{"text_format":"1","workbook":"xlsx","n_sheets":3,"sheets":["Working Capital","Sheet2","Sheet3"],"not_rendered":{"charts":0,"images":0,"macros":0,"external_links":0,"defined_names":0,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Working Capital","index":0,"n_rows":43,"n_cols":306,"rows_kept":43,"cut":false,"hidden":false,"merged":[]}
[]
["Assumptions"]
[null,"Operating Assumptions"]
[null,null,"Explicit Period Growth",null,0.3]
[null,null,"Terminal Growth",null,0.02]
[null,null,null,null,null,null,"Working Capital Change = Working Capital/EBITDA x EBITDAt x growth/(1+growth)"]
[null,null,"Revenues",null,100]
[null,null,"A/R to Revenues",null,{"$f":"3/12","v":0.25},null,null,"Theoretically Correct Valuation",null,null,null,null,null,{"$f":"E31","v":1721.2579600349356}]
[null,null,null,null,null,null,null,"Computed Valuation without  Stable Period Adjustment",null,null,null,null,null,{"$f":"E35","v":1363.5147729794339}]
[null,null,"Margin",null,0.2,null,null,"Computed Valuation with Stable Period Adjustment",null,null,null,null,null,{"$f":"E43","v":1721.2579604436687}]
[]
[null,null,"Explicit Period",null,10,null,null,"Error",null,null,null,null,null,{"$f":"N9-N8","v":-357.74318705550172}]
[null,null,null,null,null,null,null,"Perecent Error",null,null,null,null,null,{"$f":"N12/N8","v":-0.20783821795557056}]
[null,null,"WACC",null,0.1]
[]
["Timing"]
[null,"Period",null,null,null,0,{"$f":"F17+1","v":1},{"$f":"G17+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,{"$f":"BS17+1","v":66},67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100,101,102,103,104,105,106,107,108,109,110,111,112,113,114,115,116,117,118,119,120,121,122,123,124,125,126,127,128,129,{"$f":"EE17+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,{"$f":"GQ17+1","v":194},195,196,197,198,199,200,201,202,203,204,205,206,207,208,209,210,211,212,213,214,215,216,217,218,219,220,221,222,223,224,225,226,227,228,229,230,231,232,233,234,235,236,237,238,239,240,241,242,243,244,245,246,247,248,249,250,251,252,253,254,255,256,257,{"$f":"JC17+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,"Explicit Period",null,null,null,null,{"$f":"G17<=$E$12","v":true},true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"BS17<=$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":"EE17<=$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":"GQ17<=$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":"JC17<=$E$12","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"Terminal Period",null,null,null,null,{"$f":"G17=$E$12","v":false},false,false,false,false,false,false,false,false,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"BS17=$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":"EE17=$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":"GQ17=$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":"JC17=$E$12","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"Short-term Growth Period",null,null,null,null,{"$f":"G17<=$E$12","v":true},true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"BS17<=$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":"EE17<=$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":"GQ17<=$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":"JC17<=$E$12","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"Long-term Growth Period",null,null,null,null,{"$f":"G17>$E$12","v":false},false,false,false,false,false,false,false,false,false,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"BS17>$E$12","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"EE17>$E$12","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"GQ17>$E$12","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"JC17>$E$12","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
["Theoretical Value"]
[null,"Growth Rate",null,null,null,null,{"$f":"G20*$E$4+G21*$E$5","v":0.3},0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,{"$f":"BS20*$E$4+BS21*$E$5","v":0.02},0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,{"$f":"EE20*$E$4+EE21*$E$5","v":0.02},0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,{"$f":"GQ20*$E$4+GQ21*$E$5","v":0.02},0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,{"$f":"JC20*$E$4+JC21*$E$5","v":0.02},0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
[null,"Revenues",null,null,null,{"$f":"E7","v":100},{"$f":"F24*(1+G23)","v":130},{"$f":"G24*(1+H23)","v":169},219.70000000000002,285.61,371.29300000000001,482.68090000000001,627.48517000000004,815.73072100000013,1060.4499373000001,1378.5849184900003,1406.1566168598004,1434.2797491969964,1462.9653441809364,1492.2246510645552,1522.0691440858463,1552.5105269675632,1583.5607375069146,1615.2319522570529,1647.536591302194,1680.4873231282379,1714.0970695908027,1748.3790109826189,1783.3465912022714,1819.0135230263168,1855.3937934868432,1892.5016693565801,1930.3517027437117,1968.958736798586,2008.3379115345576,2048.5046697652488,2089.4747631605537,2131.2642584237647,2173.88954359224,2217.3673344640847,2261.7146811533667,2306.9489747764342,2353.0879542719631,2400.1497133574026,2448.1527076245507,2497.1157617770418,2547.0580770125825,2597.9992385528344,2649.9592233238914,2702.9584077903692,2757.0175759461767,2812.1579274651003,2868.4010860144026,2925.7691077346908,2984.2844898893845,3043.9701796871723,3104.8495832809158,3166.9465749465344,3230.2855064454652,3294.8912165743745,3360.7890409058623,3428.0048217239796,3496.5649181584595,3566.4962165216289,3637.8261408520616,3710.5826636691031,3784.7943169424852,3860.4902032813352,3937.7000073469621,4016.4540074939014,4096.7830876437793,{"$f":"BS24*(1+BT23)","v":4178.7187493966549},4262.2931243845878,4347.5389868722796,4434.4897666097249,4523.1795619419199,4613.6431531807584,4705.9160162443741,4800.0343365692615,4896.0350233006466,4993.9557237666595,5093.8348382419927,5195.7115350068325,5299.6257657069691,5405.6182810211085,5513.7306466415312,5624.0052595743618,5736.4853647658492,5851.2150720611662,5968.2393735023898,6087.604160972438,6209.3562441918866,6333.5433690757245,6460.2142364572392,6589.4185211863842,6721.2068916101116,6855.6310294423138,6992.7436500311605,7132.5985230317838,7275.25049349242,7420.7555033622684,7569.1706134295137,7720.5540256981039,7874.9651062120665,8032.4644083363082,8193.1136965030346,8356.9759704330954,8524.1154898417572,8694.5977996385918,8868.4897556313645,9045.8595507439913,9226.7767417588711,9411.3122765940479,9599.5385221259294,9791.529292568448,9987.3598784198166,10187.107075988213,10390.849217507977,10598.666201858137,10810.6395258953,11026.852316413206,11247.389362741471,11472.337149996301,11701.783892996227,11935.819570856152,12174.535962273276,12418.026681518742,12666.387215149118,12919.7149594521,13178.109258