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{"sheet":"Mechanics of WROI","index":0,"n_rows":69,"n_cols":13,"rows_kept":69,"cut":false,"hidden":false,"merged":[]}
[]
["Cash Flow and IRR Formulas",null,null,1,2,3]
[null,"Cash Flow",null,-100,70,160]
[null,"Regular old IRR",null,{"$f":"IRR(D3:F3)","v":0.66244047484066892},null,null,null,{"$f":"_xlfn.FORMULATEXT(D4)","v":"=IRR(D3:F3)"}]
[]
[null,"Investment Rate",null,{"$f":"F6/100","v":0.11},null,11]
[null,"Modified IRR",null,{"$f":"MIRR(D3:F3,D6,D6)","v":0.54175224987674331},null,null,null,{"$f":"_xlfn.FORMULATEXT(D7)","v":"=MIRR(D3:F3,D6,D6)"}]
[]
["Demonstration that IRR is CAGR"]
[null,null,0,{"$f":"-D3","v":100}]
[null,null,1,{"$f":"E3","v":70},{"$f":"D11*(1+D4)","v":116.37083323884683},null,null,{"$f":"_xlfn.FORMULATEXT(E11)","v":"=D11*(1+D4)"}]
[null,null,2,{"$f":"F3","v":160},{"$f":"E11+D12","v":276.37083323884684},null,null,{"$f":"_xlfn.FORMULATEXT(E12)","v":"=E11+D12"}]
[]
[null,"CAGR with Re-investment at IRR",null,{"$f":"(E12/D10)^(1/2)-1","v":0.66244047484066892},null,null,null,{"$f":"_xlfn.FORMULATEXT(D14)","v":"=(E12/D10)^(1/2)-1"}]
[]
["Same Example with Re-investment at Different Rate"]
[]
[null,null,0,{"$f":"D10","v":100}]
[null,null,1,{"$f":"D11","v":70},{"$f":"D19*(1+D6)","v":77.7},null,null,{"$f":"_xlfn.FORMULATEXT(E19)","v":"=D19*(1+D6)"}]
[null,null,2,{"$f":"D12","v":160},{"$f":"E19+D20","v":237.7},null,null,{"$f":"_xlfn.FORMULATEXT(E20)","v":"=E19+D20"}]
[]
[null,"CAGR with Re-investment Rate",null,{"$f":"(E20/D18)^(1/2)-1","v":0.54175224987674331},null,null,null,{"$f":"_xlfn.FORMULATEXT(D22)","v":"=(E20/D18)^(1/2)-1"}]
[]
["Valuation"]
[null,"Discount Rate ",null,{"$f":"D6","v":0.11}]
[null,"Cash Flow",null,{"$f":"D3","v":-100},{"$f":"E3","v":70},160,null,null,null,null,"The big problem with MIRR"]
[null,"NPV of Cash Flow",null,{"$f":"NPV(D25,D26:F26)","v":83.71410124514577},null,null,null,{"$f":"_xlfn.FORMULATEXT(D27)","v":"=NPV(D25,D26:F26)"},null,null,"Discount rate goes up and MIRR goes up"]
[null,"IRR",null,{"$f":"D4","v":0.66244047484066892}]
[null,"MIRR",null,{"$f":"MIRR(D26:F26,D25,D25)","v":0.54175224987674331},null,null,null,null,null,null,"Correct is weighted IRR that goes down"]
[null,"WROI",null,{"$f":"D42","v":0.82111801242236004}]
[]
["Weighted Average ROIC",null,null,null,1,2]
[null,"EBITDA",null,null,{"$f":"E3","v":70},{"$f":"F3","v":160}]
[null,"Depreciation",null,null,{"$f":"-$D$26/2","v":50},{"$f":"-$D$26/2","v":50},null,null,{"$f":"_xlfn.FORMULATEXT(E34)","v":"=-$D$26/2"},null,null,null,"Note that the weighted ROIC does not make any re-investment assumptions"]
[null,"EBIT",null,null,{"$f":"E26-E34","v":20},{"$f":"F26-F34","v":110},null,null,{"$f":"_xlfn.FORMULATEXT(E35)","v":"=E26-E34"},null,null,null,"Note that the weighted ROIC can be used to derive value"]
