948,9957,10653.99,11399.7693,12197.753151000001,13051.595871570002,13965.207582579902,14942.772113360495,15988.766161295731,17107.979792586433,18305.538378067486]
[null,"Price per MW",null,null,null,null,null,null,{"$f":"IF(I3,I10,#REF!*(1+I104))","v":1.1248351648351649},{"$f":"IF(J3,J10,I136*(1+J104))","v":0.90924746402453416},1.0797423367392269,0.97970779220779225,0.82841298320013046,1.7056938624599458,1.1547289275821131,1.1693404634581106,1.3481054730777753,1.1281632653061224,1.0597634625062908,1.0281209199558099,1.038402129155368,1.0487861504469216,1.0592740119513908,1.0698667520709046,1.0805654195916137,1.0913710737875297,1.1022847845254051,1.1133076323706592,1.1244407086943657]
[null,"Revenues",null,null,null,null,null,null,{"$f":"I135*I136","v":3582.6000000000004},3854.3,4861,6035,5079,6920,5836,7216.0000000000009,6084,6910,8423,10237,11063.125899999999,11955.920160129997,12920.762917052491,13963.468484458626,15090.320391154437,16308.109246720598,17624.173662930953,19046.444477529483,20583.492546866113]
[]
[null,"COGS Percent",null,null,null,null,null,null,{"$f":"'Financial Model'!I107","v":0.94160665438508351},{"$f":"'Financial Model'!J107","v":0.8432140725942453},{"$f":"'Financial Model'!K107","v":0.80230405266406091},{"$f":"'Financial Model'!L107","v":0.79121789560894784},{"$f":"'Financial Model'!M107","v":0.79247883441622369},{"$f":"'Financial Model'!N107","v":0.78988439306358382},{"$f":"'Financial Model'!O107","v":0.81699794379712132},{"$f":"'Financial Model'!P107","v":0.82469512195121952},{"$f":"'Financial Model'!Q107","v":0.787146614069691},{"$f":"'Financial Model'!R107","v":0.77597684515195364},{"$f":"'Financial Model'!S107","v":0.77953223317107923},{"$f":"'Financial Model'!T107","v":0.75275959753834132},{"$f":"'Financial Model'!U107","v":0.75},{"$f":"'Financial Model'!V107","v":0.75},{"$f":"'Financial Model'!W107","v":0.75},{"$f":"'Financial Model'!X107","v":0.75},{"$f":"'Financial Model'!Y107","v":0.75},{"$f":"'Financial Model'!Z107","v":0.75},{"$f":"'Financial Model'!AA107","v":0.75},{"$f":"'Financial Model'!AB107","v":0.75},{"$f":"'Financial Model'!AC107","v":0.75}]
[null,"Cash COGS",null,null,null,null,null,null,{"$f":"IF(I3,I106,I139*I137)","v":3373.4},3250,3900,4775,4025,5466,4768,5951,4789,5362,6566,7706,8297.3444249999993,8966.9401200974971,9690.5721877893684,10472.601363343969,11317.740293365827,12231.081935040449,13218.130247198214,14284.833358147112,15437.619410149586]
[]
[null,"Research and Development Growth",null,null,null,null,null,null,{"$f":"'Financial Model'!I110","v":0},{"$f":"'Financial Model'!J110","v":0.28473177441540587},{"$f":"'Financial Model'!K110","v":0.32762312633832957},{"$f":"'Financial Model'!L110","v":-4.0322580645161255E-2},{"$f":"'Financial Model'!M110","v":-0.22689075630252098},{"$f":"'Financial Model'!N110","v":0.63043478260869557},{"$f":"'Financial Model'!O110","v":0.35333333333333328},{"$f":"'Financial Model'!P110","v":0.2561576354679802},{"$f":"'Financial Model'!Q110","v":-3.5294117647058809E-2},{"$f":"'Financial Model'!R110","v":-0.13414634146341464},{"$f":"'Financial Model'!S110","v":-9.3896713615023719E-3},{"$f":"'Financial Model'!T110","v":7.5829383886255819E-2},{"$f":"'Financial Model'!U110","v":7.0000000000000007E-2},{"$f":"'Financial Model'!V110","v":7.0000000000000007E-2},{"$f":"'Financial Model'!W110","v":7.0000000000000007E-2},{"$f":"'Financial Model'!X110","v":7.0000000000000007E-2},{"$f":"'Financial Model'!Y110","v":7.0000000000000007E-2},{"$f":"'Financial Model'!Z110","v":7.0000000000000007E-2},{"$f":"'Financial Model'!AA110","v":7.0000000000000007E-2},{"$f":"'Financial Model'!AB110","v":7.0000000000000007E-2},{"$f":"'Financial Model'!AC110","v":7.0000000000000007E-2}]
[null,{"$f":"B13","v":"Research and development costs"},null,null,null,null,null,null,{"$f":"IF(I3,I13,H142*(1+I110))","v":72.7},{"$f":"IF(J3,J13,I143*(1+J110))","v":93.4},124,119,92,150,203,255,246,213,211,227,242.89000000000001,259.89230000000003,278.08476100000007,297.55069427000012,318.37924286890012,340.66578986972314,364.51239516060377,390.02826282184606,417.3302412193753]
[]
[null,"Distribution Costs as Pct of Revenue",null,null,null,null,null,null,{"$f":"'Financial Model'!I111","v":1.1918718249316141E-2},{"$f":"'Financial Model'!J111","v":1.8031808629323094E-2},{"$f":"'Financial Model'!K111","v":2.0366179798395393E-2},{"$f":"'Financial Model'!L111","v":2.9991714995857496E-2},{"$f":"'Financial Model'!M111","v":3.5046268950580821E-2},{"$f":"'Financial Model'!N111","v":2.9768786127167629E-2},{"$f":"'Financial Model'!O111","v":3.5640849897189859E-2},{"$f":"'Financial Model'!P111","v":2.8270509977827051E-2},{"$f":"'Financial Model'!Q111","v":3.2051282051282048E-2},{"$f":"'Financial Model'!R111","v":2.2865412445730825E-2},{"$f":"'Financial Model'!S111","v":2.2082393446515493E-2},{"$f":"'Financial Model'!T111","v":1.8560125036631826E-2},{"$f":"'Financial Model'!U111","v":0.02},{"$f":"'Financial Model'!V111","v":0.02},{"$f":"'Financial Model'!W111","v":0.02},{"$f":"'Financial Model'!X111","v":0.02},{"$f":"'Financial Model'!Y111","v":0.02},{"$f":"'Financial Model'!Z111","v":0.02},{"$f":"'Financial Model'!AA111","v":0.02},{"$f":"'Financial Model'!AB111","v":0.02},{"$f":"'Financial Model'!AC111","v":0.02}]
