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[null,null,"Sheet Tab","Description","Author"]
[null,1,"Contents"]
[null,2,"1.00 - Overview"]
[null,3,"1.01 Synergies and Premium"]
[null,4,"1.02 Waterfall Graph"]
[null,5,"1.03 Waterafall Data"]
[null,6,"1.03 Long-term Proofs"]
[null,7,"1.04 Accretion and Dilution"]
[null,8,"1.05 IRR Analysis"]
[null,9,"1.05 - LBO Model"]
[null,10,"1.05 - Implied COC in LBO"]
[null,11,"2.00 - Cost of Capital"]
[null,12,"2.01 - CAPM & CoE"]
[null,13,"2.02 - Beta Analysis no Tax"]
[null,14,"2.03 - Beta levering w Tax"]
[null,15,"2.04 - Beta with Credit Spread"]
[null,16,"2.05 -Cost of Debt"]
[null,17,"2.05 - WACC and Market Value"]
[null,18,"2.05 - WACC and Market Value"]
[null,19,"2.06 - Alternatives to CAPM"]
[null,20,"3.00 - Multiples"]
[null,21,"3.01 - Football Field"]
[null,22,"3.02 - EV-EBITDA-PE Recon"]
[null,23,"3.03 - EV-EBITDA"]
[null,24,"3.04 - PE Ratio"]
[null,25,"3.05 - Tornado Chart"]
[null,26,"3.06 - Inflation & FX"]
[null,27,"4.00 - Advanced DCF Analysis"]
[null,28,"4.01 Timing in DCF"]
[null,29,"4.02 - TVoM Proof"]
[null,30,"4.03 - DCF Vs Terminal Analyses"]
[null,31,"4.04 - Stable Working Capital"]
[null,32,"4.05 -CAPEX Depreciation Parity"]
[null,33,"4.06 - Implement CAPEX Parity"]
[null,34,"5.00 - EV-Eq Bridge"]
[null,35,"5.01 - Apple case study"]
[null,36,"5.02 - Proving bridge contents"]
[null,37,"6.00 - Misc-Other"]
[null,38,"6.01 - Update models template"]
[null,39,"6.01a - History and Forecast"]
[null,40,"6.02 - Flexible charting"]
[null,41,"Sheet11"]
[]
[null," File Name: ",null,"I:\\From Miami\\Miami Exercises_v8.xlsm"]
[]
[null," Colour Codes "]
[]
[null," Last Save Date ",null,"2014-01-18T20:16:52"]
[null," Last Save By",null,"Administrator"]

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["SA DCF Value \r 1000000",1000000,null,null,100000,1000000]
["Premium \r 500000",400000,100000,500000,null,1000000,500000]
["Subtotal \r 500000",500000,null,0,100000,null,500000,500000]
["Synergies - Rev \r 750000",500000,null,250000,100000,null,null,500000,750000]
["Synergies - Cost (Economies of Scale) \r 900000",750000,null,150000,100000,null,null,null,750000,900000]
["Synergies - Cost (Industry - Return) \r 1200000",900000,null,300000,100000,null,null,null,null,900000,1200000]
["Synergies - Cost (Industry - Optimization) \r 1375000",1200000,null,175000,100000,null,null,null,null,null,1200000,1375000]
["Corporate Value \r 1375000",1375000,null,0,100000,null,null,null,null,null,null,1375000,1375000]

{"sheet":"1.00 - Overview","index":3,"n_rows":22,"n_cols":11,"rows_kept":22,"cut":false,"hidden":true,"merged":[]}
["SECTION 1: MEASURING COSTS AND BENEFITS OF AN ACQUISITION"]
[null,"Overview of the cost and benefits of the merger"]
[null,"How does one measure them"]
[]
[null,"4 methods to eveluate the costs/benefits of an acquisition:"]
[null,null,"1 - Synergies vs Premium"]
[null,null,null,"NPV"]
[null,null,"2 - Accretion / Dilution"]
[null,null,null,"EPS (or something else…ROE, ROIC)"]
[null,null,null,"Compare Acquiror value to combined value"]
[null,null,"3 - IRR on the transaction"]
[null,null,null,"LBO analysis"]
[null,null,"4 - Traditional DCF analysis approach"]
[]
[]
[null,null,"2014-01-01",{"$f":"C16+20","v":"2014-01-21"},"2014-02-10","2014-03-02","2014-03-22","2014-04-11","2014-05-01","2014-05-21"]
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["SYNERGY & PREMIUM(s)",null,null,null,"Rule #1:","What is the value of the synergies vs the value of the premium?"]
[null,"1.02 - Waterfall Graph",null,null,null,"Sub rule 1","Buy a company in the same industry"]
[null,null,null,null,null,"Sub rule 2","Buy a company with a lower return on investment (current not proforma)"]
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[null,"Synergies"]
[null,null,null,null,null,null,null,"This macro uses the F5 (goto) key to automatically colour input cells"]
[null,"Stock Price",52]
[null,"# Shares",1000]
[null,"MktCap",{"$f":"C7*C8","v":52000}]
[null,"Premium",0.3,null,null,null,null,null,"Shade Area Below and Open Waterfall Graph"]
[null,"Consideration",{"$f":"C9*(1+C10)","v":67600}]
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[null,null,null,null,null,null,null,null,"SA DCF Value",1000000]
[null,null,null,null,null,null,null,null,"Premium",-500000]
[null,null,null,null,null,null,null,null,"Subtotal"]
[null,"Estimated cost savings",180000,null,null,null,null,null,"Synergies - Rev",250000]
[null,null,300000,null,null,null,null,null,"Synergies - Cost (Economies of Scale)",150000,"Bigger with lower costs"]
[null,null,null,null,null,null,null,null,"Synergies - Cost (Industry - Return)",300000]
[null,"NPV",1500000,null,null,null,null,null,"Synergies - Cost (Industry - Optimization)",175000]
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[null,"NPV after tax",{"$f":"C19*(1-$C$26)","v":930000}]
[null,null,{"$f":"C20*(1-$C$26)","v":1860000}]
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[null,null,2100000]
[null,null,0.38]

{"sheet":"1.03 Long-term Proofs","index":5,"n_rows":33,"n_cols":305,"rows_kept":33,"cut":false,"hidden":true,"merged":[]}
["LT Proofs"]
[]
[]
["Basic Proof of Perputiy formula and Gordon Formula"]
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[null,null,null,"Cash Flow",180000]
[null,null,null,"Growth Rate",0]
[null,null,null,"WACC",0.13999999987616957]
[null,null,null,null,"Tx Period"]
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[null,null,null,"Perpetuity Formula",{"$f":"Cash_Flow/WACC","v":1285714.2868515039},{"$f":"show_formula(E13)","v":"<----=Cash_Flow/WACC"}]
[null,null,null,"Gordon's Formula",{"$f":"Cash_Flow/(WACC-Growth_Rate)","v":1285714.2868515039},{"$f":"show_formula(E14)","v":"<----=Cash_Flow/(WACC-Growth_Rate)"}]
[null,null,null,"Target Value",{"$f":"'1.01 Synergies and Premium'!C19","v":1500000}]
[null,null,null,"Value Differnce",{"$f":"E15-E12","v":214285.71314849658}]
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[null,null,null,"Sum",{"$f":"SUM(18:18)","v":1377813.6011696232}]
[]
[null,null,null,null,{"$f":"(1/WACC)*EXP(WACC)","v":8.2162414266586357}]
[null,null,null,null,{"$f":"E21*E18","v":1478923.4567985544}]
[null,null,null,null,null,null,null,null,null,null,null,null,"r",-0.1]
[null,null,null,null,null,null,null,{"$f":"Cash_Flow/E15+Growth_Rate","v":0.12},null,null,null,null,"t",1]
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[null,null,null,null,null,null,{"$f":"G25+0.5%","v":1.4999999999999999E-2},0.13500000000000001]
[null,null,null,null,null,null,{"$f":"G26+0.5%","v":0.02},0.13999999999999999,null,null,null,null,"Infinite"]
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[null,null,null,null,null,null,{"$f":"G28+0.5%","v":3.0000000000000002E-2},0.15,null,null,null,null,"t",1000000]
[null,null,null,null,null,null,null,null,null,null,null,null,"exp rt",{"$f":"EXP(N28*N29)","v":0}]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,"1/(1+r)t"]

{"sheet":"1.04 Accretion and Dilution","index":6,"n_rows":30,"n_cols":11,"rows_kept":30,"cut":false,"hidden":true,"merged":[]}
["ACCRETION / DILUTION"]
[]
[null,null,"Price","NOSH","P/E","g","EPS1","EPS2","EPS3","EPS4","EPS5"]
["Buyer","GOOG",{"$f":"1154","v":1154},334.09,{"$f":"C4/G4","v":26.504363803399173},0.1452,43.54,54.34,{"$f":"H4*(1+$F$4)","v":62.230168000000006},{"$f":"I4*(1+$F$4)","v":71.265988393600011},{"$f":"J4*(1+$F$4)","v":81.613809908350731}]
[null,null,null,null,null,null,null,{"$f":"H4/G4-1","v":0.24804777216352791},{"$f":"I4/H4-1","v":0.1452},{"$f":"J4/I4-1","v":0.1452},{"$f":"K4/J4-1","v":0.1452}]
[]
["Target","DE",88.82,372.48,11.65,0.08,{"$f":"C7/E7","v":7.6240343347639481},7.65,{"$f":"H7*(1+$F$7)","v":8.2620000000000005},{"$f":"I7*(1+$F$7)","v":8.9229600000000016},{"$f":"J7*(1+$F$7)","v":9.6367968000000026}]
[]
[null,"Premium %",0.3]
[null,"After-tax",0]
[null,"Exchange Ratio (no premium)",{"$f":"C7/C4","v":7.6967071057192374E-2}]
[null,"Exchange Ratio (with premium)",{"$f":"C11*(1+C9)","v":0.1000571923743501}]
[null,"New GOOG shares",{"$f":"D7*C12","v":37.269303015597927}]
[]
[null,"DE earnings",null,null,null,null,{"$f":"G7*$D$7","v":2839.8003090128755},{"$f":"H7*$D$7","v":2849.4720000000002},{"$f":"I7*$D$7","v":3077.4297600000004},{"$f":"J7*$D$7","v":3323.6241408000005},{"$f":"K7*$D$7","v":3589.5140720640011}]
[null,"GOOG earnings",null,null,null,null,{"$f":"G4*$D$4","v":14546.278599999998},{"$f":"H4*$D$4","v":18154.4506},{"$f":"I4*$D$4","v":20790.476827120001},{"$f":"J4*$D$4","v":23809.254062417825},{"$f":"K4*$D$4","v":27266.357752280896}]
[null,"Synergies",null,null,null,null,{"$f":"$C$10","v":0},{"$f":"$C$10","v":0},{"$f":"$C$10","v":0},{"$f":"$C$10","v":0},{"$f":"$C$10","v":0}]
[null,"Total",null,null,null,null,{"$f":"SUM(G15:G17)","v":17386.078909012875},{"$f":"SUM(H15:H17)","v":21003.922600000002},{"$f":"SUM(I15:I17)","v":23867.90658712},{"$f":"SUM(J15:J17)","v":27132.878203217828},{"$f":"SUM(K15:K17)","v":30855.871824344897}]
[]
[null,"GOOG SA shares",null,null,null,null,{"$f":"$D$4","v":334.09},{"$f":"$D$4","v":334.09},{"$f":"$D$4","v":334.09},{"$f":"$D$4","v":334.09},{"$f":"$D$4","v":334.09}]
[null,"New shares",null,null,null,null,{"$f":"$C$13","v":37.269303015597927},{"$f":"$C$13","v":37.269303015597927},{"$f":"$C$13","v":37.269303015597927},{"$f":"$C$13","v":37.269303015597927},{"$f":"$C$13","v":37.269303015597927}]
[null,"Total Shares",null,null,null,null,{"$f":"SUM(G20:$G$21)","v":371.3593030155979},{"$f":"SUM(H20:H21)","v":371.3593030155979},{"$f":"SUM(I20:I21)","v":371.3593030155979},{"$f":"SUM(J20:J21)","v":371.3593030155979},{"$f":"SUM(K20:K21)","v":371.3593030155979}]
[]
[null,null,null,null,null,null,1,{"$f":"G24+1","v":2},{"$f":"H24+1","v":3},{"$f":"I24+1","v":4},{"$f":"J24+1","v":5}]
[null,"Consolidated EPS",null,null,null,null,{"$f":"G18/G22","v":46.817405051739399},{"$f":"H18/H22","v":56.559570285271114},{"$f":"I18/I22","v":64.271734660481883},{"$f":"J18/J22","v":73.063682484556438},{"$f":"K18/K22","v":83.088996488796411}]
[null,"GOOG SA EPS",null,null,null,null,{"$f":"G4","v":43.54},{"$f":"H4","v":54.34},{"$f":"I4","v":62.230168000000006},{"$f":"J4","v":71.265988393600011},{"$f":"K4","v":81.613809908350731}]
[null,"(Dilution)/Accretion",null,null,null,null,{"$f":"G25-G26","v":3.2774050517394002},{"$f":"H25-H26","v":2.2195702852711108},{"$f":"I25-I26","v":2.0415666604818767},{"$f":"J25-J26","v":1.7976940909564263},{"$f":"K25-K26","v":1.4751865804456799}]
[null,null,null,null,null,null,null,{"$f":"H25/G25-1","v":0.2080885350814583},{"$f":"I25/H25-1","v":0.13635472009975858},{"$f":"J25/I25-1","v":0.13679338002184616},{"$f":"K25/J25-1","v":0.13721336871241108}]
[]
[null,"GOODE"]

{"sheet":"1.05 IRR Analysis","index":7,"n_rows":50,"n_cols":12,"rows_kept":50,"cut":false,"hidden":true,"merged":[]}
["IRR Exercises"]
[]
[]
[]
["Part 1 - IRR Definition"]
[]
[null,null,null,null,"1 Period",null,null,"2 Period",null,null,"middle Period"]
[null,null,"Cash Outflow",null,100,{"$f":"-E8","v":-100},null,100,{"$f":"-H8","v":-100},null,100,{"$f":"-K8","v":-100}]
[null,null,null,null,null,null,null,null,0,null,null,60]
[null,null,"Cash Inflow",null,120,{"$f":"E10","v":120},null,120,{"$f":"H10","v":120},null,{"$f":"L10+L9*(1+L11)","v":127.83974317750845},60]
[null,null,null,null,{"$f":"E10/E8-1","v":0.19999999999999996},{"$f":"IRR(F8:F10,)","v":0.20000000000000018},null,{"$f":"(H10/H8)^(1/2)-1","v":9.5445115010332149E-2},{"$f":"IRR(I8:I10,)","v":9.5445115010332149E-2},null,{"$f":"(K10/K8)^(1/2)-1","v":0.13066238629180749},{"$f":"IRR(L8:L10,)","v":0.13066238629180749}]
[]
["Part 2 - Analyst price forcasts and the IRR"]
[]
[null,null,"MSFT",2013,2014,2015,2016,2017]
[null,null,"EPS",null,null,null,null,4]
[null,null,"PE Ratio",null,null,null,null,14]
[null,null,"Price",-36.64,null,null,null,{"$f":"H16*H17","v":56}]
[null,null,"Dividends",null,1.04,1.04,1.04]
[null,null,"FCFE",{"$f":"SUM(D18:D19)","v":-36.64},{"$f":"SUM(E18:E19)","v":1.04},{"$f":"SUM(F18:F19)","v":1.04},{"$f":"SUM(G18:G19)","v":1.04},{"$f":"SUM(H18:H19)","v":56}]
[null,null,"IRR",{"$f":"IRR(D20:H20)","v":0.13128751588383136}]
[]
[null,null,null,"IRR and ROI Reconciliation"]
[]
[null,null,0,1,2,3,4,5,6,7]
[null,"Construction Phase",true,false,false,false,false,false,false,false]
[null,"Operation Phase",false,true,true,true,true,true,true,true]
[]
[null,"EBITDA",null,70,{"$f":"+D29*1.1","v":77},84.7,93.170000000000016,102.48700000000002,112.73570000000004,124.00927000000006]
[null,"Construction Cost",400]
[null,"Depreciation",null,{"$f":"C30/7","v":57.142857142857146},{"$f":"D31","v":57.142857142857146},57.142857142857146,57.142857142857146,57.142857142857146,57.142857142857146,57.142857142857146]
[null,"Earnings",null,{"$f":"D29-D31","v":12.857142857142854},{"$f":"E29-E31","v":19.857142857142854},27.557142857142857,36.02714285714287,45.344142857142877,55.592842857142891,66.866412857142905,null,{"$f":"show_formulaR(J32)","v":"< ---- =J29-J31"}]
[]
[null,"Net Plant",{"$f":"C30","v":400},{"$f":"C34-D31","v":342.85714285714283},285.71428571428567,228.57142857142853,171.42857142857139,114.28571428571425,57.142857142857103,0,null,{"$f":"show_formulaR(J34)","v":"< ---- =I34-J31"}]
[null,"Equity",{"$f":"C34","v":400},{"$f":"D34","v":342.85714285714283},285.71428571428567,228.57142857142853,171.42857142857139,114.28571428571425,57.142857142857103,0,null,{"$f":"show_formulaR(J35)","v":"< ---- =J34"}]
[]
[null,"Return on Investment",null,{"$f":"D32/C35","v":3.2142857142857133E-2},{"$f":"E32/D35","v":5.7916666666666665E-2},9.6450000000000022E-2,0.15761875000000009,0.26450750000000017,0.48643737500000045,1.1701622250000017,null,{"$f":"show_formulaR(J37)","v":"< ---- =J32/I35"}]
[]
[null,"Cash Flow",{"$f":"-C30","v":-400},{"$f":"D29","v":70},{"$f":"E29","v":77},84.7,93.170000000000016,102.48700000000002,112.73570000000004,124.00927000000006]
[null,"IRR",{"$f":"IRR(C39:J39)","v":0.1304206498137539},null,{"$f":"show_formulaR(C40)","v":"< ---- =IRR(C39:J39)"}]
[]
[null,"Reconciliation demonstrating that IRR is a time, investment and cost of capital weighted average"]
[]
[null,"Investment Weighting",null,{"$f":"C34/SUM(34:34)","v":0.25000000000000006},0.21428571428571433,0.1785714285714286,0.14285714285714288,0.10714285714285715,7.1428571428571425E-2,3.5714285714285698E-2,null,{"$f":"show_formulaR(J44)","v":"< ---- =I34/SUM(34:34)"}]
[null,"Discount Factor",null,{"$f":"1/(1+$C$40)^D25","v":0.88462644429289061},0.78256394594228273,0.69227676093073542,0.61240632948875595,0.54175083371809862,0.4792471137247506,0.42395467015195676,null,{"$f":"show_formulaR(J45)","v":"< ---- =1/(1+$C$40)^J25"}]
[null,"Discount Factor Weighting",null,{"$f":"D45/SUM(45:45)","v":0.20028554998882489},{"$f":"E45/SUM(45:45)","v":0.17717789392986016},0.15673625031447511,0.13865303180749458,0.122656138518293,0.10850486368813379,9.5986271752918587E-2,null,{"$f":"show_formulaR(J46)","v":"< ---- =J45/SUM(45:45)"}]
[null,"Investment x Discount Factor",null,{"$f":"PRODUCT(D46,D44)","v":5.0071387497206236E-2},{"$f":"PRODUCT(E46,E44)","v":3.7966691556398612E-2},2.7988616127584846E-2,1.9807575972499228E-2,1.3141729126959966E-2,7.7503474062952703E-3,3.4280811340328052E-3,null,{"$f":"show_formulaR(J47)","v":"< ---- =PRODUCT(J46,J44)"}]
[null,"Combined Weighting",null,{"$f":"D47/SUM(47:47)","v":0.31264441368135248},{"$f":"E47/SUM(47:47)","v":0.23706301371683175},0.17476017574806468,0.12367797830080889,8.2056607636183401E-2,4.8392963362622499E-2,2.1404847554136429E-2,null,{"$f":"show_formulaR(J48)","v":"< ---- =J47/SUM(47:47)"}]
[]
[null,"Weighted ROI",{"$f":"SUMPRODUCT(48:48,37:37)","v":0.1304206498137539},null,{"$f":"show_formulaR(C50)","v":"< ---- =SUMPRODUCT(48:48,37:37)"}]