[null,"Investment (BOP)",null,null,{"$f":"-D26","v":100},{"$f":"E36-E34","v":50},null,null,{"$f":"_xlfn.FORMULATEXT(F36)","v":"=E36-E34"},null,null,null,"Cash flow is different, but the NPV is the same"]
[]
[null,"PV Factor",{"$f":"D6","v":0.11},null,{"$f":"1/(1+$D$25)^E32","v":0.9009009009009008},{"$f":"1/(1+$D$25)^F32","v":0.8116224332440547},null,null,{"$f":"_xlfn.FORMULATEXT(F38)","v":"=1/(1+$D$25)^F32"}]
[null,"PV of Investment",null,null,{"$f":"E38*E36","v":90.090090090090087},{"$f":"F38*F36","v":40.581121662202733},null,null,{"$f":"_xlfn.FORMULATEXT(F39)","v":"=F38*F36"}]
[null,"Weight of PV Investment",null,null,{"$f":"E39/SUM(39:39)","v":0.68944099378881984},{"$f":"F39/SUM(39:39)","v":0.31055900621118004},null,null,{"$f":"_xlfn.FORMULATEXT(F40)","v":"=F39/SUM(39:39)"}]
[null,"ROIC",null,null,{"$f":"E35/E36","v":0.2},{"$f":"F35/F36","v":2.2000000000000002},null,null,{"$f":"_xlfn.FORMULATEXT(F41)","v":"=F35/F36"}]
[null,"Weighted ROIC",null,{"$f":"SUMPRODUCT(E41:F41,E40:F40)","v":0.82111801242236004},null,null,null,null,{"$f":"_xlfn.FORMULATEXT(D42)","v":"=SUMPRODUCT(E41:F41,E40:F40)"}]
[]
["Using WROIC to Compute Value"]
[null,"ROIC",null,null,{"$f":"$D$42","v":0.82111801242236004},{"$f":"E45","v":0.82111801242236004}]
[null,"Investment Balance",null,null,{"$f":"E36","v":100},{"$f":"F36","v":50}]
[null,"Income at Weighted ROIC",null,null,{"$f":"E46*E45","v":82.111801242235998},{"$f":"F46*F45","v":41.055900621117999},null,{"$f":"_xlfn.FORMULATEXT(E47)","v":"=E46*E45"}]
[null,"Add: Depreciation",null,null,{"$f":"E34","v":50},{"$f":"F34","v":50}]
[null,"Total Cash Flow",null,{"$f":"D26","v":-100},{"$f":"SUM(E47:E48)","v":132.111801242236},{"$f":"SUM(F47:F48)","v":91.055900621117999},null,{"$f":"_xlfn.FORMULATEXT(E49)","v":"=SUM(E47:E48)"}]
[null,"PV of Cash Flow",{"$f":"D25","v":0.11},{"$f":"NPV(C50,D49:F49)","v":83.714101245145756},null,null,null,{"$f":"_xlfn.FORMULATEXT(D50)","v":"=NPV(C50,D49:F49)"}]
[]
[null,null,null,0,1,2]
[null,"Original Cash Flow",{"$f":"IRR(D53:F53)","v":0.66244047484066892},{"$f":"D49","v":-100},{"$f":"E3","v":70},{"$f":"F3","v":160}]
[null,"Adjusted Cash Flow",null,{"$f":"D49","v":-100},{"$f":"E49","v":132.111801242236},{"$f":"F49","v":91.055900621117999}]
[null,"With Sale",null,null,null,{"$f":"F54/(1+$C$50)^F52+E54/(1+C50)^E52","v":192.92265238211178}]
[null,null,{"$f":"(F56/D56)^(1/2)-1","v":0.38896599087994876},{"$f":"-D54","v":100},null,{"$f":"F55","v":192.92265238211178}]
[]
[]
[]
[]
[]
[]
[null,null,null,null,"WROI","MIRR","IRR"]
[null,null,null,null,{"$f":"D42","v":0.82111801242236004},{"$f":"D29","v":0.54175224987674331},{"$f":"D28","v":0.66244047484066892}]
[null,null,null,0.05,0.8451612903225808,0.52807067899361249,0.66244047484066892]
[null,null,null,7.0000000000000007E-2,0.8369426751592357,0.53264477293337609,0.66244047484066892]
