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[]
[]
[null,null,"Sheet Tab","Description","Author"]
[null,1,"Contents"]
[null,2,"Model Features"]
[null,3,"Summary"]
[null,4,"Master Scenario"]
[null,5,"S. Cement Fin.Model"]
[null,6,"Audit Sheet"]
[null,7,"Graphs"]
[null,8,"PE&ROE"]
[null,9,"MB Graph"]
[null,10,"Financials"]
[null,11,"Financing Structure"]
[null,12,"Discounting"]
[null,13,"Analyst Report"]
[]
[null," File Name: ",null,"C:\\Users\\Monika\\Documents\\Courses\\Chapter 1. Models and Analysis\\1. Corporate Model Templates and Exercises\\Featured Corporate Finance Models\\Saudi Cement Financial Model.xlsm"]
[]
[null," Colour Codes "]
[]
[null," Last Save Date ",null,"2014-06-09T13:37:30"]
[null," Last Save By",null,"Monika Lewinski"]

{"sheet":"Model Features","index":1,"n_rows":26,"n_cols":17,"rows_kept":26,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"There are instructions for just about every cell as shown below"]
[null,"Items in this model"]
[]
[null,"This model shows that you can make a reasonable simple model from the data in TAWDAL"]
[]
[null,null,"1. Standard read of financial statements.  Can read from website"]
[null,null,"2. Switches for history and for projection in the financial model page -- key to making the model flexible.  Use TRUE/FALSE switches"]
[null,null,"3. Conditional Formatting by using formula option and TRUE/FALSE switch"]
[null,null,"4. Assumptions from history with flexible options for putting in data that varies over time with the INDEX function"]
[null,null,"5. Conditional Formatting to show row when using the INDEX function -- Compare scenario number selected to the scenario number on the left"]
[null,null,"6. Use code number for time series inputs where variables change from period to period -- see the sales growth assumption"]
[null,null,"7. Use the historic switch with the closing balances to transfer between hisory and forecast -- see the depreciation, debt and equity balances"]
[null,null,"8. In making the financial statements, pull numbers from other places with calculations made."]
[null,null,"9. Make the pre-tax cash flow calculations transparent"]
[null,null,"10. Use SUMIF to make test of history"]
[null,null,"11. Include the valuation parameters below the financing assumptions.  Use the spinner box in two parts to make sensitivity"]
[null,null,"12. In construction of balance sheet, all accounts should from prior numbers in the sheet above"]
[]
[null,"Valuation Features"]
[null,null,"1. Use alternative explicit periods and stable periods with TRUE/FALSE switches at the top of the model"]
[null,null,"2. Use alternative terminal value approaches - Growth or EV/EBITDA"]
[null,null,"3. Create Spinner boxes.  Use sheet-sheet and two stage approach"]
[]
[null,null,"4. Normalize Cash Flow wih adjustments for each of the components"]
[null,null,"5. Normalize for Stable ROIC using ROIC x Inv Cap = NOPAT and NOPAT = EBIT/(1-t) and EBITDA = EBIT + Dep"]

{"sheet":"Summary","index":2,"n_rows":27,"n_cols":6,"rows_kept":27,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Valuation Assumptions",null,null,null,{"$f":"'Audit Sheet'!E10","v":"Model OK"}]
[null,null,"WACC",{"$f":"'Master Scenario'!D4","v":8.4500000000000006E-2}]
[null,null,"Terminal Growth",{"$f":"'S. Cement Fin.Model'!G148","v":0.02}]
[null,null,"Terminal EV/EBITDA",{"$f":"'S. Cement Fin.Model'!$G$149","v":11}]
[null,null,"Stable ROIC",{"$f":"'S. Cement Fin.Model'!$G$152","v":0.21150000000000002}]
[]
[null,null,"Apply Normalized Cash Flow",{"$f":"'S. Cement Fin.Model'!G154","v":false}]
[null,null,"Use Normalized ROIC",{"$f":"'S. Cement Fin.Model'!G155","v":false}]
[]
[null,null,"Terminal Year",{"$f":"'S. Cement Fin.Model'!G4","v":2018}]
[]
[]
[null,null,null,"Growth","EV/EBITDA","Value Driver"]
[null,null,"Valuation",{"$f":"'S. Cement Fin.Model'!G251","v":118.13240661762984},{"$f":"'S. Cement Fin.Model'!G253","v":102.03431908946267},{"$f":"'S. Cement Fin.Model'!G254","v":108.34277009779784}]
[]
[null,null,"Implied P/E Ratio",{"$f":"TRANSPOSE('S. Cement Fin.Model'!I266:I268)","v":16.086036551400149},13.893967230202641,14.752986159963886]
[null,null,"Implied EV/EBITDA Ratio",{"$f":"TRANSPOSE('S. Cement Fin.Model'!I261:I263)","v":13.208198840747258},11.428733189270089,12.126062723832325]
[]
[null,null,"Terminal EV/EBITDA Ratio",{"$f":"'S. Cement Fin.Model'!I257","v":13.415212615974841},{"$f":"'S. Cement Fin.Model'!I258","v":11},{"$f":"'S. Cement Fin.Model'!I259","v":11.946463388022408}]
[]
[null,null,"Current Price",{"$f":"'S. Cement Fin.Model'!G160","v":113}]
[null,null,"Future P/E Ratio",{"$f":"'S. Cement Fin.Model'!G161","v":15}]
[null,null,"Prospective Earnings",{"$f":"'S. Cement Fin.Model'!G272","v":8.5279406453742261}]
[null,null,"Target Price",{"$f":"'S. Cement Fin.Model'!G273","v":127.91910968061339}]
[]
[null,null,"Equity IRR",{"$f":"'S. Cement Fin.Model'!G275","v":8.4022194805783323E-2}]

{"sheet":"Master Scenario","index":3,"n_rows":39,"n_cols":15,"rows_kept":39,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,null,"Code No.",1]
[null,null,"WACC",{"$f":"'S. Cement Fin.Model'!G147","v":8.4500000000000006E-2}]
[null,null,"Terminal growth ",{"$f":"'S. Cement Fin.Model'!G148","v":0.02}]
[]
[null,null,null,1,2,3,4,5,6,7,null,"Growth","EV/EBITDA","Value Driver","Equity"]
[null,null,null,"Sales Gr.","COGS Mgn.","Admin Exp.","A/R Turn","Inventory Turn","A/P Turnover","CAPEX To Sales",null,"Share Value ","Share Value ","Share Value ","IRR"]
[null,null,null,null,null,null,null,null,null,null,null,{"$f":"'S. Cement Fin.Model'!G251","v":118.13240661762984},{"$f":"Summary!$E$15","v":102.03431908946267},{"$f":"Summary!$F$15","v":108.34277009779784},{"$f":"Summary!$D$27","v":8.4022194805783323E-2}]
[null,null," Base Case",2,1,4.4999999999999998E-2,0.15,0.75,0.9,7.0000000000000007E-2,1,116.31711301421291,99.513212223362714,105.58347729795774,7.7809873596814239E-2]
[null,null," Low Case",4,2,0.05,0.2,0.9,0.8,0.08,2,76.926451351774176,69.804200942929498,70.545996428577666,-2.9057703918240807E-2]
[null,null," High Case",3,3,0.03,0.13,0.6,1.2,0.03,3,154.9867614678561,123.64933105695532,134.32743459686048,0.14293831104248667]
[null,1,{"$f":"TRANSPOSE(D8:J8)&C11","v":"Sales Gr. Low Case"},{"$f":"IF($B13=D$7,D$11,D$10)","v":4},1,4.4999999999999998E-2,0.15,0.75,0.9,7.0000000000000007E-2,4,111.12037713459529,94.711760702551004,99.860856495428123,6.1210750795205326E-2]
[null,2,"COGS Mgn. Low Case",2,2,4.4999999999999998E-2,0.15,0.75,0.9,7.0000000000000007E-2,5,87.668712076440258,77.249482070913956,79.069077531099595,-4.6844932237528614E-3]
[null,3,"Admin Exp. Low Case",2,1,0.05,0.15,0.75,0.9,7.0000000000000007E-2,6,115.17692416816568,98.625439384393744,104.5438948299027,7.4938915408389706E-2]
[null,4,"A/R Turn Low Case",2,1,4.4999999999999998E-2,0.2,0.75,0.9,7.0000000000000007E-2,7,115.2254663143643,98.777282926048812,104.84754800064384,7.7248112421303583E-2]
[null,5,"Inventory Turn Low Case",2,1,4.4999999999999998E-2,0.15,0.9,0.9,7.0000000000000007E-2,8,115.13813457837638,98.718408582263706,104.78867365685873,7.7203135672312628E-2]
[null,6,"A/P Turnover Low Case",2,1,4.4999999999999998E-2,0.15,0.75,0.8,7.0000000000000007E-2,9,115.53112739032191,98.983343129296699,105.05360820389173,7.7405489176401332E-2]
[null,7,"CAPEX To Sales Low Case",2,1,4.4999999999999998E-2,0.15,0.75,0.9,0.08,10,113.97278942087044,99.009637914518507,104.83469940769123,7.6404460963196197E-2]
[null,1,{"$f":"TRANSPOSE(D8:J8)&C12","v":"Sales Gr. High Case"},{"$f":"IF($B20=D$7,D$12,D$10)","v":3},1,4.4999999999999998E-2,0.15,0.75,0.9,7.0000000000000007E-2,11,129.71582676338952,111.39789782797421,119.84167511914895,0.11605200126332593]
[null,2,"COGS Mgn. High Case",2,3,4.4999999999999998E-2,0.15,0.75,0.9,7.0000000000000007E-2,12,121.19803569159794,103.40581391658694,110.08331750752612,9.008477814615401E-2]
[null,3,"Admin Exp. High Case",2,1,0.03,0.15,0.75,0.9,7.0000000000000007E-2,13,119.73767955235455,102.17653074026964,108.70222470212282,8.6309708393166984E-2]
[null,4,"A/R Turn High Case",2,1,4.4999999999999998E-2,0.13,0.75,0.9,7.0000000000000007E-2,14,116.75377169415233,99.807583942288261,105.87784901688329,7.8042902084025867E-2]
[null,5,"Inventory Turn High Case",2,1,4.4999999999999998E-2,0.15,0.6,0.9,7.0000000000000007E-2,15,117.49609145004941,100.30801586446172,106.37828093905675,7.8846728496536622E-2]
[null,6,"A/P Turnover High Case",2,1,4.4999999999999998E-2,0.15,0.75,1.2,7.0000000000000007E-2,16,118.67506988588589,101.10281950556075,107.17308458015576,7.9517348737255356E-2]
[null,7,"CAPEX To Sales High Case",2,1,4.4999999999999998E-2,0.15,0.75,0.9,0.03,17,125.69440738758277,101.52750945873954,108.57858885902367,8.2490719947545088E-2]
[]
[null,null,{"$f":"INDEX(C10:C27,$D$3)","v":" Base Case"},2,1,4.4999999999999998E-2,0.15,0.75,0.9,7.0000000000000007E-2]
[]
[]
[]
[null,null,null,"Low vs Base","High vs Base"]
[null,null,{"$f":"TRANSPOSE(D8:J8)","v":"Sales Gr."},{"$f":"L13-$L$10","v":-5.19673587961762},{"$f":"L20-$L$10","v":13.398713749176608}]
[null,null,"COGS Mgn.",{"$f":"L14-$L$10","v":-28.648400937772649},{"$f":"L21-$L$10","v":4.8809226773850298}]
