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{"sheet":"Football Field Diagram","index":0,"n_rows":119,"n_cols":19,"rows_kept":119,"cut":false,"hidden":false,"merged":[]}
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[null,"Current Stock Price",null,null,111.19]
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[null,null,null,null,null,null,null,null,null,"Shares",null,1510000]
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[null,"DCF - Growth",null,null,84,140,137]
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[null,"Space for Labels",null,null,25]
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[null,"P/B Multiple - Public",null,null,81.72,54.47999999999999]
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[null,"LBO Implied",null,null,94,56]
[null,"Accretion",null,null,91,49]
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[]
[]
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["Include Space"]
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[]
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[null,"EV/EBITDA Multiple - Public",null,null,96.466821192052976,25,129.78470198675495,25]
[null,"P/B Multiple - Public",null,null,81.72,25,136.19999999999999,25]
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[null,"DCF - EV/EBITDA Multiple",null,null,90,25,135,25]
[null,"DCF - Value Driver",null,null,82,25,136,25]
[null,"LBO Implied",null,null,94,25,150,25]
[null,"Accretion",null,null,91,25,140,25]
[]
["Low versus Increment"]
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[null,"DCF - Growth",null,null,59,25,56,25,137]
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[null,"DCF - Value Driver",null,null,57,25,54,25,137]
[null,"LBO Implied",null,null,69,25,56,25,137]
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[null,null,null,"Remove Fill from Bottom"]
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[null,null,null,"Add Data Labels"]
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[null,null,null,"Remove Fill from Data Labels"]
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[null,null,null,"Edit one by One"]
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[null,null,null,"Put = sign in the formula bar"]
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[null,null,null,"DCF - Growth",null,84,140]
[null,null,null,"DCF - EV/EBITDA Multiple",null,90,135]
[null,null,null,"DCF - Value Driver",null,82,136]
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{"sheet":"Synergy Value and Premium","index":1,"n_rows":60,"n_cols":11,"rows_kept":60,"cut":false,"hidden":false,"merged":[]}
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[]
[]
["Assumptions from Presentation"]
[]
[null,null,null,"Operation and Maintenance",4289]
[null,null,null,"Maintenance and Other",950]
[null,null,null,"General and Administrative",309]
[null,null,null,"Other Costs",454]
[null,null,null,"Total Combined",{"$f":"SUM(E6:E9)","v":6002}]
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[null,null,null,"Low Estimate",{"$f":"E10*G12","v":180.06},null,0.03]
[null,null,null,"High Estimate",{"$f":"G13*E10","v":300.10000000000002},null,0.05]
[]
[null,null,null,"Discount Rate",0.12]
[null,null,null,"Growth Rate",0]
[]
[null,null,null,"PV of Synergies - Low",{"$f":"E12*(1+E16)/(E15-E16)","v":1500.5}]
[null,null,null,"PV of Synergies - High",{"$f":"E13*(1+E16)/(E15-E16)","v":2500.8333333333335}]
[]
[]
[null,null,null,"Price",22]
[null,null,null,"Shares",264]
[null,null,null,"Premium",0.37]
[]
[null,null,null,"Premium Value",{"$f":"E22*E23*E24","v":2148.96}]
[null,null,null,null,null,null,null,null,null,null,"INDEX"]
[null,null,null,"Tax Rate",0.4,null,null,null,null,null,"LOOKUP"]
[]
[null,null,null,"After-tax Synergies"]
[null,null,null,"PV of Synergies - Low",{"$f":"E18*(1-$E$28)","v":900.3}]
[null,null,null,"PV of Synergies - High",{"$f":"E19*(1-$E$28)","v":1500.5}]
[]
[]
["Assumptions with Different Timing of Synergies"]
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[null,null,null,null,"Code Number",null,3]
[]
[null,null,null,null,null,null,1,3,5,9,15]
[null,"Timing of Synergies",null,null,"Base Penetration",null,0.25,0.35,0.6,0.8,1]
[null,null,null,null,"Full Penetration",null,1,1,1,1,1]
[null,null,null,null,"Low Penetration",null,0.1,0.15,0.5,0.75,1]
[]
[]
[]
[null,"Inflation Rate",null,null,0.02]
[null,"Synergy Percent",null,null,0.05,null,4]
[]
["Analysis of Synergy versus Premium"]
[null,"Time Period"]
[null,"Synergy Timing (LOOKUP)"]
[null,"Synergy Amount - Real"]
[null,"Inflation Index"]
[null,"Synergy Nominal"]
[null,"Tax Rate"]
[null,"Synergy After-Tax"]
[]
[null,"PV of Synergies"]
[null,"Net Cash Flow"]
[null,"After-tax IRR"]

{"sheet":"Accretion and Dilution","index":2,"n_rows":51,"n_cols":10,"rows_kept":51,"cut":false,"hidden":false,"merged":[]}
[null,null,null,null,null,null,false]
["Google buys Apple"]
[null,null,null,null,"Target","Acquiror"]
[null,null,null,null,"Apple","Google"]
[null,"Price per Share"]
[null,"Shares"]
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[]
[null,"Premium Paid by Google",null,null,{"$f":"F9/100","v":0.37},37]
[null,"Exchange Ratio without Premium",null,null,null,"Target/Acquiror"]
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[null,"Synergies",null,null,null,180]
[]
[null,null,null,null,null,1,2,3,4,5]
[null,"Apple EPS Estimate"]
[null,"Google EPS Estimate"]
[null,"Synergies per Share"]
[null,null,null,null,null,null,null,null,"`"]
[null,"Total Earnings",null,null,"Shares"]
[null,null,"Apple"]
[null,null,"Google"]
[null,null,"Total Without Synergies"]
[]
[null,null,"Synergies"]
[null,null,"Total"]
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[]
[null,null,"Combined EPS After Merger"]
[null,null,"Standalone EPS for Google"]
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[]
[]
[]
[]
[]
[]
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["Apple Buys Google"]
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[null,null,null,null,"Apple","Google"]
[null,"Price per Share"]
[null,"Shares"]
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[null,"Premium Paid by Google"]
[null,"Exchange Ratio without Premium"]
[null,"Exchange Ratio with Premium"]
[]
[null,null,null,null,null,1,2,3,4,5]
[null,"Apple EPS Estimate"]
[null,"Google EPS Estimate"]
[null,"Synergies per Share"]

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["Drivers",null,null,null,null,null,null,"If no net debt, ROIC and ROE are the same"]
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[null,"P/E Ratio - Formula",null,null,{"$f":"P3","v":0}]
[null,"P/E Ratio - Formula",null,null,{"$f":"P5","v":0}]
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["Long-term Model"]
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[null,"Investment Balance"]
[null,null,"Opening Balance"]
[null,null,"Add: Income"]
[null,null,"Less: Payouts"]
[null,null,"Closing Balance"]
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[null,null,"NPV of Payouts"]
[null,null,"Forward Earnings Multiple"]
[null,null,"Value to Investment"]
[null,null,"Cash Flow",null,null,{"$f":"-E21","v":0},{"$f":"G18","v":0},{"$f":"H18","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT18","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,{"$f":"EF18","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GR18","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,{"$f":"JD18","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"IRR Check",null,{"$f":"IRR(24:24)","v":{"$error":"#NUM!"}}]
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["Goal Seek to Compute Cost of Capital"]
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[null,"Computed Valuation Ratio",null,null,{"$f":"E22","v":0}]
[null,"Difference",null,null,{"$f":"E28-E29","v":25},"difference"]
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["Data Table Sensitivity"]
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[null,null,null,null,null,null,null,null,"ROE"]
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[null,null,null,null,null,null,null,null,0.1,0.12000000000000001,0.14000000000000001,0.16,0.18]
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[null,null,null,null,null,null,"g",0.02,17.333327918146598,17.333327918146598,17.333327918146598,17.333327918146598,17.333327918146598]
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[]
[null,null,null,null,null,"Start Row",{"$f":"ROW(H37)","v":37}]
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[null,null,null,null,"Use INDEX and LOOKUP"]
[null,null,null,null,"Copy INTERPOLATE"]
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["Drivers",null,null,null,null,null,"Earnings Multiple",null,{"$f":"F42","v":0}]
[null,"Rate of Return",null,null,null,2018,2019,2020,2025,2030]
[null,null,"Base",null,null,0.22,0.24,0.25,0.23,0.2]
[null,null,"High",null,null,0.15,0.18,0.24,0.25,0.27]
[null,null,"Low",null,null,0.25,0.22,0.17,0.15,0.13]
[null,null,{"$f":"INDEX(C7:C9,$E$10)","v":"High"},null,2,{"$f":"INDEX(F7:F9,$E$10)","v":0.15},{"$f":"INDEX(G7:G9,$E$10)","v":0.18},{"$f":"INDEX(H7:H9,$E$10)","v":0.24},{"$f":"INDEX(I7:I9,$E$10)","v":0.25},{"$f":"INDEX(J7:J9,$E$10)","v":0.27}]
[]
[null,"Growth"]
[null,null,"Base",null,null,0.04,0.04,0.04,0.04,0.04]
[null,null,"High",null,null,0.08,0.09,0.1,7.0000000000000007E-2,0.06]
[null,null,"Low",null,null,2.5000000000000001E-2,0.02,0.01,0.01,0.01]
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[]
[null,"Cost of Capital"]
[null,null,"Base",null,null,7.4999999999999997E-2,7.4999999999999997E-2,7.4999999999999997E-2,7.4999999999999997E-2,7.4999999999999997E-2]
[null,null,"High",null,null,0.06,6.2E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[null,null,"Low",null,null,0.08,8.2000000000000003E-2,8.5000000000000006E-2,8.5000000000000006E-2,8.5000000000000006E-2]
[null,null,{"$f":"INDEX(C19:C21,$E$22)","v":"High"},null,2,{"$f":"INDEX(F19:F21,$E$22)","v":0.06},{"$f":"INDEX(G19:G21,$E$22)","v":6.2E-2},{"$f":"INDEX(H19:H21,$E$22)","v":7.0000000000000007E-2},{"$f":"INDEX(I19:I21,$E$22)","v":7.0000000000000007E-2},{"$f":"INDEX(J19:J21,$E$22)","v":7.0000000000000007E-2}]
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[null,"Book Value",null,null,27.54]
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["Simulation"]
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[null,"Graph Year",null,null,2030]
[null,"Return on Investment (LOOKUP, INTERPOLATE)"]
[null,"Growth"]
[null,"Payout Ratio"]
[null,"Cost of Capital"]
[null,"Compound Cost of Capital",null,null,null,1]
[]
[null,"Investment Balance"]
[null,null,"Opening Balance",null,null,null,{"$f":"F39","v":27.54},{"$f":"G39","v":27.54},27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,{"$f":"BS39","v":27.54},27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54]
[null,null,"Add: Income",null,null,null,{"$f":"G36*G29","v":0},{"$f":"H36*H29","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,{"$f":"BT36*BT29","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Payouts",null,null,null,{"$f":"G37*G31","v":0},{"$f":"H37*H31","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT37*BT31","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,{"$f":"E24","v":27.54},{"$f":"G36+G37-G38","v":27.54},{"$f":"H36+H37-H38","v":27.54},27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,{"$f":"BT36+BT37-BT38","v":27.54},27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54,27.54]
[]
[null,null,"NPV of Payouts"]
[null,null,"Forward Earnings Multiple",null,null,null,"PE"]
[null,null,"Value to Investment"]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,"ROI"]
[null,null,null,null,null,null,null,null,null,null,"Low","Base","High"]
[null,null,null,"Start Row",{"$f":"ROW(I53)","v":53},null,null,null,null,null,3,1,2]
[null,null,null,"End Row",{"$f":"ROW(I55)","v":55},null,null,null,"Low",3,9.5811301414323307,15.979416245991619,27.414168829514583]
[null,null,null,"Start Col",{"$f":"COLUMN(K51)","v":11},null,null,"Growth","Base",1,12.556010954436976,23.690579835372937,44.712513469690052]
[null,null,null,"End Col",{"$f":"COLUMN(M51)","v":13},null,null,null,"High",2,19.394484127688667,42.864738756161678,88.747991738339365]

{"sheet":"EV to EBITDA","index":5,"n_rows":59,"n_cols":207,"rows_kept":59,"cut":false,"hidden":false,"merged":[]}
[]
["EV/EBITDA Ratio Drivers"]
[null,"ROIC",null,null,0.11]
[null,"Growth",null,null,0.03,null,"EV/EBITDA",{"$f":"G37","v":0}]
[null,"WACC",null,null,7.0000000000000007E-2,null,"EV/EBIT",{"$f":"G38","v":0}]
[null,"Plant Life",null,null,10,null,"EV/NOPAT",{"$f":"G39","v":0}]
[null,"Gross Depreciation Rate",null,null,{"$f":"1/E6","v":0.1}]
[null,"Net Depreciation Rate",null,null,{"$f":"LOOKUP(E6+1,41:41,58:58)","v":0},null,"For same investment, need more cap exp"]
[null,"Cap Exp to Depreciation",null,null,{"$f":"LOOKUP(E6+1,41:41,59:59)","v":0}]
[null,"Working Capital to EBITDA",null,null,0.3]
[null,"Tax Rate",null,null,0.21]
[null,"Invested Capital",null,null,174]
[null,"EBITDA",null,null,50]
[]
["Investment Balance",null,null,null,null,null,null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100,101,102,103,104,105,106,107,108,109,110,111,112,113,114,115,116,117,118,119,120,121,122,123,124,125,126,127,128,129,130,131,132,133,134,135,136,137,138,139,140,141,142,143,144,145,146,147,148,149,150,151,152,153,154,155,156,157,158,159,160,161,162,163,164,165,166,167,168,169,170,171,172,173,174,175,176,177,178,179,180,181,182,183,184,185,186,187,188,189,190,191,192,193,194,195,196,197,198,199,200]
[null,"Opening Balance",null,null,null,null,null,{"$f":"G19","v":159},{"$f":"H19","v":159},159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,{"$f":"BT19","v":159},159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,{"$f":"EF19","v":159},159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,{"$f":"GR19","v":159},159,159,159,159,159,159]
[null,"Add: Capital Expenditures",null,null,{"$f":"E9","v":0},null,null,{"$f":"H18*$E$17","v":0},{"$f":"I18*$E$17","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU18*$E$17","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EG18*$E$17","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GS18*$E$17","v":0},0,0,0,0,0,0]
[null,"Less: Depreciation",null,null,{"$f":"E8","v":0},null,null,{"$f":"H16*$E$18","v":0},{"$f":"I16*$E$18","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU16*$E$18","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EG16*$E$18","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GS16*$E$18","v":0},0,0,0,0,0,0]
[null,"Closing Balance",null,null,null,null,{"$f":"G21-G20","v":159},{"$f":"H16+H17-H18","v":159},{"$f":"I16+I17-I18","v":159},159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,{"$f":"BU16+BU17-BU18","v":159},159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,{"$f":"EG16+EG17-EG18","v":159},159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,{"$f":"GS16+GS17-GS18","v":159},159,159,159,159,159,159]
[null,"Working Capital",null,null,{"$f":"E10","v":0.3},null,{"$f":"E13*E10","v":15},{"$f":"$E$20*G26","v":15},{"$f":"$E$20*H26","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$20*BT26","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$20*EF26","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$20*GR26","v":0},0,0,0,0,0,0]
[null,"Total Invested Capital",null,null,null,null,{"$f":"E12","v":174},{"$f":"H19+H20","v":174},{"$f":"I19+I20","v":159},159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,{"$f":"BU19+BU20","v":159},159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,{"$f":"EG19+EG20","v":159},159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,159,{"$f":"GS19+GS20","v":159},159,159,159,159,159,159]
[]
[null,"ROIC",null,null,{"$f":"E3","v":0.11}]
[null,"NOPAT"]
[null,"EBIT = NOPAT/(1-t)",null,null,{"$f":"E11","v":0.21}]
[null,"EBITDA = EBIT + Deprecation",null,null,null,null,{"$f":"E13","v":50}]
[]
["Free Cash Flow"]
[null,"EBITDA",null,null,null,null,null,{"$f":"H26","v":0},{"$f":"I26","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,{"$f":"BU26","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EG26","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,{"$f":"GS26","v":0},0,0,0,0,0,0]
[null,"Less: Capital Expenditures",null,null,null,null,null,{"$f":"H17","v":0},{"$f":"I17","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU17","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,{"$f":"EG17","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GS17","v":0},0,0,0,0,0,0]
[null,"Less: Taxes",null,null,{"$f":"E11","v":0.21},null,null,{"$f":"H25*$E$31","v":0},{"$f":"I25*$E$31","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU25*$E$31","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EG25*$E$31","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GS25*$E$31","v":0},0,0,0,0,0,0]
[null,"Less: WC Change",null,null,null,null,null,{"$f":"H20-G20","v":0},{"$f":"I20-H20","v":-15},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU20-BT20","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,{"$f":"EG20-EF20","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GS20-GR20","v":0},0,0,0,0,0,0]
[null,null,"Free Cash Flow",null,null,null,null,{"$f":"H29-H30-H31-H32","v":0},{"$f":"I29-I30-I31-I32","v":15},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU29-BU30-BU31-BU32","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EG29-EG30-EG31-EG32","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,{"$f":"GS29-GS30-GS31-GS32","v":0},0,0,0,0,0,0]
[]
[null,"EV - PV of Free Cash Flow",null,null,{"$f":"E5","v":7.0000000000000007E-2}]
[null,"EBITDA"]
[null,"EV/EBITDA"]
[null,"EV/EBIT"]
[null,"EV/NOPAT"]
[]
["Plant Analysis",null,null,null,null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50]
[null,"Capital Expenditure",null,null,null,100,{"$f":"F42*(1+$E$4)","v":103},{"$f":"G42*(1+$E$4)","v":106.09},109.2727,112.550881,115.92740743,119.4052296529,122.987386542487,126.67700813876162,130.47731838292447,134.39163793441222,138.4233870724446,142.57608868461793,146.85337134515646,151.25897248551115,155.79674166007649,160.47064390987879,165.28476322717515,170.24330612399041,175.35060530771011,180.61112346694142,186.02945717094966,191.61034088607815,197.35865111266051,203.27941064604033,209.37779296542155,215.6591267543842,222.12890055701573,228.79276757372619,235.65655060093798,242.72624711896611,250.00803453253511,257.50827556851118,265.23352383556653,273.19052955063353,281.38624543715252,289.82783280026712,298.52266778427514,307.47834781780341,316.70269825233754,326.20377919990767,335.98989257590489,346.06958935318204,356.45167703377751,367.14522734479084,378.15958416513456,389.50437169008859,401.18950284079125,413.225187926015,425.62194356379547]
[]
[null,"Gross Plant"]
[null,null,"Opening Balance",null,null,{"$f":"E48","v":0},{"$f":"F48","v":100},203,309.09000000000003,418.36270000000002,530.91358100000002,646.84098843000004,766.24621808289999,889.23360462538699,1015.9106127641486,1146.387931147073,1280.7795690814853,1419.2029561539298,1561.7790448385476,1708.6324161837042,1859.8913886692153,2015.6881303292919,2176.1587742391707,2341.4435374663458,2511.6868435903361,2687.037448898046,2867.6485723649876,3053.6780295359372,3245.2883704220153,3442.6470215346758,3645.9264321807159,3855.3042251461375,4070.9633519005215,4293.0922524575371,4521.8850200312636,4757.5415706322019,5000.267817751168,5250.275852283703,5507.7841278522137,5773.01765168778,6046.2081812384131,6327.594426675566,6617.422259475833,6915.9449272601078,7223.4232750779111,7540.1259733302486,7866.3297525301559,8202.3196451060612,8548.3892344592441,8904.8409114930218,9271.9861388378122,9650.1457230029464,10039.650094693035,10440.839597533826,10854.064785459841]
[null,null,"Add: Capital Expendiure (EOP)",null,null,{"$f":"F42","v":100},{"$f":"G42","v":103},106.09,109.2727,112.550881,115.92740743,119.4052296529,122.987386542487,126.67700813876162,130.47731838292447,134.39163793441222,138.4233870724446,142.57608868461793,146.85337134515646,151.25897248551115,155.79674166007649,160.47064390987879,165.28476322717515,170.24330612399041,175.35060530771011,180.61112346694142,186.02945717094966,191.61034088607815,197.35865111266051,203.27941064604033,209.37779296542155,215.6591267543842,222.12890055701573,228.79276757372619,235.65655060093798,242.72624711896611,250.00803453253511,257.50827556851118,265.23352383556653,273.19052955063353,281.38624543715252,289.82783280026712,298.52266778427514,307.47834781780341,316.70269825233754,326.20377919990767,335.98989257590489,346.06958935318204,356.45167703377751,367.14522734479084,378.15958416513456,389.50437169008859,401.18950284079125,413.225187926015,425.62194356379547]