[null,null,"Disc Rate",0.1,0.82499999999999996,0.53948043183406535,0.66244047484066892]
[null,null,null,0.2,0.78823529411764692,0.56204993518133106,0.66244047484066892]
[null,null,null,0.3,0.75555555555555565,0.58429795177548627,0.66244047484066892]

{"sheet":"Ranking","index":1,"n_rows":32,"n_cols":14,"rows_kept":32,"cut":false,"hidden":false,"merged":[]}
[null,null,null,0,1,2,3,4,5]
[null,"Cash Flow",null,-10,5,5,5,5,5]
[null,"IRR",{"$f":"IRR(D2:I2)","v":0.41041496500867924},null,null,null,null,null,null,null,{"$f":"_xlfn.FORMULATEXT(C3)","v":"=IRR(D2:I2)"}]
[null,"Discount Rate",0.1]
[null,"NPV",{"$f":"NPV(C4,D2:I2)","v":8.1399398609474876},null,null,null,null,null,null,null,{"$f":"_xlfn.FORMULATEXT(C5)","v":"=NPV(C4,D2:I2)"}]
[null,"MIRR",{"$f":"MIRR(D2:I2,C4,C4)","v":0.25006488926266401},null,null,null,null,null,null,null,{"$f":"_xlfn.FORMULATEXT(C6)","v":"=MIRR(D2:I2,C4,C4)"}]
[null,"Depreciation",null,null,{"$f":"-$D$2/5","v":2},{"$f":"-$D$2/5","v":2},2,2,2,null,{"$f":"_xlfn.FORMULATEXT(E7)","v":"=-$D$2/5"}]
[null,"EBIT",null,null,{"$f":"E2-E7","v":3},{"$f":"F2-F7","v":3},3,3,3,null,{"$f":"_xlfn.FORMULATEXT(E8)","v":"=E2-E7"}]
[null,"Investment",null,null,{"$f":"-D2","v":10},{"$f":"E9-E7","v":8},{"$f":"F9-F7","v":6},{"$f":"G9-G7","v":4},{"$f":"H9-H7","v":2},null,"=-D2"]
[null,"ROI",null,null,{"$f":"E8/E9","v":0.3},{"$f":"F8/F9","v":0.375},{"$f":"G8/G9","v":0.5},{"$f":"H8/H9","v":0.75},{"$f":"I8/I9","v":1.5},null,"=E8/E9"]
[null,"PV Factor",null,null,{"$f":"1/(1+$C$4)^E1","v":0.90909090909090906},{"$f":"1/(1+$C$4)^F1","v":0.82644628099173545},0.75131480090157754,0.68301345536507052,0.62092132305915493,null,"=1/(1+$C$4)^E1"]
[null,"PV of Investment",null,null,{"$f":"E11*E9","v":9.0909090909090899},{"$f":"F11*F9","v":6.6115702479338836},{"$f":"G11*G9","v":4.5078888054094648},{"$f":"H11*H9","v":2.7320538214602821},{"$f":"I11*I9","v":1.2418426461183099},null,"=E11*E9"]
[null,"Weighting",null,null,{"$f":"E12/SUM(12:12)","v":0.37590182032914837},{"$f":"F12/SUM(12:12)","v":0.27338314205756242},0.18639759685742888,0.11296824051965389,5.1349200236206302E-2,null,"=E12/SUM(12:12)"]
[null,"Weighted ROIC",{"$f":"SUMPRODUCT(E13:I13,E10:I10)","v":0.47023800354309475},null,null,null,null,null,null,null,{"$f":"_xlfn.FORMULATEXT(C14)","v":"=SUMPRODUCT(E13:I13,E10:I10)"}]
[null,"Cash Flow from WROIC",null,{"$f":"D2","v":-10},{"$f":"$C$14*E9+E7","v":6.7023800354309477},{"$f":"$C$14*F9+F7","v":5.761904028344758},4.8214280212585683,3.880952014172379,2.9404760070861897,null,{"$f":"_xlfn.FORMULATEXT(E15)","v":"=$C$14*E9+E7"}]
[null,"Value from WROI",{"$f":"NPV(C4,D15:I15)","v":8.1399398609474876},null,null,null,null,null,null,null,{"$f":"_xlfn.FORMULATEXT(C16)","v":"=NPV(C4,D15:I15)"}]
[]
[null,null,null,1,2,3,4,5,6]
[null,"Cash Flow",null,-10,0,0,0,0,50,null,null,null,null,{"$f":"C20-C3","v":-3.0685303547477227E-2}]