641141,13441.671443813964,13710.504872690244,13984.714970144048,14264.40926954693,14549.697454937868,{"$f":"EE24*(1+EF23)","v":14840.691404036626},15137.505232117359,15440.255336759707,15749.060443494902,16064.0416523648,16385.322485412096,16713.028935120339,17047.289513822747,17388.235304099202,17736.000010181186,18090.720010384808,18452.534410592503,18821.585098804353,19198.016800780439,19581.977136796049,19973.61667953197,20373.089013122608,20780.55079338506,21196.161809252761,21620.085045437816,22052.486746346574,22493.536481273506,22943.407210898975,23402.275355116955,23870.320862219294,24347.727279463681,24834.681825052954,25331.375461554013,25838.002970785095,26354.763030200796,26881.858290804812,27419.495456620909,27967.885365753329,28527.243073068395,29097.787934529762,29679.74369322036,30273.338567084767,30878.805338426464,31496.381445194995,32126.309074098896,32768.835255580874,33424.21196069249,34092.696199906342,34774.550123904468,35470.041126382559,36179.441948910207,36903.030787888412,37641.091403646184,38393.913231719111,39161.791496353493,39945.027326280564,40743.927872806176,41558.806430262302,42389.982558867552,43237.782210044905,44102.537854245806,44984.588611330721,45884.280383557336,46801.965991228484,47738.005311053057,48692.765417274117,49666.620725619599,50659.953140131991,51673.152202934631,{"$f":"GQ24*(1+GR23)","v":52706.615246993322},53760.747551933193,54835.962502971859,55932.681753031298,57051.335388091924,58192.362095853765,59356.209337770844,60543.333524526264,61754.200195016791,62989.284198917128,64249.06988289547,65534.05128055338,66844.732306164442,68181.626952287726,69545.259491333476,70936.164681160153,72354.887974783356,73801.98573427902,75278.025448964603,76783.585957943898,78319.257677102782,79885.642830644836,81483.355687257732,83113.022801002895,84775.283257022951,86470.78892216341,88200.204700606686,89964.208794618826,91763.492970511201,93598.762829921427,95470.73808651985,97380.152848250247,99327.75590521525,101314.31102331956,103340.59724378596,105407.40918866168,107515.55737243492,109665.86851988362,111859.1858902813,114096.36960808693,116378.29700024867,118705.86294025365,121079.98019905871,123501.57980303989,125971.61139910069,128491.0436270827,131060.86449962437,133682.08178961684,136355.72342540917,139082.83789391737,141864.49465179571,144701.78454483164,147595.82023572829,150547.73664044286,153558.69137325173,156629.86520071677,159762.46250473111,162957.71175482575,166216.86598992228,169541.20330972073,172932.02737591515,176390.66792343344,179918.48128190212,183516.85090754015,{"$f":"JC24*(1+JD23)","v":187187.18792569096},190930.93168420478,194749.55031788888,198644.54132424665,202617.43215073159,206669.78079374623,210803.17640962117,215019.2399378136,219319.62473656988,223706.01723130129,228180.13757592731,232743.74032744585,237398.61513399478,242146.58743667469,246989.51918540819,251929.30956911636,256967.89576049868,262107.25367570866,267349.39874922286,272696.38672420732,278150.31445869146,283713.32074786531,289387.5871628226,295175.33890607907,301078.84568420064,307100.42259788467,313242.43104984239,319507.27967083926,325897.42526425608,332415.37376954121,339063.68124493206,345844.95486983069,352761.85396722733,359817.09104657191,367013.43286750338,374353.70152485347,381840.77555535053,389477.59106645756,397267.14288778673,405212.48574554245,413316.73546045332,421583.07016966242,430014.73157305567]
[null,"Operating Expense",null,null,{"$f":"E10","v":0.2},null,{"$f":"G24*(1-$E$10)","v":104},{"$f":"H24*(1-$E$10)","v":135.20000000000002},175.76000000000002,228.48800000000003,297.03440000000001,386.14472000000001,501.98813600000005,652.58457680000015,848.35994984000013,1102.8679347920004,1124.9252934878402,1147.4237993575971,1170.3722753447491,1193.7797208516442,1217.6553152686772,1242.0084215740508,1266.8485900055318,1292.1855618056425,1318.0292730417552,1344.3898585025904,1371.2776556726421,1398.7032087860953,1426.6772729618172,1455.2108184210535,1484.3150347894746,1514.0013354852642,1544.2813621949695,1575.1669894388688,1606.6703292276461,1638.8037358121992,1671.579810528443,1705.0114067390118,1739.1116348737921,1773.8938675712679,1809.3717449226933,1845.5591798211474,1882.4703634175705,1920.119770685922,1958.5221660996406,1997.6926094216335,2037.6464616100661,2078.3993908422676,2119.9673786591134,2162.3667262322956,2205.6140607569414,2249.7263419720803,2294.720868811522,2340.6152861877526,2387.4275919115075,2435.176143749738,2483.8796666247326,2533.5572599572279,2584.2284051563724,2635.9129732594997,2688.6312327246901,2742.403857379184,2797.2519345267679,2853.1969732173034,2910.2609126816496,2968.4661309352828,3027.8354535539884,3088.3921626250685,3150.1600058775698,3213.1632059951212,3277.4264701150237,{"$f":"BT24*(1-$E$10)","v":3342.9749995173242},3409.8344995076704,3478.031189497824,3547.59181328778,3618.5436495535359,3690.9145225446068,3764.7328129954994,3840.0274692554094,3916.8280186405173,3995.164579013328,4075.0678705935943,4156.5692280054664,4239.7006125655753,4324.4946248168872,4410.9845173132253,4499.2042076594898,4589.1882918126794,4680.9720576489335,4774.5914988019122,4870.0833287779506,4967.4849953535095,5066.8346952605798,5168.1713891657919,5271.5348169491081,5376.9655132880898,5484.5048235538516,5594.1949200249292,5706.078818425427,5820.2003947939365,5936.6044026898153,6055.3364907436116,6176.4432205584835,6299.9720849696532,6425.9715266690473,6554.490957202428,6685.5807763464763,6819.2923918734059,6955.6782397108736,7094.7918045050919,7236.6876405951934,7381.4213934070976,7529.0498212752391,7679.630817700744,7833.2234340547584,7989.8879027358535,8149.6856607905711,8312.6793740063822,8478.932961486511,8648.5116207162409,8821.4818531305646,8997.9114901931771,9177.8697199970411,9361.4271143969818,9548.6556566849231,9739.6287698186206,9934.4213452149943,10133.109772119295,10335.771967561681,10542.487406912915,10753.337155051173,10968.403898152195,11187.77197611524,11411.527415637545,11639.757963950295,{"$f":"EF24*(1-$E$10)","v":11872.553123229301},12110.004185693888,12352.204269407766,12599.248354795922,12851.233321891841,13108.257988329678,13370.423148096272,13637.831611058198,13910.588243279362,14188.80000814495,14472.576008307848,14762.027528474004,15057.268079043482,15358.413440624352,15665.581709436839,15978.893343625576,16298.471210498086,16624.440634708048,16956.92944740221,17296.068036350254,17641.989397077261,17994.829185018807,18354.725768719181,18721.820284093566,19096.256689775437,19478.181823570947,19867.745460042366,20265.100369243213,20670.402376628077,21083.810424160638,21505.48663264385,21935.596365296729,22374.308292602665,22821.794458454719,23278.230347623812,23743.794954576289,