[null,null,"Admin Exp.",-1.1401888460472236,3.4205665381416424]
[null,null,"A/R Turn",-1.0916466998486101,0.43665867993942697]
[null,null,"Inventory Turn",-1.1789784358365267,1.1789784358364983]
[null,null,"A/P Turnover",-0.78598562389099413,2.3579568716729824]
[null,null,"CAPEX To Sales",-2.344323593342466,9.3772943733698639]

{"sheet":"S. Cement Fin.Model","index":4,"n_rows":387,"n_cols":23,"rows_kept":387,"cut":false,"hidden":false,"merged":[]}
[null,null,"Timeline"]
[null,null,null,"Year",null,null,null,null,null,2010,{"$f":"J2+1","v":2011},{"$f":"K2+1","v":2012},2013,2014,2015,2016,2017,2018,2019,2020,2021,2022,2023]
[null,null,null,"Historic Period",null,null,2013,null,null,{"$f":"J2<=$G$3","v":true},{"$f":"K2<=$G$3","v":true},true,true,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Projection Period",null,null,2018,null,null,{"$f":"AND(J2>$G$3,J2<=$G$4)","v":false},{"$f":"AND(K2>$G$3,K2<=$G$4)","v":false},false,false,true,true,true,true,true,false,false,false,false,false]
[null,null,null,"Terminal period",null,null,{"$f":"G4","v":2018},null,null,{"$f":"J2=$G$5","v":false},{"$f":"K2=$G$5","v":false},false,false,false,false,false,false,true,false,false,false,false,false]
[]
[null,null,"Historical Statements"]
[null,null,null,null,null,"BALANCE SHEET",null,null,null,"2010-12-31","2011-12-31","2012-12-31","2013-12-31"]
[null,null,null,null,null,"Current Assets",null,null,null,345095,457228,478893,449854]
[null,null,null,null,null,"Inventory",null,null,null,525381,478867,322714,536554]
[null,null,null,null,null,"Investments",null,null,null,68836,79215,97506,91464]
[null,null,null,null,null,"Fixed Assets",null,null,null,3677361,3583609,3434049,3293023]
[null,null,null,null,null,"Other Assets",null,null,null,0,0,0,0]
[null,null,null,null,null,"Total Assets",null,null,null,4616673,4598919,4333162,4370895]
[null,null,null,null,null,"Current Liabilities - A/P",null,null,null,735555,824477,767386,841467]
[null,null,null,null,null,"Debt",null,null,null,509880,492177,407922,320982]
[null,null,null,null,null,"Other Liabilities",null,null,null,0,0,0,0]
[null,null,null,null,null,"Shareholders Equity",null,null,null,3371238,3282265,3157854,3208446]
[null,null,null,null,null,"Minority Interests",null,null,null,0,0,0,0]
[null,null,null,null,null,"Total Liabilities and Shareholder Equity",null,null,null,4616673,4598919,4333162,4370895]
[null,null,null,null,null,"All figures are in",null,null,null,"Thousand","Thousand","Thousand","Thousands"]
[null,null,null,null,null,"Currency",null,null,null,"SAR","SAR","SAR","SAR"]
[null,null,null,null,null,"STATEMENT OF INCOME",null,null,null,"2010-12-31","2011-12-31","2012-12-31","2013-12-31"]
[null,null,null,null,null,"Sales",null,null,null,1526151,1716095,2203447,2187255]
[null,null,null,null,null,"Sales Cost",null,null,null,757245,765095,974237,902993]
[null,null,null,null,null,"Total Income",null,null,null,768906,951000,1229210,1284262]
[null,null,null,null,null,"Other Revenues",null,null,null,16572,4906,14980,-2009]
[null,null,null,null,null,"Total Revenues",null,null,null,785478,955906,1244190,1282253]
[null,null,null,null,null,"Admin and Marketing Expenses",null,null,null,87518,85928,87153,97887]
[null,null,null,null,null,"Depreciation",null,null,null,0,0,0,0]
[null,null,null,null,null,"Financial Expenses",null,null,null,21522,17414,14585,13335]
[null,null,null,null,null,"Total Expenses",null,null,null,109040,103342,101738,111222]
[null,null,null,null,null,"Net Income Before Zakat",null,null,null,676438,852564,1142452,1171031]
[null,null,null,null,null,"Zakat",null,null,null,16911,21337,40663,47239]
[null,null,null,null,null,"Net Income",null,null,null,659527,831227,1101789,1123792]
[null,null,null,null,null,"Balance First Period",null,null,null,1111696,1193085,1023190,792854]
[null,null,null,null,null,"Reserves",null,null,null,65953,83122,105925,0]
[null,null,null,null,null,"Cash Dividends",null,null,null,612000,688500,535500,535500]
[null,null,null,null,null,"Other Distributions",null,null,null,512185,920200,1226200,1073200]
[null,null,null,null,null,"Balance End Period",null,null,null,581085,332490,257354,307946]
[null,null,null,null,null,"All figures are in",null,null,null,"Thousand","Thousand","Thousand","Thousands"]
[null,null,null,null,null,"Currency",null,null,null,"SAR","SAR","SAR","SAR"]
[null,null,null,null,null,"CASH FLOWS",null,null,null,"2010-12-31","2011-12-31","2012-12-31","2013-12-31"]
[null,null,null,null,null,"Net Income",null,null,null,676438,853494,1142452,1171031]
[null,null,null,null,null,"Depreciation",null,null,null,212753,186262,200747,199999]
[null,null,null,null,null,"Accounts Receivable",null,null,null,-51791,28918,-26700,-84270]
[null,null,null,null,null,"Inventory",null,null,null,120328,46514,156153,-213840]
[null,null,null,null,null,"Prepaid Expenses",null,null,null,0,0,0,0]
[null,null,null,null,null,"Accounts Payable",null,null,null,-37560,21406,6182,26133]
[null,null,null,null,null,"Other Changes in Oper. Activity",null,null,null,-27925,-18605,-46874,-24213]
[null,null,null,null,null,"Purchases of Fixed Assets",null,null,null,-66370,-92581,-59021,-56771]
[null,null,null,null,null,"Other Changes in Investing Act.",null,null,null,15159,-11408,202,3750]
[null,null,null,null,null,"Increase in Debts",null,null,null,-582392,43200,-150000,-60000]
[null,null,null,null,null,"Other Changes in Financing Act.",null,null,null,-354717,-916222,-1228176,-1075128]
[null,null,null,null,null,"Cash at Begining of Period",null,null,null,186816,90739,231717,226682]
[null,null,null,null,null,"Cash at End of Period",null,null,null,90739,231717,226682,113373]
[null,null,null,null,null,"All figures are in",null,null,null,"Thousand","Thousand","Thousand","Thousands"]
[null,null,null,null,null,"Currency",null,null,null,"SAR","SAR","SAR","SAR"]
[null,null,null,null,null,"Shares ",null,null,null,{"$f":"Financials!C32","v":153022.50580046405},{"$f":"Financials!D32","v":153080.47882136281},{"$f":"Financials!E32","v":153026.25},{"$f":"L59","v":153026.25}]
[]
[null,null,"Operating Assumptions"]
[null,0,null,"Sales Growth"]
[null,{"$f":"B62+A63","v":0},null,null,"Historic",null,null,null,null,null,{"$f":"IF(K3,K24/J24-1)","v":0.12445950630049052},0.28398894000623498,-7.3484862581219001E-3,false,false,false,false,false,false,false,false,false,false]
[null,{"$f":"B63+A64","v":0},null,null,"Projected"]
[null,0,null,1,null,"Base Case",null,null,0.04,null,{"$f":"$I$65","v":0.04},0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04]
[null,0,null,2,null,"Analyst Report",null,null,null,null,null,null,null,{"$f":"'Analyst Report'!E17","v":4.1152263374485631E-2},{"$f":"'Analyst Report'!F17","v":1.6600790513833896E-2},{"$f":"'Analyst Report'!G17","v":2.8382581648522587E-2},0.04,0.04,0.04,0.04,0.04,0.04,0.04]
[null,0,null,3,null,"High Case",null,null,null,null,null,null,null,0.04,0.06,0.08,0.08,0.08,0.05,0.05,0.05,0.05,0.05]
[null,0,null,4,null,"Low Case",null,null,null,null,null,null,null,0.01,0.03,0.02,0.01,0.01,0.01,0.01,0.01,0.01,0.01]
[null,0]
[null,0,null,null,null,{"$f":"INDEX(F65:F68,$I$70)","v":"Analyst Report"},null,null,{"$f":"'Master Scenario'!D28","v":2},null,{"$f":"INDEX(K65:K68,$I$70)","v":0},{"$f":"INDEX(L65:L68,$I$70)","v":0},0,4.1152263374485631E-2,1.6600790513833896E-2,2.8382581648522587E-2,0.04,0.04,0.04,0.04,0.04,0.04,0.04]
[null,0]
[true,1,null,null,null,{"$f":"\"History & Projected \"&D62","v":"History & Projected Sales Growth"},null,null,null,null,{"$f":"IF(K3,K63,K70)","v":0.12445950630049052},{"$f":"IF(L3,L63,L70)","v":0.28398894000623498},-7.3484862581219001E-3,4.1152263374485631E-2,1.6600790513833896E-2,2.8382581648522587E-2,0.04,0.04,0.04,0.04,0.04,0.04,0.04]
[null,1]
[true,2,null,null,null,"Other Revenue",null,null,null,{"$f":"IF(J3,J27,I74)","v":16572},4906,14980,-2009,-2009,-2009,-2009,-2009,-2009,-2009,-2009,-2009,-2009,-2009]
[null,2]
[null,2,null,"COGS"]
[null,2,null,null,"Income Amount",null,null,null,null,{"$f":"IF(J3,J25)","v":757245},765095,974237,902993,false,false,false,false,false,false,false,false,false,false]
[null,2,null,null,"Less Depreciation Expense",null,null,null,null,{"$f":"IF(J3,J45)","v":212753},186262,200747,199999,false,false,false,false,false,false,false,false,false,false]
[null,2,null,null,"Cash COGS",null,null,null,null,{"$f":"J77-J78","v":544492},{"$f":"K77-K78","v":578833},773490,702994,0,0,0,0,0,0,0,0,0,0]
[null,2]
[null,2,null,null,"Historic %",null,null,null,null,{"$f":"IF(J3,J79/J24)","v":0.35677465729144758},0.3372965948854813,0.35103635349522816,0.32140468303878605,false,false,false,false,false,false,false,false,false,false]
[null,2,null,null,"Projected %"]
[null,2,null,1,null,"Base",null,null,0.36,{"$f":"$I$83","v":0.36},0.36,0.36,0.36,0.36,0.36,0.36,0.36,0.36,0.36,0.36,0.36,0.36,0.36]
[null,2,null,2,null,"Low",null,null,null,null,null,null,null,0.4,0.44,0.48,0.5,0.5,0.5,0.5,0.5,0.5,0.5]
[null,2,null,3,null,"High",null,null,null,null,null,null,null,0.32,0.33,0.34,0.34,0.34,0.34,0.34,0.34,0.34,0.34]
[null,2]
