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{"sheet":"Key Points About Model","index":0,"n_rows":13,"n_cols":2,"rows_kept":13,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Points:"]
[]
[null,"1. Demonstrates as usual how to integrate history in model"]
[null,"2.  Focus on Free Cash Flow and EV/EBITDA"]
[null,"3. Use together with Files that Download Data on Multiples and Cost of Capital"]
[null,"4. Includes Alternative Methods for Terminal Value"]
[null,"5. Includes Very Detailed Analysis of Stabalised Cash Flow "]
[null,"6. Graphs with the UNION Function"]
[]
[null,"Issues Raised with Calculation of ROIC"]
[null,"1. Should the re-structuring charges be included as EBITDA"]
[null,"2. Should adjustments be made to invested capital for re-structuring charges"]

{"sheet":"Summary","index":1,"n_rows":27,"n_cols":14,"rows_kept":27,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,null,null,null,null,null,null,null,null,null,"Share Price",{"$f":"'Assumptions and Free Cash Flow'!W75","v":612.5}]
[null,null,null,null,null,null,null,null,null,null,"P/E Ratio",{"$f":"'Assumptions and Free Cash Flow'!W78","v":20.504301075268817}]
[null,null,null,null,null,null,null,null,null,null,"EV/EBITDA",{"$f":"'Assumptions and Free Cash Flow'!W84","v":10.729030416700645}]
[null,null,null,null,null,null,null,null,null,null,"P/B Ratio",{"$f":"'Assumptions and Free Cash Flow'!W87","v":2.1485456092345192}]
[]
[null,null,null,null,null,null,null,null,null,null,null,"DCF with growth method","DCF with value driver formula","DCF with multiple terminal value"]
[null,null,null,null,null,null,null,null,null,null,"Enterprise Value",{"$f":"Valuation!E56","v":100640.00482031557},{"$f":"Valuation!E57","v":110522.5748131201},{"$f":"Valuation!E58","v":83874.285298603325}]
[null,null,null,null,null,null,null,null,null,null,"Less: Bridge Equity to EV",{"$f":"-Valuation!$D$104","v":-39364},{"$f":"-Valuation!$D$104","v":-39364},{"$f":"-Valuation!$D$104","v":-39364}]
[null,null,null,null,null,null,null,null,null,null,"Equity Value",{"$f":"SUM(L9:L10)","v":61276.004820315575},{"$f":"SUM(M9:M10)","v":71158.574813120096},44510.285298603325]
[null,null,null,null,null,null,null,null,null,null,"Shares Outstanding",{"$f":"'Historic Data from PDF'!$V$188","v":152542},{"$f":"'Historic Data from PDF'!$V$188","v":152542},{"$f":"'Historic Data from PDF'!$V$188","v":152542}]
[null,null,null,null,null,null,null,null,null,null,"Equity Value per Share",{"$f":"L11/L12*1000","v":401.69923575353397},{"$f":"M11/M12*1000","v":466.48513073855128},291.79036133394948]
[null,null,null,null,null,null,null,null,null,null,"Implied EV/EBITDA",{"$f":"Valuation!E62","v":8.910072338762804},{"$f":"Valuation!E72","v":7.4257344353954879},{"$f":"Valuation!E68","v":9.7850167874041656}]
[null,null,null,null,null,null,null,null,null,null,"Implied Terminal EV/EBITDA",{"$f":"Valuation!E65","v":9.9364952506067521},{"$f":"Valuation!E73","v":7.8808464151175652},{"$f":"Valuation!E69","v":11.148199494557643}]
[]
[null,null,null,null,null,null,null,null,null,null,null,"General Valuation Parameters"]
[null,null,null,null,null,null,null,null,null,null,"WACC",{"$f":"Valuation!D9","v":5.7000000000000002E-2}]
[null,null,null,null,null,null,null,null,null,null,"Terminal growth rate",{"$f":"Valuation!D10","v":1.2999999999999999E-2}]
[null,null,null,null,null,null,null,null,null,null,"Terminal EV/EBITDA",{"$f":"Valuation!D13","v":10.5}]
[]
[null,null,null,null,null,null,null,null,null,null,null,"Normalised Terminal Cash Flow Parameters"]
[null,null,null,null,null,null,null,null,null,null,"Long-term ROIC/WACC",{"$f":"Valuation!D12","v":5.7000000000000002E-2}]
[null,null,null,null,null,null,null,null,null,null,"Time to Reach Long-term ROIC",{"$f":"Valuation!D16","v":15}]
[null,null,null,null,null,null,null,null,null,null,"Asset Life",{"$f":"Valuation!D17","v":10}]
[null,null,null,null,null,null,null,null,null,null,"NWC/EBITDA",{"$f":"Valuation!D19","v":-0.97299999999999998}]
[null,null,null,null,null,null,null,null,null,null,"Deferred Tax/Cap Exp",{"$f":"Valuation!D20","v":10}]

{"sheet":"Valuation","index":2,"n_rows":164,"n_cols":55,"rows_kept":164,"cut":false,"hidden":false,"merged":[]}
["Free Cash Flow and Valuation"]
[null,"Period Switches"]
[null,null,"Year",null,null,null,null,2000,2001,2002,2003,2004,2005,2006,2007,2008,2009,2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021,2022,2023,2024,2025]
[null,null,"Valuation Explicit Cash Flow Switch",2016,null,null,null,null,{"$f":"AND(Valuation!I3>=$D$4,Valuation!I3<=$D$5)","v":false},{"$f":"AND(Valuation!J3>=$D$4,Valuation!J3<=$D$5)","v":false},{"$f":"AND(Valuation!K3>=$D$4,Valuation!K3<=$D$5)","v":false},{"$f":"AND(Valuation!L3>=$D$4,Valuation!L3<=$D$5)","v":false},{"$f":"AND(Valuation!M3>=$D$4,Valuation!M3<=$D$5)","v":false},{"$f":"AND(Valuation!N3>=$D$4,Valuation!N3<=$D$5)","v":false},{"$f":"AND(Valuation!O3>=$D$4,Valuation!O3<=$D$5)","v":false},{"$f":"AND(Valuation!P3>=$D$4,Valuation!P3<=$D$5)","v":false},{"$f":"AND(Valuation!Q3>=$D$4,Valuation!Q3<=$D$5)","v":false},{"$f":"AND(Valuation!R3>=$D$4,Valuation!R3<=$D$5)","v":false},{"$f":"AND(Valuation!S3>=$D$4,Valuation!S3<=$D$5)","v":false},{"$f":"AND(Valuation!T3>=$D$4,Valuation!T3<=$D$5)","v":false},{"$f":"AND(Valuation!U3>=$D$4,Valuation!U3<=$D$5)","v":false},{"$f":"AND(Valuation!V3>=$D$4,Valuation!V3<=$D$5)","v":false},{"$f":"AND(Valuation!W3>=$D$4,Valuation!W3<=$D$5)","v":false},{"$f":"AND(Valuation!X3>=$D$4,Valuation!X3<=$D$5)","v":true},{"$f":"AND(Valuation!Y3>=$D$4,Valuation!Y3<=$D$5)","v":true},{"$f":"AND(Valuation!Z3>=$D$4,Valuation!Z3<=$D$5)","v":true},{"$f":"AND(Valuation!AA3>=$D$4,Valuation!AA3<=$D$5)","v":true},{"$f":"AND(Valuation!AB3>=$D$4,Valuation!AB3<=$D$5)","v":true},{"$f":"AND(Valuation!AC3>=$D$4,Valuation!AC3<=$D$5)","v":true},{"$f":"AND(Valuation!AD3>=$D$4,Valuation!AD3<=$D$5)","v":false},{"$f":"AND(Valuation!AE3>=$D$4,Valuation!AE3<=$D$5)","v":false},{"$f":"AND(Valuation!AF3>=$D$4,Valuation!AF3<=$D$5)","v":false},{"$f":"AND(Valuation!AG3>=$D$4,Valuation!AG3<=$D$5)","v":false}]
[null,null,"Terminal year switch",2021,null,null,null,null,{"$f":"Valuation!I3=$D$5","v":false},{"$f":"Valuation!J3=$D$5","v":false},{"$f":"Valuation!K3=$D$5","v":false},{"$f":"Valuation!L3=$D$5","v":false},{"$f":"Valuation!M3=$D$5","v":false},{"$f":"Valuation!N3=$D$5","v":false},{"$f":"Valuation!O3=$D$5","v":false},{"$f":"Valuation!P3=$D$5","v":false},{"$f":"Valuation!Q3=$D$5","v":false},{"$f":"Valuation!R3=$D$5","v":false},{"$f":"Valuation!S3=$D$5","v":false},{"$f":"Valuation!T3=$D$5","v":false},{"$f":"Valuation!U3=$D$5","v":false},{"$f":"Valuation!V3=$D$5","v":false},{"$f":"Valuation!W3=$D$5","v":false},{"$f":"Valuation!X3=$D$5","v":false},{"$f":"Valuation!Y3=$D$5","v":false},{"$f":"Valuation!Z3=$D$5","v":false},{"$f":"Valuation!AA3=$D$5","v":false},{"$f":"Valuation!AB3=$D$5","v":false},{"$f":"Valuation!AC3=$D$5","v":true},{"$f":"Valuation!AD3=$D$5","v":false},{"$f":"Valuation!AE3=$D$5","v":false},{"$f":"Valuation!AF3=$D$5","v":false},{"$f":"Valuation!AG3=$D$5","v":false}]
[]
["General Valuation Assumptions and Explicit Cash Flow"]
[null,"Basic Valuation Assumptions"]
[null,null,"WACC",{"$f":"I9/1000","v":5.7000000000000002E-2},null,null,null,null,57]
[null,null,"Terminal growth rate",{"$f":"I10/1000","v":1.2999999999999999E-2},null,null,null,null,13]
[null,null,"ROIC - WACC",{"$f":"I11/1000","v":0},null,null,null,null,0]
[null,null,"RONIC",{"$f":"D9+D11","v":5.7000000000000002E-2},null,null,null,null,70]
[null,null,"Terminal EV/EBITDA",{"$f":"I13/10","v":10.5},null,null,null,null,105]
[]
[null,"Other Adjustments for Stable Ratios"]
[null,null,"Years to Stable ROIC",{"$f":"I16","v":15},null,null,null,null,15]
[null,null,"Plant Life for Stable Depreciation Analysis",{"$f":"I17","v":10},null,null,null,null,10]
[null,null,"Historic Growth in Cap Exp",{"$f":"I18/1000","v":1.0999999999999999E-2},null,null,null,null,11]
[null,null,"NWC/EBITDA",{"$f":"(I19-1000)/1000","v":-0.97299999999999998},null,null,null,null,27]
[null,null,"Change in Deferred Tax/Capital Expenditure",{"$f":"I20","v":10},null,null,null,null,10]
[]
[null,"Transferred Variables Adjusted with Switches"]
[null,null,"Tax Rate",null,null,null,null,null,{"$f":"IF(I4,'Assumptions and Free Cash Flow'!I184)","v":false},{"$f":"IF(J4,'Assumptions and Free Cash Flow'!J184)","v":false},{"$f":"IF(K4,'Assumptions and Free Cash Flow'!K184)","v":false},{"$f":"IF(L4,'Assumptions and Free Cash Flow'!L184)","v":false},{"$f":"IF(M4,'Assumptions and Free Cash Flow'!M184)","v":false},{"$f":"IF(N4,'Assumptions and Free Cash Flow'!N184)","v":false},{"$f":"IF(O4,'Assumptions and Free Cash Flow'!O184)","v":false},{"$f":"IF(P4,'Assumptions and Free Cash Flow'!P184)","v":false},{"$f":"IF(Q4,'Assumptions and Free Cash Flow'!Q184)","v":false},{"$f":"IF(R4,'Assumptions and Free Cash Flow'!R184)","v":false},{"$f":"IF(S4,'Assumptions and Free Cash Flow'!S184)","v":false},{"$f":"IF(T4,'Assumptions and Free Cash Flow'!T184)","v":false},{"$f":"IF(U4,'Assumptions and Free Cash Flow'!U184)","v":false},{"$f":"IF(V4,'Assumptions and Free Cash Flow'!V184)","v":false},{"$f":"IF(W4,'Assumptions and Free Cash Flow'!W184)","v":false},{"$f":"IF(X4,'Assumptions and Free Cash Flow'!X184)","v":0.25},{"$f":"IF(Y4,'Assumptions and Free Cash Flow'!Y184)","v":0.25},{"$f":"IF(Z4,'Assumptions and Free Cash Flow'!Z184)","v":0.25},{"$f":"IF(AA4,'Assumptions and Free Cash Flow'!AA184)","v":0.25},{"$f":"IF(AB4,'Assumptions and Free Cash Flow'!AB184)","v":0.25},{"$f":"IF(AC4,'Assumptions and Free Cash Flow'!AC184)","v":0.25},{"$f":"IF(AD4,'Assumptions and Free Cash Flow'!AD184)","v":false},{"$f":"IF(AE4,'Assumptions and Free Cash Flow'!AE184)","v":false},{"$f":"IF(AF4,'Assumptions and Free Cash Flow'!AF184)","v":false},{"$f":"IF(AG4,'Assumptions and Free Cash Flow'!AG184)","v":false}]
[null,null,"Depreciation Expense",null,null,null,null,null,{"$f":"IF(I4,'Assumptions and Free Cash Flow'!I163)","v":false},{"$f":"IF(J4,'Assumptions and Free Cash Flow'!J163)","v":false},{"$f":"IF(K4,'Assumptions and Free Cash Flow'!K163)","v":false},{"$f":"IF(L4,'Assumptions and Free Cash Flow'!L163)","v":false},{"$f":"IF(M4,'Assumptions and Free Cash Flow'!M163)","v":false},{"$f":"IF(N4,'Assumptions and Free Cash Flow'!N163)","v":false},{"$f":"IF(O4,'Assumptions and Free Cash Flow'!O163)","v":false},{"$f":"IF(P4,'Assumptions and Free Cash Flow'!P163)","v":false},{"$f":"IF(Q4,'Assumptions and Free Cash Flow'!Q163)","v":false},{"$f":"IF(R4,'Assumptions and Free Cash Flow'!R163)","v":false},{"$f":"IF(S4,'Assumptions and Free Cash Flow'!S163)","v":false},{"$f":"IF(T4,'Assumptions and Free Cash Flow'!T163)","v":false},{"$f":"IF(U4,'Assumptions and Free Cash Flow'!U163)","v":false},{"$f":"IF(V4,'Assumptions and Free Cash Flow'!V163)","v":false},{"$f":"IF(W4,'Assumptions and Free Cash Flow'!W163)","v":false},{"$f":"IF(X4,'Assumptions and Free Cash Flow'!X163)","v":4535.26},{"$f":"IF(Y4,'Assumptions and Free Cash Flow'!Y163)","v":4699.2658000000001},{"$f":"IF(Z4,'Assumptions and Free Cash Flow'!Z163)","v":4835.3906139999999},{"$f":"IF(AA4,'Assumptions and Free Cash Flow'!AA163)","v":4948.3742096199994},{"$f":"IF(AB4,'Assumptions and Free Cash Flow'!AB163)","v":5042.1505939845993},{"$f":"IF(AC4,'Assumptions and Free Cash Flow'!AC163)","v":5119.9849930072169},{"$f":"IF(AD4,'Assumptions and Free Cash Flow'!AD163)","v":false},{"$f":"IF(AE4,'Assumptions and Free Cash Flow'!AE163)","v":false},{"$f":"IF(AF4,'Assumptions and Free Cash Flow'!AF163)","v":false},{"$f":"IF(AG4,'Assumptions and Free Cash Flow'!AG163)","v":false}]
[null,null,"NWC to EBITDA",null,null,null,null,null,{"$f":"IF(I4,'Assumptions and Free Cash Flow'!I152)","v":false},{"$f":"IF(J4,'Assumptions and Free Cash Flow'!J152)","v":false},{"$f":"IF(K4,'Assumptions and Free Cash Flow'!K152)","v":false},{"$f":"IF(L4,'Assumptions and Free Cash Flow'!L152)","v":false},{"$f":"IF(M4,'Assumptions and Free Cash Flow'!M152)","v":false},{"$f":"IF(N4,'Assumptions and Free Cash Flow'!N152)","v":false},{"$f":"IF(O4,'Assumptions and Free Cash Flow'!O152)","v":false},{"$f":"IF(P4,'Assumptions and Free Cash Flow'!P152)","v":false},{"$f":"IF(Q4,'Assumptions and Free Cash Flow'!Q152)","v":false},{"$f":"IF(R4,'Assumptions and Free Cash Flow'!R152)","v":false},{"$f":"IF(S4,'Assumptions and Free Cash Flow'!S152)","v":false},{"$f":"IF(T4,'Assumptions and Free Cash Flow'!T152)","v":false},{"$f":"IF(U4,'Assumptions and Free Cash Flow'!U152)","v":false},{"$f":"IF(V4,'Assumptions and Free Cash Flow'!V152)","v":false},{"$f":"IF(W4,'Assumptions and Free Cash Flow'!W152)","v":false},{"$f":"IF(X4,'Assumptions and Free Cash Flow'!X152)","v":-1.0262065019124953},{"$f":"IF(Y4,'Assumptions and Free Cash Flow'!Y152)","v":-1.0265287227399589},{"$f":"IF(Z4,'Assumptions and Free Cash Flow'!Z152)","v":-1.0268544038143024},{"$f":"IF(AA4,'Assumptions and Free Cash Flow'!AA152)","v":-1.0268544038143024},{"$f":"IF(AB4,'Assumptions and Free Cash Flow'!AB152)","v":-1.0268544038143024},{"$f":"IF(AC4,'Assumptions and Free Cash Flow'!AC152)","v":-1.0268544038143024},{"$f":"IF(AD4,'Assumptions and Free Cash Flow'!AD152)","v":false},{"$f":"IF(AE4,'Assumptions and Free Cash Flow'!AE152)","v":false},{"$f":"IF(AF4,'Assumptions and Free Cash Flow'!AF152)","v":false},{"$f":"IF(AG4,'Assumptions and Free Cash Flow'!AG152)","v":false}]
[]
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[null,null,"Change in NWC",null,null,null,null,null,{"$f":"IF(I4,'Assumptions and Free Cash Flow'!I150)","v":false},{"$f":"IF(J4,'Assumptions and Free Cash Flow'!J150)","v":false},{"$f":"IF(K4,'Assumptions and Free Cash Flow'!K150)","v":false},{"$f":"IF(L4,'Assumptions and Free Cash Flow'!L150)","v":false},{"$f":"IF(M4,'Assumptions and Free Cash Flow'!M150)","v":false},{"$f":"IF(N4,'Assumptions and Free Cash Flow'!N150)","v":false},{"$f":"IF(O4,'Assumptions and Free Cash Flow'!O150)","v":false},{"$f":"IF(P4,'Assumptions and Free Cash Flow'!P150)","v":false},{"$f":"IF(Q4,'Assumptions and Free Cash Flow'!Q150)","v":false},{"$f":"IF(R4,'Assumptions and Free Cash Flow'!R150)","v":false},{"$f":"IF(S4,'Assumptions and Free Cash Flow'!S150)","v":false},{"$f":"IF(T4,'Assumptions and Free Cash Flow'!T150)","v":false},{"$f":"IF(U4,'Assumptions and Free Cash Flow'!U150)","v":false},{"$f":"IF(V4,'Assumptions and Free Cash Flow'!V150)","v":false},{"$f":"IF(W4,'Assumptions and Free Cash Flow'!W150)","v":false},{"$f":"IF(X4,'Assumptions and Free Cash Flow'!X150)","v":926.91259100000207},{"$f":"IF(Y4,'Assumptions and Free Cash Flow'!Y150)","v":115.91087408999738},{"$f":"IF(Z4,'Assumptions and Free Cash Flow'!Z150)","v":114.75176534910133},{"$f":"IF(AA4,'Assumptions and Free Cash Flow'!AA150)","v":0},{"$f":"IF(AB4,'Assumptions and Free Cash Flow'!AB150)","v":0},{"$f":"IF(AC4,'Assumptions and Free Cash Flow'!AC150)","v":0},{"$f":"IF(AD4,'Assumptions and Free Cash Flow'!AD150)","v":false},{"$f":"IF(AE4,'Assumptions and Free Cash Flow'!AE150)","v":false},{"$f":"IF(AF4,'Assumptions and Free Cash Flow'!AF150)","v":false},{"$f":"IF(AG4,'Assumptions and Free Cash Flow'!AG150)","v":false}]
[null,null,"CAPEX",null,null,null,null,null,{"$f":"IF(I4,'Assumptions and Free Cash Flow'!I156)","v":false},{"$f":"IF(J4,'Assumptions and Free Cash Flow'!J156)","v":false},{"$f":"IF(K4,'Assumptions and Free Cash Flow'!K156)","v":false},{"$f":"IF(L4,'Assumptions and Free Cash Flow'!L156)","v":false},{"$f":"IF(M4,'Assumptions and Free Cash Flow'!M156)","v":false},{"$f":"IF(N4,'Assumptions and Free Cash Flow'!N156)","v":false},{"$f":"IF(O4,'Assumptions and Free Cash Flow'!O156)","v":false},{"$f":"IF(P4,'Assumptions and Free Cash Flow'!P156)","v":false},{"$f":"IF(Q4,'Assumptions and Free Cash Flow'!Q156)","v":false},{"$f":"IF(R4,'Assumptions and Free Cash Flow'!R156)","v":false},{"$f":"IF(S4,'Assumptions and Free Cash Flow'!S156)","v":false},{"$f":"IF(T4,'Assumptions and Free Cash Flow'!T156)","v":false},{"$f":"IF(U4,'Assumptions and Free Cash Flow'!U156)","v":false},{"$f":"IF(V4,'Assumptions and Free Cash Flow'!V156)","v":false},{"$f":"IF(W4,'Assumptions and Free Cash Flow'!W156)","v":false},{"$f":"IF(X4,'Assumptions and Free Cash Flow'!X156)","v":5500},{"$f":"IF(Y4,'Assumptions and Free Cash Flow'!Y156)","v":5500},{"$f":"IF(Z4,'Assumptions and Free Cash Flow'!Z156)","v":5500},{"$f":"IF(AA4,'Assumptions and Free Cash Flow'!AA156)","v":5500},{"$f":"IF(AB4,'Assumptions and Free Cash Flow'!AB156)","v":5500},{"$f":"IF(AC4,'Assumptions and Free Cash Flow'!AC156)","v":5500},{"$f":"IF(AD4,'Assumptions and Free Cash Flow'!AD156)","v":false},{"$f":"IF(AE4,'Assumptions and Free Cash Flow'!AE156)","v":false},{"$f":"IF(AF4,'Assumptions and Free Cash Flow'!AF156)","v":false},{"$f":"IF(AG4,'Assumptions and Free Cash Flow'!AG156)","v":false}]
[null,null,"Taxes on EBIT",null,null,null,null,null,{"$f":"IF(I4,'Assumptions and Free Cash Flow'!I185)","v":false},{"$f":"IF(J4,'Assumptions and Free Cash Flow'!J185)","v":false},{"$f":"IF(K4,'Assumptions and Free Cash Flow'!K185)","v":false},{"$f":"IF(L4,'Assumptions and Free Cash Flow'!L185)","v":false},{"$f":"IF(M4,'Assumptions and Free Cash Flow'!M185)","v":false},{"$f":"IF(N4,'Assumptions and Free Cash Flow'!N185)","v":false},{"$f":"IF(O4,'Assumptions and Free Cash Flow'!O185)","v":false},{"$f":"IF(P4,'Assumptions and Free Cash Flow'!P185)","v":false},{"$f":"IF(Q4,'Assumptions and Free Cash Flow'!Q185)","v":false},{"$f":"IF(R4,'Assumptions and Free Cash Flow'!R185)","v":false},{"$f":"IF(S4,'Assumptions and Free Cash Flow'!S185)","v":false},{"$f":"IF(T4,'Assumptions and Free Cash Flow'!T185)","v":false},{"$f":"IF(U4,'Assumptions and Free Cash Flow'!U185)","v":false},{"$f":"IF(V4,'Assumptions and Free Cash Flow'!V185)","v":false},{"$f":"IF(W4,'Assumptions and Free Cash Flow'!W185)","v":false},{"$f":"IF(X4,'Assumptions and Free Cash Flow'!X185)","v":1689.9557000000013},{"$f":"IF(Y4,'Assumptions and Free Cash Flow'!Y185)","v":1619.8390430000002},{"$f":"IF(Z4,'Assumptions and Free Cash Flow'!Z185)","v":1556.9837845700004},{"$f":"IF(AA4,'Assumptions and Free Cash Flow'!AA185)","v":1528.7378856650005},{"$f":"IF(AB4,'Assumptions and Free Cash Flow'!AB185)","v":1505.2937895738505},{"$f":"IF(AC4,'Assumptions and Free Cash Flow'!AC185)","v":1485.8351898181961},{"$f":"IF(AD4,'Assumptions and Free Cash Flow'!AD185)","v":false},{"$f":"IF(AE4,'Assumptions and Free Cash Flow'!AE185)","v":false},{"$f":"IF(AF4,'Assumptions and Free Cash Flow'!AF185)","v":false},{"$f":"IF(AG4,'Assumptions and Free Cash Flow'!AG185)","v":false}]
[null,null,"FCF",null,null,null,null,null,{"$f":"IF(I4,I27-I28-I29-I30)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,3178.2145090000022,3942.8720549100035,3891.5902023608996,4034.5878666150011,4058.0319627061508,4077.490562461805,false,false,false,false]
[null,null,null,"Full year ","Half year "]
[null,"Value of Cash Flow over Explicit Period"]
[null,null,"NPV over Explicit Forecast Period",{"$f":"NPV(D9,31:31)","v":19062.921701278872},{"$f":"D34*(1+$D$9)^0.5","v":19598.686125989851}]
[]
["Analysis of Normalised Cash Flow in Terminal Period"]
[null,"Stable EBITDA"]
[null,null,"Average Invested Capital",null,null,null,null,null,{"$f":"'Assumptions and Free Cash Flow'!I172","v":0},{"$f":"'Assumptions and Free Cash Flow'!J172","v":0},{"$f":"'Assumptions and Free Cash Flow'!K172","v":0},{"$f":"'Assumptions and Free Cash Flow'!L172","v":0},{"$f":"'Assumptions and Free Cash Flow'!M172","v":41658},{"$f":"'Assumptions and Free Cash Flow'!N172","v":41299.5},{"$f":"'Assumptions and Free Cash Flow'!O172","v":41900},{"$f":"'Assumptions and Free Cash Flow'!P172","v":74931},{"$f":"'Assumptions and Free Cash Flow'!Q172","v":102014.5},{"$f":"'Assumptions and Free Cash Flow'!R172","v":99516},{"$f":"'Assumptions and Free Cash Flow'!S172","v":103404.5},{"$f":"'Assumptions and Free Cash Flow'!T172","v":106142.90008333209},{"$f":"'Assumptions and Free Cash Flow'!U172","v":108978.40008333209},{"$f":"'Assumptions and Free Cash Flow'!V172","v":102668},{"$f":"'Assumptions and Free Cash Flow'!W172","v":88857.5},{"$f":"'Assumptions and Free Cash Flow'!X172","v":83798.826295499995},{"$f":"'Assumptions and Free Cash Flow'!Y172","v":85202.975128044985},{"$f":"'Assumptions and Free Cash Flow'!Z172","v":86050.978240764554},{"$f":"'Assumptions and Free Cash Flow'!AA172","v":86716.471711629099},{"$f":"'Assumptions and Free Cash Flow'!AB172","v":87221.209309826809},{"$f":"'Assumptions and Free Cash Flow'!AC172","v":87640.141516330885},{"$f":"'Assumptions and Free Cash Flow'!AD172","v":87987.855247729283},{"$f":"'Assumptions and Free Cash Flow'!AE172","v":88276.457644789974},{"$f":"'Assumptions and Free Cash Flow'!AF172","v":88515.997634350322},{"$f":"'Assumptions and Free Cash Flow'!AG172","v":88714.815825685422}]
[null,null,"NOPAT",null,null,null,null,null,{"$f":"'Assumptions and Free Cash Flow'!I186","v":25814.25},{"$f":"'Assumptions and Free Cash Flow'!J186","v":26658},{"$f":"'Assumptions and Free Cash Flow'!K186","v":25969.5},{"$f":"'Assumptions and Free Cash Flow'!L186","v":26990.25},{"$f":"'Assumptions and Free Cash Flow'!M186","v":4018.0734672304438},{"$f":"'Assumptions and Free Cash Flow'!N186","v":2497.7395804020689},{"$f":"'Assumptions and Free Cash Flow'!O186","v":3497.1845698950956},{"$f":"'Assumptions and Free Cash Flow'!P186","v":6140.1354804815501},{"$f":"'Assumptions and Free Cash Flow'!Q186","v":6313.742663033021},{"$f":"'Assumptions and Free Cash Flow'!R186","v":7363.1452778389139},{"$f":"'Assumptions and Free Cash Flow'!S186","v":6919.8673016239845},{"$f":"'Assumptions and Free Cash Flow'!T186","v":6654.0450963072444},{"$f":"'Assumptions and Free Cash Flow'!U186","v":6666.5678451436725},{"$f":"'Assumptions and Free Cash Flow'!V186","v":6072.5558711796111},{"$f":"'Assumptions and Free Cash Flow'!W186","v":5499.3297640096707},{"$f":"'Assumptions and Free Cash Flow'!X186","v":5069.867100000004},{"$f":"'Assumptions and Free Cash Flow'!Y186","v":4859.5171290000008},{"$f":"'Assumptions and Free Cash Flow'!Z186","v":4670.9513537100011},{"$f":"'Assumptions and Free Cash Flow'!AA186","v":4586.2136569950017},{"$f":"'Assumptions and Free Cash Flow'!AB186","v":4515.8813687215516},{"$f":"'Assumptions and Free Cash Flow'!AC186","v":4457.5055694545881},{"$f":"'Assumptions and Free Cash Flow'!AD186","v":4409.0536560630071},{"$f":"'Assumptions and Free Cash Flow'!AE186","v":4368.8385679479961},{"$f":"'Assumptions and Free Cash Flow'!AF186","v":4335.4600448125366},{"$f":"'Assumptions and Free Cash Flow'!AG186","v":4307.7558706101063}]