[null,"Distribution Costs",null,null,null,null,null,null,{"$f":"I145*I137","v":42.70000000000001},{"$f":"J145*J137","v":69.5},99,181,178,206,208.00000000000003,204.00000000000003,194.99999999999997,158,186,190,221.262518,239.11840320259995,258.41525834104982,279.26936968917255,301.80640782308876,326.16218493441198,352.48347325861909,380.92888955058964,411.66985093732228]
[]
[null,{"$f":"B112","v":"Administration costs as Percent of Revenue"},null,null,null,null,null,null,{"$f":"'Financial Model'!I112","v":2.3669960363981467E-2},{"$f":"'Financial Model'!J112","v":2.9421684871442286E-2},{"$f":"'Financial Model'!K112","v":3.2709319070150178E-2},{"$f":"'Financial Model'!L112","v":3.4962717481358742E-2},{"$f":"'Financial Model'!M112","v":6.2020082693443591E-2},{"$f":"'Financial Model'!N112","v":5.0722543352601158E-2},{"$f":"'Financial Model'!O112","v":6.031528444139822E-2},{"$f":"'Financial Model'!P112","v":4.6147450110864748E-2},{"$f":"'Financial Model'!Q112","v":4.0105193951347796E-2},{"$f":"'Financial Model'!R112","v":3.589001447178003E-2},{"$f":"'Financial Model'!S112","v":2.9443191262020659E-2},{"$f":"'Financial Model'!T112","v":2.8133242160789294E-2},{"$f":"'Financial Model'!U112","v":3.5000000000000003E-2},{"$f":"'Financial Model'!V112","v":3.5000000000000003E-2},{"$f":"'Financial Model'!W112","v":3.5000000000000003E-2},{"$f":"'Financial Model'!X112","v":3.5000000000000003E-2},{"$f":"'Financial Model'!Y112","v":3.5000000000000003E-2},{"$f":"'Financial Model'!Z112","v":3.5000000000000003E-2},{"$f":"'Financial Model'!AA112","v":3.5000000000000003E-2},{"$f":"'Financial Model'!AB112","v":3.5000000000000003E-2},{"$f":"'Financial Model'!AC112","v":3.5000000000000003E-2}]
[null,{"$f":"B15","v":"Administration costs"},null,null,null,null,null,null,{"$f":"I148*I137","v":84.800000000000011},{"$f":"J148*J137","v":113.4},159.00000000000003,211,315,351,352,333.00000000000006,244,248,248,288,387.2094065,418.45720560454993,452.22670209683719,488.72139695605199,528.16121369040536,570.78382363522098,616.84607820258339,666.62555671353198,720.42223914031399]
[]
[null,"Total Cash Operating Cost",null,null,null,null,null,null,{"$f":"I149+I146+I143+I140","v":3573.6000000000004},{"$f":"J149+J146+J143+J140","v":3526.3},4282,5286,4610,6173,5531,6743,5474,5981,7211,8411,9148.7063495000002,9884.4080289046469,10679.298909227255,11538.142824259194,12466.087157748221,13468.693733479806,14551.97219382002,15722.41606723308,16987.041741446599]
[]
[null,"EBITDA",null,null,null,null,null,null,{"$f":"I137-I151","v":9},{"$f":"J137-J151","v":328},579,749,469,747,305,473.00000000000091,610,929,1212,1826,1914.4195504999989,2071.5121312253505,2241.464007825236,2425.3256601994326,2624.2332334062157,2839.4155132407923,3072.2014691109325,3324.0284102964033,3596.4508054195139]
[null,"EBITDA Margin",null,null,null,null,null,null,{"$f":"I153/I137","v":2.5121420197621838E-3},{"$f":"J153/J137","v":8.5099758711049994E-2},0.11911129397243365,0.12410936205468102,9.2341012010238241E-2,0.10794797687861271,5.226182316655243E-2,6.5548780487804992E-2,0.10026298487836949,0.13444283646888566,0.14389172503858483,0.17837257008889323,0.1730450839848075,0.17326245939089868,0.17347768256524615,0.17369077481707543,0.17390175724462911,0.17411065073725643,0.17431747597748173,0.1745222534430512,0.17472500340896144]
[]
[null,"Net Depreciation Rate",null,null,null,null,null,null,{"$f":"'Financial Model'!I114","v":0},{"$f":"'Financial Model'!J114","v":0.30681818583333942},{"$f":"'Financial Model'!K114","v":0.27760767849435153},{"$f":"'Financial Model'!L114","v":0.12695924764890282},{"$f":"'Financial Model'!M114","v":0.21165048543689322},{"$f":"'Financial Model'!N114","v":0.19096509240246407},{"$f":"'Financial Model'!O114","v":0.20129107981220656},{"$f":"'Financial Model'!P114","v":0.24710221285563752},{"$f":"'Financial Model'!Q114","v":0.31026438569206843},{"$f":"'Financial Model'!R114","v":0.30303030303030304},{"$f":"'Financial Model'!S114","v":0.31095406360424027},{"$f":"'Financial Model'!T114","v":0.31665363565285382},{"$f":"'Financial Model'!U114","v":0.31},{"$f":"'Financial Model'!V114","v":0.31},{"$f":"'Financial Model'!W114","v":0.31},{"$f":"'Financial Model'!X114","v":0.31},{"$f":"'Financial Model'!Y114","v":0.31},{"$f":"'Financial Model'!Z114","v":0.31},{"$f":"'Financial Model'!AA114","v":0.31},{"$f":"'Financial Model'!AB114","v":0.31},{"$f":"'Financial Model'!AC114","v":0.31}]