[null,2,null,null,null,{"$f":"INDEX(F83:F85,$I$87)","v":"Base"},null,null,{"$f":"'Master Scenario'!E28","v":1},{"$f":"INDEX(J83:J85,$I$87)","v":0.36},{"$f":"INDEX(K83:K85,$I$87)","v":0.36},0.36,0.36,0.36,0.36,0.36,0.36,0.36,0.36,0.36,0.36,0.36,0.36]
[null,2]
[true,3,null,null,null,{"$f":"\"History & Projected \"&D76","v":"History & Projected COGS"},null,null,null,{"$f":"IF(J3,J81,J87)","v":0.35677465729144758},{"$f":"IF(K3,K81,K87)","v":0.3372965948854813},0.35103635349522816,0.32140468303878605,0.36,0.36,0.36,0.36,0.36,0.36,0.36,0.36,0.36,0.36]
[null,3]
[null,3,null,"Admin & Mkt. Expenses"]
[null,3,null,null,"Adm.Exp. As a % of Sales",null,null,null,null,{"$f":"IF(J3,J29/J24)","v":5.7345570654542044E-2},5.0071820033273214E-2,3.9553027597214727E-2,4.4753355232928949E-2,false,false,false,false,false,false,false,false,false,false]
[null,3,null,null,"Projected Adm. Exp. As % Sales",null,null,null,{"$f":"'Master Scenario'!F28","v":4.4999999999999998E-2},{"$f":"$I$93","v":4.4999999999999998E-2},{"$f":"$I$93","v":4.4999999999999998E-2},4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2]
[null,3]
[true,4,null,null,null,{"$f":"\"History & Projected \"&D91","v":"History & Projected Admin & Mkt. Expenses"},null,null,null,{"$f":"IF(J3,J92,J93)","v":5.7345570654542044E-2},5.0071820033273214E-2,3.9553027597214727E-2,4.4753355232928949E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2]
[null,4]
[null,4,null,"Working Capital"]
[null,4,null,null,"C. Assets Less Cash",null,null,null,null,{"$f":"J9-J56","v":254356},225511,252211,336481,0,0,0,0,0,0,0,0,0,0]
[null,4,null,null,"A/R Turnover"]
[null,4,null,null,null,"Historic ",null,null,null,{"$f":"IF(J3,J98/J24)","v":0.16666502855877302},0.13140939167120702,0.11446202245844805,0.15383711547121848,false,false,false,false,false,false,false,false,false,false]
[null,4,null,null,null,"Projected",null,null,{"$f":"'Master Scenario'!G28","v":0.15},{"$f":"$I$101","v":0.15},{"$f":"$I$101","v":0.15},0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15]
[true,5,null,null,null,{"$f":"\"History & Projected \"&D97","v":"History & Projected Working Capital"},null,null,null,{"$f":"IF(J3,J100,J101)","v":0.16666502855877302},0.13140939167120702,0.11446202245844805,0.15383711547121848,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15]
[null,5]
[null,5,null,null,"inventory Turnover"]
[null,5,null,null,null,"Historic ",null,null,null,{"$f":"IF(J3,J10/J79)","v":0.96490122903550468},0.82729733791957261,0.41721806358194674,0.76324122254243987,false,false,false,false,false,false,false,false,false,false]
[null,5,null,null,null,"Projected",null,null,{"$f":"'Master Scenario'!H28","v":0.75},{"$f":"$I$106","v":0.75},{"$f":"$I$106","v":0.75},0.75,0.75,0.75,0.75,0.75,0.75,0.75,0.75,0.75,0.75,0.75,0.75]
[true,6,null,null,null,{"$f":"\"History & Projected \"&E104","v":"History & Projected inventory Turnover"},null,null,null,{"$f":"IF(J3,J105,J106)","v":0.96490122903550468},0.82729733791957261,0.41721806358194674,0.76324122254243987,0.75,0.75,0.75,0.75,0.75,0.75,0.75,0.75,0.75,0.75]
[null,6]
[null,6,null,"A/P Turnover"]
[null,6,null,null,"Historic ",null,null,null,null,{"$f":"IF(J3,J15/J79)","v":1.3509013906540408},1.4243780157662054,0.99210849526173572,1.1969760766094732,false,false,false,false,false,false,false,false,false,false]
[null,6,null,null,"Projected",null,null,null,{"$f":"'Master Scenario'!I28","v":0.9},{"$f":"$I$111","v":0.9},{"$f":"$I$111","v":0.9},0.9,0.9,0.9,0.9,0.9,0.9,0.9,0.9,0.9,0.9,0.9,0.9]
[true,7,null,null,null,{"$f":"\"History & Projected \"&D109","v":"History & Projected A/P Turnover"},null,null,null,{"$f":"IF(J3,J110,J111)","v":1.3509013906540408},1.4243780157662054,0.99210849526173572,1.1969760766094732,0.9,0.9,0.9,0.9,0.9,0.9,0.9,0.9,0.9,0.9]
[null,7]
[null,7,null,"Capex To Sales"]
[null,7,null,null,"Historic ",null,null,null,null,{"$f":"-IF(J3,J51/J24)","v":4.3488488360588169E-2},5.394864503422013E-2,2.6785758858733612E-2,2.5955364143641229E-2,0,0,0,0,0,0,0,0,0,0]
[null,7,null,null,"Projected",null,null,null,{"$f":"'Master Scenario'!J28","v":7.0000000000000007E-2},{"$f":"$I$116","v":7.0000000000000007E-2},{"$f":"$I$116","v":7.0000000000000007E-2},7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[true,8,null,null,null,{"$f":"\"History & Projected \"&D114","v":"History & Projected Capex To Sales"},null,null,null,{"$f":"IF(J3,J115,J116)","v":4.3488488360588169E-2},5.394864503422013E-2,2.6785758858733612E-2,2.5955364143641229E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[null,8]
[null,8]
[null,8,null,"Zakat %"]
[null,8,null,null,"Historic ",null,null,null,null,{"$f":"IF(J3,J34/J33)","v":2.5000073916604332E-2},2.5026860153607236E-2,3.5592742627261365E-2,4.0339666499008137E-2,false,false,false,false,false,false,false,false,false,false]
[null,8,null,null,"Projected",null,null,null,{"$f":"AVERAGEIF(3:3,TRUE,121:121)","v":3.1489835799120264E-2},{"$f":"$I$122","v":3.1489835799120264E-2},{"$f":"$I$122","v":3.1489835799120264E-2},3.1489835799120264E-2,3.1489835799120264E-2,3.1489835799120264E-2,3.1489835799120264E-2,3.1489835799120264E-2,3.1489835799120264E-2,3.1489835799120264E-2,3.1489835799120264E-2,3.1489835799120264E-2,3.1489835799120264E-2,3.1489835799120264E-2,3.1489835799120264E-2]
[true,9,null,null,null,{"$f":"\"History & Projected \"&D120","v":"History & Projected Zakat %"},null,null,null,{"$f":"IF(J3,J121,J122)","v":2.5000073916604332E-2},2.5026860153607236E-2,3.5592742627261365E-2,4.0339666499008137E-2,3.1489835799120264E-2,3.1489835799120264E-2,3.1489835799120264E-2,3.1489835799120264E-2,3.1489835799120264E-2,3.1489835799120264E-2,3.1489835799120264E-2,3.1489835799120264E-2,3.1489835799120264E-2,3.1489835799120264E-2]
[null,9]
[null,9,null,"Depreciation Rate"]
[null,9,null,null,"Historic ",null,null,null,null,null,{"$f":"IF(K3,K45/J12)","v":5.0650996733799046E-2},5.6018109118489208E-2,5.8239995993068241E-2,false,false,false,false,false,false,false,false,false,false]
[null,9,null,null,"Projected",null,null,null,5.8000000000000003E-2,{"$f":"$I$127","v":5.8000000000000003E-2},{"$f":"$I$127","v":5.8000000000000003E-2},5.8000000000000003E-2,5.8000000000000003E-2,5.8000000000000003E-2,5.8000000000000003E-2,5.8000000000000003E-2,5.8000000000000003E-2,5.8000000000000003E-2,5.8000000000000003E-2,5.8000000000000003E-2,5.8000000000000003E-2,5.8000000000000003E-2,5.8000000000000003E-2]
[true,{"$f":"B127+A128","v":10},null,null,null,{"$f":"\"History & Projected \"&D125","v":"History & Projected Depreciation Rate"},null,null,null,null,{"$f":"IF(K3,K126,K127)","v":5.0650996733799046E-2},5.6018109118489208E-2,5.8239995993068241E-2,5.8000000000000003E-2,5.8000000000000003E-2,5.8000000000000003E-2,5.8000000000000003E-2,5.8000000000000003E-2,5.8000000000000003E-2,5.8000000000000003E-2,5.8000000000000003E-2,5.8000000000000003E-2,5.8000000000000003E-2]
[null,10]
[null,10,"Finance Assumptions"]
[null,10,null,"Interest Expense Rate"]
[null,10,null,null,"Historic Debt",null,null,null,null,{"$f":"IF(J3,J16)","v":509880},{"$f":"IF(K3,K16)","v":492177},407922,320982,false,false,false,false,false,false,false,false,false,false]
[null,10,null,null,"Financing Expenses",null,null,null,null,{"$f":"IF(J3,J31)","v":21522},{"$f":"IF(K3,K31)","v":17414},14585,13335,false,false,false,false,false,false,false,false,false,false]
[null,10,null,null,"Historic Interest Rate",null,null,null,null,null,{"$f":"IF(K3,K133/J132)","v":3.4153134070761745E-2},2.9633648057507768E-2,3.2690073102210719E-2,false,false,false,false,false,false,false,false,false,false]
[null,10,null,null,"Projected",null,null,null,0.06,{"$f":"$I$135","v":0.06},{"$f":"$I$135","v":0.06},0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06]
[true,11,null,null,null,{"$f":"\"History & Projected \"&D131","v":"History & Projected Interest Expense Rate"},null,null,null,{"$f":"IF(J3,J134,J135)","v":0},{"$f":"IF(K3,K134,K135)","v":3.4153134070761745E-2},2.9633648057507768E-2,3.2690073102210719E-2,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06]
[null,11]
[null,11,null,"Interest Income Rate"]
[true,12,null,null,null,{"$f":"\"Projected \"&D138","v":"Projected Interest Income Rate"},null,null,null,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
[null,12]
[null,12,null,"Dividend Payout Ratio"]
[null,12,null,null,"Historic ",null,null,null,null,{"$f":"IF(J3,J38/J44)","v":0.90473923700324343},{"$f":"IF(K3,K38/K44)","v":0.8066840540179544},0.4687286643114984,0.45728934588409703,false,false,false,false,false,false,false,false,false,false]
[null,12,null,null,"Projected",null,null,null,0.9,{"$f":"$I$143","v":0.9},{"$f":"$I$143","v":0.9},0.9,0.9,0.9,0.9,0.9,0.9,0.9,0.9,0.9,0.9,0.9,0.9]
[true,13,null,null,null,{"$f":"\"Projected \"&D141","v":"Projected Dividend Payout Ratio"},null,null,null,{"$f":"IF(J3,J142,J143)","v":0.90473923700324343},{"$f":"IF(K3,K142,K143)","v":0.8066840540179544},0.4687286643114984,0.45728934588409703,0.9,0.9,0.9,0.9,0.9,0.9,0.9,0.9,0.9,0.9]
[]
[null,null,"Valuation Assumptions"]
[null,null,null,null,null,"WACC",{"$f":"I147/10000","v":8.4500000000000006E-2},null,845]
[null,null,null,null,null,"Growth",{"$f":"I148/1000","v":0.02},null,20]
[null,null,null,null,null,"Terminal EV/EBITDA",{"$f":"I149/10","v":11},null,110]
[]