24218.670853667816,24703.044270741171,25197.105156155998,25701.047259279119,26215.0682044647,26739.369568553993,27274.156959925076,27819.640099123575,28376.032901106049,28943.553559128166,29522.424630310732,30112.87312291695,30715.130585375289,31329.433197082795,31956.021861024452,32595.142298244944,33247.045144209842,33911.98604709404,34590.225768035925,35282.030283396649,35987.670889064575,36707.424306845867,37441.572792982792,38190.404248842446,38954.212333819298,39733.296580495684,40527.962512105594,41338.521762347707,{"$f":"GR24*(1-$E$10)","v":42165.292197594659},43008.59804154656,43868.770002377489,44746.145402425042,45641.068310473544,46553.889676683015,47484.967470216681,48434.666819621016,49403.360156013434,50391.427359133704,51399.255906316379,52427.241024442708,53475.785844931554,54545.301561830187,55636.207593066785,56748.931744928122,57883.910379826688,59041.588587423219,60222.420359171687,61426.868766355125,62655.40614168223,63908.51426451587,65186.684549806188,66490.418240802319,67820.226605618358,69176.631137730728,70560.163760485346,71971.367035695061,73410.794376408958,74879.010263937147,76376.59046921588,77904.122278600204,79462.204724172203,81051.448818655655,82672.477795028768,84325.927350929356,86012.445897947939,87732.6948159069,89487.348712225037,91277.095686469547,93102.637600198941,94964.690352202917,96863.984159246975,98801.263842431916,100777.28911928055,102792.83490166617,104848.69159969949,106945.66543169349,109084.57874032734,111266.27031513391,113491.59572143658,115761.42763586532,118076.65618858264,120438.1893123543,122846.95309860139,125303.89216057342,127809.9700037849,130366.16940386061,132973.49279193784,135632.96264777659,138345.62190073213,141112.53433874677,143934.78502552171,146813.48072603214,{"$f":"JD24*(1-$E$10)","v":149749.75034055277},152744.74534736385,155799.64025431112,158915.63305939734,162093.9457205853,165335.824634997,168642.54112769695,172015.39195025089,175455.69978925592,178964.81378504104,182544.11006074186,186194.99226195668,189918.89210719583,193717.26994933977,197591.61534832657,201543.4476552931,205574.31660839895,209685.80294056694,213879.51899937831,218157.10937936587,222520.25156695317,226970.65659829226,231510.06973025808,236140.27112486327,240863.07654736051,245680.33807830774,250593.94483987393,255605.82373667142,260717.94021140487,265932.29901563301,271250.94499594567,276675.96389586455,282209.48317378189,287853.67283725756,293610.74629400269,299482.96121988277,305472.62044428044,311582.07285316609,317813.71431022941,324169.98859643401,330653.38836836268,337266.45613572997,344011.78525844455]
[]
[null,"A/R Level",null,null,{"$f":"E8","v":0.25},{"$f":"F24*$E$27","v":25},{"$f":"G24*$E$27","v":32.5},42.25,54.925000000000004,71.402500000000003,92.823250000000002,120.670225,156.87129250000001,203.93268025000003,265.11248432500003,344.64622962250007,351.53915421495009,358.56993729924909,365.74133604523411,373.05616276613881,380.51728602146159,388.12763174189081,395.89018437672866,403.80798806426321,411.8841478255485,420.12183078205948,428.52426739770067,437.09475274565472,445.83664780056785,454.75338075657919,463.84844837171079,473.12541733914503,482.58792568592793,492.23968419964649,502.08447788363941,512.12616744131219,522.36869079013843,532.81606460594116,543.47238589806,554.34183361602118,565.42867028834166,576.73724369410854,588.27198856799077,600.03742833935064,612.03817690613766,624.27894044426046,636.76451925314564,649.4998096382086,662.48980583097284,675.73960194759229,689.25439398654419,703.03948186627508,717.10027150360065,731.4422769336727,746.07112247234613,760.99254492179307,776.21239582022895,791.7366437366336,807.5713766113663,823.72280414359363,840.19726022646557,857.0012054309949,874.14122953961487,891.62405413040722,909.4565352130154,927.64566591727578,946.19857923562131,965.1225508203338,984.42500183674053,1004.1135018734753,{"$f":"BS24*$E$27","v":1024.1957719109448},1044.6796873491637,1065.573281096147,1086.8847467180699,1108.6224416524312,1130.79489048548,1153.4107882951896,1176.4790040610935,1200.0085841423154,1224.0087558251616,1248.4889309416649,1273.4587095604982,1298.9278837517081,1324.9064414267423,1351.4045702552771,1378.4326616603828,1406.0013148935905,1434.1213411914623,1462.8037680152916,1492.0598433755974,1521.9010402431095,1552.3390610479717,1583.3858422689311,1615.0535591143098,1647.354630296596,1680.3017229025279,1713.9077573605784,1748.1859125077901,1783.1496307579459,1818.812623373105,1855.1888758405671,1892.2926533573784,1930.138506424526,1968.7412765530166,2008.1161020840771,2048.2784241257586,2089.2439926082739,2131.0288724604393,2173.649449909648,2217.1224389078411,2261.4648876859978,2306.6941854397178,2352.828069148512,2399.8846305314823,2447.882323142112,2496.8399696049541,2546.7767689970533,2597.7123043769943,2649.6665504645343,2702.659881473825,2756.7130791033014,2811.8473406853677,2868.0842874990753,2925.4459732490568,2983.9548927140381,3043.6339905683189,3104.5066703796856,3166.5968037872794,3229.9287398630249,3294.5273146602854,3360.4178609534911,3427.626218172561,3496.1787425360121,3566.1023173867325,{"$f":"EE24*$E$27","v":3637.4243637344671},3710.1728510091566,3784.3763080293397,3860.0638341899266,3937.2651108737255,4016.0104130912,4096.3306213530241,4178.2572337800848,4261.8223784556867,4347.0588260248005,4434.0000025452964,4522.680002596202,4613.1336026481258,4705.3962747010883,4799.5042001951097,4895.4942841990123,4993.4041698829924,5093.272253280652,5195.1376983462651,5299.0404523131901,5405.021261359454,5513.1216865866436,5623.3841203183765,5735.8518027247437,5850.5688387792388,5967.5802155548236,6086.9318198659203,6208.6704562632385,6332.8438653885032,6459.5007426962738,6588.6907575501991,6720.464572701203,6854.8738641552272,6991.9713414383323,7131.8107682670989,7274.4469836324406,7419.93592330509,7568.3346417711919,7719.701334606616,7874.0953612987487,8031.5772685247239,8192.2088138952186,8356.0529901731225,8523.1740499765856,8693.637530976117,8867.5102815956398,9044.8604872275519,9225.7576969721031,9410.2728509115459,9598.4783079297777,9790.4478740883733,9986.256831570141,10185.981968201544,10389.701607565576,10597.495639716888,10809.445552511226,11025.634463561451,11246.14715283268,11471.070095889334,11700.491497807121,11934.501327763264,12173.191354318529,12416.6551814049,12664.988285032998,{"$f":"GQ24*$E$27","v":12918.288050733658},13176.653811748331,13440.186887983298,13708.990625742965,13983.170438257825,14262.833847022981,14548.090523963441,14839.052334442711,15135.833381131566,15438.550048754198,15747.321049729282,16062.267470723868,16383.512820138345,16711.18307654111,17045.406738071932,17386.314872833369,17734.041170290038,18088.721993695