[null,"Opening Balance Balance",null,null,null,null,null,null,{"$f":"'Financial Model'!H160","v":0},{"$f":"'Financial Model'!I160","v":466.39999389648438},{"$f":"'Financial Model'!J160","v":489.89999389648438},{"$f":"'Financial Model'!K160","v":638},{"$f":"'Financial Model'!L160","v":1030},{"$f":"'Financial Model'!M160","v":1461},{"$f":"'Financial Model'!N160","v":1704},{"$f":"'Financial Model'!O160","v":1898},{"$f":"'Financial Model'!P160","v":1286},{"$f":"'Financial Model'!Q160","v":1221},{"$f":"'Financial Model'!R160","v":1132},{"$f":"'Financial Model'!S160","v":1279},{"$f":"'Financial Model'!T160","v":1329},{"$f":"'Financial Model'!U160","v":1917.01},{"$f":"'Financial Model'!V160","v":2322.7369000000003},{"$f":"'Financial Model'!W160","v":2602.6884610000002},{"$f":"'Financial Model'!X160","v":2795.8550380900001},{"$f":"'Financial Model'!Y160","v":2929.1399762821002},{"$f":"'Financial Model'!Z160","v":3021.1065836346493},{"$f":"'Financial Model'!AA160","v":3084.5635427079078},{"$f":"'Financial Model'!AB160","v":3128.3488444684563}]
[null,"Plus Capital Expenditures",null,null,null,null,null,null,{"$f":"'Financial Model'!I116","v":131.99999475479126},{"$f":"'Financial Model'!J116","v":174.79999303817749},{"$f":"'Financial Model'!K116","v":317},{"$f":"'Financial Model'!L116","v":680},{"$f":"'Financial Model'!M116","v":818},{"$f":"'Financial Model'!N116","v":787},{"$f":"'Financial Model'!O116","v":740},{"$f":"'Financial Model'!P116","v":291},{"$f":"'Financial Model'!Q116","v":242},{"$f":"'Financial Model'!R116","v":286},{"$f":"'Financial Model'!S116","v":370},{"$f":"'Financial Model'!T116","v":468},{"$f":"'Financial Model'!U116","v":1000},{"$f":"'Financial Model'!V116","v":1000},{"$f":"'Financial Model'!W116","v":1000},{"$f":"'Financial Model'!X116","v":1000},{"$f":"'Financial Model'!Y116","v":1000},{"$f":"'Financial Model'!Z116","v":1000},{"$f":"'Financial Model'!AA116","v":1000},{"$f":"'Financial Model'!AB116","v":1000},{"$f":"'Financial Model'!AC116","v":1000}]
[null,"Less: Depreciation",null,null,null,null,null,null,{"$f":"IF(I3,I21,I156*I157)","v":124.69999999999982},143.09999999999991,136,81,218,279,343,469,399,370,352,405,411.99,594.2731,720.04843900000014,806.83342291000008,866.71506180790004,908.03339264745102,936.54304092674124,956.21469823945142,969.78814178522146]
[null,"Closing Plant",null,null,null,null,null,null,{"$f":"IF(I3,I34,I157+I158-I159)","v":466.39999389648438},489.89999389648438,638,1030,1461,1704,1898,1286,1221,1132,1279,1329,1917.01,2322.7369000000003,2602.6884610000002,2795.8550380900001,2929.1399762821002,3021.1065836346493,3084.5635427079078,3128.3488444684563,3158.5607026832349]
[]
[null,"EBIT",null,null,null,null,null,null,{"$f":"I153-I159","v":-115.69999999999982},{"$f":"J153-J159","v":184.90000000000009},443,668,251,468,-38,4.0000000000009095,211,559,860,1421,1502.4295504999989,1477.2390312253506,1521.4155688252358,1618.4922372894325,1757.5181715983158,1931.3821205933414,2135.6584281841915,2367.8137120569518,2626.6626636342926]
[null,"NOPAT",null,null,null,{"$f":"'Financial Model'!F74","v":0.25},null,null,{"$f":"I162*(1-$F$163)","v":-86.774999999999864},{"$f":"J162*(1-$F$163)","v":138.67500000000007},332.25,501,188.25,351,-28.5,3.0000000000006821,158.25,419.25,645,1065.75,1126.8221628749991,1107.929273419013,1141.0616766189269,1213.8691779670744,1318.1386286987367,1448.5365904450059,1601.7438211381436,1775.8602840427138,1969.9969977257194]
[]
[null,"Working Capital"]
[null,"Inventories as Pecent of COGS",null,null,null,null,null,null,{"$f":"I118","v":0.2070018342897281},{"$f":"J118","v":0.27098461914062499},0.28384615384615386,0.60041884816753932,0.97614906832298132,0.50036589828027811,0.53397651006711411,0.37707948243992606,0.29755690123198997,0.28142484147706082,0.28921717940907704,0.25759148715286789,0.26,0.26,0.26,0.26,0.26,0.26,0.26,0.26,0.26]
[null,"Inventories  ",null,null,null,null,null,null,{"$f":"IF(I3,I41,I166*I140)","v":698.29998779296875},880.70001220703125,1107,2867,3929,2735,2546,2244,1425,1509,1899,1985,2157.3095505000001,2331.4044312253495,2519.548768825236,2722.876354469432,2942.6124762751151,3180.0813031105167,3436.7138642715358,3714.0566731182494,4013.7810466388923]
[]
[null,"Receivables as Percent of Revenues",null,null,null,null,null,null,{"$f":"I119","v":0.17328197057806308},0.18444335532108619,0.13577453198930262,0.15542667771333885,0.10336680448907265,9.0173410404624274E-2,0.11360520904729267,0.10975609756097561,0.10289283366206443,8.6541244573082488E-2,9.4384423602042022E-2,0.10139689362117808,0.12,0.12,0.12,0.12,0.12,0.12,0.12,0.12,0.12]
[null,"Receivables  ",null,null,null,null,null,null,{"$f":"IF(I3,I42,I169*I137)","v":620.79998779296875},710.9000244140625,660,938,525,624,663,792,626,598,795,1038,1327.5751079999998,1434.7104192155996,1550.4915500462989,1675.6162181350351,1810.8384469385323,1956.9731096064718,2114.9008395517144,2285.5733373035378,2470.0191056239337]
[]