[null,null,null,null,null,"ROIC/WACC Premium",{"$f":"I151/1000","v":0.127},null,127]
[null,null,null,null,null,"ROIC",{"$f":"G151+G147","v":0.21150000000000002}]
[]
[null,null,null,null,null,"Apply Normalized Cash Flow",false]
[null,null,null,null,null,"Use Normalized ROIC",false]
[]
[null,null,null,null,null,"Plant Life",30]
[null,null,null,null,null,"Cap Exp to Depreciation",{"$f":"cap_exp_depreciation_simple(G157,G148,2)","v":1.3262353156456324}]
[]
[null,null,null,null,null,"Current Stock Price",113]
[null,null,null,null,null,"Proespective P/E Ratio",{"$f":"I161/10","v":15},null,150]
[]
[null,0,"Pre-tax Cash Flow"]
[null,{"$f":"B163+A164","v":0},null,"Revenue"]
[true,1,null,null,"Growth Rate",null,null,null,null,{"$f":"J72","v":0},0.12445950630049052,0.28398894000623498,-7.3484862581219001E-3,4.1152263374485631E-2,1.6600790513833896E-2,2.8382581648522587E-2,0.04,0.04,0.04,0.04,0.04,0.04,0.04]
[null,1,null,null,"Total",null,null,null,null,{"$f":"J24","v":1526151},{"$f":"J166*(1+K165)","v":1716095},{"$f":"K166*(1+L165)","v":2203447},2187255,2277265.4938271604,2315069.9012345676,2380777.5617283951,2476008.6641975311,2575049.0107654324,2678050.9711960498,2785173.0100438921,2896579.9304456478,3012443.1276634736,3132940.8527700128]
[null,1]
[true,2,null,null,"Other Revenue",null,null,null,null,{"$f":"J74","v":16572},4906,14980,-2009,-2009,-2009,-2009,-2009,-2009,-2009,-2009,-2009,-2009,-2009]
[null,2]
[null,2,null,"Operating Expenses"]
[null,2,null,null,"COGS%",null,null,null,null,{"$f":"J89","v":0.35677465729144758},0.3372965948854813,0.35103635349522816,0.32140468303878605,0.36,0.36,0.36,0.36,0.36,0.36,0.36,0.36,0.36,0.36]
[true,3,null,null,"COGS",null,null,null,null,{"$f":"J171*J166","v":544492},{"$f":"K171*K166","v":578833},773490,702994,819815.57777777768,833425.16444444435,857079.9222222222,891363.11911111115,927017.6438755556,964098.34963057796,1002662.2836158011,1042768.7749604331,1084479.5259588505,1127858.7069972046]
[null,3]
[null,3,null,null,"Admin %",null,null,null,null,{"$f":"J95","v":5.7345570654542044E-2},5.0071820033273214E-2,3.9553027597214727E-2,4.4753355232928949E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2]
[true,4,null,null,"Admin Cost",null,null,null,null,{"$f":"J174*J166","v":87518},{"$f":"K174*K166","v":85928},87153,97887.000000000015,102476.94722222221,104178.14555555554,107134.99027777778,111420.38988888889,115877.20548444445,120512.29370382224,125332.78545197514,130346.09687005414,135559.94074485631,140982.33837465057]
[null,4,null,null,"Total Expenses",null,null,null,null,{"$f":"J172+J175","v":632010},{"$f":"K172+K175","v":664761},860643,800881,922292.52499999991,937603.30999999994,964214.91249999998,1002783.5090000001,1042894.8493600001,1084610.6433344001,1127995.0690677762,1173114.8718304872,1220039.4667037069,1268841.0453718551]
[null,4]
[true,5,null,null,"EBITDA",null,null,null,null,{"$f":"J166+J168-J172-J175","v":910713},{"$f":"K166+K168-K172-K175","v":1056240},1357784,1384365,1352963.9688271605,1375457.5912345678,1414553.649228395,1471216.155197531,1530145.1614054323,1591431.3278616497,1655168.9409761159,1721456.0586151606,1790394.6609597667,1862090.8073981577]
[null,5]
[null,5,null,"Working Capital Calc."]
[null,5,null,null,"A/R Level",null,null,null,null,{"$f":"J166*J102","v":254356},225511,252211,336480.99999999994,341589.82407407404,347260.48518518516,357116.63425925927,371401.29962962965,386257.35161481483,401707.64567940746,417775.95150658378,434486.98956684716,451866.46914952103,469941.12791550189]
[null,5,null,null,"Inventory Level",null,null,null,null,{"$f":"J172*J107","v":525381},478866.99999999994,322714,536554,614861.68333333323,625068.87333333329,642809.94166666665,668522.33933333331,695263.2329066667,723073.76222293347,751996.71271185088,782076.58122032485,813359.64446913789,845894.03024790343]
[null,5,null,null,"A/P Level",null,null,null,null,{"$f":"J172*J112","v":735555},824477,767386,841467,737834.0199999999,750082.64799999993,771371.93,802226.80720000004,834315.87948800006,867688.51466752018,902396.05525422108,938491.8974643898,976031.57336296549,1015072.8362974841]
[null,5,null,null,"Working Capital",null,null,null,null,{"$f":"J181+J182-J183","v":44182},{"$f":"K181+K182-K183","v":-120099},-192461,31568,218617.48740740737,222246.71051851858,228554.64592592593,237696.83176296286,247204.70503348147,257092.89323482069,267376.60896421352,278071.67332278227,289194.54025569337,300762.32186592114]
[null,5,null,null,"Change in Working Capital",null,null,null,null,null,{"$f":"K184-J184","v":-164281},{"$f":"L184-K184","v":-72362},224029,187049.48740740737,3629.2231111112051,6307.935407407349,9142.18583703693,9507.8732705186121,9888.1882013392169,10283.715729392832,10695.06435856875,11122.8669329111,11567.781610227772]
[null,5]
[null,5,null,"CAPEX Calculation"]
[null,5,null,null,"CAPEX To Sales",null,null,null,null,{"$f":"J117","v":4.3488488360588169E-2},5.394864503422013E-2,2.6785758858733612E-2,2.5955364143641229E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[true,6,null,null,"Total CAPEX",null,null,null,null,{"$f":"J188*J166","v":66370},{"$f":"K188*K166","v":92581},59021,56770.999999999993,159408.58456790124,162054.89308641976,166654.42932098766,173320.60649382719,180253.43075358029,187463.56798372351,194962.11070307245,202760.59513119535,210871.01893644317,219305.85969390091]
[null,6]
[null,6,"Depreciation and After Tax FCF "]
[null,{"$f":"B190+A192","v":6},null,"Depreciation Expense"]
[null,6,null,null,"Depreciation Rate",null,null,null,null,{"$f":"J128","v":0},5.0650996733799046E-2,5.6018109118489208E-2,5.8239995993068241E-2,5.8000000000000003E-2,5.8000000000000003E-2,5.8000000000000003E-2,5.8000000000000003E-2,5.8000000000000003E-2,5.8000000000000003E-2,5.8000000000000003E-2,5.8000000000000003E-2,5.8000000000000003E-2,5.8000000000000003E-2]
[true,7,null,null,"Depreciation Expense",null,null,null,null,{"$f":"IF(J3,J45,J193*J197)","v":212753},186262,200747,199999,190995.334,189163.30253293828,187591.01478504023,186376.69282812517,185619.43982073592,185308.2112948409,185433.22198279609,185985.89752857212,186958.82998952427,188345.73694844556]
[null,7]
[null,7,null,"Net Plant Balance"]
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[null,7,null,null,"Add CAPEX",null,null,null,null,{"$f":"J189","v":66370},{"$f":"K189","v":92581},59021,56770.999999999993,159408.58456790124,162054.89308641976,166654.42932098766,173320.60649382719,180253.43075358029,187463.56798372351,194962.11070307245,202760.59513119535,210871.01893644317,219305.85969390091]
[true,8,null,null,"Less Depreciation",null,null,null,null,{"$f":"J194","v":212753},{"$f":"K194","v":186262},200747,199999,190995.334,189163.30253293828,187591.01478504023,186376.69282812517,185619.43982073592,185308.2112948409,185433.22198279609,185985.89752857212,186958.82998952427,188345.73694844556]
[null,8,null,null,"Closing Balance",null,null,null,null,{"$f":"IF(J3,J12,J197+J198-J199)","v":3677361},3583609,3434049,3293023,3261436.2505679014,3234327.841121383,3213391.2556573306,3200335.1693230327,3194969.1602558773,3197124.51694476,3206653.4056650363,3223428.1032676594,3247340.2922145785,3278300.4149600342]
[null,8]
[true,9,null,null,"EBIT",null,null,null,null,{"$f":"J178-J194","v":697960},{"$f":"K178-K194","v":869978},1157037,1184366,1161968.6348271605,1186294.2887016295,1226962.6344433548,1284839.4623694059,1344525.7215846963,1406123.1165668089,1469735.7189933197,1535470.1610865886,1603435.8309702424,1673745.0704497122]
[null,9,null,null,"ZAKAT",null,null,null,null,{"$f":"J123","v":2.5000073916604332E-2},2.5026860153607236E-2,3.5592742627261365E-2,4.0339666499008137E-2,3.1489835799120264E-2,3.1489835799120264E-2,3.1489835799120264E-2,3.1489835799120264E-2,3.1489835799120264E-2,3.1489835799120264E-2,3.1489835799120264E-2,3.1489835799120264E-2,3.1489835799120264E-2,3.1489835799120264E-2]
[true,10,null,null,"NOPAT",null,null,null,null,{"$f":"J202*(1-J203)","v":680510.94840916689},{"$f":"K202*(1-K203)","v":848205.18225728511},1115854.8798487815,1136589.0705472357,1125378.4333127253,1148938.0763409811,1188325.7825530777,1244380.0786711634,1302186.8273843005,1361844.530512773,1423453.982534118,1487118.4578395232,1552943.8999385636,1621039.1130116638]
[null,10]
[null,10,"Valuation from FCF"]
[null,10,null,null,"EBITDA",null,null,null,null,{"$f":"J166+J168-J176","v":910713},{"$f":"K166+K168-K176","v":1056240},1357784,1384365,1352963.9688271605,1375457.5912345676,1414553.649228395,1471216.155197531,1530145.1614054323,1591431.3278616497,1655168.9409761159,1721456.0586151606,1790394.6609597667,1862090.8073981577]
[null,10,null,null,"Less Working Capital Change",null,null,null,null,{"$f":"J185","v":0},{"$f":"K185","v":-164281},-72362,224029,187049.48740740737,3629.2231111112051,6307.935407407349,9142.18583703693,9507.8732705186121,9888.1882013392169,10283.715729392832,10695.06435856875,11122.8669329111,11567.781610227772]
[null,10,null,null,"Less CAPEX",null,null,null,null,{"$f":"J189","v":66370},{"$f":"K189","v":92581},59021,56770.999999999993,159408.58456790124,162054.89308641976,166654.42932098766,173320.60649382719,180253.43075358029,187463.56798372351,194962.11070307245,202760.59513119535,210871.01893644317,219305.85969390091]