{"sheet":"1.05 - Basic LBO Model","index":8,"n_rows":119,"n_cols":27,"rows_kept":119,"cut":false,"hidden":true,"merged":[[106,8,115,8],[104,10,104,14],[102,8,102,15]]}
["LBO Analysis"]
[]
[]
["Transaction Assumptions",null,null,null,null,null,null,null,"Outputs"]
[null,"Entry EV/EBITDA",null,null,4.8170424912255232,null,null,null,"Equity IRR",null,{"$f":"E97","v":""}]
[null,null,null,null,null,null,null,null,"Unlevered IRR",null,{"$f":"IRR(47:47)","v":0.32856969229755806},null,"<----Implied WACC"]
[null,"Holding Period (yrs)",null,null,5,null,null,null,"Transaction Value",null,{"$f":"G45","v":481.70424912255231}]
[]
[null,"Exit EV/EBITDA",null,null,7,"<–see EV/EBITDA Sheet"]
[]
[null,null,null,null,"multiple","Cost of Capital"]
[null,"Senior Debt",null,null,5.5,0.06]
[null,"Mezanine Debt",null,null,0,0.18]
[null,"Equity",null,null,{"$f":"E5-E12-E13","v":-0.68295750877447681},0.23,null,20,"Spinner Attached to Goal Seek Macro"]
[]
["Operating Assumptions"]
[null,"EBITDA",null,null,100]
[null,"EBITDA growth"]
[null,null,1,null,-0.04]
[null,null,{"$f":"C19+1","v":2},null,0.12]
[null,null,3,null,0.15]
[null,null,4,null,0.15]
[null,null,5,null,0.1]
[null,null,6,null,0.05]
[null,null,7,null,0.03]
[]
[null,"Capex",null,null,20]
[null,"Capex growth",null,null,0.05]
[]
["Timeline"]
[null,null,null,null,null,null,0,{"$f":"G31+1","v":1},{"$f":"H31+1","v":2},3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,"Holding Period Switch",null,null,null,null,null,{"$f":"H31<=$E$7","v":true},{"$f":"I31<=$E$7","v":true},true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"Terminal Switch",null,null,null,null,null,{"$f":"H31=$E$7","v":false},{"$f":"I31=$E$7","v":false},false,false,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
["Opearting CF"]
[null,"Base EBITDA",null,null,null,null,{"$f":"E17","v":100},{"$f":"G36","v":100},{"$f":"H36","v":100},100,100,100,100,100,100,100,100,100,100,100,100,100,100,100,100,100,100]
[null,"growth",null,null,null,null,null,{"$f":"LOOKUP(H31,$C$19:$C$25,$E$19:$E$25)","v":-0.04},{"$f":"LOOKUP(I31,$C$19:$C$25,$E$19:$E$25)","v":0.12},0.15,0.15,0.1,0.05,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03]
[null,"growth index",null,null,null,null,1,{"$f":"G38*(1+H37)","v":0.96},{"$f":"H38*(1+I37)","v":1.0752000000000002},1.23648,1.4219519999999999,1.5641472000000001,1.6423545600000002,1.6916251968000002,1.7423739527040003,1.7946451712851204,1.848484526423674,1.9039390622163843,1.9610572340828758,2.0198889511053619,2.0804856196385226,2.1429001882276784,2.2071871938745087,2.2734028096907442,2.3416048939814664,2.4118530408009105,2.4842086320249379]
[]
[null,"EBITDA",null,null,null,null,{"$f":"G36*G38","v":100},{"$f":"H36*H38*H32","v":96},{"$f":"I36*I38*I32","v":107.52000000000001},123.648,142.1952,156.41472000000002,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Terminal Proceeds",null,null,{"$f":"E9","v":7},null,null,{"$f":"H40*$E$41*H33","v":0},{"$f":"I40*$E$41*I33","v":0},0,0,1094.9030400000001,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Capex",null,null,null,null,{"$f":"E27","v":20},{"$f":"G43*(1+$E$28)*H32","v":21},{"$f":"H43*(1+$E$28)*I32","v":22.05},23.152500000000003,24.310125000000003,25.525631250000004,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Acquisition Value",null,null,{"$f":"E5","v":4.8170424912255232},null,{"$f":"E45*G36","v":481.70424912255231}]
[]
[null,"FCFF",null,null,null,null,{"$f":"-G45","v":-481.70424912255231},{"$f":"H40+H41-H43","v":75},{"$f":"I40+I41-I43","v":85.470000000000013},100.49549999999999,117.885075,1225.7921287500001,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Unlevered IRR",null,null,{"$f":"IRR(47:47)","v":0.32856969229755806}]
[null,"ROIC"]
[]
[]
["Sources & Uses of Funds"]
[null,"Uses of funds"]
[null,null,"Purchase Price",null,null,null,{"$f":"G45","v":481.70424912255231}]
[]
[null,"Sources of funds"]
[null,null,"Senior Debt",null,{"$f":"E12","v":5.5},null,{"$f":"E58*G$36","v":550}]
[null,null,"Mezzanine Debt",null,{"$f":"E13","v":0},null,{"$f":"E59*G$36","v":0}]
[null,null,"Equity",null,{"$f":"E14","v":-0.68295750877447681},null,{"$f":"E60*G$36","v":-68.295750877447688}]
[null,null,null,null,null,null,{"$f":"SUM(G58:G60)","v":481.70424912255231}]
[null,null,"test",null,null,null,{"$f":"G55=G61","v":true}]
[]
["Debt Schedule"]
[null,"Senior Debt"]
[null,null,"Beg Bal",null,null,null,{"$f":"F69","v":0},{"$f":"G69","v":550},508,453.01,379.69510000000002,284.59173100000004,766.34998825000025,812.33098754500031,861.07084679770037,912.73509760556237,967.49920346189606,1025.5491556696097,1087.0821050097863,1152.3070313103735,1221.445453188996,1294.7321803803356,1372.4161112031559,1454.7610778753451,1542.0467425478657,1634.5695471007377,1732.6437199267821]
[null,null,"Add draws",null,null,null,{"$f":"G58","v":550},{"$f":"H58","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less repayment",null,null,null,{"$f":"-G91","v":0},{"$f":"-H91","v":-42},-54.990000000000009,-73.314899999999994,-95.103369000000001,481.75825725000027,45.980999295000011,48.739859252700015,51.664250807862018,54.764105856333742,58.049952207713758,61.532949340176579,65.224926300587185,69.13842187862241,73.28672719133975,77.68393082282013,82.344966672189344,87.28566467252071,92.522804552871946,98.074172826044261,103.95862319560692]
[null,null,"Ending Bal",null,null,null,{"$f":"SUM(G66:G68)","v":550},{"$f":"SUM(H66:H68)","v":508},453.01,379.69510000000002,284.59173100000004,766.34998825000025,812.33098754500031,861.07084679770037,912.73509760556237,967.49920346189606,1025.5491556696097,1087.0821050097863,1152.3070313103735,1221.445453188996,1294.7321803803356,1372.4161112031559,1454.7610778753451,1542.0467425478657,1634.5695471007377,1732.6437199267821,1836.6023431223889]
[]
[null,null,"interest rate",null,{"$f":"F12","v":0.06},null,{"$f":"$E$71","v":0.06},{"$f":"$E$71","v":0.06},0.06,0.06,0.06,6,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06]
[null,null,"interest expense",null,null,null,{"$f":"G71*G66","v":0},{"$f":"H71*H66","v":33},30.48,27.180599999999998,22.781706,1707.5503860000003,45.980999295000011,48.739859252700015,51.664250807862018,54.764105856333742,58.049952207713758,61.532949340176579,65.224926300587185,69.13842187862241,73.28672719133975,77.68393082282013,82.344966672189344,87.28566467252071,92.522804552871946,98.074172826044261,103.95862319560692]
[]
[null,"Mezanine Debt"]
[null,null,"Beg Bal",null,null,null,{"$f":"F79","v":0},{"$f":"G79","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Add interest capitalized",null,null,null,{"$f":"G82","v":0},{"$f":"H82","v":0},{"$f":"I82","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Add draws",null,null,null,{"$f":"G59","v":0},{"$f":"H59","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less repayment",null,null,null,{"$f":"G94","v":0},{"$f":"H94","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Ending Bal",null,null,null,{"$f":"SUM(G75:G78)","v":0},{"$f":"SUM(H75:H78)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"interest rate",null,{"$f":"F13","v":0.18},null,{"$f":"$E$81","v":0.18},{"$f":"$E$81","v":0.18},0.18,0.18,0.18,0.18,0.18,0.18,0.18,0.18,0.18,0.18,0.18,0.18,0.18,0.18,0.18,0.18,0.18,0.18,0.18]
[null,null,"interest expense",null,null,null,{"$f":"G81*G75","v":0},{"$f":"H81*H75","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["CF Analysis"]
[null,"EBITDA",null,null,null,null,null,{"$f":"H40","v":96},{"$f":"I40","v":107.52000000000001},123.648,142.1952,156.41472000000002,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"less Capex",null,null,null,null,null,{"$f":"-H43","v":-21},{"$f":"-I43","v":-22.05},-23.152500000000003,-24.310125000000003,-25.525631250000004,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Terminal Proceeds",null,null,null,null,null,{"$f":"H41","v":0},{"$f":"I41","v":0},0,0,1094.9030400000001,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Operating CF",null,null,null,null,null,{"$f":"SUM(H85:H87)","v":75},{"$f":"SUM(I85:I87)","v":85.470000000000013},100.49549999999999,117.885075,1225.7921287500001,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"less Interest on senior debt",null,null,null,null,null,{"$f":"-H72","v":-33},{"$f":"-I72","v":-30.48},-27.180599999999998,-22.781706,-1707.5503860000003,-45.980999295000011,-48.739859252700015,-51.664250807862018,-54.764105856333742,-58.049952207713758,-61.532949340176579,-65.224926300587185,-69.13842187862241,-73.28672719133975,-77.68393082282013,-82.344966672189344,-87.28566467252071,-92.522804552871946,-98.074172826044261,-103.95862319560692]
[null,"CF after senior debt interest",null,null,null,null,null,{"$f":"SUM(H88:H89)","v":42},{"$f":"SUM(I88:I89)","v":54.990000000000009},73.314899999999994,95.103369000000001,-481.75825725000027,-45.980999295000011,-48.739859252700015,-51.664250807862018,-54.764105856333742,-58.049952207713758,-61.532949340176579,-65.224926300587185,-69.13842187862241,-73.28672719133975,-77.68393082282013,-82.344966672189344,-87.28566467252071,-92.522804552871946,-98.074172826044261,-103.95862319560692]
[null,"Repayment of senior debt",null,null,null,null,null,{"$f":"MIN(H90,H66)","v":42},{"$f":"MIN(I90,I66)","v":54.990000000000009},73.314899999999994,95.103369000000001,-481.75825725000027,-45.980999295000011,-48.739859252700015,-51.664250807862018,-54.764105856333742,-58.049952207713758,-61.532949340176579,-65.224926300587185,-69.13842187862241,-73.28672719133975,-77.68393082282013,-82.344966672189344,-87.28566467252071,-92.522804552871946,-98.074172826044261,-103.95862319560692]
[]
[null,"CF to mezzanine",null,null,null,null,null,{"$f":"H90-H91","v":0},{"$f":"I90-I91","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Repayment of mezz & interest",null,null,null,null,null,{"$f":"MIN(H93,H75)","v":0},{"$f":"MIN(I93,I75)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"FCFE",null,null,null,null,{"$f":"-G60","v":68.295750877447688},{"$f":"H93-H94","v":0},{"$f":"I93-I94","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Equity IRR",null,null,{"$f":"IFERROR(IRR(G96:AA96),\"\")","v":""}]
[]
[]
[null,null,null,null,null,null,null,null,"Data Table -- Must be in same page as the INPUTS"]
[]
[]
[null,null,null,null,null,null,null,null,"Optimal Holding Period Table (sensitivity calculation)",null,null,null,null,null,null,null,null,null,"Press Shift F9 to update the table"]
[]
[null,null,null,null,null,null,null,null,null,null,"Exit Multiple"]
[null,null,null,null,null,null,null,null,null,{"$f":"K5","v":""},6,{"$f":"K106+1","v":7},{"$f":"L106+1","v":8},{"$f":"M106+1","v":9},{"$f":"N106+1","v":10}]
[null,null,null,null,null,null,null,null,"Holding Period",1,-0.448664035644467,0.32969261991628551,1.1080492754770379,1.8864059310377899,2.6647625865985431]
[null,null,null,null,null,null,null,null,null,{"$f":"J107+1","v":2},0.24804053544853555,0.55864191922029072,0.81689958076295399,1.0427637016568503,1.2460282712011521]
[null,null,null,null,null,null,null,null,null,{"$f":"J108+1","v":3},0.43202010163366222,0.57930918429928591,0.70329970152920462,0.81146868061503397,0.9080645875337221]
[null,null,null,null,null,null,null,null,null,4,0.46529357715980968,0.54938675126290892,0.62166175719110717,0.68539085644363595,0.74261467032879236]
[null,null,null,null,null,null,null,null,null,5,"","","","",""]
[null,null,null,null,null,null,null,null,null,6,"","","","",""]
[null,null,null,null,null,null,null,null,null,7,"","","","",""]
[null,null,null,null,null,null,null,null,null,8,"","","","",""]
[null,null,null,null,null,null,null,null,null,9,"","","","",-6.2798967287658214E-2]
[null,null,null,null,null,null,null,null,null,10,"","","","",3.3430896188620052E-2]
[]
[null,null,null,null,null,null,null,null,null,null,{"$f":"MAX(K107:K116)","v":0.46529357715980968},{"$f":"MAX(L107:L116)","v":0.57930918429928591},{"$f":"MAX(M107:M116)","v":1.1080492754770379},{"$f":"MAX(N107:N116)","v":1.8864059310377899},{"$f":"MAX(O107:O116)","v":2.6647625865985431}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"MATCH(K118,K107:K116,0)","v":4},{"$f":"MATCH(L118,L107:L116,0)","v":3},{"$f":"MATCH(M118,M107:M116,0)","v":1},{"$f":"MATCH(N118,N107:N116,0)","v":1},{"$f":"MATCH(O118,O107:O116,0)","v":1}]

{"sheet":"1.05 - Implied COC in LBO","index":9,"n_rows":46,"n_cols":20,"rows_kept":46,"cut":false,"hidden":true,"merged":[[33,3,42,3],[6,3,12,3],[4,5,4,12],[2,1,2,13],[29,3,29,10],[31,5,31,9],[14,1,14,13],[16,5,16,12],[18,3,24,3]]}
["Purchase Price and WACC sensitivity"]
[]
[null,"Required Entry Multiple"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Table",1]
[null,null,null,null,null,"Required Equity IRR"]
[null,null,null,null,null,0.23,{"$f":"F6+0.01","v":0.24000000000000002},{"$f":"G6+0.01","v":0.25},0.26,0.27,0.28000000000000003,0.29000000000000004,0.30000000000000004,null,null,null,{"$f":"INDEX(S6:T6,$Q$4)","v":7},"Row Start",{"$f":"ROW(F7)","v":7},{"$f":"ROW(E19)","v":19}]
[null,null,null,"Senior Debt Capacity",1,6.756967424813805,6.5458549142639697,6.3478180086104059,6.1584828737831661,5.9775321289256844,5.8045222611044638,5.6390417657632392,5.4807033784268686,null,null,null,{"$f":"INDEX(S7:T7,$Q$4)","v":13},"Row End",{"$f":"ROW(D13)","v":13},{"$f":"ROW(E25)","v":25}]
[null,null,null,null,{"$f":"E7+0.5","v":1.5},6.8763859381906247,6.6844491053788371,6.4918441427972571,6.3083068973671264,6.1329953126945984,5.9654902768748252,5.8053838168546612,5.6522928021110221,null,null,null,{"$f":"INDEX(S8:T8,$Q$4)","v":6},"Column Start",{"$f":"COLUMN(F2)","v":6},{"$f":"COLUMN(F6)","v":6}]
[null,null,null,null,{"$f":"E8+0.5","v":2},7.0552571702155742,6.8723391490767378,6.6871195593228556,6.5107825116025442,6.34244441381525,6.1816967489094514,6.0281397873436608,5.8813983323818411,null,null,null,{"$f":"INDEX(S9:T9,$Q$4)","v":13},"Column End",{"$f":"COLUMN(M2)","v":13},{"$f":"COLUMN(M9)","v":13}]
[null,null,null,null,{"$f":"E9+0.5","v":2.5},7.2527693255192949,7.0772254482693713,6.8998436737727751,6.7310446003765119,6.5699868121435863,6.4162714716767528,6.2695092811227395,6.1293349093921439]
[null,null,null,null,3.5,7.0543209509893039,6.9132160510325944,6.778930034615704,6.6509295519071543,6.5288794984672958,6.4124594571943145,6.3013687738021789,6.1953249962769128]
[null,null,null,null,4.5,4.9175148342297144,4.9012322172840275,4.8854876881144556,4.8704757870852289,4.8561616535110659,4.8425078695045221,4.8294791872823986,4.8170424912255232]
[null,null,null,null,5.5,8.7825005234678439,8.6522699542804311,8.5281792717168781,8.4099046211951443,8.2971304558812147,8.1895606387683078,8.0869171147367656,7.9889386779047307]
[]
[null,"Required Implied WACC"]
[]
[null,null,null,null,null,"Required Equity IRR"]
[null,null,null,null,null,0.23,{"$f":"F18+0.01","v":0.24000000000000002},0.25,0.26,0.27,0.28000000000000003,0.29000000000000004,0.3]
[null,null,null,"Senior Debt Capacity",1,0.22230826900037348,0.23157172791088354,0.24079960541355749,0.24998840965304736,0.25913705886159732,0.2682444751067643,0.27730958307947029,0.2863313113562127]
[null,null,null,null,{"$f":"E19+0.5","v":1.5},0.21662899274317771,0.22537280020962625,0.23406654474477739,0.2426987465597239,0.25126803906227191,0.25977309077383248,0.26821259721130408,0.27658528297044405]
[null,null,null,null,{"$f":"E20+0.5","v":2},0.20909475103597885,0.2172148879254141,0.22525527191767125,0.23321254086661369,0.24108543366675317,0.24887275039087875,0.25657335229297296,0.26418616366887937]
[null,null,null,null,{"$f":"E21+0.5","v":2.5},0.20116242137525608,0.20865182649370562,0.2160440407548132,0.22333630435028429,0.23052772918328568,0.23761751812413201,0.24460496405767085,0.25148945035691983]
[null,null,null,null,3.5,0.18339602681465217,0.18960377495907332,0.19569394939210105,0.20166544133689634,0.20751860791090038,0.21325391696700891,0.21887194221280826,0.22437335921949919]
[null,null,null,null,4.5,0.16510702315951908,0.17014251068626618,0.17505724068582773,0.17985184697935441,0.18452788060659842,0.18908697028799337,0.19353081521750748,0.19786117849878893]
[null,null,null,null,5.5,0.14830473787826737,0.15234849166715403,0.15627757542927156,0.16009394557955003,0.16379997618408315,0.16739806620471009,0.17089063261307014,0.17428010404485428]
[]
[]
[]
[]
[null,null,null,"Optimal Holding Period Table (sensitivity calculation) Equity IRR"]
[null,null,{"$f":"'1.05 - Basic LBO Model'!J106","v":""}]
[null,null,{"$f":"'1.05 - Basic LBO Model'!E9","v":7},null,null,"Exit Multiple"]
[null,null,{"$f":"'1.05 - Basic LBO Model'!E7","v":5},null,null,6,{"$f":"F33+1","v":7},{"$f":"G33+1","v":8},{"$f":"H33+1","v":9},{"$f":"I33+1","v":10}]
[null,null,null,"Holding Period",1,-0.47947176630746458,0.19580810442879759,0.87108797516505976,1.5463678459013215,2.2216477166375834]
[null,null,null,null,{"$f":"E34+1","v":2},0.14527761143393714,0.43804529222017252,0.68056172683455896,0.89224765105275972,1.0825260210020047]
[null,null,null,null,{"$f":"E35+1","v":3},0.33999329867961481,0.48516160613042736,0.60643099810122258,0.71172395727479465,0.80544746804268175]
[null,null,null,null,4,0.3898866850880327,0.47489666251302798,0.54732355234729591,0.6108071804246773,0.6675646125931578]
[null,null,null,null,5,0.37850017217943788,0.43467082591722495,0.48321390355287974,0.52612589529500298,0.56469246574922338]
[null,null,null,null,6,0.34851084385713116,0.38858960075605875,0.42360256596245582,0.45477492773051376,0.48292677017704477]
[null,null,null,null,7,0.27711804891560798,0.31310588710203646,0.34399842419066484,0.37113969296807547,0.39539543789018339]
[null,null,null,null,8,0.20081304117335064,0.23886737673435388,0.27016141872298371,0.29684000895858298,0.32015384723846885]
[null,null,null,null,9,0.12225410894699285,0.16929258810197378,0.2047987142394192,0.23350184449939193,0.25768723787871961]
[null,null,null,null,10,-9.3228526140487489E-4,8.6430512225019296E-2,0.13638178898751163,0.17204430028571194,0.19999996201795711]
[]
[null,null,null,null,null,{"$f":"MAX(F34:F43)","v":0.3898866850880327},{"$f":"MAX(G34:G43)","v":0.48516160613042736},{"$f":"MAX(H34:H43)","v":0.87108797516505976},{"$f":"MAX(I34:I43)","v":1.5463678459013215},{"$f":"MAX(J34:J43)","v":2.2216477166375834}]
[null,null,null,null,null,{"$f":"MATCH(F45,F34:F43,0)","v":4},{"$f":"MATCH(G45,G34:G43,0)","v":3},{"$f":"MATCH(H45,H34:H43,0)","v":1},{"$f":"MATCH(I45,I34:I43,0)","v":1},{"$f":"MATCH(J45,J34:J43,0)","v":1}]

{"sheet":"2.00 - Cost of Capital","index":10,"n_rows":43,"n_cols":5,"rows_kept":43,"cut":false,"hidden":true,"merged":[]}
[]
[null,"Cost of Capital defined"]
[null,"How do you measure the cost of equity/debt"]
[null,"How does one put the WACC together"]
[null,"What are the different approaches to cost of capital"]
[null,"How can you practically implement CAPM alternatives"]
[]
[]
[null,"EB to DS recommendations / ideas:"]
[]
[null,"Shift + F11 = Insert new sheet"]
[]
[null,"How to manually compute Betas…"]
[null,null,"How to compare CNHi vs a Brazilian company"]
[null,null,"How to get Beta (regression of market index)"]
[null,null,null,"How to make Macro that downloads the file(s)"]
[]
[null,"Macros from another file…"]
[null,null,"From Macro file:"]
[null,null,null,"Can run Macros (subroutines) but cannot run Functions"]
[null,null,null,null,"For functions to cross files one needs to create an Add-in"]
[]
[null,"Shift + control (1,2,3,4,5) for Formatting"]
[]
[null,"Named ranges necessary for macro"]
[null,null,"Shift + control F3"]
[]
[null,"Risk free rate = longest term rate for a bond"]
[]
[null,"In formulas in valuation, Debt is always considered NET Debt…"]
[]
[null,"Valuation Tax Rate"]
[]
[null,"Remind EB about Beta reconciliation with Taxes (email file)"]
[]
[null,"Charting trick:  Alt + F1 for chart"]
[null,null,"See structure on "]
[]
[null,"Fix Debt/Equity WACC calculation for margin differencese in reconciliation(s)"]
[]
[null,"APV vs NPV is that APV does not account for Taxes"]
[]
[null,"Trading Comparables should be of the same RISK PROFILE (an analysis of risk…)"]