[null,null,"ROIC",null,null,null,null,null,{"$f":"IF(I38,I39/I38)","v":false},{"$f":"IF(J38,J39/J38)","v":false},false,false,9.6453825609257374E-2,6.0478688129446331E-2,8.346502553448916E-2,8.1943861425598882E-2,6.1890639693700608E-2,7.3989562259726208E-2,6.6920369051868961E-2,6.2689497753341927E-2,6.1173295258931809E-2,5.914750332313487E-2,6.1889314509294892E-2,6.0500454769164901E-2,5.7034594410547368E-2,5.4281211546962423E-2,5.2887456863399671E-2,5.1775037338455801E-2,5.0861460197710609E-2,5.0109798035755534E-2,4.9490415502709544E-2,4.8979395371239409E-2,4.855734445838629E-2]
[]
[null,null,"Stable EBITDA",{"$f":"D137","v":11746.301196161377},null,null,null,null,{"$f":"$D$42*I5","v":0},{"$f":"$D$42*J5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,11746.301196161377,0,0,0,0]
[null,null,"Stable CAPEX",{"$f":"D147","v":1.0667057985123363},null,null,null,null,{"$f":"$D$43*I24*I5","v":0},{"$f":"$D$43*J24*J5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,5461.5176803369413,0,0,0,0]
[null,null,"Stable NWC",{"$f":"D156","v":-146.67222490646125},null,null,null,null,{"$f":"$D$44*I5","v":0},{"$f":"$D$44*J5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,-146.67222490646125,0,0,0,0]
[null,null,"Stable taxes",{"$f":"D164","v":1656.5790507885401},null,null,null,null,{"$f":"$D$45*I5","v":0},{"$f":"$D$45*J5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,1656.5790507885401,0,0,0,0]
[]
[null,null,"Stable FCF in terminal period",null,null,null,null,null,{"$f":"I42-I43-I44-I45","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,4774.8766899423572,0,0,0,0]
[null,null,"NOPAT",null,null,null,null,null,{"$f":"I42-I45-I24","v":0},{"$f":"J42-J45-J24","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,-4535.26,-4699.2658000000001,-4835.3906139999999,-4948.3742096199994,-5042.1505939845993,4969.7371523656211,0,0,0,0]
[]
[null,null,"Terminal value","Full year ","Half year "]
[null,null,"Gordon's growth formula, regular forecast",{"$f":"NPV($D$9,I51:AG51)","v":78825.912252844602},{"$f":"D51*(1+$D$9)^0.5","v":81041.318694325717},null,null,null,{"$f":"IF(I4,(1+$D$10)/($D$9-$D$10)*I47*I5)","v":false},{"$f":"IF(J4,(1+$D$10)/($D$9-$D$10)*J47*J5)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,0,0,0,0,0,109930.68379344561,false,false,false,false]
[null,null,"Terminal value based on exit EV/EBITDA",{"$f":"NPV($D$9,I52:AG52)","v":88438.324879342865},{"$f":"D52*(1+$D$9)^0.5","v":90923.888687130253},null,null,null,{"$f":"IF(I4,$D$13*I42*I5)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,0,0,0,0,0,123336.16255969447,false,false,false,false]
[null,null,"Value driver method",{"$f":"NPV($D$9,I53:AG53)","v":62518.513049988025},{"$f":"D53*(1+$D$9)^0.5","v":64275.599172613474},null,null,null,{"$f":"IF(I4,(1-$D$10/$D$12)/($D$9-$D$10)*I48*I5)","v":false},{"$f":"IF(J4,(1-$D$10/$D$12)/($D$9-$D$10)*J48*J5)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,0,0,0,0,0,87188.37109413369,false,false,false,false]
[]
[null,null,"EV","Full year ","Half year "]
[null,null,"Gordon's ",{"$f":"D$34+D51","v":97888.833954123475},{"$f":"E$34+E51","v":100640.00482031557}]
[null,null,"Terminal EV/EBITDA",{"$f":"D$34+D52","v":107501.24658062174},{"$f":"E$34+E52","v":110522.5748131201}]
[null,null,"Value Driver Method",{"$f":"D53+D34","v":81581.434751266905},{"$f":"E53+E34","v":83874.285298603325}]
[]
[null,null,"Enterprise value - Gordons",{"$f":"D34+D51","v":97888.833954123475},{"$f":"E34+E51","v":100640.00482031557}]
[null,null,"EBITDA, valuation year",{"$f":"LOOKUP(D4,Valuation!3:3,27:27)","v":11295.082800000006},{"$f":"D61","v":11295.082800000006}]
[null,null,"Implied EV/EBITDA",{"$f":"D60/D61","v":8.666499899772619},{"$f":"E60/E61","v":8.910072338762804}]
[null,null,"EBITDA, terminal year",{"$f":"LOOKUP(D5,Valuation!3:3,27:27)","v":11063.325752280001},{"$f":"D63","v":11063.325752280001}]
[null,null,"Value of terminal year",{"$f":"SUM(I51:AG51)","v":109930.68379344561},{"$f":"D64","v":109930.68379344561}]
[null,null,"Implied EV/EBITDA, terminal year",{"$f":"D64/D63","v":9.9364952506067521},{"$f":"E64/E63","v":9.9364952506067521}]
[]
[null,null,"Enterprise value - EV/EBITDA",{"$f":"D57","v":107501.24658062174},{"$f":"E57","v":110522.5748131201}]
[null,null,"Implied EV/EBITDA",{"$f":"D67/D61","v":9.5175262088934556},{"$f":"E67/E61","v":9.7850167874041656}]
[null,null,"Terminal EV/EBITDA",{"$f":"SUM(I52:AG52)/D63","v":11.148199494557643},{"$f":"SUM(I52:AG52)/E63","v":11.148199494557643}]
[]
[null,null,"Enterprise value - Value Driver",{"$f":"D58","v":81581.434751266905},{"$f":"E58","v":83874.285298603325}]
[null,null,"Implied EV/EBITDA",{"$f":"D71/D61","v":7.2227389737476617},{"$f":"E71/E61","v":7.4257344353954879}]
[null,null,"Terminal EV/EBITDA",{"$f":"SUM(I53:AG53)/D63","v":7.8808464151175652},{"$f":"D73","v":7.8808464151175652}]
[]
[]
[null,"Enterprise Value Tables"]
[null,null,null,null,null,null,null,null,"Conditional formating",null,100]
[]
[null,null,null,null,null,null,null,"Growth",{"$f":"E51/1000","v":81.04131869432571},0.05,{"$f":"J79+1%","v":6.0000000000000005E-2},{"$f":"K79+1%","v":7.0000000000000007E-2},{"$f":"L79+1%","v":0.08}]
[null,null,null,null,null,null,null,null,0,111.47353064797349,93.340607928803976,79.713171238960228,69.054017594971597,null,{"$f":"J80/$I$79","v":1.3755147675771786},1.1517656601920452,0.98361147774044699,0.85208408139842584]
[null,null,null,null,null,null,null,null,{"$f":"I80+1%","v":0.01},145.38845225010456,117.04619455203429,97.282713561316299,82.612836129623332,null,1.7940040289631203,1.444278010745518,1.2004088177322287,1.0193915580424491]
[null,null,null,null,null,null,null,null,{"$f":"I81+1%","v":0.02},202.80567167028465,153.30130835879478,122.44810643780545,101.16637089279854,null,2.5024971821501785,1.8916438037863335,1.5109342790886611,1.2483307592066852]
[null,null,null,null,null,null,null,null,{"$f":"I82+1%","v":0.03},319.07752440276465,214.72426359874333,160.95927960709557,127.75452541913468,null,3.9372202913710188,2.6495652718664084,1.9861384562880453,1.5764122237571598]
[]
[null,null,null,null,null,null,null,"EV/EBITDA",{"$f":"E52/1000","v":90.923888687130258},0.05,{"$f":"J85+1%","v":6.0000000000000005E-2},{"$f":"K85+1%","v":7.0000000000000007E-2},{"$f":"L85+1%","v":0.08}]
[null,null,null,null,null,null,null,null,9,106.40368810582419,104.95869835481018,103.00166464383156,100.68556649133471,null,{"$f":"J86/$I$85","v":1.1702500810536165},1.1543577806705321,1.1328339134092804,1.1073609801027589]
[null,null,null,null,null,null,null,null,10,118.22632011758245,116.62077594978911,114.44629404870173,111.87285165703857,null,1.3002778678373519,1.2826197563005914,1.2587043482325337,1.2304010890030654]
[null,null,null,null,null,null,null,null,11,130.04895212934065,128.28285354476802,125.89092345357192,123.06013682274244,null,1.4303056546210866,1.4108817319306506,1.3845747830557871,1.353441197903372]
[null,null,null,null,null,null,null,null,12,141.87158414109894,139.94493113974687,137.33555285844207,134.24742198844629,null,1.5603334414048222,1.5391437075607091,1.5104452178790404,1.4764813068036786]
[]
[null,null,null,null,null,null,null,"Value Driver",{"$f":"E53/1000","v":64.275599172613468},0.05,{"$f":"J91+1%","v":6.0000000000000005E-2},{"$f":"K91+1%","v":7.0000000000000007E-2},{"$f":"L91+1%","v":0.08}]
[null,null,null,null,null,null,null,null,0,111.13047303476827,93.017131706183477,79.408080666690182,68.766193716803244,null,{"$f":"J92/$I$91","v":1.7289682938050108},1.4471608651423695,1.2354312007802233,1.0698646858527168]
[null,null,null,null,null,null,null,null,{"$f":"I92+1%","v":0.01},116.83669026070417,97.825884854058415,83.526049751668509,72.3339012998008,null,1.8177456416537914,1.5219754636801588,1.2994985784163218,1.1253710930884766]
[null,null,null,null,null,null,null,null,{"$f":"I93+1%","v":0.02},122.88897366938268,102.92771767813622,87.895560971809658,76.119609756360433,null,1.9119070884016462,1.6013497968602624,1.3674794494838436,1.1842691586886591]
[null,null,null,null,null,null,null,null,{"$f":"I94+1%","v":0.03},129.30958812186205,108.34154135967601,92.532866898918641,80.137407219926885,null,2.0117990308359235,1.685578084907813,1.4396266715526009,1.2467780658833876]
[]
["Equity Value"]
[null,"Bridge - Equity to Enterprise Value"]
[null,null,"Net Debt",{"$f":"'Historic Data from PDF'!V63","v":38132}]
[null,null,"Less: Associated Investments",{"$f":"'Historic Data from PDF'!V64","v":-4676}]
[null,null,"Minority Interest",{"$f":"'Historic Data from PDF'!V65","v":3742}]
[null,null,"Other Liabilities",{"$f":"'Historic Data from PDF'!V66","v":2547}]
[null,null,"Net Assets Held for Disposal",{"$f":"'Historic Data from PDF'!V67","v":-381}]
[null,null,"Total",{"$f":"'Historic Data from PDF'!V68","v":39364}]
[]
["Stable ROIC Analysis"]
[null,null,"Invested Capital",null,{"$f":"SUMIF(5:5,TRUE,38:38)","v":87640.141516330885}]
[null,null,"Terminal ROIC",null,{"$f":"SUMIF(5:5,TRUE,40:40)","v":5.0861460197710609E-2}]
[null,null,"Stable ROIC",null,{"$f":"D12","v":5.7000000000000002E-2}]
[null,null,"Growth",null,{"$f":"D10","v":1.2999999999999999E-2}]
[null,null,"WACC",null,{"$f":"D9","v":5.7000000000000002E-2}]
[null,null,"Years",null,1,{"$f":"D16","v":15}]
[null,null,null,null,{"$f":"E108","v":5.0861460197710609E-2},{"$f":"E109","v":5.7000000000000002E-2}]
[null,null,"Years for NPV",null,11]
[]
[null,null,"Year",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]
[null,null,null,null,{"$f":"E114","v":11},{"$f":"F116<=$E$117","v":true},{"$f":"G116<=$E$117","v":true},true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Invested Capital",null,{"$f":"E107","v":87640.141516330885},{"$f":"E118*(1+$E$110)","v":88779.463356043183},{"$f":"F118*(1+$E$110)","v":89933.596379671741},91102.733132607464,92287.068663331345,93486.800555954644,94702.12896318204,95933.256639703395,97180.388976019531,98443.734032707769,99723.502575132967,101019.90810860968,102333.1669140216,103663.49808390386,105011.1235589946,106376.26816526151,107759.15965140991,109160.02872687823,110579.10910032764,112016.63751863189,113472.8538063741,114948.00090585696,116442.32491763309,117956.07514156231,119489.5041184026,121042.86767194183,122616.42495167707,124210.43847604886,125825.17417623749,127460.90144052856,129117.89315925541,130796.42577032572,132496.77930533994,134219.23743630934,135964.08752298134,137731.62066078009,139522.13172937022,141335.91944185202,143173.28639459607,145034.5391177258,146919.98812625621,148829.94797189752,150764.73729553216,152724.67888037406,154710.09970581892,156721.33100199455,158758.70830502047,160822.57151298571,162913.26494265452,165031.13738690902,167176.54217293882]
[null,null,"ROIC",null,null,{"$f":"interpolate_look_up(F116,112:112,113:113)","v":5.0861460197710609E-2},{"$f":"interpolate_look_up(G116,112:112,113:113)","v":5.1277110078512995E-2},5.169615673209263E-2,5.211862791754638E-2,5.2544551620823915E-2,5.2973956056581596E-2,5.3406869670051545E-2,5.3843321138925905E-2,5.4283339375256562E-2,5.4726953527370434E-2,5.5174192981800277E-2,5.5625087365231383E-2,5.6079666546464194E-2,5.6537960638392844E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2]
[null,null,"NOPAT",null,null,{"$f":"F118*F119","v":4515.4531418574979},{"$f":"G118*G119","v":4611.5349213169857},4709.6611707452839,4809.8753932652207,4912.2220176780284,5016.7464181603282,5123.4949343802464,5232.514892041554,5343.8546238649697,5457.5634910159079,5573.6919049881617,5692.2913499532569,5813.4144055853585,5937.1147703718443,6063.4472854199066,6142.2721001303653,6222.1216374320593,6303.0092187186756,6384.9483385620179,6467.9526669633242,6552.0360516338469,6637.2125203050864,6723.496283069052,6810.9017347489489,6899.4434573006847,6989.1362222455928,7079.9949931347855,7172.0349280455366,7265.2713821101279,7359.7199100775588,7455.3962689085665,7552.3164204043769,7650.4965338696329,7749.9529888099369,7850.7023776644655,7952.7615085741027,8056.1474081855658,8160.8773244919767,8266.9687297103701,8374.4393231966042,8483.3070343981581,8593.590025845333,8705.306696181322,8818.4756832316798,8933.1158671136891,9049.2463733861678,9166.8865762401856,9286.0561017313084,9406.7748310538136,9529.0629038575134]
[]
[null,null,"One",null,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1]
[null,null,"PV Factor",null,1,{"$f":"E123*(1+$E$111)","v":1.0569999999999999},{"$f":"F123*(1+$E$111)","v":1.1172489999999999},1.1809321929999999,1.2482453280009997,1.3193953116970567,1.394600844463789,1.4740930925982247,1.5581163988763234,1.6469290336122737,1.7408039885281732,1.8400298158742789,1.9449115153791128,2.0557714717557221,2.1729504456457982,2.2968086210476084,2.4277267124473219,2.5661071350568192,2.712375241755058,2.866980630535096,3.0303985264755964,3.2031312424847052,3.3857097233063334,3.5786951775347942,3.7826808026542773,3.9982936084055707,4.2261963440846877,4.4670895356975144,4.7217136392322727,4.990851316668512,5.2753298417186167,5.5760236426965779,5.8938569903302822,6.2298068387791083,6.584905828589517,6.9602454608191193,7.3569794520858087,7.7763272808546997,8.219577935863418,8.6880938782076331,9.1833152292654674,9.7067641973335981,10.260049756581612,10.844872592706762,11.463030330491048,12.116423059329037,12.807059173710792,13.537061546612307,14.308674054769208,15.124268475891052,15.986351779016841]
[]
[null,null,"PV of NOPAT",{"$f":"SUMPRODUCT(F120:BC120/F123:BC123*F117:BC117)","v":39804.154630931109}]
[null,null,"PV Factor",{"$f":"SUMPRODUCT(F122:BC122/F123:BC123*F117:BC117)","v":8.0093078186205737}]
[null,null,"Levelised NOPAT",{"$f":"D125/D126","v":4969.7371523656202}]
[]
[null,null,"NOPAT without Adjustment",{"$f":"SUMIF(5:5,TRUE,39:39)","v":4457.5055694545881}]
[null,null,"Adjustment to NOPAT",{"$f":"D127-D129","v":512.23158291103209}]
[]
[null,null,"Percent Adjustment",{"$f":"D130/D129","v":0.11491440109938164}]
[null,null,"Tax Rate",{"$f":"SUMIF(5:5,TRUE,23:23)","v":0.25}]
[]
[null,null,"EBITDA Adjustment",{"$f":"D130/(1-D133)","v":682.97544388137612}]
[null,null,"EBITDA in Terminal Year",{"$f":"SUMIF(5:5,TRUE,27:27)","v":11063.325752280001}]
[null,null,"Normalised EBITDA",{"$f":"D136+D135","v":11746.301196161377}]
[]
["Stable Capital Expenditure Adjustment"]
[null,null,"Depreciation Expense",{"$f":"SUMIF(5:5,TRUE,24:24)","v":5119.9849930072169}]
[null,null,"Historic Growth",{"$f":"D18","v":1.0999999999999999E-2}]
[null,null,"Projected Growth",{"$f":"E110","v":1.2999999999999999E-2}]
[null,null,"Depreciation Life",{"$f":"D17","v":10}]
[null,null,"WACC",{"$f":"E111","v":5.7000000000000002E-2}]
[null,null,"Timing Code",2]
[]
[null,null,"Cap Exp to Depreciation",{"$f":"stable_capexp(D141,D142,D143,D144,D145)","v":1.0667057985123363}]
[null,null,"Stable Cap Exp",{"$f":"D147*D140","v":5461.5176803369413}]
[]
[null,null,"Cap Exp in Terminal Year",{"$f":"SUMIF(5:5,TRUE,29:29)","v":5500}]
[]
["Stable Net Working Capital"]
[null,null,"NWC/EBITDA",{"$f":"D19","v":-0.97299999999999998}]
[null,null,"Growth",{"$f":"E110","v":1.2999999999999999E-2}]
[null,null,"Stable EBITDA",{"$f":"D137","v":11746.301196161377}]
[null,null,"Stable Change in NWC",{"$f":"D155*D153*D154/(1+D154)","v":-146.67222490646125}]
[]
[null,null,"Terminal NWC Change",{"$f":"SUMIF(5:5,TRUE,28:28)","v":0}]
[null,null,"Adjustment",{"$f":"D156-D158","v":-146.67222490646125}]
[]
["Tax Adjustment"]
[null,null,"Taxes in Terminal Year",{"$f":"SUMIF(5:5,TRUE,30:30)","v":1485.8351898181961}]
[null,null,"Adjustment to Taxes",{"$f":"D135*D133","v":170.74386097034403}]
[null,null,"Stable Taxes",{"$f":"SUM(D162:D163)","v":1656.5790507885401}]

{"sheet":"Scenario analysis","index":3,"n_rows":43,"n_cols":15,"rows_kept":43,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[null,null,null,"Scenario",2]
[null,null,null,null,1,2,3,4,5]
["Base Variables"]
[null,null,null,"Scenario Name","Volume","Price","COGS pct of sales","SG&A in pct of sales","Admin in pct of sales",null,"DCF with growth method","DCF with value driver formula","DCF with multiple terminal value","IRR from LBO"]
[null,null,null,null,null,null,null,null,null,null,{"$f":"Valuation!E56","v":100640.00482031557},{"$f":"Valuation!E53","v":64275.599172613474},{"$f":"Valuation!E57","v":110522.5748131201},{"$f":"LBO!D34","v":1.7943301796913148E-2}]
[null,null,1,"Base case",1,1,0.44,0.28999999999999998,7.0000000000000007E-2,1,129062.2387150493,79668.412107314856,130692.04860783118,3.8537636399269118E-2]
[null,null,2,"Bear case",2,3,0.44500000000000001,0.3,7.4999999999999997E-2,2,100640.00482031557,64275.599172613474,110522.5748131201,1.7943301796913148E-2]
[null,null,3,"Bull case",3,2,0.435,0.28000000000000003,6.5000000000000002E-2,3,173820.15750304679,104509.12925664948,162131.77271525681,8.1149837374687214E-2]
[null,null,1,{"$f":"TRANSPOSE(E7:I7)&\" Bear case\"","v":"Volume Bear case"},{"$f":"IF(E$5=$C12,E$10,E$9)","v":2},1,0.44,0.28999999999999998,7.0000000000000007E-2,4,121527.54542330057,75771.983702818616,125246.4009639204,3.290270864963532E-2]
[null,null,2,"Price Bear case",1,3,0.44,0.28999999999999998,7.0000000000000007E-2,5,124799.02905411451,77061.862098538622,127826.32438392442,2.9679891467094422E-2]
[null,null,3,"COGS pct of sales Bear case",1,1,0.44500000000000001,0.28999999999999998,7.0000000000000007E-2,6,124792.16413615993,77359.381178421347,127659.94647754676,3.7179186940193176E-2]
[null,null,4,"SG&A in pct of sales Bear case",1,1,0.44,0.3,7.0000000000000007E-2,7,120380.55142146793,75077.949655460383,124471.50896309255,3.574843108654023E-2]
[null,null,5,"Admin in pct of sales Bear case",1,1,0.44,0.28999999999999998,7.4999999999999997E-2,8,124737.69639041854,77385.399446619151,127591.52920051666,3.7174829840660104E-2]
[null,null,1,{"$f":"TRANSPOSE(E7:I7)&\" Bull case\"","v":"Volume Bull case"},{"$f":"IF(E$5=$C17,E$11,E$9)","v":3},1,0.44,0.28999999999999998,7.0000000000000007E-2,9,141927.19257657928,87220.034027494912,139508.2477461214,5.951965153217316E-2]
[null,null,2,"Price Bull case",1,2,0.44,0.28999999999999998,7.0000000000000007E-2,10,141691.66834790559,86746.266071727907,139526.73123511503,5.5701622366905207E-2]
[null,null,3,"COGS pct of sales Bull case",1,1,0.435,0.28999999999999998,7.0000000000000007E-2,11,133303.15078354406,81955.584438968479,133706.70757751813,3.983688652515413E-2]
[null,null,4,"SG&A in pct of sales Bull case",1,1,0.44,0.28000000000000003,7.0000000000000007E-2,12,137620.94783398311,84166.696953313512,136839.03052309685,4.1088917851448067E-2]
[null,null,5,"Admin in pct of sales Bull case",1,1,0.44,0.28999999999999998,6.5000000000000002E-2,13,133356.08252157024,81928.414864742808,133774.20611233803,3.9841058850288408E-2]
[]
[]
[null,null,null,{"$f":"INDEX(D9:D22,$E$4)","v":"Bear case"},2,3,{"$f":"INDEX(G9:G22,$E$4)","v":0.44500000000000001},0.3,7.4999999999999997E-2]
[]
[null,null,null,null,"Base VS Bull","Base VS Bear"]
[null,null,null,{"$f":"TRANSPOSE(E7:I7)","v":"Volume"},{"$f":"K17-$K$9","v":12864.953861529983},{"$f":"K12-$K$9","v":-7534.6932917487284}]
[null,null,null,"Price",{"$f":"K18-$K$9","v":12629.429632856292},{"$f":"K13-$K$9","v":-4263.2096609347936}]
[null,null,null,"COGS pct of sales",{"$f":"K19-$K$9","v":4240.9120684947557},{"$f":"K14-$K$9","v":-4270.0745788893691}]
[null,null,null,"SG&A in pct of sales",{"$f":"K20-$K$9","v":8558.7091189338098},{"$f":"K15-$K$9","v":-8681.6872935813735}]
[null,null,null,"Admin in pct of sales",{"$f":"K21-$K$9","v":4293.8438065209339},{"$f":"K16-$K$9","v":-4324.5423246307619}]
[]
["Time Series Sensitivities"]
[null,null,null,null,null,{"$f":"'Historic Data from PDF'!W1","v":2016},{"$f":"'Historic Data from PDF'!X1","v":2017},{"$f":"'Historic Data from PDF'!Y1","v":2018},{"$f":"'Historic Data from PDF'!Z1","v":2019},{"$f":"'Historic Data from PDF'!AA1","v":2020},{"$f":"'Historic Data from PDF'!AB1","v":2021},{"$f":"'Historic Data from PDF'!AC1","v":2022},{"$f":"'Historic Data from PDF'!AD1","v":2023},{"$f":"'Historic Data from PDF'!AE1","v":2024},{"$f":"'Historic Data from PDF'!AF1","v":2025}]
[]
[null,1,"Base case Volumes",null,null,5.0000000000000001E-3,5.0000000000000001E-3,5.0000000000000001E-3,0,0,0,0,0,0,0]
[null,2,"Bear case Volumes",null,null,-0.01,{"$f":"F37","v":-0.01},{"$f":"G37","v":-0.01},0,0,0,0,0,0,0]
[null,3,"Bull case Volumes",null,null,0.01,0.01,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
[]
[]
[null,1,"Base case Price",null,null,0,0,5.0000000000000001E-3,5.0000000000000001E-3,0.01,{"$f":"J41","v":0.01},{"$f":"K41","v":0.01},{"$f":"L41","v":0.01},{"$f":"M41","v":0.01},{"$f":"N41","v":0.01}]
[null,2,"Bull case Price",null,null,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2]
[null,3,"Bear case Price",null,null,0,0,0,0,0,0,0,0,0,0]

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[null,"Historical switch",2015,null,null,null,{"$f":"Valuation!H3<=$C$2","v":true},{"$f":"Valuation!I3<=$C$2","v":true},{"$f":"Valuation!J3<=$C$2","v":true},{"$f":"Valuation!K3<=$C$2","v":true},{"$f":"Valuation!L3<=$C$2","v":true},{"$f":"Valuation!M3<=$C$2","v":true},{"$f":"Valuation!N3<=$C$2","v":true},{"$f":"Valuation!O3<=$C$2","v":true},{"$f":"Valuation!P3<=$C$2","v":true},{"$f":"Valuation!Q3<=$C$2","v":true},{"$f":"Valuation!R3<=$C$2","v":true},{"$f":"Valuation!S3<=$C$2","v":true},{"$f":"Valuation!T3<=$C$2","v":true},{"$f":"Valuation!U3<=$C$2","v":true},{"$f":"Valuation!V3<=$C$2","v":true},{"$f":"Valuation!W3<=$C$2","v":true},{"$f":"Valuation!X3<=$C$2","v":false},{"$f":"Valuation!Y3<=$C$2","v":false},{"$f":"Valuation!Z3<=$C$2","v":false},{"$f":"Valuation!AA3<=$C$2","v":false},{"$f":"Valuation!AB3<=$C$2","v":false},{"$f":"Valuation!AC3<=$C$2","v":false},{"$f":"Valuation!AD3<=$C$2","v":false},{"$f":"Valuation!AE3<=$C$2","v":false},{"$f":"Valuation!AF3<=$C$2","v":false},{"$f":"Valuation!AG3<=$C$2","v":false}]