[null,null,"Less: Retirements",null,{"$f":"E6","v":10}]
[null,null,"Closing Balance",null,null,{"$f":"F45+F46-F47","v":100},{"$f":"G45+G46-G47","v":203},309.09000000000003,418.36270000000002,530.91358100000002,646.84098843000004,766.24621808289999,889.23360462538699,1015.9106127641486,1146.387931147073,1280.7795690814853,1419.2029561539298,1561.7790448385476,1708.6324161837042,1859.8913886692153,2015.6881303292919,2176.1587742391707,2341.4435374663458,2511.6868435903361,2687.037448898046,2867.6485723649876,3053.6780295359372,3245.2883704220153,3442.6470215346758,3645.9264321807159,3855.3042251461375,4070.9633519005215,4293.0922524575371,4521.8850200312636,4757.5415706322019,5000.267817751168,5250.275852283703,5507.7841278522137,5773.01765168778,6046.2081812384131,6327.594426675566,6617.422259475833,6915.9449272601078,7223.4232750779111,7540.1259733302486,7866.3297525301559,8202.3196451060612,8548.3892344592441,8904.8409114930218,9271.9861388378122,9650.1457230029464,10039.650094693035,10440.839597533826,10854.064785459841,11279.686729023637]
[null,null,"Depreciation",null,{"$f":"1/E6","v":0.1},{"$f":"$E$49*F45","v":0},{"$f":"$E$49*G45","v":10},20.3,30.909000000000006,41.836270000000006,53.091358100000008,64.684098843000001,76.624621808290001,88.92336046253871,101.59106127641486,114.63879311470731,128.07795690814854,141.92029561539297,156.17790448385477,170.86324161837044,185.98913886692154,201.5688130329292,217.61587742391708,234.14435374663458,251.16868435903362,268.70374488980463,286.76485723649876,305.36780295359375,324.52883704220153,344.26470215346762,364.5926432180716,385.53042251461375,407.09633519005217,429.30922524575374,452.18850200312636,475.75415706322019,500.02678177511683,525.0275852283703,550.77841278522135,577.30176516877805,604.62081812384133,632.75944266755664,661.74222594758339,691.5944927260108,722.3423275077912,754.01259733302493,786.63297525301562,820.23196451060619,854.83892344592448,890.48409114930223,927.19861388378126,965.01457230029473,1003.9650094693036,1044.0839597533827,1085.4064785459841]
[]
[null,"Accumulated Depreciation"]
[null,null,"Opening Balance",null,null,{"$f":"E55","v":0},{"$f":"F55","v":0},10,30.3,61.209000000000003,103.04527000000002,156.13662810000002,220.82072694300001,297.44534875129,386.36870921382871,487.95977049024356,602.59856360495087,730.67652051309938,872.59681612849238,1028.7747206123472,1199.6379622307177,1385.6271010976393,1587.1959141305686,1804.8117915544856,2038.9561453011202,2290.1248296601539,2558.8285745499584,2845.5934317864571,3150.9612347400507,3475.490071782252,3819.7547739357196,4184.347417153791,4569.8778396684047,4976.9741748584565,5406.2834001042102,5858.4719021073361,6334.2260591705563,6834.2528409456727,7359.280426174043,7910.058838959264,8487.3606041280418,9091.9814222518835,9724.7408649194404,10386.483090867023,11078.077583593034,11800.419911100826,12554.432508433851,13341.065483686867,14161.297448197472,15016.136371643397,15906.6204627927,16833.819076676482,17798.833648976775,18802.798658446078,19846.882618199459]
[null,null,"Add: Depreciation Expense",null,null,{"$f":"F49","v":0},{"$f":"G49","v":10},20.3,30.909000000000006,41.836270000000006,53.091358100000008,64.684098843000001,76.624621808290001,88.92336046253871,101.59106127641486,114.63879311470731,128.07795690814854,141.92029561539297,156.17790448385477,170.86324161837044,185.98913886692154,201.5688130329292,217.61587742391708,234.14435374663458,251.16868435903362,268.70374488980463,286.76485723649876,305.36780295359375,324.52883704220153,344.26470215346762,364.5926432180716,385.53042251461375,407.09633519005217,429.30922524575374,452.18850200312636,475.75415706322019,500.02678177511683,525.0275852283703,550.77841278522135,577.30176516877805,604.62081812384133,632.75944266755664,661.74222594758339,691.5944927260108,722.3423275077912,754.01259733302493,786.63297525301562,820.23196451060619,854.83892344592448,890.48409114930223,927.19861388378126,965.01457230029473,1003.9650094693036,1044.0839597533827,1085.4064785459841]
[null,null,"Less: Retirement",null,null,{"$f":"F47","v":0},{"$f":"G47","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,{"$f":"F52+F53-F54","v":0},{"$f":"G52+G53-G54","v":10},30.3,61.209000000000003,103.04527000000002,156.13662810000002,220.82072694300001,297.44534875129,386.36870921382871,487.95977049024356,602.59856360495087,730.67652051309938,872.59681612849238,1028.7747206123472,1199.6379622307177,1385.6271010976393,1587.1959141305686,1804.8117915544856,2038.9561453011202,2290.1248296601539,2558.8285745499584,2845.5934317864571,3150.9612347400507,3475.490071782252,3819.7547739357196,4184.347417153791,4569.8778396684047,4976.9741748584565,5406.2834001042102,5858.4719021073361,6334.2260591705563,6834.2528409456727,7359.280426174043,7910.058838959264,8487.3606041280418,9091.9814222518835,9724.7408649194404,10386.483090867023,11078.077583593034,11800.419911100826,12554.432508433851,13341.065483686867,14161.297448197472,15016.136371643397,15906.6204627927,16833.819076676482,17798.833648976775,18802.798658446078,19846.882618199459,20932.289096745444]
[]
[null,null,"Net Plant",null,null,{"$f":"F45-F52","v":0},{"$f":"G45-G52","v":100},193,278.79000000000002,357.15370000000001,427.86831100000001,490.70436032999999,545.42549113990003,591.78825587409699,629.54190355031983,658.4281606568295,678.18100547653444,688.52643564083041,689.18222871005526,679.857695571357,660.25342643849763,630.06102923165258,588.96286010860217,536.63174591186021,472.73069828921598,396.91261923789216,308.81999781502918,208.08459774948005,94.327135681964592,-32.84305024757623,-173.82834175500375,-329.04319200765349,-498.9144877678832,-683.88192240091939,-884.39838007294657,-1100.9303314751342,-1333.9582414193883,-1583.9769886619697,-1851.4962983218293,-2137.041187271484,-2441.1524228896287,-2764.3869955763175,-3107.3186054436073,-3470.5381636069151,-3854.6543085151234,-4260.293937770577,-4688.1027559036947,-5138.7458385808059,-5612.9082137382284,-6111.2954601503752,-6634.6343239548878,-7183.6733536735355,-7759.1835542837398,-8361.9590609122515,-8992.8178327396181]
[null,null,"Net Plant Depreciation Rate"]
[null,null,"Capital Expenditure to Depreciation"]

{"sheet":"Simple Industrial","index":6,"n_rows":87,"n_cols":15,"rows_kept":87,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,null,null,null,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021]
[null,"Last Historic Year",null,null,2017,{"$f":"F2<=$E$3","v":true},{"$f":"G2<=$E$3","v":true},true,true,true,true,false,false,false,false]
[]
["Balance Sheet"]
[null,"Cash",null,null,null,20,60,40,80,90,100]
[null,"PP&E",null,null,null,1000,1100,1300,1320,1370,1400]
[]
[null,"Debt",null,null,null,{"$f":"F6+F7-F10","v":40},{"$f":"G6+G7-G10","v":110},240,250,280,300]
[null,"Equity",null,null,null,980,1050,1100,1150,1180,1200]
[]
["Income Statement"]
[null,"EBITDA",null,null,null,140,150,165,170,180,200]
[null,"Depreciation",null,null,null,50,60,65,75,80,83]
[null,"Net Interest",null,null,null,0.75,1,2.5,10,8.5,9.5]
[null,"Net Income",null,null,null,{"$f":"F13-F14-F15","v":89.25},{"$f":"G13-G14-G15","v":89},97.5,85,91.5,107.5]
[]
[null,"Dividends",null,null,null,70,70,80,75,75,90]
[]
["Assumptions"]
[null,"EBITDA Growth",null,null,0.12]
[null,"Capital Expenditures",null,null,150,null,null,null,null,null,100,{"$f":"E22","v":150},{"$f":"L22","v":150},{"$f":"M22","v":150},150]
[null,"Depreciation Rate"]
[null,"Net Debt"]
[null,"Interest Rate",null,null,4.4999999999999998E-2,{"$f":"IF(F3,F15/F24,$E$25)","v":{"$error":"#DIV/0!"}},{"$f":"IF(G3,G15/F24,$E$25)","v":{"$error":"#DIV/0!"}},{"$f":"IF(H3,H15/G24,$E$25)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2]
[null,"Dividemd Payout",null,null,null,{"$f":"IF(F3,F18/F16,AVERAGEIF(3:3,TRUE,26:26))","v":0.78431372549019607},{"$f":"IF(G3,G18/G16,AVERAGEIF(3:3,TRUE,26:26))","v":0.7865168539325843},0.82051282051282048,0.88235294117647056,0.81967213114754101,0.83720930232558144,0.82176296243086566,0.82176296243086566,0.82176296243086566,0.82176296243086566]
[]
["Operating and Financing Analysis"]
[null,"EBITDA"]
[null,"Capital Expenditure",null,null,null,{"$f":"F22","v":0},{"$f":"G22","v":0},0,0,0,100,150,150,150,150]
[]
[null,"Plant Balance"]
[null,null,"Opening",null,null,{"$f":"E36","v":0},{"$f":"F36","v":0},0,0,0,0,0,0,0,0]
[null,null,"Add: Cap Exp",null,null,{"$f":"F22","v":0},0,0,0,0,100,150,150,150,150]
[null,null,"Less: Dep",null,null,{"$f":"IF(F3,F14,F33*F23)","v":50},60,65,75,80,83,0,0,0,0]
[null,null,"Closing Balance"]
[]
[null,"Net Cash - Debt"]
[null,null,"Opening Balance"]
[null,null,"Add: Cash Flow"]
[null,null,"Closing Balance"]
[]
[null,null,"Interest Rate",null,null,{"$f":"F25","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2]
[null,null,"Interest Expense",null,null,{"$f":"IF(F3,F15,-E39*F43)","v":0.75},1,2.5,10,8.5,9.5,0,0,0,0]
[]
["Financial Statements"]
[null,"Income Statement"]
[null,null,"EBITDA"]
[null,null,"Depreciation"]
[null,null,"Net Interest"]
[null,null,"Net Income"]
[null,null,"EBIT  "]
[]
[null,"Cash Flow"]
[null,null,"EBITDA",null,null,{"$f":"F29","v":0},0,0,0,0,0,0,0,0,0]
[null,null,"Less CAPEX",null,null,{"$f":"F34","v":0},0,0,0,0,100,150,150,150,150]
[null,null,"Less: Interest",null,null,{"$f":"F50","v":0},{"$f":"G50","v":0},0,0,0,0,0,0,0,0]
[null,null,"Dividends",null,null,{"$f":"F51*F26","v":0},{"$f":"G51*G26","v":0},0,0,0,0,0,0,0,0]
[null,null,"Net Cash Flow",null,null,{"$f":"F55-F56-F58-F57","v":0},{"$f":"G55-G56-G58-G57","v":0},0,0,0,-100,-150,-150,-150,-150]
[]
[null,"Balance Sheet"]
[null,null,"Equity Balance"]
[null,null,null,"Opening Balance",null,{"$f":"E66","v":0},{"$f":"F66","v":980},1050,1100,1150,1180,1200,1200,1200,1200]
[null,null,null,"Add Net Income",null,{"$f":"F51","v":0},{"$f":"G51","v":0},0,0,0,0,0,0,0,0]
[null,null,null,"Less Dividends",null,{"$f":"F58","v":0},{"$f":"G58","v":0},0,0,0,0,0,0,0,0]
[null,null,null,"Closing Balance",null,{"$f":"IF(F3,F10,F63+F64-F65)","v":980},1050,1100,1150,1180,1200,1200,1200,1200,1200]
[]
[null,null,"Assets"]
[null,null,null,"PP&E",null,{"$f":"F36","v":0},0,0,0,0,0,0,0,0,0]
[]
[null,null,"Liabilities and Equity Capital"]
[null,null,null,"Net Debt",null,{"$f":"-F41","v":0},{"$f":"-G41","v":0},0,0,0,0,0,0,0,0]
[null,null,null,"Capital",null,{"$f":"F66","v":980},{"$f":"G66","v":1050},1100,1150,1180,1200,1200,1200,1200,1200]
[null,null,null,"Total",null,{"$f":"SUM(F72:F73)","v":980},{"$f":"SUM(G72:G73)","v":1050},1100,1150,1180,1200,1200,1200,1200,1200]
[]
[null,null,null,"Difference",null,{"$f":"F74-F69","v":980},{"$f":"G74-G69","v":1050},1100,1150,1180,1200,1200,1200,1200,1200]
[null,null,null,"Test"]
[]
[]
[null,null,"Free Cash Flow"]
[null,null,null,"EBITDA",null,null,null,null,null,null,null,{"$f":"L48","v":0},0,0,0]
[null,null,null,"Less: Capital Expenditure",null,null,null,null,null,null,null,{"$f":"L56","v":150},150,150,150]
[null,null,null,"Free Cash",null,null,null,null,null,null,null,{"$f":"L81-L82","v":-150},-150,-150,-150]
[]
[]
[null,null,"ROE",null,null,{"$f":"F51/F66","v":0},{"$f":"G51/G66","v":0},0,0,0,0,0,0,0,0]
[null,null,"ROIC",null,null,{"$f":"F52/F74","v":0},{"$f":"G52/G74","v":0},0,0,0,0,0,0,0,0]

{"sheet":"Simple Bank","index":7,"n_rows":94,"n_cols":18,"rows_kept":94,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,null,null,null,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021]
[null,"Last Historic Year",null,null,2017,{"$f":"F2<=$E$3","v":true},{"$f":"G2<=$E$3","v":true},true,true,true,true,false,false,false,false]
[]
["Historic Financial"]
[null,"Balance Sheet"]
[null,null,"Other Cash Investments",null,null,20,40,30,40,40,40]
[null,null,"Loans",null,null,900,1000,1050,1100,1150,1200]
[null,null,null,"Total",null,{"$f":"SUM(F7:F8)","v":920},1040,1080,1140,1190,1240]
[]
[null,null,"Other Liabilites",null,null,40,50,40,45,45,45]
[null,null,"Deposits",null,null,{"$f":"F9-F11-F13","v":680},770,780,831,871,915]
[null,null,"Equity",null,null,200,220,260,264,274,280]
[null,null,null,"Total",null,{"$f":"SUM(F11:F13)","v":920},1040,1080,1140,1190,1240]
[]
[null,"Income Statement and Cash Flow"]
[]
[null,null,"Loan Income",null,null,140,150,165,170,180,200]
[null,null,"Interest on Deposits",null,null,120,130,125,130,140,150]
[null,null,"Other Interest",null,null,0.7,{"$f":"(F11-F7)*0.04","v":0.8},{"$f":"(G11-G7)*0.04","v":0.4},{"$f":"(H11-H7)*0.04","v":0.4},{"$f":"(I11-I7)*0.04","v":0.2},{"$f":"(J11-J7)*0.04","v":0.2}]
[null,null,"Net Income",null,null,{"$f":"F18-F19-F20","v":19.3},19.2,39.6,39.6,39.799999999999997,49.8]
[null,null,"Dividends",null,null,14,17,30,34,34,40]
[]
[]
["Assumptions"]
[null,"Interest Income %",null,null,null,{"$f":"IF(F$3,F18/F8,AVERAGEIF($3:$3,TRUE,26:26))","v":0.15555555555555556},0.15,0.15714285714285714,0.15454545454545454,0.15652173913043479,0.16666666666666666,{"$f":"IF(L3,L18/L8,AVERAGEIF(3:3,TRUE,26:26))","v":0.15673871217349478},{"$f":"IF(M3,M18/M8,AVERAGEIF(3:3,TRUE,26:26))","v":0.15673871217349478},{"$f":"IF(N3,N18/N8,AVERAGEIF(3:3,TRUE,26:26))","v":0.15673871217349478},{"$f":"IF(O3,O18/O8,AVERAGEIF(3:3,TRUE,26:26))","v":0.15673871217349478}]
[null,"Deposit Cost",null,null,null,{"$f":"IF(F$3,F19/F12,AVERAGEIF($3:$3,TRUE,27:27))","v":0.17647058823529413},0.16883116883116883,0.16025641025641027,0.15643802647412755,0.16073478760045926,0.16393442622950818,0.16444423460449467,0.16444423460449467,0.16444423460449467,0.16444423460449467]
[null,"Loan Increase",null,null,350]
[null,"Deposit to Loan",null,null,0.76,{"$f":"IF(F3,F12/F8,$E$29)","v":0.75555555555555554},0.77,0.74285714285714288,0.75545454545454549,0.75739130434782609,0.76249999999999996,0.76,0.76,0.76,0.76]
[null,"Net Debt",null,null,null,{"$f":"(F11-F7)","v":20},10,10,5,5,5]
[null,"Interest Rate on Net",null,null,0.04,0.04,{"$f":"IF(G3,G20/F30,$E$31)","v":0.04},0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04]
[null,"Equity to Assets",null,null,0.22,{"$f":"IF(F3,F13/F14,$E$32)","v":0.21739130434782608},{"$f":"IF(G3,G13/G14,$E$32)","v":0.21153846153846154},0.24074074074074073,0.23157894736842105,0.23025210084033612,0.22580645161290322]
[null,"Dividend Payout",null,null,0.75,{"$f":"IF(F3,F22/F21,$E$33)","v":0.72538860103626945},{"$f":"IF(G3,G22/G21,$E$33)","v":0.88541666666666674},0.75757575757575757,0.85858585858585856,0.85427135678391963,0.80321285140562249,0.75,0.75,0.75,0.75]
[]
["Operating Analysis"]
[null,"Loans",null,null,null,{"$f":"IF(F3,F8,E36+F28)","v":900},1000,1050,1100,1150,1200,1200,1200,1200,1200]
[null,"Loan Income",null,null,null,{"$f":"F36*F26","v":140},150,165,170,180,200,188.08645460819372,188.08645460819372,188.08645460819372,188.08645460819372]
[null,"Deposits",null,null,null,{"$f":"F36*F29","v":680},770,780,831,871,915,912,912,912,912]
[null,"Interest Expense on Deposits",null,null,null,{"$f":"F38*F27","v":120.00000000000001},130,125.00000000000001,130,140,150,149.97314195929914,149.97314195929914,149.97314195929914,149.97314195929914]
[]
[null,"Net Cash - Debt"]
[null,null,"Opening Balance",null,null,{"$f":"E44","v":0},{"$f":"F44","v":-20},-10,-10,-5,-5,-5,-5,-5,-5]
[null,null,"Add: Cash Flow",null,null,{"$f":"F63","v":5.2999999999999954},{"$f":"G63","v":92.2},19.599999999999998,56.599999999999994,45.8,53.8]
[null,null,"Closing Balance",null,null,{"$f":"IF(F3,F7-F11,F42+F43)","v":-20},{"$f":"IF(G3,G7-G11,G42+G43)","v":-10},-10,-5,-5,-5,-5,-5,-5,-5]
[]
[null,null,"Interest Rate",null,null,{"$f":"F31","v":0.04},{"$f":"G31","v":0.04},0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04]
[null,null,"Interest Expense",null,null,{"$f":"IF(F3,F20,F46*AVERAGE(F42,F42))","v":0.7},{"$f":"IF(G3,G20,G46*AVERAGE(G42,G42))","v":0.8},0.4,0.4,0.2,0.2,-0.2,-0.2,-0.2,-0.2]
[]
["Financial Statements"]
[null,"Income Statement"]
[null,null,"Loan Income",null,null,{"$f":"F37","v":140},150,165,170,180,200,188.08645460819372,188.08645460819372,188.08645460819372,188.08645460819372]
[null,null,"Deposit Interest",null,null,{"$f":"F39","v":120.00000000000001},130,125.00000000000001,130,140,150,149.97314195929914,149.97314195929914,149.97314195929914,149.97314195929914]
[null,null,"Other Interest",null,null,{"$f":"F47","v":0.7},{"$f":"G47","v":0.8},0.4,0.4,0.2,0.2,-0.2,-0.2,-0.2,-0.2]
[null,null,"Net Income",null,null,{"$f":"F51-F52-F53","v":19.299999999999986},{"$f":"G51-G52-G53","v":19.2},39.599999999999987,39.6,39.799999999999997,49.8,38.313312648894581,38.313312648894581,38.313312648894581,38.313312648894581]
[]
[null,"Cash Flow"]
[null,null,"Net Income",null,null,{"$f":"F54","v":19.299999999999986},{"$f":"G54","v":19.2},39.599999999999987,39.6,39.799999999999997,49.8,38.313312648894581,38.313312648894581,38.313312648894581,38.313312648894581]
[null,null,"Less: Increase in loans",null,null,{"$f":"F28","v":0},0,0,0,0,0,0,0,0,0]
[null,null,"Add: Increase in deposits",null,null,null,{"$f":"G38-F38","v":90},10,51,40,44,-3,0,0,0]
[null,null,"Cash Flow Before Finance",null,null,{"$f":"F57-F58+F59","v":19.299999999999986},{"$f":"G57-G58+G59","v":109.2},49.599999999999987,90.6,79.8,93.8,35.313312648894581,38.313312648894581,38.313312648894581,38.313312648894581]
[null,null,"New equity issuance",null,null,{"$f":"F90","v":0},{"$f":"G90","v":0},0,0,0,0,0,0,0,0]
[null,null,"Dividends",null,null,{"$f":"F54*F33","v":13.999999999999991},17,29.999999999999989,34,34,40,28.734984486670935,28.734984486670935,28.734984486670935,28.734984486670935]
[null,null,"Net Cash Flow",null,null,{"$f":"F57-F58+F59+F61-F62","v":5.2999999999999954},{"$f":"G57-G58+G59+G61-G62","v":92.2},19.599999999999998,56.599999999999994,45.8,53.8]
[]
[null,"Balance Sheet"]
[null,null,"Equity Balance"]
[null,null,null,"Opening Balance",null,{"$f":"E71","v":0},{"$f":"F71","v":200},220,260,264,274,280,289.57832816222361,299.15665632444723,308.73498448667084]
[null,null,null,"Add Net Income",null,{"$f":"F54","v":19.299999999999986},19.2,39.599999999999987,39.6,39.799999999999997,49.8,38.313312648894581,38.313312648894581,38.313312648894581,38.313312648894581]
[null,null,null,"Less Dividends",null,{"$f":"F62","v":13.999999999999991},17,29.999999999999989,34,34,40,28.734984486670935,28.734984486670935,28.734984486670935,28.734984486670935]
[null,null,null,"New Equity Issuance",null,null,null,null,null,null,null,{"$f":"L61","v":0},{"$f":"M61","v":0},{"$f":"N61","v":0},{"$f":"O61","v":0}]
[null,null,null,"Closing Balance",null,{"$f":"IF(F3,F13,F67+F68-F69+F70)","v":200},220,260,264,274,280,289.57832816222361,299.15665632444723,308.73498448667084,318.31331264889445]
[]
[null,null,"Assets"]
[null,null,"Loans",null,null,{"$f":"F36","v":900},1000,1050,1100,1150,1200,1200,1200,1200,1200]
[]
[null,null,"Net Debt",null,null,{"$f":"-F44","v":20},{"$f":"-G44","v":10},10,5,5,5,5,5,5,5]
[null,null,"Deposits",null,null,{"$f":"F38","v":680},770,780,831,871,915,912,912,912,912]
[null,null,"Capital",null,null,{"$f":"F71","v":200},{"$f":"G71","v":220},260,264,274,280,289.57832816222361,299.15665632444723,308.73498448667084,318.31331264889445]
[null,null,"Total",null,null,{"$f":"F77+F78+F76","v":900},{"$f":"G77+G78+G76","v":1000},1050,1100,1150,1200,1206.5783281622237,1216.1566563244473,1225.7349844866708,1235.3133126488945]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Equity = Target x Total Assets"]
[null,null,"Difference",null,null,{"$f":"F74-F79","v":0},0,0,0,0,0,-6.57832816222367,-16.15665632444734,-25.734984486670783,-35.313312648894453,null,null,"Equity = OB + NI - Div + Issues"]
[null,null,"Test",null,{"$f":"AND(F82:O82)","v":false},{"$f":"F81=0","v":true},{"$f":"G81=0","v":true},true,true,true,true,false,false,false,false,null,null,"Target x Total Assets = OB + NI - Div + Issues"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Target x Total Assets - OB - NI + Div = Issues"]
[null,null,"Computed Equity to Cap",null,null,{"$f":"F78/F74","v":0.22222222222222221},{"$f":"G78/G74","v":0.22},0.24761904761904763,0.24,0.23826086956521739,0.23333333333333334,0.24131527346851966,{"$f":"M78/M74","v":0.24929721360370602},0.25727915373889237,0.2652610938740787]
[null,null,"Target Equity to Cap",null,null,{"$f":"F32","v":0.21739130434782608},{"$f":"G32","v":0.21153846153846154},0.24074074074074073,0.23157894736842105,0.23025210084033612,0.22580645161290322,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,{"$f":"L84-L85","v":0.24131527346851966},{"$f":"M84-M85","v":0.24929721360370602},{"$f":"N84-N85","v":0.25727915373889237},{"$f":"O84-O85","v":0.2652610938740787}]