{"sheet":"2.01 - CAPM & CoE","index":11,"n_rows":18,"n_cols":14,"rows_kept":18,"cut":false,"hidden":true,"merged":[]}
["How to download equity data from google/yahoo",null,null,null,null,null,null,null,null,null,null,null,5]
[null,"Ke = Rf + B * emrp + country risk premium + small company premium",null,null,null,null,null,null,null,null,null,null,"F",{"$f":"$C$17&M2&$C$18","v":"http://www.google.com/finance/historical?q=NYSE%3AF&ei=mMjWUtDQFISfqAHXfg&output=csv"}]
[null,null,null,null,null,null,null,null,null,null,null,null,"DE",{"$f":"$C$17&M3&$C$18","v":"http://www.google.com/finance/historical?q=NYSE%3ADE&ei=mMjWUtDQFISfqAHXfg&output=csv"}]
[null,null,"Ke Inputs",null,null,null,null,null,null,null,null,null,"AGCO","http://www.google.com/finance/historical?q=NYSE%3AAGCO&ei=mMjWUtDQFISfqAHXfg&output=csv"]
[null,"Beta",1.2,null,null,null,null,null,null,null,null,null,"KUBTY","http://www.google.com/finance/historical?q=NYSE%3AKUBTY&ei=mMjWUtDQFISfqAHXfg&output=csv"]
[null,"rF",0.03,null,null,null,null,null,null,null,null,null,"TTC","http://www.google.com/finance/historical?q=NYSE%3ATTC&ei=mMjWUtDQFISfqAHXfg&output=csv"]
[null,"emrp",0.06,null,null,null,null,null,null,null,null,null,"HSQVY","http://www.google.com/finance/historical?q=NYSE%3AHSQVY&ei=mMjWUtDQFISfqAHXfg&output=csv"]
[null,"crp",0,null,null,null,null,null,null,null,null,null,"LNN","http://www.google.com/finance/historical?q=NYSE%3ALNN&ei=mMjWUtDQFISfqAHXfg&output=csv"]
[null,"scp",0,null,null,null,null,null,null,null,null,null,"ARTW","http://www.google.com/finance/historical?q=NYSE%3AARTW&ei=mMjWUtDQFISfqAHXfg&output=csv"]
[null,null,null,null,null,null,null,null,null,null,null,null,"CAT","http://www.google.com/finance/historical?q=NYSE%3ACAT&ei=mMjWUtDQFISfqAHXfg&output=csv"]
[null,"Ke",{"$f":"rF+Beta*emrp+crp+scp","v":0.10199999999999999},null,{"$f":"show_formula(C11)","v":"<----=rF+Beta*emrp+crp+scp"},null,null,null,null,null,null,null,"BLT","http://www.google.com/finance/historical?q=NYSE%3ABLT&ei=mMjWUtDQFISfqAHXfg&output=csv"]
[null,null,null,null,null,null,null,null,null,null,null,null,"HMC","http://www.google.com/finance/historical?q=NYSE%3AHMC&ei=mMjWUtDQFISfqAHXfg&output=csv"]
[null,null,null,null,null,null,null,null,null,null,null,null,"CNHI","http://www.google.com/finance/historical?q=NYSE%3ACNHI&ei=mMjWUtDQFISfqAHXfg&output=csv"]
[null,"Cost of Capital defined"]
[null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(M2:M13,$M$1)","v":"TTC"},{"$f":"INDEX(N2:N13,$M$1)","v":"http://www.google.com/finance/historical?q=NYSE%3ATTC&ei=mMjWUtDQFISfqAHXfg&output=csv"}]
[null,null,"http://www.google.com/finance/historical?q=NYSE%3ADE&ei=mMjWUtDQFISfqAHXfg&output=csv"]
[null,null,"http://www.google.com/finance/historical?q=NYSE%3A"]
[null,null,"&ei=mMjWUtDQFISfqAHXfg&output=csv"]

{"sheet":"2.02 - Beta Analysis no Tax","index":12,"n_rows":21,"n_cols":22,"rows_kept":21,"cut":false,"hidden":true,"merged":[[0,10,0,12],[0,14,0,21],[2,14,2,17],[8,14,8,17]]}
["(De)Leveraging Betas (NO Taxes)",null,null,null,null,null,null,null,"Proof section:",null,"IB Approach",null,null,"vs","Theoretical Finance Proof"]
["Step 1 & 2:"]
["Deleveraging (Unleveraging)",null,null,null,null,null,null,null,null,null,null,null,null,null,"WACC Method #1"]
[null,null,null,"(NET Debt / Capital)","(strips out debt impact)",null,null,null,null,null,null,"rF",{"$f":"rF","v":0.03},null,null,"%","Cost"]
[null,null,"Equity Beta","Debt/Capital","aBeta",null,null,null,null,null,null,"emrp",{"$f":"emrp","v":0.06},null,"Debt",{"$f":"D20","v":0.35},{"$f":"$M$4","v":0.03},{"$f":"P5*Q5","v":1.0499999999999999E-2}]
[null,"F",1.6,0.4,{"$f":"C6*(1-D6)","v":0.96},null,null,null,null,null,null,"eBeta",{"$f":"C20","v":1.3524475524475523},null,"Equity",{"$f":"1-P5","v":0.65},{"$f":"M4+M6*M5","v":0.11114685314685313},{"$f":"P6*Q6","v":7.2245454545454543E-2}]
[null,"DE",1.4,0.35,{"$f":"C7*(1-D7)","v":0.90999999999999992},null,null,null,null,null,null,"aBeta",{"$f":"(M6*P6)","v":0.87909090909090903},null,null,null,null,{"$f":"SUMPRODUCT(P5:P6,Q5:Q6)","v":8.2745454545454539E-2}]
[null,"AGCO",1.2,0.2,0.96]
[null,"KUBTY",1.8,0.5,0.9,null,null,null,null,null,null,null,null,null,"WACC Method #2"]
[null,"TTC",0.9,0,0.9,null,null,null,null,null,null,null,null,null,null,"%","Cost",null,null,null,"Miller-Modigliani"]
[null,"HSQVY",1.6,0.4,0.96,null,null,null,null,null,null,null,null,null,"Debt",0.8,{"$f":"$M$4","v":0.03},{"$f":"P11*Q11","v":2.4E-2},null,null,"The cost of capital remains The same regardless of The capital structure"]
[null,"LNN",1.4,0.3,0.97999999999999987,null,null,null,null,null,null,"eBeta",{"$f":"aBeta/equity_to_capital","v":4.3954545454545464},null,"Equity",{"$f":"1-P11","v":0.19999999999999996},{"$f":"(R7-R11)/P12","v":0.29372727272727278},{"$f":"P12*Q12","v":5.8745454545454545E-2},null,null,"Beta of assets = (Beta of Equity * Equity/Capital) + (Beta of Debt * Debt/Capital)"]
[null,"ARTW",1.2,0.2,0.96,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUMPRODUCT(P11:P12,Q11:Q12)","v":8.2745454545454539E-2}]
[null,"CAT",1.5,0.4,0.89999999999999991,null,null,null,null,null,"Equity Beta Formula",null,{"$f":"show_formula(M12)","v":"<----=aBeta/equity_to_capital"},null,"Equity Cost Formula",null,null,null,null,null,null,"Assume Beta of Debt = 0"]
[null,"BLT",0.8,0,0.8,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Beta of assets = (Beta of Equity * Equity/Capital) + 0"]
[null,"HMC",0.4,-0.1,0.44000000000000006,null,null,null,null,null,null,"Cost of Equity",{"$f":"(M12*M5)+M4","v":0.29372727272727273}]
[null,"Average",{"$f":"AVERAGE(C6:C16)","v":1.2545454545454546},null,{"$f":"AVERAGE(E6:E16)","v":0.87909090909090903},null,null,null,null,null,"PROOF","Check",{"$f":"M16=Q12","v":true},null,null,null,null,null,null,null,null,"Beta of Equity = Beta of Assets / (Equity/Capital)"]
["Step 3 & 4:",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Beta of Equity = (Beta of Assets * Capital) / Equity"]
["Releveraging"]
[null,"CNHi",{"$f":"E17/(1-D20)","v":1.3524475524475523},0.35]
[null,"assumed placeholder figures"]

{"sheet":"2.03 - Beta levering w Tax","index":13,"n_rows":27,"n_cols":22,"rows_kept":27,"cut":false,"hidden":true,"merged":[[1,9,1,11],[1,13,1,20],[5,13,5,17],[11,13,11,17]]}
["(De)Leveraging Betas w/ Taxes"]
[null,null,null,null,null,"eBeta = aBeta / (Eq/Cap) * (1-t)",null,null,null,"IB Approach",null,null,"vs","Theoretical Finance Proof"]
[]
[null,null,null,null,null,"aBeta = eBeta * (Eq/Cap) / (1-t)",null,null,null,null,null,null,null,null,null,"Tax Rate",0.4]
[]
["Deleveraging (Unleveraging)",null,null,null,null,null,null,null,null,null,null,null,null,"WACC Method #1"]
[null,null,null,"(NET Debt / Capital)",null,"(strips out debt impact)",null,null,null,null,"rF",0.03,null,null,"%","Cost","aTax Cost"]
[null,null,"Equity Beta","Debt/Capital","Equity/Capital","Pre-tax aBeta",null,"Fed Tax",0.35,null,"emrp",{"$f":"'2.02 - Beta Analysis no Tax'!M5","v":0.06},null,"Debt",0,{"$f":"$L$7","v":0.03},{"$f":"P8*(1-$Q$4)","v":1.7999999999999999E-2},{"$f":"O8*Q8","v":0}]
[null,"F",1.6,0.4,{"$f":"1-D9","v":0.6},{"$f":"C9*E9/(1-$Q$4)","v":1.6},null,"State Tax",0.08,null,"eBeta",{"$f":"L10*(1-Q4)","v":0.87909090909090903},null,"Equity",{"$f":"1-O8","v":1},{"$f":"L7+L9*L8","v":8.2745454545454539E-2},null,{"$f":"O9*P9","v":8.2745454545454539E-2}]
[null,"DE",1.4,0.35,0.65,{"$f":"C10*E10/(1-$Q$4)","v":1.5166666666666666},null,"Effective Tax Rate",{"$f":"I9+(1-I9)*I8","v":0.40200000000000002},null,"aBeta",{"$f":"F23","v":1.4651515151515151},null,null,null,null,null,{"$f":"SUM(R8:R9)","v":8.2745454545454539E-2}]
[null,"AGCO",1.2,0.2,0.8,1.6]
[null,"KUBTY",1.8,0.5,0.5,1.5,null,null,null,null,"Pre-tax",{"$f":"L7+L10*L8","v":0.11790909090909091},null,"WACC Method #2"]
[null,"TTC",0.9,0,1,1.5,null,null,null,null,"After-tax",{"$f":"L8*L10*(1-Q4)+L7","v":8.2745454545454539E-2},null,null,"%","Cost",null,null,null,null,"Miller-Modigliani"]
[null,"HSQVY",1.6,0.4,0.6,1.6,null,null,null,null,null,null,null,"Debt w/o Tax",0.6,{"$f":"$L$7","v":0.03},{"$f":"P14*(1-$Q$4)","v":1.7999999999999999E-2},{"$f":"O14*P14","v":1.7999999999999999E-2},null,null,"The cost of capital remains The same regardless of The capital structure"]
[null,"LNN",1.4,0.3,0.7,1.6333333333333331,null,null,null,null,null,null,null,"Equity",{"$f":"1-O14","v":0.4},{"$f":"R15/O15","v":0.16186363636363632},null,{"$f":"R17-R16-R14","v":6.4745454545454537E-2}]
[null,"ARTW",1.2,0.2,0.8,1.6,null,null,null,null,"eBeta",{"$f":"L10/O15*(1-Q4)","v":2.1977272727272723},null,"Tax Shield",{"$f":"O14","v":0.6},{"$f":"P14*Q4","v":1.2E-2},null,{"$f":"-O16*P16","v":-7.1999999999999998E-3},null,null,null,"Beta of assets = (Beta of Equity * Equity/Capital) + (Beta of Debt * Debt/Capital)"]
[null,"CAT",1.5,0.4,0.6,1.5,null,null,null,"Formula for eBeta",null,null,null,null,null,null,null,{"$f":"R10+R16","v":7.5545454545454541E-2},null,null,null,"Assume Beta of Debt = 0"]
[null,"BLT",0.8,0,1,1.3333333333333335,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Beta of assets = (Beta of Equity * Equity/Capital) + 0"]
[null,"HMC",0.4,-0.1,1.1000000000000001,0.7333333333333335,null,null,null,null,"Cost of Equity",{"$f":"(L16*L8)+L7","v":0.16186363636363632}]
[null,"Average",{"$f":"AVERAGE(C9:C19)","v":1.2545454545454546},null,null,{"$f":"AVERAGE(F9:F19)","v":1.4651515151515151},null,null,null,"PROOF","Check",{"$f":"L19=P15","v":true},null,null,null,null,null,null,null,null,null,"Beta of Equity = Beta of Assets / (Equity/Capital)"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Beta of Equity = (Beta of Assets * Capital) / Equity"]
["Releveraging"]
[null,"CNHi",null,0.35,null,{"$f":"F20","v":1.4651515151515151},null,null,null,null,null,null,null,"Cost of Equity",null,null,null,null,null,null,null,"Levered Beta (eBeta) = aBeta * (1 + Debt/Equity) * (1 - t)"]
[null,"assumed placeholder figures",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"(1 + Debt/Equity) = Equity/Equity + Debt/Equity"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"(1 + Debt/Equity) = Equity/Equity + Debt/Equity = Capital/Equity"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Tax Adjusted"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"eBeta = Capital / Equity * aBeta * (1-t)"]

{"sheet":"2.04 - Beta with Credit Spread","index":14,"n_rows":27,"n_cols":22,"rows_kept":27,"cut":false,"hidden":true,"merged":[[1,9,1,11],[1,13,1,20],[5,13,5,17],[11,13,11,17]]}
["EB is working on this and will email finished product…"]
[null,null,null,null,null,"eBeta = aBeta / (Eq/Cap) * (1-t)",null,null,null,"IB Approach",null,null,"vs","Theoretical Finance Proof"]
[]
[null,null,null,null,null,"aBeta = eBeta * (Eq/Cap) / (1-t)",null,null,null,null,null,null,null,null,null,"Tax Rate",0.4]
[]
["Deleveraging (Unleveraging)",null,null,null,null,null,null,null,null,null,null,null,null,"WACC Method #1"]
[null,null,null,"(NET Debt / Capital)",null,"(strips out debt impact)",null,null,null,null,"rF",0.03,null,null,"%","Cost","aTax Cost"]
[null,null,"Equity Beta","Debt/Capital","Equity/Capital","Pre-tax aBeta",null,"Fed Tax",0.35,null,"emrp",{"$f":"'2.02 - Beta Analysis no Tax'!M5","v":0.06},null,"Debt",0,{"$f":"$L$7","v":0.03},{"$f":"P8*(1-$Q$4)","v":1.7999999999999999E-2},{"$f":"O8*Q8","v":0}]
[null,"F",1.6,0.4,{"$f":"1-D9","v":0.6},{"$f":"C9*E9/(1-$Q$4)","v":1.6},null,"State Tax",0.08,null,"eBeta",{"$f":"L10*(1-Q4)","v":0.87909090909090903},null,"Equity",{"$f":"1-O8","v":1},{"$f":"L7+L9*L8","v":8.2745454545454539E-2},null,{"$f":"O9*P9","v":8.2745454545454539E-2}]
[null,"DE",1.4,0.35,0.65,{"$f":"C10*E10/(1-$Q$4)","v":1.5166666666666666},null,"Effective Tax Rate",{"$f":"I9+(1-I9)*I8","v":0.40200000000000002},null,"aBeta",{"$f":"F23","v":1.4651515151515151},null,null,null,null,null,{"$f":"SUM(R8:R9)","v":8.2745454545454539E-2}]
[null,"AGCO",1.2,0.2,0.8,1.6]
[null,"KUBTY",1.8,0.5,0.5,1.5,null,null,null,null,"Pre-tax",{"$f":"L7+L10*L8","v":0.11790909090909091},null,"WACC Method #2"]
[null,"TTC",0.9,0,1,1.5,null,null,null,null,"After-tax",{"$f":"L8*L10*(1-Q4)+L7","v":8.2745454545454539E-2},null,null,"%","Cost",null,null,null,null,"Miller-Modigliani"]
[null,"HSQVY",1.6,0.4,0.6,1.6,null,null,null,null,null,null,null,"Debt w/o Tax",0.6,{"$f":"$L$7","v":0.03},{"$f":"P14*(1-$Q$4)","v":1.7999999999999999E-2},{"$f":"O14*P14","v":1.7999999999999999E-2},null,null,"The cost of capital remains The same regardless of The capital structure"]
[null,"LNN",1.4,0.3,0.7,1.6333333333333331,null,null,null,null,null,null,null,"Equity",{"$f":"1-O14","v":0.4},{"$f":"R15/O15","v":0.16186363636363632},null,{"$f":"R17-R16-R14","v":6.4745454545454537E-2}]
[null,"ARTW",1.2,0.2,0.8,1.6,null,null,null,null,"eBeta",{"$f":"L10/O15*(1-Q4)","v":2.1977272727272723},null,"Tax Shield",{"$f":"O14","v":0.6},{"$f":"P14*Q4","v":1.2E-2},null,{"$f":"-O16*P16","v":-7.1999999999999998E-3},null,null,null,"Beta of assets = (Beta of Equity * Equity/Capital) + (Beta of Debt * Debt/Capital)"]
[null,"CAT",1.5,0.4,0.6,1.5,null,null,null,"Formula for eBeta",null,null,null,null,null,null,null,{"$f":"R10+R16","v":7.5545454545454541E-2},null,null,null,"Assume Beta of Debt = 0"]
[null,"BLT",0.8,0,1,1.3333333333333335,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Beta of assets = (Beta of Equity * Equity/Capital) + 0"]
[null,"HMC",0.4,-0.1,1.1000000000000001,0.7333333333333335,null,null,null,null,"Cost of Equity",{"$f":"(L16*L8)+L7","v":0.16186363636363632}]
[null,"Average",{"$f":"AVERAGE(C9:C19)","v":1.2545454545454546},null,null,{"$f":"AVERAGE(F9:F19)","v":1.4651515151515151},null,null,null,"PROOF","Check",{"$f":"L19=P15","v":true},null,null,null,null,null,null,null,null,null,"Beta of Equity = Beta of Assets / (Equity/Capital)"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Beta of Equity = (Beta of Assets * Capital) / Equity"]
["Releveraging"]
[null,"CNHi",null,0.35,null,{"$f":"F20","v":1.4651515151515151},null,null,null,null,null,null,null,"Cost of Equity",null,null,null,null,null,null,null,"Levered Beta (eBeta) = aBeta * (1 + Debt/Equity) * (1 - t)"]
[null,"assumed placeholder figures",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"(1 + Debt/Equity) = Equity/Equity + Debt/Equity"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"(1 + Debt/Equity) = Equity/Equity + Debt/Equity = Capital/Equity"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Tax Adjusted"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"eBeta = Capital / Equity * aBeta * (1-t)"]