[null,"Full data switch",2005,null,null,null,{"$f":"AND(Valuation!H3>=$C$3,Valuation!H3<=$C$2)","v":false},{"$f":"AND(Valuation!I3>=$C$3,Valuation!I3<=$C$2)","v":false},{"$f":"AND(Valuation!J3>=$C$3,Valuation!J3<=$C$2)","v":false},{"$f":"AND(Valuation!K3>=$C$3,Valuation!K3<=$C$2)","v":false},{"$f":"AND(Valuation!L3>=$C$3,Valuation!L3<=$C$2)","v":false},{"$f":"AND(Valuation!M3>=$C$3,Valuation!M3<=$C$2)","v":true},{"$f":"AND(Valuation!N3>=$C$3,Valuation!N3<=$C$2)","v":true},{"$f":"AND(Valuation!O3>=$C$3,Valuation!O3<=$C$2)","v":true},{"$f":"AND(Valuation!P3>=$C$3,Valuation!P3<=$C$2)","v":true},{"$f":"AND(Valuation!Q3>=$C$3,Valuation!Q3<=$C$2)","v":true},{"$f":"AND(Valuation!R3>=$C$3,Valuation!R3<=$C$2)","v":true},{"$f":"AND(Valuation!S3>=$C$3,Valuation!S3<=$C$2)","v":true},{"$f":"AND(Valuation!T3>=$C$3,Valuation!T3<=$C$2)","v":true},{"$f":"AND(Valuation!U3>=$C$3,Valuation!U3<=$C$2)","v":true},{"$f":"AND(Valuation!V3>=$C$3,Valuation!V3<=$C$2)","v":true},{"$f":"AND(Valuation!W3>=$C$3,Valuation!W3<=$C$2)","v":true},{"$f":"AND(Valuation!X3>=$C$3,Valuation!X3<=$C$2)","v":false},{"$f":"AND(Valuation!Y3>=$C$3,Valuation!Y3<=$C$2)","v":false},{"$f":"AND(Valuation!Z3>=$C$3,Valuation!Z3<=$C$2)","v":false},{"$f":"AND(Valuation!AA3>=$C$3,Valuation!AA3<=$C$2)","v":false},{"$f":"AND(Valuation!AB3>=$C$3,Valuation!AB3<=$C$2)","v":false},{"$f":"AND(Valuation!AC3>=$C$3,Valuation!AC3<=$C$2)","v":false},{"$f":"AND(Valuation!AD3>=$C$3,Valuation!AD3<=$C$2)","v":false},{"$f":"AND(Valuation!AE3>=$C$3,Valuation!AE3<=$C$2)","v":false},{"$f":"AND(Valuation!AF3>=$C$3,Valuation!AF3<=$C$2)","v":false},{"$f":"AND(Valuation!AG3>=$C$3,Valuation!AG3<=$C$2)","v":false}]
[null,"Last historic year",null,null,null,null,{"$f":"Valuation!H3=$C$2","v":false},{"$f":"Valuation!I3=$C$2","v":false},{"$f":"Valuation!J3=$C$2","v":false},{"$f":"Valuation!K3=$C$2","v":false},{"$f":"Valuation!L3=$C$2","v":false},{"$f":"Valuation!M3=$C$2","v":false},{"$f":"Valuation!N3=$C$2","v":false},{"$f":"Valuation!O3=$C$2","v":false},{"$f":"Valuation!P3=$C$2","v":false},{"$f":"Valuation!Q3=$C$2","v":false},{"$f":"Valuation!R3=$C$2","v":false},{"$f":"Valuation!S3=$C$2","v":false},{"$f":"Valuation!T3=$C$2","v":false},{"$f":"Valuation!U3=$C$2","v":false},{"$f":"Valuation!V3=$C$2","v":false},{"$f":"Valuation!W3=$C$2","v":true},{"$f":"Valuation!X3=$C$2","v":false},{"$f":"Valuation!Y3=$C$2","v":false},{"$f":"Valuation!Z3=$C$2","v":false},{"$f":"Valuation!AA3=$C$2","v":false},{"$f":"Valuation!AB3=$C$2","v":false},{"$f":"Valuation!AC3=$C$2","v":false},{"$f":"Valuation!AD3=$C$2","v":false},{"$f":"Valuation!AE3=$C$2","v":false},{"$f":"Valuation!AF3=$C$2","v":false},{"$f":"Valuation!AG3=$C$2","v":false}]
[".","BALANCE SHEET",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Financing","Direct","Net Debt","Total receivables","Total other current liabilities"]
[null,"Intangible assets",null,null,null,null,null,null,null,null,null,20672,21279,21205,84678,81611,87813,89041,91216,94236,81754,72920,null,1]
[null,"Property plant and equipment",null,null,null,null,null,null,null,null,null,20355,20367,22109,34043,31825,32420,31848,31991,31738,28748,26678,null,1]
[null,"Investments in associates",null,null,null,null,null,null,null,null,null,1105,579,622,2224,2667,4877,5051,6241,3771,4277,4676,-1]
[null,"Receivables",null,null,null,null,null,null,null,null,null,1235,1139,1476,1707,1604,1747,1650,2208,2049,2131,1854,null,1,null,1]
[null,"Deferred tax assets",null,null,null,null,null,null,null,null,null,1005,822,733,1254,1483,1301,1199,1170,1130,1430,1697,null,1]
[null,"Retirement benefit net assets",null,null,null,null,null,null,null,null,null,21,14,11,2,2,8,5,0,0,0,0,-1,null,-1]
[null,"Total non current assets",null,null,null,null,null,null,null,null,null,{"$f":"SUM(L6:L11)","v":44393},44200,46156,123908,119192,128166,128794,132826,132924,118340,107825]
[null,"Current assets Inventories",null,null,null,null,null,null,null,null,null,2866,3220,3818,5317,3601,4191,4350,4541,4592,4498,3817,null,1]
[null,"Tax receivables",null,null,null,null,null,null,null,null,null,132,84,62,262,175,172,129,60,203,196,324,null,1,null,1]
[null,"Trade receivables",null,null,null,null,null,null,null,null,null,5979,6108,6341,6369,5898,5687,7855,7828,7681,6872,5729,null,1,null,1]
[null,"Other receivables",null,null,null,null,null,null,null,null,null,3015,1145,1453,3095,1750,1766,1846,2093,1795,2614,2532,null,1,null,1]
[null,"Cash and cash equivalents",null,null,null,null,null,null,null,null,null,2240,2490,2249,2857,2734,2735,3145,5760,3612,2418,3131,-1,null,-1]
[null,"Prepayments",null,null,null,null,null,null,null,null,null,587,917,950,1211,666,938,867,853,1501,977,1074,null,1,null,1]
[null,"Assets held for sale",null,null,null,null,null,null,null,null,null,328,109,34,162,388,419,570,0,0,0,469,-1]
[null,"Securities",null,null,null,null,null,null,null,null,null,2710,170,123,118,94,124,134,0,0,0,0,-1,null,-1]
[null,"Total current assets",null,null,null,null,null,null,null,null,null,{"$f":"SUM(L13:L20)","v":17857},14243,15030,19391,15306,16032,18896,21135,19384,17575,17076]
[null,"Assets classified as held for sale",null,null,null,null,null,null,null,null,null,0,0,0,0,0,0,0,0,0,1068,0,-1]
[null,"Total assets",null,null,null,null,null,null,null,null,null,{"$f":"L22+L21+L12","v":62250},58443,61186,143299,134498,144198,147690,153961,152308,136983,124901]
[null,"Equity and liabilities"]
[null,"Equity:"]
[null,"Share capital",null,null,null,null,null,null,null,null,null,1526,1526,1.5260000228881836,3051,3051,3051,3051,3051,3051,3051,3051]
[null,"Reserves",null,null,null,null,null,null,null,null,null,16442,16071,17.094999313354492,52470,-11816,-7056,-8740,-6476,-13755,-31006,-35447]
[null,"Retained earnings",null,null,null,null,null,null,null,null,null,0,0,0,0,63594,68253,71555,73686,78515,80392,75885]
[null,"Equity shareholders in Carlsberg A/S",null,null,null,null,null,null,null,null,null,17968,17597,18.621000289916992,55521,54829,64248,65866,70261,67811,52437,43489]
[null,"Minority interests",null,null,null,null,null,null,null,null,null,1528,1390,1.3229999542236328,5230,4660,5381,5763,3389,3688,3560,3742]
[null,"Total equity",null,null,null,null,null,null,null,null,null,{"$f":"L29+L30","v":19496},{"$f":"M29+M30","v":18987},19944,{"$f":"O29+O30","v":60751},59489,69629,71629,73650,71499,55997,47231,1]
[null,"Non current liabilities: Borrowings",null,null,null,null,null,null,null,null,null,17765,16241,19385,43230,36075,32587,34364,36706,30686,38690,31479,1,null,1]
[null,"Retirement benefit obligations and similar obligations",null,null,null,null,null,null,null,null,null,2061,2006,2220,1793,2153,2434,3263,3957,3093,4626,5235,1,null,1]
[null,"Deferred tax liabilities",null,null,null,null,null,null,null,null,null,2362,2425,2191,9803,9688,9947,9652,9682,8837,7147,5924,null,-1]
[null,"Other liabilities",null,null,null,null,null,null,null,null,null,517,512,480,933,1821,1382,1749,1820,3054,1477,2547,1]
[null,"Total non current liabilities",null,null,null,null,null,null,null,null,null,{"$f":"SUM(L32:L35)","v":22705},21184,24276,55759,49737,46350,49028,52165,45670,51940,45185]
[null,"Current liabilities: Borrowings",null,null,null,null,null,null,null,null,null,8213,6556,3869,5291,3322,3959,1875,3352,9525,1835,4549,1,null,1]
[null,"Trade payables",null,null,null,null,null,null,null,null,null,4513,5147,5833,7993,7929,9385,11021,11862,12927,12048,12260,null,-1,null,null,0]
[null,"Deposits on returnable packaging",null,null,null,null,null,null,null,null,null,1224,1159,1207,1455,1361,1279,1291,1381,1630,2034,1819,null,-1,null,null,1]
[null,"Corporation tax",null,null,null,null,null,null,null,null,null,720,187,197,279,411,534,527,537,531,796,601,null,-1,null,null,1]
[null,"Provisions",null,null,null,null,null,null,null,null,null,195,366,249,1498,1353,1506,1001,1230,1278,3010,3374,null,-1,null,null,1]
[null,"Other liabilities etc",null,null,null,null,null,null,null,null,null,5174,4856,5611,9905,10845,11378,10490,9784,9248,9323,9794,null,-1,null,null,1]
[null,"Liabilities associated with assets held for sale",null,null,null,null,null,null,null,null,null,10,1,0,368,51,178,828,0,0,0,88,1]
[null,"Total current liabilities",null,null,null,null,null,null,null,null,null,{"$f":"SUM(L37:L43)","v":20049},18272,16966,26789,25272,28219,27033,28146,35139,29046,32485]
[null,"Total liabilities",null,null,null,null,null,null,null,null,null,{"$f":"L44+L36","v":42754},39456,41242,82548,75009,74569,76061,80311,80809,80986,77670]
[null,"Total equity and liabilities",null,null,null,null,null,null,null,null,null,{"$f":"L31+L36+L44","v":62250},58443,61186,143299,134498,144198,147690,153961,152308,136983,124901]
[null,null,null,null,null,null,null,null,null,null,null,{"$f":"L46-L23","v":0},0,0,0,0,0,0,0,0,0,0]
[null,"Net capital invested associated with EBITDA",null,null,null,null,null,null,null,null,null,{"$f":"SUMPRODUCT(L6:L46,$W$6:$W$46)","v":41658},40941,42859,107003,97026,102006,104803,107484,110474,94862,82853,{"$f":"SUM(V13:V16)","v":12402}]
[null,"Net finance Invested Capital",null,null,null,null,null,null,null,null,null,{"$f":"SUMPRODUCT(L6:L46,$X$6:$X$46)","v":41658},40941,42859,107003,97026,102006,104803,107484,110474,94862,82853,{"$f":"SUM(V38:V42)","v":27848}]
[null,"Net Debt",null,null,null,null,null,null,null,null,null,{"$f":"SUMPRODUCT(L6:L46,$Y$6:$Y$46)","v":23068},22129,23091,47337,38720,36113,36218,38255,39692,42733,38132,{"$f":"W49-W48","v":15446}]
[null,"Other Liabilities",null,null,null,null,null,null,null,null,null,{"$f":"L35-L47","v":517},512,480,933,1821,1382,1749,1820,3054,1477,2547]
[null,"Total receivables",null,null,null,null,null,null,null,null,null,{"$f":"SUMPRODUCT(L6:L46,$Z$6:$Z$46)","v":10948},9393,10282,12644,10093,10310,12347,13042,13229,12790,11513]
[null,"Total other current liabilities",null,null,null,null,null,null,null,null,null,{"$f":"SUMPRODUCT(L6:L46,$AA$6:$AA$46)","v":7313},6568,7264,13137,13970,14697,13309,12932,12687,15163,15588]
[null,"Net Deferred Tax",null,null,null,null,null,{"$f":"H10-H34","v":0},{"$f":"I10-I34","v":0},0,0,-1357,-1603,-1458,-8549,-8205,-8646,-8453,-8512,-7707,-5717,-4227]
[null,"Other Assets",null,null,null,null,null,{"$f":"H14+H18","v":0},{"$f":"I14+I18","v":0},0,0,719,1001,1012,1473,841,1110,996,913,1704,1173,1398]
[]
[null,"Bridge between EV and Equity Value - Book Value"]
[null,"Invested Capital",null,null,null,null,null,{"$f":"H48","v":0},{"$f":"I48","v":0},0,0,41658,40941,42859,107003,97026,102006,104803,107484,110474,94862,82853]
[null,"Less: Equity Value",null,null,null,null,null,{"$f":"-H31","v":0},{"$f":"-I31","v":0},0,0,-19496,-18987,-19944,-60751,-59489,-69629,-71629,-73650,-71499,-55997,-47231]
[null,"Add: Minority Interest",null,null,null,null,null,{"$f":"H30","v":0},{"$f":"I30","v":0},0,0,1528,1390,1.3229999542236328,5230,4660,5381,5763,3389,3688,3560,3742]
[null,"Total Bridge",null,null,null,null,null,{"$f":"SUM(H58:H60)","v":0},{"$f":"SUM(I58:I60)","v":0},0,0,23690,23344,22916.322999954224,51482,42197,37758,38937,37223,42663,42425,39364]
[]
[null,"Net Debt",null,null,null,null,null,{"$f":"H50","v":0},{"$f":"I50","v":0},0,0,23068,22129,23091,47337,38720,36113,36218,38255,39692,42733,38132]
[null,"Less: Associated Investments",null,null,null,null,null,{"$f":"-H8","v":0},{"$f":"-I8","v":0},0,0,-1105,-579,-622,-2224,-2667,-4877,-5051,-6241,-3771,-4277,-4676]
[null,"Minority Interest",null,null,null,null,null,{"$f":"H60","v":0},{"$f":"I60","v":0},0,0,1528,1390,1.3229999542236328,5230,4660,5381,5763,3389,3688,3560,3742]
[null,"Other Liabilities",null,null,null,null,null,{"$f":"H51","v":0},{"$f":"I51","v":0},0,0,517,512,480,933,1821,1382,1749,1820,3054,1477,2547]
[null,"Net Assets Held for Disposal",null,null,null,null,null,{"$f":"-H22+H43-H19","v":0},{"$f":"-I22+I43-I19","v":0},0,0,-318,-108,-34,206,-337,-241,258,0,0,-1068,-381]
[null,"Total Bridge",null,null,null,null,null,{"$f":"SUM(H63:H67)","v":0},{"$f":"SUM(I63:I67)","v":0},0,0,23690,23344,22916.322999954224,51482,42197,37758,38937,37223,42663,42425,39364]
[]
[null,null,null,null,null,null,null,{"$f":"H61-H68","v":0},{"$f":"I61-I68","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[".","PROFIT AND LOSS"]
[null,"Revenue",null,null,null,null,null,null,null,null,null,51847,55753,60111,76557,75676,81295,86555,93100,91237,91569,91012]
[null,"Excise duties on beer and soft drinks etc",null,null,null,null,null,null,null,null,null,-13800,-14670,-15361,-16613,-16294,-21241,-22994,-25899,-26887,-27063,-25658]
[null,"Net revenue",null,null,null,null,null,null,null,null,null,38047,41083,44750,59944,59382,60054,63561,67201,64350,64506,65354]
[null,"Cost of sales",null,null,null,null,null,null,null,null,null,-18879,-20151,-22423,-31248,-30197,-28982,-31788,-33831,-32423,-32725,-33429]
[null,"Gross profit",null,null,null,null,null,null,null,null,null,19168,20932,22327,28696,29185,31072,31773,33370,31927,31781,31925]
[null,"Sales and distribution expenses",null,null,null,null,null,null,null,null,null,-13332,-14173,-14528,-17592,-15989,-17158,-18483,-19645,-18181,-18695,-19158]
[null,"Administrative expenses",null,null,null,null,null,null,null,null,null,-2961,-3065,-3123,-3934,-3873,-4040,-3903,-4185,-4415,-4633,-4909]
[null,"Other operating income",null,null,null,null,null,null,null,null,null,876,660,933,1178,554,815,671,589,22,369,235]
[null,"Other operating expenses",null,null,null,null,null,null,null,null,null,-465,-393,-448,-450,-599,-588,-422,-444,0,0,0]
[null,"Share of profit after tax associates",null,null,null,null,null,null,null,null,null,232,85,101,81,112,148,180,108,370,408,364]
[null,"Operating profit before special items",null,null,null,null,null,null,null,null,null,3518,4046,5262,7979,9390,10249,9816,9793,9723,9230,8457]
[null,"Special items net",null,null,null,null,null,null,null,null,null,-386,-160,-427,-1641,-695,-249,-268,85,-435,-1353,-8659]
[null,"Financial expenses",null,null,null,null,null,null,null,null,null,-1788,-1582,-1852,-4766,-3599,-3240,-2648,-2672,-2223,-1997,-2021]
[null,"Financial income",null,null,null,null,null,null,null,null,null,548,725,651,1310,609,1085,630,900,717,806,490]
[null,"Profit before tax",null,null,null,null,null,null,null,null,null,1892,3029,3634,2882,5705,7845,7530,8106,7782,6686,-1733]
[null,"Corporation tax",null,null,null,null,null,null,null,null,null,-521,-858,-1038,324,-1538,-1885,-1838,-1861,-1833,-1748,-849]
[null,"Consolidated profit",null,null,null,null,null,null,null,null,null,1371,2171,2596,3206,4167,5960,5692,6245,5949,4938,-2582]
[null,"Attributable to: Minority interests",null,null,null,null,null,null,null,null,null,261,287,299,575,565,609,543,638,478,524,344]
[null,"Shareholders in Carlsberg A/S",null,null,null,null,null,null,null,null,null,1110,1884,2297,2631,3602,5351,5149,5607,5471,4414,-2926]
[null,"Diluted earnings per share",null,null,null,null,null,null,null,null,null,14.600000381469727,24.600000381469727,24.200000762939453,22.200000762939453,11,35,33.700000762939453,36.700000762939453,35.700000762939453,28.799999237060547,-19.200000762939453]
[null,"Earnings per share Basic earnings per share",null,null,null,null,null,null,null,null,null,14.600000381469727,24.700000762939453,24.299999237060547,22.200000762939453,23.600000381469727,35.099998474121094,33.799999237060547,36.799999237060547,35.900001525878906,28.899999618530273,-19.200000762939453]
[]
[]
[".","STATEMENT OF CASH FLOW"]
[null,"Operating profit before special items",null,null,null,null,null,null,null,null,null,3518,4046,5262,7979,9390,10249,9816,9793,9723,9230,8457]
[null,"Adjustment for depreciation and amortisation",null,null,null,null,null,null,null,null,null,2796,2953,2768,3627,3769,3987,3780,3991,3863,4103,4674]
[null,"Adjustment for impairment losses",null,null,null,null,null,null,null,null,null,0,36,104,4,10,0,4,28,6,5,82]
[null,"Operating profit before depreciation amortisation and impairment",null,null,null,null,null,null,null,null,null,6314,7035,8134,11610,13169,14236,13600,13812,13592,13338,13213]
[null,"Adjustment for other non cash items",null,null,null,null,null,null,null,null,null,-309,-173,-403,-604,265,493,315,334,-221,-514,-374]
[null,"Change in working capital",null,null,null,null,null,null,null,null,null,1002,389,-230,1556,3675,716,-571,852,620,-177,1284]
[null,"Change in other working capital",null,null,null,null,null,null,null,null,null,0,0,0,0,0,0,-421,-523,-843,-682,561]
[null,"Interest etc paid",null,null,null,null,null,null,null,null,null,-1235,-1512,-1507,-3010,-1852,-2344,-2288,-2350,-2424,-2219,-2050]
[null,"Interest etc received",null,null,null,null,null,null,null,null,null,123,186,187,256,255,255,218,354,329,224,232]
[null,"Restructuring costs paid",null,null,null,null,null,null,null,null,null,-537,-477,-379,-482,-507,-446,-448,-324,-617,-397,-586]
[null,"Corporation tax paid",null,null,null,null,null,null,null,null,null,-624,-978,-965,-1514,-1374,-1890,-1592,-2284,-2294,-2168,-2140]
[null,"Cash flow from operating activities",null,null,null,null,null,null,null,null,null,4734,4470,4837,7812,13631,11020,8813,9871,8142,7405,10140]
[null,"Acquisition of property plant and equipment and intangible assets",null,null,null,null,null,null,null,null,null,-3010,-3188,-4929,-5292,-2767,-3326,-4329,-5067,-5582,-5888,-4069]
[null,"Disposal of property plant and equipment and intangible assets",null,null,null,null,null,null,null,null,null,427,305,351,374,255,181,276,440,149,261,575]
[null,"Total operational investments",null,null,null,null,null,null,null,null,null,-2615,-3083,-4721,-5208,-2923,-3575,-4571,-5074,-5385,-5549,-3307]
[null,"Change in trade loans",null,null,null,null,null,null,null,null,null,-32,-200,-143,-290,-411,-430,-518,-447,48,78,187]
[null," Acquisition and divestment of entities net",null,null,null,null,null,null,null,null,null,-738,18,-179,-51444,95,-477,-260,-27,0,0,0]
[null," Acquisition of financial assets",null,null,null,null,null,null,null,null,null,-710,-82,0,0,0,0,0,0,0,0,0]
[null,"Free operating cash flow",null,null,null,null,null,null,null,null,null,0,0,0,0,10708,7445,4242,4797,2757,1856,6833]
[null,"Acquisition and disposal of entities net",null,null,null,null,null,null,null,null,null,0,0,0,0,0,0,0,0,-2314,-1681,-33]
[null,"Acquisitions of associated companies",null,null,null,null,null,null,null,null,null,0,0,0,-587,-48,-2041,0,0,0,0,0]
[null,"Disposals of associated companies",null,null,null,null,null,null,null,null,null,0,0,0,300,-7,0,15,3,0,0,0]
[null,"Acquisitions of associates",null,null,null,null,null,null,null,null,null,0,0,0,0,0,0,-75,-825,-191,-90,9]
[null,"Acquisition of financial assets",null,null,null,null,null,null,null,null,null,0,0,-43,-961,-11,-35,-9,-39,5,25,29]
[null,"Change in financial receivables",null,null,null,null,null,null,null,null,null,-1620,1834,-86,427,-98,-233,-47,-28,-250,400,-193]
[null,"Disposal of financial assets",null,null,null,null,null,null,null,null,null,2002,1494,37,39,44,18,7,25,0,0,0]
[null,"Dividends received",null,null,null,null,null,null,null,null,null,245,70,127,75,56,93,58,100,141,180,305]
[null,"Other investments in property plant and equipment",null,null,null,null,null,null,null,null,null,-176,-371,-667,-1117,-388,-51,-36,-6,-18,-20,-81]
[null,"Disposal of other property plant and equipment",null,null,null,null,null,null,null,null,null,1258,185,605,1323,198,460,35,1897,0,0,653]
[null,"Total financial investments",null,null,null,null,null,null,null,null,null,-821,3334,-144,-52151,31,-2675,-311,-791,-2609,-1166,117]
[null,"Total other activities",null,null,null,null,null,null,null,null,null,1082,-186,-62,206,-190,409,-1,1891,-18,-20,572]
[null,"Cash flow from investing activities",null,null,null,null,null,null,null,null,null,-2354,65,-4927,-57153,-3082,-5841,-4883,-3974,-8012,-6735,-2618]
[null,"Free cash flow",null,null,null,null,null,null,null,null,null,2380,4535,-90,-49341,10549,5179,3930,5897,130,670,7522]
[null,"Shareholders in Carlsberg A/S",null,null,null,null,null,null,null,null,null,-325,-397,-508,29482,-540,-581,-812,-864,-985,-1234,-1505]
[null,"Minority interests",null,null,null,null,null,null,null,null,null,-1581,-701,-451,-549,0,0,0,0,0,0,0]
[null,"External financing",null,null,null,null,null,null,null,null,null,-84,-3592,775,21151,-8862,-3950,-1003,2473,-67,82,-4557]
[null,"Non controlling interests",null,null,null,null,null,null,null,null,null,0,0,0,0,-591,-878,-1876,-5198,-677,-663,-513]
[null,"Cash flow from financing activities",null,null,null,null,null,null,null,null,null,-1990,-4690,-184,50084,-9993,-5409,-3691,-3589,-1729,-1815,-6575]
[null,"Cash and cash equivalents at January",null,null,null,null,null,null,null,null,null,1500,1940,1708,1351,2065,2583,2601,2835,5000,3234,2178]
[null,"Net cash flow",null,null,null,null,null,null,null,null,null,390,-155,-274,743,556,-230,239,2308,-1599,-1145,947]
[null,"Foreign exchange adjustment of cash and cash equivalents",null,null,null,null,null,null,null,null,null,50,-77,-83,-29,-38,248,-5,-84,-167,89,-105]
[null,"Cash and cash equivalents at December",null,null,null,null,null,null,null,null,null,1940,1708,1351,2065,2583,2601,2835,5059,3234,2178,3020]
[".","SUMMARY"]
[null,"Sales volumes gross million hl"]
[null,"Beer",null,null,null,null,39.799999237060547,67,78.599998474121094,81.400001525878906,92,101.59999847412109,100.69999694824219,115.19999694824219,126.80000305175781,137,136.5,139.80000305175781,140.89999389648438,138.69999694824219,134.5,131.80000305175781]
[null,"Other beverages",null,null,null,null,14.800000190734863,21.200000762939453,20.899999618530273,21.200000762939453,19.399999618530273,19.100000381469727,20.200000762939453,20.799999237060547,22.299999237060547,22.200000762939453,22.5,22.200000762939453,22,21.5,22.700000762939453,23.299999237060547]
[null,"Net revenue",null,null,null,null,25650,34419,35544,34626,35987,38047,41083,44750,59944,59382,60054,63561,66468,64350,64506,65354]
[null,"Operating profit before special items",null,null,null,null,1995,3294,3779,3564,3442,3518,4046,5262,7978,9390,10249,9816,9793,9723,9230,8457]