[]
[null,null,"Equity Cash Flow"]
[]
[null,null,"New Issues"]
[]
[null,null,"PV of Equity Cash Flow"]
[null,null,"Terminal Value"]
[null,null,"Total Equity Value"]

{"sheet":"Graph of Assumptions and ROE","index":8,"n_rows":7,"n_cols":18,"rows_kept":7,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,"Start",{"$f":"ROW('Aflac Financials'!111:111)","v":111}]
[null,null,"End",{"$f":"ROW('Aflac Financials'!R141)","v":141}]
[]
[null,null,"Row",111]
[]
[null,null,null,null,null,null,{"$f":"'Aflac Financials'!H7","v":2012},{"$f":"'Aflac Financials'!I7","v":2013},{"$f":"'Aflac Financials'!J7","v":2014},{"$f":"'Aflac Financials'!K7","v":2015},{"$f":"'Aflac Financials'!L7","v":2016},{"$f":"'Aflac Financials'!M7","v":2017},{"$f":"'Aflac Financials'!N7","v":2018},{"$f":"'Aflac Financials'!O7","v":2019},{"$f":"'Aflac Financials'!P7","v":2020},{"$f":"'Aflac Financials'!Q7","v":2021},{"$f":"'Aflac Financials'!R7","v":2022},{"$f":"'Aflac Financials'!S7","v":2023}]

{"sheet":"MB Regression","index":9,"n_rows":17,"n_cols":7,"rows_kept":17,"cut":false,"hidden":false,"merged":[]}
[null,null,null,"P/B Ratio"]
[null,null,null,null,"ROE"]
[null,"L&G",null,2.12,0.20106557377049183,null,"B"]
[null,"Met Life",null,0.88,9.1094999070459204E-2,null,"A"]
[null,"AIG",null,0.85,6.9957826841974685E-2]
[null,"Prudential",null,0.97,0.10227655986509276]
[null,"Genworth",null,0.15,3.8182512409316534E-2]
[null,"Greatwest Lifeco",null,1.78,0.1536144578313253]
[null,"Aflac",null,1.38,0.13440860215053765]
[null,"Dai-ichi Life Holdings Inc",null,0.75,6.9420828025477693E-2]
[null,"Power Financial Corp",null,1.42,0.13954434499593166]
[null,"Lincoln National Corp",null,1.04,0.1139819674337236]
[null,"Principal Financial Group",null,1.63,0.14165464165464164]
[null,"Allianz",null,1.06,9.472650924360583E-2]
[null,"Swiss Life ",null,0.67,7.0881624910356961E-2]
[null,"Sun Life",null,1.61,0.13272394881170016]
[null,"AXA SA",null,0.88,0.10955056179775281]

{"sheet":"Amazon Assumptions","index":10,"n_rows":97,"n_cols":29,"rows_kept":97,"cut":false,"hidden":false,"merged":[]}
[null,null,null,null,{"$f":"'Amazon DCF'!E72","v":{"$error":"#VALUE!"}}]
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[null,"History with Current Year",null,null,2017,null,null,null,{"$f":"I2<=$E$3","v":true},{"$f":"J2<=$E$3","v":true},true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"History without Current Year",null,null,{"$f":"'Amazon Model'!F5","v":2016},null,null,null,{"$f":"I2<=$E$4","v":true},{"$f":"J2<=$E$4","v":true},true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
[]
["Analysis",null,null,null,"Time Series","Code"]
[null,"Operations and EBITDA"]
[null,null,"Revenue Growth",null,true,{"$f":"'Sensitivity and Presentation'!$E$32","v":0},{"$f":"INDEX(C60:C63,F9)","v":{"$error":"#VALUE!"}},null,null,{"$f":"IF(J3,'Amazon Model'!I15/'Amazon Model'!H15-1,'Amazon Assumptions'!J65)","v":0.21869373056146668},{"$f":"IF(K3,'Amazon Model'!J15/'Amazon Model'!I15-1,'Amazon Assumptions'!K65)","v":0.19529885829415705},{"$f":"IF(L3,'Amazon Model'!K15/'Amazon Model'!J15-1,'Amazon Assumptions'!L65)","v":0.20249466232160906},{"$f":"IF(M3,'Amazon Model'!L15/'Amazon Model'!K15-1,'Amazon Assumptions'!M65)","v":0.2708158116063919},{"$f":"IF(N3,'Amazon Model'!M15/'Amazon Model'!L15-1,'Amazon Assumptions'!N65)","v":0.29347289796808984},{"$f":"IF(O3,'Amazon Model'!N15/'Amazon Model'!M15-1,'Amazon Assumptions'!O65)","v":{"$error":"#VALUE!"}},{"$f":"IF(P3,'Amazon Model'!O15/'Amazon Model'!N15-1,'Amazon Assumptions'!P65)","v":{"$error":"#VALUE!"}},{"$f":"IF(Q3,'Amazon Model'!P15/'Amazon Model'!O15-1,'Amazon Assumptions'!Q65)","v":{"$error":"#VALUE!"}},{"$f":"IF(R3,'Amazon Model'!Q15/'Amazon Model'!P15-1,'Amazon Assumptions'!R65)","v":{"$error":"#VALUE!"}},{"$f":"IF(S3,'Amazon Model'!R15/'Amazon Model'!Q15-1,'Amazon Assumptions'!S65)","v":{"$error":"#VALUE!"}},{"$f":"IF(T3,'Amazon Model'!S15/'Amazon Model'!R15-1,'Amazon Assumptions'!T65)","v":{"$error":"#VALUE!"}},{"$f":"IF(U3,'Amazon Model'!T15/'Amazon Model'!S15-1,'Amazon Assumptions'!U65)","v":{"$error":"#VALUE!"}},{"$f":"IF(V3,'Amazon Model'!U15/'Amazon Model'!T15-1,'Amazon Assumptions'!V65)","v":{"$error":"#VALUE!"}},{"$f":"IF(W3,'Amazon Model'!V15/'Amazon Model'!U15-1,'Amazon Assumptions'!W65)","v":{"$error":"#VALUE!"}},{"$f":"IF(X3,'Amazon Model'!W15/'Amazon Model'!V15-1,'Amazon Assumptions'!X65)","v":{"$error":"#VALUE!"}},{"$f":"IF(Y3,'Amazon Model'!X15/'Amazon Model'!W15-1,'Amazon Assumptions'!Y65)","v":{"$error":"#VALUE!"}},{"$f":"IF(Z3,'Amazon Model'!Y15/'Amazon Model'!X15-1,'Amazon Assumptions'!Z65)","v":{"$error":"#VALUE!"}},{"$f":"IF(AA3,'Amazon Model'!Z15/'Amazon Model'!Y15-1,'Amazon Assumptions'!AA65)","v":{"$error":"#VALUE!"}},{"$f":"IF(AB3,'Amazon Model'!AA15/'Amazon Model'!Z15-1,'Amazon Assumptions'!AB65)","v":{"$error":"#VALUE!"}},{"$f":"IF(AC3,'Amazon Model'!AB15/'Amazon Model'!AA15-1,'Amazon Assumptions'!AC65)","v":{"$error":"#VALUE!"}}]
[null,null,"COGS Percent",null,true,{"$f":"'Sensitivity and Presentation'!G32","v":0},null,null,{"$f":"IF(I3,'Amazon Model'!H16/'Amazon Model'!H15,I73)","v":0.72254051399574404},{"$f":"IF(J3,'Amazon Model'!I16/'Amazon Model'!I15,J73)","v":0.69012760241772997},{"$f":"IF(K3,'Amazon Model'!J16/'Amazon Model'!J15,K73)","v":0.65816383863355432},{"$f":"IF(L3,'Amazon Model'!K16/'Amazon Model'!K15,L73)","v":0.61676478833753856},{"$f":"IF(M3,'Amazon Model'!L16/'Amazon Model'!L15,M73)","v":0.59401426575483496},{"$f":"IF(N3,'Amazon Model'!M16/'Amazon Model'!M15,N73)","v":0.58300346351110344},{"$f":"IF(O3,'Amazon Model'!N16/'Amazon Model'!N15,O73)","v":{"$error":"#VALUE!"}},{"$f":"IF(P3,'Amazon Model'!O16/'Amazon Model'!O15,P73)","v":{"$error":"#VALUE!"}},{"$f":"IF(Q3,'Amazon Model'!P16/'Amazon Model'!P15,Q73)","v":{"$error":"#VALUE!"}},{"$f":"IF(R3,'Amazon Model'!Q16/'Amazon Model'!Q15,R73)","v":{"$error":"#VALUE!"}},{"$f":"IF(S3,'Amazon Model'!R16/'Amazon Model'!R15,S73)","v":{"$error":"#VALUE!"}},{"$f":"IF(T3,'Amazon Model'!S16/'Amazon Model'!S15,T73)","v":{"$error":"#VALUE!"}},{"$f":"IF(U3,'Amazon Model'!T16/'Amazon Model'!T15,U73)","v":{"$error":"#VALUE!"}},{"$f":"IF(V3,'Amazon Model'!U16/'Amazon Model'!U15,V73)","v":{"$error":"#VALUE!"}},{"$f":"IF(W3,'Amazon Model'!V16/'Amazon Model'!V15,W73)","v":{"$error":"#VALUE!"}},{"$f":"IF(X3,'Amazon Model'!W16/'Amazon Model'!W15,X73)","v":{"$error":"#VALUE!"}},{"$f":"IF(Y3,'Amazon Model'!X16/'Amazon Model'!X15,Y73)","v":{"$error":"#VALUE!"}},{"$f":"IF(Z3,'Amazon Model'!Y16/'Amazon Model'!Y15,Z73)","v":{"$error":"#VALUE!"}},{"$f":"IF(AA3,'Amazon Model'!Z16/'Amazon Model'!Z15,AA73)","v":{"$error":"#VALUE!"}},{"$f":"IF(AB3,'Amazon Model'!AA16/'Amazon Model'!AA15,AB73)","v":{"$error":"#VALUE!"}},{"$f":"IF(AC3,'Amazon Model'!AB16/'Amazon Model'!AB15,AC73)","v":{"$error":"#VALUE!"}}]
[null,null,"R&D as % of Margin",null,true,{"$f":"'Sensitivity and Presentation'!I32","v":0},null,null,{"$f":"IF(I4,'Amazon Model'!H18/'Amazon Model'!H15,I81)","v":7.4643967916189227E-2},{"$f":"IF(J4,'Amazon Model'!I18/'Amazon Model'!I15,J81)","v":8.8247145735392885E-2},{"$f":"IF(K4,'Amazon Model'!J18/'Amazon Model'!J15,K81)","v":0.10428137993032925},{"$f":"IF(L4,'Amazon Model'!K18/'Amazon Model'!K15,L81)","v":0.11718530978413233},{"$f":"IF(M4,'Amazon Model'!L18/'Amazon Model'!L15,M81)","v":0.11831752334730494},{"$f":"IF(N4,'Amazon Model'!M18/'Amazon Model'!M15,N81)","v":{"$error":"#VALUE!"}},{"$f":"IF(O4,'Amazon Model'!N18/'Amazon Model'!N15,O81)","v":{"$error":"#VALUE!"}},{"$f":"IF(P4,'Amazon Model'!O18/'Amazon Model'!O15,P81)","v":{"$error":"#VALUE!"}},{"$f":"IF(Q4,'Amazon Model'!P18/'Amazon Model'!P15,Q81)","v":{"$error":"#VALUE!"}},{"$f":"IF(R4,'Amazon Model'!Q18/'Amazon Model'!Q15,R81)","v":{"$error":"#VALUE!"}},{"$f":"IF(S4,'Amazon Model'!R18/'Amazon Model'!R15,S81)","v":{"$error":"#VALUE!"}},{"$f":"IF(T4,'Amazon Model'!S18/'Amazon Model'!S15,T81)","v":{"$error":"#VALUE!"}},{"$f":"IF(U4,'Amazon Model'!T18/'Amazon Model'!T15,U81)","v":{"$error":"#VALUE!"}},{"$f":"IF(V4,'Amazon Model'!U18/'Amazon Model'!U15,V81)","v":{"$error":"#VALUE!"}},{"$f":"IF(W4,'Amazon Model'!V18/'Amazon Model'!V15,W81)","v":{"$error":"#VALUE!"}},{"$f":"IF(X4,'Amazon Model'!W18/'Amazon Model'!W15,X81)","v":{"$error":"#VALUE!"}},{"$f":"IF(Y4,'Amazon Model'!X18/'Amazon Model'!X15,Y81)","v":{"$error":"#VALUE!"}},{"$f":"IF(Z4,'Amazon Model'!Y18/'Amazon Model'!Y15,Z81)","v":{"$error":"#VALUE!"}},{"$f":"IF(AA4,'Amazon Model'!Z18/'Amazon Model'!Z15,AA81)","v":{"$error":"#VALUE!"}},{"$f":"IF(AB4,'Amazon Model'!AA18/'Amazon Model'!AA15,AB81)","v":{"$error":"#VALUE!"}},{"$f":"IF(AC4,'Amazon Model'!AB18/'Amazon Model'!AB15,AC81)","v":{"$error":"#VALUE!"}}]
[null,null,"Other SG&A as Percent of Revenue",null,true,{"$f":"'Sensitivity and Presentation'!K32","v":0},null,null,{"$f":"IF(I4,'Amazon Model'!H19/'Amazon Model'!H15,I89)","v":0.15910951055819283},{"$f":"IF(J4,'Amazon Model'!I19/'Amazon Model'!I15,J89)","v":0.17259905977165882},{"$f":"IF(K4,'Amazon Model'!J19/'Amazon Model'!J15,K89)","v":0.18709967412068773},{"$f":"IF(L4,'Amazon Model'!K19/'Amazon Model'!K15,L89)","v":0.19072983833286608},{"$f":"IF(M4,'Amazon Model'!L19/'Amazon Model'!L15,M89)","v":0.2006029855136407},{"$f":"IF(N4,'Amazon Model'!M19/'Amazon Model'!M15,N89)","v":{"$error":"#VALUE!"}},{"$f":"IF(O4,'Amazon Model'!N19/'Amazon Model'!N15,O89)","v":{"$error":"#VALUE!"}},{"$f":"IF(P4,'Amazon Model'!O19/'Amazon Model'!O15,P89)","v":{"$error":"#VALUE!"}},{"$f":"IF(Q4,'Amazon Model'!P19/'Amazon Model'!P15,Q89)","v":{"$error":"#VALUE!"}},{"$f":"IF(R4,'Amazon Model'!Q19/'Amazon Model'!Q15,R89)","v":{"$error":"#VALUE!"}},{"$f":"IF(S4,'Amazon Model'!R19/'Amazon Model'!R15,S89)","v":{"$error":"#VALUE!"}},{"$f":"IF(T4,'Amazon Model'!S19/'Amazon Model'!S15,T89)","v":{"$error":"#VALUE!"}},{"$f":"IF(U4,'Amazon Model'!T19/'Amazon Model'!T15,U89)","v":{"$error":"#VALUE!"}},{"$f":"IF(V4,'Amazon Model'!U19/'Amazon Model'!U15,V89)","v":{"$error":"#VALUE!"}},{"$f":"IF(W4,'Amazon Model'!V19/'Amazon Model'!V15,W89)","v":{"$error":"#VALUE!"}},{"$f":"IF(X4,'Amazon Model'!W19/'Amazon Model'!W15,X89)","v":{"$error":"#VALUE!"}},{"$f":"IF(Y4,'Amazon Model'!X19/'Amazon Model'!X15,Y89)","v":{"$error":"#VALUE!"}},{"$f":"IF(Z4,'Amazon Model'!Y19/'Amazon Model'!Y15,Z89)","v":{"$error":"#VALUE!"}},{"$f":"IF(AA4,'Amazon Model'!Z19/'Amazon Model'!Z15,AA89)","v":{"$error":"#VALUE!"}},{"$f":"IF(AB4,'Amazon Model'!AA19/'Amazon Model'!AA15,AB89)","v":{"$error":"#VALUE!"}},{"$f":"IF(AC4,'Amazon Model'!AB19/'Amazon Model'!AB15,AC89)","v":{"$error":"#VALUE!"}}]
[null,null,"Other Operating Expense",null,null,null,null,null,{"$f":"'Amazon Model'!H20","v":0},{"$f":"'Amazon Model'!I20","v":0},{"$f":"'Amazon Model'!J20","v":0},{"$f":"'Amazon Model'!K20","v":0},{"$f":"'Amazon Model'!L20","v":0},{"$f":"'Amazon Model'!M20","v":0}]
[null,"Capital Expenditures"]
[null,null,"Capital Expenditures (Fixed Assets)",null,null,null,null,null,{"$f":"-'Amazon Model'!H62","v":3790000},{"$f":"-'Amazon Model'!I62","v":3440000},{"$f":"-'Amazon Model'!J62","v":4890000},{"$f":"-'Amazon Model'!K62","v":4590000},{"$f":"-'Amazon Model'!L62","v":6740000},{"$f":"-'Amazon Model'!M62","v":9030000}]
[null,null,"Capital Expenditures/Sales",null,true,{"$f":"'Sensitivity and Presentation'!M32","v":0},null,null,{"$f":"IF(I4,I15/'Amazon Model'!H15,'Amazon Assumptions'!I97)","v":6.2039613684727449E-2},{"$f":"IF(J4,J15/'Amazon Model'!I15,'Amazon Assumptions'!J97)","v":4.6205507051712558E-2},{"$f":"IF(K4,K15/'Amazon Model'!J15,'Amazon Assumptions'!K97)","v":5.4949994381391171E-2},{"$f":"IF(L4,L15/'Amazon Model'!K15,'Amazon Assumptions'!L97)","v":4.289318755256518E-2},{"$f":"IF(M4,M15/'Amazon Model'!L15,'Amazon Assumptions'!M97)","v":4.9562467828516803E-2},{"$f":"IF(N4,N15/'Amazon Model'!M15,'Amazon Assumptions'!N97)","v":{"$error":"#VALUE!"}},{"$f":"IF(O4,O15/'Amazon Model'!N15,'Amazon Assumptions'!O97)","v":{"$error":"#VALUE!"}},{"$f":"IF(P4,P15/'Amazon Model'!O15,'Amazon Assumptions'!P97)","v":{"$error":"#VALUE!"}},{"$f":"IF(Q4,Q15/'Amazon Model'!P15,'Amazon Assumptions'!Q97)","v":{"$error":"#VALUE!"}},{"$f":"IF(R4,R15/'Amazon Model'!Q15,'Amazon Assumptions'!R97)","v":{"$error":"#VALUE!"}},{"$f":"IF(S4,S15/'Amazon Model'!R15,'Amazon Assumptions'!S97)","v":{"$error":"#VALUE!"}},{"$f":"IF(T4,T15/'Amazon Model'!S15,'Amazon Assumptions'!T97)","v":{"$error":"#VALUE!"}},{"$f":"IF(U4,U15/'Amazon Model'!T15,'Amazon Assumptions'!U97)","v":{"$error":"#VALUE!"}},{"$f":"IF(V4,V15/'Amazon Model'!U15,'Amazon Assumptions'!V97)","v":{"$error":"#VALUE!"}},{"$f":"IF(W4,W15/'Amazon Model'!V15,'Amazon Assumptions'!W97)","v":{"$error":"#VALUE!"}},{"$f":"IF(X4,X15/'Amazon Model'!W15,'Amazon Assumptions'!X97)","v":{"$error":"#VALUE!"}},{"$f":"IF(Y4,Y15/'Amazon Model'!X15,'Amazon Assumptions'!Y97)","v":{"$error":"#VALUE!"}},{"$f":"IF(Z4,Z15/'Amazon Model'!Y15,'Amazon Assumptions'!Z97)","v":{"$error":"#VALUE!"}},{"$f":"IF(AA4,AA15/'Amazon Model'!Z15,'Amazon Assumptions'!AA97)","v":{"$error":"#VALUE!"}},{"$f":"IF(AB4,AB15/'Amazon Model'!AA15,'Amazon Assumptions'!AB97)","v":{"$error":"#VALUE!"}},{"$f":"IF(AC4,AC15/'Amazon Model'!AB15,'Amazon Assumptions'!AC97)","v":{"$error":"#VALUE!"}}]
[null,null,"Capital Expenditures/Depreciation",null,null,null,null,null,{"$f":"IF('Amazon Model'!H5,I15/'Amazon Model'!H23)","v":2.2694610778443112},{"$f":"IF('Amazon Model'!I5,J15/'Amazon Model'!I23)","v":1.3079847908745248},{"$f":"IF('Amazon Model'!J5,K15/'Amazon Model'!J23)","v":1.2194512955454304},{"$f":"IF('Amazon Model'!K5,L15/'Amazon Model'!K23)","v":0.85315985130111527},{"$f":"IF('Amazon Model'!L5,M15/'Amazon Model'!L23)","v":0.93611111111111112},{"$f":"IF('Amazon Model'!M5,N15/'Amazon Model'!M23)","v":false}]
[null,null,"Capital Expenditures (Other Assets)",null,null,null,null,null,{"$f":"-'Amazon Model'!H63","v":0},{"$f":"-'Amazon Model'!I63","v":0},{"$f":"-'Amazon Model'!J63","v":0},{"$f":"-'Amazon Model'!K63","v":0},{"$f":"-'Amazon Model'!L63","v":0},{"$f":"-'Amazon Model'!M63","v":0}]
[null,null,"Net Assets from Acquisitions",null,null,null,null,null,{"$f":"-'Amazon Model'!H64","v":745000},{"$f":"-'Amazon Model'!I64","v":312000},{"$f":"-'Amazon Model'!J64","v":979000},{"$f":"-'Amazon Model'!K64","v":795000},{"$f":"-'Amazon Model'!L64","v":116000},{"$f":"-'Amazon Model'!M64","v":18517333.333333332}]
[null,null,"Percent of Sales",null,false,{"$f":"AVERAGEIF($4:$4,TRUE,20:20)","v":7.1338612401175049E-3},{"$f":"LOOKUP($E$4,$2:$2,20:20)","v":8.5300389734539305E-4},8.0000000000000002E-3,{"$f":"IF(I4,I19/'Amazon Model'!H15,$H$20)","v":1.2195121951219513E-2},{"$f":"IF(J4,J19/'Amazon Model'!I15,$H$20)","v":4.1907320349227669E-3},{"$f":"IF(K4,K19/'Amazon Model'!J15,$H$20)","v":1.1001236093943139E-2},{"$f":"IF(L4,L19/'Amazon Model'!K15,$H$20)","v":7.4292122231567146E-3},{"$f":"IF(M4,M19/'Amazon Model'!L15,$H$20)","v":8.5300389734539305E-4},{"$f":"IF(N4,N19/'Amazon Model'!M15,$H$20)","v":8.0000000000000002E-3},{"$f":"IF(O4,O19/'Amazon Model'!N15,$H$20)","v":8.0000000000000002E-3},{"$f":"IF(P4,P19/'Amazon Model'!O15,$H$20)","v":8.0000000000000002E-3},{"$f":"IF(Q4,Q19/'Amazon Model'!P15,$H$20)","v":8.0000000000000002E-3},{"$f":"IF(R4,R19/'Amazon Model'!Q15,$H$20)","v":8.0000000000000002E-3},{"$f":"IF(S4,S19/'Amazon Model'!R15,$H$20)","v":8.0000000000000002E-3},{"$f":"IF(T4,T19/'Amazon Model'!S15,$H$20)","v":8.0000000000000002E-3},{"$f":"IF(U4,U19/'Amazon Model'!T15,$H$20)","v":8.0000000000000002E-3},{"$f":"IF(V4,V19/'Amazon Model'!U15,$H$20)","v":8.0000000000000002E-3},{"$f":"IF(W4,W19/'Amazon Model'!V15,$H$20)","v":8.0000000000000002E-3},{"$f":"IF(X4,X19/'Amazon Model'!W15,$H$20)","v":8.0000000000000002E-3},{"$f":"IF(Y4,Y19/'Amazon Model'!X15,$H$20)","v":8.0000000000000002E-3},{"$f":"IF(Z4,Z19/'Amazon Model'!Y15,$H$20)","v":8.0000000000000002E-3},{"$f":"IF(AA4,AA19/'Amazon Model'!Z15,$H$20)","v":8.0000000000000002E-3},{"$f":"IF(AB4,AB19/'Amazon Model'!AA15,$H$20)","v":8.0000000000000002E-3},{"$f":"IF(AC4,AC19/'Amazon Model'!AB15,$H$20)","v":8.0000000000000002E-3}]
[null,"Working Capital"]
[null,null,"Total Expenses",null,null,"Average","Last",null,{"$f":"'Amazon Model'!H15-'Amazon Model'!H21","v":58420000},{"$f":"'Amazon Model'!I15-'Amazon Model'!I21","v":70800000},{"$f":"'Amazon Model'!J15-'Amazon Model'!J21","v":84500000},{"$f":"'Amazon Model'!K15-'Amazon Model'!K21","v":98950000},{"$f":"'Amazon Model'!L15-'Amazon Model'!L21","v":124150000},{"$f":"'Amazon Model'!M15-'Amazon Model'!M21","v":160642214.60455334}]
[null,null,"A/R as Percent of Sales",null,false,{"$f":"AVERAGEIF(4:4,TRUE,23:23)","v":5.9247659555018248E-2},{"$f":"AVERAGEIF(2:2,E4,23:23)","v":6.1328038826384296E-2},0.05,{"$f":"IF(I4,'Amazon Model'!H98/'Amazon Model'!H15,$H$23)","v":5.5000818464560487E-2},{"$f":"IF(J4,'Amazon Model'!I98/'Amazon Model'!I15,$H$23)","v":6.4069845533915384E-2},{"$f":"IF(K4,'Amazon Model'!J98/'Amazon Model'!J15,$H$23)","v":6.3040791100123603E-2},{"$f":"IF(L4,'Amazon Model'!K98/'Amazon Model'!K15,$H$23)","v":5.2798803850107469E-2},{"$f":"IF(M4,'Amazon Model'!L98/'Amazon Model'!L15,$H$23)","v":6.1328038826384296E-2},{"$f":"IF(N4,'Amazon Model'!M98/'Amazon Model'!M15,$H$23)","v":0.05},{"$f":"IF(O4,'Amazon Model'!N98/'Amazon Model'!N15,$H$23)","v":0.05},{"$f":"IF(P4,'Amazon Model'!O98/'Amazon Model'!O15,$H$23)","v":0.05},{"$f":"IF(Q4,'Amazon Model'!P98/'Amazon Model'!P15,$H$23)","v":0.05},{"$f":"IF(R4,'Amazon Model'!Q98/'Amazon Model'!Q15,$H$23)","v":0.05},{"$f":"IF(S4,'Amazon Model'!R98/'Amazon Model'!R15,$H$23)","v":0.05},{"$f":"IF(T4,'Amazon Model'!S98/'Amazon Model'!S15,$H$23)","v":0.05},{"$f":"IF(U4,'Amazon Model'!T98/'Amazon Model'!T15,$H$23)","v":0.05},{"$f":"IF(V4,'Amazon Model'!U98/'Amazon Model'!U15,$H$23)","v":0.05},{"$f":"IF(W4,'Amazon Model'!V98/'Amazon Model'!V15,$H$23)","v":0.05},{"$f":"IF(X4,'Amazon Model'!W98/'Amazon Model'!W15,$H$23)","v":0.05},{"$f":"IF(Y4,'Amazon Model'!X98/'Amazon Model'!X15,$H$23)","v":0.05},{"$f":"IF(Z4,'Amazon Model'!Y98/'Amazon Model'!Y15,$H$23)","v":0.05},{"$f":"IF(AA4,'Amazon Model'!Z98/'Amazon Model'!Z15,$H$23)","v":0.05},{"$f":"IF(AB4,'Amazon Model'!AA98/'Amazon Model'!AA15,$H$23)","v":0.05},{"$f":"IF(AC4,'Amazon Model'!AB98/'Amazon Model'!AB15,$H$23)","v":0.05}]
[null,null,"Inventory as Percent of COGS",null,false,{"$f":"AVERAGEIF($4:$4,TRUE,24:24)","v":0.1439118823688757},{"$f":"LOOKUP($E$4,$2:$2,24:24)","v":0.14186679871255262},0.15,{"$f":"IF(I4,'Amazon Model'!H99/'Amazon Model'!H16,$H$24)","v":0.13661078386950612},{"$f":"IF(J4,'Amazon Model'!I99/'Amazon Model'!I16,$H$24)","v":0.14421954067730636},{"$f":"IF(K4,'Amazon Model'!J99/'Amazon Model'!J16,$H$24)","v":0.14171077343349839},{"$f":"IF(L4,'Amazon Model'!K99/'Amazon Model'!K16,$H$24)","v":0.15515151515151515},{"$f":"IF(M4,'Amazon Model'!L99/'Amazon Model'!L16,$H$24)","v":0.14186679871255262},{"$f":"IF(N4,'Amazon Model'!M99/'Amazon Model'!M16,$H$24)","v":0.15},{"$f":"IF(O4,'Amazon Model'!N99/'Amazon Model'!N16,$H$24)","v":0.15},{"$f":"IF(P4,'Amazon Model'!O99/'Amazon Model'!O16,$H$24)","v":0.15},{"$f":"IF(Q4,'Amazon Model'!P99/'Amazon Model'!P16,$H$24)","v":0.15},{"$f":"IF(R4,'Amazon Model'!Q99/'Amazon Model'!Q16,$H$24)","v":0.15},{"$f":"IF(S4,'Amazon Model'!R99/'Amazon Model'!R16,$H$24)","v":0.15},{"$f":"IF(T4,'Amazon Model'!S99/'Amazon Model'!S16,$H$24)","v":0.15},{"$f":"IF(U4,'Amazon Model'!T99/'Amazon Model'!T16,$H$24)","v":0.15},{"$f":"IF(V4,'Amazon Model'!U99/'Amazon Model'!U16,$H$24)","v":0.15},{"$f":"IF(W4,'Amazon Model'!V99/'Amazon Model'!V16,$H$24)","v":0.15},{"$f":"IF(X4,'Amazon Model'!W99/'Amazon Model'!W16,$H$24)","v":0.15},{"$f":"IF(Y4,'Amazon Model'!X99/'Amazon Model'!X16,$H$24)","v":0.15},{"$f":"IF(Z4,'Amazon Model'!Y99/'Amazon Model'!Y16,$H$24)","v":0.15},{"$f":"IF(AA4,'Amazon Model'!Z99/'Amazon Model'!Z16,$H$24)","v":0.15},{"$f":"IF(AB4,'Amazon Model'!AA99/'Amazon Model'!AA16,$H$24)","v":0.15},{"$f":"IF(AC4,'Amazon Model'!AB99/'Amazon Model'!AB16,$H$24)","v":0.15}]