{"sheet":"2.05 - Cost of Debt","index":15,"n_rows":90,"n_cols":19,"rows_kept":90,"cut":false,"hidden":true,"merged":[]}
["Calculating the Cost of Debt"]
[]
[null,null,"Assumptions"]
[null,null,null,"WACC",0.1,null,null,null,"Credit Spread",{"$f":"G51","v":0.19784807278721306}]
[null,null,null,"RF",0.05,null,null,null,null,null,null,null,null,null,null,null,null,"Col",{"$f":"COLUMN(S10)","v":19}]
[null,null,null,"Credit Spread",{"$f":"IFERROR(J4,100%)","v":0.19784807278721306},null,null,null,null,null,null,null,null,null,null,null,null,"Start_row",{"$f":"ROW(R11)","v":11}]
[null,null,null,"Interest Rate",{"$f":"E5","v":0.05},null,null,null,null,null,null,null,null,null,null,null,null,"End_row",{"$f":"ROW(R19)","v":19}]
[null,null,null,"Volatilty",0.2]
[null,null,null,null,null,1,2,3,4,5,6,7,8,9,10]
[null,null,null,"EBITDA",null,90,{"$f":"F10","v":90},{"$f":"G10","v":90},90,90,90,90,90,90,90,null,null,null,"CS"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,50,0]
[null,null,null,"Market Value of Cash Flow",{"$f":"NPV(E4,10:10)","v":553.01103951342122},null,null,null,null,null,null,null,null,null,null,null,null,150,8.412131256685952E-6]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,250,1.2112531475119176E-4]
[null,null,null,"Debt",850,{"$f":"E14-$E$14/10","v":765},{"$f":"F14-$E$14/10","v":680},595,510,425,340,255,170,85,0,null,null,350,1.0238791552901196E-3]
[null,null,null,"Interest",null,{"$f":"E14*$E$7","v":42.5},{"$f":"F14*$E$7","v":38.25},34,29.75,25.5,21.25,17,12.75,8.5,4.25,null,null,450,6.0181554504547385E-3]
[null,null,null,"Repayment",null,{"$f":"E14-F14","v":85},{"$f":"F14-G14","v":85},85,85,85,85,85,85,85,85,null,null,550,2.2933439769429024E-2]
[null,null,null,"Interest on Default",null,{"$f":"E20*$E$7","v":0},{"$f":"F20*$E$7","v":1.875},3.6312500000000001,5.2628124999999999,6.7634531249999998,8.1266257812499987,9.3454570703124986,10.412729923828124,11.320866420019531,12.061909741020507,null,null,650,6.1851238403186112E-2]
[null,null,null,"Debt Service",null,{"$f":"F15+F16+F17","v":127.5},{"$f":"G15+G16+G17","v":125.125},122.63124999999999,120.0128125,117.263453125,114.37662578125,111.34545707031251,108.16272992382812,104.82086642001953,101.31190974102051,null,null,750,0.12346837173971799]
[null,null,null,"Default",null,{"$f":"MAX(F18-F10,0)","v":37.5},{"$f":"MAX(G18-G10,0)","v":35.125},32.631249999999994,30.012812499999995,27.263453124999998,24.376625781249999,21.345457070312506,18.162729923828124,14.820866420019527,11.311909741020514,null,null,850,0.19784807278721306]
[null,null,null,"Accumulated Default",null,{"$f":"E20+F19","v":37.5},{"$f":"F20+G19","v":72.625},105.25624999999999,135.26906249999999,162.53251562499997,186.90914140624997,208.25459847656248,226.4173284003906,241.23819482041011,252.55010456143063]
[null,null,null,"Loss",{"$f":"NPV(E5,F21:O21)","v":155.04385637336679},0,0,0,0,0,0,0,0,0,{"$f":"O20","v":252.55010456143063}]
[null,null,null,"PV of Loss/Loan",{"$f":"E21/E14","v":0.18240453690984329}]
[]
[]
[]
[null,null,null,null,null,null,null,null,"Debt Sensitiity"]
[null,null,null,null,null,{"$f":"MIN(E22,100%)","v":0.18240453690984329},50,{"$f":"G27+100","v":150},{"$f":"H27+100","v":250},350,450,550,650,750,850]
[null,null,null,null,null,0,0.99999999999999967,0.99999999999999967,0.99999999999999978,0.99999999999999967,0.99999999999999989,0.99999999999999978,0.99999999999999967,0.99999999999999967,0.99999999999999956]
[null,null,null,null,null,{"$f":"F28+10","v":10},0,0.48521767138767907,0.69113060283260719,0.7793790020232908,0.82840589046255952,0.85960481946936662,0.88120407801254119,0.89704353427753536,0.90915605965664892]
[null,null,null,null,null,{"$f":"F29+10","v":20},0,2.506172958985662E-2,0.38226120566521482,0.55875800404658205,0.65681178092511916,0.71920963893873369,0.76240815602508238,0.79408706855507127,0.81831211931329828]
[null,null,null,null,null,30,0,0,8.0767887948400743E-2,0.33813700606987301,0.48521767138767907,0.57881445840810086,0.6436122340376238,0.69113060283260697,0.72746817896994742]
[null,null,null,null,null,40,0,0,0,0.11751600809316423,0.31362356185023871,0.43841927787746798,0.52481631205016521,0.58817413711014299,0.63662423862659689]
[null,null,null,null,"EBITDA Sens",50,0,0,0,5.9198778020001768E-3,0.14202945231279854,0.2980240973468351,0.40602039006270652,0.4852176713876788,0.54578029828324626]
[null,null,null,null,null,60,0,0,0,0,2.5061729589856609E-2,0.15762891681620222,0.28722446807524799,0.38226120566521482,0.45493635793989534]
[null,null,null,null,null,70,0,0,0,0,0,4.56737010999934E-2,0.1684285460877894,0.27930473994275068,0.3640924175965447]
[null,null,null,null,null,80,0,0,0,0,0,2.7905147888216322E-3,6.4465234799791729E-2,0.17634827422028654,0.27324847725319407]
[null,null,null,null,null,90,0,0,0,0,0,0,1.2968917481048539E-2,8.0767887948400757E-2,0.18240453690984329]
[null,null,null,null,null,100,0,0,0,0,0,0,0,2.5061729589856616E-2,9.4595041520539935E-2]
[null,null,null,null,null,110,0,0,0,0,0,0,0,2.0463775118025303E-3,3.7571412120503744E-2]
[null,null,null,null,null,120,0,0,0,0,0,0,0,0,8.0350411125187596E-3]
[null,null,null,null,null,130,0,0,0,0,0,0,0,0,0]
[]
[]
[]
[]
[null,null,null,null,null,"Volatility",{"$f":"E8","v":0.2}]
[null,null,null,null,null,"Mean",{"$f":"F10","v":90}]
[null,null,null,null,null,"Std Dev",{"$f":"G46*G47","v":18}]
[]
[null,null,null,null,null,"Debt",{"$f":"E14","v":850}]
[null,null,null,null,null,"Credit Spread",{"$f":"SUMPRODUCT(F54:F84,J54:J84)","v":0.19784807278721306}]
[]
[null,null,null,null,null,"Prob","EBITDA","Col of Table","Row of Table","Loss"]
[null,null,null,null,null,{"$f":"NORMDIST(G54,$G$47,$G$48,0)*10","v":1.1384378970485289E-5},10,{"$f":"MATCH(G50,G27:O27,0)","v":9},{"$f":"MATCH(G54,$F$29:$F$41)","v":1},{"$f":"INDEX($G$29:$O$41,I54,H54)","v":0.90915605965664892}]
[null,null,null,null,null,{"$f":"NORMDIST(G55,$G$47,$G$48,0)*10","v":1.1524461598217814E-4},{"$f":"G54+10","v":20},{"$f":"H54","v":9},{"$f":"MATCH(G55,$F$29:$F$41)","v":2},{"$f":"INDEX($G$29:$O$41,I55,H55)","v":0.81831211931329828}]
[null,null,null,null,null,8.5682166460616959E-4,{"$f":"G55+10","v":30},{"$f":"H55","v":9},3,0.72746817896994742]
[null,null,null,null,null,4.6786302689546411E-3,40,9,4,0.63662423862659689]
[null,null,null,null,null,1.8763139464039243E-2,50,9,5,0.54578029828324626]
[null,null,null,null,null,5.5265077107082596E-2,60,9,6,0.45493635793989534]
[null,null,null,null,null,0.11955136722390614,70,9,7,0.3640924175965447]
[null,null,null,null,null,0.18994016342562733,80,9,8,0.27324847725319407]
[null,null,null,null,null,0.22163460022301817,90,9,9,0.18240453690984329]
[null,null,null,null,null,0.18994016342562733,100,9,10,9.4595041520539935E-2]
[null,null,null,null,null,0.11955136722390614,110,9,11,3.7571412120503744E-2]
[null,null,null,null,null,5.5265077107082596E-2,120,9,12,8.0350411125187596E-3]
[null,null,null,null,null,1.8763139464039243E-2,130,9,13,0]
[null,null,null,null,null,4.6786302689546411E-3,140,9,13,0]
[null,null,null,null,null,8.5682166460616959E-4,150,9,13,0]
[null,null,null,null,null,1.1524461598217814E-4,160,9,13,0]
[null,null,null,null,null,1.1384378970485289E-5,170,9,13,0]
[null,null,null,null,null,8.2595528596349883E-7,180,9,13,0]
[null,null,null,null,null,4.4011099937389867E-8,190,9,13,0]
[null,null,null,null,null,1.7223697990120916E-9,200,9,13,0]
[null,null,null,null,null,4.9505001040845289E-11,210,9,13,0]
[null,null,null,null,null,1.0450335647108753E-12,220,9,13,0]
[null,null,null,null,null,1.6202047393328279E-14,230,9,13,0]
[null,null,null,null,null,1.8448796916262335E-16,240,9,13,0]
[null,null,null,null,null,1.5428535190062439E-18,250,9,13,0]
[null,null,null,null,null,9.476322534158163E-21,260,9,13,0]
[null,null,null,null,null,4.2747770148369E-23,270,9,13,0]
[null,null,null,null,null,1.4162684824300909E-25,280,9,13,0]
[null,null,null,null,null,3.4461661215090497E-28,290,9,13,0]
[null,null,null,null,null,6.1586471144881468E-31,300,9,13,0]
[null,null,null,null,null,8.083378683256416E-34,310,9,13,0]
[]
[null,null,null,null,null,{"$f":"SUM(F54:F85)","v":0.99999912826067816}]
[]
[]
[]
["Proof that Risk Neutral Result Works"]

{"sheet":"2.06 - WACC and Market Value","index":16,"n_rows":90,"n_cols":18,"rows_kept":90,"cut":false,"hidden":true,"merged":[[41,6,41,16],[43,4,48,4]]}
["Calculating WACC using the Cost of Debt & Equity"]
[]
[]
[]
[null,null,"EBITDA",150]
[null,null,"Investment",1000]
[]
[null,null,"Debt",800]
[null,null,"Interest Rate",0.05]
[null,null,"Equity",{"$f":"D6-D8","v":200}]
[null,null,"Cost of Equity",{"$f":"'2.03 - Beta levering w Tax'!P9","v":8.2745454545454539E-2}]
[]
[]
[null,null,null,null,0,1,2,3,4,5,6,7,8,9,10]
[null,null,"CAPEX",null,{"$f":"-D6","v":-1000}]
[null,null,"EBITDA",null,null,{"$f":"D5","v":150},{"$f":"F16","v":150},150,150,150,150,150,150,150,150]
[null,null,"FCFF",null,{"$f":"SUM(E15:E16)","v":-1000},150,150,150,150,150,150,150,150,150,150]
[]
[null,null,"Project IRR (unlevered)",null,{"$f":"IRR(17:17)","v":8.1441656451305189E-2}]
[null,null,"assuming no debt"]
[]
[null,null,"Debt Balance (10 years)",null,{"$f":"D8","v":800},{"$f":"E22-($D$8/10)","v":720},{"$f":"F22-($D$8/10)","v":640},560,480,400,320,240,160,80,0]
[null,null,"Interest",null,null,{"$f":"E22*$D$9","v":40},36,32,28,24,20,16,12,8,4]
[]
[null,null,"Debt Repayment",null,null,{"$f":"E22-F22","v":80},80,80,80,80,80,80,80,80,80]
[null,null,"Debt Service",null,null,{"$f":"SUM(F23:F25)","v":120},116,112,108,104,100,96,92,88,84]
[]
[null,null,"FCFE",null,{"$f":"E17+E22","v":-200},{"$f":"F17-F26","v":30},34,38,42,46,50,54,58,62,66]
[null,null,"IRR (Equity)",null,{"$f":"IFERROR(IRR(28:28),FALSE)","v":0.1705003284108213}]
[null,null,"Value of Equity",null,{"$f":"NPV(D11,F28:O28)","v":300.92754379521216}]
[]
[null,null,"Debt Cash Flow",null,{"$f":"-E22","v":-800},{"$f":"F26","v":120},116,112,108,104,100,96,92,88,84]
[null,null,"IRR (Debt)",null,{"$f":"IRR(32:32)","v":5.0000000001156453E-2}]
[null,null,"Value of Equity",null,{"$f":"NPV(D9,F32:O32)","v":799.99999999999977}]
[]
[null,null,"Enterprise Value",null,{"$f":"SUM(E30,E34)","v":1100.9275437952119}]
[]
[null,null,"WACC"]
[]
[null,null,null,null,"Equity IRR Table"]
[]
[null,null,null,null,null,null,"EBITDA"]
[null,null,null,null,null,{"$f":"E29","v":0.1705003284108213},60,{"$f":"G43+40","v":100},{"$f":"H43+40","v":140},180,220,260,300,340,380,420,460]
[null,null,null,null,"Debt",0,-8.3514800331760841E-2,2.9203306439740118E-12,6.6373259489159731E-2,0.12414829284455298,0.17681377427677569,0.22615229852344276,0.27319842409017703,0.3186038565447924,0.36280299564674867,0.40609742803158322,0.44870296872168347]
[null,null,null,null,null,100,-0.10146772543711147,-5.5555555555556468E-3,6.8038601887593586E-2,0.13134559597984463,0.18881364262691847,0.24260073056199971,0.29391745310421902,0.34350709741744745,0.39185456978160427,0.43929003606176442,0.48604542491737446,"Therefore, higher risk when higher debt"]
[null,null,null,null,null,200,-0.12546754531999327,-1.2500000000000067E-2,7.0082511527823854E-2,0.14012920038043264,0.20344433729240352,0.26267609951755233,0.31925288196282731,0.37402596052716164,0.42753671432029239,0.48014514480061377,0.53209837781094871]
[null,null,null,null,null,300,-0.15969419739883994,-2.1428571428573795E-2,7.2651311925431061E-2,0.15110436843835995,0.22172210297891581,0.2878053918814627,0.35105420526867426,0.41244622240932571,0.4725839700572867,0.53185622912800579,0.59052197633162007]
[null,null,null,null,null,400,-0.21449408756148547,-3.3333333333522619E-2,7.5978403537253714E-2,0.16523926150287127,0.24528894560297965,0.32031658778518457,0.39236190198304355,0.46254687510828019,0.53153514074394659,0.59973777005088058,0.66741736447206224]
[null,null,null,null,null,500,false,-5.0000000000000155E-2,8.0460951504675915E-2,0.18419462085824478,0.27700296142455261,0.36431222514851114,0.44858266957304171,0.5310889987202474,0.61254225074885849,0.69335687863948192,0.77378123518844877]
[]
[]
[]
[null,null,"Balance Sheet (Right Side - Capital Structure)"]
[]
[null,null,null,null,"Book Value","Market Value"]
[null,null,null,"Debt",{"$f":"D8","v":800},{"$f":"E34","v":799.99999999999977},{"$f":"F56/SUM($F$56:$F$57)","v":0.72665999184848362}]
[null,null,null,"Equity",{"$f":"D10","v":200},{"$f":"E30","v":300.92754379521216},{"$f":"F57/SUM($F$56:$F$57)","v":0.27334000815151638}]
[]
[]
[null,"See, no title –>",null,null,null,2014,2015,2016,2017,2018,2019,2020,2021,2022,2023]
[null,null,"FCFF",{"$f":"NPV(H88,F61:O61)","v":1109.5225646216625},null,{"$f":"F17","v":150},150,150,150,150,150,150,150,150,150]
[null,null,"FCFd",{"$f":"NPV(G86,F62:O62)","v":799.99999999999977},null,{"$f":"F32","v":120},116,112,108,104,100,96,92,88,84]
[null,null,"FCFe",{"$f":"NPV(G87,F63:O63)","v":300.92754379521216},null,{"$f":"F28","v":30},34,38,42,46,50,54,58,62,66]
[]
[null,null,"Value of Debt",null,{"$f":"D9","v":0.05},{"$f":"NPV($E65,F62:O62)","v":799.99999999999977},{"$f":"NPV($E65,G62:P62)","v":719.99999999999977},639.99999999999989,560,479.99999999999994,400,320,240,160,80]
[null,null,"Value of Equty",null,{"$f":"D11","v":8.2745454545454539E-2},{"$f":"NPV($E66,F63:O63)","v":300.92754379521216},295.82793019179422,286.30634674275518,271.99689554323294,252.50340229991022,227.39691109749,196.21297186848412,158.44870341345629,113.55961339954065,60.956155228291721]
[null,null,"Total"]
[]
[null,null,"WACC",null,null,{"$f":"F65/SUM(F65:F66)*$E$65+F66/SUM(F65:F66)*$E$66","v":5.8950642812379654E-2},{"$f":"G65/SUM(G65:G66)*$E$65+G66/SUM(G65:G66)*$E$66","v":5.9536083576223725E-2},6.0121091684524147E-2,6.0705162515901315E-2,6.1287781949713072E-2,6.1868428238025824E-2,6.2446573995015603E-2,6.3021688290017197E-2,6.3593238828507176E-2,6.4160694203533916E-2]
[]
[null,null,"Discount Factor",null,1,{"$f":"E71*(1+F69)","v":1.0589506428123796},{"$f":"F71*(1+G69)","v":1.1219964167859533},1.1894520662292491,1.2616579472145704,1.3389821643785795,1.421822886327432,1.5106108544062846,1.605812100800194,1.7079308932400876,1.8175129250020334]
[]
[null,null,"PV of FCFF",null,null,{"$f":"SUMPRODUCT(F61:$O61/F71:$O71)","v":1100.9275437952122}]
[]
[]
[]
[]
[null,null,"Check of Value"]
[]
[null,null,"% Debt",null,null,{"$f":"F65/SUM(F65:F66)","v":0.72665999184848362},{"$f":"G65/SUM(G65:G66)","v":0.70878145658395098},0.69091613400953467,0.67307943455048713,0.6552870587261419,0.63755493998255397,0.61989918393900134,0.60233600446921365,0.58488165709722661,0.56755237024188476]
[null,null,"% Equity",null,null,{"$f":"1-F80","v":0.27334000815151638},{"$f":"1-G80","v":0.29121854341604902},0.30908386599046533,0.32692056544951287,0.3447129412738581,0.36244506001744603,0.38010081606099866,0.39766399553078635,0.41511834290277339,0.43244762975811524]
[]
[null,null,"Trick –>",{"$f":"AND(F83:O83)","v":true},null,{"$f":"SUM(F80:F81)=1","v":true},{"$f":"SUM(G80:G81)=1","v":true},true,true,true,true,true,true,true,true]
[]
[null,null,null,null,null,"%","Cost (pre-tax)","WACC"]
[null,null,null,null,"Debt",{"$f":"G56","v":0.72665999184848362},{"$f":"D9","v":0.05},{"$f":"F86*G86","v":3.6332999592424184E-2}]
[null,null,null,null,"Equity",{"$f":"G57","v":0.27334000815151638},{"$f":"D11","v":8.2745454545454539E-2},{"$f":"F87*G87","v":2.261764321995547E-2}]
[null,null,null,null,null,null,null,{"$f":"SUM(H86:H87)","v":5.8950642812379654E-2}]
[]
[null,null,null,"Note for presentation:","WACC based on PV of Debt CF and Equity CF"]

{"sheet":"2.07 - Alternatives to CAPM","index":17,"n_rows":1,"n_cols":1,"rows_kept":1,"cut":false,"hidden":true,"merged":[]}
["Cost of Equity computed for DE from the PE ratio"]

{"sheet":"3.00 - Multiples","index":18,"n_rows":10,"n_cols":3,"rows_kept":10,"cut":false,"hidden":true,"merged":[]}
[]
[null,"Multiples in company valuations"]
[null,"EV/EBITDA"]
[null,"How multiples relate to Cost of Capital and drive value"]
[null,"Gain an understanding of why a multiple is higher than another (e.g. high PE Ratio and relation to high growth, etc.)"]
[null,null,"Therefore, which company to accept"]
[null,null,"…and how to adjust those multiple to \"match\" the target under consideration"]
[]
[]
[null,"EB to DS recommendations / ideas:"]

{"sheet":"3.01 - Football Field","index":19,"n_rows":61,"n_cols":13,"rows_kept":61,"cut":false,"hidden":true,"merged":[[1,3,1,4]]}
[null,null,null,null,null,null,null,null,null,null,null,null,"Step 4: Remove Fill from Spaces; Double Click on Labels"]
[null,null,null,"Value",null,null,"Step 1: Make Increment and label space"]
[null,null,null,"Low","High",null,"Low",null,"High"]
[null,null,"Trading Comparables",100,150,{"$f":"C4","v":"Trading Comparables"},100,{"$f":"$G$4/3","v":33.333333333333336},{"$f":"E4-D4","v":50},{"$f":"H4","v":33.333333333333336}]
[null,null,"Precedent Transactions",150,200,"Precedent Transactions",150,{"$f":"$G$4/3","v":33.333333333333336},{"$f":"E5-D5","v":50},{"$f":"H5","v":33.333333333333336}]
[null,null,"DCF",125,175,"DCF",125,{"$f":"$G$4/3","v":33.333333333333336},{"$f":"E6-D6","v":50},{"$f":"H6","v":33.333333333333336}]
[null,null,"LBO",175,225,"LBO",175,{"$f":"$G$4/3","v":33.333333333333336},{"$f":"E7-D7","v":50},{"$f":"H7","v":33.333333333333336}]
[null,null,"Premium(s) - Other Tx",60,110,"Premium(s) - Other Tx",60,{"$f":"$G$4/3","v":33.333333333333336},{"$f":"E8-D8","v":50},{"$f":"H8","v":33.333333333333336}]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Step2: Make chart with Alt F1; Change to Bars"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Step 3: Remove Fill and add labels"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,"Low","High",null,"Low","S1","High","S2","High","Low"]
[null,null,"Trading Comparables",100,150,{"$f":"C57","v":"Trading Comparables"},100,{"$f":"$G$4/3","v":33.333333333333336},{"$f":"E57-D57","v":50},{"$f":"H57","v":33.333333333333336},150,120]
[null,null,"Precedent Transactions",150,200,"Precedent Transactions",150,{"$f":"$G$4/3","v":33.333333333333336},{"$f":"E58-D58","v":50},{"$f":"H58","v":33.333333333333336},{"$f":"K57","v":150},120]
[null,null,"DCF",125,175,"DCF",125,{"$f":"$G$4/3","v":33.333333333333336},{"$f":"E59-D59","v":50},{"$f":"H59","v":33.333333333333336},150,120]
[null,null,"LBO",175,225,"LBO",175,{"$f":"$G$4/3","v":33.333333333333336},{"$f":"E60-D60","v":50},{"$f":"H60","v":33.333333333333336},150,120]
[null,null,"Premium(s) - Other Tx",60,110,"Premium(s) - Other Tx",60,{"$f":"$G$4/3","v":33.333333333333336},{"$f":"E61-D61","v":50},{"$f":"H61","v":33.333333333333336},150,120]