[null,"Other Current Assets as Percent of Revenues",null,null,null,null,null,null,{"$f":"I120","v":0.14807682157674174},{"$f":"J120","v":0.11810183645708189},9.2984982513886025E-2,5.8492129246064624E-2,6.7532978932860796E-2,5.5057803468208093E-2,9.9897189856065799E-2,6.5548780487804881E-2,6.7554240631163706E-2,8.2633863965267729E-2,6.1379555977680161E-2,3.6827195467422094E-2,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06]
[null,"Other Current Assets  ",null,null,null,null,null,null,{"$f":"IF(I3,I45,I172*I137)","v":530.50002098083496},455.19990825653076,452,353,343,381,583,473,411,571,517,377,663.78755399999989,717.35520960779979,775.24577502314946,837.80810906751753,905.41922346926617,978.48655480323589,1057.4504197758572,1142.7866686517689,1235.0095528119668]
[]
[null,"Payables as Percent of COGS",null,null,null,null,null,null,{"$f":"I121","v":0.15408786025759433},{"$f":"J121","v":0.24849230018028845},0.22794871794871796,0.21570680628272251,0.26385093167701862,0.20490303695572631,0.32781040268456374,0.16938329692488657,0.1737314679473794,0.17624020887728459,0.26804751751446848,0.21619517259278484,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2]
[null,"Payables   ",null,null,null,null,null,null,{"$f":"IF(I3,I61,I175*I140)","v":519.79998779296875},807.5999755859375,889,1030,1062,1120,1563,1008,832,945,1760,1666,1659.468885,1793.3880240194994,1938.1144375578738,2094.520272668794,2263.5480586731655,2446.2163870080899,2643.6260494396429,2856.9666716294228,3087.5238820299173]
[]
[null,"Other Current Liabilities as Percent of Revenues",null,null,null,null,null,null,{"$f":"I122","v":0.16719700137102006},{"$f":"J122","v":0.23467295951032677},-9.1750668586710549E-2,0.35923777961888981,0.50364244930104352,0.17182080924855492,0.23543522960932145,0.18015521064301551,0.24704142011834321,0.29348769898697541,0.26866912026593848,0.29471524860799064,0.24,0.24,0.24,0.24,0.24,0.24,0.24,0.24,0.24]
[null,"Other Current Liabilities  ",null,null,null,null,null,null,{"$f":"IF(I3,I59+I60,I178*I137)","v":598.99997711181641},904.49998784065247,-446,2168,2558,1189,1374,1300,1503,2028,2263,3017,2655.1502159999995,2869.4208384311992,3100.9831000925979,3351.2324362700701,3621.6768938770647,3913.9462192129436,4229.8016791034288,4571.1466746070755,4940.0382112478674]
[]
[null,null,"Total Current Assets",null,null,null,null,null,{"$f":"I167+I170+I173","v":1849.5999965667725},{"$f":"J167+J170+J173","v":2046.7999448776245},2219,4158,4797,3740,3792,3509,2462,2678,3211,3400,4148.6722124999997,4483.4700600487495,4845.2860938946842,5236.3006816719853,5658.8701466829143,6115.5409675202245,6609.0651235991072,7142.4166790735562,7718.8097050747929]
[null,null,"Total Current Liabilities",null,null,null,null,null,{"$f":"I176+I179","v":1118.7999649047852},{"$f":"J176+J179","v":1712.09996342659},443,3198,3620,2309,2937,2308,2335,2973,4023,4683,4314.6191009999993,4662.8088624506981,5039.0975376504721,5445.7527089388641,5885.2249525502302,6360.1626062210335,6873.4277285430717,7428.1133462364978,8027.5620932777847]
[]
[null,null,"Total Working Capital"]
[null,null,"Change in Working Capital"]
[]
[null,"Other Assets Associated with Operation"]
[null,"Intangibles",null,null,null,null,null,null,{"$f":"IF(I3,I33,H188)","v":477.29998779296875},477.5,507,644,812,1034,1243,1016,741,658,687,828,828,828,828,828,828,828,828,828,828]
[]
[null,"Change in Deferred Tax as Percent of Cap Exp",null,null,null,null,null,null,null,{"$f":"'Financial Model'!J125","v":0.13157895260886335},{"$f":"'Financial Model'!K125","v":4.7318611987381701E-2},{"$f":"'Financial Model'!L125","v":6.9117647058823534E-2},{"$f":"'Financial Model'!M125","v":0.2995110024449878},{"$f":"'Financial Model'!N125","v":0.10800508259212198},{"$f":"'Financial Model'!O125","v":0.26216216216216215},{"$f":"'Financial Model'!P125","v":2.4054982817869417E-2},{"$f":"'Financial Model'!Q125","v":6.6115702479338845E-2},{"$f":"'Financial Model'!R125","v":0.10839160839160839},{"$f":"'Financial Model'!S125","v":2.7027027027027029E-2},{"$f":"'Financial Model'!T125","v":0.14743589743589744},{"$f":"'Financial Model'!U125","v":0.14000000000000001},{"$f":"'Financial Model'!V125","v":0.14000000000000001},{"$f":"'Financial Model'!W125","v":0.14000000000000001},{"$f":"'Financial Model'!X125","v":0.14000000000000001},{"$f":"'Financial Model'!Y125","v":0.14000000000000001},{"$f":"'Financial Model'!Z125","v":0.14000000000000001},{"$f":"'Financial Model'!AA125","v":0.14000000000000001},{"$f":"'Financial Model'!AB125","v":0.14000000000000001},{"$f":"'Financial Model'!AC125","v":0.14000000000000001}]
[null,"Change in Deferred Tax",null,null,null,null,null,null,null,{"$f":"J190*J158","v":23},15,47,245.00000000000003,85,194,7,16,30.999999999999996,10,69,140,140,140,140,140,140,140,140,140]
[null,"Deferred Tax",null,null,null,null,null,null,{"$f":"IF(I3,I39,H192)","v":139.60000610351563},{"$f":"IF(J3,J39,I192+J191)","v":162},154,186,384,224,333,146,155,170,149,208,348,488,628,768,908,1048,1188,1328,1468]
[]