[null,null,"Other Current Assets as Percent of Revenues",null,false,{"$f":"AVERAGEIF($4:$4,TRUE,25:25)","v":1.4830577835979702E-3},{"$f":"LOOKUP($E$4,$2:$2,25:25)","v":0},0,{"$f":"IF(I4,('Amazon Model'!H100+'Amazon Model'!H101)/'Amazon Model'!H15,$H$25)","v":7.4152889179898507E-3},{"$f":"IF(J4,('Amazon Model'!I100+'Amazon Model'!I101)/'Amazon Model'!I15,$H$25)","v":0},{"$f":"IF(K4,('Amazon Model'!J100+'Amazon Model'!J101)/'Amazon Model'!J15,$H$25)","v":0},{"$f":"IF(L4,('Amazon Model'!K100+'Amazon Model'!K101)/'Amazon Model'!K15,$H$25)","v":0},{"$f":"IF(M4,('Amazon Model'!L100+'Amazon Model'!L101)/'Amazon Model'!L15,$H$25)","v":0},{"$f":"IF(N4,('Amazon Model'!M100+'Amazon Model'!M101)/'Amazon Model'!M15,$H$25)","v":0},{"$f":"IF(O4,('Amazon Model'!N100+'Amazon Model'!N101)/'Amazon Model'!N15,$H$25)","v":0},{"$f":"IF(P4,('Amazon Model'!O100+'Amazon Model'!O101)/'Amazon Model'!O15,$H$25)","v":0},{"$f":"IF(Q4,('Amazon Model'!P100+'Amazon Model'!P101)/'Amazon Model'!P15,$H$25)","v":0},{"$f":"IF(R4,('Amazon Model'!Q100+'Amazon Model'!Q101)/'Amazon Model'!Q15,$H$25)","v":0},{"$f":"IF(S4,('Amazon Model'!R100+'Amazon Model'!R101)/'Amazon Model'!R15,$H$25)","v":0},{"$f":"IF(T4,('Amazon Model'!S100+'Amazon Model'!S101)/'Amazon Model'!S15,$H$25)","v":0},{"$f":"IF(U4,('Amazon Model'!T100+'Amazon Model'!T101)/'Amazon Model'!T15,$H$25)","v":0},{"$f":"IF(V4,('Amazon Model'!U100+'Amazon Model'!U101)/'Amazon Model'!U15,$H$25)","v":0},{"$f":"IF(W4,('Amazon Model'!V100+'Amazon Model'!V101)/'Amazon Model'!V15,$H$25)","v":0},{"$f":"IF(X4,('Amazon Model'!W100+'Amazon Model'!W101)/'Amazon Model'!W15,$H$25)","v":0},{"$f":"IF(Y4,('Amazon Model'!X100+'Amazon Model'!X101)/'Amazon Model'!X15,$H$25)","v":0},{"$f":"IF(Z4,('Amazon Model'!Y100+'Amazon Model'!Y101)/'Amazon Model'!Y15,$H$25)","v":0},{"$f":"IF(AA4,('Amazon Model'!Z100+'Amazon Model'!Z101)/'Amazon Model'!Z15,$H$25)","v":0},{"$f":"IF(AB4,('Amazon Model'!AA100+'Amazon Model'!AA101)/'Amazon Model'!AA15,$H$25)","v":0},{"$f":"IF(AC4,('Amazon Model'!AB100+'Amazon Model'!AB101)/'Amazon Model'!AB15,$H$25)","v":0}]
[null,null,"Accounts Payable as Percent of Expenses",null,false,{"$f":"AVERAGEIF($4:$4,TRUE,26:26)","v":0.20930571623331523},{"$f":"LOOKUP($E$4,$2:$2,26:26)","v":0.20386629077728555},0.18,{"$f":"IF(I4,'Amazon Model'!H113/I22,$H$26)","v":0.22800410818212941},{"$f":"IF(J4,'Amazon Model'!I113/J22,$H$26)","v":0.21370056497175141},{"$f":"IF(K4,'Amazon Model'!J113/K22,$H$26)","v":0.19479288757396448},{"$f":"IF(L4,'Amazon Model'!K113/L22,$H$26)","v":0.20616472966144517},{"$f":"IF(M4,'Amazon Model'!L113/M22,$H$26)","v":0.20386629077728555},{"$f":"IF(N4,'Amazon Model'!M113/N22,$H$26)","v":0.18},{"$f":"IF(O4,'Amazon Model'!N113/O22,$H$26)","v":0.18},{"$f":"IF(P4,'Amazon Model'!O113/P22,$H$26)","v":0.18},{"$f":"IF(Q4,'Amazon Model'!P113/Q22,$H$26)","v":0.18},{"$f":"IF(R4,'Amazon Model'!Q113/R22,$H$26)","v":0.18},{"$f":"IF(S4,'Amazon Model'!R113/S22,$H$26)","v":0.18},{"$f":"IF(T4,'Amazon Model'!S113/T22,$H$26)","v":0.18},{"$f":"IF(U4,'Amazon Model'!T113/U22,$H$26)","v":0.18},{"$f":"IF(V4,'Amazon Model'!U113/V22,$H$26)","v":0.18},{"$f":"IF(W4,'Amazon Model'!V113/W22,$H$26)","v":0.18},{"$f":"IF(X4,'Amazon Model'!W113/X22,$H$26)","v":0.18},{"$f":"IF(Y4,'Amazon Model'!X113/Y22,$H$26)","v":0.18},{"$f":"IF(Z4,'Amazon Model'!Y113/Z22,$H$26)","v":0.18},{"$f":"IF(AA4,'Amazon Model'!Z113/AA22,$H$26)","v":0.18},{"$f":"IF(AB4,'Amazon Model'!AA113/AB22,$H$26)","v":0.18},{"$f":"IF(AC4,'Amazon Model'!AB113/AC22,$H$26)","v":0.18}]
[null,null,"Taxes Payable as Percent of Taxes",null,null,null,null,null,{"$f":"IF('Amazon Model'!H5,'Amazon Model'!H114/'Amazon Model'!H31)","v":0},{"$f":"IF('Amazon Model'!I5,'Amazon Model'!I114/'Amazon Model'!I31)","v":0},{"$f":"IF('Amazon Model'!J5,'Amazon Model'!J114/'Amazon Model'!J31)","v":0},{"$f":"IF('Amazon Model'!K5,'Amazon Model'!K114/'Amazon Model'!K31)","v":0},{"$f":"IF('Amazon Model'!L5,'Amazon Model'!L114/'Amazon Model'!L31)","v":0},{"$f":"IF('Amazon Model'!M5,'Amazon Model'!M114/'Amazon Model'!M31)","v":false}]
[null,null,"Other Current Liabilites as Percent of Revenues",null,false,{"$f":"AVERAGEIF($4:$4,TRUE,28:28)","v":8.7901884366649224E-2},{"$f":"LOOKUP($E$4,$2:$2,28:28)","v":9.7874843738510187E-2},7.0000000000000007E-2,{"$f":"IF(I$4,'Amazon Model'!H115/'Amazon Model'!H15,$H$28)","v":7.4480275004092322E-2},{"$f":"IF(J$4,'Amazon Model'!I115/'Amazon Model'!I15,$H$28)","v":8.2068502350570852E-2},{"$f":"IF(K$4,'Amazon Model'!J115/'Amazon Model'!J15,$H$28)","v":9.0234852230587706E-2},{"$f":"IF(L$4,'Amazon Model'!K115/'Amazon Model'!K15,$H$28)","v":9.4850948509485097E-2},{"$f":"IF(M$4,'Amazon Model'!L115/'Amazon Model'!L15,$H$28)","v":9.7874843738510187E-2},{"$f":"IF(N$4,'Amazon Model'!M115/'Amazon Model'!M15,$H$28)","v":7.0000000000000007E-2},{"$f":"IF(O$4,'Amazon Model'!N115/'Amazon Model'!N15,$H$28)","v":7.0000000000000007E-2},{"$f":"IF(P$4,'Amazon Model'!O115/'Amazon Model'!O15,$H$28)","v":7.0000000000000007E-2},{"$f":"IF(Q$4,'Amazon Model'!P115/'Amazon Model'!P15,$H$28)","v":7.0000000000000007E-2},{"$f":"IF(R$4,'Amazon Model'!Q115/'Amazon Model'!Q15,$H$28)","v":7.0000000000000007E-2},{"$f":"IF(S$4,'Amazon Model'!R115/'Amazon Model'!R15,$H$28)","v":7.0000000000000007E-2},{"$f":"IF(T$4,'Amazon Model'!S115/'Amazon Model'!S15,$H$28)","v":7.0000000000000007E-2},{"$f":"IF(U$4,'Amazon Model'!T115/'Amazon Model'!T15,$H$28)","v":7.0000000000000007E-2},{"$f":"IF(V$4,'Amazon Model'!U115/'Amazon Model'!U15,$H$28)","v":7.0000000000000007E-2},{"$f":"IF(W$4,'Amazon Model'!V115/'Amazon Model'!V15,$H$28)","v":7.0000000000000007E-2},{"$f":"IF(X$4,'Amazon Model'!W115/'Amazon Model'!W15,$H$28)","v":7.0000000000000007E-2},{"$f":"IF(Y$4,'Amazon Model'!X115/'Amazon Model'!X15,$H$28)","v":7.0000000000000007E-2},{"$f":"IF(Z$4,'Amazon Model'!Y115/'Amazon Model'!Y15,$H$28)","v":7.0000000000000007E-2},{"$f":"IF(AA$4,'Amazon Model'!Z115/'Amazon Model'!Z15,$H$28)","v":7.0000000000000007E-2},{"$f":"IF(AB$4,'Amazon Model'!AA115/'Amazon Model'!AA15,$H$28)","v":7.0000000000000007E-2},{"$f":"IF(AC$4,'Amazon Model'!AB115/'Amazon Model'!AB15,$H$28)","v":7.0000000000000007E-2}]
[null,null,"Working Capital as Percent of EBITDA"]
[null,"Depreciation"]
[null,null,"Depreciation Expense as Percent of Gross Assets",null,null,null,null,null,{"$f":"IF('Amazon Model'!H5,'Amazon Model'!H23/'Amazon Model'!H103)","v":0.174321503131524},{"$f":"IF('Amazon Model'!I5,'Amazon Model'!I23/'Amazon Model'!H103)","v":0.27453027139874742},{"$f":"IF('Amazon Model'!J5,'Amazon Model'!J23/'Amazon Model'!I103)","v":0.27076301485482784},{"$f":"IF('Amazon Model'!K5,'Amazon Model'!K23/'Amazon Model'!J103)","v":0.23669159700835898},{"$f":"IF('Amazon Model'!L5,'Amazon Model'!L23/'Amazon Model'!K103)","v":0.23960066555740434},{"$f":"IF('Amazon Model'!M5,'Amazon Model'!M23/'Amazon Model'!L103)","v":false}]
[null,null,"Depreciation Expense as Percent of Net Assets",null,false,2,{"$f":"AVERAGEIF($4:$4,TRUE,32:32)","v":0.32439512140112259},0.25,{"$f":"IF(I4,'Amazon Model'!H23/'Amazon Model'!H105,CHOOSE($F$32,$G$32,$H$32))","v":0.23654390934844194},{"$f":"IF(J4,'Amazon Model'!I23/'Amazon Model'!H105,CHOOSE($F$32,$G$32,$H$32))","v":0.37252124645892354},{"$f":"IF(K4,'Amazon Model'!J23/'Amazon Model'!I105,CHOOSE($F$32,$G$32,$H$32))","v":0.36621006849315069},{"$f":"IF(L4,'Amazon Model'!K23/'Amazon Model'!J105,CHOOSE($F$32,$G$32,$H$32))","v":0.31703005303476722},{"$f":"IF(M4,'Amazon Model'!L23/'Amazon Model'!K105,CHOOSE($F$32,$G$32,$H$32))","v":0.32967032967032966},0.3,0.28999999999999998,{"$f":"IF(P4,'Amazon Model'!O23/'Amazon Model'!N105,CHOOSE($F$32,$G$32,$H$32))","v":0.25},{"$f":"IF(Q4,'Amazon Model'!P23/'Amazon Model'!O105,CHOOSE($F$32,$G$32,$H$32))","v":0.25},{"$f":"IF(R4,'Amazon Model'!Q23/'Amazon Model'!P105,CHOOSE($F$32,$G$32,$H$32))","v":0.25},{"$f":"IF(S4,'Amazon Model'!R23/'Amazon Model'!Q105,CHOOSE($F$32,$G$32,$H$32))","v":0.25},{"$f":"IF(T4,'Amazon Model'!S23/'Amazon Model'!R105,CHOOSE($F$32,$G$32,$H$32))","v":0.25},{"$f":"IF(U4,'Amazon Model'!T23/'Amazon Model'!S105,CHOOSE($F$32,$G$32,$H$32))","v":0.25},{"$f":"IF(V4,'Amazon Model'!U23/'Amazon Model'!T105,CHOOSE($F$32,$G$32,$H$32))","v":0.25},{"$f":"IF(W4,'Amazon Model'!V23/'Amazon Model'!U105,CHOOSE($F$32,$G$32,$H$32))","v":0.25},{"$f":"IF(X4,'Amazon Model'!W23/'Amazon Model'!V105,CHOOSE($F$32,$G$32,$H$32))","v":0.25},{"$f":"IF(Y4,'Amazon Model'!X23/'Amazon Model'!W105,CHOOSE($F$32,$G$32,$H$32))","v":0.25},{"$f":"IF(Z4,'Amazon Model'!Y23/'Amazon Model'!X105,CHOOSE($F$32,$G$32,$H$32))","v":0.25},{"$f":"IF(AA4,'Amazon Model'!Z23/'Amazon Model'!Y105,CHOOSE($F$32,$G$32,$H$32))","v":0.25},{"$f":"IF(AB4,'Amazon Model'!AA23/'Amazon Model'!Z105,CHOOSE($F$32,$G$32,$H$32))","v":0.25},{"$f":"IF(AC4,'Amazon Model'!AB23/'Amazon Model'!AA105,CHOOSE($F$32,$G$32,$H$32))","v":0.25}]
[null,null,"Amortisation as Percent of Intangibles",null,false,1,{"$f":"AVERAGEIF($4:$4,TRUE,33:33)","v":5.6472128442928107E-2},{"$f":"LOOKUP($E$4,$2:$2,33:33)","v":6.0421052631578945E-2},{"$f":"IF(I4,'Amazon Model'!H24/'Amazon Model'!H107,CHOOSE($F$33,$G$33,$H$33))","v":4.9695121951219515E-2},{"$f":"IF(J4,'Amazon Model'!I24/'Amazon Model'!H107,CHOOSE($F$33,$G$33,$H$33))","v":5.1219512195121948E-2},{"$f":"IF(K4,'Amazon Model'!J24/'Amazon Model'!I107,CHOOSE($F$33,$G$33,$H$33))","v":5.4848484848484848E-2},{"$f":"IF(L4,'Amazon Model'!K24/'Amazon Model'!J107,CHOOSE($F$33,$G$33,$H$33))","v":6.6176470588235295E-2},{"$f":"IF(M4,'Amazon Model'!L24/'Amazon Model'!K107,CHOOSE($F$33,$G$33,$H$33))","v":6.0421052631578945E-2},{"$f":"IF(N4,'Amazon Model'!M24/'Amazon Model'!L107,CHOOSE($F$33,$G$33,$H$33))","v":5.6472128442928107E-2},{"$f":"IF(O4,'Amazon Model'!N24/'Amazon Model'!M107,CHOOSE($F$33,$G$33,$H$33))","v":5.6472128442928107E-2},{"$f":"IF(P4,'Amazon Model'!O24/'Amazon Model'!N107,CHOOSE($F$33,$G$33,$H$33))","v":5.6472128442928107E-2},{"$f":"IF(Q4,'Amazon Model'!P24/'Amazon Model'!O107,CHOOSE($F$33,$G$33,$H$33))","v":5.6472128442928107E-2},{"$f":"IF(R4,'Amazon Model'!Q24/'Amazon Model'!P107,CHOOSE($F$33,$G$33,$H$33))","v":5.6472128442928107E-2},{"$f":"IF(S4,'Amazon Model'!R24/'Amazon Model'!Q107,CHOOSE($F$33,$G$33,$H$33))","v":5.6472128442928107E-2},{"$f":"IF(T4,'Amazon Model'!S24/'Amazon Model'!R107,CHOOSE($F$33,$G$33,$H$33))","v":5.6472128442928107E-2},{"$f":"IF(U4,'Amazon Model'!T24/'Amazon Model'!S107,CHOOSE($F$33,$G$33,$H$33))","v":5.6472128442928107E-2},{"$f":"IF(V4,'Amazon Model'!U24/'Amazon Model'!T107,CHOOSE($F$33,$G$33,$H$33))","v":5.6472128442928107E-2},{"$f":"IF(W4,'Amazon Model'!V24/'Amazon Model'!U107,CHOOSE($F$33,$G$33,$H$33))","v":5.6472128442928107E-2},{"$f":"IF(X4,'Amazon Model'!W24/'Amazon Model'!V107,CHOOSE($F$33,$G$33,$H$33))","v":5.6472128442928107E-2},{"$f":"IF(Y4,'Amazon Model'!X24/'Amazon Model'!W107,CHOOSE($F$33,$G$33,$H$33))","v":5.6472128442928107E-2},{"$f":"IF(Z4,'Amazon Model'!Y24/'Amazon Model'!X107,CHOOSE($F$33,$G$33,$H$33))","v":5.6472128442928107E-2},{"$f":"IF(AA4,'Amazon Model'!Z24/'Amazon Model'!Y107,CHOOSE($F$33,$G$33,$H$33))","v":5.6472128442928107E-2},{"$f":"IF(AB4,'Amazon Model'!AA24/'Amazon Model'!Z107,CHOOSE($F$33,$G$33,$H$33))","v":5.6472128442928107E-2},{"$f":"IF(AC4,'Amazon Model'!AB24/'Amazon Model'!AA107,CHOOSE($F$33,$G$33,$H$33))","v":5.6472128442928107E-2}]
[null,"Other Expenses and Income"]
[null,null,"Cash and Investments",null,null,null,null,null,{"$f":"'Amazon Model'!H97+'Amazon Model'!H106","v":11601000},{"$f":"'Amazon Model'!I97+'Amazon Model'!I106","v":12970000},{"$f":"'Amazon Model'!J97+'Amazon Model'!J106","v":18306000},{"$f":"'Amazon Model'!K97+'Amazon Model'!K106","v":20228000},{"$f":"'Amazon Model'!L97+'Amazon Model'!L106","v":26695000},{"$f":"'Amazon Model'!M97+'Amazon Model'!M106","v":0}]
[null,null,"Non-Operating Income",null,false,1,{"$f":"AVERAGEIF($4:$4,TRUE,36:36)","v":-262200},{"$f":"LOOKUP($E$4,$2:$2,36:36)","v":-144000},{"$f":"IF(I3,'Amazon Model'!H26,CHOOSE($F$36,$G$36,$H$36))","v":-239000},{"$f":"IF(J3,'Amazon Model'!I26,CHOOSE($F$36,$G$36,$H$36))","v":-250000},{"$f":"IF(K3,'Amazon Model'!J26,CHOOSE($F$36,$G$36,$H$36))","v":-251000},{"$f":"IF(L3,'Amazon Model'!K26,CHOOSE($F$36,$G$36,$H$36))","v":-427000},{"$f":"IF(M3,'Amazon Model'!L26,CHOOSE($F$36,$G$36,$H$36))","v":-144000},{"$f":"IF(N3,'Amazon Model'!M26,CHOOSE($F$36,$G$36,$H$36))","v":93333.333333333343},{"$f":"IF(O3,'Amazon Model'!N26,CHOOSE($F$36,$G$36,$H$36))","v":-262200},{"$f":"IF(P3,'Amazon Model'!O26,CHOOSE($F$36,$G$36,$H$36))","v":-262200},{"$f":"IF(Q3,'Amazon Model'!P26,CHOOSE($F$36,$G$36,$H$36))","v":-262200},{"$f":"IF(R3,'Amazon Model'!Q26,CHOOSE($F$36,$G$36,$H$36))","v":-262200},{"$f":"IF(S3,'Amazon Model'!R26,CHOOSE($F$36,$G$36,$H$36))","v":-262200},{"$f":"IF(T3,'Amazon Model'!S26,CHOOSE($F$36,$G$36,$H$36))","v":-262200},{"$f":"IF(U3,'Amazon Model'!T26,CHOOSE($F$36,$G$36,$H$36))","v":-262200},{"$f":"IF(V3,'Amazon Model'!U26,CHOOSE($F$36,$G$36,$H$36))","v":-262200},{"$f":"IF(W3,'Amazon Model'!V26,CHOOSE($F$36,$G$36,$H$36))","v":-262200},{"$f":"IF(X3,'Amazon Model'!W26,CHOOSE($F$36,$G$36,$H$36))","v":-262200},{"$f":"IF(Y3,'Amazon Model'!X26,CHOOSE($F$36,$G$36,$H$36))","v":-262200},{"$f":"IF(Z3,'Amazon Model'!Y26,CHOOSE($F$36,$G$36,$H$36))","v":-262200},{"$f":"IF(AA3,'Amazon Model'!Z26,CHOOSE($F$36,$G$36,$H$36))","v":-262200},{"$f":"IF(AB3,'Amazon Model'!AA26,CHOOSE($F$36,$G$36,$H$36))","v":-262200},{"$f":"IF(AC3,'Amazon Model'!AB26,CHOOSE($F$36,$G$36,$H$36))","v":-262200}]
[null,null,"Interest and Other Income as Percent of Investments",null,null,null,null,null,{"$f":"IF('Amazon Model'!H5,('Amazon Model'!H26/I35))","v":-2.0601672269631929E-2},{"$f":"IF('Amazon Model'!I5,('Amazon Model'!I26/J35))","v":-1.9275250578257519E-2},{"$f":"IF('Amazon Model'!J5,('Amazon Model'!J26/K35))","v":-1.3711351469463564E-2},{"$f":"IF('Amazon Model'!K5,('Amazon Model'!K26/L35))","v":-2.1109353371564169E-2},{"$f":"IF('Amazon Model'!L5,('Amazon Model'!L26/M35))","v":-5.3942685896235252E-3},{"$f":"IF('Amazon Model'!M5,('Amazon Model'!M26/N35))","v":false}]
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[null,null,"Equity Income After Tax",null,false,1,{"$f":"AVERAGEIF($4:$4,TRUE,39:39)","v":-58399.95},{"$f":"LOOKUP($E$4,$2:$2,39:39)","v":-92000},{"$f":"IF(I4,('Amazon Model'!H28+'Amazon Model'!H32+'Amazon Model'!H33+'Amazon Model'!H35),CHOOSE($F$39,$G$39,$H$39))","v":-157000},{"$f":"IF(J4,('Amazon Model'!I28+'Amazon Model'!I32+'Amazon Model'!I33+'Amazon Model'!I35),CHOOSE($F$39,$G$39,$H$39))","v":-64000},{"$f":"IF(K4,('Amazon Model'!J28+'Amazon Model'!J32+'Amazon Model'!J33+'Amazon Model'!J35),CHOOSE($F$39,$G$39,$H$39))","v":49000.25},{"$f":"IF(L4,('Amazon Model'!K28+'Amazon Model'!K32+'Amazon Model'!K33+'Amazon Model'!K35),CHOOSE($F$39,$G$39,$H$39))","v":-28000},{"$f":"IF(M4,('Amazon Model'!L28+'Amazon Model'!L32+'Amazon Model'!L33+'Amazon Model'!L35),CHOOSE($F$39,$G$39,$H$39))","v":-92000},{"$f":"IF(N4,('Amazon Model'!M28+'Amazon Model'!M32+'Amazon Model'!M33+'Amazon Model'!M35),CHOOSE($F$39,$G$39,$H$39))","v":-58399.95},{"$f":"IF(O4,('Amazon Model'!N28+'Amazon Model'!N32+'Amazon Model'!N33+'Amazon Model'!N35),CHOOSE($F$39,$G$39,$H$39))","v":-58399.95},{"$f":"IF(P4,('Amazon Model'!O28+'Amazon Model'!O32+'Amazon Model'!O33+'Amazon Model'!O35),CHOOSE($F$39,$G$39,$H$39))","v":-58399.95},{"$f":"IF(Q4,('Amazon Model'!P28+'Amazon Model'!P32+'Amazon Model'!P33+'Amazon Model'!P35),CHOOSE($F$39,$G$39,$H$39))","v":-58399.95},{"$f":"IF(R4,('Amazon Model'!Q28+'Amazon Model'!Q32+'Amazon Model'!Q33+'Amazon Model'!Q35),CHOOSE($F$39,$G$39,$H$39))","v":-58399.95},{"$f":"IF(S4,('Amazon Model'!R28+'Amazon Model'!R32+'Amazon Model'!R33+'Amazon Model'!R35),CHOOSE($F$39,$G$39,$H$39))","v":-58399.95},{"$f":"IF(T4,('Amazon Model'!S28+'Amazon Model'!S32+'Amazon Model'!S33+'Amazon Model'!S35),CHOOSE($F$39,$G$39,$H$39))","v":-58399.95},{"$f":"IF(U4,('Amazon Model'!T28+'Amazon Model'!T32+'Amazon Model'!T33+'Amazon Model'!T35),CHOOSE($F$39,$G$39,$H$39))","v":-58399.95},{"$f":"IF(V4,('Amazon Model'!U28+'Amazon Model'!U32+'Amazon Model'!U33+'Amazon Model'!U35),CHOOSE($F$39,$G$39,$H$39))","v":-58399.95},{"$f":"IF(W4,('Amazon Model'!V28+'Amazon Model'!V32+'Amazon Model'!V33+'Amazon Model'!V35),CHOOSE($F$39,$G$39,$H$39))","v":-58399.95},{"$f":"IF(X4,('Amazon Model'!W28+'Amazon Model'!W32+'Amazon Model'!W33+'Amazon Model'!W35),CHOOSE($F$39,$G$39,$H$39))","v":-58399.95},{"$f":"IF(Y4,('Amazon Model'!X28+'Amazon Model'!X32+'Amazon Model'!X33+'Amazon Model'!X35),CHOOSE($F$39,$G$39,$H$39))","v":-58399.95},{"$f":"IF(Z4,('Amazon Model'!Y28+'Amazon Model'!Y32+'Amazon Model'!Y33+'Amazon Model'!Y35),CHOOSE($F$39,$G$39,$H$39))","v":-58399.95},{"$f":"IF(AA4,('Amazon Model'!Z28+'Amazon Model'!Z32+'Amazon Model'!Z33+'Amazon Model'!Z35),CHOOSE($F$39,$G$39,$H$39))","v":-58399.95},{"$f":"IF(AB4,('Amazon Model'!AA28+'Amazon Model'!AA32+'Amazon Model'!AA33+'Amazon Model'!AA35),CHOOSE($F$39,$G$39,$H$39))","v":-58399.95},{"$f":"IF(AC4,('Amazon Model'!AB28+'Amazon Model'!AB32+'Amazon Model'!AB33+'Amazon Model'!AB35),CHOOSE($F$39,$G$39,$H$39))","v":-58399.95}]
[null,null,"Other Income as Percent of Other Assets",null,null,null,null,null,{"$f":"IF('Amazon Model'!H5,I39/I38)","v":-0.24228395061728394},{"$f":"IF('Amazon Model'!I5,J39/J38)","v":-0.11895910780669144},{"$f":"IF('Amazon Model'!J5,K39/K38)","v":5.0463697219361482E-2},{"$f":"IF('Amazon Model'!K5,L39/L38)","v":-1.4358974358974359E-2},{"$f":"IF('Amazon Model'!L5,M39/M38)","v":-3.4074074074074076E-2},{"$f":"IF('Amazon Model'!M5,N39/N38)","v":false}]
[null,null,"Total Debt",null,null,null,null,null,{"$f":"'Amazon Model'!H112+'Amazon Model'!H117","v":4970000},{"$f":"'Amazon Model'!I112+'Amazon Model'!I117","v":6920000},{"$f":"'Amazon Model'!J112+'Amazon Model'!J117","v":16090000},{"$f":"'Amazon Model'!K112+'Amazon Model'!K117","v":17520000},{"$f":"'Amazon Model'!L112+'Amazon Model'!L117","v":20410000},{"$f":"'Amazon Model'!M112+'Amazon Model'!M117","v":0}]
[null,null,"Interest Expense as Percent of Debt",null,false,1,{"$f":"AVERAGEIF($4:$4,TRUE,42:42)","v":2.0370173933222595E-2},{"$f":"LOOKUP($E$4,$2:$2,42:42)","v":2.3713865752082314E-2},{"$f":"IF(I4,'Amazon Model'!H29/I41,CHOOSE($F$42,$G$42,$H$42))","v":1.8511066398390341E-2},{"$f":"IF(J4,'Amazon Model'!I29/J41,CHOOSE($F$42,$G$42,$H$42))","v":2.0375722543352601E-2},{"$f":"IF(K4,'Amazon Model'!J29/K41,CHOOSE($F$42,$G$42,$H$42))","v":1.305158483530143E-2},{"$f":"IF(L4,'Amazon Model'!K29/L41,CHOOSE($F$42,$G$42,$H$42))","v":2.6198630136986301E-2},{"$f":"IF(M4,'Amazon Model'!L29/M41,CHOOSE($F$42,$G$42,$H$42))","v":2.3713865752082314E-2},{"$f":"IF(N4,'Amazon Model'!M29/N41,CHOOSE($F$42,$G$42,$H$42))","v":2.0370173933222595E-2},{"$f":"IF(O4,'Amazon Model'!N29/O41,CHOOSE($F$42,$G$42,$H$42))","v":2.0370173933222595E-2},{"$f":"IF(P4,'Amazon Model'!O29/P41,CHOOSE($F$42,$G$42,$H$42))","v":2.0370173933222595E-2},{"$f":"IF(Q4,'Amazon Model'!P29/Q41,CHOOSE($F$42,$G$42,$H$42))","v":2.0370173933222595E-2},{"$f":"IF(R4,'Amazon Model'!Q29/R41,CHOOSE($F$42,$G$42,$H$42))","v":2.0370173933222595E-2},{"$f":"IF(S4,'Amazon Model'!R29/S41,CHOOSE($F$42,$G$42,$H$42))","v":2.0370173933222595E-2},{"$f":"IF(T4,'Amazon Model'!S29/T41,CHOOSE($F$42,$G$42,$H$42))","v":2.0370173933222595E-2},{"$f":"IF(U4,'Amazon Model'!T29/U41,CHOOSE($F$42,$G$42,$H$42))","v":2.0370173933222595E-2},{"$f":"IF(V4,'Amazon Model'!U29/V41,CHOOSE($F$42,$G$42,$H$42))","v":2.0370173933222595E-2},{"$f":"IF(W4,'Amazon Model'!V29/W41,CHOOSE($F$42,$G$42,$H$42))","v":2.0370173933222595E-2},{"$f":"IF(X4,'Amazon Model'!W29/X41,CHOOSE($F$42,$G$42,$H$42))","v":2.0370173933222595E-2},{"$f":"IF(Y4,'Amazon Model'!X29/Y41,CHOOSE($F$42,$G$42,$H$42))","v":2.0370173933222595E-2},{"$f":"IF(Z4,'Amazon Model'!Y29/Z41,CHOOSE($F$42,$G$42,$H$42))","v":2.0370173933222595E-2},{"$f":"IF(AA4,'Amazon Model'!Z29/AA41,CHOOSE($F$42,$G$42,$H$42))","v":2.0370173933222595E-2},{"$f":"IF(AB4,'Amazon Model'!AA29/AB41,CHOOSE($F$42,$G$42,$H$42))","v":2.0370173933222595E-2},{"$f":"IF(AC4,'Amazon Model'!AB29/AC41,CHOOSE($F$42,$G$42,$H$42))","v":2.0370173933222595E-2}]
[null,null,"Interest Income",null,null,null,null,null,{"$f":"'Amazon Model'!H27","v":40000},{"$f":"'Amazon Model'!I27","v":38000},{"$f":"'Amazon Model'!J27","v":39000},{"$f":"'Amazon Model'!K27","v":50000},{"$f":"'Amazon Model'!L27","v":100000},{"$f":"'Amazon Model'!M27","v":0},{"$f":"'Amazon Model'!N27","v":0},{"$f":"'Amazon Model'!O27","v":0},{"$f":"'Amazon Model'!P27","v":0},{"$f":"'Amazon Model'!Q27","v":0},{"$f":"'Amazon Model'!R27","v":0},{"$f":"'Amazon Model'!S27","v":0},{"$f":"'Amazon Model'!T27","v":0},{"$f":"'Amazon Model'!U27","v":0},{"$f":"'Amazon Model'!V27","v":0},{"$f":"'Amazon Model'!W27","v":0},{"$f":"'Amazon Model'!X27","v":0},{"$f":"'Amazon Model'!Y27","v":0},{"$f":"'Amazon Model'!Z27","v":0},{"$f":"'Amazon Model'!AA27","v":0},{"$f":"'Amazon Model'!AB27","v":0}]