[null,10,null,null,"Less Zakat - EBIT*Zakat%",null,null,null,null,{"$f":"J202*J123","v":17449.051590833158},21772.817742714917,41182.120151218609,47776.929452764271,36590.201514435219,37356.212360648482,38636.851890277263,40459.383698242549,42338.894200395778,44278.586054036052,46281.736459201595,48351.703247065416,50491.931031678883,52705.957438048419]
[null,10,null,null,null,"Unlevered Free CF",null,null,null,{"$f":"J207-J208-J209-J210","v":826893.94840916689},{"$f":"K207-K208-K209-K210","v":1106167.1822572851},1329942.8798487815,1055788.0705472357,969915.69533741684,1172417.2626763883,1202954.4326097227,1248293.9791684244,1298044.9631809376,1349800.9856225508,1403641.3780844489,1459648.6958783311,1517908.8440587337,1578511.2086559806]
[]
[null,null,null,"Formulas for Normalization"]
[null,null,null,null,"ROIC"]
[null,null,null,null,null,"Working Capital",null,null,null,{"$f":"J184","v":44182},{"$f":"K184","v":-120099},-192461,31568,218617.48740740737,222246.71051851858,228554.64592592593,237696.83176296286,247204.70503348147,257092.89323482069,267376.60896421352,278071.67332278227,289194.54025569337,300762.32186592114]
[null,null,null,null,null,"Net Plant",null,null,null,{"$f":"J200","v":3677361},{"$f":"K200","v":3583609},3434049,3293023,3261436.2505679014,3234327.841121383,3213391.2556573306,3200335.1693230327,3194969.1602558773,3197124.51694476,3206653.4056650363,3223428.1032676594,3247340.2922145785,3278300.4149600342]
[null,null,null,null,null,"Total Invested Capital",null,null,null,{"$f":"SUM(J215:J216)","v":3721543},{"$f":"SUM(K215:K216)","v":3463510},3241588,3324591,3480053.7379753087,3456574.5516399015,3441945.9015832567,3438032.0010859957,3442173.8652893589,3454217.4101795806,3474030.0146292499,3501499.7765904418,3536534.8324702717,3579062.7368259551]
[null,null,null,null,null,"NOPAT",null,null,null,{"$f":"J204","v":680510.94840916689},{"$f":"K204","v":848205.18225728511},1115854.8798487815,1136589.0705472357,1125378.4333127253,1148938.0763409811,1188325.7825530777,1244380.0786711634,1302186.8273843005,1361844.530512773,1423453.982534118,1487118.4578395232,1552943.8999385636,1621039.1130116638]
[null,null,null,null,null,"ROIC",null,null,null,{"$f":"J218/AVERAGE(I217:J217)","v":0.18285720423199917},{"$f":"K218/AVERAGE(J217:K217)","v":0.23610269325982289},0.33283775415326711,0.34619496987433196,0.33076772605988436,0.33126701572320094,0.34451612939637305,0.36173955680537179,0.37853135579802683,0.39494410224575621,0.41091314881076008,0.42638150860208601,0.4413004442857712,0.45562978997194575]
[]
[null,null,null,null,"Working Capital"]
[null,null,null,null,null,"WC/EBITDA",null,null,null,{"$f":"J215/J207","v":4.8513637117291619E-2},{"$f":"K215/K207","v":-0.11370427175641899},-0.14174640443546249,2.2803234696051982E-2,0.16158411638775541,0.16158019842621021,0.161573685134245,0.16156485974085077,0.16155637469481976,0.16154821683714582,0.16154037352013831,0.1615328325873617,0.16152558235437683,0.16151861159025166]
[]
[null,null,null,null,"Capital Expenditues"]
[null,null,null,null,null,"Depreciation Expense",null,null,null,{"$f":"J194","v":212753},{"$f":"K194","v":186262},200747,199999,190995.334,189163.30253293828,187591.01478504023,186376.69282812517,185619.43982073592,185308.2112948409,185433.22198279609,185985.89752857212,186958.82998952427,188345.73694844556]
[null,null,null,null,null,"Book Life",30,null,null,{"$f":"$G$226","v":30},{"$f":"$G$226","v":30},30,30,30,30,30,30,30,30,30,30,30,30]
[]
[null,null,null,null,"Normalized EBITDA",null,{"$f":"G152","v":0.21150000000000002},{"$f":"G155","v":false},null,{"$f":"IF($H$228,J217*$G$228/(1-J203)+J225,J207)","v":910713},{"$f":"IF($H$228,K217*$G$228/(1-K203)+K225,K207)","v":1056240},1357784,1384365,1352963.9688271605,1375457.5912345676,1414553.649228395,1471216.155197531,1530145.1614054323,1591431.3278616497,1655168.9409761159,1721456.0586151606,1790394.6609597667,1862090.8073981577]
[null,null,null,null,"Normalized WC Changes",null,{"$f":"SUMIF(2:2,G5,222:222)","v":0.16155637469481976},{"$f":"G148","v":0.02},null,{"$f":"$G$229*($H$229/(1+$H$229))*J228","v":2884.9311895577134},{"$f":"$G$229*($H$229/(1+$H$229))*K228","v":3345.9275530913023},4301.1502089927671,4385.3527579292968,4285.8814489496308,4357.1361173789419,4480.9835172679841,4660.4774201208711,4847.1510790878719,5041.2916844135534,5243.1979139522628,5453.1803926725197,5671.5621705415851,5898.6792195254156]
[null,null,null,null,"Normalized Capital Expenditues",null,{"$f":"G157","v":30},{"$f":"G158","v":1.3262353156456324},null,{"$f":"$H$230*J225","v":282160.54210955522},{"$f":"$H$230*K225","v":247027.24236278678},266237.76090991375,265245.7368938108,253304.75707433297,250875.05224334163,248789.82870572232,247179.35204189765,246175.05636061917,245762.29409834085,245928.08768754019,246661.06551444207,247951.40290389484,249790.76789233094]
[null,null,null,null,"Normalized FCF",null,null,null,null,{"$f":"J228-J229-J230","v":625667.52670088701},{"$f":"K228-K229-K230","v":805866.83008412202},1087245.0888810933,1114733.9103482598,1095373.3303038778,1120225.4028738469,1161282.8370054048,1219376.3257355124,1279122.9539657251,1340627.7420788952,1403997.6553746236,1469341.8127080461,1536771.6958853302,1606401.3602863015]
[null,null,null,null,"Normalized NOPLAT",null,null,null,null,{"$f":"(J228-J225)*(1-J203)","v":680510.94840916689},{"$f":"(K228-K225)*(1-K203)","v":848205.18225728511},1115854.8798487815,1136589.0705472357,1125378.4333127253,1148938.0763409808,1188325.7825530777,1244380.0786711634,1302186.8273843005,1361844.530512773,1423453.982534118,1487118.4578395232,1552943.8999385636,1621039.1130116638]
[]
[null,null,null,null,null,null,{"$f":"G3","v":2013}]
[null,null,null,null,"CF over explicit period",null,{"$f":"NPV(I235,J235:W235)","v":4601934.0122086843},null,{"$f":"G147","v":8.4500000000000006E-2},{"$f":"IF(J4,J211)","v":false},false,false,false,969915.69533741684,1172417.2626763883,1202954.4326097227,1248293.9791684244,1298044.9631809376,false,false,false,false,false]
[]
[null,null,null,null,"Cash Flow for Normalization",null,{"$f":"G154","v":false},null,null,{"$f":"IF($G$237,J231,J211)","v":826893.94840916689},{"$f":"IF($G$237,K231,K211)","v":1106167.1822572851},1329942.8798487815,1055788.0705472357,969915.69533741684,1172417.2626763883,1202954.4326097227,1248293.9791684244,1298044.9631809376,1349800.9856225508,1403641.3780844489,1459648.6958783311,1517908.8440587337,1578511.2086559806]
[null,null,null,null,"Terminal value - Growth Method",null,{"$f":"NPV($I$235,J238:W238)","v":13683034.175962392},{"$f":"G148","v":0.02},{"$f":"I235","v":8.4500000000000006E-2},{"$f":"IF(J4,J5*(1+$H$238)/($I$238-$H$238)*J237)","v":false},{"$f":"IF(K4,K5*(1+$H$238)/($I$238-$H$238)*K237)","v":false},false,false,0,0,0,0,20527222.673559014,false,false,false,false,false]
[null,null,null,null,"Terminal value - EV/EBITDA Method",null,{"$f":"NPV($I$235,J239:W239)","v":11219604.209355202},{"$f":"G149","v":11},null,{"$f":"IF(J4,J228*$H$239*J5)","v":false},{"$f":"IF(K4,K228*$H$239*K5)","v":false},false,false,0,0,0,0,16831596.775459755,false,false,false,false,false]
[null,null,null,null,"Terminal value - Value Driver Method",null,{"$f":"NPV($I$235,J240:W240)","v":12184962.810469454},{"$f":"G152","v":0.21150000000000002},{"$f":"I238","v":8.4500000000000006E-2},{"$f":"IF(J4,(1-$H$238/$H$240)/($I$240-$H$238)*J232*J5)","v":false},{"$f":"IF(K4,(1-$H$238/$H$240)/($I$240-$H$238)*K232*K5)","v":false},false,false,0,0,0,0,18279823.149089634,false,false,false,false,false]
[]
[null,null,null,null,"Enterprise value - Growth",null,{"$f":"G235+G238","v":18284968.188171078}]
[null,null,null,null,"Enterprise value - EV/EBITDA",null,{"$f":"G235+G239","v":15821538.221563887}]
[null,null,null,null,"Enterprise value - Value Driver",null,{"$f":"G235+G240","v":16786896.822678138}]
[]
[null,null,null,null,"Less: Debt",null,{"$f":"-SUMIF(2:2,G3,16:16)","v":-320982}]
[null,null,null,null,"Add: Cash",null,{"$f":"SUMIF(2:2,G3,56:56)","v":113373}]
[]
[null,null,null,null,"Equity value - Growth",null,{"$f":"G242+G246+G247","v":18077359.188171078}]
[null,null,null,null,"Outstanding shares",null,{"$f":"SUMIF(2:2,G3,324:324)","v":153026.25}]
[null,null,null,null,"Share value - Growth",null,{"$f":"G249/G250","v":118.13240661762984}]
[]
[null,null,null,null,"Equity Value - EV/BTIDA",null,{"$f":"(G243+G246+G247)/G250","v":102.03431908946267}]
[null,null,null,null,"Equity Value - Value Driver",null,{"$f":"(G244+G246+G247)/G250","v":108.34277009779784}]
[]
[null,null,null,"Implied Multiples",null,null,"EBITDA","Term Val","EV/EBITDA"]
[null,null,null,null,"Terminal value - Growth Method",null,{"$f":"SUMIF(2:2,G4,207:207)","v":1530145.1614054323},{"$f":"SUMIF($2:$2,$G$4,238:238)","v":20527222.673559014},{"$f":"H257/G257","v":13.415212615974841}]
[null,null,null,null,"Terminal value - EV/EBITDA Method",null,{"$f":"G257","v":1530145.1614054323},{"$f":"SUMIF($2:$2,$G$4,239:239)","v":16831596.775459755},{"$f":"H258/G258","v":11}]