[null,"Operating profit before depreciation amortisation and impairment losses",null,null,null,null,0,0,0,0,0,0,0,0,0,0,10249,13600,13812,13592,13338,13213]
[null,"Special items net",null,null,null,null,363,32,-23,-401,-301,-386,-160,-427,-1641,-695,-249,-268,85,-435,-1353,-8659]
[null," Goodwill amortisation and impairments",null,null,null,null,-1664,-303,-375,-379,-976,0,0,0,0,0,0,0,0,0,0,0]
[null,"Financial items net",null,null,null,null,-264,-255,-884,-475,-1079,-1240,-857,-1201,-3456,-2990,-2155,-2018,-1772,-1506,-1191,-1531]
[]
[null,"Profit before tax",null,null,null,null,2094,3071,2872,2688,2062,1892,3029,3634,2881,5705,7845,7530,8106,7782,6686,-1733]
[null,"Corporation tax",null,null,null,null,-547,-617,-723,-590,-459,-521,-858,-1038,312,-1538,-1885,-1838,-1861,-1833,-1748,-849]
[null,"Consolidated profit",null,null,null,null,-117,2151,1774,1719,627,1371,2171,2596,3193,4167,5960,5692,6245,5949,4938,-2582]
[null,"Attributable to: Non controlling interests",null,null,null,null,-151,957,763,763,150,261,287,299,572,565,609,543,638,478,524,344]
[null,"Shareholders in Carlsberg A/S",null,null,null,null,34,1194,1011,956,477,1110,1884,2297,2621,3602,5351,5149,5607,5471,4414,-2926]
[null,"Shareholders in Carlsberg A/S adjusted",null,null,null,null,1698,1370,1011,1179,1425,1110,1884,2297,4077,4170,5425,5203,5504,5772,5496,4557]
[null,"Statement of financial position Total assets",null,null,null,null,40168,47455,46523,46712,56731,62359,58451,61220,142639,134515,144250,147714,153961,152308,137458,124901]
[null,"Equity shareholders in Carlsberg A/S",null,null,null,null,12529,12041,10836,11276,14410,17968,17597,18621,54750,54829,64248,65866,70261,67811,52437,43489]
[null,"Interest bearing debt net",null,null,null,null,10309,10918,10923,8929,21733,20753,19229,19726,44156,35679,32743,32460,32480,34610,36567,30945]
[null,"Invested capital",null,null,null,null,26636,32195,30971,29255,43198,42734,43160,45394,118643,109538,117119,118196,121467,119112,104006,90102]
[null,"Invested capital excluding goodwill",null,null,null,null,0,0,0,0,0,0,0,0,0,0,66281,62199,67553,61946,51143,39832]
[null,"Return on invested capital ROIC",null,null,null,null,7.5,10.199999809265137,12.199999809265137,12.199999809265137,8,7.8000001907348633,9.1999998092651367,11.699999809265137,8.1999998092651367,8.1999998092651367,8.8000001907348633,8.3999996185302734,8,8.1000003814697266,8,8.1000003814697266]
[null,"ROIC excl goodwill",null,null,null,null,0,0,0,0,0,0,0,0,0,0,15.399999618530273,14.699999809265137,14.300000190734863,14.5,15.300000190734863,16.899999618530273]
[]
[null,"Free cash flow",null,null,null,null,-3752,-1299,1604,2613,1512,2380,4535,-90,-49341,10549,5179,3930,5897,130,670,7522]
[null," Statement of cash flows",null,null,null,null,0,0,0,0,0,0,0,4837,0,0,null,8813,9871,8142,7405,10140]
[null,"Acquisition and disposal of entities net",null,null,null,null,0,0,0,0,0,0,0,-179,-51438,95,-477,-260,-27,-2314,-1681,-33]
[null,"Cash flow from operating activities",null,null,null,null,2305,2215,5550,4517,3806,4734,4470,0,7812,13631,11020,0,0,0,0,0]
[null,"Acquisition and disposal of property plant and equipment net",null,null,null,null,2770,3551,2991,1218,1141,0,2864,0,0,0,0,0,0,0,0,0]
[null,"Investments Acquisition and disposal of property plant and equipment net",null,null,null,null,4309,1996,1131,143,4252,1323,-18,-4596,-4669,-2342,-2197,-3618,-2264,-4522,-4828,-2439]
[null,"Cash flow from investing activities",null,null,null,null,-6057,-3514,-3946,-1904,-2294,-2354,65,-4927,-57153,-3082,-5841,-4883,-3974,-8012,-6735,-2618]
[]
[null,"Financial ratios Operating margin",null,null,null,null,7.8000001907348633,9.6000003814697266,10.600000381469727,10.300000190734863,9.6000003814697266,9.1999998092651367,9.8000001907348633,11.800000190734863,13.300000190734863,15.800000190734863,17.100000381469727,15.399999618530273,14.600000381469727,15.100000381469727,14.300000190734863,12.899999618530273]
[null,"Debt/equity ratio financial gearing x",null,null,null,null,0.81999999284744263,0.9100000262260437,1.0099999904632568,0.79000002145767212,1.5099999904632568,1.059999942779541,1.0900000333786011,0.99000000953674316,0.74000000953674316,0.60000002384185791,0.4699999988079071,0.44999998807907104,0.43999999761581421,0.47999998927116394,0.64999997615814209,0.6600000262260437]
[null,"Debt/operating profit before depreciation and amortisation x",null,null,null,null,0,0,1.7000000476837158,0,0,3.2899999618530273,2.7300000190734863,2.4300000667572021,3.7999999523162842,2.7100000381469727,2.2999999523162842,2.3900001049041748,2.3499999046325684,2.5499999523162842,2.7400000095367432,2.3399999141693115]
[null,"Interest cover x",null,null,null,null,7.559999942779541,12.920000076293945,4.2699999809265137,7.5,3.190000057220459,2.8399999141693115,4.7199997901916504,4.380000114440918,2.309999942779541,3.1400001049041748,4.7600002288818359,4.8600001335144043,5.5300002098083496,6.4600000381469727,7.75,5.5300002098083496]
[null,"Equity ratio",null,null,null,null,31.200000762939453,25.399999618530273,23.299999237060547,24.100000381469727,25.399999618530273,31.299999237060547,30.100000381469727,30.399999618530273,38.400001525878906,40.799999237060547,44.5,44.599998474121094,45.599998474121094,45.200000762939453,38.299999237060547,34.799999237060547]
[]
[null,"Stock market ratios Earnings per share EPS DKK",null,null,null,null,0.5,18.700000762939453,16.600000381469727,15.699999809265137,6.6999998092651367,11.699999809265137,24.700000762939453,24.299999237060547,22.100000381469727,23.600000381469727,35.099998474121094,33.799999237060547,36.799999237060547,35.900001525878906,28.899999618530273,-19.200000762939453]
[null,"Earnings per share adjusted EPS A DKK",null,null,null,null,0,0,0,0,0,0,0,0,34.299999237060547,27.299999237060547,35.599998474121094,34.099998474121094,36.099998474121094,37.799999237060547,36,29.899999618530273]
[null,"Earnings per share before goodwill amortisation DKK",null,null,null,null,14,21.5,0,19.399999618530273,20.100000381469727,0,0,0,0,0,0,0,0,0,0,0]
[null,"Dividend per share proposed DKK",null,null,null,null,5.4000000953674316,5,5,5,5,4,6,4.8000001907348633,3.5,3.5,5,5.5,6,8,9,9]
[null,"Free cash flow per share FCFPS DKK",null,null,null,null,0,0,26.399999618530273,0,0,25.200000762939453,59.5,-1,-415.39999389648438,69.099998474121094,33.900001525878906,25.700000762939453,38.599998474121094,0.89999997615814209,4.4000000953674316,49.200000762939453]
[null,"Cash flow from operating activities per share CFPS DKK",null,null,null,null,40.400001525878906,34.700000762939453,91.199996948242188,74.199996948242188,53.599998474121094,50.099998474121094,58.599998474121094,51.200000762939453,65.800003051757813,89.300003051757813,72.099998474121094,57.700000762939453,64.599998474121094,53.400001525878906,48.400001525878906,66.300003051757813]
[null,"Payout ratio",null,null,null,null,0,27,30,32,80,34,24,20,20,15,14,0,16,16,22,31]
[null,"Payout ratio adjusted",null,null,null,null,0,0,0,0,0,0,0,0,0,0,14,16,17,21,25,30]
[null,"Share price B shares DKK",null,null,null,null,440.10000610351563,329.79998779296875,295.10000610351563,259.5,278.10000610351563,272.79998779296875,561,498.10000610351563,171.30000305175781,384,558.5,405,554,600,478.79998779296875,612.5]
[null,"Number of shares year end",null,null,null,null,63906,63906,63906,63906,76278,0,0,0,0,0,0,0,0,0,0,0]
[null,"Number of shares average excl treasury shares",null,null,null,null,63706,63706,60862,60862,71006,94433,76265,94466,118778,152550,152548,152538,152543,152548,152535,152542]

{"sheet":"Assumptions and Free Cash Flow","index":5,"n_rows":188,"n_cols":33,"rows_kept":188,"cut":false,"hidden":false,"merged":[]}
[null,null,null,null,null,null,null,null,2001,2002,2003,2004,2005,2006,2007,2008,2009,2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021,2022,2023,2024,2025]
[null,null,"Historical switch",2015,null,null,null,{"$f":"Valuation!H3<=$D$2","v":true},{"$f":"Valuation!I3<=$D$2","v":true},{"$f":"Valuation!J3<=$D$2","v":true},{"$f":"Valuation!K3<=$D$2","v":true},{"$f":"Valuation!L3<=$D$2","v":true},{"$f":"Valuation!M3<=$D$2","v":true},{"$f":"Valuation!N3<=$D$2","v":true},{"$f":"Valuation!O3<=$D$2","v":true},{"$f":"Valuation!P3<=$D$2","v":true},{"$f":"Valuation!Q3<=$D$2","v":true},{"$f":"Valuation!R3<=$D$2","v":true},{"$f":"Valuation!S3<=$D$2","v":true},{"$f":"Valuation!T3<=$D$2","v":true},{"$f":"Valuation!U3<=$D$2","v":true},{"$f":"Valuation!V3<=$D$2","v":true},{"$f":"Valuation!W3<=$D$2","v":true},{"$f":"Valuation!X3<=$D$2","v":false},{"$f":"Valuation!Y3<=$D$2","v":false},{"$f":"Valuation!Z3<=$D$2","v":false},{"$f":"Valuation!AA3<=$D$2","v":false},{"$f":"Valuation!AB3<=$D$2","v":false},{"$f":"Valuation!AC3<=$D$2","v":false},{"$f":"Valuation!AD3<=$D$2","v":false},{"$f":"Valuation!AE3<=$D$2","v":false},{"$f":"Valuation!AF3<=$D$2","v":false},{"$f":"Valuation!AG3<=$D$2","v":false}]
[null,null,"Full data switch",2005,null,null,null,{"$f":"AND(Valuation!H3>=$D$3,Valuation!H3<=$D$2)","v":false},{"$f":"AND(Valuation!I3>=$D$3,Valuation!I3<=$D$2)","v":false},{"$f":"AND(Valuation!J3>=$D$3,Valuation!J3<=$D$2)","v":false},{"$f":"AND(Valuation!K3>=$D$3,Valuation!K3<=$D$2)","v":false},{"$f":"AND(Valuation!L3>=$D$3,Valuation!L3<=$D$2)","v":false},{"$f":"AND(Valuation!M3>=$D$3,Valuation!M3<=$D$2)","v":true},{"$f":"AND(Valuation!N3>=$D$3,Valuation!N3<=$D$2)","v":true},{"$f":"AND(Valuation!O3>=$D$3,Valuation!O3<=$D$2)","v":true},{"$f":"AND(Valuation!P3>=$D$3,Valuation!P3<=$D$2)","v":true},{"$f":"AND(Valuation!Q3>=$D$3,Valuation!Q3<=$D$2)","v":true},{"$f":"AND(Valuation!R3>=$D$3,Valuation!R3<=$D$2)","v":true},{"$f":"AND(Valuation!S3>=$D$3,Valuation!S3<=$D$2)","v":true},{"$f":"AND(Valuation!T3>=$D$3,Valuation!T3<=$D$2)","v":true},{"$f":"AND(Valuation!U3>=$D$3,Valuation!U3<=$D$2)","v":true},{"$f":"AND(Valuation!V3>=$D$3,Valuation!V3<=$D$2)","v":true},{"$f":"AND(Valuation!W3>=$D$3,Valuation!W3<=$D$2)","v":true},{"$f":"AND(Valuation!X3>=$D$3,Valuation!X3<=$D$2)","v":false},{"$f":"AND(Valuation!Y3>=$D$3,Valuation!Y3<=$D$2)","v":false},{"$f":"AND(Valuation!Z3>=$D$3,Valuation!Z3<=$D$2)","v":false},{"$f":"AND(Valuation!AA3>=$D$3,Valuation!AA3<=$D$2)","v":false},{"$f":"AND(Valuation!AB3>=$D$3,Valuation!AB3<=$D$2)","v":false},{"$f":"AND(Valuation!AC3>=$D$3,Valuation!AC3<=$D$2)","v":false},{"$f":"AND(Valuation!AD3>=$D$3,Valuation!AD3<=$D$2)","v":false},{"$f":"AND(Valuation!AE3>=$D$3,Valuation!AE3<=$D$2)","v":false},{"$f":"AND(Valuation!AF3>=$D$3,Valuation!AF3<=$D$2)","v":false},{"$f":"AND(Valuation!AG3>=$D$3,Valuation!AG3<=$D$2)","v":false}]
[null,null,"Last historic year",null,null,null,null,{"$f":"Valuation!H3=$D$2","v":false},{"$f":"Valuation!I3=$D$2","v":false},{"$f":"Valuation!J3=$D$2","v":false},{"$f":"Valuation!K3=$D$2","v":false},{"$f":"Valuation!L3=$D$2","v":false},{"$f":"Valuation!M3=$D$2","v":false},{"$f":"Valuation!N3=$D$2","v":false},{"$f":"Valuation!O3=$D$2","v":false},{"$f":"Valuation!P3=$D$2","v":false},{"$f":"Valuation!Q3=$D$2","v":false},{"$f":"Valuation!R3=$D$2","v":false},{"$f":"Valuation!S3=$D$2","v":false},{"$f":"Valuation!T3=$D$2","v":false},{"$f":"Valuation!U3=$D$2","v":false},{"$f":"Valuation!V3=$D$2","v":false},{"$f":"Valuation!W3=$D$2","v":true},{"$f":"Valuation!X3=$D$2","v":false},{"$f":"Valuation!Y3=$D$2","v":false},{"$f":"Valuation!Z3=$D$2","v":false},{"$f":"Valuation!AA3=$D$2","v":false},{"$f":"Valuation!AB3=$D$2","v":false},{"$f":"Valuation!AC3=$D$2","v":false},{"$f":"Valuation!AD3=$D$2","v":false},{"$f":"Valuation!AE3=$D$2","v":false},{"$f":"Valuation!AF3=$D$2","v":false},{"$f":"Valuation!AG3=$D$2","v":false}]
[]
[". Financial Ratios for Analysis of Assumptions"]
[]
[null,"EBITDA Analysis"]
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[null,null,"Less: Restructuring Cash Payments from Cash Flow",null,true,null,null,{"$f":"IF($E$10,'Historic Data from PDF'!G106)","v":0},{"$f":"IF($E$10,'Historic Data from PDF'!H106)","v":0},{"$f":"IF($E$10,'Historic Data from PDF'!I106)","v":0},{"$f":"IF($E$10,'Historic Data from PDF'!J106)","v":0},{"$f":"IF($E$10,'Historic Data from PDF'!K106)","v":0},{"$f":"IF($E$10,'Historic Data from PDF'!L106)","v":-537},{"$f":"IF($E$10,'Historic Data from PDF'!M106)","v":-477},{"$f":"IF($E$10,'Historic Data from PDF'!N106)","v":-379},{"$f":"IF($E$10,'Historic Data from PDF'!O106)","v":-482},{"$f":"IF($E$10,'Historic Data from PDF'!P106)","v":-507},{"$f":"IF($E$10,'Historic Data from PDF'!Q106)","v":-446},{"$f":"IF($E$10,'Historic Data from PDF'!R106)","v":-448},{"$f":"IF($E$10,'Historic Data from PDF'!S106)","v":-324},{"$f":"IF($E$10,'Historic Data from PDF'!T106)","v":-617},{"$f":"IF($E$10,'Historic Data from PDF'!U106)","v":-397},{"$f":"IF($E$10,'Historic Data from PDF'!V106)","v":-586}]
[null,null,"Less: Income from associates",null,null,null,null,null,null,null,null,{"$f":"-'Historic Data from PDF'!K82","v":0},{"$f":"-'Historic Data from PDF'!L82","v":-232},{"$f":"-'Historic Data from PDF'!M82","v":-85},{"$f":"-'Historic Data from PDF'!N82","v":-101},{"$f":"-'Historic Data from PDF'!O82","v":-81},{"$f":"-'Historic Data from PDF'!P82","v":-112},{"$f":"-'Historic Data from PDF'!Q82","v":-148},{"$f":"-'Historic Data from PDF'!R82","v":-180},{"$f":"-'Historic Data from PDF'!S82","v":-108},{"$f":"-'Historic Data from PDF'!T82","v":-370},{"$f":"-'Historic Data from PDF'!U82","v":-408},{"$f":"-'Historic Data from PDF'!V82","v":-364}]
[null,null,"EBITDA",null,null,null,null,{"$f":"H9+H10","v":0},{"$f":"I9+I10","v":0},{"$f":"J9+J10","v":0},{"$f":"K9+K10","v":0},{"$f":"L9+L10+L11","v":0},5545,6473,7654,11047,12550,13642,12972,13380,12605,12533,12263]
[]
[null,null,"Net Revenues",null,null,null,null,{"$f":"'Historic Data from PDF'!G143","v":25650},{"$f":"'Historic Data from PDF'!H143","v":34419},{"$f":"'Historic Data from PDF'!I143","v":35544},{"$f":"'Historic Data from PDF'!J143","v":34626},{"$f":"'Historic Data from PDF'!K143","v":35987},{"$f":"'Historic Data from PDF'!L143","v":38047},{"$f":"'Historic Data from PDF'!M143","v":41083},{"$f":"'Historic Data from PDF'!N143","v":44750},{"$f":"'Historic Data from PDF'!O143","v":59944},{"$f":"'Historic Data from PDF'!P143","v":59382},{"$f":"'Historic Data from PDF'!Q143","v":60054},{"$f":"'Historic Data from PDF'!R143","v":63561},{"$f":"'Historic Data from PDF'!S143","v":66468},{"$f":"'Historic Data from PDF'!T143","v":64350},{"$f":"'Historic Data from PDF'!U143","v":64506},{"$f":"'Historic Data from PDF'!V143","v":65354}]
[null,null,"COGS ",null,null,null,null,{"$f":"-'Historic Data from PDF'!C76","v":0},{"$f":"-'Historic Data from PDF'!H76","v":0},{"$f":"-'Historic Data from PDF'!I76","v":0},{"$f":"-'Historic Data from PDF'!J76","v":0},{"$f":"-'Historic Data from PDF'!K76","v":0},{"$f":"-'Historic Data from PDF'!L76","v":18879},{"$f":"-'Historic Data from PDF'!M76","v":20151},{"$f":"-'Historic Data from PDF'!N76","v":22423},{"$f":"-'Historic Data from PDF'!O76","v":31248},{"$f":"-'Historic Data from PDF'!P76","v":30197},{"$f":"-'Historic Data from PDF'!Q76","v":28982},{"$f":"-'Historic Data from PDF'!R76","v":31788},{"$f":"-'Historic Data from PDF'!S76","v":33831},{"$f":"-'Historic Data from PDF'!T76","v":32423},{"$f":"-'Historic Data from PDF'!U76","v":32725},{"$f":"-'Historic Data from PDF'!V76","v":33429}]
[null,null,"Less: Depreciation Expense",null,null,null,null,{"$f":"'Historic Data from PDF'!C98","v":0},{"$f":"'Historic Data from PDF'!H98","v":0},{"$f":"'Historic Data from PDF'!I98","v":0},{"$f":"'Historic Data from PDF'!J98","v":0},{"$f":"'Historic Data from PDF'!K98","v":0},{"$f":"'Historic Data from PDF'!L98","v":2796},{"$f":"'Historic Data from PDF'!M98","v":2953},{"$f":"'Historic Data from PDF'!N98","v":2768},{"$f":"'Historic Data from PDF'!O98","v":3627},{"$f":"'Historic Data from PDF'!P98","v":3769},{"$f":"'Historic Data from PDF'!Q98","v":3987},{"$f":"'Historic Data from PDF'!R98","v":3780},{"$f":"'Historic Data from PDF'!S98","v":3991},{"$f":"'Historic Data from PDF'!T98","v":3863},{"$f":"'Historic Data from PDF'!U98","v":4103},{"$f":"'Historic Data from PDF'!V98","v":4674}]
[null,null,"COGS without Depreciation",null,null,null,null,{"$f":"H15+H16","v":0},{"$f":"I15-I16","v":0},0,0,0,16083,17198,19655,27621,26428,24995,28008,29840,28560,28622,28755]
[null,null,"COGS Margin",null,null,null,null,{"$f":"H17/H14","v":0},0,0,0,0,0.42271401161721028,0.41861597254338778,0.43921787709497206,0.46078006139063127,0.44505068876090398,0.41620874546241715,0.44064756690423373,0.44893783474754767,0.44382284382284382,0.44371066257402414,0.43998837102549193]
[]
[null,null,"EBITDA Margin",null,null,null,null,{"$f":"H12/H14","v":0},0,0,0,0,0.14574079428075801,0.15755908770050872,0.17103910614525139,0.18428866942479646,0.21134350476575392,0.22716222066806541,0.20408741209232076,0.20129987362339771,0.19588189588189589,0.1942920038446036,0.187639624200508]
[null,null,"SG&A as Pct of Sales",null,null,null,null,{"$f":"-'Historic Data from PDF'!C78/H14","v":0},{"$f":"-'Historic Data from PDF'!H78/I14","v":0},{"$f":"-'Historic Data from PDF'!I78/J14","v":0},{"$f":"-'Historic Data from PDF'!J78/K14","v":0},{"$f":"-'Historic Data from PDF'!K78/L14","v":0},{"$f":"-'Historic Data from PDF'!L78/M14","v":0.35040870502273502},{"$f":"-'Historic Data from PDF'!M78/N14","v":0.34498454348513985},{"$f":"-'Historic Data from PDF'!N78/O14","v":0.32464804469273745},{"$f":"-'Historic Data from PDF'!O78/P14","v":0.29347390898171627},{"$f":"-'Historic Data from PDF'!P78/Q14","v":0.26925667710754103},{"$f":"-'Historic Data from PDF'!Q78/R14","v":0.28570952809138445},{"$f":"-'Historic Data from PDF'!R78/S14","v":0.29079152310379008},{"$f":"-'Historic Data from PDF'!S78/T14","v":0.29555575615333696},{"$f":"-'Historic Data from PDF'!T78/U14","v":0.28253302253302254},{"$f":"-'Historic Data from PDF'!U78/V14","v":0.28981800142622394},{"$f":"-'Historic Data from PDF'!V78/W14","v":0.29314196529669184}]
[null,null,"Admin as Pct of Sales",null,null,null,null,{"$f":"-'Historic Data from PDF'!C79/H14","v":0},{"$f":"-'Historic Data from PDF'!H79/I14","v":0},{"$f":"-'Historic Data from PDF'!I79/J14","v":0},{"$f":"-'Historic Data from PDF'!J79/K14","v":0},{"$f":"-'Historic Data from PDF'!K79/L14","v":0},{"$f":"-'Historic Data from PDF'!L79/M14","v":7.7824795647488634E-2},{"$f":"-'Historic Data from PDF'!M79/N14","v":7.4605067789596677E-2},{"$f":"-'Historic Data from PDF'!N79/O14","v":6.978770949720671E-2},{"$f":"-'Historic Data from PDF'!O79/P14","v":6.5627919391432005E-2},{"$f":"-'Historic Data from PDF'!P79/Q14","v":6.522178437910478E-2},{"$f":"-'Historic Data from PDF'!Q79/R14","v":6.7272787824291469E-2},{"$f":"-'Historic Data from PDF'!R79/S14","v":6.1405578892717229E-2},{"$f":"-'Historic Data from PDF'!S79/T14","v":6.2962628633327314E-2},{"$f":"-'Historic Data from PDF'!T79/U14","v":6.8609168609168603E-2},{"$f":"-'Historic Data from PDF'!U79/V14","v":7.1822776175859609E-2},{"$f":"-'Historic Data from PDF'!V79/W14","v":7.5113994552743521E-2}]
[]
[null,null,"Property Plant and Equipment",null,null,null,null,{"$f":"'Historic Data from PDF'!C7","v":0},{"$f":"'Historic Data from PDF'!H7","v":0},{"$f":"'Historic Data from PDF'!I7","v":0},{"$f":"'Historic Data from PDF'!J7","v":0},{"$f":"'Historic Data from PDF'!K7","v":0},{"$f":"'Historic Data from PDF'!L7","v":20355},{"$f":"'Historic Data from PDF'!M7","v":20367},{"$f":"'Historic Data from PDF'!N7","v":22109},{"$f":"'Historic Data from PDF'!O7","v":34043},{"$f":"'Historic Data from PDF'!P7","v":31825},{"$f":"'Historic Data from PDF'!Q7","v":32420},{"$f":"'Historic Data from PDF'!R7","v":31848},{"$f":"'Historic Data from PDF'!S7","v":31991},{"$f":"'Historic Data from PDF'!T7","v":31738},{"$f":"'Historic Data from PDF'!U7","v":28748},{"$f":"'Historic Data from PDF'!V7","v":26678}]
[null,null,"Average",null,null,null,null,{"$f":"IF(C24>0,AVERAGE(H24,C24),H24)","v":0},{"$f":"IF(H24>0,AVERAGE(I24,H24),I24)","v":0},0,0,0,20355,20361,21238,28076,32934,32122.5,32134,31919.5,31864.5,30243,27713]
[null,null,"Depreciation Rate",null,null,null,null,{"$f":"IF(H25,H16/H25)","v":false},false,false,false,false,0.13736182756079587,0.14503216934335247,0.13033242301534984,0.12918506909816213,0.11444100321855832,0.12411860845201961,0.1176324142652642,0.12503328686226289,0.12123209214015597,0.13566775782825777,0.16865730884422472]
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[null,null,"Capital Expenditures - Net",null,null,null,null,{"$f":"-'Historic Data from PDF'!C109-'Historic Data from PDF'!C124-'Historic Data from PDF'!C110-'Historic Data from PDF'!C125","v":0},{"$f":"-'Historic Data from PDF'!H109-'Historic Data from PDF'!H124-'Historic Data from PDF'!H110-'Historic Data from PDF'!H125","v":0},{"$f":"-'Historic Data from PDF'!I109-'Historic Data from PDF'!I124-'Historic Data from PDF'!I110-'Historic Data from PDF'!I125","v":0},{"$f":"-'Historic Data from PDF'!J109-'Historic Data from PDF'!J124-'Historic Data from PDF'!J110-'Historic Data from PDF'!J125","v":0},{"$f":"-'Historic Data from PDF'!K109-'Historic Data from PDF'!K124-'Historic Data from PDF'!K110-'Historic Data from PDF'!K125","v":0},{"$f":"-'Historic Data from PDF'!L109-'Historic Data from PDF'!L124-'Historic Data from PDF'!L110-'Historic Data from PDF'!L125","v":1501},{"$f":"-'Historic Data from PDF'!M109-'Historic Data from PDF'!M124-'Historic Data from PDF'!M110-'Historic Data from PDF'!M125","v":3069},{"$f":"-'Historic Data from PDF'!N109-'Historic Data from PDF'!N124-'Historic Data from PDF'!N110-'Historic Data from PDF'!N125","v":4640},{"$f":"-'Historic Data from PDF'!O109-'Historic Data from PDF'!O124-'Historic Data from PDF'!O110-'Historic Data from PDF'!O125","v":4712},{"$f":"-'Historic Data from PDF'!P109-'Historic Data from PDF'!P124-'Historic Data from PDF'!P110-'Historic Data from PDF'!P125","v":2702},{"$f":"-'Historic Data from PDF'!Q109-'Historic Data from PDF'!Q124-'Historic Data from PDF'!Q110-'Historic Data from PDF'!Q125","v":2736},{"$f":"-'Historic Data from PDF'!R109-'Historic Data from PDF'!R124-'Historic Data from PDF'!R110-'Historic Data from PDF'!R125","v":4054},{"$f":"-'Historic Data from PDF'!S109-'Historic Data from PDF'!S124-'Historic Data from PDF'!S110-'Historic Data from PDF'!S125","v":2736},{"$f":"-'Historic Data from PDF'!T109-'Historic Data from PDF'!T124-'Historic Data from PDF'!T110-'Historic Data from PDF'!T125","v":5451},{"$f":"-'Historic Data from PDF'!U109-'Historic Data from PDF'!U124-'Historic Data from PDF'!U110-'Historic Data from PDF'!U125","v":5647},{"$f":"-'Historic Data from PDF'!V109-'Historic Data from PDF'!V124-'Historic Data from PDF'!V110-'Historic Data from PDF'!V125","v":2922}]