[null,null,"Cash Balance",null,null,null,null,null,{"$f":"'Amazon Model'!H97+'Amazon Model'!H106","v":11601000},{"$f":"'Amazon Model'!I97+'Amazon Model'!I106","v":12970000},{"$f":"'Amazon Model'!J97+'Amazon Model'!J106","v":18306000},{"$f":"'Amazon Model'!K97+'Amazon Model'!K106","v":20228000},{"$f":"'Amazon Model'!L97+'Amazon Model'!L106","v":26695000},{"$f":"'Amazon Model'!M97+'Amazon Model'!M106","v":0},{"$f":"'Amazon Model'!N97+'Amazon Model'!N106","v":0},{"$f":"'Amazon Model'!O97+'Amazon Model'!O106","v":0},{"$f":"'Amazon Model'!P97+'Amazon Model'!P106","v":0},{"$f":"'Amazon Model'!Q97+'Amazon Model'!Q106","v":0},{"$f":"'Amazon Model'!R97+'Amazon Model'!R106","v":0},{"$f":"'Amazon Model'!S97+'Amazon Model'!S106","v":0},{"$f":"'Amazon Model'!T97+'Amazon Model'!T106","v":0},{"$f":"'Amazon Model'!U97+'Amazon Model'!U106","v":0},{"$f":"'Amazon Model'!V97+'Amazon Model'!V106","v":0},{"$f":"'Amazon Model'!W97+'Amazon Model'!W106","v":0},{"$f":"'Amazon Model'!X97+'Amazon Model'!X106","v":0},{"$f":"'Amazon Model'!Y97+'Amazon Model'!Y106","v":0},{"$f":"'Amazon Model'!Z97+'Amazon Model'!Z106","v":0},{"$f":"'Amazon Model'!AA97+'Amazon Model'!AA106","v":0},{"$f":"'Amazon Model'!AB97+'Amazon Model'!AB106","v":0}]
[null,null,"Interest Income Rate",null,false,1,{"$f":"AVERAGEIF($4:$4,TRUE,45:45)","v":2.9452213670649774E-3},{"$f":"LOOKUP($E$4,$2:$2,45:45)","v":3.7460198539052258E-3},{"$f":"IF(I4,I43/I44,$H$45)","v":3.4479786225325403E-3},{"$f":"IF(J4,J43/J44,$H$45)","v":2.9298380878951427E-3},2.1304490331039002E-3,2.4718212378880759E-3,3.7460198539052258E-3,3.7460198539052258E-3,3.7460198539052258E-3,3.7460198539052258E-3,3.7460198539052258E-3,3.7460198539052258E-3,3.7460198539052258E-3,3.7460198539052258E-3,3.7460198539052258E-3,3.7460198539052258E-3,3.7460198539052258E-3,3.7460198539052258E-3,3.7460198539052258E-3,3.7460198539052258E-3,3.7460198539052258E-3,3.7460198539052258E-3,3.7460198539052258E-3]
[null,"Income Tax and Equity"]
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[null,null,"Minority Income Percent",null,null,null,null,null,{"$f":"IF('Amazon Model'!H5,'Amazon Model'!H37/'Amazon Model'!H36)","v":0},{"$f":"IF('Amazon Model'!I5,'Amazon Model'!I37/'Amazon Model'!I36)","v":0},{"$f":"IF('Amazon Model'!J5,'Amazon Model'!J37/'Amazon Model'!J36)","v":0},{"$f":"IF('Amazon Model'!K5,'Amazon Model'!K37/'Amazon Model'!K36)","v":0},{"$f":"IF('Amazon Model'!L5,'Amazon Model'!L37/'Amazon Model'!L36)","v":0},{"$f":"IF('Amazon Model'!M5,'Amazon Model'!M37/'Amazon Model'!M36)","v":false}]
[null,null,"Dividend as Percent of Income",null,null,null,null,null,{"$f":"IF('Amazon Model'!H5,-'Amazon Model'!H72/'Amazon Model'!H38)","v":0},{"$f":"IF('Amazon Model'!I5,-'Amazon Model'!I72/'Amazon Model'!I38)","v":0},{"$f":"IF('Amazon Model'!J5,-'Amazon Model'!J72/'Amazon Model'!J38)","v":0},{"$f":"IF('Amazon Model'!K5,-'Amazon Model'!K72/'Amazon Model'!K38)","v":0},{"$f":"IF('Amazon Model'!L5,-'Amazon Model'!L72/'Amazon Model'!L38)","v":0},{"$f":"IF('Amazon Model'!M5,-'Amazon Model'!M72/'Amazon Model'!M38)","v":false}]
[null,null,"Other Funds",null,false,1,{"$f":"AVERAGEIF($4:$4,TRUE,50:50)","v":2224000},{"$f":"LOOKUP($E$4,$2:$2,50:50)","v":2920000},{"$f":"IF(I4,'Amazon Model'!H56,CHOOSE($F$50,$G$50,$H$50))","v":1130000},{"$f":"IF(J4,'Amazon Model'!I56,CHOOSE($F$50,$G$50,$H$50))","v":1790000},{"$f":"IF(K4,'Amazon Model'!J56,CHOOSE($F$50,$G$50,$H$50))","v":2240000},{"$f":"IF(L4,'Amazon Model'!K56,CHOOSE($F$50,$G$50,$H$50))","v":3040000},{"$f":"IF(M4,'Amazon Model'!L56,CHOOSE($F$50,$G$50,$H$50))","v":2920000},{"$f":"IF(N4,'Amazon Model'!M56,CHOOSE($F$50,$G$50,$H$50))","v":2224000},{"$f":"IF(O4,'Amazon Model'!N56,CHOOSE($F$50,$G$50,$H$50))","v":2224000},{"$f":"IF(P4,'Amazon Model'!O56,CHOOSE($F$50,$G$50,$H$50))","v":2224000},{"$f":"IF(Q4,'Amazon Model'!P56,CHOOSE($F$50,$G$50,$H$50))","v":2224000},{"$f":"IF(R4,'Amazon Model'!Q56,CHOOSE($F$50,$G$50,$H$50))","v":2224000},{"$f":"IF(S4,'Amazon Model'!R56,CHOOSE($F$50,$G$50,$H$50))","v":2224000},{"$f":"IF(T4,'Amazon Model'!S56,CHOOSE($F$50,$G$50,$H$50))","v":2224000},{"$f":"IF(U4,'Amazon Model'!T56,CHOOSE($F$50,$G$50,$H$50))","v":2224000},{"$f":"IF(V4,'Amazon Model'!U56,CHOOSE($F$50,$G$50,$H$50))","v":2224000},{"$f":"IF(W4,'Amazon Model'!V56,CHOOSE($F$50,$G$50,$H$50))","v":2224000},{"$f":"IF(X4,'Amazon Model'!W56,CHOOSE($F$50,$G$50,$H$50))","v":2224000},{"$f":"IF(Y4,'Amazon Model'!X56,CHOOSE($F$50,$G$50,$H$50))","v":2224000},{"$f":"IF(Z4,'Amazon Model'!Y56,CHOOSE($F$50,$G$50,$H$50))","v":2224000},{"$f":"IF(AA4,'Amazon Model'!Z56,CHOOSE($F$50,$G$50,$H$50))","v":2224000},{"$f":"IF(AB4,'Amazon Model'!AA56,CHOOSE($F$50,$G$50,$H$50))","v":2224000},{"$f":"IF(AC4,'Amazon Model'!AB56,CHOOSE($F$50,$G$50,$H$50))","v":2224000}]
[null,null,"Unsual Expense",null,null,null,null,null,{"$f":"'Amazon Model'!H22","v":0},{"$f":"'Amazon Model'!I22","v":0},{"$f":"'Amazon Model'!J22","v":0},{"$f":"'Amazon Model'!K22","v":0},{"$f":"'Amazon Model'!L22","v":-67000},{"$f":"'Amazon Model'!M22","v":-193333.33333333331}]
[null,null,"Other Funds as Percent of Unusual Expense",null,null,null,null,null,{"$f":"IFERROR(IF('Amazon Model'!H5,I50/I51),0)","v":0},{"$f":"IFERROR(IF('Amazon Model'!I5,J50/J51),0)","v":0},{"$f":"IFERROR(IF('Amazon Model'!J5,K50/K51),0)","v":0},{"$f":"IFERROR(IF('Amazon Model'!K5,L50/L51),0)","v":0},{"$f":"IFERROR(IF('Amazon Model'!L5,M50/M51),0)","v":-43.582089552238806},{"$f":"IFERROR(IF('Amazon Model'!M5,N50/N51),0)","v":false}]
[]
[null,null,"Extraordinaries & Discontinued Operations",null,null,null,null,null,{"$f":"'Amazon Model'!H39","v":0},{"$f":"'Amazon Model'!I39","v":0},{"$f":"'Amazon Model'!J39","v":0},{"$f":"'Amazon Model'!K39","v":0},{"$f":"'Amazon Model'!L39","v":0},{"$f":"'Amazon Model'!M39","v":0}]
[]
[]
[]
["Time Series Variables"]
[null,"Growth",null,null,{"$f":"F9","v":0},null,null,2018,2019,{"$f":"I59+4","v":2023},{"$f":"J59+4","v":2027}]
[null,null,"Base Case",null,null,null,null,0.28999999999999998,0.2,0.15,0.05]
[null,null,"Case 1 - Higher Growth",null,null,null,null,0.32,0.2,0.18,7.0000000000000007E-2]
[null,null,"Case 2 - Lower Growth",null,null,null,null,0.25,0.1,0.08,0.03]
[null,null,"Case 3 - Varying Growth",null,null,null,null,0.28999999999999998,0.12,0.15,0.04]
[]
[null,null,{"$f":"INDEX(C60:C63,$F$9)","v":{"$error":"#VALUE!"}},null,null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(O60:O63,$F$9)","v":{"$error":"#VALUE!"}},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"}]
[]
[null,"COGS Margin",null,null,{"$f":"F10","v":0},null,null,2017,2018,{"$f":"I67+4","v":2022},{"$f":"J67+4","v":2026}]
[null,null,"Base Case",null,null,null,null,0.56999999999999995,0.61,0.57999999999999996,0.57999999999999996,null,null,null,{"$f":"interpolate_look_up(O$2,$67:$67,68:68)","v":0.61},{"$f":"interpolate_look_up(P$2,$67:$67,68:68)","v":0.60235757282057845},0.59481089431852208,0.58735876489990568,0.57999999999999996,0.57999999999999996,0.57999999999999996,0.57999999999999996,0.57999999999999996,0.57999999999999996,0.57999999999999996,0.57999999999999996,0.57999999999999996,0.57999999999999996,0.57999999999999996]
[null,null,"Case 2 - Lower Cost/High Price",null,null,null,null,0.56999999999999995,0.56999999999999995,0.56999999999999995,0.52,null,null,null,{"$f":"interpolate_look_up(O$2,$67:$67,69:69)","v":0.56999999999999995},0.56999999999999995,0.56999999999999995,0.56999999999999995,0.56999999999999995,0.55706641706802729,0.54442630355264798,0.53207300048712947,0.52,0.52,0.52,0.52,0.52,0.52,0.52]
[null,null,"Case 3 - Higher Cost/Lower Price",null,null,null,null,0.56999999999999995,0.61,0.61,0.61,null,null,null,0.61,0.61,0.61,0.61,0.61,0.61,0.61,0.61,0.61,0.61,0.61,0.61,0.61,0.61,0.61]
[null,null,"Case 3 - Varying Cost",null,null,null,null,0.56999999999999995,0.65,0.6,0.63,null,null,null,0.65,0.63712233510990324,0.62449979983983983,0.61212733961480914,0.6,0.60736334065742359,0.61481704595757591,0.6223622248765367,0.63,0.63,0.63,0.63,0.63,0.63,0.63]
[]
[null,null,{"$f":"INDEX(C68:C71,$E$67)","v":{"$error":"#VALUE!"}},null,null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(O68:O71,$E$67)","v":{"$error":"#VALUE!"}},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"}]
[]
[null,"R&D as Perecent of Margin",null,null,{"$f":"F11","v":0},null,null,2017,2018,{"$f":"I75+4","v":2022},{"$f":"J75+4","v":2026}]
[null,null,"Base Case",null,null,null,null,0.11,0.1,0.09,0.08,null,null,{"$f":"LOOKUP(N$2,$75:$75,76:76)","v":0.11},0.1,0.1,0.1,0.1,0.09,0.09,0.09,0.09,0.08,0.08,0.08,0.08,0.08,0.08,0.08]
[null,null,"Case 2 - Lower Spending",null,null,null,null,0.11,0.09,0.08,7.0000000000000007E-2,null,null,0.11,0.09,0.09,0.09,0.09,0.08,0.08,0.08,0.08,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[null,null,"Case 3 - Higher Spending",null,null,null,null,0.11,0.11,0.11,0.09,null,null,0.11,0.11,0.11,0.11,0.11,0.11,0.11,0.11,0.11,0.09,0.09,0.09,0.09,0.09,0.09,0.09]
[null,null,"Case 3 - Varying Cost",null,null,null,null,0.11,0.11,0.11,0.11,null,null,0.11,0.11,0.11,0.11,0.11,0.11,0.11,0.11,0.11,0.11,0.11,0.11,0.11,0.11,0.11,0.11]
[]
[null,null,{"$f":"INDEX(C76:C79,$E$75)","v":{"$error":"#VALUE!"}},null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(N76:N79,$E$75)","v":{"$error":"#VALUE!"}},{"$f":"INDEX(O76:O79,$E$75)","v":{"$error":"#VALUE!"}},{"$f":"INDEX(P76:P79,$E$75)","v":{"$error":"#VALUE!"}},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"}]
[]
[null,"Other SG&A as Percent of Revenue",null,null,{"$f":"F12","v":0},null,null,2017,2018,{"$f":"I83+4","v":2022},{"$f":"J83+4","v":2026}]
[null,null,"Base Case",null,null,null,null,0.2147,0.2,0.2,0.2,null,null,{"$f":"LOOKUP(N$2,$83:$83,84:84)","v":0.2147},{"$f":"LOOKUP(O$2,$83:$83,84:84)","v":0.2},{"$f":"LOOKUP(P$2,$67:$67,84:84)","v":0.2},0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2]
[null,null,"Case 2 - Lower Cost",null,null,null,null,0.2147,0.17,0.17,0.17,null,null,{"$f":"LOOKUP(N$2,$83:$83,85:85)","v":0.2147},{"$f":"LOOKUP(O$2,$67:$67,85:85)","v":0.17},0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17]
[null,null,"Case 3 - Higher Cost",null,null,null,null,0.2147,0.2147,0.2147,0.2147,null,null,{"$f":"LOOKUP(N$2,$83:$83,86:86)","v":0.2147},{"$f":"LOOKUP(O$2,$67:$67,86:86)","v":0.2147},0.2147,0.2147,0.2147,0.2147,0.2147,0.2147,0.2147,0.2147,0.2147,0.2147,0.2147,0.2147,0.2147,0.2147]
[null,null,"Case 3 - Varying Cost",null,null,null,null,0.2147,0.2,0.2,0.2,null,null,{"$f":"LOOKUP(N$2,$83:$83,87:87)","v":0.2147},{"$f":"LOOKUP(O$2,$67:$67,87:87)","v":0.2},0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2]
[]
[null,null,{"$f":"INDEX(C84:C87,$E$83)","v":{"$error":"#VALUE!"}},null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(N84:N87,$E$83)","v":{"$error":"#VALUE!"}},{"$f":"INDEX(O84:O87,$E$83)","v":{"$error":"#VALUE!"}},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"}]
[]
[null,"Capital Expenditures/Sales",null,null,{"$f":"F16","v":0},null,null,2017,2018,{"$f":"I91+4","v":2022},{"$f":"J91+4","v":2026}]
[null,null,"Base Case",null,null,null,null,0.05,0.06,0.08,7.0000000000000007E-2,null,null,{"$f":"LOOKUP(N$2,$91:$91,92:92)","v":0.05},{"$f":"LOOKUP(O$2,$91:$91,92:92)","v":0.06},0.06,0.06,0.06,0.08,0.08,0.08,0.08,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[null,null,"Case 2 - Lower Cap Exp",null,null,null,null,0.05,7.0000000000000007E-2,0.04,0.03,null,null,{"$f":"LOOKUP(N$2,$91:$91,93:93)","v":0.05},7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,0.04,0.04,0.04,0.04,0.03,0.03,0.03,0.03,0.03,0.03,0.03]
[null,null,"Case 3 - Lower Cap Exp",null,null,null,null,0.06,0.08,0.08,0.08,null,null,0.06,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08]
[null,null,"Case 3 - Varying Cap Exp",null,null,null,null,0.05,7.0000000000000007E-2,0.04,0.03,null,null,0.05,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,0.04,0.04,0.04,0.04,0.03,0.03,0.03,0.03,0.03,0.03,0.03]
[]
[null,null,{"$f":"INDEX(C92:C95,$E$91)","v":{"$error":"#VALUE!"}},null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(N92:N95,$E$91)","v":{"$error":"#VALUE!"}},{"$f":"INDEX(O92:O95,$E$91)","v":{"$error":"#VALUE!"}},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"}]

{"sheet":"Amazon Model","index":11,"n_rows":341,"n_cols":28,"rows_kept":341,"cut":false,"hidden":false,"merged":[]}
[null,null,null,2,"Jan Start",{"$f":"F2=1","v":true}]
[null,{"$f":"INDEX(INDIRECT(#REF!&\"A:A\"),MATCH(C10,INDIRECT(#REF!&\"A:A\"),0)+1)","v":{"$error":"#REF!"}},null,null,"First Month",1,null,{"$f":"DATE(F3,$F$2,1)","v":"2012-01-01"},{"$f":"H3+1","v":"2013-01-01"},{"$f":"I3+1","v":"2014-01-01"},{"$f":"J3+1","v":"2015-01-01"},{"$f":"K3+1","v":"2016-01-01"},{"$f":"L3+1","v":"2017-01-01"},{"$f":"M3+1","v":"2018-01-01"},"2019-01-01","2020-01-01","2021-01-01","2022-01-01","2023-01-01","2024-01-01","2025-01-01","2026-01-01","2027-01-01","2028-01-01","2029-01-01","2030-01-01","2031-01-01","2032-01-01"]
[null,"Last Annual Date",null,null,"First Year",{"$f":"IF(F1,H13,H13-1)","v":2012},null,{"$f":"EOMONTH(H2,11)","v":"2012-12-31"},"2013-12-31","2014-12-31","2015-12-31","2016-12-31","2017-12-31","2018-12-31","2019-12-31","2020-12-31","2021-12-31","2022-12-31","2023-12-31","2024-12-31","2025-12-31","2026-12-31","2027-12-31","2028-12-31","2029-12-31","2030-12-31","2031-12-31","2032-12-31"]
[null,null,null,null,null,null,null,{"$f":"YEAR(H3)","v":2012},{"$f":"YEAR(I3)","v":2013},2014,2015,2016,2017,2018,2019,2020,2021,2022,2023,2024,2025,2026,2027,2028,2029,2030,2031,2032]
[null,null,"Histoic Year",null,"Last Year",{"$f":"IF(F1,L13,L13-1)","v":2016},null,{"$f":"H3<=$F$6","v":true},true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Partial Historic Year",null,null,{"$f":"DATE(F5+1,F2,1)-1","v":"2016-12-31"},null,{"$f":"YEAR(H3)=$F$7","v":false},false,false,false,false,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Assumption Year",null,"Annual Row",{"$f":"F5+1","v":2017},null,{"$f":"OR(H5:H6)","v":true},true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
["Profit and Loss"]
[null,null,"View Ratios"]
[null,null,"All values USD millions."]
[]
[null,null,"Fiscal Year",null,null,null,null,2012,2013,2014,2015,2016,2017]
[null,null,"Income Statement"]
[null,null,null,"Sales/Revenue",null,null,null,61090000,74450000,88990000,107010000,135990000,175899379.39468053]
[null,null,null,"COGS excluding D&A",null,null,null,44140000,51380000,58570000,66000000,80780000,102549947.41655236]
[null,null,null,"Cash Gross Margin",null,null,null,16950000,23070000,30420000,41010000,55210000,75672062.952074528]
[null,null,null,"Research & Development",null,null,null,4560000,6570000,9280000,12540000,16090000,22828261.263783894]
[null,null,null,"Other SG&A",null,null,null,9720000,12850000,16650000,20410000,27280000,37768214.449016921]
[null,null,null,"Other Operating Expense",null,null,null,0,0,0,0,0,0]
[null,null,null,"EBITDA Calculated",null,null,null,2670000,3650000,4490000,8060000,11840000,15257164.790127188]
[null,null,null,"Unusual Expense",null,null,null,0,0,0,0,-67000,-193333.33333333331]
[null,null,null,"Depreciation",null,null,null,1670000,2630000,4010000.25,5380000,7200000,0]
[null,null,null,"Amortization of Intangibles",null,null,null,163000,168000,181000,270000,287000,0]
[null,null,null,"EBIT Computed",null,null,null,837000,852000,298999.75,2410000,4420000,15450498.123460522]
[null,null,null,"Non Operating Income/Expense",null,null,null,-239000,-250000,-251000,-427000,-144000,93333.333333333343]
[null,null,null,"Non-Operating Interest Income",null,null,null,40000,38000,39000,50000,100000,0]
[null,null,null,"Equity in Affiliates (Pretax)",null,null,null,0,0,0,0,0,0]
[null,null,null,"Interest Expense",null,null,null,92000,141000,210000,459000,484000,766983.05084745772]
[null,null,null,"Pretax Income Computed",null,null,null,546000,499000,-123000.25,1574000,3892000,14776848.405946398]
[null,null,null,"Income Tax",null,null,null,428000,161000,167000,950000,1430000,858855.89519650652]
[null,null,null,"Equity in Affiliates",null,null,null,-155000,-71000,37000,-22000,-96000,-4600]
[null,null,null,"Other After Tax Income (Expense)",null,null,null,0,0,0,0,0,0]
[null,null,null,"Consolidated Net Income",null,null,null,-39000,274000,-241000,596000,2370000]
[null,null,null,"Other Reconciling Item (Income)",null,null,null,-2000,7000,12000.25,-6000,4000]
[null,null,null,"Net Income Computed",null,null,null,-39000,274000,-241000,596000,2370000]
[null,null,null,"Minority Interest Expense",null,null,null,0,0,0,0,0]
[null,null,null,"Net Income",null,null,null,-39000,274000,-241000,596000,2370000]
[null,null,null,"Extraordinaries & Discontinued Operations",null,null,null,0,0,0,0,0]
[null,null,null,"Net Income After Extraordinaries",null,null,null,-39000,274000,-241000,596000,2370000]
[null,null,null,"Preferred Dividends",null,null,null,0,0,0,0,0]
[null,null,null,"Net Income Available to Common",null,null,null,-39000,274000,-241000,596000,2370000]
[]
[null,null,null,"EPS (Basic)",null,null,null,-0.09,0.6,-0.52,1.28,5]
[null,null,null,"Basic Shares Outstanding",null,null,null,453000,457000,462000,467000,474000]
[null,null,null,"EPS (Diluted)",null,null,null,-0.09,0.59,-0.52,1.25,4.9000000000000004]
[null,null,null,"Diluted Shares Outstanding",null,null,null,453000,465000,462000,477000,484000]
[]
["Cash Flow"]
[null,"View Ratios"]
[null,"All values USD millions."]
[null,"Fiscal Year",null,null,null,null,null,{"$f":"H13","v":2012},2013,2014,2015,2016,2017]
[null,null,null,"Net Income before Extraordinaries",null,null,null,-39000,274000,-241000,596000,2370000]
[null,null,null,"Depreciation, Depletion & Amortization",null,null,null,1830000,2800000,4190000,5650000,7480000,10080000]
[null,null,null,"Deferred Taxes & Investment Tax Credit",null,null,null,-265000,-156000,-316000,81000,-246000,0]
[null,null,null,"Other Funds",null,null,null,1130000,1790000,2240000,3040000,2920000,4081000]
[null,null,null,"Funds from Operations",null,null,null,2656000,4708000,5873000,9367000,12524000]
[null,null,null,"Extraordinaries",null,null,null,0,0,0,0,0,0]
[null,null,null,"Changes in Working Capital",null,null,null,1520000,767000,974000,2560000,3920000,1042000]
[null,null,null,"Net Operating Cash Flow",null,null,null,4176000,5475000,6847000,11927000,16444000]
[null,null,null,"Investing Activities"]
[null,null,null,"Capital Expenditures (Fixed Assets)",null,null,null,-3790000,-3440000,-4890000,-4590000,-6740000,-9030000]
[null,null,null,"Capital Expenditures (Other Assets)",null,null,null,0,0,0,0,0,0]
[null,null,null,"Net Assets from Acquisitions",null,null,null,-745000,-312000,-979000,-795000,-116000,-18517333.333333332]
[null,null,null,"Sale of Fixed Assets & Businesses",null,null,null,0,0,0,0,0,0]
[]
[null,null,null,"Purchase/Sale of Investments",null,null,null,935000,-520000,807000,-1070000,-3020000]
[null,null,null,"Other Uses",null,null,null,0,0,0,0,0]
[null,null,null,"Other Sources",null,null,null,0,0,0,0,0]
[null,null,null,"Net Investing Cash Flow",null,null,null,-3600000,-4272000,-5062000,-6455000,-9876000]
[null,null,null,"Financing Activities"]
[null,null,null,"Common Dividends",null,null,null,0,0,0,0,0]
[null,null,null,"Preferred Dividends",null,null,null,0,0,0,0,0]
[null,null,null,"Change in Capital Stock",null,null,null,-960000,0,0,0,0]
[null,null,null,"Repurchase of Common & Preferred Stk.",null,null,null,-960000,0,0,0,0]
[null,null,null,"Sale of Common & Preferred Stock",null,null,null,0,0,0,0,0]
[null,null,null,"Issuance/Reduction of Debt, Net",null,null,null,2790000,-617000,4430000,-3880000,-3740000]
[null,null,null,"Change in Current Debt",null,null,null,0,0,0,0,0]
[null,null,null,"Change in Long-Term Debt",null,null,null,2790000,-617000,4430000,-3880000,-3740000]
[null,null,null,"Issuance of Long-Term Debt",null,null,null,3380000,394000,6360000,353000,621000]
[null,null,null,"Reduction in Long-Term Debt",null,null,null,-588000,-1010000,-1930000,-4240000,-4360000]
[null,null,null,"Other Funds",null,null,null,1130000,1790000,2240000,3040000,2920000]
[null,null,null,"Other Uses",null,null,null,0,0,0,0,0]
[null,null,null,"Other Sources",null,null,null,0,0,0,0,0]
[null,null,null,"Net Financing Cash Flow",null,null,null,2260000,-539000,4430000,-3760000,-2910000]
[]
[null,null,null,"Exchange Rate Effect",null,null,null,-29000,-86000,-310000,-374000,-212000]
[null,null,null,"Miscellaneous Funds",null,null,null,0,0,0,0,0]
[null,null,null,"Net Change in Cash",null,null,null,2820000,574000,5900000,1330000,3440000]
[null,null,null,"Free Cash Flow",null,null,null,395000,2030000,1950000,7330000,9710000]
[]
["Balance Sheet"]
[null,"View Ratios"]
[null,"All values USD millions."]