[null,null,null,null,"Terminal value - Value Driver Method",null,{"$f":"G258","v":1530145.1614054323},18279823.149089634,11.946463388022408]
[]
[null,null,null,null,"EV/EBITDA - Growth",null,{"$f":"SUMIF(2:2,G3,207:207)","v":1384365},{"$f":"G242","v":18284968.188171078},{"$f":"H261/G261","v":13.208198840747258}]
[null,null,null,null,"EV/EBITDA - Multiple",null,{"$f":"G261","v":1384365},{"$f":"G243","v":15821538.221563887},{"$f":"H262/G262","v":11.428733189270089}]
[null,null,null,null,"EV/EBITDA - Value Driver",null,{"$f":"G262","v":1384365},16786896.822678138,12.126062723832325]
[]
[null,null,null,null,null,null,"Earnings","Equity Val","P/E"]
[null,null,null,null,"P/E Ratio - Growth",null,{"$f":"SUMIF(2:2,G3,322:322)","v":1123792},{"$f":"G251*G250","v":18077359.188171078},{"$f":"H266/G266","v":16.086036551400149}]
[null,null,null,null,"P/E Ratio - EV/EBITDA",null,{"$f":"G266","v":1123792},{"$f":"G253*G250","v":15613929.221563887},{"$f":"H267/G267","v":13.893967230202641}]
[null,null,null,null,"P/E Ratio - Value Drivers",null,{"$f":"G267","v":1123792},{"$f":"G254*G250","v":16579287.822678136},14.752986159963886]
[]
[null,null,null,null,"Current Stock Price",null,{"$f":"G160","v":113},null,null,{"$f":"-$G$270*(J2=$G$3)","v":0},{"$f":"-$G$270*(K2=$G$3)","v":0},0,-113,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Dividends per Share",null,null,null,null,{"$f":"J342/J324*J4","v":0},0,0,0,6.521951811785895,6.6554365729792329,6.9337888117706665,7.3087556847276929,7.6751465808368033,0,0,0,0,0]
[null,null,null,null,"Earnings per Share",null,{"$f":"SUMIF(2:2,G4,272:272)","v":8.5279406453742261},null,null,{"$f":"J5*J325","v":0},0,0,0,0,0,0,0,8.5279406453742261,0,0,0,0,0]
[null,null,null,null,"Target Price",null,{"$f":"SUMIF(2:2,G4,273:273)","v":127.91910968061339},null,{"$f":"G161","v":15},{"$f":"$I$273*J272","v":0},{"$f":"$I$273*K272","v":0},0,0,0,0,0,0,127.91910968061339,0,0,0,0,0]
[null,null,null,null,"Cash Flow",null,null,null,null,{"$f":"J273+J270+J271","v":0},{"$f":"K273+K270+K271","v":0},0,-113,6.521951811785895,6.6554365729792329,6.9337888117706665,7.3087556847276929,135.5942562614502,0,0,0,0,0]
[null,null,null,null,"IRR",null,{"$f":"IRR(274:274)","v":8.4022194805783323E-2}]
[]
[null,null,null,null,null,null,null,null,null,{"$f":"G253","v":102.03431908946267},9,9.5,10,10.5,11,null,{"$f":"G251","v":118.13240661762984},0,0.01,0.02,0.03,0.04]
[null,null,null,null,"Implied WACC",null,null,null,null,0.08,86.917031684941904,90.450372513677507,93.983713342413125,97.517054171148743,101.05039499988435,null,0.08,98.265912031002642,109.82947438591204,125.24755752579127,146.83287392162214,179.2108485153685]
[null,null,null,null,null,null,null,null,null,0.09,84.053984660245916,87.459435082210575,90.864885504175234,94.270335926139879,97.675786348104538,null,0.09,86.965842905078745,95.71445075080554,106.96266083816856,121.96027428798591,142.95693311773019]
[null,null,null,null,"Actual price",null,117,null,"WACC",0.1,81.31425392396234,84.597548227228543,87.880842530494746,91.164136833760949,94.447431137027152,null,0.1,77.930991068595858,84.740728631236692,93.252900584537755,104.19712166735341,118.78941644444095]
[null,null,null,null,"Difference",null,{"$f":"G251-G280","v":1.1324066176298402},null,null,0.11,78.691399398451495,81.857966085837248,85.024532773223015,88.191099460608768,91.357666147994536,null,0.11,70.543398310505921,75.965770431140726,82.593114134138816,90.87729376288641,101.52838185699046]
[null,null,null,null,null,null,null,null,null,0.12,76.17937308267139,79.234353727721768,82.289334372772132,85.344315017822495,88.399295662872859,null,0.12,64.39109982599247,68.789785622059284,74.068208577339476,80.519614411570814,88.583871704360007]
[null,null,"Financing"]
[null,null,null,"Debt Balance"]
[null,null,null,null,"Opening Balance",null,null,null,null,0,{"$f":"J288","v":509880},{"$f":"K288","v":492177},407922,320982,320982,184340.98023394111,51817.696826493717,0,0,0,0,0,0]
[null,null,null,null,"Add: New Debt from Deficit CF",null,null,null,null,{"$f":"J348","v":0},{"$f":"K348","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Less: Repaid Debt from Positive Cash Flow",null,null,null,null,{"$f":"J346","v":0},{"$f":"K346","v":418651.43383081781},492177,407922,0,136641.01976605889,132523.28340744739,51817.696826493717,0,0,0,0,0,0]
[null,null,null,null,"Closing Balance",null,null,null,null,{"$f":"IF(J3,J16,J285+J286-J287)","v":509880},492177,407922,320982,320982,184340.98023394111,51817.696826493717,0,0,0,0,0,0,0]
[]
[null,null,null,null,"Interest Rate",null,null,null,null,{"$f":"J136","v":0},3.4153134070761745E-2,2.9633648057507768E-2,3.2690073102210719E-2,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06]
[null,null,null,null,"Interest Expense",null,null,null,null,{"$f":"IF(J3,J31,J290*J285)","v":21522},17414,14585,13335,19258.919999999998,19258.919999999998,11060.458814036467,3109.061809589623,0,0,0,0,0,0]
[]
[null,null,null,"Cash Balance"]
[null,null,null,null,"Opening Balance",null,null,null,null,0,{"$f":"J297","v":90739},{"$f":"K297","v":231717},226682,113373,68802.465184502653,68802.465184502653,68802.465184502653,145168.83269972121,271526.84621477802,396193.70739665814,519493.93646561308,641742.29060378857,763244.6925803097]
[null,null,null,null,"Add: New Cash from Positive CF",null,null,null,null,{"$f":"J349","v":209210.04523696192},{"$f":"K349","v":0},307259.91367689846,121170.89141021878,0,0,0,76366.367515218561,126358.01351505681,124666.86118188011,123300.22906895494,122248.35413817549,121502.40197652113,121054.42743055592]
[null,null,null,null,"Less: Repaid Cash Used from Negative CF",null,null,null,null,{"$f":"J345","v":0},{"$f":"K345","v":0},0,0,44570.534815497347,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Closing Balance",null,null,null,null,{"$f":"IF(J3,J56,J294+J295-J296)","v":90739},231717,226682,113373,68802.465184502653,68802.465184502653,68802.465184502653,145168.83269972121,271526.84621477802,396193.70739665814,519493.93646561308,641742.29060378857,763244.6925803097,884299.12001086562]
[]
[null,null,null,null,"Interest Rate",null,null,null,null,{"$f":"J139","v":0.02},0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
[null,null,null,null,"Interest Income",null,null,null,null,{"$f":"IF(J3,0,J294*J299)","v":0},0,0,0,2267.46,1376.0493036900532,1376.0493036900532,1376.0493036900532,2903.3766539944245,5430.5369242955603,7923.8741479331629,10389.878729312262,12834.845812075771,15264.893851606193]
[]
[null,null,null,"Investments and Other Assets"]
[null,null,null,null,"Opening Balance",null,null,null,null,0,{"$f":"J305","v":68836},{"$f":"K305","v":79215},97506,91464,91464,91464,91464,91464,91464,91464,91464,91464,91464]
[null,null,null,null,"Add: New Investements"]
[null,null,null,null,"Closing Balance",null,null,null,null,{"$f":"IF(J3,J11+J17,J303+J304)","v":68836},79215,97506,91464,91464,91464,91464,91464,91464,91464,91464,91464,91464,91464]
[]
[null,null,"Income Statement"]
[null,null,null,"Zakat Rate",null,null,null,null,null,{"$f":"J123","v":2.5000073916604332E-2},2.5026860153607236E-2,3.5592742627261365E-2,4.0339666499008137E-2,3.1489835799120264E-2,3.1489835799120264E-2,3.1489835799120264E-2,3.1489835799120264E-2,3.1489835799120264E-2,3.1489835799120264E-2,3.1489835799120264E-2,3.1489835799120264E-2,3.1489835799120264E-2,3.1489835799120264E-2]
[]
[null,null,null,"Sales",null,null,null,null,null,{"$f":"J166","v":1526151},1716095,2203447,2187255,2277265.4938271604,2315069.9012345676,2380777.5617283951,2476008.6641975311,2575049.0107654324,2678050.9711960498,2785173.0100438921,2896579.9304456478,3012443.1276634736,3132940.8527700128]
[null,null,null,"Other Revenues",null,null,null,null,null,{"$f":"J168","v":16572},4906,14980,-2009,-2009,-2009,-2009,-2009,-2009,-2009,-2009,-2009,-2009,-2009]
[null,null,null,null,"Total Revenues",null,null,null,null,{"$f":"SUM(J310:J311)","v":1542723},{"$f":"SUM(K310:K311)","v":1721001},2218427,2185246,2275256.4938271604,2313060.9012345676,2378768.5617283951,2473999.6641975311,2573040.0107654324,2676041.9711960498,2783164.0100438921,2894570.9304456478,3010434.1276634736,3130931.8527700128]
[null,null,null,"Less: COGS",null,null,null,null,null,{"$f":"J172","v":544492},578833,773490,702994,819815.57777777768,833425.16444444435,857079.9222222222,891363.11911111115,927017.6438755556,964098.34963057796,1002662.2836158011,1042768.7749604331,1084479.5259588505,1127858.7069972046]
[null,null,null,"Less: Admin Expenses",null,null,null,null,null,{"$f":"J175","v":87518},85928,87153,97887.000000000015,102476.94722222221,104178.14555555554,107134.99027777778,111420.38988888889,115877.20548444445,120512.29370382224,125332.78545197514,130346.09687005414,135559.94074485631,140982.33837465057]
[null,null,null,null,"EBITDA",null,null,null,null,{"$f":"J312-J313-J314","v":910713},{"$f":"K312-K313-K314","v":1056240},1357784,1384365,1352963.9688271605,1375457.5912345678,1414553.649228395,1471216.155197531,1530145.1614054323,1591431.3278616497,1655168.9409761159,1721456.0586151606,1790394.6609597667,1862090.8073981577]