[null,null,"Cap Exp to Depreciation",null,null,null,null,{"$f":"IF(H16,H28/H16)","v":false},false,false,false,false,1.1394849785407726,1.2052150355570606,2.0216763005780347,1.7670250896057347,0.83709206686123638,0.84700275896664157,1.1547619047619047,1.2711099974943623,1.4496505306756406,1.4399220082866195,0.88789045785194698]
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[null,null,"Trade and Other Recievables",null,null,null,null,{"$f":"'Historic Data from PDF'!C15+'Historic Data from PDF'!C16","v":0},{"$f":"'Historic Data from PDF'!H15+'Historic Data from PDF'!H16","v":0},{"$f":"'Historic Data from PDF'!I15+'Historic Data from PDF'!I16","v":0},{"$f":"'Historic Data from PDF'!J15+'Historic Data from PDF'!J16","v":0},{"$f":"'Historic Data from PDF'!K15+'Historic Data from PDF'!K16","v":0},{"$f":"'Historic Data from PDF'!L15+'Historic Data from PDF'!L16","v":8994},{"$f":"'Historic Data from PDF'!M15+'Historic Data from PDF'!M16","v":7253},{"$f":"'Historic Data from PDF'!N15+'Historic Data from PDF'!N16","v":7794},{"$f":"'Historic Data from PDF'!O15+'Historic Data from PDF'!O16","v":9464},{"$f":"'Historic Data from PDF'!P15+'Historic Data from PDF'!P16","v":7648},{"$f":"'Historic Data from PDF'!Q15+'Historic Data from PDF'!Q16","v":7453},{"$f":"'Historic Data from PDF'!R15+'Historic Data from PDF'!R16","v":9701},{"$f":"'Historic Data from PDF'!S15+'Historic Data from PDF'!S16","v":9921},{"$f":"'Historic Data from PDF'!T15+'Historic Data from PDF'!T16","v":9476},{"$f":"'Historic Data from PDF'!U15+'Historic Data from PDF'!U16","v":9486},{"$f":"'Historic Data from PDF'!V15+'Historic Data from PDF'!V16","v":8261}]
[null,null,"Trade and Other as Percent of Sales",null,null,null,null,{"$f":"IF(H14,H34/H14)","v":0},0,0,0,0,0.23639183115620155,0.17654504296180903,0.17416759776536314,0.15788068864273322,0.12879323700784751,0.12410497219169414,0.1526250373656802,0.14925979418667629,0.14725718725718726,0.1470560878057855,0.12640389264620375]
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[null,null,"Accounts Payable",null,null,null,null,{"$f":"'Historic Data from PDF'!C38","v":0},{"$f":"'Historic Data from PDF'!H38","v":0},{"$f":"'Historic Data from PDF'!I38","v":0},{"$f":"'Historic Data from PDF'!J38","v":0},{"$f":"'Historic Data from PDF'!K38","v":0},{"$f":"'Historic Data from PDF'!L38","v":4513},{"$f":"'Historic Data from PDF'!M38","v":5147},{"$f":"'Historic Data from PDF'!N38","v":5833},{"$f":"'Historic Data from PDF'!O38","v":7993},{"$f":"'Historic Data from PDF'!P38","v":7929},{"$f":"'Historic Data from PDF'!Q38","v":9385},{"$f":"'Historic Data from PDF'!R38","v":11021},{"$f":"'Historic Data from PDF'!S38","v":11862},{"$f":"'Historic Data from PDF'!T38","v":12927},{"$f":"'Historic Data from PDF'!U38","v":12048},{"$f":"'Historic Data from PDF'!V38","v":12260}]
[null,null,"A/P as Percent of COGS",null,null,null,null,{"$f":"IF(H17,H37/H17)","v":false},false,false,false,false,0.28060685195548096,0.29927898592859636,0.29676926990587638,0.28938126787589152,0.30002270319358254,0.37547509501900378,0.393494715795487,0.39752010723860592,0.45262605042016807,0.42093494514708968,0.42636063293340287]
[]
[". RATIOS FOR FINANCIAL ANALYSIS"]
[]
[null,null,"Tax Rate Applied",null,null,null,null,{"$f":"IF(H32>0,H32,0.25)","v":0.25},0.25,0.25,0.25,0.25,0.27536997885835096,0.2832618025751073,0.2856356631810677,0.25,0.26958808063102541,0.2402804333970682,0.24409030544488711,0.22958302491981247,0.23554356206630686,0.2614418187256955,0.25]
[null,null,"EBIT",null,null,null,null,{"$f":"H12-H16","v":0},0,0,0,0,2749,3520,4886,7420,8781,9655,9192,9389,8742,8430,7589]
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[null,null,"Enterprise Value",null,null,null,null,{"$f":"H81+H76","v":28037.010988830567},21010.238022338868,18858.66099005127,15793.689,21157.292264343261,43876.637468872068,64920.957999999999,61069.133065368653,73469.500665557862,97300.351999999999,121306.0315,97989.815000000002,122770.47,131211.79999999999,115768.19253796387,131570.1]
[]
[null,null,"EV to EBITDA",null,null,null,null,{"$f":"IF(H81,H82/H12)","v":false},false,false,false,false,7.9128291197244485,10.029500695195427,7.9787213307249347,6.6506291903284023,7.7530160956175296,8.8921002419000139,7.5539481190255939,9.1756704035874446,10.409504165013882,9.2370695394529534,10.729030416700645]
[null,null,"EV to EBIT",null,null,null,null,{"$f":"IF(H81,H82/H43)","v":false},false,false,false,false,15.960944877727199,18.443453977272728,12.498799235646469,9.901549954926935,11.080782598792847,12.564063335059554,10.660336705831158,13.075989988284162,15.00935712651567,13.73288167710129,17.336948214521019]
[]
[null,null,"Price to Book Ratio",null,null,null,null,{"$f":"H76/'Historic Data from PDF'!G157","v":2.2377692544361536},{"$f":"I76/'Historic Data from PDF'!H157","v":1.7448914560533899},{"$f":"J76/'Historic Data from PDF'!I157","v":1.7403710769704015},{"$f":"K76/'Historic Data from PDF'!J157","v":1.400646417169209},{"$f":"L76/'Historic Data from PDF'!K157","v":1.4682367983583109},{"$f":"M76/M50","v":1.1580942491580628},2.4317757572313461,1.9043648485748166,0.47067777355519286,1.0684191212679421,1.3260028561200348,0.93784069170740603,1.2028788374774058,1.34963059090708,1.3928179060198691,2.1485456092345192]
[null,null,"EV to Invested Capital Ratio",null,null,null,null,{"$f":"IF(H81,H82/H46)","v":false},false,false,false,false,1.0532583769953447,1.5857198895972253,1.4248846931885637,0.68661159654923565,1.0028276132170759,1.1892048654000744,0.93499055370552375,1.1422208886904097,1.1877165667939966,1.2203853232902939,1.5879943997199861]
[]
[null,null,"Number of shares year end excl treasury shares",null,null,null,null,63706,63706,63906,60862,76078,76278,76278,76246,152554,152553,152539,152523,152555,152533,152538,152552]
[]
[]
["Assumptions"]
[]
[null,null,"Volume of sales",null,null,null,null,null,{"$f":"IF(I2,'Historic Data from PDF'!H141+'Historic Data from PDF'!H142)","v":88.200000762939453},{"$f":"IF(J2,'Historic Data from PDF'!I141+'Historic Data from PDF'!I142)","v":99.499998092651367},{"$f":"IF(K2,'Historic Data from PDF'!J141+'Historic Data from PDF'!J142)","v":102.60000228881836},{"$f":"IF(L2,'Historic Data from PDF'!K141+'Historic Data from PDF'!K142)","v":111.39999961853027},{"$f":"IF(M2,'Historic Data from PDF'!L141+'Historic Data from PDF'!L142)","v":120.69999885559082},{"$f":"IF(N2,'Historic Data from PDF'!M141+'Historic Data from PDF'!M142)","v":120.89999771118164},{"$f":"IF(O2,'Historic Data from PDF'!N141+'Historic Data from PDF'!N142)","v":135.99999618530273},{"$f":"IF(P2,'Historic Data from PDF'!O141+'Historic Data from PDF'!O142)","v":149.10000228881836},{"$f":"IF(Q2,'Historic Data from PDF'!P141+'Historic Data from PDF'!P142)","v":159.20000076293945},{"$f":"IF(R2,'Historic Data from PDF'!Q141+'Historic Data from PDF'!Q142)","v":159},{"$f":"IF(S2,'Historic Data from PDF'!R141+'Historic Data from PDF'!R142)","v":162.00000381469727},{"$f":"IF(T2,'Historic Data from PDF'!S141+'Historic Data from PDF'!S142)","v":162.89999389648438},{"$f":"IF(U2,'Historic Data from PDF'!T141+'Historic Data from PDF'!T142)","v":160.19999694824219},{"$f":"IF(V2,'Historic Data from PDF'!U141+'Historic Data from PDF'!U142)","v":157.20000076293945},{"$f":"IF(W2,'Historic Data from PDF'!V141+'Historic Data from PDF'!V142)","v":155.10000228881836},{"$f":"IF(X2,'Historic Data from PDF'!W141+'Historic Data from PDF'!W142)","v":false},{"$f":"IF(Y2,'Historic Data from PDF'!X141+'Historic Data from PDF'!X142)","v":false},{"$f":"IF(Z2,'Historic Data from PDF'!Y141+'Historic Data from PDF'!Y142)","v":false},{"$f":"IF(AA2,'Historic Data from PDF'!Z141+'Historic Data from PDF'!Z142)","v":false},{"$f":"IF(AB2,'Historic Data from PDF'!AA141+'Historic Data from PDF'!AA142)","v":false},{"$f":"IF(AC2,'Historic Data from PDF'!AB141+'Historic Data from PDF'!AB142)","v":false},{"$f":"IF(AD2,'Historic Data from PDF'!AC141+'Historic Data from PDF'!AC142)","v":false},{"$f":"IF(AE2,'Historic Data from PDF'!AD141+'Historic Data from PDF'!AD142)","v":false},{"$f":"IF(AF2,'Historic Data from PDF'!AE141+'Historic Data from PDF'!AE142)","v":false},{"$f":"IF(AG2,'Historic Data from PDF'!AF141+'Historic Data from PDF'!AF142)","v":false}]
[null,null,{"$f":"INDEX('Scenario analysis'!C36:C38,$D$96)","v":"Bear case Volumes"},{"$f":"'Scenario analysis'!E24","v":2},null,null,null,null,{"$f":"IF(I2,I95,(1+INDEX('Scenario analysis'!#REF!,$D$96))*H96)","v":88.200000762939453},{"$f":"IF(J2,J95,(1+INDEX('Scenario analysis'!#REF!,$D$96))*I96)","v":99.499998092651367},{"$f":"IF(K2,K95,(1+INDEX('Scenario analysis'!#REF!,$D$96))*J96)","v":102.60000228881836},{"$f":"IF(L2,L95,(1+INDEX('Scenario analysis'!#REF!,$D$96))*K96)","v":111.39999961853027},{"$f":"IF(M2,M95,(1+INDEX('Scenario analysis'!#REF!,$D$96))*L96)","v":120.69999885559082},{"$f":"IF(N2,N95,(1+INDEX('Scenario analysis'!#REF!,$D$96))*M96)","v":120.89999771118164},{"$f":"IF(O2,O95,(1+INDEX('Scenario analysis'!#REF!,$D$96))*N96)","v":135.99999618530273},{"$f":"IF(P2,P95,(1+INDEX('Scenario analysis'!#REF!,$D$96))*O96)","v":149.10000228881836},{"$f":"IF(Q2,Q95,(1+INDEX('Scenario analysis'!P36:P38,$D$96))*P96)","v":159.20000076293945},{"$f":"IF(R2,R95,(1+INDEX('Scenario analysis'!Q36:Q38,$D$96))*Q96)","v":159},{"$f":"IF(S2,S95,(1+INDEX('Scenario analysis'!R36:R38,$D$96))*R96)","v":162.00000381469727},{"$f":"IF(T2,T95,(1+INDEX('Scenario analysis'!S36:S38,$D$96))*S96)","v":162.89999389648438},{"$f":"IF(U2,U95,(1+INDEX('Scenario analysis'!T36:T38,$D$96))*T96)","v":160.19999694824219},{"$f":"IF(V2,V95,(1+INDEX('Scenario analysis'!U36:U38,$D$96))*U96)","v":157.20000076293945},{"$f":"IF(W2,W95,(1+INDEX('Scenario analysis'!V36:V38,$D$96))*V96)","v":155.10000228881836},{"$f":"IF(X2,X95,(1+INDEX('Scenario analysis'!F36:F38,$D$96))*W96)","v":153.54900226593017},{"$f":"IF(Y2,Y95,(1+INDEX('Scenario analysis'!G36:G38,$D$96))*X96)","v":152.01351224327087},{"$f":"IF(Z2,Z95,(1+INDEX('Scenario analysis'!H36:H38,$D$96))*Y96)","v":150.49337712083815},{"$f":"IF(AA2,AA95,(1+INDEX('Scenario analysis'!I36:I38,$D$96))*Z96)","v":150.49337712083815},{"$f":"IF(AB2,AB95,(1+INDEX('Scenario analysis'!J36:J38,$D$96))*AA96)","v":150.49337712083815},{"$f":"IF(AC2,AC95,(1+INDEX('Scenario analysis'!K36:K38,$D$96))*AB96)","v":150.49337712083815},{"$f":"IF(AD2,AD95,(1+INDEX('Scenario analysis'!L36:L38,$D$96))*AC96)","v":150.49337712083815},{"$f":"IF(AE2,AE95,(1+INDEX('Scenario analysis'!M36:M38,$D$96))*AD96)","v":150.49337712083815},{"$f":"IF(AF2,AF95,(1+INDEX('Scenario analysis'!N36:N38,$D$96))*AE96)","v":150.49337712083815},{"$f":"IF(AG2,AG95,(1+INDEX('Scenario analysis'!O36:O38,$D$96))*AF96)","v":150.49337712083815}]
[]
[null,null,"Historic price per volume unit",null,null,null,null,null,{"$f":"IF(I2,'Historic Data from PDF'!H143/I96)","v":390.23809186249395},{"$f":"IF(J2,'Historic Data from PDF'!I143/J96)","v":357.22613750105313},{"$f":"IF(K2,'Historic Data from PDF'!J143/K96)","v":337.48537258827764},{"$f":"IF(L2,'Historic Data from PDF'!K143/L96)","v":323.04308907747901},{"$f":"IF(M2,'Historic Data from PDF'!L143/M96)","v":315.21955559850994},{"$f":"IF(N2,'Historic Data from PDF'!M143/N96)","v":339.80976656544942},{"$f":"IF(O2,'Historic Data from PDF'!N143/O96)","v":329.04412687649801},{"$f":"IF(P2,'Historic Data from PDF'!O143/P96)","v":402.03889389541246},{"$f":"IF(Q2,'Historic Data from PDF'!P143/Q96)","v":373.00251077526173},{"$f":"IF(R2,'Historic Data from PDF'!Q143/R96)","v":377.69811320754718},{"$f":"IF(S2,'Historic Data from PDF'!R143/S96)","v":392.35184261294137},{"$f":"IF(T2,'Historic Data from PDF'!S143/T96)","v":408.02948121801296},{"$f":"IF(U2,'Historic Data from PDF'!T143/U96)","v":401.68540091040302},{"$f":"IF(V2,'Historic Data from PDF'!U143/V96)","v":410.34350945885973},{"$f":"IF(W2,'Historic Data from PDF'!V143/W96)","v":421.36685387213288},{"$f":"IF(X2,'Historic Data from PDF'!W143/X96)","v":false},{"$f":"IF(Y2,'Historic Data from PDF'!X143/Y96)","v":false},{"$f":"IF(Z2,'Historic Data from PDF'!Y143/Z96)","v":false},{"$f":"IF(AA2,'Historic Data from PDF'!Z143/AA96)","v":false},{"$f":"IF(AB2,'Historic Data from PDF'!AA143/AB96)","v":false},{"$f":"IF(AC2,'Historic Data from PDF'!AB143/AC96)","v":false},{"$f":"IF(AD2,'Historic Data from PDF'!AC143/AD96)","v":false},{"$f":"IF(AE2,'Historic Data from PDF'!AD143/AE96)","v":false},{"$f":"IF(AF2,'Historic Data from PDF'!AE143/AF96)","v":false},{"$f":"IF(AG2,'Historic Data from PDF'!AF143/AG96)","v":false}]
[null,null,{"$f":"INDEX('Scenario analysis'!C41:C43,$D$99)","v":"Bear case Price"},{"$f":"'Scenario analysis'!F24","v":3},null,null,null,null,{"$f":"IF(I2,I98,(1+INDEX('Scenario analysis'!#REF!,$D$99))*H99)","v":390.23809186249395},{"$f":"IF(J2,J98,(1+INDEX('Scenario analysis'!#REF!,$D$99))*I99)","v":357.22613750105313},{"$f":"IF(K2,K98,(1+INDEX('Scenario analysis'!#REF!,$D$99))*J99)","v":337.48537258827764},{"$f":"IF(L2,L98,(1+INDEX('Scenario analysis'!#REF!,$D$99))*K99)","v":323.04308907747901},{"$f":"IF(M2,M98,(1+INDEX('Scenario analysis'!#REF!,$D$99))*L99)","v":315.21955559850994},{"$f":"IF(N2,N98,(1+INDEX('Scenario analysis'!#REF!,$D$99))*M99)","v":339.80976656544942},{"$f":"IF(O2,O98,(1+INDEX('Scenario analysis'!#REF!,$D$99))*N99)","v":329.04412687649801},{"$f":"IF(P2,P98,(1+INDEX('Scenario analysis'!#REF!,$D$99))*O99)","v":402.03889389541246},{"$f":"IF(Q2,Q98,(1+INDEX('Scenario analysis'!P41:P43,$D$99))*P99)","v":373.00251077526173},{"$f":"IF(R2,R98,(1+INDEX('Scenario analysis'!Q41:Q43,$D$99))*Q99)","v":377.69811320754718},{"$f":"IF(S2,S98,(1+INDEX('Scenario analysis'!R41:R43,$D$99))*R99)","v":392.35184261294137},{"$f":"IF(T2,T98,(1+INDEX('Scenario analysis'!S41:S43,$D$99))*S99)","v":408.02948121801296},{"$f":"IF(U2,U98,(1+INDEX('Scenario analysis'!T41:T43,$D$99))*T99)","v":401.68540091040302},{"$f":"IF(V2,V98,(1+INDEX('Scenario analysis'!U41:U43,$D$99))*U99)","v":410.34350945885973},{"$f":"IF(W2,W98,(1+INDEX('Scenario analysis'!V41:V43,$D$99))*V99)","v":421.36685387213288},{"$f":"IF(X2,X98,(1+INDEX('Scenario analysis'!F41:F43,$D$99))*W99)","v":421.36685387213288},{"$f":"IF(Y2,Y98,(1+INDEX('Scenario analysis'!G41:G43,$D$99))*X99)","v":421.36685387213288},{"$f":"IF(Z2,Z98,(1+INDEX('Scenario analysis'!H41:H43,$D$99))*Y99)","v":421.36685387213288},{"$f":"IF(AA2,AA98,(1+INDEX('Scenario analysis'!I41:I43,$D$99))*Z99)","v":421.36685387213288},{"$f":"IF(AB2,AB98,(1+INDEX('Scenario analysis'!J41:J43,$D$99))*AA99)","v":421.36685387213288},{"$f":"IF(AC2,AC98,(1+INDEX('Scenario analysis'!K41:K43,$D$99))*AB99)","v":421.36685387213288},{"$f":"IF(AD2,AD98,(1+INDEX('Scenario analysis'!L41:L43,$D$99))*AC99)","v":421.36685387213288},{"$f":"IF(AE2,AE98,(1+INDEX('Scenario analysis'!M41:M43,$D$99))*AD99)","v":421.36685387213288},{"$f":"IF(AF2,AF98,(1+INDEX('Scenario analysis'!N41:N43,$D$99))*AE99)","v":421.36685387213288},{"$f":"IF(AG2,AG98,(1+INDEX('Scenario analysis'!O41:O43,$D$99))*AF99)","v":421.36685387213288}]
[]
[null,null,null,"Avg. Hist.","Last hist.","Input"]
[null,null,"Cost per volume sold",{"$f":"AVERAGEIF($3:$3,TRUE,102:102)","v":166.39032634224728},{"$f":"AVERAGEIF($4:$4,TRUE,102:102)","v":185.39651563933623},245,null,null,{"$f":"IF(I2,I17/SUM('Historic Data from PDF'!H141:H142),$F102)","v":0},{"$f":"IF(J2,J17/SUM('Historic Data from PDF'!I141:I142),$F102)","v":0},{"$f":"IF(K2,K17/SUM('Historic Data from PDF'!J141:J142),$F102)","v":0},{"$f":"IF(L2,L17/SUM('Historic Data from PDF'!K141:K142),$F102)","v":0},{"$f":"IF(M2,M17/SUM('Historic Data from PDF'!L141:L142),$F102)","v":133.2477228872404},{"$f":"IF(N2,N17/SUM('Historic Data from PDF'!M141:M142),$F102)","v":142.24979591053719},{"$f":"IF(O2,O17/SUM('Historic Data from PDF'!N141:N142),$F102)","v":144.52206287726409},{"$f":"IF(P2,P17/SUM('Historic Data from PDF'!O141:O142),$F102)","v":185.25150621054965},{"$f":"IF(Q2,Q17/SUM('Historic Data from PDF'!P141:P142),$F102)","v":166.00502433007674},{"$f":"IF(R2,R17/SUM('Historic Data from PDF'!Q141:Q142),$F102)","v":157.20125786163521},{"$f":"IF(S2,S17/SUM('Historic Data from PDF'!R141:R142),$F102)","v":172.88888481778545},{"$f":"IF(T2,T17/SUM('Historic Data from PDF'!S141:S142),$F102)","v":183.17987181117994},{"$f":"IF(U2,U17/SUM('Historic Data from PDF'!T141:T142),$F102)","v":178.27715695417419},{"$f":"IF(V2,V17/SUM('Historic Data from PDF'!U141:U142),$F102)","v":182.07379046494097},{"$f":"IF(W2,W17/SUM('Historic Data from PDF'!V141:V142),$F102)","v":185.39651563933623},{"$f":"IF(X2,X17/SUM('Historic Data from PDF'!W141:W142),$F102)","v":245},{"$f":"IF(Y2,Y17/SUM('Historic Data from PDF'!X141:X142),$F102)","v":245},{"$f":"IF(Z2,Z17/SUM('Historic Data from PDF'!Y141:Y142),$F102)","v":245},{"$f":"IF(AA2,AA17/SUM('Historic Data from PDF'!Z141:Z142),$F102)","v":245},{"$f":"IF(AB2,AB17/SUM('Historic Data from PDF'!AA141:AA142),$F102)","v":245},{"$f":"IF(AC2,AC17/SUM('Historic Data from PDF'!AB141:AB142),$F102)","v":245},{"$f":"IF(AD2,AD17/SUM('Historic Data from PDF'!AC141:AC142),$F102)","v":245},{"$f":"IF(AE2,AE17/SUM('Historic Data from PDF'!AD141:AD142),$F102)","v":245},{"$f":"IF(AF2,AF17/SUM('Historic Data from PDF'!AE141:AE142),$F102)","v":245},{"$f":"IF(AG2,AG17/SUM('Historic Data from PDF'!AF141:AF142),$F102)","v":245}]
[null,null,"COGS in pct of revenue",{"$f":"AVERAGEIF($3:$3,TRUE,103:103)","v":0.43815405781306027},{"$f":"AVERAGEIF($4:$4,TRUE,103:103)","v":0.43998837102549193},{"$f":"'Scenario analysis'!G24","v":0.44500000000000001},null,null,{"$f":"IF(I$2,I18,$F103)","v":0},0,0,0,0.42271401161721028,0.41861597254338778,0.43921787709497206,0.46078006139063127,0.44505068876090398,0.41620874546241715,0.44064756690423373,0.44893783474754767,0.44382284382284382,0.44371066257402414,0.43998837102549193,0.44500000000000001,0.44500000000000001,0.44500000000000001,0.44500000000000001,0.44500000000000001,0.44500000000000001,0.44500000000000001,0.44500000000000001,0.44500000000000001,0.44500000000000001]
[null,null,{"$f":"C21","v":"SG&A as Pct of Sales"},{"$f":"AVERAGEIF($3:$3,TRUE,104:104)","v":0.30184742508130175},{"$f":"AVERAGEIF($4:$4,TRUE,104:104)","v":0.29314196529669184},{"$f":"'Scenario analysis'!H24","v":0.3},null,null,{"$f":"IF(I$2,I21,$F104)","v":0},0,0,0,0.35040870502273502,0.34498454348513985,0.32464804469273745,0.29347390898171627,0.26925667710754103,0.28570952809138445,0.29079152310379008,0.29555575615333696,0.28253302253302254,0.28981800142622394,0.29314196529669184,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3]
[null,null,{"$f":"C22","v":"Admin as Pct of Sales"},{"$f":"AVERAGEIF($3:$3,TRUE,105:105)","v":6.9114019217539679E-2},{"$f":"AVERAGEIF($4:$4,TRUE,105:105)","v":7.5113994552743521E-2},{"$f":"'Scenario analysis'!I24","v":7.4999999999999997E-2},null,null,{"$f":"IF(I$2,I22,$F105)","v":0},0,0,0,7.7824795647488634E-2,7.4605067789596677E-2,6.978770949720671E-2,6.5627919391432005E-2,6.522178437910478E-2,6.7272787824291469E-2,6.1405578892717229E-2,6.2962628633327314E-2,6.8609168609168603E-2,7.1822776175859609E-2,7.5113994552743521E-2,7.4999999999999997E-2,7.4999999999999997E-2,7.4999999999999997E-2,7.4999999999999997E-2,7.4999999999999997E-2,7.4999999999999997E-2,7.4999999999999997E-2,7.4999999999999997E-2,7.4999999999999997E-2,7.4999999999999997E-2]
[null,null,"Other Income and Restructuring",{"$f":"AVERAGEIF($3:$3,TRUE,106:106)","v":-191.54545454545453},{"$f":"AVERAGEIF($4:$4,TRUE,106:106)","v":-351},-351,null,null,{"$f":"IF(I$2,'Historic Data from PDF'!H80+'Historic Data from PDF'!H81+'Historic Data from PDF'!H106,$F106)","v":0},{"$f":"IF(J$2,'Historic Data from PDF'!I80+'Historic Data from PDF'!I81+'Historic Data from PDF'!I106,$F106)","v":0},{"$f":"IF(K$2,'Historic Data from PDF'!J80+'Historic Data from PDF'!J81+'Historic Data from PDF'!J106,$F106)","v":0},{"$f":"IF(L$2,'Historic Data from PDF'!K80+'Historic Data from PDF'!K81+'Historic Data from PDF'!K106,$F106)","v":0},{"$f":"IF(M$2,'Historic Data from PDF'!L80+'Historic Data from PDF'!L81+'Historic Data from PDF'!L106,$F106)","v":-126},{"$f":"IF(N$2,'Historic Data from PDF'!M80+'Historic Data from PDF'!M81+'Historic Data from PDF'!M106,$F106)","v":-210},{"$f":"IF(O$2,'Historic Data from PDF'!N80+'Historic Data from PDF'!N81+'Historic Data from PDF'!N106,$F106)","v":106},{"$f":"IF(P$2,'Historic Data from PDF'!O80+'Historic Data from PDF'!O81+'Historic Data from PDF'!O106,$F106)","v":246},{"$f":"IF(Q$2,'Historic Data from PDF'!P80+'Historic Data from PDF'!P81+'Historic Data from PDF'!P106,$F106)","v":-552},{"$f":"IF(R$2,'Historic Data from PDF'!Q80+'Historic Data from PDF'!Q81+'Historic Data from PDF'!Q106,$F106)","v":-219},{"$f":"IF(S$2,'Historic Data from PDF'!R80+'Historic Data from PDF'!R81+'Historic Data from PDF'!R106,$F106)","v":-199},{"$f":"IF(T$2,'Historic Data from PDF'!S80+'Historic Data from PDF'!S81+'Historic Data from PDF'!S106,$F106)","v":-179},{"$f":"IF(U$2,'Historic Data from PDF'!T80+'Historic Data from PDF'!T81+'Historic Data from PDF'!T106,$F106)","v":-595},{"$f":"IF(V$2,'Historic Data from PDF'!U80+'Historic Data from PDF'!U81+'Historic Data from PDF'!U106,$F106)","v":-28},{"$f":"IF(W$2,'Historic Data from PDF'!V80+'Historic Data from PDF'!V81+'Historic Data from PDF'!V106,$F106)","v":-351},{"$f":"IF(X$2,'Historic Data from PDF'!W80+'Historic Data from PDF'!W81+'Historic Data from PDF'!W106,$F106)","v":-351},{"$f":"IF(Y$2,'Historic Data from PDF'!X80+'Historic Data from PDF'!X81+'Historic Data from PDF'!X106,$F106)","v":-351},{"$f":"IF(Z$2,'Historic Data from PDF'!Y80+'Historic Data from PDF'!Y81+'Historic Data from PDF'!Y106,$F106)","v":-351},{"$f":"IF(AA$2,'Historic Data from PDF'!Z80+'Historic Data from PDF'!Z81+'Historic Data from PDF'!Z106,$F106)","v":-351},{"$f":"IF(AB$2,'Historic Data from PDF'!AA80+'Historic Data from PDF'!AA81+'Historic Data from PDF'!AA106,$F106)","v":-351},{"$f":"IF(AC$2,'Historic Data from PDF'!AB80+'Historic Data from PDF'!AB81+'Historic Data from PDF'!AB106,$F106)","v":-351},{"$f":"IF(AD$2,'Historic Data from PDF'!AC80+'Historic Data from PDF'!AC81+'Historic Data from PDF'!AC106,$F106)","v":-351},{"$f":"IF(AE$2,'Historic Data from PDF'!AD80+'Historic Data from PDF'!AD81+'Historic Data from PDF'!AD106,$F106)","v":-351},{"$f":"IF(AF$2,'Historic Data from PDF'!AE80+'Historic Data from PDF'!AE81+'Historic Data from PDF'!AE106,$F106)","v":-351},{"$f":"IF(AG$2,'Historic Data from PDF'!AF80+'Historic Data from PDF'!AF81+'Historic Data from PDF'!AF106,$F106)","v":-351}]