[null,"Fiscal Year",null,null,null,null,null,{"$f":"H13","v":2012},2013,2014,2015,2016,2017]
[null,null,"Assets"]
[null,null,null,"Cash & Short Term Investments",null,null,null,11450000,12450000,17420000,19810000,25980000]
[null,null,null,"Total Accounts Receivable",null,null,null,3360000,4770000,5610000,5650000,8340000]
[null,null,null,"Inventories",null,null,null,6030000,7410000,8300000,10240000,11460000]
[null,null,null,"Progress Payments & Other",null,null,null,0,0,0,0,0]
[null,null,null,"Other Current Assets",null,null,null,453000,0,0,0,0]
[null,null,null,"Total Current Assets",null,null,null,21293000,24630000,31330000,35700000,45780000]
[null,null,null,"Property, Plant & Equipment - Gross",null,null,null,9580000,14810000,22730000,30050000,42440000]
[null,null,null,"Accumulated Depreciation",null,null,null,2520000,3860000,5760000,8220000.5,13330000]
[null,null,null,"Net Property, Plant & Equipment",null,null,null,7060000,10950000,16970000,21840000,29110000]
[null,null,null,"Total Investments and Advances",null,null,null,151000,520000,886000,418000,715000]
[null,null,null,"Intangible Assets",null,null,null,3280000,3300000,4080000,4750000,4640000]
[null,null,null,"Other Assets",null,null,null,648000,538000,971000,1950000,2700000]
[null,null,null,"Total Assets",null,null,null,32432000,39938000,54237000,64658000,82945000]
[]
[null,null,"Liabilities & Shareholders' Equity"]
[null,null,null,"ST Debt & Current Portion LT Debt",null,null,null,1140000,1740000,3600000,3340000,5200000]
[null,null,null,"Accounts Payable",null,null,null,13320000,15130000,16459999,20400000,25310000]
[null,null,null,"Income Tax Payable",null,null,null,0,0,0,0,0]
[null,null,null,"Other Current Liabilities",null,null,null,4550000,6110000,8029999.5,10150000,13310000]
[null,null,null,"Total Current Liabilities",null,null,null,19010000,22980000,28089998.5,33890000,43820000]
[null,null,null,"Long-Term Debt",null,null,null,3830000,5180000,12490000,14180000,15210000]
[null,null,null,"Provision for Risks & Charges",null,null,null,336000,457000,510000,932000,1400000]
[null,null,null,"Deferred Taxes",null,null,null,-123000,344000,750000,325000,-62000]
[null,null,null,"Other Liabilities",null,null,null,1200000,1220000,1660000,1960000,3300000]
[null,null,null,"Reconciling Liabilities",null,null,null,-10999.5,7000,-2998.5,-9000,-13000]
[null,null,null,"Total Liabilities",null,null,null,24242000.5,30188000,43497000,51278000,63655000]
[null,null,null,"Total Shareholders' Equity",null,null,null,8189999.5,9750000,10740000,13380000,19290000]
[null,null,null,"Accumulated Minority Interest",null,null,null,0,0,0,0,0]
[null,null,null,"Total Equity",null,null,null,8189999.5,9750000,10740000,13380000,19290000]
[null,null,null,"Liabilities & Shareholders' Equity",null,null,null,32432000,39938000,54237000,64658000,82945000]
[null,null,null,null,null,null,null,0,0,0,0,0]
["Other Data"]
[null,"Ending Stock Price",null,null,null,null,null,250.86999499999999,398.790009,310.35000600000001,675.89001499999995,768.65997300000004,1169.469971]
[null,"Average Stock Price",null,null,null,null,null,226.79166783333332,304.02000174999995,327.29500066666668,493.28417466666662,708.79083258333333,985.32499183333323]
[]
[null,"Revenue Forecast",null,null,null,null,228710000]
[null,"Revenue Growth",null,null,null,null,0.29032440056417497]
[null,"Five Year Revenue Growth",null,null,null,null,0.20369999999999999]
[null,"Enterprise Value",null,null,null,null,642900032]
[null,"Current Stock Price",null,null,null,null,1294.5]
[]
["EBITDA and Capital Expenditure Calculations"]
[null,"Revenues"]
[null,null,"Growth"]
[null,null,"Forecast"]
[]
[null,"COGS excluding D&A"]
[null,null,"COGS Percent",null,null,null,null,{"$f":"'Amazon Assumptions'!I10","v":0.72254051399574404},{"$f":"'Amazon Assumptions'!J10","v":0.69012760241772997},{"$f":"'Amazon Assumptions'!K10","v":0.65816383863355432},{"$f":"'Amazon Assumptions'!L10","v":0.61676478833753856},{"$f":"'Amazon Assumptions'!M10","v":0.59401426575483496},{"$f":"'Amazon Assumptions'!N10","v":0.58300346351110344},{"$f":"'Amazon Assumptions'!O10","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!P10","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!Q10","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!R10","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!S10","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!T10","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!U10","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!V10","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!W10","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!X10","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!Y10","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!Z10","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!AA10","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!AB10","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!AC10","v":{"$error":"#VALUE!"}}]
[null,null,"COGS Amount",null,null,null,null,{"$f":"IF(H5,H16,H144*H141)","v":44140000},{"$f":"IF(I5,I16,I144*I141)","v":51380000},58570000,66000000,80780000,0,{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"}]
[]
[null,"Research & Development"]
[null,null,"R&D as Percent of Margin",null,null,null,null,{"$f":"'Amazon Assumptions'!I11","v":7.4643967916189227E-2},{"$f":"'Amazon Assumptions'!J11","v":8.8247145735392885E-2},{"$f":"'Amazon Assumptions'!K11","v":0.10428137993032925},{"$f":"'Amazon Assumptions'!L11","v":0.11718530978413233},{"$f":"'Amazon Assumptions'!M11","v":0.11831752334730494},{"$f":"'Amazon Assumptions'!N11","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!O11","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!P11","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!Q11","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!R11","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!S11","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!T11","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!U11","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!V11","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!W11","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!X11","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!Y11","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!Z11","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!AA11","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!AB11","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!AC11","v":{"$error":"#VALUE!"}}]
[null,null,"R&D Amount",null,null,null,null,{"$f":"H148*H141","v":0},{"$f":"I148*I141","v":0},0,0,0,{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"}]
[]
[null,"Other SG&A"]
[null,null,"SG&A as Pecent of Revenues",null,null,null,null,{"$f":"'Amazon Assumptions'!I12","v":0.15910951055819283},{"$f":"'Amazon Assumptions'!J12","v":0.17259905977165882},{"$f":"'Amazon Assumptions'!K12","v":0.18709967412068773},{"$f":"'Amazon Assumptions'!L12","v":0.19072983833286608},{"$f":"'Amazon Assumptions'!M12","v":0.2006029855136407},{"$f":"'Amazon Assumptions'!N12","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!O12","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!P12","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!Q12","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!R12","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!S12","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!T12","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!U12","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!V12","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!W12","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!X12","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!Y12","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!Z12","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!AA12","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!AB12","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!AC12","v":{"$error":"#VALUE!"}}]
[null,null,"SG&A Amount",null,null,null,null,{"$f":"IF(H5,H19,H141*H152)","v":9720000},{"$f":"IF(I5,I19,I141*I152)","v":12850000},16650000,20410000,27280000,{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"}]
[]
[null,"Capital Expenditure"]
[null,null,"Capital Expenditure as Percent of Sales",null,null,null,null,{"$f":"'Amazon Assumptions'!I16","v":6.2039613684727449E-2},{"$f":"'Amazon Assumptions'!J16","v":4.6205507051712558E-2},{"$f":"'Amazon Assumptions'!K16","v":5.4949994381391171E-2},{"$f":"'Amazon Assumptions'!L16","v":4.289318755256518E-2},{"$f":"'Amazon Assumptions'!M16","v":4.9562467828516803E-2},{"$f":"'Amazon Assumptions'!N16","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!O16","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!P16","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!Q16","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!R16","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!S16","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!T16","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!U16","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!V16","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!W16","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!X16","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!Y16","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!Z16","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!AA16","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!AB16","v":{"$error":"#VALUE!"}},{"$f":"'Amazon Assumptions'!AC16","v":{"$error":"#VALUE!"}}]
[null,null,"Capital Expenditues ",null,null,null,null,{"$f":"IF(H5,-H62,H156*H141)","v":3790000},{"$f":"IF(I5,-I62,I156*I141)","v":3440000},4890000,4590000,6740000,{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"}]
[]
[null,"Acquisition Premium"]
[null,null,"Premium as Percent of Sales",null,null,null,null,{"$f":"'Amazon Assumptions'!I20","v":1.2195121951219513E-2},{"$f":"'Amazon Assumptions'!J20","v":4.1907320349227669E-3},{"$f":"'Amazon Assumptions'!K20","v":1.1001236093943139E-2},{"$f":"'Amazon Assumptions'!L20","v":7.4292122231567146E-3},{"$f":"'Amazon Assumptions'!M20","v":8.5300389734539305E-4},{"$f":"'Amazon Assumptions'!N20","v":8.0000000000000002E-3},{"$f":"'Amazon Assumptions'!O20","v":8.0000000000000002E-3},{"$f":"'Amazon Assumptions'!P20","v":8.0000000000000002E-3},{"$f":"'Amazon Assumptions'!Q20","v":8.0000000000000002E-3},{"$f":"'Amazon Assumptions'!R20","v":8.0000000000000002E-3},{"$f":"'Amazon Assumptions'!S20","v":8.0000000000000002E-3},{"$f":"'Amazon Assumptions'!T20","v":8.0000000000000002E-3},{"$f":"'Amazon Assumptions'!U20","v":8.0000000000000002E-3},{"$f":"'Amazon Assumptions'!V20","v":8.0000000000000002E-3},{"$f":"'Amazon Assumptions'!W20","v":8.0000000000000002E-3},{"$f":"'Amazon Assumptions'!X20","v":8.0000000000000002E-3},{"$f":"'Amazon Assumptions'!Y20","v":8.0000000000000002E-3},{"$f":"'Amazon Assumptions'!Z20","v":8.0000000000000002E-3},{"$f":"'Amazon Assumptions'!AA20","v":8.0000000000000002E-3},{"$f":"'Amazon Assumptions'!AB20","v":8.0000000000000002E-3},{"$f":"'Amazon Assumptions'!AC20","v":8.0000000000000002E-3}]
[null,null,"Acquisition Premium",null,null,null,null,{"$f":"H160*H141","v":0},{"$f":"I160*I141","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Working Capital"]
[null,"Current Assets"]
[null,null,"A/R as Percent of Sales",null,null,null,null,{"$f":"'Amazon Assumptions'!I23","v":5.5000818464560487E-2},{"$f":"'Amazon Assumptions'!J23","v":6.4069845533915384E-2},{"$f":"'Amazon Assumptions'!K23","v":6.3040791100123603E-2},{"$f":"'Amazon Assumptions'!L23","v":5.2798803850107469E-2},{"$f":"'Amazon Assumptions'!M23","v":6.1328038826384296E-2},{"$f":"'Amazon Assumptions'!N23","v":0.05},{"$f":"'Amazon Assumptions'!O23","v":0.05},{"$f":"'Amazon Assumptions'!P23","v":0.05},{"$f":"'Amazon Assumptions'!Q23","v":0.05},{"$f":"'Amazon Assumptions'!R23","v":0.05},{"$f":"'Amazon Assumptions'!S23","v":0.05},{"$f":"'Amazon Assumptions'!T23","v":0.05},{"$f":"'Amazon Assumptions'!U23","v":0.05},{"$f":"'Amazon Assumptions'!V23","v":0.05},{"$f":"'Amazon Assumptions'!W23","v":0.05},{"$f":"'Amazon Assumptions'!X23","v":0.05},{"$f":"'Amazon Assumptions'!Y23","v":0.05},{"$f":"'Amazon Assumptions'!Z23","v":0.05},{"$f":"'Amazon Assumptions'!AA23","v":0.05},{"$f":"'Amazon Assumptions'!AB23","v":0.05},{"$f":"'Amazon Assumptions'!AC23","v":0.05}]
[null,null,"Accounts Receivable",null,null,null,null,{"$f":"H165*H141","v":0},{"$f":"I165*I141","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Inventory as Percent of COGS",null,null,null,null,{"$f":"'Amazon Assumptions'!I24","v":0.13661078386950612},{"$f":"'Amazon Assumptions'!J24","v":0.14421954067730636},{"$f":"'Amazon Assumptions'!K24","v":0.14171077343349839},{"$f":"'Amazon Assumptions'!L24","v":0.15515151515151515},{"$f":"'Amazon Assumptions'!M24","v":0.14186679871255262},{"$f":"'Amazon Assumptions'!N24","v":0.15},{"$f":"'Amazon Assumptions'!O24","v":0.15},{"$f":"'Amazon Assumptions'!P24","v":0.15},{"$f":"'Amazon Assumptions'!Q24","v":0.15},{"$f":"'Amazon Assumptions'!R24","v":0.15},{"$f":"'Amazon Assumptions'!S24","v":0.15},{"$f":"'Amazon Assumptions'!T24","v":0.15},{"$f":"'Amazon Assumptions'!U24","v":0.15},{"$f":"'Amazon Assumptions'!V24","v":0.15},{"$f":"'Amazon Assumptions'!W24","v":0.15},{"$f":"'Amazon Assumptions'!X24","v":0.15},{"$f":"'Amazon Assumptions'!Y24","v":0.15},{"$f":"'Amazon Assumptions'!Z24","v":0.15},{"$f":"'Amazon Assumptions'!AA24","v":0.15},{"$f":"'Amazon Assumptions'!AB24","v":0.15},{"$f":"'Amazon Assumptions'!AC24","v":0.15}]
[null,null,"Inventory",null,null,null,null,{"$f":"H168*H145","v":6030000},{"$f":"I168*I145","v":7410000.0000000009},8300000.0000000009,10240000,11460000,0,{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"}]
[]
[null,null,"Other Current Assets as Percent of Revenues",null,null,null,null,{"$f":"'Amazon Assumptions'!I25","v":7.4152889179898507E-3},{"$f":"'Amazon Assumptions'!J25","v":0},{"$f":"'Amazon Assumptions'!K25","v":0},{"$f":"'Amazon Assumptions'!L25","v":0},{"$f":"'Amazon Assumptions'!M25","v":0},{"$f":"'Amazon Assumptions'!N25","v":0},{"$f":"'Amazon Assumptions'!O25","v":0},{"$f":"'Amazon Assumptions'!P25","v":0},{"$f":"'Amazon Assumptions'!Q25","v":0},{"$f":"'Amazon Assumptions'!R25","v":0},{"$f":"'Amazon Assumptions'!S25","v":0},{"$f":"'Amazon Assumptions'!T25","v":0},{"$f":"'Amazon Assumptions'!U25","v":0},{"$f":"'Amazon Assumptions'!V25","v":0},{"$f":"'Amazon Assumptions'!W25","v":0},{"$f":"'Amazon Assumptions'!X25","v":0},{"$f":"'Amazon Assumptions'!Y25","v":0},{"$f":"'Amazon Assumptions'!Z25","v":0},{"$f":"'Amazon Assumptions'!AA25","v":0},{"$f":"'Amazon Assumptions'!AB25","v":0},{"$f":"'Amazon Assumptions'!AC25","v":0}]
[null,null,"Other Current Assets",null,null,null,null,{"$f":"H171*H141","v":0},{"$f":"I171*I141","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Current Liabilities"]
[null,null,"Total Expenses",null,null,null,null,{"$f":"H145+H149+H153","v":53860000},{"$f":"I145+I149+I153","v":64230000},75220000,86410000,108060000,{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"}]
[null,null,"Accounts Payable as Percent of Expenses",null,null,null,null,{"$f":"'Amazon Assumptions'!I26","v":0.22800410818212941},{"$f":"'Amazon Assumptions'!J26","v":0.21370056497175141},{"$f":"'Amazon Assumptions'!K26","v":0.19479288757396448},{"$f":"'Amazon Assumptions'!L26","v":0.20616472966144517},{"$f":"'Amazon Assumptions'!M26","v":0.20386629077728555},{"$f":"'Amazon Assumptions'!N26","v":0.18},{"$f":"'Amazon Assumptions'!O26","v":0.18},{"$f":"'Amazon Assumptions'!P26","v":0.18},{"$f":"'Amazon Assumptions'!Q26","v":0.18},{"$f":"'Amazon Assumptions'!R26","v":0.18},{"$f":"'Amazon Assumptions'!S26","v":0.18},{"$f":"'Amazon Assumptions'!T26","v":0.18},{"$f":"'Amazon Assumptions'!U26","v":0.18},{"$f":"'Amazon Assumptions'!V26","v":0.18},{"$f":"'Amazon Assumptions'!W26","v":0.18},{"$f":"'Amazon Assumptions'!X26","v":0.18},{"$f":"'Amazon Assumptions'!Y26","v":0.18},{"$f":"'Amazon Assumptions'!Z26","v":0.18},{"$f":"'Amazon Assumptions'!AA26","v":0.18},{"$f":"'Amazon Assumptions'!AB26","v":0.18},{"$f":"'Amazon Assumptions'!AC26","v":0.18}]
[null,null,"Accounts Payable",null,null,null,null,{"$f":"H175*H176","v":12280301.266689491},{"$f":"I175*I176","v":13725987.288135594},14652321.003313608,17814694.290045477,22029791.381393477,{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"}]
[]
[null,null,"Other Current Liabilites as Percent of Revenues",null,null,null,null,{"$f":"'Amazon Assumptions'!I28","v":7.4480275004092322E-2},{"$f":"'Amazon Assumptions'!J28","v":8.2068502350570852E-2},{"$f":"'Amazon Assumptions'!K28","v":9.0234852230587706E-2},{"$f":"'Amazon Assumptions'!L28","v":9.4850948509485097E-2},{"$f":"'Amazon Assumptions'!M28","v":9.7874843738510187E-2},{"$f":"'Amazon Assumptions'!N28","v":7.0000000000000007E-2},{"$f":"'Amazon Assumptions'!O28","v":7.0000000000000007E-2},{"$f":"'Amazon Assumptions'!P28","v":7.0000000000000007E-2},{"$f":"'Amazon Assumptions'!Q28","v":7.0000000000000007E-2},{"$f":"'Amazon Assumptions'!R28","v":7.0000000000000007E-2},{"$f":"'Amazon Assumptions'!S28","v":7.0000000000000007E-2},{"$f":"'Amazon Assumptions'!T28","v":7.0000000000000007E-2},{"$f":"'Amazon Assumptions'!U28","v":7.0000000000000007E-2},{"$f":"'Amazon Assumptions'!V28","v":7.0000000000000007E-2},{"$f":"'Amazon Assumptions'!W28","v":7.0000000000000007E-2},{"$f":"'Amazon Assumptions'!X28","v":7.0000000000000007E-2},{"$f":"'Amazon Assumptions'!Y28","v":7.0000000000000007E-2},{"$f":"'Amazon Assumptions'!Z28","v":7.0000000000000007E-2},{"$f":"'Amazon Assumptions'!AA28","v":7.0000000000000007E-2},{"$f":"'Amazon Assumptions'!AB28","v":7.0000000000000007E-2},{"$f":"'Amazon Assumptions'!AC28","v":7.0000000000000007E-2}]
[null,null,"Other Current Liabilities",null,null,null,null,{"$f":"H179*H141","v":0},{"$f":"I179*I141","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Total Working Capital",null,null,null,null,{"$f":"H166+H169+H172-H177-H180","v":-6250301.2666894905},{"$f":"I166+I169+I172-I177-I180","v":-6315987.2881355928},-6352321.0033136075,-7574694.2900454774,-10569791.381393477,{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"}]
[null,null,"Change in Working Capital",null,null,null,null,null,{"$f":"I182-H182","v":-65686.021446102299},{"$f":"J182-I182","v":-36333.715178014711},-1222373.2867318699,-2995097.0913479999,{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"}]
[]
["Depreciaiton and Amoritsation"]
[null,"Plant Balance"]
[null,null,"Opening Balance"]
[null,null,"Add: Capital Expenditures",null,null,null,null,{"$f":"H157","v":3790000},{"$f":"I157","v":3440000},4890000,4590000,6740000,{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"}]
[null,null,"Less: Depreciation on Opening Balance"]
[null,null,"Closing Balance"]
[]
[null,null,"Depreciation Rate",null,null,null,null,{"$f":"'Amazon Assumptions'!I32","v":0.23654390934844194},{"$f":"'Amazon Assumptions'!J32","v":0.37252124645892354},{"$f":"'Amazon Assumptions'!K32","v":0.36621006849315069},{"$f":"'Amazon Assumptions'!L32","v":0.31703005303476722},{"$f":"'Amazon Assumptions'!M32","v":0.32967032967032966},{"$f":"'Amazon Assumptions'!N32","v":0.3},{"$f":"'Amazon Assumptions'!O32","v":0.28999999999999998},{"$f":"'Amazon Assumptions'!P32","v":0.25},{"$f":"'Amazon Assumptions'!Q32","v":0.25},{"$f":"'Amazon Assumptions'!R32","v":0.25},{"$f":"'Amazon Assumptions'!S32","v":0.25},{"$f":"'Amazon Assumptions'!T32","v":0.25},{"$f":"'Amazon Assumptions'!U32","v":0.25},{"$f":"'Amazon Assumptions'!V32","v":0.25},{"$f":"'Amazon Assumptions'!W32","v":0.25},{"$f":"'Amazon Assumptions'!X32","v":0.25},{"$f":"'Amazon Assumptions'!Y32","v":0.25},{"$f":"'Amazon Assumptions'!Z32","v":0.25},{"$f":"'Amazon Assumptions'!AA32","v":0.25},{"$f":"'Amazon Assumptions'!AB32","v":0.25},{"$f":"'Amazon Assumptions'!AC32","v":0.25}]
[null,null,"Depreciation Expense"]
[]
[null,"Intangible Balance"]
[null,null,"Opening Balance",null,null,null,null,{"$f":"G199","v":0},{"$f":"H199","v":3280000},3300000,4080000,4750000,4640000,4377969.3240248132,4130736.0780392848,3897464.619676413,3677366.4970722785,3469697.7839178923,3273756.5650063381,3088880.5637764209,2914444.9038339746,2749859.9968848252,2594569.5499406755,2448048.6850623153,2309802.1652849349,2179362.7207292104,2056289.4692404612,1940166.4262176733]
[null,null,"Add: New Premiums",null,null,null,null,{"$f":"H161","v":0},{"$f":"I161","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Amortisation",null,null,null,null,{"$f":"H202","v":163000},{"$f":"I202","v":168000},181000,270000,287000,262030.67597518643,247233.2459855284,233271.45836287161,220098.12260413435,207668.71315438632,195941.21891155423,184876.00122991705,174435.65994244622,164584.90694914947,155290.44694414973,146520.86487836001,138246.51977738034,130439.4445557243,123073.25148874923,116123.0430227878,109565.32762202124]
[null,null,"Closing Balance",null,null,null,null,{"$f":"IF(H5,H107,H196+H197-H198)","v":3280000},{"$f":"IF(I5,I107,I196+I197-I198)","v":3300000},4080000,4750000,4640000,4377969.3240248132,4130736.0780392848,3897464.619676413,3677366.4970722785,3469697.7839178923,3273756.5650063381,3088880.5637764209,2914444.9038339746,2749859.9968848252,2594569.5499406755,2448048.6850623153,2309802.1652849349,2179362.7207292104,2056289.4692404612,1940166.4262176733,1830601.098595652]
[]
[null,null,"Amortisation Rate",null,null,null,null,{"$f":"'Amazon Assumptions'!I33","v":4.9695121951219515E-2},{"$f":"'Amazon Assumptions'!J33","v":5.1219512195121948E-2},{"$f":"'Amazon Assumptions'!K33","v":5.4848484848484848E-2},{"$f":"'Amazon Assumptions'!L33","v":6.6176470588235295E-2},{"$f":"'Amazon Assumptions'!M33","v":6.0421052631578945E-2},{"$f":"'Amazon Assumptions'!N33","v":5.6472128442928107E-2},{"$f":"'Amazon Assumptions'!O33","v":5.6472128442928107E-2},{"$f":"'Amazon Assumptions'!P33","v":5.6472128442928107E-2},{"$f":"'Amazon Assumptions'!Q33","v":5.6472128442928107E-2},{"$f":"'Amazon Assumptions'!R33","v":5.6472128442928107E-2},{"$f":"'Amazon Assumptions'!S33","v":5.6472128442928107E-2},{"$f":"'Amazon Assumptions'!T33","v":5.6472128442928107E-2},{"$f":"'Amazon Assumptions'!U33","v":5.6472128442928107E-2},{"$f":"'Amazon Assumptions'!V33","v":5.6472128442928107E-2},{"$f":"'Amazon Assumptions'!W33","v":5.6472128442928107E-2},{"$f":"'Amazon Assumptions'!X33","v":5.6472128442928107E-2},{"$f":"'Amazon Assumptions'!Y33","v":5.6472128442928107E-2},{"$f":"'Amazon Assumptions'!Z33","v":5.6472128442928107E-2},{"$f":"'Amazon Assumptions'!AA33","v":5.6472128442928107E-2},{"$f":"'Amazon Assumptions'!AB33","v":5.6472128442928107E-2},{"$f":"'Amazon Assumptions'!AC33","v":5.6472128442928107E-2}]