[null,"Other Receivables",null,null,null,null,null,null,{"$f":"IF(I3,I38,H194)","v":4.6999998092651367},11.300000190734863,13,25,16,25,44,32,34,36,39,55,55,55,55,55,55,55,55,55,55]
[null,"Tax Payables, Other and Customer",null,null,null,null,null,null,{"$f":"IF(I3,I55+I56+I57,H195)","v":333.70001220703125},187.80000305175781,531,518,452,363,503,433,88,155,69,146,146,146,146,146,146,146,146,146,146]
[null,"Provisions",null,null,null,null,null,null,{"$f":"IF(I3,I53,I124*I137)","v":88.599998474121094},98.800003051757813,107,122,137,139,145,175,200,231,314,457,331.89377699999994,358.6776048038999,387.62288751157473,418.90405453375877,452.70961173463309,489.24327740161795,528.7252098879286,571.39333432588444,617.50477640598342]
[]
[null,"Invested Capotal"]
[null,"Intangibles",null,null,null,null,null,null,{"$f":"I188","v":477.29998779296875},{"$f":"J188","v":477.5},507,644,812,1034,1243,1016,741,658,687,828,828,828,828,828,828,828,828,828,828]
[null,"Plant Assets",null,null,null,null,null,null,{"$f":"I160","v":466.39999389648438},{"$f":"J160","v":489.89999389648438},638,1030,1461,1704,1898,1286,1221,1132,1279,1329,1917.01,2322.7369000000003,2602.6884610000002,2795.8550380900001,2929.1399762821002,3021.1065836346493,3084.5635427079078,3128.3488444684563,3158.5607026832349]
[null,"Deferred Tax",null,null,null,null,null,null,{"$f":"I192","v":139.60000610351563},{"$f":"J192","v":162},154,186,384,224,333,146,155,170,149,208,348,488,628,768,908,1048,1188,1328,1468]
[null,"Othet Receivables",null,null,null,null,null,null,{"$f":"I194","v":4.6999998092651367},{"$f":"J194","v":11.300000190734863},13,25,16,25,44,32,34,36,39,55,55,55,55,55,55,55,55,55,55]
[null,"Current Assets",null,null,null,null,null,null,{"$f":"I181","v":1849.5999965667725},{"$f":"J181","v":2046.7999448776245},2219,4158,4797,3740,3792,3509,2462,2678,3211,3400,4148.6722124999997,4483.4700600487495,4845.2860938946842,5236.3006816719853,5658.8701466829143,6115.5409675202245,6609.0651235991072,7142.4166790735562,7718.8097050747929]
[null,"Less: Provisions",null,null,null,null,null,null,{"$f":"-I196","v":-88.599998474121094},{"$f":"-J196","v":-98.800003051757813},-107,-122,-137,-139,-145,-175,-200,-231,-314,-457,-331.89377699999994,-358.6776048038999,-387.62288751157473,-418.90405453375877,-452.70961173463309,-489.24327740161795,-528.7252098879286,-571.39333432588444,-617.50477640598342]
[null,"Less: Current Liabilities",null,null,null,null,null,null,{"$f":"-I182","v":-1118.7999649047852},{"$f":"-J182","v":-1712.09996342659},-443,-3198,-3620,-2309,-2937,-2308,-2335,-2973,-4023,-4683,-4314.6191009999993,-4662.8088624506981,-5039.0975376504721,-5445.7527089388641,-5885.2249525502302,-6360.1626062210335,-6873.4277285430717,-7428.1133462364978,-8027.5620932777847]
[null,"Less: Tax Payables and Other",null,null,null,null,null,null,{"$f":"-I195","v":-333.70001220703125},{"$f":"-J195","v":-187.80000305175781},-531,-518,-452,-363,-503,-433,-88,-155,-69,-146,-146,-146,-146,-146,-146,-146,-146,-146,-146]
[null,null,"Total Invested Capital",null,null,null,null,null,{"$f":"SUM(I199:I206)","v":1396.5000085830688},{"$f":"SUM(J199:J206)","v":1188.7999694347382},2450,2205,3261,3916,3725,3073,1990,1315,959,534,2504.1693345000003,3009.7204927941521,3386.2541297326388,3672.4989562893606,3895.0755586801497,4072.2416675322229,4216.4757278760144,4336.2588429796306,4437.3035380742594]
[]
[null,"Average Invested Capital",null,null,null,null,null,null,{"$f":"AVERAGE(I207,H207)","v":1396.5000085830688},{"$f":"AVERAGE(J207,I207)","v":1292.6499890089035},1819.3999847173691,2327.5,2733,3588.5,3820.5,3399,2531.5,1652.5,1137,746.5,1519.0846672500002,2756.9449136470762,3197.9873112633954,3529.3765430109997,3783.7872574847552,3983.6586131061863,4144.3586977041186,4276.3672854278229,4386.7811905269446]
[null,"ROIC",null,null,null,null,null,null,{"$f":"I163/I209","v":-6.2137486191671712E-2},{"$f":"J163/J209","v":0.10727962029870478},0.18261514938487408,0.21525241675617615,6.8880351262349065E-2,9.7812456458130137E-2,-7.45975657636435E-3,8.8261253309817071E-4,6.251234445980644E-2,0.25370650529500754,0.56728232189973615,1.4276624246483589,0.74177706296969337,0.40186848418141519,0.35680619263249658,0.34393303269690012,0.34836488919701042,0.36361965999780677,0.38648773862780594,0.41527309641857635,0.44907573734925255]
[]
[null,null,null,null,null,null,null,null,{"$f":"I66","v":1396.5000085830688},{"$f":"J66","v":1188.7999694347382},2450,2205,3261,3916,3725,3073,1990,1315,959,534,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,{"$f":"I212-I207","v":0},{"$f":"J212-J207","v":0},0,0,0,0,0,0,0,0,0,0,-2504.1693345000003,-3009.7204927941521,-3386.2541297326388,-3672.4989562893606,-3895.0755586801497,-4072.2416675322229,-4216.4757278760144,-4336.2588429796306,-4437.3035380742594]

{"sheet":"DCF","index":4,"n_rows":81,"n_cols":19,"rows_kept":81,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,null,null,null,null,null,{"$f":"E9","v":2017},{"$f":"H2+1","v":2018},{"$f":"I2+1","v":2019},2020,2021,2022,2023,2024,2025,2026,2027,2028]