839,18450.496433569755,18819.506362241151,19195.896489485975,19579.814419275695,19971.410707661209,20370.838921814433,20778.255700250724,21193.820814255738,21617.697230540853,22050.051175151671,22491.052198654706,22940.8732426278,23399.690707480357,23867.684521629963,24345.038212062562,24831.938976303813,25328.577755829891,25835.14931094649,26351.85229716542,26878.889343108731,27416.467129970904,27964.796472570324,28524.092402021732,29094.574250062167,29676.465735063412,30269.995049764679,30875.394950759972,31492.902849775171,32122.760906770676,32765.216124906092,33420.520447404211,34088.930856352294,34770.709473479343,35466.123662948929,36175.446136207909,36898.955058932072,37636.934160110715,38389.672843312932,39157.466300179192,39940.615626182778,40739.427938706438,41554.216497480571,42385.300827430183,43233.006843978786,44097.666980858361,44979.620320475529,{"$f":"JC24*$E$27","v":45879.212726885038},46796.79698142274,47732.732921051196,48687.387579472219,49661.135331061661,50654.358037682898,51667.445198436559,52700.794102405293,53754.809984453401,54829.90618414247,55926.504307825322,57045.034393981827,58185.935081861462,59349.653783498696,60536.646859168672,61747.379796352048,62982.32739227909,64241.97394012467,65526.813418927166,66837.349687305716,68174.096681051829,69537.578614672864,70928.330186966326,72346.89679070565,73793.834726519766,75269.71142105016,76775.105649471167,78310.607762460597,79876.819917709814,81474.356316064019,83103.843442385303,84765.920311233014,86461.238717457672,88190.463491806833,89954.272761642977,91753.358216875844,93588.425381213368,95460.193888837632,97369.397766614391,99316.785721946682,101303.12143638561,103329.18386511333,105395.7675424156,107503.68289326392]
[null,"Change in Working Capital",null,null,null,null,{"$f":"G27-F27","v":7.5},{"$f":"H27-G27","v":9.75},12.675000000000004,16.477499999999999,21.420749999999998,27.846975,36.201067500000008,47.061387750000023,61.179804074999993,79.533745297500047,6.8929245924500151,7.0307830842990029,7.1713987459850159,7.3148267209047049,7.4611232553227751,7.6103457204292226,7.7625526348378457,7.9178036875345583,8.0761597612852825,8.2376829565109801,8.4024366156411929,8.5704853479540475,8.7418950549131296,8.9167329560113444,9.0950676151315974,9.276968967434243,9.4625083467828972,9.651758513718562,9.8447936839929184,10.041689557672782,10.242523348826239,10.447373815802734,10.656321292118832,10.869447717961179,11.086836672320487,11.308573405766879,11.534744873882232,11.765439771359866,12.000748566787024,12.240763538122792,12.48557880888518,12.735290385062967,12.989996192764238,13.24979611661945,13.514792038951896,13.785087879730895,14.06078963732557,14.342005430072049,14.628845538673431,14.921422449446936,15.21985089843588,15.524247916404647,15.834732874732708,16.151427532227331,16.474456082871939,16.803945204529327,17.140024108619969,17.482824590792347,17.832481082608183,18.189130704260378,18.552913318345531,18.92397158471249,19.302451016406735,19.688500036734808,20.08227003746947,{"$f":"BT27-BS27","v":20.483915438218901},20.893593746983242,21.311465621922935,21.737694934361343,22.172448833048747,22.615897809709622,23.068215765903915,23.529580081221866,24.000171682846258,24.480175116503233,24.969778618833288,25.469174191209959,25.978557675034153,26.498128828534846,27.02809140510567,27.568653233207669,28.120026297871846,28.682426823829246,29.256075360305886,29.841196867512053,30.438020804862163,31.046781220959474,31.667716845378663,32.30107118228625,32.947092605931857,33.606034458050544,34.278155147211692,34.963718250155807,35.662992615159055,36.376252467462109,37.103777516811306,37.845853067147573,38.602770128490647,39.374825531060424,40.162322041681591,40.965568482515209,41.784879852165432,42.620577449208668,43.472988998193159,44.342448778156722,45.229297753719948,46.133883708794201,47.056561382970358,47.997692610629656,48.957646462842149,49.936799392099147,50.93553537994103,51.954246087540014,52.993331009290614,54.053197629476472,55.134261582066301,56.236946813707618,57.361685749981461,58.508919464981318,59.679097854280826,60.872679811366652,62.090133407593839,63.331936075745489,64.598574797260426,65.890546293205716,67.208357219069967,68.552524363451084,69.923574850720343,71.322046347734613,{"$f":"EF27-EE27","v":72.748487274689523},74.203457020183123,75.687526160586913,77.201276683798824,78.745302217474546,80.320208261824064,81.926612427060718,83.565144675601914,85.236447569113807,86.941176520495901,88.680000050905619,90.453600051923786,92.262672052962444,94.107925494021401,95.990084003902666,97.909885683980065,99.868083397659575,101.86544506561313,103.90275396692505,105.98080904626386,108.10042522718959,110.26243373173293,112.4676824063672,114.71703605449511,117.01137677558472,119.35160431109671,121.73863639731826,124.1734091252647,126.65687730777063,129.19001485392528,131.77381515100387,134.40929145402424,137.09747728310504,139.83942682876659,142.63621536534174,145.48893967264939,148.39871846610185,151.36669283542415,154.39402669213268,157.48190722597519,160.63154537049468,163.8441762779039,167.12105980346314,170.46348099953138,173.87275061952278,177.3502056319121,180.89720974455122,184.51515393944283,188.20545701823175,191.96956615859563,195.80895748176772,199.72513663140307,203.71963936403154,207.79403215131242,211.94991279433816,216.18891105022522,220.51268927122874,224.92294305665382,229.42140191778708,234.00982995614322,238.69002655526492,243.46382708637066,248.33310362809789,253.29976570065992,{"$f":"GR27-GQ27","v":258.3657610146729},263.53307623496767,268.80373775966655,274.1798125148598,279.66340876515642,285.25667694046024,290.96181047926984,296.78104668885499,302.71666762263158,308.77100097508446,314.94642099458542,321.24534941447746,327.67025640276552,334.22366153082112,340.9081347614374,347.72629745666927,354.68082340580077,361.77443987391598,369.00992867139576,376.39012724482382,383.9179297897208,391.59628838551362,399.42821415322396,407.41677843629077,415.56511400501404,423.87641628511483,432.35394461081887,441.00102350303496,449.82104397309377,458.81746485255644,467.9938141496059,477.35369043259925,486.90076424125073,496.638779526078,506.57155511659948,516.70298621893016,527.03704594331066,537.57778686217353,548.32934259941976,559.29592945140757,570.48184804043558,581.89148500124429,593.52931470126714,605.39990099529314,617.50789901519965,629.85805699550474,642.45521813541563,655.30432249811929,668.41040894808248,681.77861712704907,695.41418946958584,709.32247325898061,723.5089227241624,737.97910117864376,752.73868320221663,767.79345686626039,783.14932600358588,798.81231252365978,814.78855877413298,831.08432994961186,847.70601654860366,864.66013687957457,881.95333961716824,899.59240640950884,{"$f":"JD27-JC27","v":917.58425453770178},935.93593962845625,954.65465842102276,973.74775158944249,993.22270662123628,1013.087160753661,1033.3489039687338,1054.0158820481083,1075.0961996890692,1096.598123682852,1118.5300861565047,1140.9006878796354,1163.7187016372336,1186.993075669976,1210.7329371833766,1234.9475959270421,1259.6465478455793,1284.8394788024962,1310.5362683785497,1336.7469937461137,1363.4819336210348,1390.7515722934622,1418.5666037393239,1446.9379358141159,1475.8766945303942,1505.3942284210061,1535.5021129894303,1566.2121552492172,1597.5363983542047,1629.4871263212844,1662.076868847711,1695.3184062246582,1729.2247743491607,1763.8092698361434,1799.0854552328674,1835.0671643375244,1871.7685076242633,1909.2038777767593,1947.3879553322913,1986.3357144389302,2026.0624287277169,2066.5836773022747,2107.9153508483141]