{"sheet":"3.02 - EV-EBITDA-PE Recon","index":20,"n_rows":21,"n_cols":10,"rows_kept":21,"cut":false,"hidden":true,"merged":[]}
["Differences between PE ration and EV/EBITDA ratio"]
[]
[]
[null,null,null,null,"Factors that impact the EV/EBITDA vs P/E comparison!"]
[null,null,null,"Tax Rate",0,null,null,null,"FCFF","FCFE"]
[null,null,null,"Depreciation Rate",0,null,null,"Discounting","WACC","CoE"]
[null,null,null,"Net Debt",0,null,null,"Rate of Return","RoIC","RoE"]
[null,null,null,null,null,null,null,"Valuation","EV/EVITDA","P/E"]
[null,null,null,"Market Cap",1000,null,null,"IRR","Unlevered","Equity IRR"]
[null,null,null,"EV",{"$f":"SUM(E7:E9)","v":1000}]
[]
[null,null,null,"EBITDA",100]
[null,null,null,"Less: D&A",0]
[null,null,null,"EBIT",{"$f":"E12-E13","v":100}]
[null,null,null,"Less: Interest",0]
[null,null,null,"EBT",{"$f":"E14-E15","v":100}]
[null,null,null,"Less: Taxes",0]
[null,null,null,"Earnings",{"$f":"E16-E17","v":100}]
[]
[null,null,null,"P/E Ration",10]
[null,null,null,"EV/EBITDA",{"$f":"E10/E12","v":10}]

{"sheet":"3.03 - EV-EBITDA","index":21,"n_rows":39,"n_cols":305,"rows_kept":39,"cut":false,"hidden":true,"merged":[]}
[]
[]
[]
[null,null,null,null,null,"Working Capital to EBITDA",0.3,0.3]
["Assumptions"]
[null,null,5]
[null,null,0]
[null,null,1000]
[]
["Assumptions",null,null,"Long-term"]
[null,"ROIC (Real)",0.1,0.08]
[null,"WACC (Real)",7.0000000000000007E-2,0.06,null,null,"EV = NPV FCF",{"$f":"NPV(C17,39:39)","v":2491.2984539258819},{"$f":"show_formulaR(H12)","v":"< ---- =NPV(C17,39:39)"}]
[null,"Growth Rate (Real)",0.05,0.01,null,null,"EBITDA ",{"$f":"F37","v":304.78579556181222}]
[null,"Inflation",0.02,2.5000000000000001E-2]
[null,"Growth Rate Nominal",{"$f":"(1+C13)*(1+C14)-1","v":7.1000000000000174E-2},{"$f":"(1+D13)*(1+D14)-1","v":3.5250000000000004E-2},{"$f":"show_formulaR(C15)","v":"< ---- =(1+C13)*(1+C14)-1"},null,"EV/EBITDA",{"$f":"H12/H13","v":8.1739322836015589}]
[null,"ROIC Nominal",{"$f":"(1+C11)*(1+C14)-1","v":0.12200000000000011},{"$f":"(1+D11)*(1+D14)-1","v":0.10699999999999998},{"$f":"show_formulaR(C16)","v":"< ---- =(1+C11)*(1+C14)-1"}]
[null,"WACC Nominal",{"$f":"(1+C12)*(1+C14)-1","v":9.1400000000000148E-2},null,{"$f":"show_formulaR(C17)","v":"< ---- =(1+C12)*(1+C14)-1"},null,"Function",{"$f":"EV_EBITDA_Simple(C16,C17,C15,C19,C18)","v":8.1739322836015376},{"$f":"show_formulaR(H17)","v":"< ---- =EV_EBITDA_Simple(C16,C17,C15,C19,C18)"}]
[null,"Tax rate",0.38,{"$f":"C18","v":0.38}]
[null,"Deprectiation life (yrs)",15,{"$f":"C19","v":15}]
[null,"Net Plant Depreciation Rate",{"$f":"net_depreciation_rate(C19,C15)","v":0.10801160201342497},{"$f":"net_depreciation_rate(D19,D13)","v":0.12216470565222096},{"$f":"show_formulaR(C20)","v":"< ---- =net_depreciation_rate(C19,C15)"}]
[null,"Capital Expenditure to Depreciation",{"$f":"cap_exp_depreciation_simple(C19,C15,1)","v":1.6573367923121394},{"$f":"cap_exp_depreciation_simple(D19,D13,1)","v":1.0818567027736148},{"$f":"show_formulaR(C21)","v":"< ---- =cap_exp_depreciation_simple(C19,C15,1)"}]
[]
[null,null,null,null,0,{"$f":"E23+1","v":1},{"$f":"F23+1","v":2},3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,{"$f":"BR23+1","v":66},67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100,101,102,103,104,105,106,107,108,109,110,111,112,113,114,115,116,117,118,119,120,121,122,123,124,125,126,127,128,129,{"$f":"ED23+1","v":130},131,132,133,134,135,136,137,138,139,140,141,142,143,144,145,146,147,148,149,150,151,152,153,154,155,156,157,158,159,160,161,162,163,164,165,166,167,168,169,170,171,172,173,174,175,176,177,178,179,180,181,182,183,184,185,186,187,188,189,190,191,192,193,{"$f":"GP23+1","v":194},195,196,197,198,199,200,201,202,203,204,205,206,207,208,209,210,211,212,213,214,215,216,217,218,219,220,221,222,223,224,225,226,227,228,229,230,231,232,233,234,235,236,237,238,239,240,241,242,243,244,245,246,247,248,249,250,251,252,253,254,255,256,257,{"$f":"JB23+1","v":258},259,260,261,262,263,264,265,266,267,268,269,270,271,272,273,274,275,276,277,278,279,280,281,282,283,284,285,286,287,288,289,290,291,292,293,294,295,296,297,298,299,300]
[null,"Short-term Period",null,null,{"$f":"COUNTIF(F24:KS24,TRUE)","v":5},{"$f":"F23<=$C$6","v":true},true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"BR23<=$C$6","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"ED23<=$C$6","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"GP23<=$C$6","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"JB23<=$C$6","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"Long-term Period",null,null,{"$f":"COUNTIF(F25:KS25,TRUE)","v":295},{"$f":"F23>$C$7+$C$6","v":false},false,false,false,false,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"BR23>$C$7+$C$6","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"ED23>$C$7+$C$6","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"GP23>$C$7+$C$6","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"JB23>$C$7+$C$6","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[null,"Transition Period",null,null,{"$f":"COUNTIF(F26:KS26,TRUE)","v":0},{"$f":"F24=F25","v":false},{"$f":"G24=G25","v":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,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,{"$f":"BS24=BS25","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"EE24=EE25","v":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,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,{"$f":"GQ24=GQ25","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"JC24=JC25","v":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,false,false,false,false]
[]
[]
["Model"]
[null,"Opening 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{"sheet":"3.04 - PE Ratio","index":22,"n_rows":72,"n_cols":307,"rows_kept":72,"cut":false,"hidden":true,"merged":[]}
[]
[null,null,null,null,null,null,null,"Actual P/E",null,null,15]
[]
[]
["Inputs ",null,null,null,null,null,null,null,null,null,null,"Outputs"]
[null,null,null,"Short-term","Long-run",null,null,null,null,null,null,null,"Price",null,null,{"$f":"SUMPRODUCT(H31:KU31/H34:KU34)","v":19.530480476593763},null,{"$f":"show_formulaR(P6)","v":"< ---- =SUMPRODUCT(H31:KU31/H34:KU34)"}]
[null,null,"Inflation Rate",0.01,2.5000000000000001E-2,null,"Initial Book Value",null,10,null,null,null,"First Year Earnings",null,null,{"$f":"H30","v":1.3120000000000021}]
[null,null,null,null,null,null,"Short-term Period",null,5,null,null,null,"Compute P/E Ratio",null,null,{"$f":"P6/P7","v":14.886036948623271}]
[null,null,"Real ROE (no inf)",0.12,0.1]
[null,null,"Nominal ROE",{"$f":"(1+Real_ROE__no_inf)*(1+Inflation_Rate)-1","v":0.13120000000000021},{"$f":"(1+E7)*(1+E9)-1","v":0.12749999999999995},null,{"$f":"show_formulaR(Nominal_ROE)","v":"< ---- =(1+Real_ROE__no_inf)*(1+Inflation_Rate)-1"},null,null,null,null,null,"Book Value",null,null,{"$f":"H29","v":10}]
[null,null,null,null,null,null,null,null,null,null,null,null,"Price to Book",null,null,{"$f":"P6/P10","v":1.9530480476593763}]
[null,null,"Real CoE (no inflation)",7.0000000000000007E-2,0.06]
[null,null,"Nominal Cost of Equity",{"$f":"(1+Real_CoE__no_inflation)*(1+Inflation_Rate)-1","v":8.0699999999999994E-2},{"$f":"(1+E12)*(1+E7)-1","v":8.6500000000000021E-2},null,{"$f":"show_formulaR(Nominal_Cost_of_Equity)","v":"< ---- =(1+Real_CoE__no_inflation)*(1+Inflation_Rate)-1"},null,null,null,null,null,"Value from Value Driver",null,null,{"$f":"P14*H31","v":18.860518292683011}]
[null,null,null,null,null,null,null,null,null,null,null,null,"PE from Value Driver",null,null,{"$f":"(1-D16/D10)/(D13-D16)","v":26.676829268292725}]
[null,null,"Real growth (no inf) ",0.05,0.01]
[null,null,"Nominal growth rate",{"$f":"(1+D15)*(1+D7)-1","v":6.0499999999999998E-2},{"$f":"(1+E15)*(1+E7)-1","v":3.5250000000000004E-2}]
[]
[null,null,"Dividend Payout Ratio",{"$f":"1-Nominal_growth_rate/Nominal_ROE","v":0.53887195121951292},{"$f":"1-(E16/E10)","v":0.72352941176470575},null,{"$f":"show_formulaR(Dividend_Payout_Ratio)","v":"< ---- =1-Nominal_growth_rate/Nominal_ROE"}]
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[]
[null,"Book Value"]
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[]
[null,null,"Earnings 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[]
[]
[null,null,null,"Scenario #",1,null,null,null,null,null,null,"P/E","P/B"]
[null,null,null,null,"Inflation",null,null,"real ROE","real CoE","real growth",null,{"$f":"P8","v":14.886036948623271},{"$f":"P11","v":1.9530480476593763}]
[null,null,null,"Base",0.02,null,null,0.12,7.0000000000000007E-2,0.03,1,14.886036948623271,1.9530480476593763]
[null,null,null,"Downside",0.04,null,null,0.14000000000000001,0.09,{"$f":"J41-2%","v":9.9999999999999985E-3},{"$f":"K41+1","v":2},14.886036948623271,1.9530480476593763]
[null,null,null,"Upside",0,null,null,0.1,0.05,0.05,{"$f":"K42+1","v":3},14.886036948623271,1.9530480476593763]
[null,null,null,{"$f":"TRANSPOSE(E40:J40)&\" low\"","v":"Inflation low"},{"$f":"E42","v":0.04},null,null,{"$f":"H$41","v":0.12},{"$f":"I$41","v":7.0000000000000007E-2},{"$f":"J$41","v":0.03},4,14.886036948623271,1.9530480476593763]
[null,null,null," low",{"$f":"E$41","v":0.02},null,null,{"$f":"H42","v":0.14000000000000001},7.0000000000000007E-2,0.03,5,14.886036948623271,1.9530480476593763]
[null,null,null," low",0.02,null,null,0.12,{"$f":"I42","v":0.09},0.03,6,14.886036948623271,1.9530480476593763]
[null,null,null,"real ROE low",0.02,null,null,0.12,7.0000000000000007E-2,{"$f":"J42","v":9.9999999999999985E-3},7,14.886036948623271,1.9530480476593763]
[null,null,null,{"$f":"TRANSPOSE(E40:J40)&\" high\"","v":"Inflation high"},{"$f":"E43","v":0},null,null,0.12,7.0000000000000007E-2,0.03,8,14.886036948623271,1.9530480476593763]
[null,null,null," high",0.02,null,null,{"$f":"H43","v":0.1},7.0000000000000007E-2,0.03,9,14.886036948623271,1.9530480476593763]
[null,null,null," high",0.02,null,null,0.12,{"$f":"I43","v":0.05},0.03,10,14.886036948623271,1.9530480476593763]
[null,null,null,"real ROE high",0.02,null,null,0.12,7.0000000000000007E-2,{"$f":"J43","v":0.05},11,14.886036948623271,1.9530480476593763]
[]
[null,null,null,{"$f":"INDEX(D41:D51,$E$39)","v":"Base"},{"$f":"INDEX(E41:E51,$E$39)","v":0.02},null,null,{"$f":"INDEX(H41:H51,$E$39)","v":0.12},{"$f":"INDEX(I41:I51,$E$39)","v":7.0000000000000007E-2},{"$f":"INDEX(J41:J51,$E$39)","v":0.03}]
[]
[]
[null,null,null,null,"Low V Base",null,null,"High V Base"]
[null,null,null,{"$f":"TRANSPOSE(E40:J40)","v":"Inflation"},{"$f":"L44-$L$41","v":0},null,null,{"$f":"L48-$L$41","v":0}]
[null,null,null,0,{"$f":"L45-$L$41","v":0},null,null,{"$f":"L49-$L$41","v":0}]
[null,null,null,0,{"$f":"L46-$L$41","v":0},null,null,{"$f":"L50-$L$41","v":0}]
[null,null,null,"real ROE",{"$f":"L47-$L$41","v":0},null,null,{"$f":"L51-$L$41","v":0}]
[]
[]
[null,null,"GDP growth",0.02]
[null,null,"Industry growth",0.2]
[null,null,"Industry as % of GDP",0.03]
[]
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[null,null,"Industry 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GDP",{"$f":"D68/D67","v":0.03},{"$f":"E68/E67","v":3.5294117647058823E-2},null,null,{"$f":"H68/H67","v":4.152249134948096E-2},4.8849989822918778E-2,5.7470576262257385E-2,6.7612442661479283E-2,7.9544050189975624E-2,9.3581235517618377E-2,0.11009557119719808,0.12952420140846832,0.1523814134217274,0.17927225108438519,0.21090853068751197,0.24812768316177874,0.29191492136679853,0.34342931925505704,0.40403449324124358,0.47533469793087485,0.55921729168338219,0.6579026960980966,0.77400317188011358,0.91059196691778066,1.071284666962095,1.2603349023083468,1.4827469438921728,1.7444081692849089,2.0522449050410692,2.4144057706365523,2.8404773772194729,3.3417380908464391,3.9314565774663981,4.6252430323134099,5.4414623909569517,6.4017204599493551,7.5314358352345341,8.8605127473347451,10.424132643923231,12.263685463439094,14.427865251104816,16.973959118946837,19.969363669349221,23.493369022763787,27.639257673839744,32.516773733929114,38.255027922269541,45.005915202670046,52.948135532552989,62.291924155944692,73.28461665405257,86.21719606359126,101.43199536893088,119.33175925756575,140.39030500890087,165.16506471635395,194.31184084276933,228.60216569737568,268.94372434985371,316.40438158806313,372.24044892713312,437.9299399142742,515.21169401679322,606.13140472563907,713.09577026545776,838.93620031230319,986.98376507329783,1161.157370674468,{"$f":"BT68/BT67","v":1366.0674949111387},1607.138229307222,1890.7508580084964,2224.4127741276425,2616.9562048560497,3078.7720057129995,3622.0847126035287,4261.2761324747389,5013.2660382055747,5897.9600449477339,6938.7765234679218,8163.2664981975558,9603.8429390559468,11298.638751830526,13292.516178624148,15638.254327793114,18397.946267991898,21644.642668225759,25464.285492030307,29957.982931800354,35244.68580211806,41464.336237785952,48781.572044454064,57390.084758181249,67517.746774330881,79432.643263918668,93450.168545786684,109941.37475974903,129342.79383499884,152167.99274705746,179021.16793771466,210613.13875025255,247780.1632355912,291506.07439481321,342948.32281742722,403468.61507932609,474668.95891685423,558434.06931394606,656981.25801640726,772919.12707812618,909316.62009191304,1069784.2589316624,1258569.7163901911,1480670.2545766954,1741965.0053843476,2049370.5945698204,2411024.2289056708,2836499.0928302011,3337057.7562708249,3925950.3014950883,4618765.0605824552,5433841.2477440657,6392754.4091106653,7520887.5401301952,8848102.9883884639,10409532.92751584,12246509.326489223,14407658.031163791,16950185.919016227,19941395.198842619,23460464.939814843,27600546.988017462,32471231.750608776,38201449.118363261,{"$f":"EF68/EF67","v":44942881.315721489},52873978.018495865,62204680.021759845,73181976.496188045,86096442.936691806,101289932.86669624,119164626.90199555,140193678.70823005,164933739.65674123,194039693.71381322,228281992.60448611,268567050.1229248,315961235.43873507,371719100.51615894,437316588.84253985,514490104.52063507,605282475.90662944,712097030.47838759,837761212.32751477,985601426.26766443,1159531089.7266638,1364154223.2078395,1604887321.4209876,1888102731.0835145,2221297330.6864872,2613290977.2782202,3074459973.2684941,3617011733.2570515,4255307921.4788837,5006244613.5045681,5889699545.2994919,6929058288.5876389,8151833280.6913395,9590392094.9309864,11282814229.330572,13273899093.330082,15616351874.505978,18372178675.889385,21614327853.987514,25428621004.691193,29916024711.401402,35195323189.883995,41406262576.334114,48713250089.804832,57309705988.005684,67423183515.300797,79321392370.942108,93319285142.284821,109787394285.04095,129161640335.34229,151954870982.75562,178770436450.30075,210318160529.76559,247433130035.01834,291097800041.198,342468000048.4682,402903529468.78607,474004152316.21881,557651943901.43384,656061110472.27515,771836600555.6178,908043059477.19739,1068285952326.1145,1256807002736.6052,{"$f":"GR68/GR67","v":1478596473807.7708},1739525263303.2595,2046500309768.5408,2407647423257.1064,2832526380302.478,3332383976826.4448,3920451737442.8765,4612296161697.502,5426230778467.6484,6383800915844.292,7510354018640.3428,8835710610165.1074,10394953659017.773,12229357245903.262,14387479112827.367,16926446015091.018,19913465900107.078,23427606941302.445,27561890519179.344,32425753551975.695,38147945355265.523,44879935712077.086,52799924367149.516,62117558078999.43,73079480092940.484,85975858932871.172,101148069332789.61,118997728626811.28,139997327796248.55,164702738583821.81,193767927745672.69,227962267936085.5,268190903454218.25,315518709946139.12,371198482289575.37,436704096811265.12,513769525660311.87,604434736070955.12,711099689495241.25,836587869994401.37,984221023522825.12,1157907086497441.2,1362243631173460.2,1602639566086423.5,1885458313042851,2218186250638648.2,2609630883104292,3070153980122696.5,3611945858967878,4249348069373973.5,4999233022792910,5881450615050482,6919353664765273,8140416076194437,9576960089640514,1.126701187016531E+16,1.325530808254742E+16,1.5594480097114612E+16,1.8346447173076016E+16,2.1584055497736484E+16,2.5393006467925276E+16,2.987412525638268E+16,3.5146029713391388E+16,4.1348270251048696E+16,{"$f":"JD68/JD67","v":4.864502382476316E+16},5.7229439793839008E+16,6.7328752698634128E+16,7.9210297292510736E+16,9.3188585050012608E+16,1.0963362947060306E+17,1.2898074055365064E+17,1.5174204771017722E+17,1.7852005612962029E+17,2.100235954466121E+17,2.4708658287836717E+17,2.9069009750396134E+17,3.4198835000466042E+17,4.0233923529960045E+17,4.7334027682305933E+17,5.5687091390948154E+17,6.551422516582135E+17,7.707555901861335E+17,9.0677128257192166E+17,1.0667897442022607E+18,1.2550467578850125E+18,1.4765255975117791E+18,1.737088938249152E+18,2.0436340449990019E+18,2.4042753470576492E+18,2.8285592318325279E+18,3.3277167433323858E+18,3.9149608745086894E+18,4.6058363229513999E+18,5.4186309681781176E+18,6.3748599625624904E+18,7.4998352500735181E+18,8.8233355883217848E+18,1.0380394809790335E+19,1.221222918798863E+19,1.4367328456457212E+19,1.6902739360537893E+19,1.9885575718279873E+19,2.33947949626822E+19,2.7523288191390826E+19,3.2380339048695083E+19,3.8094516527876563E+19,4.4817078268090073E+19,5.2725974433047142E+19]
[]
[null,null,"Yrs to 100%",{"$f":"MATCH(1,D69:KU69)","v":24}]
[null,null,"Yrs to 50%",{"$f":"MATCH(0.5,D69:KU69)","v":20}]