[null,"Explicit period",null,null,{"$f":"E10","v":2025},null,null,{"$f":"H2<=$E$3","v":true},{"$f":"I2<=$E$3","v":true},true,true,true,true,true,true,true,false,false,false]
[null,"Terminal period",null,null,{"$f":"E10","v":2025},null,null,{"$f":"H2=$E$4","v":false},{"$f":"I2=$E$4","v":false},false,false,false,false,false,false,true,false,false,false]
[]
[]
["VALUATION ASSUMPTIONS"]
[null,"Timing assumptions"]
[null,null,"Valuation date",null,2017]
[null,null,"Terminal year",null,2025]
[]
[null,"Financial assumptions"]
[null,null,"WACC",null,{"$f":"G13/1000","v":7.3999999999999996E-2},null,74]
[null,null,"Terminal growth rate",null,0.02]
[null,null,"ROIC / WACC",null,0.02]
[]
[null,null,"Terminal EV / EBITDA",null,10]
[null,null,"Tax rate",null,0.25]
[]
[null,"Normalized cash flow assump. for terminal year"]
[null,null,"Asset life",null,10,"years"]
[null,null,"ROIC"]
[null,null,"Stable CAPEX / Depreciation",null,{"$f":"'ROIC Analysis'!E36","v":1.1132652786531647}]
[null,null,"Stable WC / EBITDA"]
[null,null,"Stable change in deferred tax / CAPEX"]
[null,null,null,null,null,null,null,0.5,{"$f":"H26+1","v":1.5},{"$f":"I26+1","v":2.5},3.5,4.5,5.5,6.5,7.5,8.5,9.5,10.5,11.5]
["FCF"]
[null,"EBTIDA",null,null,null,null,null,{"$f":"H33*H3","v":1914.4195504999989},{"$f":"I33*I3","v":2071.5121312253505},2241.464007825236,2425.3256601994326,2624.2332334062157,2839.4155132407923,3072.2014691109325,3324.0284102964033,3596.4508054195139,0,0,0]
[null,"Depreciation",null,null,null,null,null,{"$f":"LOOKUP(H2,'Financial Model'!2:2,'Financial Model'!159:159)*H3","v":411.99},{"$f":"LOOKUP(I2,'Financial Model'!2:2,'Financial Model'!159:159)*I3","v":594.2731},{"$f":"LOOKUP(J2,'Financial Model'!2:2,'Financial Model'!159:159)*J3","v":720.04843900000014},{"$f":"LOOKUP(K2,'Financial Model'!2:2,'Financial Model'!159:159)*K3","v":806.83342291000008},{"$f":"LOOKUP(L2,'Financial Model'!2:2,'Financial Model'!159:159)*L3","v":866.71506180790004},{"$f":"LOOKUP(M2,'Financial Model'!2:2,'Financial Model'!159:159)*M3","v":908.03339264745102},{"$f":"LOOKUP(N2,'Financial Model'!2:2,'Financial Model'!159:159)*N3","v":936.54304092674124},{"$f":"LOOKUP(O2,'Financial Model'!2:2,'Financial Model'!159:159)*O3","v":956.21469823945142},{"$f":"LOOKUP(P2,'Financial Model'!2:2,'Financial Model'!159:159)*P3","v":969.78814178522146},{"$f":"LOOKUP(Q2,'Financial Model'!2:2,'Financial Model'!159:159)*Q3","v":0},{"$f":"LOOKUP(R2,'Financial Model'!2:2,'Financial Model'!159:159)*R3","v":0},{"$f":"LOOKUP(S2,'Financial Model'!2:2,'Financial Model'!159:159)*S3","v":0}]
[null,"EBIT",null,null,null,null,null,{"$f":"H28-H29*H3","v":1502.4295504999989},{"$f":"I28-I29*I3","v":1477.2390312253506},1521.4155688252358,1618.4922372894325,1757.5181715983158,1931.3821205933414,2135.6584281841915,2367.8137120569518,2626.6626636342926,0,0,0]
[null,"Operating taxes",null,null,{"$f":"E18","v":0.25},null,null,{"$f":"H30*$E$31","v":375.60738762499972},{"$f":"I30*$E$31","v":369.30975780633764},380.35389220630896,404.62305932235813,439.37954289957895,482.84553014833534,533.91460704604788,591.95342801423794,656.66566590857315,0,0,0]
[]
[null,"EBITDA",null,null,null,null,null,{"$f":"LOOKUP(H2,'Financial Model'!2:2,'Financial Model'!153:153)*H3","v":1914.4195504999989},{"$f":"LOOKUP(I2,'Financial Model'!2:2,'Financial Model'!153:153)*I3","v":2071.5121312253505},{"$f":"LOOKUP(J2,'Financial Model'!2:2,'Financial Model'!153:153)*J3","v":2241.464007825236},{"$f":"LOOKUP(K2,'Financial Model'!2:2,'Financial Model'!153:153)*K3","v":2425.3256601994326},{"$f":"LOOKUP(L2,'Financial Model'!2:2,'Financial Model'!153:153)*L3","v":2624.2332334062157},{"$f":"LOOKUP(M2,'Financial Model'!2:2,'Financial Model'!153:153)*M3","v":2839.4155132407923},{"$f":"LOOKUP(N2,'Financial Model'!2:2,'Financial Model'!153:153)*N3","v":3072.2014691109325},{"$f":"LOOKUP(O2,'Financial Model'!2:2,'Financial Model'!153:153)*O3","v":3324.0284102964033},{"$f":"LOOKUP(P2,'Financial Model'!2:2,'Financial Model'!153:153)*P3","v":3596.4508054195139},{"$f":"LOOKUP(Q2,'Financial Model'!2:2,'Financial Model'!153:153)*Q3","v":0},{"$f":"LOOKUP(R2,'Financial Model'!2:2,'Financial Model'!153:153)*R3","v":0},{"$f":"LOOKUP(S2,'Financial Model'!2:2,'Financial Model'!153:153)*S3","v":0}]
[null,"Less: CAPEX",null,null,null,null,null,{"$f":"LOOKUP(H2,'Financial Model'!2:2,'Financial Model'!116:116)*H3","v":1000},{"$f":"LOOKUP(I2,'Financial Model'!2:2,'Financial Model'!116:116)*I3","v":1000},{"$f":"LOOKUP(J2,'Financial Model'!2:2,'Financial Model'!116:116)*J3","v":1000},{"$f":"LOOKUP(K2,'Financial Model'!2:2,'Financial Model'!116:116)*K3","v":1000},{"$f":"LOOKUP(L2,'Financial Model'!2:2,'Financial Model'!116:116)*L3","v":1000},{"$f":"LOOKUP(M2,'Financial Model'!2:2,'Financial Model'!116:116)*M3","v":1000},{"$f":"LOOKUP(N2,'Financial Model'!2:2,'Financial Model'!116:116)*N3","v":1000},{"$f":"LOOKUP(O2,'Financial Model'!2:2,'Financial Model'!116:116)*O3","v":1000},{"$f":"LOOKUP(P2,'Financial Model'!2:2,'Financial Model'!116:116)*P3","v":1000},{"$f":"LOOKUP(Q2,'Financial Model'!2:2,'Financial Model'!116:116)*Q3","v":0},{"$f":"LOOKUP(R2,'Financial Model'!2:2,'Financial Model'!116:116)*R3","v":0},{"$f":"LOOKUP(S2,'Financial Model'!2:2,'Financial Model'!116:116)*S3","v":0}]