[]
[null,"Free Cash Flow",null,null,null,null,{"$f":"G24-G25-G28","v":18.5},{"$f":"H24-H25-H28","v":24.049999999999983},31.264999999999993,40.644499999999987,52.837850000000003,68.689205000000001,89.295966499999977,116.08475644999996,150.91018338499998,196.18323840049987,274.3383987795101,279.82516675510027,285.42167009020227,291.1301034920063,296.95270556184636,302.89175967308324,308.94959486654494,315.12858676387583,321.43115849915347,327.85978166913651,334.41697730251934,341.10531684856954,347.9274231855411,354.88597164925187,361.98369108223699,369.22336490388165,376.60783220195935,384.13998884599863,391.82278862291861,399.65924439537679,407.6524292832845,415.80547786895011,424.12158742632903,432.60401917485558,441.25609955835284,450.08122154951991,459.08284598051034,468.26450290012065,477.62979295812306,487.18238881728553,496.92603659363124,506.86455732550382,517.00184847201376,527.34188544145411,537.88872315028345,548.64649761328917,559.61942756555504,570.81181611686611,582.22805243920357,593.87261348798734,605.75006575774728,617.86506707290187,630.22236841436006,642.82681578264749,655.68335209830025,668.79701914026623,682.17295952307165,695.81641871353315,709.73274708780377,723.92740202955997,738.40595007015133,753.17406907155419,768.2375504529856,783.60230146204538,799.27434749128611,{"$f":"BT24-BT25-BT28","v":815.25983444111171},831.56503112993414,848.19633175253261,865.16025838758355,882.46346355533524,900.11273282644197,918.11498748297072,936.47728723263026,955.20683297728306,974.3109696368283,993.79718902956506,1013.6731328101562,1033.9465954663597,1054.6255273756865,1075.7180379232002,1097.2323986816643,1119.177046655298,1141.5605875884035,1164.3917993401717,1187.6796353269754,1211.433228033515,1235.6618925941852,1260.3751304460686,1285.5826330549899,1311.2942857160899,1337.5201714304117,1364.2705748590197,1391.5559863562009,1419.3871060833244,1447.774848204991,1476.7303451690907,1506.2649520724729,1536.3902511139227,1567.1180561362005,1598.460417258925,1630.4296256041039,1663.0382181161858,1696.2989824785095,1730.2249621280794,1764.8294613706412,1800.1260505980536,1836.1285716100147,1872.851143042215,1910.3081659030599,1948.514329221121,1987.4846158055429,2027.2343081216541,2067.7789942840864,2109.1345741697683,2151.3172656531647,2194.3436109662275,2238.2304831855527,2282.995092849264,2328.6549947062481,2375.2280946003743,2422.7326564923815,2471.1873096222293,2520.6110558146734,2571.0232769309664,2622.4437424695857,2674.8926173189789,2728.3904696653572,2782.9582790586642,2838.6174446398391,{"$f":"EF24-EF25-EF28","v":2895.3897935326354},2953.2975894032879,3012.3635411913533,3072.6108120151812,3134.0630282554844,3196.7442888205937,3260.6791745970067,3325.8927580889467,3392.4106132507259,3460.2588255157398,3529.4640020260549,3600.0532820665758,3672.0543477079082,3745.4954346620652,3820.4053433553072,3896.8134502224138,3974.749719226862,4054.2447136113997,4135.3296078836256,4218.0362000412979,4302.3969240421238,4388.4448625229661,4476.2137597734263,4565.7380349688938,4657.0527956682727,4750.1938515816373,4845.1977286132696,4942.101683185535,5040.9437168492477,5141.7625911862333,5244.5978430099585,5349.4897998701554,5456.4795958675586,5565.6091877849103,5676.9213715406086,5790.4597989714212,5906.2689949508494,6024.3943748498687,6144.8822623468641,6267.779907593801,6393.1355057456794,6520.9982158605926,6651.4181801778032,6784.4465437813615,6920.1354746569868,7058.5381841501294,7199.7089478331291,7343.703126789791,7490.5771893255896,7640.3887331121023,7793.1965077743444,7949.0604379298293,8108.041646688429,8270.2024796221995,8435.6065292146413,8604.3186597989315,8776.4050329949168,8951.9331336548148,9130.9717963279054,9313.5912322544682,9499.8630568995541,9689.8603180375449,9883.6575243982988,10081.330674886263,{"$f":"GR24-GR25-GR28","v":10282.95728838399},10488.616434151665,10698.388762834704,10912.356538091397,11130.603668853224,11353.21574223029,11580.280057074893,11811.885658216393,12048.123371380725,12289.08583880834,12534.867555584506,12785.564906696194,13041.276204830123,13302.101728926718,13568.143763505253,13839.506638775361,14116.296771550868,14398.622706981885,14686.595161121521,14980.32706434395,15279.933605630831,15585.532277743452,15897.24292329832,16215.187781764285,16539.491537399579,16870.281368147567,17207.686995510521,17551.84073542073,17902.877550129149,18260.935101131723,18626.153803154364,18998.676879217444,19378.650416801796,19766.223425137829,20161.547893640593,20564.778851513394,20976.074428543674,21395.595917114544,21823.50783545684,22259.977992165972,22705.177552009292,23159.281103049485,23622.466725110473,24094.916059612679,24576.814380804932,25068.350668421033,25569.717681789458,26081.112035425238,26602.73427613375,27134.788961656413,27677.484740889551,28231.034435707341,28795.655124421486,29371.56822690992,29958.999591448126,30558.179583277088,31169.343174942631,31792.730038441485,32428.584639210312,33077.156331994534,33738.699458634408,34413.473447807097,35101.742916763244,35803.777775098504,{"$f":"JD24-JD25-JD28","v":36519.85333060049},37250.250397212483,37995.255405156735,38755.160513259863,39530.263723525059,40320.868997995574,41127.286377955483,41949.832105514601,42788.828747624895,43644.605322577394,44517.497429028939,45407.847377609534,46316.004325161717,47242.324411664944,48187.17089989825,49150.914317896219,50133.932604254151,51136.611256339231,52159.343481466,53202.530351095338,54266.580958117251,55351.912577279581,56458.950828825196,57588.12984540168,58739.892442309734,59914.690291155915,61112.984096979024,62335.243778918622,63581.948654496999,64853.587627586923,66150.659380138677,67473.67256774148,68823.146019096283,70199.608939478203,71603.601118267819,73035.673140633182,74496.386603445819,75986.314335514719,77506.040622225031,79056.161434669513,80637.284663362923,82250.030356630174,83895.030963762809]