{"sheet":"3.06 - Inflation & FX","index":24,"n_rows":61,"n_cols":17,"rows_kept":61,"cut":false,"hidden":true,"merged":[]}
[]
[]
[]
[]
[]
[null,null,null,null,null,null,2014,{"$f":"G6+1","v":2015},{"$f":"H6+1","v":2016},2017,2018,2019,2020,2021,2022,2023,2024]
[null,null,null,null,null,"Inflation rate - Brazil",null,0.16,0.1,0.1,0.08,0.15,0.09,0.15,0.11,0.15,0.13]
[null,null,null,null,null,"Inflation rate - USA",null,0.04,0.05,0.05,0.01,0.05,0.01,0.05,0.04,0.03,0.03]
[]
[null,null,null,null,null,"Inflation Index - Brazil",1,{"$f":"G10*(1+H7)","v":1.1599999999999999},{"$f":"H10*(1+I7)","v":1.276},1.4036000000000002,1.5158880000000003,1.7432712000000004,1.9001656080000005,2.1851904492000003,2.4255613986120004,2.7893956084038001,3.1520170374962939]
[null,null,null,null,null,"Inflation Index - USA",1,{"$f":"G11*(1+H8)","v":1.04},{"$f":"H11*(1+I8)","v":1.0920000000000001},1.1466000000000001,1.158066,1.2159693,1.2281289930000001,1.2895354426500001,1.3411168603560002,1.3813503661666802,1.4227908771516806]
[]
[null,null,null,null,null,"Exchange Rate - Brazil",2]
[null,null,null,null,null,"Exchange Rate - USA",{"$f":"1/G13","v":0.5}]
[null,null,null,null,null,"Theoretical Exchange Rate - BRL/USD",{"$f":"G13","v":2},{"$f":"G15*(1+H7)/(1+H8)","v":2.2307692307692304},{"$f":"H15*(1+I7)/(1+I8)","v":2.3369963369963367},2.4482818768533052,2.6179647792094753,2.867294758181806,3.0944072142754147,3.3891126632540249,3.6172260155884306,4.0386504057540726,4.4307523868952439]
[null,null,null,null,null,"(aka inflation adjusted Exchange Rate)"]
[]
[null,null,null,null,null,"FCFF - Brazil",100,{"$f":"G18*(1+H7)","v":115.99999999999999},{"$f":"H18*(1+I7)","v":127.6},140.36000000000001,151.58880000000002,174.32712000000001,190.01656080000004,218.51904492000003,242.55613986120005,278.93956084038001,315.20170374962936]
[null,null,null,null,null,"FCFF - USA",{"$f":"G18/G15","v":50},{"$f":"H18/H15","v":52},54.6,57.330000000000013,57.903300000000002,60.798465000000007,61.406449650000006,64.476772132500017,67.055843017800015,69.067518308334016,71.139543857584044]
[null,null,null,null,null,"FCFF - Real USA",{"$f":"G19/G11","v":50},{"$f":"H19/H11","v":50},50,50.000000000000007,50,50.000000000000007,50,50.000000000000007,50.000000000000007,50.000000000000007,50.000000000000007]
[null,null,null,null,null,"FCFF - Real Brazil",{"$f":"G18/G10","v":100},{"$f":"H18/H10","v":100},100,100,99.999999999999986,99.999999999999986,100,100,100,100,99.999999999999986]
[]
[null,null,null,null,null,"WACC - USA (Base)",7.0000000000000007E-2]
[null,null,null,null,null,"Inflation Rate in USA",0.02]
[null,null,null,null,null,"WACC - USA (Real)",{"$f":"(1+G23)/(1+G24) -1","v":4.9019607843137303E-2}]
[null,null,null,null,null,"Inflation Rate (in Rf) in Brazil WACC",0.12]
[null,null,null,null,null,"WACC - Brazil Nominal",{"$f":"(1+G25)*(1+G26)-1","v":0.17490196078431386}]
[]
[null,null,null,null,null,"WACC - Brazil",null,{"$f":"(1+$G$25)*(1+H7)-1","v":0.21686274509803916},0.1539215686274511,0.1539215686274511,0.13294117647058834,0.20637254901960778,0.14343137254901972,0.20637254901960778,0.16441176470588248,0.20637254901960778,0.18539215686274502]
[null,null,null,null,null,"WACC - USA",null,{"$f":"(1+$G$25)*(1+H8)-1","v":9.0980392156862822E-2},0.1014705882352942,0.1014705882352942,5.9509803921568682E-2,0.1014705882352942,5.9509803921568682E-2,0.1014705882352942,9.0980392156862822E-2,8.0490196078431442E-2,8.0490196078431442E-2]
[null,null,null,null,null,"WACC - Real",null,{"$f":"$G$25","v":4.9019607843137303E-2},{"$f":"$G$25","v":4.9019607843137303E-2},4.9019607843137303E-2,4.9019607843137303E-2,4.9019607843137303E-2,4.9019607843137303E-2,4.9019607843137303E-2,4.9019607843137303E-2,4.9019607843137303E-2,4.9019607843137303E-2]
[]
[null,null,null,null,null,"What happens if the WACC changes over time???"]
[]
[null,null,null,null,null,"WACC Index - Brazil",{"$f":"1","v":1},{"$f":"G35*(1+H29)","v":1.2168627450980392},{"$f":"H35*(1+I29)","v":1.4041641676278356},1.6202953189195712,1.8356992848465261,2.2145372254937747,2.5321713393072449,3.054741993154475,3.5569775149701672,4.2910400315399908,5.0865651981715709]
[null,null,null,null,null,"WACC Index - USA",{"$f":"1","v":1},{"$f":"G36*(1+H30)","v":1.0909803921568628},1.2016828143021916,1.3236182763416788,1.4023865404337768,1.5446875276248513,1.6366115795138989,1.8026795191998681,1.9666880087898171,2.1249871122424095,2.2960277415709407]
[null,null,null,null,null,"WACC Index - Real",{"$f":"1","v":1},{"$f":"G37*(1+H31)","v":1.0490196078431373},1.1004421376393696,1.1543853796805152,1.2109728982923054,1.2703343148752615,1.3326056048201274,1.3979294089779768,1.466455360398466,1.5383404270846655,1.6137492715496]
[]
[null,null,null,null,null,"Nominal Valuation - Brazil",null,{"$f":"H18/H35","v":95.327102803738313},{"$f":"I18/I35","v":90.872565289544923},86.626183733958712,82.578231223026066,78.719435371482788,75.040957083095748,71.534370303511835,68.191642719235574,65.00511735852362,61.967495052050552]
[null,null,null,null,{"$f":"SUM(G39:Q39)","v":775.86310093816826},{"$f":"SUMPRODUCT(H18:Q18/H35:Q35)","v":775.86310093816826},{"$f":"SUM(H18:Q18/H35:Q35)","v":775.86310093816826}]
[null,null,null,null,"(i)","(ii)","(iii)"]
[]
[null,null,null,null,null,"Nominal Valuation - USA",null,{"$f":"SUMPRODUCT(H19:Q19/H36:Q36)","v":387.93155046908413}]
[null,null,null,null,null,"Nominal Valuation - Conversion to Brazil",null,{"$f":"H43*G15","v":775.86310093816826}]
[]
[null,null,null,null,null,"Valuation - USA (Real)",{"$f":"NPV(G25,H20:Q20)","v":387.93155046908407}]
[null,null,null,null,null,"Conversion to Brazil"]
[null,null,null,null,null,null,null,"When you have a changing WACC, a WACC index is required"]
[null,null,null,null,null,null,null,null,"Use SumProduct to quickly use it"]
[null,null,null,null,null,null,null,"WACC needs to be consistent with the inflation rate"]
[null,null,null,null,null,null,null,null,"If you have a changing WACC, you should also have a changing inflation rate"]
[]
[]
[null,null,null,null,null,"Wrong way to make a valuation"]
[null,null,null,null,null,"Brazil Growth (Real) - Assumes 0% growth",{"$f":"G21","v":100},{"$f":"H21","v":100},100,100,99.999999999999986,99.999999999999986,100,100,100,100,99.999999999999986]
[null,null,null,null,null,"True Valuation",{"$f":"H44","v":775.86310093816826}]
[null,null,null,null,null,"Value with REAL growth and NOMINAL WACC",{"$f":"NPV(G27,H55:Q55)","v":457.67425759958945}]
[null,null,null,null,null,"% Error",{"$f":"(G56-G57)/G57","v":0.6952299327635687}]
[]
[]
[null,null,null,null,null,"REFERENCE:","EB files (Chapter 2, Part 4) - 101 Valuation Mistakes"]

{"sheet":"4.00 - Advanced DCF Analysis","index":25,"n_rows":19,"n_cols":7,"rows_kept":19,"cut":false,"hidden":true,"merged":[]}
[]
[null,"DCF timing adjustment for 1/2 year and timing & why that is important/what issues does it address"]
[null,"Terminal Value in a DCF - 3 methods"]
[null,null,null,null,"Benefits",null,"Problems"]
[null,null,"1 - Typical growth rate method (standard)"]
[null,null,null,null,"Theoretically correct",null,"Leads to a really high variation from WACC differences"]
[null,null,null,null,null,null,"Really sensitive to the WACC"]
[null,null,"2 - Use of multiples"]
[null,null,null,null,"Much less sensitive to WACC",null,"Hard to determine which multiples to utilize"]
[null,null,null,null,null,null,"Terminal stable state multiple should vary from the comparable selection"]
[null,null,"3 - Value driver method"]
[null,null,null,null,"Includes 3 value drivers",null,"One doesn't know the WACC return spread"]
[null,null,null,null,"i - ROIC",null,"Leads to more sensitive WACC than section method 2"]
[null,null,null,null,"ii - WACC"]
[null,null,null,null,"iii - Growth"]
[null,"Stable Ratios"]
[null,null,"Working capital ratio - demonstrates that WC should change when terminal growth changes"]
[null,null,"CAPEX to depreciation Parity ratio - demonstrates that CAPEX should change when terminal growth rates change"]
[null,null,"Deferred tax parity ratio"]

{"sheet":"4.01 Timing in DCF","index":26,"n_rows":67,"n_cols":303,"rows_kept":67,"cut":false,"hidden":true,"merged":[]}
[]
["Assumptions"]
[null,"Transaction Year",null,2016,null,null,null,null,"Explicit","Terminal","Ent Value","Long-term"]
[null,"Explicit Period",null,6,null,null,null,null,{"$f":"C43","v":417.62563708288258},{"$f":"C52","v":533.06269049666628},{"$f":"SUM(I4:J4)","v":950.68832757954885},{"$f":"C61","v":950.68832757954317}]
[null,"Terminal Year",null,{"$f":"D3+D4-1","v":2021},null,null,"EOY",0,389.43791462421228,497.08352198165954,886.52143660587183,886.5214366058666]
[null,null,null,null,null,null,"Middle",0.5,417.62563708288258,533.06269049666628,950.68832757954885,950.68832757954317]
[null,"WACC",null,0.15,null,null,"BOY",1,447.85360181784404,571.64605027890855,1019.4996520967526,1019.4996520967459]
[null,"Terminal Growth",null,0.03]
[null,null,null,null,null,null,"BOY/EOY",null,{"$f":"I7/I5-1","v":0.14999999999999969},{"$f":"J7/J5-1","v":0.15000000000000013},{"$f":"K7/K5-1","v":0.14999999999999991},{"$f":"L7/L5-1","v":0.14999999999999925}]
[null,"Starting Cash Flow",null,100,null,null,"Middle/EOY",null,{"$f":"I6/I5-1","v":7.2380529476360866E-2},{"$f":"J6/J5-1","v":7.2380529476360866E-2},{"$f":"K6/K5-1","v":7.2380529476360866E-2},{"$f":"L6/L5-1","v":7.2380529476360644E-2}]
[null,"Explicit Growth Rate",null,0.1]
[]
[null,"Valuation Year",null,2014]
[null,"Valuation Date",null,"2014-01-01"]
[]
[null,"Period Adjustment Factor",null,0.5]
[null,"Adjustment Factor for CF",null,{"$f":"(1+D7)^D16","v":1.0723805294763609}]
[]
["Cash Flow Model with Terminal Value"]
[null,"Year",null,2013,{"$f":"D20+1","v":2014},{"$f":"E20+1","v":2015},2016,2017,2018,2019,2020,2021,2022,2023,2024,2025,2026,2027,2028,2029,2030,2031,2032,2033,2034,2035,2036,2037,2038,2039,2040,2041,2042,2043,2044,2045,2046,2047,2048,2049,2050,2051,2052,2053,2054,2055,2056,2057,2058,2059,2060,2061,2062,2063,2064,2065,2066,2067,2068,2069,2070,2071,2072,2073,2074,2075,2076,2077,2078,{"$f":"BQ20+1","v":2079},2080,2081,2082,2083,2084,2085,2086,2087,2088,2089,2090,2091,2092,2093,2094,2095,2096,2097,2098,2099,2100,2101,2102,2103,2104,2105,2106,2107,2108,2109,2110,2111,2112,2113,2114,2115,2116,2117,2118,2119,2120,2121,2122,2123,2124,2125,2126,2127,2128,2129,2130,2131,2132,2133,2134,2135,2136,2137,2138,2139,2140,2141,2142,{"$f":"EC20+1","v":2143},2144,2145,2146,2147,2148,2149,2150,2151,2152,2153,2154,2155,2156,2157,2158,2159,2160,2161,2162,2163,2164,2165,2166,2167,2168,2169,2170,2171,2172,2173,2174,2175,2176,2177,2178,2179,2180,2181,2182,2183,2184,2185,2186,2187,2188,2189,2190,2191,2192,2193,2194,2195,2196,2197,2198,2199,2200,2201,2202,2203,2204,2205,2206,{"$f":"GO20+1","v":2207},2208,2209,2210,2211,2212,2213,2214,2215,2216,2217,2218,2219,2220,2221,2222,2223,2224,2225,2226,2227,2228,2229,2230,2231,2232,2233,2234,2235,2236,2237,2238,2239,2240,2241,2242,2243,2244,2245,2246,2247,2248,2249,2250,2251,2252,2253,2254,2255,2256,2257,2258,2259,2260,2261,2262,2263,2264,2265,2266,2267,2268,2269,2270,{"$f":"JA20+1","v":2271},2272,2273,2274,2275,2276,2277,2278,2279,2280,2281,2282,2283,2284,2285,2286,2287,2288,2289,2290,2291,2292,2293,2294,2295,2296,2297,2298,2299,2300,2301,2302,2303,2304,2305,2306,2307,2308,2309,2310,2311,2312]
[]
[null,"Valuation Swith",null,{"$f":"D20=$D$13","v":false},{"$f":"E20=$D$13","v":true},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"BQ20=$D$13","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"EC20=$D$13","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"GO20=$D$13","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"JA20=$D$13","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"Explicit Period Switch",null,{"$f":"AND(D20>=$D$3,D20<=$D$5)","v":false},{"$f":"AND(E20>=$D$3,E20<=$D$5)","v":false},false,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(BQ20>=$D$3,BQ20<=$D$5)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(EC20>=$D$3,EC20<=$D$5)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(GO20>=$D$3,GO20<=$D$5)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(JA20>=$D$3,JA20<=$D$5)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"Terminal Switch",null,{"$f":"D20=$D$5","v":false},{"$f":"E20=$D$5","v":false},false,false,false,false,false,false,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"BQ20=$D$5","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"EC20=$D$5","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"GO20=$D$5","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"JA20=$D$5","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"Discounting Switch",null,{"$f":"D20>=$D$13","v":false},{"$f":"E20>=$D$13","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"BQ20>=$D$13","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"EC20>=$D$13","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"GO20>=$D$13","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"JA20>=$D$13","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[null,"Pre-Transaction",null,{"$f":"D20<$D$3","v":true},{"$f":"E20<$D$3","v":true},true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"BQ20<$D$3","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"EC20<$D$3","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"GO20<$D$3","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"JA20<$D$3","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"Transaction Date",null,{"$f":"D20=$D$3","v":false},{"$f":"E20=$D$3","v":false},false,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"BQ20=$D$3","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"EC20=$D$3","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"GO20=$D$3","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"JA20=$D$3","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"Post Terminal Period",null,{"$f":"D20>$D$5","v":false},{"$f":"E20>$D$5","v":false},false,false,false,false,false,false,false,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"BQ20>$D$5","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"EC20>$D$5","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"GO20>$D$5","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"JA20>$D$5","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[null,"Cash Flow Switch",null,{"$f":"D28<>D23","v":false},{"$f":"E28<>E23","v":false},false,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"BQ28<>BQ23","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"EC28<>EC23","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"GO28<>GO23","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"JA28<>JA23","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[]
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[null,"Cash Realisation Date - 1/2 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[]
[null,"Growth Rate",null,{"$f":"$D$11*D23+D28*$D$8","v":0},{"$f":"$D$11*E23+E28*$D$8","v":0},0,0.1,0.1,0.1,0.1,0.1,0.1,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,{"$f":"$D$11*BQ23+BQ28*$D$8","v":0.03},0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,{"$f":"$D$11*EC23+EC28*$D$8","v":0.03},0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,{"$f":"$D$11*GO23+GO28*$D$8","v":0.03},0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,{"$f":"$D$11*JA23+JA28*$D$8","v":0.03},0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03]
[null,"Growth Rate 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[null,"Period of Valuation",null,{"$f":"C40+D25","v":0},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,{"$f":"BO40+BP25","v":64},65,66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100,101,102,103,104,105,106,107,108,109,110,111,112,113,114,115,116,117,118,119,120,121,122,123,124,125,126,127,{"$f":"EA40+EB25","v":128},129,130,131,132,133,134,135,136,137,138,139,140,141,142,143,144,145,146,147,148,149,150,151,152,153,154,155,156,157,158,159,160,161,162,163,164,165,166,167,168,169,170,171,172,173,174,175,176,177,178,179,180,181,182,183,184,185,186,187,188,189,190,191,{"$f":"GM40+GN25","v":192},193,194,195,196,197,198,199,200,201,202,203,204,205,206,207,208,209,210,211,212,213,214,215,216,217,218,219,220,221,222,223,224,225,226,227,228,229,230,231,232,233,234,235,236,237,238,239,240,241,242,243,244,245,246,247,248,249,250,251,252,253,254,255,{"$f":"IY40+IZ25","v":256},257,258,259,260,261,262,263,264,265,266,267,268,269,270,271,272,273,274,275,276,277,278,279,280,281,282,283,284,285,286,287,288,289,290,291,292,293,294,295,296,297,298,299]
[null,"Periodic Discount Factor for Explicit 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2837619347062277E-14,5.4641408127880203E-14,4.751426793728711E-14,4.131675472807587E-14,3.5927612807022476E-14,3.1241402440889098E-14,2.7166436905120935E-14,2.3622988613148626E-14,2.0541729228824953E-14,1.7862373242456473E-14,1.5532498471701271E-14,1.3506520410175008E-14,1.1744800356673957E-14,1.0212869875368652E-14,8.8807564133640408E-15,7.7223968811861186E-15,6.7151277227705327E-15,5.8392414980613305E-15,5.077601302662023E-15,4.41530548057567E-15,3.839396070065798E-15,3.3386052783180828E-15,2.9031350246244389E-15,2.5244652388038583E-15,2.1951871641772672E-15,1.908858403632405E-15,1.6598768727238297E-15,1.4433711936728946E-15,1.2551053858025161E-15,1.0913959876543612E-15,9.4903998926466147E-16,8.2525216457796598E-16,7.1761057789388302E-16,6.2400919816859808E-16,5.4261669405965022E-16,4.7184060353013035E-16,4.102961769827218E-16,3.5677928433280135E-16,3.102428559415662E-16,{"$f":"1/(1+$D$7)^(JA40-$D$16)","v":2.6977639647092698E-16},2.3458817084428422E-16,2.0398971377763832E-16,1.7738235980664191E-16,1.5424553026664505E-16,1.3412654805795215E-16,1.1663178091995917E-16,1.0141893993039921E-16,8.8190382548173174E-17,7.6687289172324453E-17,6.6684599280282103E-17,5.7986608069810491E-17,5.0423137452009096E-17,4.3846206480007877E-17,3.8127136069572049E-17,3.3154031364845244E-17,2.8829592491169754E-17,2.5069210861886912E-17,2.1799313792945127E-17,1.8955925037343579E-17,1.6483413075950928E-17,1.433340267473993E-17,1.2463828412817324E-17,1.0838111663319405E-17,9.4244449246255639E-18,8.1951694996743988E-18,7.1262343475429519E-18,6.1967255196025635E-18,5.3884569735674809E-18,4.6856147596238943E-18,4.0744476170642532E-18,3.5429979278819576E-18,3.0808677633756138E-18,2.6790154464135753E-18,2.3295786490552815E-18,2.0257205643958958E-18,1.7614961429529519E-18,1.531735776480827E-18,1.3319441534615881E-18,1.1582123073579101E-18,1.0071411368329648E-18,8.7577490159388194E-19,7.6154339269033162E-19]
[]
[null,"Value of Expicit FCFF",{"$f":"SUMPRODUCT(D41:KQ41*D38:KQ38*D23:KQ23)","v":417.62563708288258}]
[]
[null,"Discount Factor for 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[null,"Simple TV Calculation",null,{"$f":"D38*(1+$D$8)/($D$7-$D$8)*D24","v":0},0,0,0,0,0,0,0,1520.5898583333342,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BP38*(1+$D$8)/($D$7-$D$8)*BP24","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EB38*(1+$D$8)/($D$7-$D$8)*EB24","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GN38*(1+$D$8)/($D$7-$D$8)*GN24","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IZ38*(1+$D$8)/($D$7-$D$8)*IZ24","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Adjusted TV Calculation",null,{"$f":"D46*$D$17","v":0},{"$f":"E46*$D$17","v":0},0,0,0,0,0,0,{"$f":"L46*$D$17","v":1630.6509573958854},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BQ46*$D$17","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EC46*$D$17","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GO46*$D$17","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"JA46*$D$17","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Value of Terminal CF",{"$f":"SUMPRODUCT(D47:KQ47*D45:KQ45)","v":533.06269049666628}]
[null,"Total EV at Beginning of Valuation Yr",{"$f":"C49+C43","v":950.68832757954885}]
[]
[null,"PV of TV with Periodic Discount Factor",{"$f":"SUMPRODUCT(D46:KQ46*D41:KQ41)","v":533.06269049666628}]
[]
[]
[null,"Extended Model"]
[null,"Switch for Buyer Long-term Analysis",null,{"$f":"D29","v":false},false,false,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"BP29","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"EB29","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"GN29","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"IZ29","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[]
[null,"Total Cash Flow in Explicit Period + 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[]
[null,"Theoretical Value",{"$f":"SUMPRODUCT(D59:KQ59*D58:KQ58)","v":950.68832757954317}]
[]
[]
["XNPV Proof"]
[null,"Valuation of Explicit FCF with XNPV 1/2 Yr",{"$f":"XNPV(D7,D38:KQ38,D32:KQ32)","v":949.79506348227324}]
[null,"Valuation of Explicit FCF with XNPV EOY",{"$f":"XNPV(D7,D38:KQ38,D33:KQ33)","v":885.85804900646542}]
[null,"EOY versus 1/2 Year",{"$f":"C65/C66-1","v":7.217523681984539E-2}]