[null,"Less: WC changes"]
[null,"Less: Operating taxes",null,null,null,null,null,{"$f":"H31","v":375.60738762499972},{"$f":"I31","v":369.30975780633764},380.35389220630896,404.62305932235813,439.37954289957895,482.84553014833534,533.91460704604788,591.95342801423794,656.66566590857315,0,0,0]
[null,"Add: Change in deferred tax"]
[null,"Add: Change in provisions"]
[null,null,"Free Cash Flow",null,null,null,null,{"$f":"H33-H34-H35-H36+H37+H38","v":538.8121628749991},{"$f":"I33-I34-I35-I36+I37+I38","v":702.20237341901282},861.11011561892701,1020.7026008770745,1184.8536905066367,1356.5699830924568,1538.2868620648846,1732.0749822821654,1939.7851395109408,0,0,0]
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[]
["NORMALIZED CASH FLOW"]
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[]
[]
[null,"ROIC"]
[null,"Invested Capital"]
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[null,"Stable Taxes",null,null,null,null,null,{"$f":"H31","v":375.60738762499972},{"$f":"I31","v":369.30975780633764},380.35389220630896,404.62305932235813,439.37954289957895,482.84553014833534,533.91460704604788,591.95342801423794,656.66566590857315,0,0,0]
[null,"Stable FCF",null,null,null,null,null,{"$f":"(H50-H51-H52)*H4","v":0},{"$f":"(I50-I51-I52)*I4","v":0},0,0,0,0,0,0,1860.1536736118812,0,0,0]
[]
[null,"FCF multiplier",null,null,{"$f":"(1+E14)/(E13-E14)","v":18.888888888888893},null,null,{"$f":"$E$55*H53","v":0},{"$f":"$E$55*I53","v":0},0,0,0,0,0,0,35136.236057113318,0,0,0]
[null,"NPV of TV",null,null,{"$f":"NPV(E13,H55:S55)*(1+E13)^0.5","v":19152.207775341227},null,null,null,null,null,null,{"$f":"L55/L50","v":0}]
[null,"Total EV",null,null,{"$f":"E41+E56","v":26632.281595843266}]
[null,"Implied EV / EBITDA ratio",null,null,{"$f":"E57/H50","v":13.911413299601739}]
[]
["VALUATION RESULTS"]
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[null,"EV - value driver method"]
[null,"Terminal EV / EBITDA method",null,null,null,null,null,null,0.01]
[]
[null,null,null,null,null,null,null,{"$f":"E58","v":13.911413299601739},0,0.01,0.02,0.03,0.04]
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[]
[]
[]
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[null,null,null,null,null,null,null,0.05,50167.770384297226,26.20521210786562]
[null,null,null,null,null,null,null,0.06,36900.033569268518,19.27478935306064]
[null,null,null,null,null,null,null,7.0000000000000007E-2,28972.861127889348,15.134018622157486]
[null,null,null,null,null,null,null,0.08,23714.124178814262,12.387109279478848]
[null,null,null,null,null,null,null,0.09,19978.745015428965,10.435928221800186]
[null,null,null,null,null,null,null,0.1,17194.281183423758,8.9814592516739804]

{"sheet":"Transaction Assumptions","index":5,"n_rows":12,"n_cols":3,"rows_kept":12,"cut":false,"hidden":false,"merged":[]}
[]
[]
["Transaction Date"]
[null,"Consideration for Equity"]
[null,null,"Current Share Price"]
[null,null,"Premium"]
[]
[null,null,"Current Earnings"]
[null,null,"Implied P/E Ratio"]
[]
[null,null,"Current EV/EBITDA"]
[null,null,"Equity to EV Bridge"]

{"sheet":"LBO Model","index":6,"n_rows":0,"n_cols":0,"rows_kept":0,"cut":false,"hidden":false,"merged":[]}

{"sheet":"Graph Data","index":7,"n_rows":21,"n_cols":23,"rows_kept":21,"cut":false,"hidden":false,"merged":[]}
[]
[]
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[null,"Row 2",209]
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[null,null,null,"Code nr",1,null,"WACC",{"$f":"DCF!$E$13","v":7.3999999999999996E-2}]
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[null,null,null,"Base Case",7.0000000000000007E-2,0.01,0.75,1000,7.0000000000000007E-2,null,null,null,1,26632.281595843266,13.911413299601739]
[null,null,null,"Low Case ",0.04,-0.02,0.78,1200,0.09,null,null,null,2,2334.6725558503449,1.5837889861838426]
[null,null,null,"High Case ",0.1,0.03,0.72,800,0.06,null,null,null,3,60351.396863826332,25.474965727551641]
[null,null,1,{"$f":"TRANSPOSE(E5:K5)&\" Low Case\"","v":"Volume growth Low Case"},{"$f":"IF(E$4=$C9,E$7,E$6)","v":0.04},{"$f":"IF(F$4=$C9,F$7,F$6)","v":0.01},0.75,1000,7.0000000000000007E-2,null,null,null,4,17742.736146846215,9.5703158193612552]
[null,null,2,"Price Low Case",{"$f":"IF(E$4=$C10,E$7,E$6)","v":7.0000000000000007E-2},-0.02,0.75,1000,7.0000000000000007E-2,null,null,null,5,17271.583034189163,9.3342700490395689]
[null,null,3,"COGS Low Case",7.0000000000000007E-2,0.01,0.78,1000,7.0000000000000007E-2,null,null,null,6,19647.431802700801,12.415236536241366]