[null,"IRR",{"$f":"IRR(D19:I19)","v":0.37972966146120202},null,null,null,null,null,null,null,{"$f":"_xlfn.FORMULATEXT(C20)","v":"=IRR(D19:I19)"}]
[null,"Discount Rate",{"$f":"C4","v":0.1}]
[null,"NPV",{"$f":"NPV(C21,D19:I19)","v":19.132787411779763},null,null,null,null,null,null,null,{"$f":"_xlfn.FORMULATEXT(C22)","v":"=NPV(C21,D19:I19)"}]
[null,"MIRR",{"$f":"MIRR(D19:I19,C21,C21)","v":0.3797296614612149},null,null,null,null,null,null,null,{"$f":"_xlfn.FORMULATEXT(C23)","v":"=MIRR(D19:I19,C21,C21)"}]
[null,"Depreciation",null,null,{"$f":"-$D$19/5","v":2},{"$f":"-$D$19/5","v":2},2,2,2,null,{"$f":"_xlfn.FORMULATEXT(E24)","v":"=-$D$19/5"}]
[null,"EBIT",null,null,{"$f":"E19-E24","v":-2},{"$f":"F19-F24","v":-2},-2,-2,48,null,{"$f":"_xlfn.FORMULATEXT(E25)","v":"=E19-E24"}]
[null,"Investment",null,null,{"$f":"-D19","v":10},{"$f":"E26-E24","v":8},{"$f":"F26-F24","v":6},{"$f":"G26-G24","v":4},{"$f":"H26-H24","v":2},null,"=-D19"]
[null,"ROI",null,null,{"$f":"E25/E26","v":-0.2},{"$f":"F25/F26","v":-0.25},{"$f":"G25/G26","v":-0.33333333333333331},{"$f":"H25/H26","v":-0.5},{"$f":"I25/I26","v":24},null,"=E25/E26"]
[null,"PV of Investment",null,null,{"$f":"E26*E11","v":9.0909090909090899},{"$f":"F26*F11","v":6.6115702479338836},{"$f":"G26*G11","v":4.5078888054094648},{"$f":"H26*H11","v":2.7320538214602821},{"$f":"I26*I11","v":1.2418426461183099},null,"=E26*E11"]
[null,"Weighting",null,null,{"$f":"E28/SUM(28:28)","v":0.37590182032914837},{"$f":"F28/SUM(28:28)","v":0.27338314205756242},0.18639759685742888,0.11296824051965389,5.1349200236206302E-2,null,"=E28/SUM(28:28)"]
[null,"Weighted ROIC",{"$f":"SUMPRODUCT(E29:I29,E27:I27)","v":0.97023800354309431},null,null,null,null,null,null,null,{"$f":"_xlfn.FORMULATEXT(C30)","v":"=SUMPRODUCT(E29:I29,E27:I27)"}]
[null,"Cash Flow from WROIC",null,{"$f":"D19","v":-10},{"$f":"$C$30*E26+E24","v":11.702380035430943},{"$f":"$C$30*F26+F24","v":9.7619040283447553},7.8214280212585656,5.8809520141723777,3.9404760070861888,null,{"$f":"_xlfn.FORMULATEXT(E31)","v":"=$C$30*E26+E24"}]
[null,"Value from WROIC",{"$f":"NPV(C21,D31:I31)","v":19.132787411779763},null,null,null,null,null,null,null,{"$f":"_xlfn.FORMULATEXT(C32)","v":"=NPV(C21,D31:I31)"}]

{"sheet":"Ranking (2)","index":2,"n_rows":33,"n_cols":14,"rows_kept":33,"cut":false,"hidden":false,"merged":[]}
[null,null,null,0,1,2,3,4,5,6,7,8,9,10]
[null,"Cash Flow",null,-10,5,{"$f":"E2","v":5},{"$f":"F2","v":5},5,5]
[null,"IRR",{"$f":"IRR(D2:I2)","v":0.41041496500867924}]
[null,"Discount Rate",0.1]
[null,"NPV",{"$f":"NPV(C4,D2:I2)","v":8.1399398609474876},{"$f":"C5/-D2","v":0.81399398609474871}]
[null,"MIRR",{"$f":"MIRR(D2:I2,C4,C4)","v":0.25006488926266401}]
[null,"Depreciation",null,null,{"$f":"-$D$2/5","v":2},{"$f":"-$D$2/5","v":2},2,2,2]