[null,"PV of Free Cash Flow - True Value",null,null,{"$f":"NPV($E$14,30:30)","v":1721.2579600349356}]
["Valuation using Terminal Value without Stable Period Adjustment"]
[null,"Explicit Cash Flow",null,null,{"$f":"NPV($E$14,G33:KT33)","v":399.14135191513378},null,{"$f":"IF(G18,G30)","v":18.5},24.049999999999983,31.264999999999993,40.644499999999987,52.837850000000003,68.689205000000001,89.295966499999977,116.08475644999996,150.91018338499998,196.18323840049987,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(BS18,BS30)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(EE18,EE30)","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,{"$f":"IF(GQ18,GQ30)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(JC18,JC30)","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,"Terminal Cash Flow",null,null,{"$f":"NPV($E$14,G34:KT34)","v":964.37342106430015},null,{"$f":"IF(G18,G19*G33*(1+$E$5)/($E$14-$E$5))","v":0},0,0,0,0,0,0,0,0,2501.3362896063736,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(BS18,BS19*BS33*(1+$E$5)/($E$14-$E$5))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(EE18,EE19*EE33*(1+$E$5)/($E$14-$E$5))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(GQ18,GQ19*GQ33*(1+$E$5)/($E$14-$E$5))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(JC18,JC19*JC33*(1+$E$5)/($E$14-$E$5))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"Enterprise Value without Adjustment",null,null,{"$f":"SUM(E33:E34)","v":1363.5147729794339}]
["Valuation using Terminal Value with Stable Period Adjustment"]
[null,"WC to EBITDA",null,null,null,null,{"$f":"G27/(G24-G25)","v":1.25},1.2500000000000007,1.2500000000000002,1.2500000000000004,1.25,1.25,1.2500000000000002,1.2500000000000004,1.2500000000000002,1.2500000000000007,1.2499999999999998,1.25,1.25,1.2500000000000002,1.2500000000000007,1.2500000000000007,1.2500000000000004,1.2500000000000007,1.2500000000000002,1.2500000000000004,1.25,1.2500000000000007,1.2500000000000002,1.2500000000000004,1.2500000000000002,1.2500000000000004,1.2500000000000002,1.25,1.25,1.2500000000000004,1.25,1.2500000000000002,1.2500000000000004,1.2500000000000004,1.25,1.2500000000000002,1.2500000000000002,1.25,1.2500000000000002,1.2500000000000002,1.2500000000000002,1.2500000000000002,1.2500000000000007,1.2500000000000007,1.25,1.25,1.2499999999999998,1.25,1.2499999999999998,1.2500000000000004,1.25,1.2500000000000007,1.2500000000000004,1.2500000000000002,1.2500000000000004,1.2500000000000007,1.2500000000000004,1.2500000000000004,1.2500000000000007,1.2500000000000004,1.2500000000000002,1.2500000000000007,1.2500000000000002,1.2500000000000002,{"$f":"BS27/(BS24-BS25)","v":1.2500000000000004},1.2500000000000004,1.2500000000000002,1.2500000000000004,1.2500000000000002,1.25,1.2500000000000002,1.2500000000000002,1.2500000000000002,1.25,1.2500000000000004,1.2500000000000002,1.2500000000000004,1.25,1.2500000000000004,1.2500000000000004,1.2500000000000004,1.25,1.2500000000000007,1.2500000000000004,1.2500000000000002,1.2500000000000002,1.2500000000000002,1.2500000000000004,1.2500000000000007,1.2500000000000004,1.2500000000000004,1.2500000000000007,1.25,1.2500000000000004,1.2500000000000004,1.2500000000000007,1.2500000000000002,1.25,1.2500000000000007,1.2500000000000002,1.25,1.2500000000000002,1.2500000000000002,1.2500000000000002,1.2500000000000002,1.2500000000000004,1.2500000000000004,1.2500000000000004,1.25,1.2500000000000002,1.2500000000000004,1.2500000000000002,1.2500000000000007,1.2500000000000007,1.25,1.2500000000000002,1.25,1.25,1.2500000000000007,1.25,1.2500000000000002,1.2500000000000002,1.2500000000000004,1.2500000000000007,1.2500000000000007,1.25,1.2500000000000007,1.2500000000000007,{"$f":"EE27/(EE24-EE25)","v":1.25},1.2500000000000002,1.2500000000000002,1.2500000000000004,1.2500000000000002,1.2500000000000004,1.2500000000000004,1.2500000000000002,1.2500000000000002,1.2500000000000002,1.2500000000000004,1.2500000000000004,1.2500000000000004,1.25,1.2500000000000004,1.25,1.25,1.25,1.2499999999999998,1.2500000000000004,1.2500000000000004,1.2500000000000004,1.2500000000000007,1.2500000000000004,1.2500000000000007,1.2500000000000004,1.2500000000000007,1.2500000000000007,1.2500000000000007,1.2500000000000002,1.2500000000000002,1.25,1.2500000000000004,1.2500000000000004,1.2500000000000004,1.2500000000000004,1.2500000000000002,1.2500000000000004,1.25,1.2500000000000004,1.2500000000000007,1.2500000000000002,1.2500000000000002,1.2500000000000004,1.2500000000000002,1.2500000000000004,1.25,1.2500000000000004,1.2500000000000004,1.2500000000000002,1.2500000000000002,1.2500000000000002,1.2500000000000004,1.25,1.2499999999999998,1.2500000000000002,1.2500000000000007,1.2499999999999998,1.2499999999999998,1.2500000000000007,1.25,1.2500000000000007,1.2500000000000004,1.2500000000000002,{"$f":"GQ27/(GQ24-GQ25)","v":1.2500000000000004},1.2500000000000002,1.2500000000000007,1.2500000000000002,1.2500000000000002,1.2500000000000004,1.2500000000000002,1.2500000000000007,1.2500000000000004,1.2500000000000002,1.2500000000000002,1.2500000000000002,1.2500000000000004,1.25,1.2500000000000004,1.2500000000000004,1.25,1.2500000000000002,1.2500000000000002,1.2500000000000004,1.2500000000000004,1.2500000000000004,1.2500000000000002,1.2500000000000002,1.2500000000000002,1.2499999999999998,1.25,1.2499999999999998,1.25,1.2499999999999998,1.2500000000000004,1.25,1.2500000000000004,1.2500000000000002,1.2500000000000004,1.25,1.2500000000000007,1.25,1.2500000000000002,1.25,1.2500000000000002,1.2500000000000002,1.25,1.2500000000000002,1.2500000000000002,1.2500000000000002,1.2500000000000002,1.25,1.2500000000000004,1.2500000000000002,1.2500000000000004,1.2500000000000002,1.2500000000000002,1.2500000000000004,1.2500000000000004,1.2500000000000002,1.2500000000000002,1.2500000000000002,1.2500000000000002,1.2500000000000004,1.25,1.2500000000000007,1.2500000000000007,1.2500000000000004,{"$f":"JC27/(JC24-JC25)","v":1.2500000000000007},1.25,1.2500000000000007,1.2500000000000007,1.2500000000000007,1.2500000000000007,1.2500000000000004,1.2500000000000004,1.2500000000000004,1.2500000000000002,1.2500000000000002,1.2500000000000004,1.25,1.2500000000000002,1.2500000000000004,1.2500000000000002,1.2500000000000002,1.2500000000000002,1.2500000000000002,1.2500000000000004,1.2500000000000002,1.2500000000000002,1.2500000000000004,1.25,1.2500000000000004,1.25,1.2500000000000002,1.2500000000000004,1.2500000000000002,1.2500000000000002,1.2500000000000007,1.2500000000000004,1.25,1.2500000000000004,1.2500000000000007,1.2499999999999998,1.2499999999999998,1.2500000000000004,1.2500000000000007,1.2500000000000004,1.2500000000000007,1.2500000000000004,1.2500000000000004,1.2500000000000002]