[]
[null,"Working capital changes"]
[null,null,"Accounts receivables in pct of revenue",{"$f":"AVERAGEIF($3:$3,TRUE,109:109)","v":0.20609757124247263},{"$f":"AVERAGEIF($4:$4,TRUE,109:109)","v":0.17616366251491875},0.18,null,null,{"$f":"IFERROR(IF(I$2,'Historic Data from PDF'!H52/'Historic Data from PDF'!H75,$F109),FALSE)","v":false},{"$f":"IFERROR(IF(J$2,'Historic Data from PDF'!I52/'Historic Data from PDF'!I75,$F109),FALSE)","v":false},{"$f":"IFERROR(IF(K$2,'Historic Data from PDF'!J52/'Historic Data from PDF'!J75,$F109),FALSE)","v":false},{"$f":"IFERROR(IF(L$2,'Historic Data from PDF'!K52/'Historic Data from PDF'!K75,$F109),FALSE)","v":false},{"$f":"IFERROR(IF(M$2,'Historic Data from PDF'!L52/'Historic Data from PDF'!L75,$F109),FALSE)","v":0.28774936263043077},{"$f":"IFERROR(IF(N$2,'Historic Data from PDF'!M52/'Historic Data from PDF'!M75,$F109),FALSE)","v":0.22863471508896624},{"$f":"IFERROR(IF(O$2,'Historic Data from PDF'!N52/'Historic Data from PDF'!N75,$F109),FALSE)","v":0.22976536312849161},{"$f":"IFERROR(IF(P$2,'Historic Data from PDF'!O52/'Historic Data from PDF'!O75,$F109),FALSE)","v":0.21093020152142},{"$f":"IFERROR(IF(Q$2,'Historic Data from PDF'!P52/'Historic Data from PDF'!P75,$F109),FALSE)","v":0.1699673301673908},{"$f":"IFERROR(IF(R$2,'Historic Data from PDF'!Q52/'Historic Data from PDF'!Q75,$F109),FALSE)","v":0.17167882239317947},{"$f":"IFERROR(IF(S$2,'Historic Data from PDF'!R52/'Historic Data from PDF'!R75,$F109),FALSE)","v":0.19425433835213418},{"$f":"IFERROR(IF(T$2,'Historic Data from PDF'!S52/'Historic Data from PDF'!S75,$F109),FALSE)","v":0.19407449293909318},{"$f":"IFERROR(IF(U$2,'Historic Data from PDF'!T52/'Historic Data from PDF'!T75,$F109),FALSE)","v":0.20557886557886557},{"$f":"IFERROR(IF(V$2,'Historic Data from PDF'!U52/'Historic Data from PDF'!U75,$F109),FALSE)","v":0.19827612935230832},{"$f":"IFERROR(IF(W$2,'Historic Data from PDF'!V52/'Historic Data from PDF'!V75,$F109),FALSE)","v":0.17616366251491875},{"$f":"IFERROR(IF(X$2,'Historic Data from PDF'!W52/'Historic Data from PDF'!W75,$F109),FALSE)","v":0.18},{"$f":"IFERROR(IF(Y$2,'Historic Data from PDF'!X52/'Historic Data from PDF'!X75,$F109),FALSE)","v":0.18},{"$f":"IFERROR(IF(Z$2,'Historic Data from PDF'!Y52/'Historic Data from PDF'!Y75,$F109),FALSE)","v":0.18},{"$f":"IFERROR(IF(AA$2,'Historic Data from PDF'!Z52/'Historic Data from PDF'!Z75,$F109),FALSE)","v":0.18},{"$f":"IFERROR(IF(AB$2,'Historic Data from PDF'!AA52/'Historic Data from PDF'!AA75,$F109),FALSE)","v":0.18},{"$f":"IFERROR(IF(AC$2,'Historic Data from PDF'!AB52/'Historic Data from PDF'!AB75,$F109),FALSE)","v":0.18},{"$f":"IFERROR(IF(AD$2,'Historic Data from PDF'!AC52/'Historic Data from PDF'!AC75,$F109),FALSE)","v":0.18},{"$f":"IFERROR(IF(AE$2,'Historic Data from PDF'!AD52/'Historic Data from PDF'!AD75,$F109),FALSE)","v":0.18},{"$f":"IFERROR(IF(AF$2,'Historic Data from PDF'!AE52/'Historic Data from PDF'!AE75,$F109),FALSE)","v":0.18},{"$f":"IFERROR(IF(AG$2,'Historic Data from PDF'!AF52/'Historic Data from PDF'!AF75,$F109),FALSE)","v":0.18}]
[null,null,"Inventory in pct of COGS",{"$f":"AVERAGEIF($3:$3,TRUE,110:110)","v":0.16493461995608141},{"$f":"AVERAGEIF($4:$4,TRUE,110:110)","v":0.13274213180316466},0.15,null,null,{"$f":"IFERROR(IF(I$2,'Historic Data from PDF'!H13/I17,$F110),FALSE)","v":false},{"$f":"IFERROR(IF(J$2,'Historic Data from PDF'!I13/J17,$F110),FALSE)","v":false},{"$f":"IFERROR(IF(K$2,'Historic Data from PDF'!J13/K17,$F110),FALSE)","v":false},{"$f":"IFERROR(IF(L$2,'Historic Data from PDF'!K13/L17,$F110),FALSE)","v":false},{"$f":"IFERROR(IF(M$2,'Historic Data from PDF'!L13/M17,$F110),FALSE)","v":0.17820058446807188},{"$f":"IFERROR(IF(N$2,'Historic Data from PDF'!M13/N17,$F110),FALSE)","v":0.18723107338062567},{"$f":"IFERROR(IF(O$2,'Historic Data from PDF'!N13/O17,$F110),FALSE)","v":0.19425082676163827},{"$f":"IFERROR(IF(P$2,'Historic Data from PDF'!O13/P17,$F110),FALSE)","v":0.19249846131566561},{"$f":"IFERROR(IF(Q$2,'Historic Data from PDF'!P13/Q17,$F110),FALSE)","v":0.13625700015135461},{"$f":"IFERROR(IF(R$2,'Historic Data from PDF'!Q13/R17,$F110),FALSE)","v":0.16767353470694138},{"$f":"IFERROR(IF(S$2,'Historic Data from PDF'!R13/S17,$F110),FALSE)","v":0.1553127677806341},{"$f":"IFERROR(IF(T$2,'Historic Data from PDF'!S13/T17,$F110),FALSE)","v":0.15217828418230564},{"$f":"IFERROR(IF(U$2,'Historic Data from PDF'!T13/U17,$F110),FALSE)","v":0.16078431372549021},{"$f":"IFERROR(IF(V$2,'Historic Data from PDF'!U13/V17,$F110),FALSE)","v":0.15715184124100343},{"$f":"IFERROR(IF(W$2,'Historic Data from PDF'!V13/W17,$F110),FALSE)","v":0.13274213180316466},{"$f":"IFERROR(IF(X$2,'Historic Data from PDF'!W13/X17,$F110),FALSE)","v":0.15},{"$f":"IFERROR(IF(Y$2,'Historic Data from PDF'!X13/Y17,$F110),FALSE)","v":0.15},{"$f":"IFERROR(IF(Z$2,'Historic Data from PDF'!Y13/Z17,$F110),FALSE)","v":0.15},{"$f":"IFERROR(IF(AA$2,'Historic Data from PDF'!Z13/AA17,$F110),FALSE)","v":0.15},{"$f":"IFERROR(IF(AB$2,'Historic Data from PDF'!AA13/AB17,$F110),FALSE)","v":0.15},{"$f":"IFERROR(IF(AC$2,'Historic Data from PDF'!AB13/AC17,$F110),FALSE)","v":0.15},{"$f":"IFERROR(IF(AD$2,'Historic Data from PDF'!AC13/AD17,$F110),FALSE)","v":0.15},{"$f":"IFERROR(IF(AE$2,'Historic Data from PDF'!AD13/AE17,$F110),FALSE)","v":0.15},{"$f":"IFERROR(IF(AF$2,'Historic Data from PDF'!AE13/AF17,$F110),FALSE)","v":0.15},{"$f":"IFERROR(IF(AG$2,'Historic Data from PDF'!AF13/AG17,$F110),FALSE)","v":0.15}]
[null,null,"Accounts payables in pct of COGS",{"$f":"AVERAGEIF($3:$3,TRUE,111:111)","v":0.35749732958301683},{"$f":"AVERAGEIF($4:$4,TRUE,111:111)","v":0.42636063293340287},0.42,null,null,{"$f":"IFERROR(IF(I$2,'Historic Data from PDF'!H38/I17,$F111),FALSE)","v":false},{"$f":"IFERROR(IF(J$2,'Historic Data from PDF'!I38/J17,$F111),FALSE)","v":false},{"$f":"IFERROR(IF(K$2,'Historic Data from PDF'!J38/K17,$F111),FALSE)","v":false},{"$f":"IFERROR(IF(L$2,'Historic Data from PDF'!K38/L17,$F111),FALSE)","v":false},{"$f":"IFERROR(IF(M$2,'Historic Data from PDF'!L38/M17,$F111),FALSE)","v":0.28060685195548096},{"$f":"IFERROR(IF(N$2,'Historic Data from PDF'!M38/N17,$F111),FALSE)","v":0.29927898592859636},{"$f":"IFERROR(IF(O$2,'Historic Data from PDF'!N38/O17,$F111),FALSE)","v":0.29676926990587638},{"$f":"IFERROR(IF(P$2,'Historic Data from PDF'!O38/P17,$F111),FALSE)","v":0.28938126787589152},{"$f":"IFERROR(IF(Q$2,'Historic Data from PDF'!P38/Q17,$F111),FALSE)","v":0.30002270319358254},{"$f":"IFERROR(IF(R$2,'Historic Data from PDF'!Q38/R17,$F111),FALSE)","v":0.37547509501900378},{"$f":"IFERROR(IF(S$2,'Historic Data from PDF'!R38/S17,$F111),FALSE)","v":0.393494715795487},{"$f":"IFERROR(IF(T$2,'Historic Data from PDF'!S38/T17,$F111),FALSE)","v":0.39752010723860592},{"$f":"IFERROR(IF(U$2,'Historic Data from PDF'!T38/U17,$F111),FALSE)","v":0.45262605042016807},{"$f":"IFERROR(IF(V$2,'Historic Data from PDF'!U38/V17,$F111),FALSE)","v":0.42093494514708968},{"$f":"IFERROR(IF(W$2,'Historic Data from PDF'!V38/W17,$F111),FALSE)","v":0.42636063293340287},{"$f":"IFERROR(IF(X$2,'Historic Data from PDF'!W38/X17,$F111),FALSE)","v":0.42},{"$f":"IFERROR(IF(Y$2,'Historic Data from PDF'!X38/Y17,$F111),FALSE)","v":0.42},{"$f":"IFERROR(IF(Z$2,'Historic Data from PDF'!Y38/Z17,$F111),FALSE)","v":0.42},{"$f":"IFERROR(IF(AA$2,'Historic Data from PDF'!Z38/AA17,$F111),FALSE)","v":0.42},{"$f":"IFERROR(IF(AB$2,'Historic Data from PDF'!AA38/AB17,$F111),FALSE)","v":0.42},{"$f":"IFERROR(IF(AC$2,'Historic Data from PDF'!AB38/AC17,$F111),FALSE)","v":0.42},{"$f":"IFERROR(IF(AD$2,'Historic Data from PDF'!AC38/AD17,$F111),FALSE)","v":0.42},{"$f":"IFERROR(IF(AE$2,'Historic Data from PDF'!AD38/AE17,$F111),FALSE)","v":0.42},{"$f":"IFERROR(IF(AF$2,'Historic Data from PDF'!AE38/AF17,$F111),FALSE)","v":0.42},{"$f":"IFERROR(IF(AG$2,'Historic Data from PDF'!AF38/AG17,$F111),FALSE)","v":0.42}]
[null,null,"Other current liabilities in pct of revenue",{"$f":"AVERAGEIF($3:$3,TRUE,112:112)","v":0.20782808070507322},{"$f":"AVERAGEIF($4:$4,TRUE,112:112)","v":0.23851638767328703},0.23899999999999999,null,null,{"$f":"IFERROR(IF(I$2,'Historic Data from PDF'!H53/'Historic Data from PDF'!H75,$F112),FALSE)","v":false},{"$f":"IFERROR(IF(J$2,'Historic Data from PDF'!I53/'Historic Data from PDF'!I75,$F112),FALSE)","v":false},{"$f":"IFERROR(IF(K$2,'Historic Data from PDF'!J53/'Historic Data from PDF'!J75,$F112),FALSE)","v":false},{"$f":"IFERROR(IF(L$2,'Historic Data from PDF'!K53/'Historic Data from PDF'!K75,$F112),FALSE)","v":false},{"$f":"IFERROR(IF(M$2,'Historic Data from PDF'!L53/'Historic Data from PDF'!L75,$F112),FALSE)","v":0.19220963545088968},{"$f":"IFERROR(IF(N$2,'Historic Data from PDF'!M53/'Historic Data from PDF'!M75,$F112),FALSE)","v":0.15987147968746196},{"$f":"IFERROR(IF(O$2,'Historic Data from PDF'!N53/'Historic Data from PDF'!N75,$F112),FALSE)","v":0.16232402234636872},{"$f":"IFERROR(IF(P$2,'Historic Data from PDF'!O53/'Historic Data from PDF'!O75,$F112),FALSE)","v":0.21915454424129188},{"$f":"IFERROR(IF(Q$2,'Historic Data from PDF'!P53/'Historic Data from PDF'!P75,$F112),FALSE)","v":0.2352564750261022},{"$f":"IFERROR(IF(R$2,'Historic Data from PDF'!Q53/'Historic Data from PDF'!Q75,$F112),FALSE)","v":0.24472974323109201},{"$f":"IFERROR(IF(S$2,'Historic Data from PDF'!R53/'Historic Data from PDF'!R75,$F112),FALSE)","v":0.20938940545302936},{"$f":"IFERROR(IF(T$2,'Historic Data from PDF'!S53/'Historic Data from PDF'!S75,$F112),FALSE)","v":0.19243761253552774},{"$f":"IFERROR(IF(U$2,'Historic Data from PDF'!T53/'Historic Data from PDF'!T75,$F112),FALSE)","v":0.19715617715617714},{"$f":"IFERROR(IF(V$2,'Historic Data from PDF'!U53/'Historic Data from PDF'!U75,$F112),FALSE)","v":0.23506340495457786},{"$f":"IFERROR(IF(W$2,'Historic Data from PDF'!V53/'Historic Data from PDF'!V75,$F112),FALSE)","v":0.23851638767328703},{"$f":"IFERROR(IF(X$2,'Historic Data from PDF'!W53/'Historic Data from PDF'!W75,$F112),FALSE)","v":0.23899999999999999},{"$f":"IFERROR(IF(Y$2,'Historic Data from PDF'!X53/'Historic Data from PDF'!X75,$F112),FALSE)","v":0.23899999999999999},{"$f":"IFERROR(IF(Z$2,'Historic Data from PDF'!Y53/'Historic Data from PDF'!Y75,$F112),FALSE)","v":0.23899999999999999},{"$f":"IFERROR(IF(AA$2,'Historic Data from PDF'!Z53/'Historic Data from PDF'!Z75,$F112),FALSE)","v":0.23899999999999999},{"$f":"IFERROR(IF(AB$2,'Historic Data from PDF'!AA53/'Historic Data from PDF'!AA75,$F112),FALSE)","v":0.23899999999999999},{"$f":"IFERROR(IF(AC$2,'Historic Data from PDF'!AB53/'Historic Data from PDF'!AB75,$F112),FALSE)","v":0.23899999999999999},{"$f":"IFERROR(IF(AD$2,'Historic Data from PDF'!AC53/'Historic Data from PDF'!AC75,$F112),FALSE)","v":0.23899999999999999},{"$f":"IFERROR(IF(AE$2,'Historic Data from PDF'!AD53/'Historic Data from PDF'!AD75,$F112),FALSE)","v":0.23899999999999999},{"$f":"IFERROR(IF(AF$2,'Historic Data from PDF'!AE53/'Historic Data from PDF'!AE75,$F112),FALSE)","v":0.23899999999999999},{"$f":"IFERROR(IF(AG$2,'Historic Data from PDF'!AF53/'Historic Data from PDF'!AF75,$F112),FALSE)","v":0.23899999999999999}]
[]
[null,null,"Capex",{"$f":"AVERAGEIF($3:$3,TRUE,114:114)","v":3651.818181818182},{"$f":"AVERAGEIF($4:$4,TRUE,114:114)","v":2922},5500,null,{"$f":"IFERROR(IF(H$2,#REF!,$F114),\"\")","v":""},{"$f":"IFERROR(IF(I$2,I29,$F114),\"\")","v":0},0,0,0,1501,3069,4640,4712,2702,2736,4054,2736,5451,5647,2922,5500,5500,5500,5500,5500,5500,5500,5500,5500,5500]
[]
[null,null,"  Depreciation",{"$f":"AVERAGEIF($3:$3,TRUE,116:116)","v":0.13169945096621852},{"$f":"AVERAGEIF($4:$4,TRUE,116:116)","v":0.16865730884422472},0.17,null,null,{"$f":"IFERROR(IF(I$2,I26,$F116),\"\")","v":false},false,false,false,0.13736182756079587,0.14503216934335247,0.13033242301534984,0.12918506909816213,0.11444100321855832,0.12411860845201961,0.1176324142652642,0.12503328686226289,0.12123209214015597,0.13566775782825777,0.16865730884422472,0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17]
[null,null,"  Tax Rate",{"$f":"AVERAGEIF($3:$3,TRUE,117:117)","v":0.15658825785192279},{"$f":"AVERAGEIF($4:$4,TRUE,117:117)","v":-0.48990190421234853},0.25,null,null,{"$f":"IFERROR(IF(I$2,I32,$F117),\"\")","v":0},0,0,0,0.27536997885835096,0.2832618025751073,0.2856356631810677,-0.11242192921582235,0.26958808063102541,0.2402804333970682,0.24409030544488711,0.22958302491981247,0.23554356206630686,0.2614418187256955,-0.48990190421234853,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25]
[]
["Revenues, expenses and capex"]
[null,"Revenues"]
[null,null,"Price",null,null,null,null,null,{"$f":"I99","v":390.23809186249395},357.22613750105313,337.48537258827764,323.04308907747901,315.21955559850994,339.80976656544942,329.04412687649801,402.03889389541246,373.00251077526173,377.69811320754718,392.35184261294137,408.02948121801296,401.68540091040302,410.34350945885973,421.36685387213288,421.36685387213288,421.36685387213288,421.36685387213288,421.36685387213288,421.36685387213288,421.36685387213288,421.36685387213288,421.36685387213288,421.36685387213288,421.36685387213288]
[null,null,"Quantity",null,null,null,null,null,{"$f":"I96","v":88.200000762939453},99.499998092651367,102.60000228881836,111.39999961853027,120.69999885559082,120.89999771118164,135.99999618530273,149.10000228881836,159.20000076293945,159,162.00000381469727,162.89999389648438,160.19999694824219,157.20000076293945,155.10000228881836,153.54900226593017,152.01351224327087,150.49337712083815,150.49337712083815,150.49337712083815,150.49337712083815,150.49337712083815,150.49337712083815,150.49337712083815,150.49337712083815]
[null,null,"Revenue for valuation",null,null,null,null,null,{"$f":"I121*I122","v":34419},35544,34626,35987,38047,41083,44750,59944,59382,60054,63561,66468,64350,64506,65354,64700.46,64053.455399999999,63412.920845999994,63412.920845999994,63412.920845999994,63412.920845999994,63412.920845999994,63412.920845999994,63412.920845999994,63412.920845999994]
[]
[null,"COGS Analysis"]
[null,null,"COGS in pct of revenue",null,null,null,null,null,{"$f":"I103","v":0},0,0,0,0.42271401161721028,0.41861597254338778,0.43921787709497206,0.46078006139063127,0.44505068876090398,0.41620874546241715,0.44064756690423373,0.44893783474754767,0.44382284382284382,0.44371066257402414,0.43998837102549193,0.44500000000000001,0.44500000000000001,0.44500000000000001,0.44500000000000001,0.44500000000000001,0.44500000000000001,0.44500000000000001,0.44500000000000001,0.44500000000000001,0.44500000000000001]
[null,null,"COGS for valuation",null,null,null,null,null,{"$f":"I123*I126","v":0},0,0,0,16083,17198,19655,27621,26428,24995,28008,29840,28560,28622,28755,28791.704699999998,28503.787652999999,28218.749776469998,28218.749776469998,28218.749776469998,28218.749776469998,28218.749776469998,28218.749776469998,28218.749776469998,28218.749776469998]
[]
[null,"SG&A Analysis"]
[null,null,"SG&A in pct of revenue",null,null,null,null,null,{"$f":"I104","v":0},0,0,0,0.35040870502273502,0.34498454348513985,0.32464804469273745,0.29347390898171627,0.26925667710754103,0.28570952809138445,0.29079152310379008,0.29555575615333696,0.28253302253302254,0.28981800142622394,0.29314196529669184,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3]
[null,null,"SG&A for valuation",null,null,null,null,null,{"$f":"I130*I123","v":0},0,0,0,13332,14173,14528,17592,15989.000000000002,17158,18483,19645,18181,18695,19158,19410.137999999999,19216.036619999999,19023.876253799997,19023.876253799997,19023.876253799997,19023.876253799997,19023.876253799997,19023.876253799997,19023.876253799997,19023.876253799997]
[]
[null,"Admin Analysis"]
[null,null,"Admin in pct of sales",null,null,null,null,null,{"$f":"I105","v":0},0,0,0,7.7824795647488634E-2,7.4605067789596677E-2,6.978770949720671E-2,6.5627919391432005E-2,6.522178437910478E-2,6.7272787824291469E-2,6.1405578892717229E-2,6.2962628633327314E-2,6.8609168609168603E-2,7.1822776175859609E-2,7.5113994552743521E-2,7.4999999999999997E-2,7.4999999999999997E-2,7.4999999999999997E-2,7.4999999999999997E-2,7.4999999999999997E-2,7.4999999999999997E-2,7.4999999999999997E-2,7.4999999999999997E-2,7.4999999999999997E-2,7.4999999999999997E-2]
[null,null,"Admin for valuation",null,null,null,null,null,{"$f":"I134*I123","v":0},0,0,0,2961,3065.0000000000005,3123.0000000000005,3934,3873,4040,3903,4185,4415,4633,4909,4852.5344999999998,4804.0091549999997,4755.9690634499993,4755.9690634499993,4755.9690634499993,4755.9690634499993,4755.9690634499993,4755.9690634499993,4755.9690634499993,4755.9690634499993]
[]
[null,null,"Other - Restructuring",null,null,null,null,null,{"$f":"I106","v":0},0,0,0,-126,-210,106,246,-552,-219,-199,-179,-595,-28,-351,-351,-351,-351,-351,-351,-351,-351,-351,-351,-351]
[]
[null,null,"EBITDA Historic and Projected",null,null,null,null,null,{"$f":"I123-I127-I131-I135+I137","v":34419},35544,34626,35987,5545,6437,7550,11043,12540,13642,12968,12619,12599,12528,12181,11295.082800000006,11178.621972000001,11063.325752280001,11063.325752280001,11063.325752280001,11063.325752280001,11063.325752280001,11063.325752280001,11063.325752280001,11063.325752280001]
[null,null,"EBITDA historic",null,null,null,null,null,{"$f":"I12","v":0},0,0,0,5545,6473,7654,11047,12550,13642,12972,13380,12605,12533,12263,0,0,0,0,0,0,0,0,0,0]
[null,null,"Difference",{"$f":"SUMIF($2:$2,TRUE,141:141)","v":139564},null,null,null,null,{"$f":"I139-I140","v":34419},35544,34626,35987,0,-36,-104,-4,-10,0,-4,-761,-6,-5,-82,11295.082800000006,11178.621972000001,11063.325752280001,11063.325752280001,11063.325752280001,11063.325752280001,11063.325752280001,11063.325752280001,11063.325752280001,11063.325752280001]
[]
[null,"Levels"]
[null,null,"Accounts receivable",null,null,null,null,null,{"$f":"I123*I109","v":0},0,0,0,10948,9393,10282,12644,10093,10310,12347,12899.743396675645,13229,12790,11513,11646.0828,11529.621971999999,11414.325752279998,11414.325752279998,11414.325752279998,11414.325752279998,11414.325752279998,11414.325752279998,11414.325752279998,11414.325752279998]
[null,null,"Inventory",null,null,null,null,null,{"$f":"I127*I110","v":0},0,0,0,2866,3220.0000000000005,3818,5317,3600.9999999999995,4191,4350,4541,4592,4498,3816.9999999999995,4318.7557049999996,4275.5681479499999,4232.8124664704992,4232.8124664704992,4232.8124664704992,4232.8124664704992,4232.8124664704992,4232.8124664704992,4232.8124664704992,4232.8124664704992]
[null,null,"Accounts payable",null,null,null,null,null,{"$f":"I127*I111","v":0},0,0,0,4513,5147,5833,7993,7928.9999999999991,9385,11021,11862,12927,12048,12260,12092.515973999998,11971.59081426,11851.874906117398,11851.874906117398,11851.874906117398,11851.874906117398,11851.874906117398,11851.874906117398,11851.874906117398,11851.874906117398]
[null,null,"Other current liabilities",null,null,null,null,null,{"$f":"I123*I112","v":0},0,0,0,7312.9999999999991,6568,7264,13137,13970,14697,13309,12790.943230011459,12687,15163,15588,15463.40994,15308.775840599999,15155.688082193998,15155.688082193998,15155.688082193998,15155.688082193998,15155.688082193998,15155.688082193998,15155.688082193998,15155.688082193998]
[null,null,"Other current Assets"]
[null,null,"Net working capital",null,null,null,null,null,{"$f":"I144+I145-I146-I147+I148","v":0},{"$f":"J144+J145-J146-J147+J148","v":0},0,0,1988.0000000000009,898,1003,-3169,-8205,-9581,-7633,-7212.1998333358151,-7793,-9923,{"$f":"W144+W145-W146-W147+W148","v":-12518},-11591.087408999998,-11475.176534910001,-11360.424769560899,-11360.424769560899,-11360.424769560899,-11360.424769560899,-11360.424769560899,-11360.424769560899,-11360.424769560899,-11360.424769560899]
[null,null,"Change in net working capital",null,null,null,null,null,{"$f":"I149-H149","v":0},0,0,0,1988.0000000000009,-1090.0000000000009,105,-4172,-5036,-1376,1948,420.80016666418487,-580.80016666418487,-2130,-2595,926.91259100000207,115.91087408999738,114.75176534910133,0,0,0,0,0,0,0]
[null,null,"EBITDA projected and history",null,null,null,null,null,{"$f":"I139","v":34419},{"$f":"J139","v":35544},34626,35987,5545,6437,7550,11043,12540,13642,12968,12619,12599,12528,12181,11295.082800000006,11178.621972000001,11063.325752280001,11063.325752280001,11063.325752280001,11063.325752280001,11063.325752280001,11063.325752280001,11063.325752280001,11063.325752280001]
[null,null,"NWC/EBITDA",null,null,null,null,null,{"$f":"I149/I151","v":0},{"$f":"J149/J151","v":0},0,0,0.35852119026149698,0.13950598104707163,0.13284768211920531,-0.28696912070995201,-0.65430622009569372,-0.70231637589796214,-0.58860271437384326,-0.57153497371707862,-0.618541154059846,-0.79206577266922096,-1.0276660372711599,-1.0262065019124953,-1.0265287227399589,-1.0268544038143024,-1.0268544038143024,-1.0268544038143024,-1.0268544038143024,-1.0268544038143024,-1.0268544038143024,-1.0268544038143024,-1.0268544038143024]
[]