[null,"EBIT",null,null,{"$f":"E2-E7","v":3},{"$f":"F2-F7","v":3},3,3,3]
[null,"Investment",null,null,{"$f":"-D2","v":10},{"$f":"E9-E7","v":8},{"$f":"F9-F7","v":6},{"$f":"G9-G7","v":4},{"$f":"H9-H7","v":2}]
[null,"ROI",null,null,{"$f":"E8/E9","v":0.3},{"$f":"F8/F9","v":0.375},{"$f":"G8/G9","v":0.5},{"$f":"H8/H9","v":0.75},{"$f":"I8/I9","v":1.5}]
[null,"PV Factor",null,null,{"$f":"1/(1+$C$4)^E1","v":0.90909090909090906},{"$f":"1/(1+$C$4)^F1","v":0.82644628099173545},0.75131480090157754,0.68301345536507052,0.62092132305915493,0.56447393005377722,0.51315811823070645,0.46650738020973315,0.42409761837248466,0.38554328942953148]
[null,"PV of Investment",null,null,{"$f":"E11*E9","v":9.0909090909090899},{"$f":"F11*F9","v":6.6115702479338836},{"$f":"G11*G9","v":4.5078888054094648},{"$f":"H11*H9","v":2.7320538214602821},{"$f":"I11*I9","v":1.2418426461183099}]
[null,"Weighting",null,null,{"$f":"E12/SUM(12:12)","v":0.37590182032914837},{"$f":"F12/SUM(12:12)","v":0.27338314205756242},0.18639759685742888,0.11296824051965389,5.1349200236206302E-2]
[null,"Weighted ROIC",{"$f":"SUMPRODUCT(E13:I13,E10:I10)","v":0.47023800354309475}]
[null,"Weighted ROIC",null,null,{"$f":"$C$14","v":0.47023800354309475},{"$f":"$C$14","v":0.47023800354309475},0.47023800354309475,0.47023800354309475,0.47023800354309475]
[null,"Weighte ROIC x Nominal Investment",null,null,{"$f":"E15*E9","v":4.7023800354309477},{"$f":"F15*F9","v":3.761904028344758},{"$f":"G15*G9","v":2.8214280212585683},{"$f":"H15*H9","v":1.880952014172379},{"$f":"I15*I9","v":0.9404760070861895}]
[null,"Cash Flow at Weighted ROIC",null,{"$f":"D2","v":-10},{"$f":"E16+E7","v":6.7023800354309477},{"$f":"F16+F7","v":5.761904028344758},4.8214280212585683,3.880952014172379,2.9404760070861897]
[null,"NPV of Cash Flow",{"$f":"NPV(C4,D17:I17)","v":8.1399398609474876}]
[]
[]
[null,null,null,null,1,2,3,4,5,6,7,8,9,10]
[null,"Cash Flow",null,-10,{"$f":"E2","v":5},{"$f":"E22","v":5},{"$f":"F22","v":5},5,5,5,5,5,5,5]
[null,"IRR",{"$f":"IRR(D22:N22)","v":0.49077765740199686},{"$f":"C23-C3","v":8.0362692393317614E-2}]
[null,"Discount Rate",{"$f":"C4","v":0.1}]
[null,"NPV",{"$f":"NPV(C24,D22:N22)","v":18.838941389566724},{"$f":"C25/-D22","v":1.8838941389566723}]
[null,"MIRR",{"$f":"MIRR(D22:N22,C24,C24)","v":0.23066206788374233}]
[null,"Depreciation",null,null,{"$f":"-$D$22/10","v":1},{"$f":"-$D$22/10","v":1},1,1,1,1,1,1,1,1]
[null,"EBIT",null,null,{"$f":"E22-E27","v":4},{"$f":"F22-F27","v":4},4,4,4,4,4,4,4,4]
[null,"Investment",null,null,{"$f":"-D22","v":10},{"$f":"E29-E27","v":9},{"$f":"F29-F27","v":8},{"$f":"G29-G27","v":7},{"$f":"H29-H27","v":6},{"$f":"I29-I27","v":5},{"$f":"J29-J27","v":4},{"$f":"K29-K27","v":3},{"$f":"L29-L27","v":2},{"$f":"M29-M27","v":1}]