[null,null,4,"CAPEX Low Case",7.0000000000000007E-2,0.01,0.75,1200,7.0000000000000007E-2,null,null,null,7,23817.762568073133,12.441244951689155]
[null,null,5,"R&D cost Low Case",7.0000000000000007E-2,0.01,0.75,1000,0.09,null,null,null,8,25895.421017371762,13.558667095311026]
[null,null,null,"AR / Sales Low Case",7.0000000000000007E-2,0.01,0.75,1000,7.0000000000000007E-2,null,null,null,9,26632.281595843266,13.911413299601739]
[null,null,null,"Inventory / COGS Low Case",7.0000000000000007E-2,0.01,0.75,1000,7.0000000000000007E-2,null,null,null,10,26632.281595843266,13.911413299601739]
[null,null,1,{"$f":"TRANSPOSE(E5:K5)&\" High Case\"","v":"Volume growth High Case"},{"$f":"IF(E$4=$C16,E$8,E$6)","v":0.1},{"$f":"IF(F$4=$C16,F$8,F$6)","v":0.01},0.75,1000,7.0000000000000007E-2,null,null,null,11,37587.658797209559,19.032642768445228]
[null,null,2,"Price High Case",{"$f":"IF(E$4=$C17,E$8,E$6)","v":7.0000000000000007E-2},0.03,0.75,1000,7.0000000000000007E-2,null,null,null,12,34131.7754278598,17.439631650861092]
[null,null,3,"COGS High Case",7.0000000000000007E-2,0.01,0.72,1000,7.0000000000000007E-2,null,null,null,13,33617.13138898577,14.965468520101531]
[null,null,4,"CAPEX High Case",7.0000000000000007E-2,0.01,0.75,800,7.0000000000000007E-2,null,null,null,14,29446.800623613399,15.381581647514322]
[null,null,5,"R&D cost High Case",7.0000000000000007E-2,0.01,0.75,1000,0.06,null,null,null,15,26964.130066742364,14.068073809714431]
[null,null,null,"AR / Sales High Case",7.0000000000000007E-2,0.01,0.75,1000,7.0000000000000007E-2,null,null,null,16,26632.281595843266,13.911413299601739]
[null,null,null,"Inventory / COGS High Case",7.0000000000000007E-2,0.01,0.75,1000,7.0000000000000007E-2,null,null,null,17,26632.281595843266,13.911413299601739]
[]
[]
[null,null,null,{"$f":"INDEX(D6:D22,$E$2)","v":"Base Case"},{"$f":"INDEX(E6:E22,$E$2)","v":7.0000000000000007E-2},0.01,0.75,1000,7.0000000000000007E-2]
[]
[null,null,null,null,null,"High vs Base","Low vs Base"]
[null,null,null,null,"Volume growth",{"$f":"O16-$O$6","v":5.1212294688434898},{"$f":"O9-$O$6","v":-4.3410974802404834}]
[null,null,null,null,"Price",{"$f":"O17-$O$6","v":3.528218351259353},{"$f":"O10-$O$6","v":-4.5771432505621696}]
[null,null,null,null,"COGS",1.0540552204997926,-1.4961767633603724]
[null,null,null,null,"CAPEX",1.4701683479125833,-1.4701683479125833]
[null,null,null,null,"R&D cost",0.15666051011269211,-0.35274620429071213]
[]
[]
[]
[null,null,null,null,{"$f":"'Financial Model'!I2","v":2005},{"$f":"'Financial Model'!J2","v":2006},{"$f":"'Financial Model'!K2","v":2007},{"$f":"'Financial Model'!L2","v":2008},{"$f":"'Financial Model'!M2","v":2009},{"$f":"'Financial Model'!N2","v":2010},{"$f":"'Financial Model'!O2","v":2011},{"$f":"'Financial Model'!P2","v":2012},{"$f":"'Financial Model'!Q2","v":2013},{"$f":"'Financial Model'!R2","v":2014},{"$f":"'Financial Model'!S2","v":2015},{"$f":"'Financial Model'!T2","v":2016},{"$f":"'Financial Model'!U2","v":2017},{"$f":"'Financial Model'!V2","v":2018},{"$f":"'Financial Model'!W2","v":2019},{"$f":"'Financial Model'!X2","v":2020},{"$f":"'Financial Model'!Y2","v":2021},{"$f":"'Financial Model'!Z2","v":2022},{"$f":"'Financial Model'!AA2","v":2023}]
[null,"Price per Unit"]

{"sheet":"Sheet1","index":13,"n_rows":30,"n_cols":10,"rows_kept":30,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[]
[null,null,null,null,null,null,"Direct","Financing"]
[null,null,null,null,null,"Plant assets",1,null,null,1000]
[null,null,null,null,null,"Cash",null,-1,-1,100]
[null,null,null,null,null,"Derivatives",null,-1,-1,200]
[null,null,null,null,null,"Investments in Associates",null,-1,-1,200]
[null,null,null,null,null,null,null,null,null,{"$f":"SUM(J6:J9)","v":1500}]
[]
[]
[null,null,null,null,null,"Current Liabilities",-1,null,null,100]
[null,null,null,null,null,"Liabilities from held for sale",null,1,1,50]
[null,null,null,null,null,"Pension unfunded",null,1,1,150]
[null,null,null,null,null,"Debt",null,1,1,700]
[null,null,null,null,null,"Equity",null,1,null,{"$f":"J10-SUM(J13:J16)","v":500}]
[null,null,null,null,null,null,null,null,null,{"$f":"SUM(J13:J17)","v":1500}]
[]
[null,null,null,null,null,"Invested Capital - Direct",null,null,null,{"$f":"SUMPRODUCT(G6:G17,J6:J17)","v":900}]
[null,null,null,null,null,"Invested Capital - Financing",null,null,null,{"$f":"SUMPRODUCT(H6:H17,J6:J17)","v":900}]
[]
[null,null,null,null,null,"Market Cap",null,null,null,1500]
[null,null,null,null,null,"Net debt + adjustments",null,null,null,{"$f":"SUMPRODUCT(I6:I17,J6:J17)","v":400}]
[null,null,null,null,null,"EV ",null,null,null,{"$f":"J23+J24","v":1900}]
[]
[]
[null,null,null,null,null,"PV cash flows  = EV",null,null,null,1600]
[null,null,null,null,null,"Adj bridge from EV to Equity value",null,null,null,{"$f":"-J24","v":-400}]
[null,null,null,null,null,"Equity value",null,null,null,{"$f":"SUM(J28:J29)","v":1200}]