[null,"Terminal Growth",null,null,{"$f":"E5","v":0.02},null,{"$f":"$E$38","v":0.02},{"$f":"$E$38","v":0.02},0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,{"$f":"$E$38","v":0.02},0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,{"$f":"$E$38","v":0.02},0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,{"$f":"$E$38","v":0.02},0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,{"$f":"$E$38","v":0.02},0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
[null,"Stable WC Change",null,null,null,null,{"$f":"G37*(G24-G25)*(G38/(1+G38))","v":0.63725490196078427},0.82843137254901955,1.0769607843137257,1.4000490196078432,1.8200637254901961,2.3660828431372547,3.0759076960784317,3.9986800049019617,5.1982840063725497,{"$f":"P37*(P24-P25)*(P38/(1+P38))","v":6.7577692082843148},6.8929245924500018,7.030783084299002,7.1713987459849822,7.3148267209046827,7.4611232553227769,7.6103457204292315,7.7625526348378155,7.9178036875345725,8.0761597612852647,8.2376829565109713,8.4024366156411894,8.5704853479540137,8.741895054913094,8.9167329560113568,9.0950676151315832,9.2769689674342164,9.4625083467829008,9.6517585137185584,9.8447936839929291,10.041689557672788,10.242523348826243,10.447373815802768,10.656321292118824,10.869447717961199,11.086836672320425,11.308573405766834,11.534744873882172,11.765439771359816,12.000748566787014,12.240763538122755,12.485578808885208,12.735290385062914,12.989996192764174,13.249796116619457,13.514792038951846,13.785087879730884,14.060789637325502,14.342005430072014,14.628845538673453,14.921422449446922,15.219850898435862,15.52424791640458,15.834732874732673,16.151427532227327,16.474456082871875,16.803945204529313,17.140024108619897,17.482824590792298,17.832481082608144,18.189130704260307,18.552913318345514,18.923971584712429,19.302451016406678,19.688500036734812,{"$f":"BS37*(BS24-BS25)*(BS38/(1+BS38))","v":20.082270037469506},20.483915438218897,20.893593746983274,21.311465621922938,21.737694934361397,22.172448833048627,22.615897809709601,23.068215765903794,23.529580081221869,24.000171682846307,24.480175116503233,24.969778618833296,25.469174191209962,25.97855767503416,26.498128828534846,27.028091405105545,27.568653233207655,28.12002629787181,28.682426823829246,29.256075360305832,29.84119686751195,30.438020804862187,31.046781220959435,31.667716845378624,32.301071182286194,32.947092605931921,33.606034458050559,34.278155147211571,34.9637182501558,35.66299261515892,36.376252467462102,37.103777516811341,37.845853067147566,38.602770128490519,39.374825531060338,40.162322041681541,40.965568482515174,41.784879852165474,42.620577449208781,43.47298899819296,44.342448778156822,45.229297753719955,46.13388370879435,47.056561382970244,47.997692610629649,48.957646462842234,49.936799392099083,50.935535379941065,51.954246087539886,52.993331009290685,54.0531976294765,55.134261582066031,56.236946813707355,57.361685749981504,58.50891946498114,59.679097854280762,60.872679811366382,62.090133407593711,63.331936075745588,64.598574797260497,65.890546293205702,67.208357219069825,68.552524363451212,69.923574850720243,{"$f":"EE37*(EE24-EE25)*(EE38/(1+EE38))","v":71.322046347734641},72.748487274689339,74.203457020183123,75.687526160586799,77.20127668379854,78.745302217474503,80.320208261824007,81.926612427060491,83.565144675601701,85.236447569113736,86.941176520496001,88.680000050905917,90.453600051924028,92.262672052962515,94.107925494021757,95.990084003902197,97.909885683980235,99.868083397659845,101.86544506561305,103.90275396692529,105.9808090462638,108.10042522718909,110.26243373173287,112.46768240636752,114.71703605449488,117.01137677558478,119.35160431109649,121.7386363973184,124.17340912526477,126.65687730777007,129.19001485392548,131.77381515100399,134.40929145402407,137.09747728310455,139.83942682876665,142.63621536534197,145.4889396726488,148.3987184661018,151.36669283542383,154.39402669213231,157.48190722597499,160.63154537049448,163.84417627790435,167.12105980346246,170.4634809995317,173.87275061952235,177.35020563191279,180.89720974455105,184.51515393944209,188.20545701823093,191.96956615859554,195.80895748176746,199.72513663140282,203.71963936403088,207.79403215131154,211.94991279433776,216.18891105022453,220.51268927122902,224.92294305665359,229.42140191778668,234.00982995614243,238.69002655526532,243.46382708637054,248.333103628098,{"$f":"GQ37*(GQ24-GQ25)*(GQ38/(1+GQ38))","v":253.29976570065998},258.36576101467313,263.53307623496664,268.80373775966598,274.17981251485929,279.66340876515648,285.25667694045961,290.96181047926882,296.78104668885425,302.71666762263135,308.77100097508401,314.94642099458565,321.24534941447735,327.67025640276688,334.2236615308222,340.90813476143859,347.7262974566674,354.68082340580077,361.77443987391678,369.00992867139513,376.39012724482302,383.91792978971949,391.5962883855139,399.42821415322419,407.41677843628872,415.56511400501444,423.87641628511477,432.35394461081711,441.00102350303348,449.82104397309411,458.81746485255599,467.99381414960709,477.35369043259925,486.90076424125124,496.63877952607629,506.57155511659784,516.70298621892982,527.03704594330839,537.57778686217455,548.32934259941817,559.29592945140644,570.48184804043456,581.89148500124338,593.52931470126816,605.39990099529359,617.50789901519943,629.85805699550349,642.45521813541359,655.30432249812179,668.41040894808418,681.77861712704589,695.41418946958686,709.32247325897856,723.50892272415831,737.97910117864149,752.73868320221436,767.79345686625868,783.14932600358384,798.81231252365569,814.78855877412889,831.0843299496114,847.70601654860366,864.6601368795757,881.95333961716722,{"$f":"JC37*(JC24-JC25)*(JC38/(1+JC38))","v":899.59240640951055},917.58425453770076,935.93593962845478,954.65465842102401,973.74775158944431,993.22270662123333,1013.0871607536582,1033.3489039687313,1054.0158820481061,1075.0961996890678,1096.5981236828493,1118.5300861565063,1140.9006878796365,1163.7187016372293,1186.9930756699739,1210.7329371833735,1234.947595927041,1259.6465478455818,1284.8394788024937,1310.5362683785434,1336.7469937461142,1363.4819336210364,1390.7515722934575,1418.5666037393264,1446.937935814113,1475.8766945303953,1505.3942284210032,1535.5021129894235,1566.2121552492119,1597.5363983541965,1629.4871263212804,1662.0768688477062,1695.3184062246603,1729.2247743491537,1763.8092698361368,1799.0854552328597,1835.0671643375169,1871.7685076242672,1909.203877776753,1947.3879553322879,1986.3357144389336,2026.0624287277126,2066.5836773022666,2107.9153508483123]