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[null,null,"Repeat of Cash Flow",{"$f":"D4","v":-0.1},{"$f":"E4","v":-900000},227933.16483162669,254468.17703659117,253659.13046424181,251907.46664156619,212469.66531612541,100491.55909806291,100227.35909526667,99970.896257428656,99723.819991293247,99483.878304256956,99255.642931039605,99036.133160120662,98827.098303049381,98626.16203747422,98438.143310701591,98259.971335057882,98093.505883786391,97938.87746566195,97489.87948900112,95650.047831022835,94982.826312865203,94294.740916087772,93619.58139244793,309200.08931791072]
[]
[null,null,"Finance Rate",{"$f":"D32","v":0.05}]
[null,null,"Compound Factor",1,{"$f":"D40*(1+$D$39)","v":1.05},1.1025,1.1576250000000001,1.2155062500000002,1.2762815625000004,1.3400956406250004,1.4071004226562505,1.477455443789063,1.5513282159785162,1.628894626777442,1.7103393581163142,1.7958563260221301,1.8856491423232367,1.9799315994393987,2.0789281794113688,2.1828745883819374,2.2920183178010345,2.4066192336910861,2.5269501953756404,2.6532977051444226,2.7859625904016441,2.9252607199217264,3.0715237559178128,3.2250999437137038,3.3863549408993889,3.5556726879443583,3.7334563223415764,3.9201291384586554,4.1161355953815884,4.3219423751506678,4.5380394939082018,4.7649414686036122,5.0031885420337927,5.2533479691354827,5.5160153675922574,5.7918161359718709,6.0814069427704647,6.3854772899089882,6.7047511544044376,7.0399887121246598,7.3919881477308929,7.7615875551174378,8.1496669328733109,8.5571502795169767,8.9850077934928265]
[null,null,"Value of Cash Flow",null,null,null,null,null,{"$f":"I40*E4","v":-1148653.4062500002}]
[null,null,null,null,null,null,null,null,{"$f":"H40*F4","v":277054.18643512251}]
[null,null,null,null,null,null,null,null,{"$f":"G40*G4","v":294578.72344198386}]
[null,null,null,null,null,null,null,null,{"$f":"H4*F40","v":279659.1913368266}]
[null,null,null,null,null,null,null,null,{"$f":"I4*E40","v":264502.83997364453}]
[null,null,null,null,null,null,null,null,{"$f":"SUM(I41:I45)","v":-32858.465062422794}]
[]
[null,null,"Single Adjusted Value",null,null,null,null,null,null,{"$f":"J37","v":212469.66531612541}]
[null,null,"Add: Cash Recipts",null,null,null,null,null,null,{"$f":"I46","v":-32858.465062422794}]
[null,null,"Adjusted Cash Flow",null,null,null,null,null,null,{"$f":"J4+I46","v":179611.20025370261},{"$f":"K4","v":100491.55909806291},100227.35909526667,99970.896257428656,99723.819991293247,99483.878304256956,99255.642931039605,99036.133160120662,98827.098303049381,98626.16203747422,98438.143310701591,98259.971335057882,98093.505883786391,97938.87746566195,97489.87948900112,95650.047831022835,94982.826312865203,94294.740916087772,93619.58139244793,309200.08931791072]
[null,null,"Adjusted IRR",null,null,null,null,null,null,{"$f":"IRR(50:50)","v":{"$error":"#NUM!"}}]
[]