[null,null,"Net Deferred Tax",null,null,null,null,null,{"$f":"IF(I2,'Historic Data from PDF'!H54,H154)","v":0},{"$f":"IF(J2,'Historic Data from PDF'!I54,I154)","v":0},{"$f":"IF(K2,'Historic Data from PDF'!J54,J154)","v":0},{"$f":"IF(L2,'Historic Data from PDF'!K54,K154)","v":0},{"$f":"IF(M2,'Historic Data from PDF'!L54,L154)","v":-1357},{"$f":"IF(N2,'Historic Data from PDF'!M54,M154)","v":-1603},{"$f":"IF(O2,'Historic Data from PDF'!N54,N154)","v":-1458},{"$f":"IF(P2,'Historic Data from PDF'!O54,O154)","v":-8549},{"$f":"IF(Q2,'Historic Data from PDF'!P54,P154)","v":-8205},{"$f":"IF(R2,'Historic Data from PDF'!Q54,Q154)","v":-8646},{"$f":"IF(S2,'Historic Data from PDF'!R54,R154)","v":-8453},{"$f":"IF(T2,'Historic Data from PDF'!S54,S154)","v":-8512},{"$f":"IF(U2,'Historic Data from PDF'!T54,T154)","v":-7707},{"$f":"IF(V2,'Historic Data from PDF'!U54,U154)","v":-5717},{"$f":"IF(W2,'Historic Data from PDF'!V54,V154)","v":-4227},{"$f":"IF(X2,'Historic Data from PDF'!W54,W154)","v":-4227},{"$f":"IF(Y2,'Historic Data from PDF'!X54,X154)","v":-4227},{"$f":"IF(Z2,'Historic Data from PDF'!Y54,Y154)","v":-4227},{"$f":"IF(AA2,'Historic Data from PDF'!Z54,Z154)","v":-4227},{"$f":"IF(AB2,'Historic Data from PDF'!AA54,AA154)","v":-4227},{"$f":"IF(AC2,'Historic Data from PDF'!AB54,AB154)","v":-4227},{"$f":"IF(AD2,'Historic Data from PDF'!AC54,AC154)","v":-4227},{"$f":"IF(AE2,'Historic Data from PDF'!AD54,AD154)","v":-4227},{"$f":"IF(AF2,'Historic Data from PDF'!AE54,AE154)","v":-4227},{"$f":"IF(AG2,'Historic Data from PDF'!AF54,AF154)","v":-4227}]
[]
[null,null,"Capital Expenditures",null,null,null,null,null,{"$f":"I114","v":0},0,0,0,1501,3069,4640,4712,2702,2736,4054,2736,5451,5647,2922,5500,5500,5500,5500,5500,5500,5500,5500,5500,5500]
[]
["Depreciation and Invested Capital"]
[]
[null,"Net Plant"]
[null,null,"Opening Balance",null,null,null,null,null,{"$f":"H164","v":0},0,0,0,0,20355,20367,22109,34043,31825,32420,31848,31991,31738,28748,26678,27642.739999999998,28443.474199999997,29108.083585999997,29659.709376379993,30117.558782395394,30497.573789388181,30812.986245192191,31074.77858350952,31292.066224312901]
[null,null,"Add cap Exp",null,null,null,null,null,{"$f":"I156","v":0},0,0,0,1501,3069,4640,4712,2702,2736,4054,2736,5451,5647,2922,5500,5500,5500,5500,5500,5500,5500,5500,5500,5500]
[null,null,"Less Depreciation ",null,null,null,null,null,{"$f":"I116*I161","v":0},0,0,0,0,2952.1298069839395,2654.4804595536302,2856.1526926912666,3895.9150725693812,3950.0747139855239,3813.6428704798655,3982.0601199893486,3878.3358596557296,4305.8232979532449,4848.5603146537724,4535.26,4699.2658000000001,4835.3906139999999,4948.3742096199994,5042.1505939845993,5119.9849930072169,5184.5875441959915,5238.2076616826726,5282.7123591966192,5319.6512581331936]
[null,null,"Closing",null,null,null,null,null,{"$f":"IF(I2,'Historic Data from PDF'!H7,I161+I162-I163)","v":0},{"$f":"IF(J2,'Historic Data from PDF'!I7,J161+J162-J163)","v":0},{"$f":"IF(K2,'Historic Data from PDF'!J7,K161+K162-K163)","v":0},{"$f":"IF(L2,'Historic Data from PDF'!K7,L161+L162-L163)","v":0},{"$f":"IF(M2,'Historic Data from PDF'!L7,M161+M162-M163)","v":20355},{"$f":"IF(N2,'Historic Data from PDF'!M7,N161+N162-N163)","v":20367},{"$f":"IF(O2,'Historic Data from PDF'!N7,O161+O162-O163)","v":22109},{"$f":"IF(P2,'Historic Data from PDF'!O7,P161+P162-P163)","v":34043},{"$f":"IF(Q2,'Historic Data from PDF'!P7,Q161+Q162-Q163)","v":31825},{"$f":"IF(R2,'Historic Data from PDF'!Q7,R161+R162-R163)","v":32420},{"$f":"IF(S2,'Historic Data from PDF'!R7,S161+S162-S163)","v":31848},{"$f":"IF(T2,'Historic Data from PDF'!S7,T161+T162-T163)","v":31991},{"$f":"IF(U2,'Historic Data from PDF'!T7,U161+U162-U163)","v":31738},{"$f":"IF(V2,'Historic Data from PDF'!U7,V161+V162-V163)","v":28748},{"$f":"IF(W2,'Historic Data from PDF'!V7,W161+W162-W163)","v":26678},{"$f":"IF(X2,'Historic Data from PDF'!W7,X161+X162-X163)","v":27642.739999999998},{"$f":"IF(Y2,'Historic Data from PDF'!X7,Y161+Y162-Y163)","v":28443.474199999997},{"$f":"IF(Z2,'Historic Data from PDF'!Y7,Z161+Z162-Z163)","v":29108.083585999997},{"$f":"IF(AA2,'Historic Data from PDF'!Z7,AA161+AA162-AA163)","v":29659.709376379993},{"$f":"IF(AB2,'Historic Data from PDF'!AA7,AB161+AB162-AB163)","v":30117.558782395394},{"$f":"IF(AC2,'Historic Data from PDF'!AB7,AC161+AC162-AC163)","v":30497.573789388181},{"$f":"IF(AD2,'Historic Data from PDF'!AC7,AD161+AD162-AD163)","v":30812.986245192191},{"$f":"IF(AE2,'Historic Data from PDF'!AD7,AE161+AE162-AE163)","v":31074.77858350952},{"$f":"IF(AF2,'Historic Data from PDF'!AE7,AF161+AF162-AF163)","v":31292.066224312901},{"$f":"IF(AG2,'Historic Data from PDF'!AF7,AG161+AG162-AG163)","v":31472.414966179713}]
[]
[null,"Invested capital"]
[null,null,"Net Plant",null,null,null,null,null,{"$f":"I164","v":0},0,0,0,20355,20367,22109,34043,31825,32420,31848,31991,31738,28748,26678,27642.739999999998,28443.474199999997,29108.083585999997,29659.709376379993,30117.558782395394,30497.573789388181,30812.986245192191,31074.77858350952,31292.066224312901,31472.414966179713]
[null,null,"Intangibles",null,null,null,null,null,{"$f":"IF(I2,'Historic Data from PDF'!H6,H168)","v":0},{"$f":"IF(J2,'Historic Data from PDF'!I6,I168)","v":0},{"$f":"IF(K2,'Historic Data from PDF'!J6,J168)","v":0},{"$f":"IF(L2,'Historic Data from PDF'!K6,K168)","v":0},{"$f":"IF(M2,'Historic Data from PDF'!L6,L168)","v":20672},{"$f":"IF(N2,'Historic Data from PDF'!M6,M168)","v":21279},{"$f":"IF(O2,'Historic Data from PDF'!N6,N168)","v":21205},{"$f":"IF(P2,'Historic Data from PDF'!O6,O168)","v":84678},{"$f":"IF(Q2,'Historic Data from PDF'!P6,P168)","v":81611},{"$f":"IF(R2,'Historic Data from PDF'!Q6,Q168)","v":87813},{"$f":"IF(S2,'Historic Data from PDF'!R6,R168)","v":89041},{"$f":"IF(T2,'Historic Data from PDF'!S6,S168)","v":91216},{"$f":"IF(U2,'Historic Data from PDF'!T6,T168)","v":94236},{"$f":"IF(V2,'Historic Data from PDF'!U6,U168)","v":81754},{"$f":"IF(W2,'Historic Data from PDF'!V6,V168)","v":72920},{"$f":"IF(X2,'Historic Data from PDF'!W6,W168)","v":72920},{"$f":"IF(Y2,'Historic Data from PDF'!X6,X168)","v":72920},{"$f":"IF(Z2,'Historic Data from PDF'!Y6,Y168)","v":72920},{"$f":"IF(AA2,'Historic Data from PDF'!Z6,Z168)","v":72920},{"$f":"IF(AB2,'Historic Data from PDF'!AA6,AA168)","v":72920},{"$f":"IF(AC2,'Historic Data from PDF'!AB6,AB168)","v":72920},{"$f":"IF(AD2,'Historic Data from PDF'!AC6,AC168)","v":72920},{"$f":"IF(AE2,'Historic Data from PDF'!AD6,AD168)","v":72920},{"$f":"IF(AF2,'Historic Data from PDF'!AE6,AE168)","v":72920},{"$f":"IF(AG2,'Historic Data from PDF'!AF6,AF168)","v":72920}]
[null,null,"Net Working Capital'",null,null,null,null,null,{"$f":"I149","v":0},0,0,0,1988.0000000000009,898,1003,-3169,-8205,-9581,-7633,-7212.1998333358151,-7793,-9923,-12518,-11591.087408999998,-11475.176534910001,-11360.424769560899,-11360.424769560899,-11360.424769560899,-11360.424769560899,-11360.424769560899,-11360.424769560899,-11360.424769560899,-11360.424769560899]
[null,null,"Net Deferred Tax",null,null,null,null,null,{"$f":"I154","v":0},{"$f":"J154","v":0},0,0,-1357,-1603,-1458,-8549,-8205,-8646,-8453,-8512,-7707,-5717,-4227,-4227,-4227,-4227,-4227,-4227,-4227,-4227,-4227,-4227,-4227]
[null,null,"Total Invested Capital",null,null,null,null,null,{"$f":"SUM(I167:I170)","v":0},{"$f":"SUM(J167:J170)","v":0},0,0,41658,40941,42859,107003,97026,102006,104803,107482.80016666418,110474,94862,82853,84744.652590999991,85661.297665089995,86440.6588164391,86992.284606819099,87450.134012834504,87830.14901982728,88145.561475631301,88407.353813948634,88624.641454752011,88804.990196618819]
[null,null,"Average Invested Capital",null,null,null,null,null,null,null,null,null,{"$f":"M171","v":41658},{"$f":"AVERAGE(M171:N171)","v":41299.5},{"$f":"AVERAGE(N171:O171)","v":41900},74931,102014.5,99516,103404.5,106142.90008333209,108978.40008333209,102668,88857.5,83798.826295499995,85202.975128044985,86050.978240764554,86716.471711629099,87221.209309826809,87640.141516330885,87987.855247729283,88276.457644789974,88515.997634350322,88714.815825685422]
[]
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[null,null,"Intangible Historic",null,null,null,null,null,{"$f":"I168","v":0},{"$f":"J168","v":0},0,0,20672,21279,21205,84678,81611,87813,89041,91216,94236,81754,72920,72920,72920,72920,72920,72920,72920,72920,72920,72920,72920]
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[null,null,"Inventory Historic",null,null,null,null,null,{"$f":"'Historic Data from PDF'!H13","v":0},{"$f":"'Historic Data from PDF'!I13","v":0},{"$f":"'Historic Data from PDF'!J13","v":0},{"$f":"'Historic Data from PDF'!K13","v":0},{"$f":"'Historic Data from PDF'!L13","v":2866},{"$f":"'Historic Data from PDF'!M13","v":3220},{"$f":"'Historic Data from PDF'!N13","v":3818},{"$f":"'Historic Data from PDF'!O13","v":5317},{"$f":"'Historic Data from PDF'!P13","v":3601},{"$f":"'Historic Data from PDF'!Q13","v":4191},{"$f":"'Historic Data from PDF'!R13","v":4350},{"$f":"'Historic Data from PDF'!S13","v":4541},{"$f":"'Historic Data from PDF'!T13","v":4592},{"$f":"'Historic Data from PDF'!U13","v":4498},{"$f":"'Historic Data from PDF'!V13","v":3817},{"$f":"'Historic Data from PDF'!W13","v":0},{"$f":"'Historic Data from PDF'!X13","v":1},{"$f":"'Historic Data from PDF'!Y13","v":0},{"$f":"'Historic Data from PDF'!Z13","v":0},{"$f":"'Historic Data from PDF'!AA13","v":0},{"$f":"'Historic Data from PDF'!AB13","v":0},{"$f":"'Historic Data from PDF'!AC13","v":0},{"$f":"'Historic Data from PDF'!AD13","v":0},{"$f":"'Historic Data from PDF'!AE13","v":0},{"$f":"'Historic Data from PDF'!AF13","v":0}]
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[null,null,"Less: Other Current Liabilities Histoic",null,null,null,null,null,{"$f":"-'Historic Data from PDF'!H53","v":0},{"$f":"-'Historic Data from PDF'!I53","v":0},{"$f":"-'Historic Data from PDF'!J53","v":0},{"$f":"-'Historic Data from PDF'!K53","v":0},{"$f":"-'Historic Data from PDF'!L53","v":-7313},{"$f":"-'Historic Data from PDF'!M53","v":-6568},{"$f":"-'Historic Data from PDF'!N53","v":-7264},{"$f":"-'Historic Data from PDF'!O53","v":-13137},{"$f":"-'Historic Data from PDF'!P53","v":-13970},{"$f":"-'Historic Data from PDF'!Q53","v":-14697},{"$f":"-'Historic Data from PDF'!R53","v":-13309},{"$f":"-'Historic Data from PDF'!S53","v":-12932},{"$f":"-'Historic Data from PDF'!T53","v":-12687},{"$f":"-'Historic Data from PDF'!U53","v":-15163},{"$f":"-'Historic Data from PDF'!V53","v":-15588},{"$f":"-'Historic Data from PDF'!W53","v":0},{"$f":"-'Historic Data from PDF'!X53","v":0},{"$f":"-'Historic Data from PDF'!Y53","v":0},{"$f":"-'Historic Data from PDF'!Z53","v":0},{"$f":"-'Historic Data from PDF'!AA53","v":0},{"$f":"-'Historic Data from PDF'!AB53","v":0},{"$f":"-'Historic Data from PDF'!AC53","v":0},{"$f":"-'Historic Data from PDF'!AD53","v":0},{"$f":"-'Historic Data from PDF'!AE53","v":0},{"$f":"-'Historic Data from PDF'!AF53","v":0}]
[null,null,"Add: Deferred Tax Historic",null,null,null,null,null,{"$f":"'Historic Data from PDF'!H54","v":0},{"$f":"'Historic Data from PDF'!I54","v":0},{"$f":"'Historic Data from PDF'!J54","v":0},{"$f":"'Historic Data from PDF'!K54","v":0},{"$f":"'Historic Data from PDF'!L54","v":-1357},{"$f":"'Historic Data from PDF'!M54","v":-1603},{"$f":"'Historic Data from PDF'!N54","v":-1458},{"$f":"'Historic Data from PDF'!O54","v":-8549},{"$f":"'Historic Data from PDF'!P54","v":-8205},{"$f":"'Historic Data from PDF'!Q54","v":-8646},{"$f":"'Historic Data from PDF'!R54","v":-8453},{"$f":"'Historic Data from PDF'!S54","v":-8512},{"$f":"'Historic Data from PDF'!T54","v":-7707},{"$f":"'Historic Data from PDF'!U54","v":-5717},{"$f":"'Historic Data from PDF'!V54","v":-4227},{"$f":"'Historic Data from PDF'!W54","v":0},{"$f":"'Historic Data from PDF'!X54","v":0},{"$f":"'Historic Data from PDF'!Y54","v":0},{"$f":"'Historic Data from PDF'!Z54","v":0},{"$f":"'Historic Data from PDF'!AA54","v":0},{"$f":"'Historic Data from PDF'!AB54","v":0},{"$f":"'Historic Data from PDF'!AC54","v":0},{"$f":"'Historic Data from PDF'!AD54","v":0},{"$f":"'Historic Data from PDF'!AE54","v":0},{"$f":"'Historic Data from PDF'!AF54","v":0}]
[null,null,"Total Invested Capital Historic",null,null,null,null,null,{"$f":"SUM(I174:I180)","v":0},0,0,0,41658,40941,42859,107003,97026,102006,104803,107484,110474,94862,82853,72920,72923,72920,72920,72920,72920,72920,72920,72920,72920]
[]
[null,null,"EBIT",null,null,null,null,null,{"$f":"I139-I163","v":34419},35544,34626,35987,5545,3484.8701930160605,4895.5195404463702,8186.8473073087334,8644.0849274306183,9691.925286014477,9154.3571295201345,8636.9398800106519,8720.66414034427,8222.176702046756,7332.4396853462276,6759.8228000000054,6479.3561720000007,6227.9351382800014,6114.9515426600019,6021.1751582954021,5943.3407592727845,5878.7382080840098,5825.1180905973288,5780.6133930833821,5743.6744941468078]
[null,null,"Tax Rate",null,null,null,null,null,{"$f":"IF(I2,I42,I117)","v":0.25},0.25,0.25,0.25,0.27536997885835096,0.2832618025751073,0.2856356631810677,0.25,0.26958808063102541,0.2402804333970682,0.24409030544488711,0.22958302491981247,0.23554356206630686,0.2614418187256955,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25]
[null,null,"Taxes on EBIT",null,null,null,null,null,{"$f":"I183*I184","v":8604.75},{"$f":"J183*J184","v":8886},8656.5,8996.75,1526.9265327695562,987.13061261399139,1398.3349705512746,2046.7118268271834,2330.3422643975969,2328.7800081755627,2234.4898278961496,1982.8947837034077,2054.0962952005971,2149.6208308671448,1833.1099213365569,1689.9557000000013,1619.8390430000002,1556.9837845700004,1528.7378856650005,1505.2937895738505,1485.8351898181961,1469.6845520210024,1456.2795226493322,1445.1533482708455,1435.9186235367019]
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[]
[null,null,"ROIC Historic and Projected",null,null,null,null,null,{"$f":"IF(I172,I186/I172)","v":false},{"$f":"IF(J172,J186/J172)","v":false},false,false,9.6453825609257374E-2,6.0478688129446331E-2,8.346502553448916E-2,8.1943861425598882E-2,6.1890639693700608E-2,7.3989562259726208E-2,6.6920369051868961E-2,6.2689497753341927E-2,6.1173295258931809E-2,5.914750332313487E-2,6.1889314509294892E-2,6.0500454769164901E-2,5.7034594410547368E-2,5.4281211546962423E-2,5.2887456863399671E-2,5.1775037338455801E-2,5.0861460197710609E-2,5.0109798035755534E-2,4.9490415502709544E-2,4.8979395371239409E-2,4.855734445838629E-2]

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{"sheet":"LBO transaction assumption","index":7,"n_rows":33,"n_cols":22,"rows_kept":33,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,null,null,null,null,null,null,null,null,"Holding Period and Exit EV/EBITDA"]
[null,null,"Entry year",2016,null,null,null,null,{"$f":"LBO!D33","v":1.7687190329755742E-2},1,{"$f":"J3+1","v":2},{"$f":"K3+1","v":3},4,5,6,7,8,9,10,null,"Max","Hold Period"]
[null,null,"Holding period",10,null,null,null,null,10,-0.28382381861247308,-0.11567878799628595,-5.099353219522984E-2,-1.4219024689083426E-2,8.6857521491834344E-3,2.437007791431034E-2,3.5813525101848764E-2,4.4550392455368959E-2,5.1451397864136883E-2,5.3355955567075286E-2,null,{"$f":"MAX(J4:S4)","v":5.3355955567075286E-2},{"$f":"MATCH(U4,J4:S4,0)","v":10}]
[null,null,"Exit year",{"$f":"D3+D4","v":2026},null,null,null,null,{"$f":"I4+1","v":11},-0.21656140879066377,-7.6183266126850113E-2,-2.3741864952101843E-2,6.3071302816279928E-3,2.4941417102179786E-2,3.7678945463753166E-2,4.6969391414926065E-2,5.4066574130923639E-2,5.96790174987476E-2,6.0470910002914158E-2,null,{"$f":"MAX(J5:S5)","v":6.0470910002914158E-2},{"$f":"MATCH(U5,J5:S5,0)","v":10}]
[null,null,null,null,null,null,null,null,{"$f":"I5+1","v":12},-0.14929899896885424,-3.8345960973502402E-2,2.0231958240299885E-3,2.5603223116472673E-2,4.0181663351850805E-2,5.0141569215023774E-2,5.7412498439393111E-2,6.2976693012747997E-2,6.7387103779901647E-2,6.7144262072750038E-2,null,{"$f":"MAX(J6:S6)","v":6.7387103779901647E-2},{"$f":"MATCH(U6,J6:S6,0)","v":9}]
[null,null,"Current EV/EBITDA multiple",10.5,null,null,null,null,{"$f":"I6+1","v":13},-8.2036589147045036E-2,-1.9740469652554937E-3,2.6489719867333061E-2,4.3829433959330144E-2,5.4539891084508074E-2,6.1868998954725862E-2,6.7235732926712366E-2,7.1358887775120117E-2,7.4641744911566832E-2,7.3431096590441447E-2,null,{"$f":"MAX(J7:S7)","v":7.4641744911566832E-2},{"$f":"MATCH(U7,J7:S7,0)","v":9}]
[null,null,"Acq. Premium",0.2,null,null,null,null,{"$f":"I7+1","v":14},-1.4774179325235615E-2,3.3090596575993114E-2,4.9810328728736142E-2,6.1115348034856742E-2,6.8123996792782915E-2,7.2951168433935898E-2,7.6514482089224289E-2,7.9276749767849708E-2,8.1496893888948652E-2,7.9376573709128762E-2,null,{"$f":"MAX(J8:S8)","v":8.1496893888948652E-2},{"$f":"MATCH(U8,J8:S8,0)","v":9}]
[null,null,"Entry EV/EBITDA multiple",{"$f":"D7*(1+D8)","v":12.6}]
[]
[null,null,"Exit multiple",14]
[]
[null,null,null,1,2,3,4]
[null,null,"EBITDA-margin improvements",-0.05,0.05,0.1,0.15]
[null,null,"Include margin improvements",false]
[]
[]
[null,null,"Fees"]
[null,null,"Arragement fee on debt",0.01]
[null,null,"Investment bank",0.01]
[]
[null,null,"Existing debt repaid",{"$f":"LOOKUP(D3-1,Valuation!3:3,'Assumptions and Free Cash Flow'!81:81)","v":38132}]
[]
[]
[null,null,"Financing assumptions"]
[null,"A","Senior debt / EBITDA",4]
[null,null,"Interest on senior",0.02]
[]
[null,"B","Subordinated debt / EBITDA",2]
[null,null,"Interest on subordinated debt",0.03]
[]
[null,"C","Capitalizing debt",2]
[null,null,"Interest on capitalizing debt",0.04]

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[]
[null,"Column in Summary Page",null,null,{"$f":"MATCH(E4,Valuation!3:3)","v":25},{"$f":"MATCH(F4,Valuation!3:3)","v":26},{"$f":"MATCH(G4,Valuation!3:3)","v":27},{"$f":"MATCH(H4,Valuation!3:3)","v":28},{"$f":"MATCH(I4,Valuation!3:3)","v":29},{"$f":"MATCH(J4,Valuation!3:3)","v":30},{"$f":"MATCH(K4,Valuation!3:3)","v":31},{"$f":"MATCH(L4,Valuation!3:3)","v":32},{"$f":"MATCH(M4,Valuation!3:3)","v":33},{"$f":"MATCH(N4,Valuation!3:3)","v":33},{"$f":"MATCH(O4,Valuation!3:3)","v":33},{"$f":"MATCH(P4,Valuation!3:3)","v":33},{"$f":"MATCH(Q4,Valuation!3:3)","v":33},{"$f":"MATCH(R4,Valuation!3:3)","v":33},{"$f":"MATCH(S4,Valuation!3:3)","v":33},{"$f":"MATCH(T4,Valuation!3:3)","v":33},{"$f":"MATCH(U4,Valuation!3:3)","v":33}]
[null,"Year",null,2016,{"$f":"'LBO transaction assumption'!D3+1","v":2017},{"$f":"E4+1","v":2018},{"$f":"F4+1","v":2019},2020,2021,2022,2023,2024,2025,2026,2027,2028,{"$f":"P4+1","v":2029},{"$f":"Q4+1","v":2030},{"$f":"R4+1","v":2031},{"$f":"S4+1","v":2032},{"$f":"T4+1","v":2033}]
[null,"Exit year",null,{"$f":"'LBO transaction assumption'!D5","v":2026},{"$f":"E4=$D$5","v":false},false,false,false,false,false,false,false,false,true,false,false,false,false,false,false,false]
[null,"Holding period",null,null,{"$f":"E4<=$D$5","v":true},true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false]
[null,"Date",null,{"$f":"IF(D5,DATE(D4,12,31),DATE(D4,7,1))","v":"2016-12-31"},"2017-07-01","2018-07-01","2019-07-01","2020-07-01","2021-07-01","2022-07-01","2023-07-01","2024-07-01","2025-07-01","2026-12-31","2027-07-01","2028-07-01","2029-07-01","2030-07-01","2031-07-01","2032-07-01","2033-07-01"]
[null,"Period",null,null,1,{"$f":"E8+1","v":2},{"$f":"F8+1","v":3},4,5,6,7,8,9,10,11,12,{"$f":"P8+1","v":13},{"$f":"Q8+1","v":14},{"$f":"R8+1","v":15},{"$f":"S8+1","v":16},{"$f":"T8+1","v":17}]
[]
["Operating Cash Flow and Transferred Data"]
[null,"EBITDA",null,null,{"$f":"INDEX('Assumptions and Free Cash Flow'!139:139,0,LBO!E$3)*E6","v":11178.621972000001},{"$f":"INDEX('Assumptions and Free Cash Flow'!139:139,0,LBO!F$3)*F6","v":11063.325752280001},{"$f":"INDEX('Assumptions and Free Cash Flow'!139:139,0,LBO!G$3)*G6","v":11063.325752280001},{"$f":"INDEX('Assumptions and Free Cash Flow'!139:139,0,LBO!H$3)*H6","v":11063.325752280001},{"$f":"INDEX('Assumptions and Free Cash Flow'!139:139,0,LBO!I$3)*I6","v":11063.325752280001},{"$f":"INDEX('Assumptions and Free Cash Flow'!139:139,0,LBO!J$3)*J6","v":11063.325752280001},{"$f":"INDEX('Assumptions and Free Cash Flow'!139:139,0,LBO!K$3)*K6","v":11063.325752280001},{"$f":"INDEX('Assumptions and Free Cash Flow'!139:139,0,LBO!L$3)*L6","v":11063.325752280001},{"$f":"INDEX('Assumptions and Free Cash Flow'!139:139,0,LBO!M$3)*M6","v":11063.325752280001},{"$f":"INDEX('Assumptions and Free Cash Flow'!139:139,0,LBO!N$3)*N6","v":11063.325752280001},{"$f":"INDEX('Assumptions and Free Cash Flow'!139:139,0,LBO!O$3)*O6","v":0},{"$f":"INDEX('Assumptions and Free Cash Flow'!139:139,0,LBO!P$3)*P6","v":0},{"$f":"INDEX('Assumptions and Free Cash Flow'!139:139,0,LBO!Q$3)*Q6","v":0},{"$f":"INDEX('Assumptions and Free Cash Flow'!139:139,0,LBO!R$3)*R6","v":0},{"$f":"INDEX('Assumptions and Free Cash Flow'!139:139,0,LBO!S$3)*S6","v":0},{"$f":"INDEX('Assumptions and Free Cash Flow'!139:139,0,LBO!T$3)*T6","v":0},{"$f":"INDEX('Assumptions and Free Cash Flow'!139:139,0,LBO!U$3)*U6","v":0}]
[null,"Change in NWC",null,null,{"$f":"INDEX('Assumptions and Free Cash Flow'!150:150,0,LBO!E$3)*E6","v":115.91087408999738},{"$f":"INDEX('Assumptions and Free Cash Flow'!150:150,0,LBO!F$3)*F6","v":114.75176534910133},{"$f":"INDEX('Assumptions and Free Cash Flow'!150:150,0,LBO!G$3)*G6","v":0},{"$f":"INDEX('Assumptions and Free Cash Flow'!150:150,0,LBO!H$3)*H6","v":0},{"$f":"INDEX('Assumptions and Free Cash Flow'!150:150,0,LBO!I$3)*I6","v":0},{"$f":"INDEX('Assumptions and Free Cash Flow'!150:150,0,LBO!J$3)*J6","v":0},{"$f":"INDEX('Assumptions and Free Cash Flow'!150:150,0,LBO!K$3)*K6","v":0},{"$f":"INDEX('Assumptions and Free Cash Flow'!150:150,0,LBO!L$3)*L6","v":0},{"$f":"INDEX('Assumptions and Free Cash Flow'!150:150,0,LBO!M$3)*M6","v":0},{"$f":"INDEX('Assumptions and Free Cash Flow'!150:150,0,LBO!N$3)*N6","v":0},{"$f":"INDEX('Assumptions and Free Cash Flow'!150:150,0,LBO!O$3)*O6","v":0},{"$f":"INDEX('Assumptions and Free Cash Flow'!150:150,0,LBO!P$3)*P6","v":0},{"$f":"INDEX('Assumptions and Free Cash Flow'!150:150,0,LBO!Q$3)*Q6","v":0},{"$f":"INDEX('Assumptions and Free Cash Flow'!150:150,0,LBO!R$3)*R6","v":0},{"$f":"INDEX('Assumptions and Free Cash Flow'!150:150,0,LBO!S$3)*S6","v":0},{"$f":"INDEX('Assumptions and Free Cash Flow'!150:150,0,LBO!T$3)*T6","v":0},{"$f":"INDEX('Assumptions and Free Cash Flow'!150:150,0,LBO!U$3)*U6","v":0}]