[null,null,"Amortisation Expense",null,null,null,null,{"$f":"IF(H5,H24,H201*H196)","v":163000},{"$f":"IF(I5,I24,I201*I196)","v":168000},181000,270000,287000,262030.67597518643,247233.2459855284,233271.45836287161,220098.12260413435,207668.71315438632,195941.21891155423,184876.00122991705,174435.65994244622,164584.90694914947,155290.44694414973,146520.86487836001,138246.51977738034,130439.4445557243,123073.25148874923,116123.0430227878,109565.32762202124]
[]
[null,null,"Other Assets",null,null,null,null,{"$f":"IF(H5,H108,G204)","v":648000},{"$f":"IF(I5,I108,H204)","v":538000},971000,1950000,2700000,2700000,2700000,2700000,2700000,2700000,2700000,2700000,2700000,2700000,2700000,2700000,2700000,2700000,2700000,2700000,2700000]
[null,null,"Non Operating Income",null,null,null,null,{"$f":"'Amazon Assumptions'!I36","v":-239000},{"$f":"'Amazon Assumptions'!J36","v":-250000},{"$f":"'Amazon Assumptions'!K36","v":-251000},{"$f":"'Amazon Assumptions'!L36","v":-427000},{"$f":"'Amazon Assumptions'!M36","v":-144000},{"$f":"'Amazon Assumptions'!N36","v":93333.333333333343},{"$f":"'Amazon Assumptions'!O36","v":-262200},{"$f":"'Amazon Assumptions'!P36","v":-262200},{"$f":"'Amazon Assumptions'!Q36","v":-262200},{"$f":"'Amazon Assumptions'!R36","v":-262200},{"$f":"'Amazon Assumptions'!S36","v":-262200},{"$f":"'Amazon Assumptions'!T36","v":-262200},{"$f":"'Amazon Assumptions'!U36","v":-262200},{"$f":"'Amazon Assumptions'!V36","v":-262200},{"$f":"'Amazon Assumptions'!W36","v":-262200},{"$f":"'Amazon Assumptions'!X36","v":-262200},{"$f":"'Amazon Assumptions'!Y36","v":-262200},{"$f":"'Amazon Assumptions'!Z36","v":-262200},{"$f":"'Amazon Assumptions'!AA36","v":-262200},{"$f":"'Amazon Assumptions'!AB36","v":-262200},{"$f":"'Amazon Assumptions'!AC36","v":-262200}]
[]
[null,null,"Unusual Expense",null,null,null,null,{"$f":"'Amazon Assumptions'!I51","v":0},{"$f":"'Amazon Assumptions'!J51","v":0},{"$f":"'Amazon Assumptions'!K51","v":0},{"$f":"'Amazon Assumptions'!L51","v":0},{"$f":"'Amazon Assumptions'!M51","v":-67000},{"$f":"'Amazon Assumptions'!N51","v":-193333.33333333331},{"$f":"'Amazon Assumptions'!O51","v":0},{"$f":"'Amazon Assumptions'!P51","v":0},{"$f":"'Amazon Assumptions'!Q51","v":0},{"$f":"'Amazon Assumptions'!R51","v":0},{"$f":"'Amazon Assumptions'!S51","v":0},{"$f":"'Amazon Assumptions'!T51","v":0},{"$f":"'Amazon Assumptions'!U51","v":0},{"$f":"'Amazon Assumptions'!V51","v":0},{"$f":"'Amazon Assumptions'!W51","v":0},{"$f":"'Amazon Assumptions'!X51","v":0},{"$f":"'Amazon Assumptions'!Y51","v":0},{"$f":"'Amazon Assumptions'!Z51","v":0},{"$f":"'Amazon Assumptions'!AA51","v":0},{"$f":"'Amazon Assumptions'!AB51","v":0},{"$f":"'Amazon Assumptions'!AC51","v":0}]
[null,null,"Other Equity Income",null,null,null,null,{"$f":"'Amazon Assumptions'!I39","v":-157000},{"$f":"'Amazon Assumptions'!J39","v":-64000},{"$f":"'Amazon Assumptions'!K39","v":49000.25},{"$f":"'Amazon Assumptions'!L39","v":-28000},{"$f":"'Amazon Assumptions'!M39","v":-92000},{"$f":"'Amazon Assumptions'!N39","v":-58399.95},{"$f":"'Amazon Assumptions'!O39","v":-58399.95},{"$f":"'Amazon Assumptions'!P39","v":-58399.95},{"$f":"'Amazon Assumptions'!Q39","v":-58399.95},{"$f":"'Amazon Assumptions'!R39","v":-58399.95},{"$f":"'Amazon Assumptions'!S39","v":-58399.95},{"$f":"'Amazon Assumptions'!T39","v":-58399.95},{"$f":"'Amazon Assumptions'!U39","v":-58399.95},{"$f":"'Amazon Assumptions'!V39","v":-58399.95},{"$f":"'Amazon Assumptions'!W39","v":-58399.95},{"$f":"'Amazon Assumptions'!X39","v":-58399.95},{"$f":"'Amazon Assumptions'!Y39","v":-58399.95},{"$f":"'Amazon Assumptions'!Z39","v":-58399.95},{"$f":"'Amazon Assumptions'!AA39","v":-58399.95},{"$f":"'Amazon Assumptions'!AB39","v":-58399.95},{"$f":"'Amazon Assumptions'!AC39","v":-58399.95}]
[]
[null,null,"Provision for Risks & Charges",null,null,null,null,{"$f":"IF(H5,H118,G210)","v":336000},{"$f":"IF(I5,I118,H210)","v":457000},510000,932000,1400000,1400000,1400000,1400000,1400000,1400000,1400000,1400000,1400000,1400000,1400000,1400000,1400000,1400000,1400000,1400000,1400000]
[null,null,"Deferred Taxes",null,null,null,null,{"$f":"IF(H5,H119,G211)","v":-123000},{"$f":"IF(I5,I119,H211)","v":344000},750000,325000,-62000,-62000,-62000,-62000,-62000,-62000,-62000,-62000,-62000,-62000,-62000,-62000,-62000,-62000,-62000,-62000,-62000]
[null,null,"Other Liabilities",null,null,null,null,{"$f":"IF(H5,H120,G212)","v":1200000},{"$f":"IF(I5,I120,H212)","v":1220000},1660000,1960000,3300000,3300000,3300000,3300000,3300000,3300000,3300000,3300000,3300000,3300000,3300000,3300000,3300000,3300000,3300000,3300000,3300000]
[null,null,"Reconciling Liabilities",null,null,null,null,{"$f":"IF(H5,H121,G213)","v":-10999.5},{"$f":"IF(I5,I121,H213)","v":7000},-2998.5,-9000,-13000,-13000,-13000,-13000,-13000,-13000,-13000,-13000,-13000,-13000,-13000,-13000,-13000,-13000,-13000,-13000,-13000]
[]
["Debt and Cash"]
[null,null,"Cash Balance",null,null,null,null,{"$f":"IF(H5,H97+H106)","v":11601000},{"$f":"IF(I5,I97+I106)","v":12970000},18306000,20228000,26695000,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Debt Balance",null,null,null,null,{"$f":"IF(H5,H117+H112)","v":4970000},{"$f":"IF(I5,I117+I112)","v":6920000},16090000,17520000,20410000,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Net Cash Balance",null,null,null,null,{"$f":"H216-H217","v":6631000},{"$f":"I216-I217","v":6050000},2216000,2708000,6285000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Opening Net Cash",null,null,null,null,{"$f":"G222","v":0},{"$f":"H222","v":6631000},6050000,2216000,2708000,6285000,{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"}]
[null,null,"Add: Cash Flow",null,null,null,null,{"$f":"H279","v":-54736000},{"$f":"I279","v":-64742313.978553899},-75723666.034821987,-87001626.713268131,-107047902.90865201,{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"}]
[null,null,"Closing Balance",null,null,null,null,{"$f":"IF(H5,H218,H220+H221)","v":6631000},{"$f":"IF(I5,I218,I220+I221)","v":6050000},2216000,2708000,6285000,{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"}]
[]
[null,null,"Cash Balance",null,null,null,null,{"$f":"IF(H5,H216,MAX(H222,0))","v":11601000},{"$f":"IF(I5,I216,MAX(I222,0))","v":12970000},18306000,20228000,26695000,{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"}]
[null,null,"Debt Balance",null,null,null,null,{"$f":"IF(H5,H217,MAX(-H222,0))","v":4970000},{"$f":"IF(I5,I217,MAX(-I222,0))","v":6920000},16090000,17520000,20410000,{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"}]
[]
[null,null,"Minimum Cash Balance Percent",null,null,null,null,{"$f":"IF(H5,H97/H15,G227)","v":0.1874283843509576},{"$f":"IF(I5,I97/I15,H227)","v":0.16722632639355273},0.19575233172266546,0.18512288571161573,0.19104345907787337,0.19104345907787337,0.19104345907787337,0.19104345907787337,0.19104345907787337,0.19104345907787337,0.19104345907787337,0.19104345907787337,0.19104345907787337,0.19104345907787337,0.19104345907787337,0.19104345907787337,0.19104345907787337,0.19104345907787337,0.19104345907787337,0.19104345907787337,0.19104345907787337]
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[]
["Profit and Loss"]
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[null,null,"EBT",null,null,null,null,{"$f":"H249-H250+H251+H252","v":-54314000},{"$f":"I249-I250+I251+I252","v":-64751000},-75823000,-87516000,-108808000,{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"}]
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[]
[null,null,"EBT Check - Actual EBT",null,null,null,{"$f":"AND(H262:AB262)","v":false},{"$f":"IF(H5,H253=H30,TRUE)","v":false},{"$f":"IF(I5,I253=I30,TRUE)","v":false},false,false,false,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[null,null,"Net Income Check",null,null,null,{"$f":"AND(H263:AB263)","v":false},{"$f":"IF(H5,H257=H38,TRUE)","v":false},{"$f":"IF(I5,I257=I38,TRUE)","v":false},false,false,false,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[]
["Cash Flow Statement"]
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[null,null,"Less: Taxes",null,null,null,null,{"$f":"H255","v":428000},{"$f":"I255","v":161000},167000,950000,1430000,{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"}]
[null,null,"Less: WC Changes",null,null,null,null,{"$f":"H183","v":0},{"$f":"I183","v":-65686.021446102299},-36333.715178014711,-1222373.2867318699,-2995097.0913479999,{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"}]
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[null,null,"Less: Unusual Expense",null,null,null,null,{"$f":"H248","v":0},{"$f":"I248","v":0},0,0,-67000,-193333.33333333331,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Net Funds from Operations",null,null,null,{"$f":"H266-H267-H268+H269+H270-H271","v":-54684000},{"$f":"I266-I267-I268+I269+I270-I271","v":-64639313.978553899},-75552666.034821987,-86592626.713268131,-106663902.90865201,{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"}]
[null,null,"Less: Capital Expenditures"]
[null,null,"Less: Acquisition Premiums",null,null,null,null,{"$f":"H161","v":0},{"$f":"I161","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Net Cash Flow",null,null,null,{"$f":"H272-H273-H274","v":-54684000},{"$f":"I272-I273-I274","v":-64639313.978553899},-75552666.034821987,-86592626.713268131,-106663902.90865201,{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"}]
[null,null,"Less: Interest Expense",null,null,null,null,{"$f":"H250","v":92000},{"$f":"I250","v":141000},210000,459000,484000,415755.24997707317,{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"}]
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[null,"Depreciation Life",null,null,{"$f":"1/E17","v":4.1736111111111107}]
[null,"Stable Cap Exp to Revenues",null,null,{"$f":"'EV to EBITDA'!E9","v":0}]
[null,"Working Capital to EBITDA",null,null,-1.6]
[null,"Working Capital growth Factor",null,null,{"$f":"(E13/(1+E13))","v":3.8461538461538464E-2}]
[]
["Holding Period Free Cash Flow"]
[null,"EBITDA"]
[null,"Less: Depreciation Expense"]
[null,"EBIT ",null,null,null,null,null,{"$f":"H24-H25","v":0},{"$f":"I24-I25","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Tax Rate",null,null,null,null,null,{"$f":"LOOKUP(H3,'Amazon Assumptions'!2:2,'Amazon Assumptions'!47:47)","v":0.36742034943473795},{"$f":"LOOKUP(I3,'Amazon Assumptions'!2:2,'Amazon Assumptions'!47:47)","v":0.36742034943473795},{"$f":"LOOKUP(J3,'Amazon Assumptions'!2:2,'Amazon Assumptions'!47:47)","v":0.36742034943473795},{"$f":"LOOKUP(K3,'Amazon Assumptions'!2:2,'Amazon Assumptions'!47:47)","v":0.36742034943473795},{"$f":"LOOKUP(L3,'Amazon Assumptions'!2:2,'Amazon Assumptions'!47:47)","v":0.36742034943473795},{"$f":"LOOKUP(M3,'Amazon Assumptions'!2:2,'Amazon Assumptions'!47:47)","v":0.36742034943473795},{"$f":"LOOKUP(N3,'Amazon Assumptions'!2:2,'Amazon Assumptions'!47:47)","v":0.36742034943473795},{"$f":"LOOKUP(O3,'Amazon Assumptions'!2:2,'Amazon Assumptions'!47:47)","v":0.36742034943473795},{"$f":"LOOKUP(P3,'Amazon Assumptions'!2:2,'Amazon Assumptions'!47:47)","v":0.36742034943473795},{"$f":"LOOKUP(Q3,'Amazon Assumptions'!2:2,'Amazon Assumptions'!47:47)","v":0.36742034943473795},{"$f":"LOOKUP(R3,'Amazon Assumptions'!2:2,'Amazon Assumptions'!47:47)","v":0.36742034943473795},{"$f":"LOOKUP(S3,'Amazon Assumptions'!2:2,'Amazon Assumptions'!47:47)","v":0.36742034943473795},{"$f":"LOOKUP(T3,'Amazon Assumptions'!2:2,'Amazon Assumptions'!47:47)","v":0.36742034943473795},{"$f":"LOOKUP(U3,'Amazon Assumptions'!2:2,'Amazon Assumptions'!47:47)","v":0.36742034943473795},{"$f":"LOOKUP(V3,'Amazon Assumptions'!2:2,'Amazon Assumptions'!47:47)","v":0.36742034943473795},{"$f":"LOOKUP(W3,'Amazon Assumptions'!2:2,'Amazon Assumptions'!47:47)","v":0.36742034943473795},{"$f":"LOOKUP(X3,'Amazon Assumptions'!2:2,'Amazon Assumptions'!47:47)","v":0.36742034943473795},{"$f":"LOOKUP(Y3,'Amazon Assumptions'!2:2,'Amazon Assumptions'!47:47)","v":0.36742034943473795},{"$f":"LOOKUP(Z3,'Amazon Assumptions'!2:2,'Amazon Assumptions'!47:47)","v":0.36742034943473795},{"$f":"LOOKUP(AA3,'Amazon Assumptions'!2:2,'Amazon Assumptions'!47:47)","v":0.36742034943473795}]
[null,"Taxes",null,null,null,null,null,{"$f":"H26*H27","v":0},{"$f":"I26*I27","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"EBITDA",null,null,null,null,null,{"$f":"H24","v":0},{"$f":"I24","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: WC Changes",null,null,null,null,null,{"$f":"LOOKUP(H$3,'Amazon Model'!$4:$4,'Amazon Model'!268:268)","v":{"$error":"#VALUE!"}},{"$f":"LOOKUP(I$3,'Amazon Model'!$4:$4,'Amazon Model'!268:268)","v":{"$error":"#VALUE!"}},{"$f":"LOOKUP(J$3,'Amazon Model'!$4:$4,'Amazon Model'!268:268)","v":{"$error":"#VALUE!"}},{"$f":"LOOKUP(K$3,'Amazon Model'!$4:$4,'Amazon Model'!268:268)","v":{"$error":"#VALUE!"}},{"$f":"LOOKUP(L$3,'Amazon Model'!$4:$4,'Amazon Model'!268:268)","v":{"$error":"#VALUE!"}},{"$f":"LOOKUP(M$3,'Amazon Model'!$4:$4,'Amazon Model'!268:268)","v":{"$error":"#VALUE!"}},{"$f":"LOOKUP(N$3,'Amazon Model'!$4:$4,'Amazon Model'!268:268)","v":{"$error":"#VALUE!"}},{"$f":"LOOKUP(O$3,'Amazon Model'!$4:$4,'Amazon Model'!268:268)","v":{"$error":"#VALUE!"}},{"$f":"LOOKUP(P$3,'Amazon Model'!$4:$4,'Amazon Model'!268:268)","v":{"$error":"#VALUE!"}},{"$f":"LOOKUP(Q$3,'Amazon Model'!$4:$4,'Amazon Model'!268:268)","v":{"$error":"#VALUE!"}},{"$f":"LOOKUP(R$3,'Amazon Model'!$4:$4,'Amazon Model'!268:268)","v":{"$error":"#VALUE!"}},{"$f":"LOOKUP(S$3,'Amazon Model'!$4:$4,'Amazon Model'!268:268)","v":{"$error":"#VALUE!"}},{"$f":"LOOKUP(T$3,'Amazon Model'!$4:$4,'Amazon Model'!268:268)","v":{"$error":"#VALUE!"}},{"$f":"LOOKUP(U$3,'Amazon Model'!$4:$4,'Amazon Model'!268:268)","v":{"$error":"#VALUE!"}},{"$f":"LOOKUP(V$3,'Amazon Model'!$4:$4,'Amazon Model'!268:268)","v":{"$error":"#VALUE!"}},{"$f":"LOOKUP(W$3,'Amazon Model'!$4:$4,'Amazon Model'!268:268)","v":{"$error":"#VALUE!"}},{"$f":"LOOKUP(X$3,'Amazon Model'!$4:$4,'Amazon Model'!268:268)","v":{"$error":"#VALUE!"}},{"$f":"LOOKUP(Y$3,'Amazon Model'!$4:$4,'Amazon Model'!268:268)","v":{"$error":"#VALUE!"}},{"$f":"LOOKUP(Z$3,'Amazon Model'!$4:$4,'Amazon Model'!268:268)","v":{"$error":"#VALUE!"}},{"$f":"LOOKUP(AA$3,'Amazon Model'!$4:$4,'Amazon Model'!268:268)","v":{"$error":"#VALUE!"}}]
[null,"Less: Capital Expenditures and Acquistion",null,null,null,null,null,{"$f":"LOOKUP(H$3,'Amazon Model'!$4:$4,'Amazon Model'!273:273)+LOOKUP(H$3,'Amazon Model'!$4:$4,'Amazon Model'!274:274)","v":0},{"$f":"LOOKUP(I$3,'Amazon Model'!$4:$4,'Amazon Model'!273:273)+LOOKUP(I$3,'Amazon Model'!$4:$4,'Amazon Model'!274:274)","v":0},{"$f":"LOOKUP(J$3,'Amazon Model'!$4:$4,'Amazon Model'!273:273)+LOOKUP(J$3,'Amazon Model'!$4:$4,'Amazon Model'!274:274)","v":0},{"$f":"LOOKUP(K$3,'Amazon Model'!$4:$4,'Amazon Model'!273:273)+LOOKUP(K$3,'Amazon Model'!$4:$4,'Amazon Model'!274:274)","v":0},{"$f":"LOOKUP(L$3,'Amazon Model'!$4:$4,'Amazon Model'!273:273)+LOOKUP(L$3,'Amazon Model'!$4:$4,'Amazon Model'!274:274)","v":0},{"$f":"LOOKUP(M$3,'Amazon Model'!$4:$4,'Amazon Model'!273:273)+LOOKUP(M$3,'Amazon Model'!$4:$4,'Amazon Model'!274:274)","v":0},{"$f":"LOOKUP(N$3,'Amazon Model'!$4:$4,'Amazon Model'!273:273)+LOOKUP(N$3,'Amazon Model'!$4:$4,'Amazon Model'!274:274)","v":0},{"$f":"LOOKUP(O$3,'Amazon Model'!$4:$4,'Amazon Model'!273:273)+LOOKUP(O$3,'Amazon Model'!$4:$4,'Amazon Model'!274:274)","v":0},{"$f":"LOOKUP(P$3,'Amazon Model'!$4:$4,'Amazon Model'!273:273)+LOOKUP(P$3,'Amazon Model'!$4:$4,'Amazon Model'!274:274)","v":0},{"$f":"LOOKUP(Q$3,'Amazon Model'!$4:$4,'Amazon Model'!273:273)+LOOKUP(Q$3,'Amazon Model'!$4:$4,'Amazon Model'!274:274)","v":0},{"$f":"LOOKUP(R$3,'Amazon Model'!$4:$4,'Amazon Model'!273:273)+LOOKUP(R$3,'Amazon Model'!$4:$4,'Amazon Model'!274:274)","v":0},{"$f":"LOOKUP(S$3,'Amazon Model'!$4:$4,'Amazon Model'!273:273)+LOOKUP(S$3,'Amazon Model'!$4:$4,'Amazon Model'!274:274)","v":0},{"$f":"LOOKUP(T$3,'Amazon Model'!$4:$4,'Amazon Model'!273:273)+LOOKUP(T$3,'Amazon Model'!$4:$4,'Amazon Model'!274:274)","v":0},{"$f":"LOOKUP(U$3,'Amazon Model'!$4:$4,'Amazon Model'!273:273)+LOOKUP(U$3,'Amazon Model'!$4:$4,'Amazon Model'!274:274)","v":0},{"$f":"LOOKUP(V$3,'Amazon Model'!$4:$4,'Amazon Model'!273:273)+LOOKUP(V$3,'Amazon Model'!$4:$4,'Amazon Model'!274:274)","v":0},{"$f":"LOOKUP(W$3,'Amazon Model'!$4:$4,'Amazon Model'!273:273)+LOOKUP(W$3,'Amazon Model'!$4:$4,'Amazon Model'!274:274)","v":0},{"$f":"LOOKUP(X$3,'Amazon Model'!$4:$4,'Amazon Model'!273:273)+LOOKUP(X$3,'Amazon Model'!$4:$4,'Amazon Model'!274:274)","v":0},{"$f":"LOOKUP(Y$3,'Amazon Model'!$4:$4,'Amazon Model'!273:273)+LOOKUP(Y$3,'Amazon Model'!$4:$4,'Amazon Model'!274:274)","v":0},{"$f":"LOOKUP(Z$3,'Amazon Model'!$4:$4,'Amazon Model'!273:273)+LOOKUP(Z$3,'Amazon Model'!$4:$4,'Amazon Model'!274:274)","v":0},{"$f":"LOOKUP(AA$3,'Amazon Model'!$4:$4,'Amazon Model'!273:273)+LOOKUP(AA$3,'Amazon Model'!$4:$4,'Amazon Model'!274:274)","v":0}]
[null,"Less: Taxes",null,null,null,null,null,{"$f":"H28","v":0},{"$f":"I28","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Free Cash Flow",null,null,null,null,{"$f":"H30-H31-H32-H33","v":{"$error":"#VALUE!"}},{"$f":"I30-I31-I32-I33","v":{"$error":"#VALUE!"}},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"}]
[]
[null,null,"Free Cash Flow over Explicit Period",null,null,null,null,{"$f":"IF(H4,H34)","v":false},{"$f":"IF(I4,I34)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"NPV of Explicit Cash Fllow",null,{"$f":"NPV(F37,36:36)","v":0},{"$f":"E12","v":0.09}]
[null,null,"Including 1/2 year adjustment",null,{"$f":"E37*(1+F37)^0.5","v":0}]
[]
["Terminal Cash Flow"]
[null,"Invested Capital",null,null,null,null,null,{"$f":"LOOKUP(H$3,'Amazon Model'!$4:$4,'Amazon Model'!323:323)","v":0},{"$f":"LOOKUP(I$3,'Amazon Model'!$4:$4,'Amazon Model'!323:323)","v":0},{"$f":"LOOKUP(J$3,'Amazon Model'!$4:$4,'Amazon Model'!323:323)","v":0},{"$f":"LOOKUP(K$3,'Amazon Model'!$4:$4,'Amazon Model'!323:323)","v":0},{"$f":"LOOKUP(L$3,'Amazon Model'!$4:$4,'Amazon Model'!323:323)","v":0},{"$f":"LOOKUP(M$3,'Amazon Model'!$4:$4,'Amazon Model'!323:323)","v":0},{"$f":"LOOKUP(N$3,'Amazon Model'!$4:$4,'Amazon Model'!323:323)","v":0},{"$f":"LOOKUP(O$3,'Amazon Model'!$4:$4,'Amazon Model'!323:323)","v":0},{"$f":"LOOKUP(P$3,'Amazon Model'!$4:$4,'Amazon Model'!323:323)","v":0},{"$f":"LOOKUP(Q$3,'Amazon Model'!$4:$4,'Amazon Model'!323:323)","v":0},{"$f":"LOOKUP(R$3,'Amazon Model'!$4:$4,'Amazon Model'!323:323)","v":0},{"$f":"LOOKUP(S$3,'Amazon Model'!$4:$4,'Amazon Model'!323:323)","v":0},{"$f":"LOOKUP(T$3,'Amazon Model'!$4:$4,'Amazon Model'!323:323)","v":0},{"$f":"LOOKUP(U$3,'Amazon Model'!$4:$4,'Amazon Model'!323:323)","v":0},{"$f":"LOOKUP(V$3,'Amazon Model'!$4:$4,'Amazon Model'!323:323)","v":0},{"$f":"LOOKUP(W$3,'Amazon Model'!$4:$4,'Amazon Model'!323:323)","v":0},{"$f":"LOOKUP(X$3,'Amazon Model'!$4:$4,'Amazon Model'!323:323)","v":0},{"$f":"LOOKUP(Y$3,'Amazon Model'!$4:$4,'Amazon Model'!323:323)","v":0},{"$f":"LOOKUP(Z$3,'Amazon Model'!$4:$4,'Amazon Model'!323:323)","v":0},{"$f":"LOOKUP(AA$3,'Amazon Model'!$4:$4,'Amazon Model'!323:323)","v":0}]
[null,"Stable ROIC",null,null,{"$f":"E15","v":0.15},null,null,{"$f":"$E$42","v":0.15},{"$f":"$E$42","v":0.15},0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15]
[null,"NOPAT",null,null,null,null,null,{"$f":"H42*H41","v":0},{"$f":"I42*I41","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"EBIT = NOPAT/(1-t)",null,null,null,null,null,{"$f":"H43/(1-H27)","v":0},{"$f":"I43/(1-I27)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"EBITDA = EBIT + Deprecaition",null,null,null,null,null,{"$f":"H44+H25","v":0},{"$f":"I44+I25","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Stble EBITDA Applied",null,null,null,null,null,{"$f":"H30","v":0},{"$f":"I30","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Stable Taxes",null,null,null,null,null,{"$f":"H44*H27","v":0},{"$f":"I44*I27","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Stable Cap Exp to Deprecation",null,null,{"$f":"E19","v":0},null,null,{"$f":"$E$49","v":0},{"$f":"$E$49","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Depreciation",null,null,null,null,null,{"$f":"H25","v":0},{"$f":"I25","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Stable Captial Expenditures",null,null,null,null,null,{"$f":"H49*H50","v":0},{"$f":"I49*I50","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Working Captial to EBITDA",null,null,{"$f":"E20","v":-1.6},null,null,{"$f":"$E$53","v":-1.6},{"$f":"$E$53","v":-1.6},-1.6,-1.6,-1.6,-1.6,-1.6,-1.6,-1.6,-1.6,-1.6,-1.6,-1.6,-1.6,-1.6,-1.6,-1.6,-1.6,-1.6,-1.6]
[null,"Stable Change in Working Capital",null,null,{"$f":"E21","v":3.8461538461538464E-2},null,null,{"$f":"H53*H45*$E$54","v":0},{"$f":"I53*I45*$E$54","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"EBITDA",null,null,null,null,null,{"$f":"IF(H5,H46)","v":false},{"$f":"IF(I5,I46)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"Less: WC Change",null,null,null,null,null,{"$f":"IF(H5,H54)","v":false},{"$f":"IF(I5,I54)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"Less: Capital Expenditures",null,null,null,null,null,{"$f":"IF(H5,H51)","v":false},{"$f":"IF(I5,I51)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"Less: Taxes",null,null,null,null,null,{"$f":"IF(H5,H47)","v":false},{"$f":"IF(I5,I47)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Stable Cash Flow",null,null,null,null,{"$f":"H56-H57-H58-H59","v":0},{"$f":"I56-I57-I58-I59","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Terminal Value - Growth Method"]
[null,"Growth Method ==> (1+g)/(WACC-g)",null,null,{"$f":"E13","v":0.04},{"$f":"E12","v":0.09},null,{"$f":"(1+$E$63)/($F$63-$E$63)","v":20.8},{"$f":"(1+$E$63)/($F$63-$E$63)","v":20.8},20.8,20.8,20.8,20.8,20.8,20.8,20.8,20.8,20.8,20.8,20.8,20.8,20.8,20.8,20.8,20.8,20.8,20.8]
[null,"Terminal Value",null,null,null,null,null,{"$f":"H60*H63","v":0},{"$f":"I60*I63","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"PV of Terminal Value",null,null,{"$f":"NPV(F65,H64:AA64)*(1+E63)^0.5","v":0},{"$f":"F63","v":0.09}]