[null,null,"Weighting",null,{"$f":"E35/SUM(35:35)","v":0.25689007915889084},0.2446572182465627,0.17399576970165648,0.10296651654524479,3.8497391738157201E-2,-1.9673550510121058E-2,2.6518222005013848E-2,2.392621534286964E-2,2.1520934435385386E-2,1.9290473443482701E-2,1.7223637003109554E-2,1.5309899558319602E-2,1.3539366956337062E-2,1.1902740181395218E-2,1.0391281110741857E-2,8.9967801824604818E-3,7.7115258706804118E-3,6.5282758693590787E-3,5.4402298911325666E-3,4.4410039927612792E-3,3.5246063434613336E-3,2.6854143569229219E-3,1.9181531120878027E-3,1.2178749918017812E-3,5.7994047228656503E-4]
[]
[null,null,"Weighted Average ROE",null,{"$f":"SUMPRODUCT(53:53,30:30)","v":0.73238957923059089}]
[null,null,"MIRR",null,{"$f":"MIRR(D4:AC4,D32,D32)","v":8.4906655912263762E-2}]
[null,null,"Adjusted IRR with Beginning",null,{"$f":"J51","v":{"$error":"#NUM!"}}]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["Normal Case"]
[]
[null,null,"Cash Flow",null,null,50,{"$f":"F78*1.03","v":51.5},{"$f":"G78*1.03","v":53.045000000000002},54.63635,56.275440500000002,57.963703715000001,59.702614826450002,61.493693271243501,63.338504069380811,65.238659191462233,67.195818967206108,69.211693536222299,71.288044342308964,73.42668567257823,75.629486242755576,77.898370830038246,80.235321954939394,82.642381613587574,85.121653061995204,87.675302653855056,90.305561733470711,93.014728585474828,95.805170443039074,98.679325556330255]
[null,null,"Cap Exp",null,600]
[null,null,"Net Cash Flow",null,{"$f":"E78-E79","v":-600},{"$f":"F78-F79","v":50},51.5,53.045000000000002,54.63635,56.275440500000002,57.963703715000001,59.702614826450002,61.493693271243501,63.338504069380811,65.238659191462233,67.195818967206108,69.211693536222299,71.288044342308964,73.42668567257823,75.629486242755576,77.898370830038246,80.235321954939394,82.642381613587574,85.121653061995204,87.675302653855056,90.305561733470711,93.014728585474828,95.805170443039074,98.679325556330255]
[]
[null,null,"IRR",{"$f":"IRR(80:80)","v":9.3510868694527849E-2}]
[]
[null,null,"Depreciation",{"$f":"COUNT(78:78)","v":24},null,{"$f":"$E$79/$D$84","v":25},{"$f":"$E$79/$D$84","v":25},25,25,25,25,25,25,25,25,25,25,25,25,25,25,25,25,25,25,25,25,25,25]
[null,null,"EBIT ",null,null,{"$f":"F78-F84","v":25},{"$f":"G78-G84","v":26.5},28.045000000000002,29.63635,31.275440500000002,32.963703715000001,34.702614826450002,36.493693271243501,38.338504069380811,40.238659191462233,42.195818967206108,44.211693536222299,46.288044342308964,48.42668567257823,50.629486242755576,52.898370830038246,55.235321954939394,57.642381613587574,60.121653061995204,62.675302653855056,65.305561733470711,68.014728585474828,70.805170443039074,73.679325556330255]
[]
[null,null,"Investment",null,{"$f":"$E$79","v":600},{"$f":"$E$79","v":600},600,600,600,600,600,600,600,600,600,600,600,600,600,600,600,600,600,600,600,600,600,600,600]