[null,"CAPEX",null,null,{"$f":"INDEX('Assumptions and Free Cash Flow'!156:156,0,LBO!E$3)*E6","v":5500},{"$f":"INDEX('Assumptions and Free Cash Flow'!156:156,0,LBO!F$3)*F6","v":5500},{"$f":"INDEX('Assumptions and Free Cash Flow'!156:156,0,LBO!G$3)*G6","v":5500},{"$f":"INDEX('Assumptions and Free Cash Flow'!156:156,0,LBO!H$3)*H6","v":5500},{"$f":"INDEX('Assumptions and Free Cash Flow'!156:156,0,LBO!I$3)*I6","v":5500},{"$f":"INDEX('Assumptions and Free Cash Flow'!156:156,0,LBO!J$3)*J6","v":5500},{"$f":"INDEX('Assumptions and Free Cash Flow'!156:156,0,LBO!K$3)*K6","v":5500},{"$f":"INDEX('Assumptions and Free Cash Flow'!156:156,0,LBO!L$3)*L6","v":5500},{"$f":"INDEX('Assumptions and Free Cash Flow'!156:156,0,LBO!M$3)*M6","v":5500},{"$f":"INDEX('Assumptions and Free Cash Flow'!156:156,0,LBO!N$3)*N6","v":5500},{"$f":"INDEX('Assumptions and Free Cash Flow'!156:156,0,LBO!O$3)*O6","v":0},{"$f":"INDEX('Assumptions and Free Cash Flow'!156:156,0,LBO!P$3)*P6","v":0},{"$f":"INDEX('Assumptions and Free Cash Flow'!156:156,0,LBO!Q$3)*Q6","v":0},{"$f":"INDEX('Assumptions and Free Cash Flow'!156:156,0,LBO!R$3)*R6","v":0},{"$f":"INDEX('Assumptions and Free Cash Flow'!156:156,0,LBO!S$3)*S6","v":0},{"$f":"INDEX('Assumptions and Free Cash Flow'!156:156,0,LBO!T$3)*T6","v":0},{"$f":"INDEX('Assumptions and Free Cash Flow'!156:156,0,LBO!U$3)*U6","v":0}]
[null,"CFADS",null,null,{"$f":"E11-E12-E13","v":5562.7110979100034},{"$f":"F11-F12-F13","v":5448.5739869309},5563.3257522800013,5563.3257522800013,5563.3257522800013,5563.3257522800013,5563.3257522800013,5563.3257522800013,5563.3257522800013,5563.3257522800013,0,0,{"$f":"Q11-Q12-Q13","v":0},{"$f":"R11-R12-R13","v":0},{"$f":"S11-S12-S13","v":0},{"$f":"T11-T12-T13","v":0},{"$f":"U11-U12-U13","v":0}]
[]
[null,"Impact of \"strategy\"",null,null,{"$f":"LOOKUP(E8,'LBO transaction assumption'!13:13,'LBO transaction assumption'!14:14)","v":-0.05},{"$f":"LOOKUP(F8,'LBO transaction assumption'!13:13,'LBO transaction assumption'!14:14)","v":0.05},{"$f":"LOOKUP(G8,'LBO transaction assumption'!13:13,'LBO transaction assumption'!14:14)","v":0.1},{"$f":"LOOKUP(H8,'LBO transaction assumption'!13:13,'LBO transaction assumption'!14:14)","v":0.15},{"$f":"LOOKUP(I8,'LBO transaction assumption'!13:13,'LBO transaction assumption'!14:14)","v":0.15},{"$f":"LOOKUP(J8,'LBO transaction assumption'!13:13,'LBO transaction assumption'!14:14)","v":0.15},{"$f":"LOOKUP(K8,'LBO transaction assumption'!13:13,'LBO transaction assumption'!14:14)","v":0.15},{"$f":"LOOKUP(L8,'LBO transaction assumption'!13:13,'LBO transaction assumption'!14:14)","v":0.15},{"$f":"LOOKUP(M8,'LBO transaction assumption'!13:13,'LBO transaction assumption'!14:14)","v":0.15},{"$f":"LOOKUP(N8,'LBO transaction assumption'!13:13,'LBO transaction assumption'!14:14)","v":0.15},{"$f":"LOOKUP(O8,'LBO transaction assumption'!13:13,'LBO transaction assumption'!14:14)","v":0.15},{"$f":"LOOKUP(P8,'LBO transaction assumption'!13:13,'LBO transaction assumption'!14:14)","v":0.15},{"$f":"LOOKUP(Q8,'LBO transaction assumption'!13:13,'LBO transaction assumption'!14:14)","v":0.15},{"$f":"LOOKUP(R8,'LBO transaction assumption'!13:13,'LBO transaction assumption'!14:14)","v":0.15},{"$f":"LOOKUP(S8,'LBO transaction assumption'!13:13,'LBO transaction assumption'!14:14)","v":0.15},{"$f":"LOOKUP(T8,'LBO transaction assumption'!13:13,'LBO transaction assumption'!14:14)","v":0.15},{"$f":"LOOKUP(U8,'LBO transaction assumption'!13:13,'LBO transaction assumption'!14:14)","v":0.15}]
[null,"Include strategy (True/Flase)",null,null,{"$f":"'LBO transaction assumption'!$D$15","v":false},{"$f":"'LBO transaction assumption'!$D$15","v":false},{"$f":"'LBO transaction assumption'!$D$15","v":false},{"$f":"'LBO transaction assumption'!$D$15","v":false},{"$f":"'LBO transaction assumption'!$D$15","v":false},{"$f":"'LBO transaction assumption'!$D$15","v":false},{"$f":"'LBO transaction assumption'!$D$15","v":false},{"$f":"'LBO transaction assumption'!$D$15","v":false},{"$f":"'LBO transaction assumption'!$D$15","v":false},{"$f":"'LBO transaction assumption'!$D$15","v":false},{"$f":"'LBO transaction assumption'!$D$15","v":false},{"$f":"'LBO transaction assumption'!$D$15","v":false},{"$f":"'LBO transaction assumption'!$D$15","v":false},{"$f":"'LBO transaction assumption'!$D$15","v":false},{"$f":"'LBO transaction assumption'!$D$15","v":false},{"$f":"'LBO transaction assumption'!$D$15","v":false},{"$f":"'LBO transaction assumption'!$D$15","v":false}]
[null,"Pct. Applied",null,null,{"$f":"E16*E17","v":0},{"$f":"F16*F17","v":0},0,0,0,0,0,0,0,0,0,0,{"$f":"Q16*Q17","v":0},{"$f":"R16*R17","v":0},{"$f":"S16*S17","v":0},{"$f":"T16*T17","v":0},{"$f":"U16*U17","v":0}]
[null,"EBITDA after strategy",null,null,{"$f":"(1+E18)*E11","v":11178.621972000001},{"$f":"(1+F18)*F11","v":11063.325752280001},11063.325752280001,11063.325752280001,11063.325752280001,11063.325752280001,11063.325752280001,11063.325752280001,11063.325752280001,11063.325752280001,0,0,{"$f":"(1+Q18)*Q11","v":0},{"$f":"(1+R18)*R11","v":0},{"$f":"(1+S18)*S11","v":0},{"$f":"(1+T18)*T11","v":0},{"$f":"(1+U18)*U11","v":0}]
[]
[null,"Terminal proceeds (exit multiple )",null,{"$f":"'LBO transaction assumption'!D11","v":14},{"$f":"$D$21*E19*E5","v":0},0,0,0,0,0,0,0,0,154886.56053192003,0,0,0,0,0,0,0]
[]
[null,"Acq. Year",null,{"$f":"'LBO transaction assumption'!D3","v":2016}]
[null,"EBITDA in acq. Year",null,{"$f":"LOOKUP(D23,Valuation!3:3,'Assumptions and Free Cash Flow'!139:139)","v":11295.082800000006}]
[null,"Acq. Multiple",null,{"$f":"'LBO transaction assumption'!D9","v":12.6}]
[null,"Acq. Price",null,{"$f":"D24*D25","v":142318.04328000007}]
[]
[null,"Investment, cash out",null,{"$f":"-D26-D40","v":-180450.04328000007}]
[null,"Cash in, operations",null,null,{"$f":"E19-E12-E13","v":5562.7110979100034},{"$f":"F19-F12-F13","v":5448.5739869309},5563.3257522800013,5563.3257522800013,5563.3257522800013,5563.3257522800013,5563.3257522800013,5563.3257522800013,5563.3257522800013,5563.3257522800013,0,0,{"$f":"Q19-Q12-Q13","v":0},{"$f":"R19-R12-R13","v":0},{"$f":"S19-S12-S13","v":0},{"$f":"T19-T12-T13","v":0},{"$f":"U19-U12-U13","v":0}]
[null,"Cash in, exit",null,null,{"$f":"E21","v":0},{"$f":"F21","v":0},0,0,0,0,0,0,0,154886.56053192003,0,0,{"$f":"Q21","v":0},{"$f":"R21","v":0},{"$f":"S21","v":0},{"$f":"T21","v":0},{"$f":"U21","v":0}]
[null,"Total cash flow",null,{"$f":"D28+D29+D30","v":-180450.04328000007},{"$f":"E28+E29+E30","v":5562.7110979100034},{"$f":"F28+F29+F30","v":5448.5739869309},5563.3257522800013,5563.3257522800013,5563.3257522800013,5563.3257522800013,5563.3257522800013,5563.3257522800013,5563.3257522800013,160449.88628420004,0,0,{"$f":"Q28+Q29+Q30","v":0},{"$f":"R28+R29+R30","v":0},{"$f":"S28+S29+S30","v":0},{"$f":"T28+T29+T30","v":0},{"$f":"U28+U29+U30","v":0}]
[]
[null,"IRR",null,{"$f":"IRR(D31:P31)","v":1.7687190329755742E-2}]
[null,"XIRR",null,{"$f":"XIRR(D31:P31,D7:P7)","v":1.7943301796913148E-2}]
[]
["Sources and Uses"]
[]
[null,"Uses"]
[null,"Acq. Price",null,{"$f":"-D28","v":180450.04328000007}]
[null,"Repay existing debt",null,{"$f":"'LBO transaction assumption'!D22","v":38132}]
[null,"Fees",null,{"$f":"'LBO transaction assumption'!D19*SUM(D46:D48)","v":903.60662400000047}]
[null,"Advisory fee",null,{"$f":"'LBO transaction assumption'!D20*LBO!D39","v":1804.5004328000007}]
[null,"Total",null,{"$f":"SUM(D39:D42)","v":221290.15033680008}]
[]
[null,"Sources"]
[null,"A-debt",null,{"$f":"'LBO transaction assumption'!D26*LBO!D24","v":45180.331200000022}]
[null,"B-debt",null,{"$f":"'LBO transaction assumption'!D29*LBO!D24","v":22590.165600000011}]
[null,"C-debt",null,{"$f":"'LBO transaction assumption'!D32*LBO!D24","v":22590.165600000011}]
[null,"Sale of existing assets"]
[null,"Equity",null,{"$f":"D43-SUM(D46:D48)","v":130929.48793680004}]
[null,"Total sources",null,{"$f":"SUM(D46:D50)","v":221290.15033680008}]
[]
[]
["Debt Schedule"]
[null,"A-Debt"]
[null,"Balance BOP",null,null,{"$f":"D59","v":45180.331200000022},{"$f":"E59","v":40521.226726090019},35883.077273680916,31037.413066874535,26094.835575932026,21053.406535170667,15911.148913594079,10666.04613958596,5316.0413100976784,0,0,0,{"$f":"P59","v":0},{"$f":"Q59","v":0},{"$f":"R59","v":0},{"$f":"S59","v":0},{"$f":"T59","v":0}]
[null,"Drawdown",null,{"$f":"D46","v":45180.331200000022}]
[null,"Repayment",null,null,{"$f":"E87","v":4659.1044739100034},{"$f":"F87","v":4638.1494524090995},4845.6642068063829,4942.5774909425108,5041.4290407613607,5142.2576215765876,5245.1027740081199,5350.0048294882818,5316.0413100976784,0,0,0,{"$f":"Q87","v":0},{"$f":"R87","v":0},{"$f":"S87","v":0},{"$f":"T87","v":0},{"$f":"U87","v":0}]
[null,"Balance EOP",null,{"$f":"D56+D57-D58","v":45180.331200000022},{"$f":"E56+E57-E58","v":40521.226726090019},{"$f":"F56+F57-F58","v":35883.077273680916},31037.413066874535,26094.835575932026,21053.406535170667,15911.148913594079,10666.04613958596,5316.0413100976784,0,0,0,0,{"$f":"Q56+Q57-Q58","v":0},{"$f":"R56+R57-R58","v":0},{"$f":"S56+S57-S58","v":0},{"$f":"T56+T57-T58","v":0},{"$f":"U56+U57-U58","v":0}]
[]
[null,"Interest",{"$f":"'LBO transaction assumption'!D27","v":0.02},{"$f":"D56*$C61","v":0},{"$f":"E56*$C61","v":903.60662400000047},810.42453452180041,717.66154547361828,620.7482613374907,521.89671151864047,421.06813070341332,318.22297827188157,213.3209227917192,106.32082620195357,0,0,0,{"$f":"Q56*$C61","v":0},{"$f":"R56*$C61","v":0},{"$f":"S56*$C61","v":0},{"$f":"T56*$C61","v":0},{"$f":"U56*$C61","v":0}]
[]
[null,"B-Debt"]
[null,"Balance BOP",null,null,{"$f":"D67","v":22590.165600000011},{"$f":"E67","v":23267.870568000013},23965.906685040012,24684.883885591211,25425.430402158949,26188.193314223718,26973.839113650429,27783.054287059942,28616.545915671741,29334.078677161524,0,0,{"$f":"P67","v":0},{"$f":"Q67","v":0},{"$f":"R67","v":0},{"$f":"S67","v":0},{"$f":"T67","v":0}]
[null,"Drawdown",null,{"$f":"D47","v":22590.165600000011}]
[null,"Repayment",null,null,{"$f":"E91","v":-677.70496800000035},{"$f":"F91","v":-698.03611704000036},-718.97720055120033,-740.54651656773626,-762.76291206476844,-785.64579942671151,-809.21517340951289,-833.49162861179821,-717.53276148978273,29334.078677161524,0,0,{"$f":"Q91","v":0},{"$f":"R91","v":0},{"$f":"S91","v":0},{"$f":"T91","v":0},{"$f":"U91","v":0}]
[null,"Balance EOP",null,{"$f":"D64+D65-D66","v":22590.165600000011},{"$f":"E64+E65-E66","v":23267.870568000013},23965.906685040012,24684.883885591211,25425.430402158949,26188.193314223718,26973.839113650429,27783.054287059942,28616.545915671741,29334.078677161524,0,0,0,{"$f":"Q64+Q65-Q66","v":0},{"$f":"R64+R65-R66","v":0},{"$f":"S64+S65-S66","v":0},{"$f":"T64+T65-T66","v":0},{"$f":"U64+U65-U66","v":0}]
[]
[null,"Interest",{"$f":"'LBO transaction assumption'!D30","v":0.03},{"$f":"D64*$C69","v":0},{"$f":"E64*$C69","v":677.70496800000035},698.03611704000036,718.97720055120033,740.54651656773626,762.76291206476844,785.64579942671151,809.21517340951289,833.49162861179821,858.4963774701522,880.02236031484574,0,0,{"$f":"Q64*$C69","v":0},{"$f":"R64*$C69","v":0},{"$f":"S64*$C69","v":0},{"$f":"T64*$C69","v":0},{"$f":"U64*$C69","v":0}]
[]
[null,"C-Debt"]
[null,"Balance BOP",null,null,{"$f":"D76","v":22590.165600000011},{"$f":"E76","v":23493.772224000011},24433.523112960011,25410.864037478412,26427.298598977548,27484.39054293665,28583.766164654116,29727.116811240281,30916.201483689892,32152.84954303749,0,0,{"$f":"P76","v":0},{"$f":"Q76","v":0},{"$f":"R76","v":0},{"$f":"S76","v":0},{"$f":"T76","v":0}]
[null,"Drawdown",null,{"$f":"D48","v":22590.165600000011}]
[null,"Interest",{"$f":"'LBO transaction assumption'!D33","v":0.04},null,{"$f":"E72*$C74","v":903.60662400000047},{"$f":"F72*$C74","v":939.75088896000045},977.34092451840047,1016.4345614991365,1057.0919439591019,1099.3756217174659,1143.3506465861647,1189.0846724496112,1236.6480593475958,1286.1139817214996,0,0,{"$f":"Q72*$C74","v":0},{"$f":"R72*$C74","v":0},{"$f":"S72*$C74","v":0},{"$f":"T72*$C74","v":0},{"$f":"U72*$C74","v":0}]
[null,"Repayment",null,null,{"$f":"E93","v":0},{"$f":"F93","v":0},0,0,0,0,0,0,0,33438.96352475899,0,0,{"$f":"Q93","v":0},{"$f":"R93","v":0},{"$f":"S93","v":0},{"$f":"T93","v":0},{"$f":"U93","v":0}]
[null,"Balance EOP",null,{"$f":"D72+D73+D74-D75","v":22590.165600000011},{"$f":"E72+E73+E74-E75","v":23493.772224000011},24433.523112960011,25410.864037478412,26427.298598977548,27484.39054293665,28583.766164654116,29727.116811240281,30916.201483689892,32152.84954303749,0,0,0,{"$f":"Q72+Q73+Q74-Q75","v":0},{"$f":"R72+R73+R74-R75","v":0},{"$f":"S72+S73+S74-S75","v":0},{"$f":"T72+T73+T74-T75","v":0},{"$f":"U72+U73+U74-U75","v":0}]
[]
["Waterfall"]
[]
[null,"EBITDA",null,null,{"$f":"E19","v":11178.621972000001},{"$f":"F19","v":11063.325752280001},11063.325752280001,11063.325752280001,11063.325752280001,11063.325752280001,11063.325752280001,11063.325752280001,11063.325752280001,11063.325752280001,0,0,{"$f":"Q19","v":0},{"$f":"R19","v":0},{"$f":"S19","v":0},{"$f":"T19","v":0},{"$f":"U19","v":0}]
[null,"NWC change",null,null,{"$f":"E12","v":115.91087408999738},{"$f":"F12","v":114.75176534910133},0,0,0,0,0,0,0,0,0,0,{"$f":"Q12","v":0},0,0,0,0]
[null,"CAPEX",null,null,{"$f":"E13","v":5500},{"$f":"F13","v":5500},5500,5500,5500,5500,5500,5500,5500,5500,0,0,0,0,0,0,0]
[null,"Terminal proceeds",null,null,{"$f":"E21","v":0},{"$f":"F21","v":0},0,0,0,0,0,0,0,154886.56053192003,0,0,{"$f":"Q21","v":0},{"$f":"R21","v":0},{"$f":"S21","v":0},{"$f":"T21","v":0},{"$f":"U21","v":0}]
[null,"CFADS",null,null,{"$f":"+E80-E81-E82+E83","v":5562.7110979100034},{"$f":"+F80-F81-F82+F83","v":5448.5739869309},5563.3257522800013,5563.3257522800013,5563.3257522800013,5563.3257522800013,5563.3257522800013,5563.3257522800013,5563.3257522800013,160449.88628420004,0,0,{"$f":"+Q80-Q81-Q82+Q83","v":0},{"$f":"+R80-R81-R82+R83","v":0},{"$f":"+S80-S81-S82+S83","v":0},{"$f":"+T80-T81-T82+T83","v":0},{"$f":"+U80-U81-U82+U83","v":0}]
[null,"Less: Interest on A-Debt",null,null,{"$f":"E61","v":903.60662400000047},{"$f":"F61","v":810.42453452180041},717.66154547361828,620.7482613374907,521.89671151864047,421.06813070341332,318.22297827188157,213.3209227917192,106.32082620195357,0,0,0,{"$f":"Q61","v":0},{"$f":"R61","v":0},{"$f":"S61","v":0},{"$f":"T61","v":0},{"$f":"U61","v":0}]
[null,"Subtotal",null,null,{"$f":"+E84-E85","v":4659.1044739100034},{"$f":"+F84-F85","v":4638.1494524090995},4845.6642068063829,4942.5774909425108,5041.4290407613607,5142.2576215765876,5245.1027740081199,5350.0048294882818,5457.0049260780479,160449.88628420004,0,0,{"$f":"+Q84-Q85","v":0},{"$f":"+R84-R85","v":0},{"$f":"+S84-S85","v":0},{"$f":"+T84-T85","v":0},{"$f":"+U84-U85","v":0}]
[null,"Less: Repayment of A-Debt",null,null,{"$f":"MIN(E86,E56)","v":4659.1044739100034},{"$f":"MIN(F86,F56)","v":4638.1494524090995},4845.6642068063829,4942.5774909425108,5041.4290407613607,5142.2576215765876,5245.1027740081199,5350.0048294882818,5316.0413100976784,0,0,0,{"$f":"MIN(Q86,Q56)","v":0},{"$f":"MIN(R86,R56)","v":0},{"$f":"MIN(S86,S56)","v":0},{"$f":"MIN(T86,T56)","v":0},{"$f":"MIN(U86,U56)","v":0}]
[null,"Subtotal ",null,null,{"$f":"E86-E87","v":0},{"$f":"F86-F87","v":0},0,0,0,0,0,0,140.96361598036947,160449.88628420004,0,0,{"$f":"Q86-Q87","v":0},{"$f":"R86-R87","v":0},{"$f":"S86-S87","v":0},{"$f":"T86-T87","v":0},{"$f":"U86-U87","v":0}]
[null,"Less: Interest on B-Debt",null,null,{"$f":"E69","v":677.70496800000035},{"$f":"F69","v":698.03611704000036},718.97720055120033,740.54651656773626,762.76291206476844,785.64579942671151,809.21517340951289,833.49162861179821,858.4963774701522,880.02236031484574,0,0,{"$f":"Q69","v":0},{"$f":"R69","v":0},{"$f":"S69","v":0},{"$f":"T69","v":0},{"$f":"U69","v":0}]
[null,"Subtotal",null,null,{"$f":"E88-E89","v":-677.70496800000035},{"$f":"F88-F89","v":-698.03611704000036},-718.97720055120033,-740.54651656773626,-762.76291206476844,-785.64579942671151,-809.21517340951289,-833.49162861179821,-717.53276148978273,159569.86392388519,0,0,{"$f":"Q88-Q89","v":0},{"$f":"R88-R89","v":0},{"$f":"S88-S89","v":0},{"$f":"T88-T89","v":0},{"$f":"U88-U89","v":0}]
[null,"Less: Repayment of B-Debt",null,null,{"$f":"MIN(E90,E64)","v":-677.70496800000035},{"$f":"MIN(F90,F64)","v":-698.03611704000036},-718.97720055120033,-740.54651656773626,-762.76291206476844,-785.64579942671151,-809.21517340951289,-833.49162861179821,-717.53276148978273,29334.078677161524,0,0,{"$f":"MIN(Q90,Q64)","v":0},{"$f":"MIN(R90,R64)","v":0},{"$f":"MIN(S90,S64)","v":0},{"$f":"MIN(T90,T64)","v":0},{"$f":"MIN(U90,U64)","v":0}]
[null,"Subtotal",null,null,{"$f":"E90-E91","v":0},{"$f":"F90-F91","v":0},0,0,0,0,0,0,0,130235.78524672367,0,0,{"$f":"Q90-Q91","v":0},{"$f":"R90-R91","v":0},{"$f":"S90-S91","v":0},{"$f":"T90-T91","v":0},{"$f":"U90-U91","v":0}]
[null,"Less: Repayment of C-Debt",null,null,{"$f":"MIN(E92,E72+E74)","v":0},{"$f":"MIN(F92,F72+F74)","v":0},0,0,0,0,0,0,0,33438.96352475899,0,0,{"$f":"MIN(Q92,Q72+Q74)","v":0},{"$f":"MIN(R92,R72+R74)","v":0},{"$f":"MIN(S92,S72+S74)","v":0},{"$f":"MIN(T92,T72+T74)","v":0},{"$f":"MIN(U92,U72+U74)","v":0}]
[null,"Cash flow to Equity",null,null,{"$f":"E92-E93","v":0},{"$f":"F92-F93","v":0},0,0,0,0,0,0,0,96796.821721964676,0,0,{"$f":"Q92-Q93","v":0},{"$f":"R92-R93","v":0},{"$f":"S92-S93","v":0},{"$f":"T92-T93","v":0},{"$f":"U92-U93","v":0}]
[]
[]
["IRR"]
[null,"A-Debt, pre fees",{"$f":"IRR(D98:P98)","v":2.000000000000135E-2},{"$f":"-D46+D85+D87","v":-45180.331200000022},{"$f":"-E46+E85+E87","v":5562.7110979100034},5448.5739869309,5563.3257522800013,5563.3257522800013,5563.3257522800013,5563.3257522800013,5563.3257522800013,5563.3257522800013,5422.3621362996319,0,0,0,{"$f":"-Q46+Q85+Q87","v":0},{"$f":"-R46+R85+R87","v":0},{"$f":"-S46+S85+S87","v":0},{"$f":"-T46+T85+T87","v":0},{"$f":"-U46+U85+U87","v":0}]
[null,"B-Debt, pre fees",{"$f":"IRR(D99:P99)","v":3.0000000000000027E-2},{"$f":"-D47+D89+D91","v":-22590.165600000011},{"$f":"-E47+E89+E91","v":0},0,0,0,0,0,0,0,140.96361598036947,30214.101037476368,0,0,{"$f":"-Q47+Q89+Q91","v":0},{"$f":"-R47+R89+R91","v":0},{"$f":"-S47+S89+S91","v":0},{"$f":"-T47+T89+T91","v":0},{"$f":"-U47+U89+U91","v":0}]
[null,"C-Debt, pre fees",{"$f":"IRR(D100:P100)","v":4.0000000000332658E-2},{"$f":"-D48+D93","v":-22590.165600000011},{"$f":"-E48+E93","v":0},0,0,0,0,0,0,0,0,33438.96352475899,0,0,{"$f":"-Q48+Q93","v":0},{"$f":"-R48+R93","v":0},{"$f":"-S48+S93","v":0},{"$f":"-T48+T93","v":0},{"$f":"-U48+U93","v":0}]
[null,null,{"$f":"IRR(D101:P101)","v":3.0319539239063387E-2},{"$f":"SUM(D98:D100)","v":-90360.662400000045},{"$f":"SUM(E98:E100)","v":5562.7110979100034},5448.5739869309,5563.3257522800013,5563.3257522800013,5563.3257522800013,5563.3257522800013,5563.3257522800013,5563.3257522800013,5563.3257522800013,63653.064562235362,0,0,{"$f":"SUM(Q98:Q100)","v":0},{"$f":"SUM(R98:R100)","v":0},{"$f":"SUM(S98:S100)","v":0},{"$f":"SUM(T98:T100)","v":0},{"$f":"SUM(U98:U100)","v":0}]
[]
[null,"Equity IRR",{"$f":"IRR(D103:P103)","v":-2.975287878946431E-2},{"$f":"-LBO!D50","v":-130929.48793680004},{"$f":"E94","v":0},{"$f":"F94","v":0},0,0,0,0,0,0,0,96796.821721964676,0,0,{"$f":"Q94","v":0},{"$f":"R94","v":0},{"$f":"S94","v":0},{"$f":"T94","v":0},{"$f":"U94","v":0}]
[null,null,{"$f":"IRR(D104:P104)","v":-5.6952611618170668E-3},{"$f":"D103+D101","v":-221290.15033680008},{"$f":"E103+E101","v":5562.7110979100034},5448.5739869309,5563.3257522800013,5563.3257522800013,5563.3257522800013,5563.3257522800013,5563.3257522800013,5563.3257522800013,5563.3257522800013,160449.88628420004,0,0,{"$f":"Q103+Q101","v":0},{"$f":"R103+R101","v":0},{"$f":"S103+S101","v":0},{"$f":"T103+T101","v":0},{"$f":"U103+U101","v":0}]

{"sheet":"Scatter","index":9,"n_rows":0,"n_cols":0,"rows_kept":0,"cut":false,"hidden":false,"merged":[]}

{"sheet":"Graphs","index":10,"n_rows":230,"n_cols":29,"rows_kept":230,"cut":false,"hidden":false,"merged":[]}
[null,"Titles from Assumption Page"]
[null,null,null,"From Union Function","Row"]
[null,null,null,null,null,null,null,null,null,"Code #","Row"]
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[null,{"$f":"IF(ISTEXT('Assumptions and Free Cash Flow'!C9),'Assumptions and Free Cash Flow'!C9,\"\")","v":"Operating profit before depreciation amortisation and impairment"},null,"Operating profit before depreciation amortisation and impairment",{"$f":"MATCH(D5,'Assumptions and Free Cash Flow'!C:C,0)","v":9}]
[null,{"$f":"IF(ISTEXT('Assumptions and Free Cash Flow'!C10),'Assumptions and Free Cash Flow'!C10,\"\")","v":"Less: Restructuring Cash Payments from Cash Flow"},null,"Less: Restructuring Cash Payments from Cash Flow",{"$f":"MATCH(D6,'Assumptions and Free Cash Flow'!C:C,0)","v":10},null,null,null,null,43,{"$f":"INDEX(E5:E128,J6)","v":72}]
[null,{"$f":"IF(ISTEXT('Assumptions and Free Cash Flow'!C11),'Assumptions and Free Cash Flow'!C11,\"\")","v":"Less: Income from associates"},null,"Less: Income from associates",{"$f":"MATCH(D7,'Assumptions and Free Cash Flow'!C:C,0)","v":11}]
[null,{"$f":"IF(ISTEXT('Assumptions and Free Cash Flow'!C12),'Assumptions and Free Cash Flow'!C12,\"\")","v":"EBITDA"},null,"EBITDA",{"$f":"MATCH(D8,'Assumptions and Free Cash Flow'!C:C,0)","v":12}]
[null,{"$f":"IF(ISTEXT('Assumptions and Free Cash Flow'!C13),'Assumptions and Free Cash Flow'!C13,\"\")","v":""},null,"Net Revenues",{"$f":"MATCH(D9,'Assumptions and Free Cash Flow'!C:C,0)","v":14},null,"Graph"]
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[null,{"$f":"IF(ISTEXT('Assumptions and Free Cash Flow'!C17),'Assumptions and Free Cash Flow'!C17,\"\")","v":"COGS without Depreciation"},null,"COGS Margin",{"$f":"MATCH(D13,'Assumptions and Free Cash Flow'!C:C,0)","v":18},null,null,null,{"$f":"I10","v":2005},{"$f":"J10","v":2006},2007,2008,2009,2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021,2022,2023,2024,2025]
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[null,{"$f":"IF(ISTEXT('Assumptions and Free Cash Flow'!C21),'Assumptions and Free Cash Flow'!C21,\"\")","v":"SG&A as Pct of Sales"},null,"Depreciation Rate",{"$f":"MATCH(D17,'Assumptions and Free Cash Flow'!C:C,0)","v":26}]
[null,{"$f":"IF(ISTEXT('Assumptions and Free Cash Flow'!C22),'Assumptions and Free Cash Flow'!C22,\"\")","v":"Admin as Pct of Sales"},null,"Capital Expenditures - Gross",{"$f":"MATCH(D18,'Assumptions and Free Cash Flow'!C:C,0)","v":28},null,null,null,{"$f":"I10","v":2005},{"$f":"J10","v":2006},2007,2008,2009,2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021,2022,2023,2024,2025]
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