{"sheet":"4.02 - TVoM Proof","index":27,"n_rows":54,"n_cols":307,"rows_kept":54,"cut":false,"hidden":true,"merged":[[39,0,39,3]]}
[]
[]
[]
[null,null,null,"FCFF",null,100]
[null,null,null,"Explicit Period Growth",null,0.1]
[null,null,null,"Terminal Period Growth",null,0.03]
[null,null,null,"WACC",null,0.06]
[]
[null,null,null,"Investment Date",null,2014]
[null,null,null,"Years b4 Commencement",null,2]
[null,null,null,"Operation Commencement",null,{"$f":"F9+F10","v":2016}]
[null,null,null,"Explicit Period",null,5]
[null,null,null,"Terminal Date",null,{"$f":"F11+F12-1","v":2020}]
[]
[null,null,null,"Discounting Convention",null,0.5]
[]
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[null,null,null,"Explicit Period Switch",null,null,{"$f":"AND(G17>=$F$11,G17<=$F$13)","v":false},{"$f":"AND(H17>=$F$11,H17<=$F$13)","v":false},true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(BT17>=$F$11,BT17<=$F$13)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(EF17>=$F$11,EF17<=$F$13)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(GR17>=$F$11,GR17<=$F$13)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(JD17>=$F$11,JD17<=$F$13)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Terminal Period Switch",null,null,{"$f":"G17=$F$13","v":false},{"$f":"H17=$F$13","v":false},false,false,false,false,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"BT17=$F$13","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"EF17=$F$13","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"GR17=$F$13","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"JD17=$F$13","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Initial Year Growth Switch",null,null,{"$f":"AND(G$17>$F$11,G$17<=$F$13)","v":false},{"$f":"AND(H$17>$F$11,H$17<=$F$13)","v":false},false,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(BT$17>$F$11,BT$17<=$F$13)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(EF$17>$F$11,EF$17<=$F$13)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(GR$17>$F$11,GR$17<=$F$13)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(JD$17>$F$11,JD$17<=$F$13)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Post-Terminal Period Switch",null,null,{"$f":"G17>$F$13","v":false},{"$f":"H17>$F$13","v":false},false,false,false,false,false,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"BT17>$F$13","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"EF17>$F$13","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"GR17>$F$13","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"JD17>$F$13","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[null,null,null,"Long Term Switch",null,null,{"$f":"G22<>G19","v":false},{"$f":"H22<>H19","v":false},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"BT22<>BT19","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"EF22<>EF19","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"GR22<>GR19","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"JD22<>JD19","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[]
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["PROOF"]
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[null,null,null,"Explicit Value Check",null,null,{"$f":"XNPV($F$7,G53:KU53,G18:KU18)","v":3902.4308915592342}]

{"sheet":"4.03 - DCF Vs Terminal Analyses","index":28,"n_rows":87,"n_cols":295,"rows_kept":87,"cut":false,"hidden":true,"merged":[[42,9,42,13],[80,9,80,13],[82,7,86,7],[58,9,58,13],[60,7,64,7],[44,7,48,7]]}
[]
[]
["Timing Assumptions"]
[null,"Initial Year",null,null,2014]
[null,"Valuation Year",null,null,2018]
[null,"Terminal Year",null,null,2025]
[]
["Operational Assumptions",null,null,null,null,null,null,"Valuation Assumptions"]
[null,"EBITDA",null,null,100,null,null,"WACC",null,null,0.09]
[null,"Acc Payable/EBITDA",null,null,0.2,null,null,"Terminal EV/EBITDA",null,null,10]
[null,"Explicit Period Growth",null,null,0.1,null,null,"WACC / ROIC Spread",null,null,0.03]
[null,"Terminal growth",null,null,0.02,null,null,"ROIC",null,null,{"$f":"K9+K11","v":0.12}]
[]
["Timing"]
[null,"Year",null,null,null,null,null,null,2014,{"$f":"I15+1","v":2015},{"$f":"J15+1","v":2016},2017,2018,2019,2020,2021,2022,2023,2024,2025,2026,2027,2028,2029,2030,2031,2032,2033,2034,2035,2036,2037,2038,2039,2040,2041,2042,2043,2044,2045,2046,2047,2048,2049,2050,2051,2052,2053,2054,2055,2056,2057,2058,2059,2060,2061,2062,2063,2064,2065,2066,2067,2068,2069,2070,2071,2072,2073,2074,2075,2076,2077,2078,2079,{"$f":"BV15+1","v":2080},2081,2082,2083,2084,2085,2086,2087,2088,2089,2090,2091,2092,2093,2094,2095,2096,2097,2098,2099,2100,2101,2102,2103,2104,2105,2106,2107,2108,2109,2110,2111,2112,2113,2114,2115,2116,2117,2118,2119,2120,2121,2122,2123,2124,2125,2126,2127,2128,2129,2130,2131,2132,2133,2134,2135,2136,2137,2138,2139,2140,2141,2142,2143,{"$f":"EH15+1","v":2144},2145,2146,2147,2148,2149,2150,2151,2152,2153,2154,2155,2156,2157,2158,2159,2160,2161,2162,2163,2164,2165,2166,2167,2168,2169,2170,2171,2172,2173,2174,2175,2176,2177,2178,2179,2180,2181,2182,2183,2184,2185,2186,2187,2188,2189,2190,2191,2192,2193,2194,2195,2196,2197,2198,2199,2200,2201,2202,2203,2204,2205,2206,2207,{"$f":"GT15+1","v":2208},2209,2210,2211,2212,2213,2214,2215,2216,2217,2218,2219,2220,2221,2222,2223,2224,2225,2226,2227,2228,2229,2230,2231,2232,2233,2234,2235,2236,2237,2238,2239,2240,2241,2242,2243,2244,2245,2246,2247,2248,2249,2250,2251,2252,2253,2254,2255,2256,2257,2258,2259,2260,2261,2262,2263,2264,2265,2266,2267,2268,2269,2270,2271,{"$f":"JF15+1","v":2272},2273,2274,2275,2276,2277,2278,2279,2280,2281,2282,2283,2284,2285,2286,2287,2288,2289,2290,2291,2292,2293,2294,2295,2296,2297,2298,2299,2300]
[null,"Explicit Period",null,null,null,null,null,null,{"$f":"AND(I15>=$E$5,I15<=$E$6)","v":false},{"$f":"AND(J15>=$E$5,J15<=$E$6)","v":false},false,false,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(BV15>=$E$5,BV15<=$E$6)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(EH15>=$E$5,EH15<=$E$6)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(GT15>=$E$5,GT15<=$E$6)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(JF15>=$E$5,JF15<=$E$6)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"Terminal Year",null,null,null,null,null,null,{"$f":"I15=$E$6","v":false},{"$f":"J15=$E$6","v":false},false,false,false,false,false,false,false,false,false,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"BV15=$E$6","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"EH15=$E$6","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"GT15=$E$6","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"JF15=$E$6","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"Post Terminal Year",null,null,null,null,null,null,{"$f":"I15>$E$6","v":false},{"$f":"J15>$E$6","v":false},false,false,false,false,false,false,false,false,false,false,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"BV15>$E$6","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"EH15>$E$6","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"GT15>$E$6","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"JF15>$E$6","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[null,"Valuation Period",null,null,null,null,null,null,{"$f":"I15>=$E$5","v":false},{"$f":"J15>=$E$5","v":false},false,false,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"BV15>=$E$5","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"EH15>=$E$5","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"GT15>=$E$5","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"JF15>=$E$5","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[]
[null,"Acc 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[]
[null,"Change in Acc 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[]
[null,"Cash 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E21)","v":40313.832631816018},41120.10928445233,41942.511470141384,42781.361699544206,43636.988933535096,44509.728712205797,45399.923286449921,46307.921752178918,47234.080187222491,48178.761790966942,49142.337026786285,50125.183767322014,51127.687442668452,52150.241191521833,53193.24601535227,54257.110935659308,55342.253154372498,56449.098217459949,57578.08018180915,58729.641785445339,59904.234621154239,61102.319313577325,62324.36569984888,63570.853013845852,64842.270074122775,66139.115475605213,67461.897785117326,68811.135740819678,70187.358455636073,71591.105624748801,73022.927737243765]
[]
[null,"Value of the company",null,null,null,{"$f":"NPV(K9,I25:KI25)","v":3546.9837644869331}]
[]
["Valuation 1 - Acc Payable treated like debt"]
[]
[null,"Explicit CFs ",null,null,null,{"$f":"NPV($K$9,I31:KI31)","v":1220.6851078885509},null,null,{"$f":"IF(I16,I54)","v":false},false,false,false,161.0510000000001,177.15610000000012,194.87171000000015,214.3588810000002,235.79476910000022,259.37424601000026,285.3116706110003,313.84283767210036,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,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(BU16,BU54)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(EG16,EG54)","v":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,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,{"$f":"IF(GS16,GS54)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(JE16,JE54)","v":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,"Terminal CF(s)",null,null,null,{"$f":"NPV($K$9,I32:KI32)","v":2295.1040013047186},null,null,{"$f":"IF(I16,I17*I54*(1+$E$12)/($K$9-$E$12))","v":false},false,false,false,0,0,0,0,0,0,0,4573.1384917934629,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(BU16,BU17*BU54*(1+$E$12)/($K$9-$E$12))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(EG16,EG17*EG54*(1+$E$12)/($K$9-$E$12))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(GS16,GS17*GS54*(1+$E$12)/($K$9-$E$12))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(JE16,JE17*JE54*(1+$E$12)/($K$9-$E$12))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
[null,"Enterprise Value",null,null,null,{"$f":"F31+F32","v":3515.7891091932697}]
[null,"LESS acc payable",null,null,null,{"$f":"-INDEX(21:21,MATCH(E5,15:15,))","v":-32.210200000000022}]
[null,"Equity Value",null,null,null,{"$f":"SUM(F34:F35)","v":3483.5789091932697}]
[]
["Valuation 2 - Valuation with growth rate"]
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[null,"Explicit CFs (including change in acc payable)",null,null,null,{"$f":"NPV($K$9,I40:KI40)","v":1242.8793825774339},null,null,{"$f":"IF(I16,I54+I23)","v":false},false,false,false,163.97920000000011,180.37712000000013,198.41483200000016,218.25631520000019,240.08194672000025,264.09014139200025,290.4991555312003,319.54907108432036,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,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(BU16,BU54+BU23)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(EG16,EG54+EG23)","v":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,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,{"$f":"IF(GS16,GS54+GS23)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(JE16,JE54+JE23)","v":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,"Terminal CF(s)",null,null,null,{"$f":"NPV($K$9,I41:KI41)","v":2336.8331649648044},null,null,{"$f":"IF(I16,I17*(I54+I23)*(1+$E$12)/($K$9-$E$12))","v":false},false,false,false,0,0,0,0,0,0,0,4656.2864643715257,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(BU16,BU17*(BU54+BU23)*(1+$E$12)/($K$9-$E$12))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(EG16,EG17*(EG54+EG23)*(1+$E$12)/($K$9-$E$12))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(GS16,GS17*(GS54+GS23)*(1+$E$12)/($K$9-$E$12))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(JE16,JE17*(JE54+JE23)*(1+$E$12)/($K$9-$E$12))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"Enterprise Value",null,null,null,{"$f":"F40+F41","v":3579.7125475422381}]
[null,null,null,null,null,null,null,null,null,"Growth"]
[null,"Implicit EV/EBITDA - Valuation Date",null,null,null,{"$f":"$F$42/(INDEX($54:$54,MATCH(E5,$15:$15)))","v":22.227198511913841},null,null,{"$f":"F44","v":22.227198511913841},0,{"$f":"J44+1%","v":0.01},{"$f":"K44+1%","v":0.02},{"$f":"L44+1%","v":0.03},{"$f":"M44+1%","v":0.04}]
[null,"Implicit EV/EBITDA - Terminal Date",null,null,null,{"$f":"SUM(I41:KI41)/(INDEX($54:$54,MATCH(E6,$15:$15)))","v":14.836363636363638},null,"WACC",7.0000000000000007E-2,24.900027686355831,27.841998767643322,31.960758281445806,38.138897552149523,48.435796336655734]
[null,null,null,null,null,null,null,null,{"$f":"I45+1%","v":0.08},21.449127059377794,23.51650471561976,26.273008257275713,30.132113215594039,35.920770653071528]
[null,null,null,null,null,null,null,null,{"$f":"I46+1%","v":0.09},18.781493502744517,20.288989444256099,22.227198511913841,24.811477268790831,28.429467528418623]
[null,null,null,null,null,null,null,null,{"$f":"I47+1%","v":9.9999999999999992E-2},16.661157024793386,17.792470156106514,19.206611570247929,21.024793388429746,23.449035812672172]
[null,null,null,null,null,null,null,null,{"$f":"I48+1%","v":0.10999999999999999},14.938024837922091,15.806826407724692,16.868694993038979,18.196030724681837,19.902605236794088]
[]
[]
[]
["Valuation 3 - EV/EBITDA"]
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[null,"Growth Rate",null,null,null,null,null,null,{"$f":"I18*$E$12+NOT(I18)*$E$11","v":0.1},0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,{"$f":"BU18*$E$12+NOT(BU18)*$E$11","v":0.02},0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,{"$f":"EG18*$E$12+NOT(EG18)*$E$11","v":0.02},0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,{"$f":"GS18*$E$12+NOT(GS18)*$E$11","v":0.02},0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,{"$f":"JE18*$E$12+NOT(JE18)*$E$11","v":0.02},0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
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[null,"Terminal CF(s)",null,null,null,{"$f":"NPV($K$9,I57:KI57)","v":1575.0713734444146},null,null,{"$f":"IF(I16,I54*$K$10*I17:I17)","v":false},false,false,false,0,0,0,0,0,0,0,3138.4283767210036,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(BU16,BU54*$K$10*BU17:BU17)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(EG16,EG54*$K$10*EG17:EG17)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(GS16,GS54*$K$10*GS17:GS17)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(JE16,JE54*$K$10*JE17:JE17)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"Enterprise Value",null,null,null,{"$f":"F56+F57","v":2817.9507560218485}]
[null,null,null,null,null,null,null,null,null,"Terminal EV/EBITDA Ratio"]
[null,"Implicit EV/EBITDA - Valuation Date",null,null,null,{"$f":"$F$58/(INDEX($54:$54,MATCH(E5,$15:$15)))","v":17.497257117446317},null,null,{"$f":"F60","v":17.497257117446317},9,{"$f":"J60+0.5","v":9.5},{"$f":"K60+0.5","v":10},{"$f":"L60+0.5","v":10.5},{"$f":"M60+0.5","v":11}]
[null,"Implicit EV/EBITDA - Terminal Date",null,null,null,{"$f":"SUM(I57:KI57)/(INDEX($54:$54,MATCH(E6,$15:$15)))","v":10},null,"WACC",7.0000000000000007E-2,18.610533435472533,19.177618982683324,19.744704529894115,20.311790077104906,20.87887562431569]
[null,null,null,null,null,null,null,null,{"$f":"I61+1%","v":0.08},17.524937989659257,18.051353596572717,18.577769203486177,19.104184810399644,19.630600417313108]
[null,null,null,null,null,null,null,null,{"$f":"I62+1%","v":0.09},16.519261716334611,17.008259416890464,17.497257117446317,17.98625481800217,18.475252518558023]
[null,null,null,null,null,null,null,null,{"$f":"I63+1%","v":9.9999999999999992E-2},15.586776859504125,16.041322314049584,16.495867768595041,16.950413223140494,17.404958677685947]
[null,null,null,null,null,null,null,null,{"$f":"I64+1%","v":0.10999999999999999},14.721383519840684,15.144183511580202,15.566983503319726,15.989783495059244,16.41258348679877]
[]
[]
[]
[]
[]
["Valuation 4 - Value Driver"]
[]
[null,"EV / NOPLAT Multiple",null,null,{"$f":"(1-E12/K12)/(K9-E12)","v":11.904761904761905}]
[null,"NOPLAT = (EBITDA-Depr)*(1-Tax Rate)",null,null,null,{"$f":"NPV($K$9,I74:KI74)","v":1220.6851078885509},null,null,{"$f":"IF(I16,I54)","v":false},false,false,false,161.0510000000001,177.15610000000012,194.87171000000015,214.3588810000002,235.79476910000022,259.37424601000026,285.3116706110003,313.84283767210036,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,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(BU16,BU54)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(EG16,EG54)","v":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,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,{"$f":"IF(GS16,GS54)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(JE16,JE54)","v":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,"Terminal CF(s) = NOPLAT*Multiplier",null,null,null,{"$f":"NPV($K$9,I75:KI75)","v":1875.0849683862079},null,null,{"$f":"IF(I16,$E$73*I74*I17)","v":false},false,false,false,0,0,0,0,0,0,0,3736.2242580011948,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(BU16,$E$73*BU74*BU17)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(EG16,$E$73*EG74*EG17)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(GS16,$E$73*GS74*GS17)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(JE16,$E$73*JE74*JE17)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
[null,"Enterprise Value",null,null,null,{"$f":"F74+F75","v":3095.770076274759}]
[null,"Equity Value",null,null,null,{"$f":"F77","v":3095.770076274759}]
[]
[null,"Implicit EV/EBITDA",null,null,null,{"$f":"$F$77/(INDEX($54:$54,MATCH(E5,$15:$15)))","v":19.222296516474639}]
[null,null,null,null,null,null,null,null,null,"Growth"]
[null,null,null,null,null,null,null,null,{"$f":"F80","v":19.222296516474639},0,{"$f":"J82+1%","v":0.01},{"$f":"K82+1%","v":0.02},{"$f":"L82+1%","v":0.03},{"$f":"M82+1%","v":0.04}]
[null,null,null,null,null,null,null,"WACC",7.0000000000000007E-2,24.455384334813761,25.265506545114896,26.399677639536471,28.100934281168833,30.936362017222788]
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{"sheet":"4.04 - Stable Working Capital","index":29,"n_rows":63,"n_cols":295,"rows_kept":63,"cut":false,"hidden":true,"merged":[[19,0,22,0]]}
[]
[]
["Timing Assumptions",null,null,null,null,null,null,null,null,null,null,null,null,"WC Change = WC/EBITDA x (g/(1+g)"]
[null,"Initial Year",null,null,2014]
[null,"Valuation Year",null,null,2018]
[null,"Terminal Year",null,null,2022]
[]
["Operational Assumptions"]
[null,"EBITDA",null,null,100]
[null,"Acc Payable/EBITDA",null,null,0.6]
[null,"ST growth",null,null,0.2]
[null,"Terminal growth",null,null,0.02]
[]
["Valuation Assumptions"]
[null,"WACC",null,null,0.08]
[]
[]
["Timing"]
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[null,"Change in Acc Payable",null,null,null,null,null,null,{"$f":"I28-H28","v":12},{"$f":"J28-I28","v":14.399999999999991},17.28,20.73599999999999,24.883200000000002,29.859839999999991,35.831807999999995,42.998169599999983,51.597803519999957,6.1917364224000266,6.3155711508479726,6.441882573864973,6.5707202253422565,6.7021346298491267,6.8361773224460762,6.9729008688950103,7.1123588862728866,7.2546060639983239,7.3996981852783961,7.547692148983856,7.6986459919635877,7.8526189118028356,8.0096712900389093,8.169864715839708,8.3332620101564885,8.4999272503595762,8.6699257953668507,8.8433243112741025,9.0201907974995947,9.2005946134495957,9.3846065057186365,9.5722986358330218,9.7637446085496435,9.9590195007206717,10.158199890735091,10.361363888549704,10.568591166320743,10.779962989647174,10.995562249440127,11.21547349442892,11.439782964317374,11.668578623603935,11.901950196075859,12.139989199997444,12.38278898399733,12.630444763677247,12.883053658950985,13.140714732129936,13.403529026772503,13.671599607308053,13.945031599454069,14.2239322314432,14.508410876072048,14.798579093593389,15.094550675465371,15.396441688974619,15.704370522754175,16.01845793320922,16.338827091873441,16.66560363371093,16.998915706384992,17.338894020512839,17.685671900923126,18.039385338941429,18.400173045720408,{"$f":"BV28-BU28","v":18.768176506634745},19.143540036767604,19.526410837502794,19.916939054252794,20.315277835337952,20.721583392044522,21.136015059885722,21.558735361083336,21.98991006830488,22.42970826967121,22.87830243506437,23.335868483765807,23.802585853441087,24.27863757051,24.764210321920245,25.259494528358346,25.764684418925526,26.27997810730426,26.805577669450258,27.34168922283925,27.888523007296044,28.446293467442047,29.015219336790778,29.59552372352664,30.187434197997163,30.791182881957184,31.407006539596296,32.035146670388258,32.675849603795996,33.329366595871761,33.995953927789287,34.675873006345,35.369390466471941,36.076778275801416,36.798313841317622,37.53428011814367,38.284965720506761,39.050665034916847,39.831678335615152,40.628311902327596,41.440878140374025,42.269695703181242,43.115089617245303,43.977391409589927,44.856939237781717,45.754078022537669,46.669159582987959,47.6025427746481,48.554593630140971,49.525685502743727,50.516199212798711,51.526523197054757,52.557053660995734,53.608194734215431,54.680358628899739,55.773965801477516,56.889445117507421,58.027234019858042,59.187778700254512,60.37153427425983,61.578964959745008,62.810544258939899,64.066755144118815,65.348090247000982,{"$f":"EH28-EG28","v":66.655052051941311},67.988153092980156,69.347916154839822,70.734874477936046,72.149571967495376,73.592563406844874,75.064414674982345,76.565702968481673,78.097017027851052,79.658957368408664,81.252136515776328,82.877179246092055,84.534722831014733,86.225417287633718,87.949925633386556,89.708924146055324,91.503102628975284,93.33316468155499,95.199827975186963,97.103824534689011,99.0459010253835,101.0268190458919,103.04735542680919,105.10830253534641,107.21046858605132,109.35467795777276,111.54177151692966,113.77260694726738,116.04805908621347,118.36902026793632,120.73640067329598,123.15112868676169,125.61415126049633,128.12643428570664,130.68896297142055,133.30274223084962,135.96879707546668,138.68817301697527,141.46193647731525,144.29117520686123,147.1769987109983,150.12053868521889,153.12294945892336,156.18540844810104,159.30911661706432,162.49529894940588,165.74520492839292,169.06010902696107,172.44131120749989,175.89013743165015,179.40794018028282,182.99609898388917,186.65602096356633,190.38914138283872,194.19692421049513,198.08086269470368,202.04247994859907,206.08332954757134,210.20499613852371,214.40909606129208,218.69727798251915,223.07122354216699,227.53264801301157,232.08330097327416,{"$f":"GT28-GS28","v":236.7249669927387},241.45946633259155,246.28865565924389,251.21442877242953,256.23871734788008,261.36349169483583,266.59076152873058,271.92257675930705,277.36102829449374,282.90824886038172,288.56641383759052,294.33774211434138,300.2244969566309,306.22898689576141,312.35356663367747,318.6006379663504,324.97265072567825,331.47210374019051,338.10154581499592,344.86357673129532,351.76084826591978,358.79606523123948,365.97198653586383,373.29142626657995,380.75725479191533,388.37239988775036,396.13984788550442,404.06264484321582,412.14389774008305,420.38677569488209,428.79451120877638,437.37040143295599,446.11780946161525,455.04016565084748,464.14096896386036,473.4237883431415,482.89226411000709,492.55010939220301,502.40111158004584,512.44913381164952,522.69811648788163,533.15207881763854,543.8151203939924,554.69142280187225,565.78525125791202,577.10095628306954,588.6429754087294,600.41583491690471,612.42415161523968,624.67263464754797,637.16608734049805,649.90940908731136,662.90759726904798,676.1657492144368,689.68906419872656,703.48284548270021,717.55250239235465,731.90355244020611,746.5416234889999,761.47245595878485,776.70190507795633,792.23594317951938,808.08066204311763,824.24227528397023,{"$f":"JF28-JE28","v":840.7271207896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[]
[null,"Cash Realized",null,null,null,null,null,null,{"$f":"IF(I23,I27-H28+I28)","v":false},{"$f":"IF(J23,J27-I28+J28)","v":false},false,false,273.71519999999998,328.45823999999993,394.14988799999992,472.97986559999993,567.57583871999987,532.4893323263999,543.1391189729278,554.00190135238643,565.08193937943417,576.38357816702296,587.91124973036335,599.66947472497054,611.66286421946995,623.89612150385938,636.37404393393672,649.10152481261525,662.08355530886752,675.32522641504488,688.83173094334586,702.60836556221284,716.66053287345699,730.99374353092617,745.61361840154473,760.52589076957565,775.73640858496708,791.25113675666648,807.0761594917999,823.21768268163589,839.68203633526855,856.47567706197401,873.6051906032136,891.07729441527783,908.89884030358348,927.07681710965517,945.61835345184829,964.53072052088521,983.82133493130277,1003.4977616299291,1023.5677168625275,1044.0390711997782,1064.9198526237737,1086.2182496762489,1107.9426146697742,1130.1014669631697,1152.7034963024332,1175.7575662284821,1199.2727175530517,1223.2581719041127,1247.723335342195,1272.6778020490387,1298.1313580900196,1324.09398525182,1350.5758649568565,1377.5873822559936,1405.1391299011134,1433.2419124991357,1461.9067507491181,1491.1448857641008,1520.9677834793829,1551.3871391489704,1582.4148819319498,{"$f":"IF(BV23,BV27-BU28+BV28)","v":1614.063179570589},1646.344443162001,1679.271332025241,1712.8567586657455,1747.1138938390604,1782.0561717158416,1817.6972951501589,1854.0512410531619,1891.1322658742251,1928.9549111917099,1967.534009415544,2006.8846896038551,2047.0223833959321,2087.9628310638509,2129.7220876851279,2172.31652943883,2215.7628600276066,2260.0781172281595,2305.2796795727227,2351.3852731641769,2398.4129786274602,2446.3812382000096,2495.3088629640097,2545.2150402232901,2596.1193410277556,2648.041727848311,2701.0025624052773,2755.0226136533829,2810.1230659264506,2866.3255272449796,2923.6520377898792,2982.1250785456768,3041.7675801165901,3102.6029317189223,3164.6549903533005,3227.9480901603665,3292.5070519635738,3358.3571930028456,3425.5243368629026,3494.034823600161,3563.9155200721639,3635.1938304736068,3707.8977070830792,3782.0556612247406,3857.6967744492354,3934.8507099382205,4013.5477241369845,4093.8186786197248,4175.695052192119,4259.2089532359614,4344.3931323006809,4431.2809949466955,4519.9066148456286,4610.3047471425407,4702.5108420853912,4796.5610589270982,4892.4922801056409,4990.3421257077543,5090.1489682219089,5191.9519475863472,5295.7909865380734,5401.7068062688359,5509.7409423942117,5619.9357612420963,{"$f":"IF(EH23,EH27-EG28+EH28)","v":5732.3344764669382},5846.9811659962779,5963.9207893162038,6083.1992051025263,6204.8631892045778,6328.9604529886692,6455.5396620484444,6584.650455289413,6716.3434643952005,6850.670333683106,6987.6837403567679,7127.437415163904,7269.9861634671834,7415.3858867365261,7563.6936044712565,7714.9674765606833,7869.2668260918963,8026.6521626137346,8187.1852058660106,8350.9289099833295,8517.9474881829956,8688.3064379466559,8862.0725667055885,9039.3140180397022,9220.1002984004954,9404.5023043685032,9592.5923504558759,9784.4441974649926,9980.1330814142948,10179.73574304258,10383.33045790343,10590.9970670615,10802.81700840273,11018.873348570783,11239.250815542198,11464.035831853043,11693.316548490104,11927.182879459906,12165.726537049104,12409.041067790085,12657.221889145887,12910.366326928804,13168.573653467382,13431.945126536728,13700.584029067464,13974.595709648816,14254.087623841791,14539.169376318629,14829.952763845002,15126.551819121902,15429.082855504339,15737.664512614427,16052.417802866716,16373.466158924051,16700.935482102534,17034.954191744582,17375.653275579476,17723.166341091066,18077.62966791289,18439.182261271148,18807.965906496571,19184.125224626499,19567.807729119027,19959.163883701414,{"$f":"IF(GT23,GT27-GS28+GT28)","v":20358.347161375445},20765.514104602949,21180.824386695007,21604.44087442891,22036.529691917494,22477.260285755841,22926.805491470957,23385.341601300373,23853.048433326385,24330.109401992911,24816.71159003277,25313.045821833424,25819.306738270097,26335.692873035499,26862.406730496208,27399.654865106131,27947.647962408257,28506.60092165642,29076.732940089551,29658.267598891343,30251.43295086917,30856.461609886555,31473.590842084286,32103.06265892597,32745.123912104493,33400.026390346582,34068.026918153511,34749.387456516582,35444.375205646917,36153.262709759852,36876.327963955046,37613.854523234149,38366.131613698832,39133.454245972811,39916.12333089226,40714.44579751011,41528.734713460319,42359.309407729525,43206.495595884109,44070.625507801793,44952.038017957828,45851.07877831698,46768.100353883325,47703.462360960992,48657.531608180216,49630.682240343827,50623.295885150699,51635.761802853711,52668.477038910787,53721.846579689009,54796.283511282789,55892.20918150845,57010.053365138607,58150.25443244139,59313.259521090222,60499.524711512029,61709.515205742275,62943.705509857129,64202.579620054261,65486.631212455351,66796.363836704462,68132.29111343855,69494.936935707345,70884.8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[]
[null,"Value of the company",null,null,null,{"$f":"NPV(E15,I32:KI32)","v":7621.9198997108324}]
[]
[]
["Valuation 1 - No stable period adjustments"]
[]
[null,"Explicit CFs (including change in acc payable)",null,null,null,{"$f":"NPV($E$15,I39:KI39)","v":1581.8657887517143},null,null,{"$f":"IF(I20,I27+I30)","v":false},{"$f":"IF(J20,J27+J30)","v":false},false,false,273.71519999999998,328.45823999999993,394.14988799999992,472.97986559999993,567.57583871999987,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(BV20,BV27+BV30)","v":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,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,{"$f":"IF(EH20,EH27+EH30)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(GT20,GT27+GT30)","v":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,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,{"$f":"IF(JF20,JF27+JF30)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"Terminal CF(s)",null,null,null,{"$f":"NPV($E$15,I40:KI40)","v":6566.8038408779121},null,null,{"$f":"IF(I20,I21*(I27+I30)*(1+$E$12)/($E$15-$E$12))","v":false},{"$f":"IF(J20,J21*(J27+J30)*(1+$E$12)/($E$15-$E$12))","v":false},false,false,0,0,0,0,9648.7892582399982,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(BV20,BV21*(BV27+BV30)*(1+$E$12)/($E$15-$E$12))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(EH20,EH21*(EH27+EH30)*(1+$E$12)/($E$15-$E$12))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(GT20,GT21*(GT27+GT30)*(1+$E$12)/($E$15-$E$12))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(JF20,JF21*(JF27+JF30)*(1+$E$12)/($E$15-$E$12))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
[null,"Enterprise Value",null,null,null,{"$f":"F39+F40","v":8148.6696296296268}]
[null,"Equity Value",null,null,null,{"$f":"F42","v":8148.6696296296268}]
[]
[]
["Valuation 2 - Stable period adjustments to working capital changes"]
[]
[null,"EBITDA",null,null,null,{"$f":"NPV($E$15,I48:KI48)","v":1438.0598079561039},null,null,{"$f":"IF(I20,I27)","v":false},{"$f":"IF(J20,J27)","v":false},false,false,248.83199999999997,298.59839999999997,358.31807999999995,429.98169599999994,515.97803519999991,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(BV20,BV27)","v":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,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,{"$f":"IF(EH20,EH27)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(GT20,GT27)","v":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,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,{"$f":"IF(JF20,JF27)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
[null,"Formula for stable working capital = WC/EBITDA * EBITDA * g/(1+g)"]
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[]
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{"sheet":"4.05 -CAPEX Depreciation Parity","index":30,"n_rows":48,"n_cols":295,"rows_kept":48,"cut":false,"hidden":true,"merged":[]}
[]
["Operating Assumptions"]
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[]
[]
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[]
["Plant Balance"]
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[null,"LESS 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[null,"Closing 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[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,10,50,34,56]
[null,null,null,null,null,null,null,34,35,466,5]
[null,null,null,null,null,null,null,24,55,64,321]
[]
[]
[null,null,null,null,null,null,null,{"$f":"OFFSET(H36,1,1)","v":35}]
[null,null,null,null,null,null,null,{"$f":"OFFSET(K38,-2,-3)","v":10}]
[]
[null,null,null,null,null,null,"row start",2]
[null,null,null,null,null,null,"coloumn start",1]
[null,null,null,null,null,null,"Height",1]
[null,null,null,null,null,null,"Width",2]
[null,null,null,null,null,null,null,{"$f":"AVERAGE(Range_Table)","v":59.5}]