[null,null,"Accumulated Depreciation",null,null,{"$f":"E88+F84","v":25},{"$f":"F88+G84","v":50},75,100,125,150,175,200,225,250,275,300,325,350,375,400,425,450,475,500,525,550,575,600]
[null,null,"Net",null,{"$f":"E87-E88","v":600},{"$f":"F87-F88","v":575},550,525,500,475,450,425,400,375,350,325,300,275,250,225,200,175,150,125,100,75,50,25,0]
[]
[null,null,"ROIC",null,null,{"$f":"F85/E89","v":4.1666666666666664E-2},{"$f":"G85/F89","v":4.6086956521739129E-2},5.0990909090909094E-2,5.6450190476190473E-2,6.2550881000000003E-2,6.9397270978947365E-2,7.7116921836555566E-2,8.5867513579396468E-2,9.5846260173452033E-2,0.10730309117723262,0.12055948276344602,0.13603598011145324,0.15429348114102989,0.17609703880937538,0.2025179449710223,0.23510387035572552,0.27617660977469699,0.32938503779192901,0.40081102041330136,0.50140242123084044,0.65305561733470707,0.90686304780633098,1.4161034088607816,2.9471730222532102]
[null,null,"Discount Rate",{"$f":"D82","v":9.3510868694527849E-2}]
[null,null,"Discount Factor",null,1,{"$f":"E93*(1+$D$92)","v":1.0935108686945278},{"$f":"F93*(1+$D$92)","v":1.1957660199530609},1.3075831392342696,1.429856374474384,1.5635634861598917,1.7097736660097476,1.8696560867893466,2.0444892516250301,2.2356712175811118,2.4447307752524745,2.6733396737705801,2.9233259889804128,3.1966887416872609,3.495613882868454,3.8224917736761346,4.1799363000102767,4.5708057745120279,4.9982257931206115,5.4656142289667153,5.9767085634665653,6.5355957731703471,7.1467450113557911,7.8150433457059547,8.5458348378483073]
[null,null,"Weighting Base",null,null,{"$f":"E89/F93","v":548.69139134968214},{"$f":"F89/G93","v":480.86330469782985},420.62334967249888,367.1697447185843,319.78234617642477,277.81454904996298,240.68597598222422,207.87587885932658,178.91718462644999,153.39112338914811,130.92238275368376,111.17473768751748,93.847110007230626,78.67001597279922,65.402364426692301,53.828571502261127,43.755961173246675,35.012423856654109,27.444307943474779,20.914521541853205,15.300823898949778,10.494287942389025,6.3979171692595855,2.9254017277842177]
[null,null,"Weighting Factor",null,null,{"$f":"F94/SUM(94:94)","v":0.14098270539173485},{"$f":"G94/SUM(94:94)","v":0.12355471707538654},0.10807645011869738,9.4341891935076833E-2,8.2166006267331199E-2,7.1382652142408701E-2,6.1842705350918833E-2,5.3412363031945312E-2,4.5971613783956707E-2,3.9412857390170981E-2,3.3639659757634791E-2,2.8565630038131559E-2,2.4113408139081041E-2,2.0213751955856438E-2,1.6804714674327616E-2,1.3830903413836859E-2,1.1242811315201799E-2,8.996215933862536E-3,7.0516374823331642E-3,5.3738510853818785E-3,3.9314477719255767E-3,2.6964394349955649E-3,1.6439034503087414E-3,7.5166305949537181E-4]
[]
[null,null,"Weighted ROIC",{"$f":"SUMPRODUCT(95:95,91:91)","v":9.3510868697544408E-2}]
[null,null,"MIRR",{"$f":"MIRR(80:80,D92,D92)","v":9.3510868695419358E-2}]
[null,null,"IRR",{"$f":"D82","v":9.3510868694527849E-2}]