[null,null,null,"Less: Depreciation",null,null,null,null,null,{"$f":"J194","v":212753},186262,200747,199999,190995.334,189163.30253293828,187591.01478504023,186376.69282812517,185619.43982073592,185308.2112948409,185433.22198279609,185985.89752857212,186958.82998952427,188345.73694844556]
[null,null,null,null,"EBIT ",null,null,null,null,{"$f":"J315-J316","v":697960},{"$f":"K315-K316","v":869978},1157037,1184366,1161968.6348271605,1186294.2887016295,1226962.6344433548,1284839.4623694059,1344525.7215846963,1406123.1165668089,1469735.7189933197,1535470.1610865886,1603435.8309702424,1673745.0704497122]
[null,null,null,"Less: Interest Expense",null,null,null,null,null,{"$f":"J291","v":21522},17414,14585,13335,19258.919999999998,19258.919999999998,11060.458814036467,3109.061809589623,0,0,0,0,0,0]
[null,null,null,"Add: Interest Income",null,null,null,null,null,{"$f":"J300","v":0},0,0,0,2267.46,1376.0493036900532,1376.0493036900532,1376.0493036900532,2903.3766539944245,5430.5369242955603,7923.8741479331629,10389.878729312262,12834.845812075771,15264.893851606193]
[null,null,null,null,"EBT",null,null,null,null,{"$f":"J317-J318+J319","v":676438},{"$f":"K317-K318+K319","v":852564},1142452,1171031,1144977.1748271605,1168411.4180053195,1217278.2249330082,1283106.4498635062,1347429.0982386908,1411553.6534911045,1477659.5931412529,1545860.0398159008,1616270.6767823182,1689009.9643013184]
[null,null,null,"Less: Zakat",null,null,null,null,null,{"$f":"J320*J308","v":16911},{"$f":"K320*K308","v":21337},40663,47239,36055.143229047899,36793.083698804781,38331.891424985013,40404.811418993952,42430.321054493063,44449.592770083182,46531.257955012908,48678.878822224229,50896.098218808176,53186.646438926495]
[null,null,null,null,"Earnings after Zakat",null,null,null,null,{"$f":"J320-J321","v":659527},{"$f":"K320-K321","v":831227},1101789,1123792,1108922.0315981125,1131618.3343065148,1178946.3335080233,1242701.6384445124,1304998.7771841977,1367104.0607210214,1431128.33518624,1497181.1609936766,1565374.57856351,1635823.3178623919]
[]
[null,null,null,null,"Shares",null,null,null,null,{"$f":"IF(J3,J59,I324)","v":153022.50580046405},153080.47882136281,153026.25,153026.25,153026.25,153026.25,153026.25,153026.25,153026.25,153026.25,153026.25,153026.25,153026.25,153026.25]
[null,null,null,null,"Earnings per Share",null,null,null,null,{"$f":"J322/J324","v":4.3099999999999996},{"$f":"K322/K324","v":5.43},7.2,7.3437857883859792,7.2466131242065499,7.394929525532481,7.7042097908562965,8.1208396496974373,8.5279406453742261,8.9337879005792882,9.3521754286355456,9.7838191878431093,10.229451342913455,10.689821634277726]
[]
[null,null,null,null,"Actual NI",null,null,null,null,{"$f":"J35","v":659527},831227,1101789,1123792,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Check of NI",null,null,null,null,{"$f":"J327-J322","v":0},{"$f":"K327-K322","v":0},0,0,-1108922.0315981125,-1131618.3343065148,-1178946.3335080233,-1242701.6384445124,-1304998.7771841977,-1367104.0607210214,-1431128.33518624,-1497181.1609936766,-1565374.57856351,-1635823.3178623919]
[null,null,null,null,"Verification",null,{"$f":"SUMIF(3:3,TRUE,328:328)=0","v":true}]
[]
[null,null,"Cash Flow Statement"]
[null,null,null,"Dividend Payout Ratio",null,null,null,null,null,{"$f":"J144","v":0.90473923700324343},0.8066840540179544,0.4687286643114984,0.45728934588409703,0.9,0.9,0.9,0.9,0.9,0.9,0.9,0.9,0.9,0.9]
[]
[null,null,null,"EBITDA",null,null,null,null,null,{"$f":"J315","v":910713},{"$f":"K315","v":1056240},1357784,1384365,1352963.9688271605,1375457.5912345678,1414553.649228395,1471216.155197531,1530145.1614054323,1591431.3278616497,1655168.9409761159,1721456.0586151606,1790394.6609597667,1862090.8073981577]
[null,null,null,"Less: WC Changes",null,null,null,null,null,{"$f":"J208","v":0},-164281,-72362,224029,187049.48740740737,3629.2231111112051,6307.935407407349,9142.18583703693,9507.8732705186121,9888.1882013392169,10283.715729392832,10695.06435856875,11122.8669329111,11567.781610227772]
[null,null,null,"Less: Zakat",null,null,null,null,null,{"$f":"J321","v":16911},{"$f":"K321","v":21337},40663,47239,36055.143229047899,36793.083698804781,38331.891424985013,40404.811418993952,42430.321054493063,44449.592770083182,46531.257955012908,48678.878822224229,50896.098218808176,53186.646438926495]
[null,null,null,null,"Operating Cash Flow",null,null,null,null,{"$f":"J334-J335-J336","v":893802},{"$f":"K334-K335-K336","v":1199184},1389483,1113097,1129859.3381907053,1335035.2844246519,1369913.8223960027,1421669.1579415002,1478206.9670804206,1537093.5468902274,1598353.9672917102,1662082.1154343677,1728375.6958080474,1797336.3793490035]
[null,null,null,"Less: Capital Expenditures",null,null,null,null,null,{"$f":"J189","v":66370},92581,59021,56770.999999999993,159408.58456790124,162054.89308641976,166654.42932098766,173320.60649382719,180253.43075358029,187463.56798372351,194962.11070307245,202760.59513119535,210871.01893644317,219305.85969390091]
[null,null,null,null,"Cash Flow Before Financing",null,null,null,null,{"$f":"J337-J338","v":827432},{"$f":"K337-K338","v":1106603},1330462,1056326,970450.75362280407,1172980.3913382322,1203259.3930750149,1248348.551447673,1297953.5363268403,1349629.9789065039,1403391.8565886377,1459321.5203031723,1517504.6768716043,1578030.5196551026]
[null,null,null,"Less: Interest Expense",null,null,null,null,null,{"$f":"J318","v":21522},{"$f":"K318","v":17414},14585,13335,19258.919999999998,19258.919999999998,11060.458814036467,3109.061809589623,0,0,0,0,0,0]
[null,null,null,"Add: Interest Income",null,null,null,null,null,{"$f":"J319","v":0},{"$f":"K319","v":0},0,0,2267.46,1376.0493036900532,1376.0493036900532,1376.0493036900532,2903.3766539944245,5430.5369242955603,7923.8741479331629,10389.878729312262,12834.845812075771,15264.893851606193]
[null,null,null,"Less: Dividends",null,null,null,null,null,{"$f":"J322*J332","v":596699.95476303808},{"$f":"K322*K332","v":670537.56616918219},516440.08632310154,513898.10858978116,998029.82843830134,1018456.5008758634,1061051.7001572209,1118431.4746000611,1174498.8994657779,1230393.6546489194,1288015.501667616,1347463.044894309,1408837.1207071589,1472240.9860761529]
[null,null,null,"Add: Net New Equity Issues"]
[null,null,null,null,"Net Cash Flow",null,null,null,null,{"$f":"J339-J340+J341-J342+J343","v":209210.04523696192},{"$f":"K339-K340+K341-K342+K343","v":418651.43383081781},799436.91367689846,529092.89141021878,-44570.534815497347,136641.01976605889,132523.28340744739,128184.06434171228,126358.01351505681,124666.86118188011,123300.22906895494,122248.35413817549,121502.40197652113,121054.42743055592]
[null,null,null,"Add: Reduction in Cash if Negative",null,null,null,null,null,{"$f":"MAX(-MIN(J344,J294),0)","v":0},0,0,0,44570.534815497347,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: Reduction in Debt if Positive",null,null,null,null,null,{"$f":"MAX(0,MIN(J344,J285))","v":0},418651.43383081781,492177,407922,0,136641.01976605889,132523.28340744739,51817.696826493717,0,0,0,0,0,0]
[null,null,null,null,"Sub-total Cash Flow",null,null,null,null,{"$f":"J344+J345-J346","v":209210.04523696192},{"$f":"K344+K345-K346","v":0},307259.91367689846,121170.89141021878,0,0,0,76366.367515218561,126358.01351505681,124666.86118188011,123300.22906895494,122248.35413817549,121502.40197652113,121054.42743055592]
[null,null,null,"Increase in Debt when Negative",null,null,null,null,null,{"$f":"MAX(-J347,0)","v":0},{"$f":"MAX(-K347,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Increase in Cash when Positive",null,null,null,null,null,{"$f":"MAX(J347,0)","v":209210.04523696192},{"$f":"MAX(K347,0)","v":0},307259.91367689846,121170.89141021878,0,0,0,76366.367515218561,126358.01351505681,124666.86118188011,123300.22906895494,122248.35413817549,121502.40197652113,121054.42743055592]
[]
[null,null,"Balance Sheet"]
[null,null,null,"Equity Balance"]
[null,null,null,null,"Opening Balance",null,null,null,null,{"$f":"I357","v":0},{"$f":"J357","v":3371238},3282265,3157854,3208446,3319338.203159811,3432500.0365904626,3550394.6699412647,3674664.8337857164,3805164.7115041362,3941875.1175762378,4084987.9510948621,4234706.0671942299,4391243.5250505814]
[null,null,null,null,"Add: New Equity Issues",null,null,null,null,{"$f":"J343","v":0},{"$f":"K343","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Add: Net Income",null,null,null,null,{"$f":"J322","v":659527},{"$f":"K322","v":831227},1101789,1123792,1108922.0315981125,1131618.3343065148,1178946.3335080233,1242701.6384445124,1304998.7771841977,1367104.0607210214,1431128.33518624,1497181.1609936766,1565374.57856351,1635823.3178623919]
[null,null,null,null,"Less: Dividends",null,null,null,null,{"$f":"J342","v":596699.95476303808},{"$f":"K342","v":670537.56616918219},516440.08632310154,513898.10858978116,998029.82843830134,1018456.5008758634,1061051.7001572209,1118431.4746000611,1174498.8994657779,1230393.6546489194,1288015.501667616,1347463.044894309,1408837.1207071589,1472240.9860761529]
[null,null,null,null,"Closing Balance",null,null,null,null,{"$f":"IF(J3,J18,J353+J354+J355-J356)","v":3371238},3282265,3157854,3208446,3319338.203159811,3432500.0365904626,3550394.6699412647,3674664.8337857164,3805164.7115041362,3941875.1175762378,4084987.9510948621,4234706.0671942299,4391243.5250505814,4554825.856836821]