{"sheet":"4.06 - Implement CAPEX Parity","index":31,"n_rows":30,"n_cols":13,"rows_kept":30,"cut":false,"hidden":true,"merged":[]}
[]
[]
[]
[null,null,null,null,null,null,"ED to provide a function to calculate CAPEX to Depreciation rate…so don't need another sheet to proof-it"]
[null,null,null,null,null,0.03,"Terminal Growth Rate"]
[null,null,null,null,null,0.08,"WACC"]
[null,null,null,null,null,15,"Asset Life"]
[null,null,null,null,null,{"$f":"'4.05 -CAPEX Depreciation Parity'!L3","v":1.256498706934321},"Stable CAPEX/Depreciation"]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,"Terminal Year"]
[null,null,null,null,null,null,2014,{"$f":"G11+1","v":2015},2016,2017,2018,2019,2020]
[null,null,null,null,null,"EBIT",100,114.99999999999999,132.24999999999997,150.76499999999999,171.87209999999999,192.49675200000001,217.52132975999999]
[null,null,null,null,null,"Depreciation",20,21,22,23,24,25,26]
[null,null,null,null,null,"CAPEX",40,42,35,48,49,31,5]
[null,null,null,null,null,"FCFF",{"$f":"G12+G13-G14","v":80},{"$f":"H12+H13-H14","v":94},119.24999999999997,125.76499999999999,146.87209999999999,186.49675200000001,238.52132975999999]
[]
[null,null,null,null,null,"Valuation of explicit cash flow",{"$f":"NPV(F6,G15:M15)","v":698.42762433696691}]
[null,null,null,null,null,null,0,0,0,0,0,0,{"$f":"M15*(1+F5)/(F6-F5)","v":4913.5393930559994}]
[null,null,null,null,null,"Terminal Value w/o stable year adjustments",{"$f":"NPV(F6,G18:M18)","v":2867.0030425903101}]
[null,null,null,null,null,"Enterprise Value",{"$f":"SUM(G17:G19)","v":3565.4306669272769}]
[]
[null,null,null,null,null,"Stable CAPEX",null,null,null,null,null,null,{"$f":"M13*F8","v":32.668966380292346}]
[null,null,null,null,null,"Stable year adjustments to CAPEX",null,null,null,null,null,null,{"$f":"M12+M13-M22","v":210.85236337970764}]
[null,null,null,null,null,"Terminal Value WITH stable year adjustments",0,0,0,0,0,0,{"$f":"M23*((1+F5)/(F6-F5))","v":4343.558685621977}]
[null,null,null,null,null,"PV of terminal value",{"$f":"NPV(F6,G24:M24)","v":2534.4247743178421}]
[null,null,null,null,null,"Enterprise Value",{"$f":"G17+G25","v":3232.8523986548089}]
[]
[null,null,null,null,null,"Error amount",{"$f":"G20-G26","v":332.57826827246799}]
[]
[null,null,null,null,null,null,"What about the ramp up/down to the terminal year???"]

{"sheet":"5.00 - EV-Eq Bridge","index":32,"n_rows":2,"n_cols":2,"rows_kept":2,"cut":false,"hidden":true,"merged":[]}
[]
[null,"Bridge between Enterprise and Equity values"]

{"sheet":"5.01 - Apple case study","index":33,"n_rows":0,"n_cols":0,"rows_kept":0,"cut":false,"hidden":true,"merged":[]}

{"sheet":"5.02 - Proving bridge contents","index":34,"n_rows":51,"n_cols":295,"rows_kept":51,"cut":false,"hidden":true,"merged":[[19,0,22,0]]}
[]
[]
["Timing Assumptions"]
[null,"Initial Year",null,null,2014]
[null,"Valuation Year",null,null,2018]
[null,"Terminal Year",null,null,2022]
[]
["Operational Assumptions"]
[null,"EBITDA",null,null,100]
[null,"Acc Payable/EBITDA",null,null,7.0000000000000007E-2]
[null,"ST growth",null,null,0.03]
[null,"Terminal growth",null,null,0.03]
[]
["Valuation Assumptions"]
[null,"WACC",null,null,0.12]
[]
[]
["Timing"]
[null,"Year",null,null,null,null,null,null,2014,{"$f":"I19+1","v":2015},{"$f":"J19+1","v":2016},2017,2018,2019,2020,2021,2022,2023,2024,2025,2026,2027,2028,2029,2030,2031,2032,2033,2034,2035,2036,2037,2038,2039,2040,2041,2042,2043,2044,2045,2046,2047,2048,2049,2050,2051,2052,2053,2054,2055,2056,2057,2058,2059,2060,2061,2062,2063,2064,2065,2066,2067,2068,2069,2070,2071,2072,2073,2074,2075,2076,2077,2078,2079,{"$f":"BV19+1","v":2080},2081,2082,2083,2084,2085,2086,2087,2088,2089,2090,2091,2092,2093,2094,2095,2096,2097,2098,2099,2100,2101,2102,2103,2104,2105,2106,2107,2108,2109,2110,2111,2112,2113,2114,2115,2116,2117,2118,2119,2120,2121,2122,2123,2124,2125,2126,2127,2128,2129,2130,2131,2132,2133,2134,2135,2136,2137,2138,2139,2140,2141,2142,2143,{"$f":"EH19+1","v":2144},2145,2146,2147,2148,2149,2150,2151,2152,2153,2154,2155,2156,2157,2158,2159,2160,2161,2162,2163,2164,2165,2166,2167,2168,2169,2170,2171,2172,2173,2174,2175,2176,2177,2178,2179,2180,2181,2182,2183,2184,2185,2186,2187,2188,2189,2190,2191,2192,2193,2194,2195,2196,2197,2198,2199,2200,2201,2202,2203,2204,2205,2206,2207,{"$f":"GT19+1","v":2208},2209,2210,2211,2212,2213,2214,2215,2216,2217,2218,2219,2220,2221,2222,2223,2224,2225,2226,2227,2228,2229,2230,2231,2232,2233,2234,2235,2236,2237,2238,2239,2240,2241,2242,2243,2244,2245,2246,2247,2248,2249,2250,2251,2252,2253,2254,2255,2256,2257,2258,2259,2260,2261,2262,2263,2264,2265,2266,2267,2268,2269,2270,2271,{"$f":"JF19+1","v":2272},2273,2274,2275,2276,2277,2278,2279,2280,2281,2282,2283,2284,2285,2286,2287,2288,2289,2290,2291,2292,2293,2294,2295,2296,2297,2298,2299,2300]
["Switches","Explicit Period",null,null,null,null,null,null,{"$f":"AND(I19>=$E$5,I19<=$E$6)","v":false},{"$f":"AND(J19>=$E$5,J19<=$E$6)","v":false},false,false,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(BV19>=$E$5,BV19<=$E$6)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(EH19>=$E$5,EH19<=$E$6)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(GT19>=$E$5,GT19<=$E$6)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(JF19>=$E$5,JF19<=$E$6)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
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[null,"Value of the company",null,null,null,{"$f":"NPV(E15,I32:KI32)","v":1290.7084919357862}]
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["Valuation 1 - Acc Payable treated like debt"]
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[null,"Enterprise Value",null,null,null,{"$f":"F38+F39","v":1288.0823047777776}]
[null,"LESS acc payable",null,null,null,{"$f":"-INDEX(28:28,MATCH(E5,19:19,))","v":-8.1149185201000016}]
[null,"Equity Value",null,null,null,{"$f":"SUM(F41:F42)","v":1279.9673862576776}]
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["Valuation 2 - Acc Payable part of FCF"]
[]
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[null,"Enterprise Value",null,null,null,{"$f":"F47+F48","v":1290.7084920011107}]
[null,"Equity Value",null,null,null,{"$f":"F50","v":1290.7084920011107}]

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[null,null,"How to add comments to the bottom of the excel screen:"]
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[]
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[null,null,"Auto-open Macro:"]

{"sheet":"6.01 - Update models template","index":36,"n_rows":121,"n_cols":54,"rows_kept":121,"cut":false,"hidden":true,"merged":[]}
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[]
[null,"First year of history",null,null,"2009-01-01"]
[null,"Last financial statement",null,null,"2013-10-01"]
[null,"Forecast Period (quarters)",null,null,8]
[null,"Terminal period",null,null,{"$f":"EDATE(E4,E5*3)","v":"2015-10-01"}]
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["Timeline",null,null,null,null,null,{"$f":"E3","v":"2009-01-01"},{"$f":"EDATE(G8,3)","v":"2009-04-01"},{"$f":"EDATE(H8,3)","v":"2009-07-01"},"2009-10-01","2010-01-01","2010-04-01","2010-07-01","2010-10-01","2011-01-01","2011-04-01","2011-07-01","2011-10-01","2012-01-01","2012-04-01","2012-07-01","2012-10-01","2013-01-01","2013-04-01","2013-07-01","2013-10-01","2014-01-01","2014-04-01","2014-07-01","2014-10-01","2015-01-01","2015-04-01","2015-07-01","2015-10-01","2016-01-01","2016-04-01","2016-07-01","2016-10-01","2017-01-01","2017-04-01","2017-07-01","2017-10-01","2018-01-01","2018-04-01","2018-07-01","2018-10-01","2019-01-01","2019-04-01","2019-07-01","2019-10-01","2020-01-01","2020-04-01","2020-07-01","2020-10-01"]
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[null,"Forecast period Switch",null,null,null,null,{"$f":"AND(G8>$E$4,G8<=$E$6)","v":false},{"$f":"AND(H8>$E$4,H8<=$E$6)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"Terminal Switch",null,null,null,null,{"$f":"G8=$E$6","v":false},{"$f":"H8=$E$6","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"Graph Period",null,null,null,null,{"$f":"AND(G8>=$H$69,G8<=$H$72)","v":false},{"$f":"AND(H8>=$H$69,H8<=$H$72)","v":false},false,false,false,false,false,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
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["Historical"]
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["Assumptions"]
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[null,null,"COGS %"]
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[]
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[null,null,"SG&A %"]
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[]
["Graph Section",null,null,null,"NA",{"$f":"MATCH(TRUE,FALSE)","v":{"$error":"#N/A"}}]
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[null,null,{"$f":"C32","v":"COGS %"},null,null,null,null,{"$f":"H39","v":0.3},{"$f":"I39","v":0.3},0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.35,0.2,0.34,0.34,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2]
[null,null,{"$f":"C41","v":"SG&A %"},null,null,null,null,{"$f":"H48","v":0.15},{"$f":"I48","v":0.15},0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.18,0.19,0.17,0.17,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15]
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[null,3,{"$f":"INDEX(C53:C55,$B$59)","v":"SG&A %"},null,null,null,null,{"$f":"INDEX(H53:H55,$B$59)","v":0.15},{"$f":"INDEX(I53:I55,$B$59)","v":0.15},0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.18,0.19,0.17,0.17,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15]
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[null,null,"End Date for graph"]
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