[null,"Stable Cash Flow",null,null,{"$f":"E14","v":0.1},null,{"$f":"G24-G25-G39","v":25.362745098039216},{"$f":"H24-H25-H39","v":32.971568627450964},42.863039215686271,55.721950980392144,72.438536274509801,94.170097156862752,122.42112630392155,159.14746419509802,206.89170345362743,{"$f":"P24-P25-P39","v":268.95921448971563},274.3383987795101,279.82516675510027,285.42167009020233,291.1301034920063,296.95270556184636,302.89175967308324,308.949594866545,315.12858676387583,321.43115849915347,327.85978166913651,334.41697730251934,341.1053168485696,347.92742318554116,354.88597164925187,361.98369108223699,369.22336490388165,376.60783220195935,384.13998884599863,391.82278862291861,399.65924439537679,407.6524292832845,415.80547786895005,424.12158742632903,432.60401917485558,441.2560995583529,450.08122154951997,459.0828459805104,468.2645029001207,477.62979295812306,487.18238881728558,496.92603659363124,506.86455732550388,517.00184847201388,527.34188544145411,537.88872315028345,548.64649761328917,559.61942756555516,570.81181611686611,582.22805243920357,593.87261348798734,605.75006575774728,617.86506707290198,630.22236841436006,642.82681578264749,655.68335209830036,668.79701914026623,682.17295952307177,695.81641871353315,709.73274708780377,723.92740202956008,738.40595007015133,753.1740690715543,768.23755045298572,783.60230146204538,{"$f":"BS24-BS25-BS39","v":799.27434749128611},815.25983444111171,831.56503112993414,848.19633175253261,865.16025838758355,882.46346355533535,900.11273282644197,918.11498748297083,936.47728723263026,955.20683297728306,974.3109696368283,993.79718902956506,1013.6731328101562,1033.9465954663597,1054.6255273756865,1075.7180379232004,1097.2323986816643,1119.177046655298,1141.5605875884035,1164.3917993401717,1187.6796353269754,1211.433228033515,1235.6618925941852,1260.3751304460686,1285.5826330549899,1311.2942857160899,1337.5201714304117,1364.2705748590199,1391.5559863562009,1419.3871060833246,1447.774848204991,1476.7303451690907,1506.2649520724729,1536.3902511139229,1567.1180561362005,1598.460417258925,1630.4296256041039,1663.0382181161858,1696.2989824785095,1730.2249621280796,1764.8294613706412,1800.1260505980536,1836.1285716100144,1872.851143042215,1910.3081659030599,1948.514329221121,1987.4846158055429,2027.2343081216541,2067.7789942840864,2109.1345741697683,2151.3172656531647,2194.343610966228,2238.2304831855531,2282.995092849264,2328.6549947062481,2375.2280946003743,2422.7326564923819,2471.1873096222293,2520.6110558146734,2571.0232769309664,2622.4437424695857,2674.8926173189789,2728.3904696653572,2782.9582790586642,{"$f":"EE24-EE25-EE39","v":2838.6174446398391},2895.3897935326354,2953.2975894032879,3012.3635411913533,3072.6108120151816,3134.0630282554844,3196.7442888205937,3260.6791745970067,3325.8927580889467,3392.4106132507259,3460.2588255157398,3529.4640020260545,3600.0532820665753,3672.0543477079082,3745.4954346620648,3820.4053433553077,3896.8134502224138,3974.7497192268615,4054.2447136113997,4135.3296078836256,4218.0362000412979,4302.3969240421247,4388.4448625229661,4476.2137597734263,4565.7380349688938,4657.0527956682727,4750.1938515816373,4845.1977286132696,4942.101683185535,5040.9437168492486,5141.7625911862333,5244.5978430099585,5349.4897998701554,5456.4795958675595,5565.6091877849103,5676.9213715406086,5790.4597989714221,5906.2689949508494,6024.3943748498687,6144.8822623468641,6267.779907593801,6393.1355057456794,6520.9982158605926,6651.4181801778041,6784.4465437813615,6920.1354746569868,7058.5381841501285,7199.7089478331291,7343.7031267897919,7490.5771893255906,7640.3887331121023,7793.1965077743444,7949.0604379298293,8108.0416466884299,8270.2024796221995,8435.6065292146413,8604.3186597989315,8776.4050329949168,8951.9331336548148,9130.9717963279054,9313.5912322544682,9499.8630568995541,9689.8603180375449,9883.6575243982988,{"$f":"GQ24-GQ25-GQ39","v":10081.330674886263},10282.95728838399,10488.616434151667,10698.388762834704,10912.356538091397,11130.603668853224,11353.21574223029,11580.280057074895,11811.885658216393,12048.123371380725,12289.08583880834,12534.867555584506,12785.564906696194,13041.276204830121,13302.101728926717,13568.143763505252,13839.506638775363,14116.296771550868,14398.622706981885,14686.595161121521,14980.32706434395,15279.933605630833,15585.532277743452,15897.24292329832,16215.187781764287,16539.491537399579,16870.281368147567,17207.686995510521,17551.84073542073,17902.877550129149,18260.935101131723,18626.153803154364,18998.676879217444,19378.650416801796,19766.223425137829,20161.547893640593,20564.778851513394,20976.074428543678,21395.595917114544,21823.50783545684,22259.977992165972,22705.177552009292,23159.281103049485,23622.466725110473,24094.916059612679,24576.814380804932,25068.350668421033,25569.717681789461,26081.112035425234,26602.73427613375,27134.788961656417,27677.484740889551,28231.034435707345,28795.65512442149,29371.568226909923,29958.99959144813,30558.179583277088,31169.343174942635,31792.730038441488,32428.584639210316,33077.156331994534,33738.699458634408,34413.473447807097,35101.742916763244,{"$f":"JC24-JC25-JC39","v":35803.777775098504},36519.85333060049,37250.250397212483,37995.255405156735,38755.160513259863,39530.263723525059,40320.868997995574,41127.286377955483,41949.832105514601,42788.828747624895,43644.605322577394,44517.497429028939,45407.847377609534,46316.004325161724,47242.324411664944,48187.17089989825,49150.914317896219,50133.932604254151,51136.611256339231,52159.343481466007,53202.530351095338,54266.580958117251,55351.912577279589,56458.950828825196,57588.12984540168,58739.892442309734,59914.690291155915,61112.984096979031,62335.24377891863,63581.948654497006,64853.58762758693,66150.659380138677,67473.67256774148,68823.146019096283,70199.608939478203,71603.601118267834,73035.673140633196,74496.386603445819,75986.314335514719,77506.040622225031,79056.161434669513,80637.284663362923,82250.030356630188,83895.030963762809]
[null,"Terminal Cash Flow",null,null,{"$f":"NPV(E40,G41:KT41)","v":1322.1166085285349},null,{"$f":"G40*(1+$E$38)/($E$40-$E$38)*G19","v":0},0,0,0,0,0,0,0,0,{"$f":"P40*(1+$E$38)/($E$40-$E$38)*P19","v":3429.229984743874},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS40*(1+$E$38)/($E$40-$E$38)*BS19","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EE40*(1+$E$38)/($E$40-$E$38)*EE19","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GQ40*(1+$E$38)/($E$40-$E$38)*GQ19","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"JC40*(1+$E$38)/($E$40-$E$38)*JC19","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Explcit Cash Flow",null,null,{"$f":"E33","v":399.14135191513378}]
[null,"Total EV with Adjustment",null,null,{"$f":"SUM(E41:E42)","v":1721.2579604436687}]

{"sheet":"Sheet2","index":1,"n_rows":0,"n_cols":0,"rows_kept":0,"cut":false,"hidden":false,"merged":[]}

{"sheet":"Sheet3","index":2,"n_rows":0,"n_cols":0,"rows_kept":0,"cut":false,"hidden":false,"merged":[]}