[]
[null,null,null,"Current Assets"]
[null,null,null,null,"Cash Balance",null,null,null,null,{"$f":"J297","v":90739},231717,226682,113373,68802.465184502653,68802.465184502653,68802.465184502653,145168.83269972121,271526.84621477802,396193.70739665814,519493.93646561308,641742.29060378857,763244.6925803097,884299.12001086562]
[null,null,null,null,"Accounts Receivable",null,null,null,null,{"$f":"J181","v":254356},225511,252211,336480.99999999994,341589.82407407404,347260.48518518516,357116.63425925927,371401.29962962965,386257.35161481483,401707.64567940746,417775.95150658378,434486.98956684716,451866.46914952103,469941.12791550189]
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[]
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[]
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[]
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[]
[null,null,null,{"$f":"INDEX(D51:D60,$F$48)","v":"ROIC"},null,null,null,null,{"$f":"INDEX(I51:I60,$F$48)","v":0.18285720423199917},0.23610269325982289,0.33283775415326711,0.34619496987433196,0.33076772605988436,0.33126701572320094,0.34451612939637305,0.36173955680537179,0.37853135579802683,0.39494410224575621,0.41091314881076008,0.42638150860208601,0.4413004442857712,0.45562978997194575]
[]
[null,null,null,null,null,null,null,null,{"$f":"I26","v":2010},2011,2012,2013,2014,2015,2016,2017,2018,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"}]
[null,null,null,"History",null,null,null,null,{"$f":"IF(I5,I62)","v":0.18285720423199917},0.23610269325982289,0.33283775415326711,0.34619496987433196,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Projected",null,null,null,null,{"$f":"IF(I6,I62)","v":false},false,false,false,0.33076772605988436,0.33126701572320094,0.34451612939637305,0.36173955680537179,0.37853135579802683,false,false,false,false,false]

{"sheet":"PE&ROE","index":8,"n_rows":24,"n_cols":469,"rows_kept":24,"cut":false,"hidden":false,"merged":[]}
["Assumptions"]
[null,"Value Drivers"]
[null,null,null,"ROE",0.15,null,null,null,null,null,0.08,0.09,0.1,0.11,0.12,0.13,0.14000000000000001]
[null,null,null,"Growth",{"$f":"I5/100","v":0.05},null,null,null,"Price to Book",{"$f":"H24","v":1.9999999990288841},0.59999999970866602,0.79999999961155321,0.99999999951444352,1.1999999994173316,1.399999999320219,1.5999999992231064,1.7999999991259952]
[null,null,null,"COE",0.1,null,null,null,5]
[null,null,null,null,null,null,"PE Ratio",{"$f":"H23","v":13.333333326859227}]
["Preliminary Calculations"]
[null,null,null,"Dividend Payout Ratio",{"$f":"1-E4/E3","v":0.66666666666666663},null,null,"Market To Book Ratio:",null,"Growth",{"$f":"E4","v":0.05}]
[null,null,null,"Book Value Per Share",10]
[]
["Financial Model"]
[]
[null,"Book Value Progression"]
[null,null,"Openning 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["Valuation"]
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[null,"P/E Ratio",null,null,null,null,null,{"$f":"H22/I15","v":13.333333326859227}]
[null,"Price to Book Ratio",null,null,null,null,null,{"$f":"H22/H17","v":1.9999999990288841}]

{"sheet":"Financials","index":9,"n_rows":32,"n_cols":6,"rows_kept":32,"cut":false,"hidden":false,"merged":[]}
["Indicators","2009-12-31","2010-12-31","2011-12-31","2012-12-31"]
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["Account Receivable Turnover Ratio",0,0,0,0]
["Account Payable Turnover Ratio",0,0,0,0]
["Fixed Asset Turnover Ratio",0,0,0,0]
["Total Asset Turnover Ratio",0,0,0,0]
["Net Profit Margin Ratio",0,0,0,0]
["Operating Income Margin Ratio",0,0,0,0]
["Net Income Before Zakat Margin Ratio",0,0,0,0]
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["Shares",null,{"$f":"C31/C3","v":153022.50580046405},{"$f":"D31/D3","v":153080.47882136281},153026.25,{"$error":"#DIV/0!"}]

{"sheet":"Financing Structure","index":10,"n_rows":74,"n_cols":10,"rows_kept":74,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[]
[]
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[null,null,"Assets"]
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[]
[null,null,"Debt",400]
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[]
[]
[null,null,"Difference",{"$f":"D10-D14","v":0}]
[null,null,"TEST",{"$f":"D17=0","v":true}]
[]
[null,null,"Code No.",1]
[null,1,"Base Case",null,100,80,120,130]
[null,2,"Low Case",null,80,70,60,50]
[null,3,"High Case",null,100,120,130,150]
[]
[null,null,"EBITDA",null,{"$f":"INDEX(E21:E23,$D$20)","v":100},{"$f":"INDEX(F21:F23,$D$20)","v":80},120,130]
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[]
[]
[null,null,"Cash Less Debt"]
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[]
[null,null,"Interest Rate",0.05,{"$f":"D34","v":0.05},{"$f":"E34","v":0.05},0.05,0.05]
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[]
[null,null,"CF Analysis"]
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[null,null,"Less CAPEX",null,{"$f":"-E26","v":-20},{"$f":"-F26","v":-10},-10,-30]
[null,null,"CF Before Financing",null,{"$f":"SUM(E38:E39)","v":80},{"$f":"SUM(F38:F39)","v":70},110,100]
[null,null,"Interest Expense",null,{"$f":"E35","v":-15},{"$f":"F35","v":-11.75},-8.8375000000000004,-3.7793750000000004]
[null,null,"Net CF",null,{"$f":"SUM(E40:E41)","v":65},{"$f":"SUM(F40:F41)","v":58.25},101.16249999999999,96.220624999999998]
[null,null,null,2014,2015,2016,2017,2018]
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[null,null,"Debt Balance",{"$f":"D12","v":400},{"$f":"MAX(-E32,0)","v":235},{"$f":"MAX(-F32,0)","v":176.75},75.587500000000006,0]
[]
[null,null,"Other Assets",{"$f":"D9","v":1000},{"$f":"D47+E26","v":1020},{"$f":"E47+F26","v":1030},1040,1070]
[null,null,"EQT Balance",{"$f":"D13","v":700},{"$f":"D48+E38+E41","v":785},{"$f":"E48+F38+F41","v":853.25},964.41250000000002,1090.6331249999998]
[]
[]
[]
[null,null,"Assets"]
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[]
[null,null,"Debt",{"$f":"D45","v":400},{"$f":"E45","v":235},176.75,75.587500000000006,0]
[null,null,"Equity",{"$f":"D48","v":700},{"$f":"E48","v":785},853.25,964.41250000000002,1090.6331249999998]
[null,null,"Total",{"$f":"SUM(D57:D58)","v":1100},{"$f":"SUM(E57:E58)","v":1020},1030,1040,1090.6331249999998]
[]
[null,null,null,{"$f":"D55-D59","v":0},{"$f":"E55-E59","v":0},0,0,0]
[null,null,"Balance Sheet Test",{"$f":"D61=0","v":true},{"$f":"E61=0","v":true},true,true,true,null,{"$f":"AND(D62:H62)","v":true}]
[]
[]
[]
[]
[]
[null,null,"Debt Test",100,null,null,null,{"$f":"H57<D68","v":true}]
[null,null,null,null,{"$f":"E57","v":235},{"$f":"F57","v":176.75},75.587500000000006,0]
[null,null,null,1,235,176.75,75.587500000000006,0]
[null,null,null,2,255,207.75,168.13749999999999,156.544375]
[null,null,null,3,235,136.75,23.587500000000006,0]
[]
[null,null,null,"Max Debt",null,170]

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[]
[]
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[null,null,null,null,null,null,null,null,0.12,9.9999999995179714,11.111111104727952,12.499999916439604,14.28571320027341]
[null,"Cost of Capital",15,null,null,{"$f":"C8/100","v":0.15},null,null,0.14000000000000001,8.3333333333288451,9.0909090908508094,9.9999999992541735,11.111111101692057]
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[]
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[null,"Company Value",{"$f":"NPV(F8,E13:IX13)","v":999.99999990778031}]
[null,"P/E",{"$f":"C14/C13","v":9.9999999990778026}]
[]
[null,"Discount 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[null,"Sum Product",{"$f":"SUMPRODUCT(E13:IX13,E17:IX17)","v":999.99999990778031}]
[]
[null,"Value Formula",{"$f":"C13/(F8-F5)","v":1000.0000000000001}]

{"sheet":"Analyst Report","index":12,"n_rows":100,"n_cols":7,"rows_kept":100,"cut":false,"hidden":false,"merged":[]}
[" Company Snapshot   2013e 2014e 2015e 2016e           ",2011,2012,2013,2014,2015,2016]
[" Revenues (Sales)                 ",1716,2203,2430,2530,2572,2645]
[" % Growth in Revenues               ",0.12,0.28000000000000003,0.1,0.04,0.02,0.03]
[" Net Income                 ",831,1102,1189,1238,1254,1297]
[" % Growth in Gross Profit              ",0.24,0.28999999999999998,0.1,0.04,0.01,0.03]
[" EPS                  ",5.43,7.2,7.77,8.09,8.19,8.48]
[" Return On Equity (ROE)               ",0.22,0.19,0.2,0.25,0.35,0.38]
[" Retun On Asstes (ROA)               ",0.14000000000000001,0.12,0.14000000000000001,0.18,0.25,0.28000000000000003]
[" EBIT Margins                 ",0.51,0.52,0.51,0.51,0.51,0.51]
[" Net Margins                 ",0.49,0.43,0.43,0.48,0.5,0.49]
[" PE (x)                 ",8.6999999999999993,9.98,13.46,10.86,13.78,13.03]
[" PB (x)                 ",1.9,1.89,2.63,2.75,4.8099999999999996,4.96]
[" Dividend Yeild                 ",7.0000000000000007E-2,0.06,7.0000000000000007E-2,0.11,7.0000000000000007E-2,7.0000000000000007E-2]
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["Growth",null,null,null,{"$f":"E2/D2-1","v":4.1152263374485631E-2},{"$f":"F2/E2-1","v":1.6600790513833896E-2},2.8382581648522587E-2]
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