[null,"Add: NPV of Explicit Cash Flow",null,null,{"$f":"E38","v":0}]
[null,"Total Enterprise Value",null,null,{"$f":"E65+E66","v":0}]
[]
[null,"Less: Net Debt",null,null,{"$f":"LOOKUP(E9-1,'Amazon Model'!$4:$4,'Amazon Model'!324:324)","v":{"$error":"#VALUE!"}}]
[null,"Equity Value",null,null,{"$f":"E67-E69","v":{"$error":"#VALUE!"}}]
[null,"Shares",null,null,{"$f":"LOOKUP(E9-1,'Amazon Model'!4:4,'Amazon Model'!259:259)","v":474000}]
[null,"Equity Value/Share",null,null,{"$f":"E70/E71","v":{"$error":"#VALUE!"}}]
[]
[null,"EV/EBITDA Method ==> EV/EBITDA",null,null,{"$f":"E14","v":14},null,null,{"$f":"$E$74*H46*H5","v":0},{"$f":"$E$74*I46*I5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"PV of Terminal Value",null,null,{"$f":"NPV(F75,H74:AA74)*(1+F75)^0.5","v":0},{"$f":"F65","v":0.09}]
[null,"Add: NPV of Explicit Cash Flow",null,null,{"$f":"E66","v":0}]
[null,"Total Enterprise Value",null,null,{"$f":"E75+E76","v":0}]
[]
[null,"Less: Net Debt",null,null,{"$f":"E69","v":{"$error":"#VALUE!"}}]
[null,"Equity Value",null,null,{"$f":"E77-E79","v":{"$error":"#VALUE!"}}]
[null,"Shares",null,null,{"$f":"E71","v":474000}]
[null,"Equity Value/Share",null,null,{"$f":"E80/E81","v":{"$error":"#VALUE!"}}]
[]
[null,"Value Driver Formula: Invested Capital * ROIC *(1-g/ROIC)/(WACC-g)"]
[null,"Invested Capital",null,null,null,null,null,{"$f":"H41","v":0},{"$f":"I41","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,8,{"$f":"D21","v":"A/P to Expense Best Case"},1,{"$f":"INDEX('Amazon Assumptions'!$C$60:$C$63,'Sensitivity and Presentation'!E29)","v":"Base Case"},1,{"$f":"INDEX('Amazon Assumptions'!$C$68:$C$71,'Sensitivity and Presentation'!G29)","v":"Base Case"},1,{"$f":"INDEX('Amazon Assumptions'!$C$76:$C$79,'Sensitivity and Presentation'!I29)","v":"Base Case"},1,{"$f":"INDEX('Amazon Assumptions'!$C$84:$C$87,'Sensitivity and Presentation'!K29)","v":"Base Case"},1,{"$f":"INDEX('Amazon Assumptions'!$C$92:$C$95,'Sensitivity and Presentation'!M29)","v":"Base Case"},null,null,null,null,19,{"$error":"#VALUE!"},{"$error":"#VALUE!"}]
[]
[]
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[]
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[null,null,null,"Sales Growth",null,{"$f":"T14-$T$11","v":{"$error":"#VALUE!"}},null,{"$f":"T22-$U$10","v":{"$error":"#VALUE!"}}]
[null,null,null,"COGS Percent",null,{"$f":"T15-$T$11","v":{"$error":"#VALUE!"}},null,{"$f":"T23-$U$10","v":{"$error":"#VALUE!"}}]
[null,null,null,"R&D Growth",null,{"$f":"T16-$T$11","v":{"$error":"#VALUE!"}},null,{"$f":"T24-$U$10","v":{"$error":"#VALUE!"}}]
[null,null,null,"SG&A to Sales",null,{"$f":"T17-$T$11","v":{"$error":"#VALUE!"}},null,{"$f":"T25-$U$10","v":{"$error":"#VALUE!"}}]
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[null,"Historic Year",null,null,null,{"$f":"'Amazon Assumptions'!I4","v":true},{"$f":"'Amazon Assumptions'!J4","v":true},{"$f":"'Amazon Assumptions'!K4","v":true},{"$f":"'Amazon Assumptions'!L4","v":true},{"$f":"'Amazon Assumptions'!M4","v":true},{"$f":"'Amazon Assumptions'!N4","v":false},{"$f":"'Amazon Assumptions'!O4","v":false},{"$f":"'Amazon Assumptions'!P4","v":false},{"$f":"'Amazon Assumptions'!Q4","v":false},{"$f":"'Amazon Assumptions'!R4","v":false},{"$f":"'Amazon Assumptions'!S4","v":false}]
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[]
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[null,null,null,"History",null,{"$f":"IF(F7,F9)","v":0.72254051399574404},{"$f":"IF(G7,G9)","v":0.69012760241772997},0.65816383863355432,0.61676478833753856,0.59401426575483496,false,false,false,false,false,false]
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{"sheet":"AMZN","index":18,"n_rows":250,"n_cols":7,"rows_kept":250,"cut":false,"hidden":false,"merged":[]}
["Date","Open","High","Low","Close","Adj Close","Volume"]
["1997-05-01",2.4375,2.5,1.3125,1.5,1.5,256516800]
["1997-06-01",1.5104169999999999,1.7083330000000001,1.375,1.5416669999999999,1.5416669999999999,53163600]
["1997-07-01",1.5416669999999999,2.5729169999999999,1.5104169999999999,2.3958330000000001,2.3958330000000001,108614400]
["1997-08-01",2.34375,2.4166669999999999,1.9375,2.3385419999999999,2.3385419999999999,31906800]
["1997-09-01",2.34375,4.8125,2.3125,4.3385420000000003,4.3385420000000003,107862000]
["1997-10-01",4.4375,5.5,3.5208330000000001,5.0833329999999997,5.0833329999999997,105187200]
["1997-11-01",5.21875,5.21875,3.6666669999999999,4.125,4.125,67797600]
["1997-12-01",4.2395829999999997,5.0416670000000003,4.1354170000000003,5.0208329999999997,5.0208329999999997,64982400]
["1998-01-01",5,5.34375,4.1458329999999997,4.9166670000000003,4.9166670000000003,112080000]
["1998-02-01",4.9479170000000003,6.6354170000000003,4.7708329999999997,6.4166670000000003,6.4166670000000003,130621200]
["1998-03-01",6.3229170000000003,7.3541670000000003,5.8333329999999997,7.1276000000000002,7.1276000000000002,206818800]
["1998-04-01",7.1041670000000003,8.3333329999999997,6.4270829999999997,7.6458329999999997,7.6458329999999997,354868800]
["1998-05-01",7.7291670000000003,7.9895829999999997,6.6458329999999997,7.34375,7.34375,174870000]
["1998-06-01",7.3333329999999997,17.458334000000001,6.875,16.625,16.625,583878600]
["1998-07-01",16.96875,24.5,15.708333,18.479165999999999,18.479165999999999,663946800]
["1998-08-01",18.291665999999999,22.916665999999999,13.854167,13.958333,13.958333,440607600]
["1998-09-01",12.6875,20,10.833333,18.604165999999999,18.604165999999999,677835600]
["1998-10-01",18,21.635415999999999,13.333333,21.072915999999999,21.072915999999999,504444600]
["1998-11-01",21.354165999999999,38.854168000000001,20.125,32,32,651789600]
["1998-12-01",30.916665999999999,60.3125,30.333334000000001,53.541668000000001,53.541668000000001,724218000]
["1999-01-01",54.614581999999999,99.5625,46.28125,58.46875,58.46875,646348800]
["1999-02-01",58.875,65,42.125,64.0625,64.0625,318146000]
["1999-03-01",63.5,89,57,86.09375,86.09375,331010000]
["1999-04-01",89.6875,110.625,75.5,86.03125,86.03125,363285400]
["1999-05-01",83.4375,83.53125,52.25,59.375,59.375,303767800]
["1999-06-01",55.75,64.75,44.875,62.5625,62.5625,364747400]
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["1999-10-01",77,90,65.875,70.625,70.625,254311500]
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["2015-03-01",380.85000600000001,388.42001299999998,365.64999399999999,372.10000600000001,372.10000600000001,55428700]
["2015-04-01",372.10000600000001,452.64999399999999,368.33999599999999,421.77999899999998,421.77999899999998,84348300]
["2015-05-01",423.82000699999998,439,414.54998799999998,429.23001099999999,429.23001099999999,51854000]
["2015-06-01",430.39999399999999,447.040009,419.14001500000001,434.08999599999999,434.08999599999999,54981900]
["2015-07-01",439.35000600000001,580.57000700000003,425.57000699999998,536.15002400000003,536.15002400000003,102070000]
["2015-08-01",537.45001200000002,542.73999000000003,451,512.89001499999995,512.89001499999995,82813600]
["2015-09-01",499.14001500000001,549.78002900000001,490.5,511.89001500000001,511.89001500000001,76667800]
["2015-10-01",511,630.71997099999999,506,625.90002400000003,625.90002400000003,97070400]
["2015-11-01",627.13000499999998,682.77002000000005,620.40997300000004,664.79998799999998,664.79998799999998,87296200]
["2015-12-01",673.75,696.44000200000005,635.27002000000005,675.89001499999995,675.89001499999995,90162400]
["2016-01-01",656.28997800000002,657.71997099999999,547.17999299999997,587,587,130156000]
["2016-02-01",578.15002400000003,581.79998799999998,474,552.52002000000005,552.52002000000005,124075300]
["2016-03-01",556.28997800000002,603.23999000000003,538.580017,593.64001499999995,593.64001499999995,93773800]
["2016-04-01",590.48999000000003,669.97997999999995,585.25,659.59002699999996,659.59002699999996,78380700]
["2016-05-01",663.919983,724.22997999999995,656,722.78997800000002,722.78997800000002,90509100]
["2016-06-01",720.90002400000003,731.5,682.11999500000002,715.61999500000002,715.61999500000002,74535000]
["2016-07-01",717.32000700000003,766,716.53997800000002,758.80999799999995,758.80999799999995,68545100]
["2016-08-01",759.86999500000002,774.97997999999995,750.34997599999997,769.15997300000004,769.15997300000004,49981900]
["2016-09-01",770.90002400000003,839.95001200000002,756,837.30999799999995,837.30999799999995,67326900]
["2016-10-01",836,847.21002199999998,774.60998500000005,789.82000700000003,789.82000700000003,77023000]
["2016-11-01",799,800.84002699999996,710.09997599999997,750.57000700000003,750.57000700000003,109943300]
["2016-12-01",752.40997300000004,782.46002199999998,736.70001200000002,768.65997300000004,768.65997300000004,79279600]
["2017-01-01",757.919983,843.84002699999996,747.70001200000002,823.47997999999995,823.47997999999995,70596900]
["2017-02-01",829.21002199999998,860.85998500000005,803,845.03997800000002,845.03997800000002,71743800]
["2017-03-01",853.04998799999998,890.34997599999997,833.5,886.53997800000002,886.53997800000002,60710700]
["2017-04-01",888,949.59002699999996,884.48999000000003,924.98999000000003,924.98999000000003,73510800]
["2017-05-01",927.79998799999998,1001.200012,927.79998799999998,994.61999500000002,994.61999500000002,76202000]
["2017-06-01",998.59002699999996,1017,927,968,968,96120800]
["2017-07-01",972.78997800000002,1083.3100589999999,951,987.78002900000001,987.78002900000001,78812400]
["2017-08-01",996.10998500000005,1006.400024,936.330017,980.59997599999997,980.59997599999997,77261700]
["2017-09-01",984.20001200000002,1000,931.75,961.34997599999997,961.34997599999997,59291800]
["2017-10-01",964,1122.790039,950.36999500000002,1105.280029,1105.280029,83334100]
["2017-11-01",1105.400024,1213.410034,1086.869995,1176.75,1176.75,77165000]
["2017-12-01",1172.0500489999999,1194.780029,1124.73999,1169.469971,1169.469971,57760200]
["2018-01-01",1172,1339.9399410000001,1170.51001,1294.579956,1294.579956,52499300]

{"sheet":"S&P 500","index":19,"n_rows":818,"n_cols":7,"rows_kept":818,"cut":false,"hidden":false,"merged":[]}
["Date","Open","High","Low","Close","Adj Close","Volume"]
["1950-01-01",16.66,17.09,16.649999999999999,17.049999,17.049999,42570000]
["1950-02-01",17.049999,17.350000000000001,16.989999999999998,17.219999000000001,17.219999000000001,33430000]
["1950-03-01",17.239999999999998,17.610001,17.07,17.290001,17.290001,40410000]
["1950-04-01",17.34,18.07,17.34,18.07,18.07,48250000]
["1950-05-01",18.219999000000001,18.780000999999999,18.110001,18.780000999999999,18.780000999999999,45080000]
["1950-06-01",18.77,19.399999999999999,17.440000999999999,17.690000999999999,17.690000999999999,45660000]
["1950-07-01",17.639999,17.91,16.68,17.84,17.84,44570000]
["1950-08-01",18.02,18.82,17.950001,18.420000000000002,18.420000000000002,38900000]
["1950-09-01",18.549999,19.450001,18.540001,19.450001,19.450001,38590000]
["1950-10-01",19.690000999999999,20.16,19.530000999999999,19.530000999999999,19.530000999999999,48360000]
["1950-11-01",19.559999000000001,20.32,19.360001,19.510000000000002,19.510000000000002,43180000]
["1950-12-01",19.66,20.43,19,20.41,20.41,60830000]
["1951-01-01",20.77,21.74,20.690000999999999,21.66,21.66,70180000]
["1951-02-01",21.77,22.209999,21.76,21.799999,21.799999,41210000]
["1951-03-01",21.85,21.950001,21.25,21.4,21.4,35530000]
["1951-04-01",21.32,22.43,21.26,22.43,22.43,37790000]
["1951-05-01",22.530000999999999,22.809999000000001,21.030000999999999,21.52,21.52,38440000]
["1951-06-01",21.48,22.049999,20.959999,20.959999,20.959999,36220000]
["1951-07-01",21.1,22.629999000000002,21.1,22.4,22.4,27990000]
["1951-08-01",22.51,23.280000999999999,22.51,23.280000999999999,23.280000999999999,33630000]
["1951-09-01",23.280000999999999,23.709999,23.26,23.26,23.26,36420000]
["1951-10-01",23.469999000000001,23.85,22.450001,22.940000999999999,22.940000999999999,42930000]
["1951-11-01",23.1,23.1,22.299999,22.879999000000002,22.879999000000002,29280000]
["1951-12-01",22.940000999999999,23.77,22.940000999999999,23.77,23.77,34610000]
["1952-01-01",23.799999,24.66,23.74,24.139999,24.139999,41560000]
["1952-02-01",24.299999,24.41,23.09,23.26,23.26,27190000]
["1952-03-01",23.280000999999999,24.370000999999998,23.280000999999999,24.370000999999998,24.370000999999998,29500000]
["1952-04-01",24.18,24.18,23.32,23.32,23.32,28880000]
["1952-05-01",23.17,23.940000999999999,23.17,23.860001,23.860001,24010000]
["1952-06-01",23.799999,24.959999,23.780000999999999,24.959999,24.959999,25530000]
["1952-07-01",25.120000999999998,25.4,24.809999000000001,25.4,25.4,24100000]
["1952-08-01",25.450001,25.549999,24.83,25.030000999999999,25.030000999999999,20890000]
["1952-09-01",25.15,25.25,24.450001,24.540001,24.540001,24100000]
["1952-10-01",24.48,24.58,23.799999,24.52,24.52,25940000]
["1952-11-01",24.6,25.66,24.6,25.66,25.66,30210000]
["1952-12-01",25.68,26.59,25.610001,26.57,26.57,40480000]
["1953-01-01",26.540001,26.66,25.860001,26.379999000000002,26.379999000000002,34060000]
["1953-02-01",26.51,26.540001,25.48,25.9,25.9,30170000]
["1953-03-01",25.93,26.33,25.290001,25.290001,25.290001,42510000]
["1953-04-01",25.25,25.25,24.190000999999999,24.620000999999998,24.620000999999998,34370000]
["1953-05-01",24.73,25.059999000000001,24.459999,24.540001,24.540001,25730000]
["1953-06-01",24.15,24.219999000000001,23.540001,24.139999,24.139999,26080000]
["1953-07-01",24.24,24.75,24.07,24.75,24.75,22240000]
["1953-08-01",24.84,24.84,23.32,23.32,23.32,23890000]
["1953-09-01",23.42,23.65,22.709999,23.35,23.35,27150000]
["1953-10-01",23.49,24.58,23.389999,24.540001,24.540001,25710000]
["1953-11-01",24.66,24.76,24.25,24.76,24.76,26640000]
["1953-12-01",24.780000999999999,24.99,24.549999,24.809999000000001,24.809999000000001,36150000]
["1954-01-01",24.950001,26.09,24.799999,26.08,26.08,33420000]
["1954-02-01",25.99,26.299999,25.809999000000001,26.15,26.15,33260000]
["1954-03-01",26.25,26.940000999999999,26.25,26.940000999999999,26.940000999999999,44050000]
["1954-04-01",27.17,28.26,27.01,28.26,28.26,43500000]
["1954-05-01",28.209999,29.190000999999999,28.209999,29.190000999999999,29.190000999999999,41900000]
["1954-06-01",29.190000999999999,29.43,28.15,29.209999,29.209999,42230000]
["1954-07-01",29.209999,30.879999000000002,29.209999,30.879999000000002,30.879999000000002,51840000]
["1954-08-01",30.99,31.209999,29.83,29.83,29.83,56900000]
["1954-09-01",30.040001,32.689999,30.040001,32.310001,32.310001,41220000]
["1954-10-01",32.290000999999997,32.759998000000003,31.68,31.68,31.68,44170000]
["1954-11-01",31.790001,34.549999,31.790001,34.240001999999997,34.240001999999997,63010000]
["1954-12-01",33.990001999999997,35.979999999999997,33.990001999999997,35.979999999999997,35.979999999999997,76480000]
["1955-01-01",36.75,36.75,34.580002,36.630001,36.630001,74650000]
["1955-02-01",36.720001000000003,37.150002000000001,36.439999,36.759998000000003,36.759998000000003,60810000]
["1955-03-01",36.830002,37.520000000000003,34.959999000000003,36.580002,36.580002,65780000]
["1955-04-01",36.950001,38.32,36.830002,37.959999000000003,37.959999000000003,53790000]
["1955-05-01",38.040000999999997,38.040000999999997,36.970001000000003,37.909999999999997,37.909999999999997,45450000]
["1955-06-01",37.959999000000003,41.029998999999997,37.959999000000003,41.029998999999997,41.029998999999997,58120000]
["1955-07-01",41.189999,43.759998000000003,41.189999,43.52,43.52,48470000]
["1955-08-01",42.93,43.18,41.740001999999997,43.18,43.18,41800000]
["1955-09-01",43.369999,45.630001,42.610000999999997,43.669998,43.669998,60080000]
["1955-10-01",42.490001999999997,42.990001999999997,40.799999,42.34,42.34,42150000]
["1955-11-01",42.279998999999997,46.41,42.279998999999997,45.509998000000003,45.509998000000003,46360000]
["1955-12-01",45.349997999999999,45.889999000000003,44.950001,45.48,45.48,50990000]
["1956-01-01",45.16,45.16,43.110000999999997,43.82,43.82,47160000]
["1956-02-01",44.029998999999997,45.43,43.419998,45.34,45.34,46370000]
["1956-03-01",45.540000999999997,48.869999,45.540000999999997,48.48,48.48,60310000]
["1956-04-01",48.700001,48.849997999999999,47.09,48.380001,48.380001,54100000]
["1956-05-01",48.16,48.509998000000003,44.099997999999999,45.200001,45.200001,53210000]
["1956-06-01",45.580002,47.130001,45.139999000000003,46.970001000000003,46.970001000000003,37180000]
["1956-07-01",46.93,49.48,46.93,49.389999000000003,49.389999000000003,45650000]
["1956-08-01",49.619999,49.639999000000003,46.939999,47.509998000000003,47.509998000000003,44450000]
["1956-09-01",47.889999000000003,48.099997999999999,45.349997999999999,45.349997999999999,45.349997999999999,37220000]
["1956-10-01",44.700001,47,44.700001,45.580002,45.580002,40300000]
["1956-11-01",46.52,47.599997999999999,44.380001,45.080002,45.080002,43550000]
["1956-12-01",45.98,47.040000999999997,45.84,46.669998,46.669998,46330000]
["1957-01-01",46.200001,46.66,44.400002000000001,44.720001000000003,44.720001000000003,48140000]
["1957-02-01",44.619999,44.619999,42.389999000000003,43.259998000000003,43.259998000000003,37530000]
["1957-03-01",43.740001999999997,44.23,43.740001999999997,44.110000999999997,44.110000999999997,35620000]
["1957-04-01",44.139999000000003,45.740001999999997,44.139999000000003,45.740001999999997,45.740001999999997,48290000]
["1957-05-01",46.02,47.43,46.02,47.43,47.43,52560000]
["1957-06-01",47.369999,48.240001999999997,46.779998999999997,47.369999,47.369999,43470000]
["1957-07-01",47.43,49.130001,47.43,47.91,47.91,48230000]
["1957-08-01",47.790000999999997,47.790000999999997,43.889999000000003,45.220001000000003,45.220001000000003,41390000]
["1957-09-01",45.439999,45.439999,42.419998,42.419998,42.419998,36890000]
["1957-10-01",42.759998000000003,43.139999000000003,38.979999999999997,41.060001,41.060001,63960000]
["1957-11-01",40.439999,41.720001000000003,39.439999,41.720001000000003,41.720001000000003,48200000]
["1957-12-01",41.360000999999997,41.540000999999997,39.380001,39.990001999999997,39.990001999999997,54440000]
["1958-01-01",40.330002,41.880001,40.330002,41.700001,41.700001,49830000]
["1958-02-01",42.040000999999997,42.459999000000003,40.610000999999997,40.840000000000003,40.840000000000003,40190000]
["1958-03-01",41.130001,42.580002,41.130001,42.099997999999999,42.099997999999999,46680000]
["1958-04-01",41.93,43.439999,41.330002,43.439999,43.439999,50270000]
["1958-05-01",43.540000999999997,44.09,43.119999,44.09,44.09,54100000]
["1958-06-01",44.310001,45.34,44.310001,45.240001999999997,45.240001999999997,56610000]
["1958-07-01",45.279998999999997,47.189999,45.110000999999997,47.189999,47.189999,69430000]
["1958-08-01",47.490001999999997,48.16,47.220001000000003,47.75,47.75,62300000]
["1958-09-01",48,50.060001,47.970001000000003,50.060001,50.060001,71940000]
["1958-10-01",49.98,51.619999,49.98,51.330002,51.330002,95020000]
["1958-11-01",51.560001,53.240001999999997,51.02,52.48,52.48,74350000]
["1958-12-01",52.689999,55.209999000000003,52.459999000000003,55.209999000000003,55.209999000000003,75940000]
["1959-01-01",55.439999,56.040000999999997,54.889999000000003,55.450001,55.450001,83240000]
["1959-02-01",55.209999000000003,55.52,53.580002,55.41,55.41,65790000]
["1959-03-01",55.73,56.669998,55.439999,55.439999,55.439999,82430000]
["1959-04-01",55.689999,58.169998,55.689999,57.59,57.59,75840000]
["1959-05-01",57.650002000000001,58.68,56.880001,58.68,58.68,70950000]
["1959-06-01",58.630001,58.630001,56.360000999999997,58.470001000000003,58.470001000000003,64310000]
["1959-07-01",58.970001000000003,60.619999,58.91,60.509998000000003,60.509998000000003,70900000]
["1959-08-01",60.709999000000003,60.709999000000003,58.27,59.599997999999999,59.599997999999999,51050000]
["1959-09-01",58.869999,58.919998,55.139999000000003,56.880001,56.880001,57500000]
["1959-10-01",56.939999,57.52,56,57.52,57.52,61330000]
["1959-11-01",57.41,58.279998999999997,56.220001000000003,58.279998999999997,58.279998999999997,64500000]
["1959-12-01",58.700001,59.889999000000003,58.599997999999999,59.889999000000003,59.889999000000003,72210000]
["1960-01-01",59.91,60.389999000000003,55.610000999999997,55.610000999999997,55.610000999999997,63920000]
["1960-02-01",55.959999000000003,56.82,54.73,56.119999,56.119999,60500000]
["1960-03-01",56.009998000000003,56.009998000000003,53.470001000000003,55.34,55.34,65710000]
["1960-04-01",55.43,56.59,54.369999,54.369999,54.369999,57300000]
["1960-05-01",54.130001,55.830002,54.130001,55.830002,55.830002,68790000]
["1960-06-01",55.889999000000003,58,55.889999000000003,56.919998,56.919998,76480000]
["1960-07-01",57.060001,57.380001,54.169998,55.509998000000003,55.509998000000003,53860000]
["1960-08-01",55.529998999999997,58.07,54.720001000000003,56.959999000000003,56.959999000000003,65330000]
["1960-09-01",57.09,57.09,52.48,53.52,53.52,60840000]
["1960-10-01",53.360000999999997,54.860000999999997,52.200001,53.389999000000003,53.389999000000003,54370000]
["1960-11-01",53.939999,56.43,53.939999,55.540000999999997,55.540000999999997,62010000]
["1960-12-01",55.299999,58.110000999999997,55.299999,58.110000999999997,58.110000999999997,77330000]
["1961-01-01",57.57,61.970001000000003,57.57,61.779998999999997,61.779998999999997,89010000]
["1961-02-01",61.900002000000001,63.439999,61.139999000000003,63.439999,63.439999,92730000]
["1961-03-01",63.43,65.059997999999993,63.380001,65.059997999999993,65.059997999999993,115050000]
["1961-04-01",65.599997999999999,68.680000000000007,64.400002000000001,65.309997999999993,65.309997999999993,101760000]
["1961-05-01",65.169998000000007,67.389999000000003,65.169998000000007,66.559997999999993,66.559997999999993,96940000]
["1961-06-01",66.559997999999993,67.080001999999993,64.470000999999996,64.639999000000003,64.639999000000003,73090000]
["1961-07-01",65.209998999999996,66.760002,64.410004000000001,66.760002,66.760002,60840000]
["1961-08-01",67.370002999999997,68.440002000000007,66.940002000000007,68.069999999999993,68.069999999999993,81490000]
["1961-09-01",68.190002000000007,68.459998999999996,65.769997000000004,66.730002999999996,66.730002999999996,63820000]
["1961-10-01",66.769997000000004,68.620002999999997,66.730002999999996,68.620002999999997,68.620002999999997,72980000]
["1961-11-01",68.730002999999996,71.849997999999999,68.730002999999996,71.319999999999993,71.319999999999993,87770000]
["1961-12-01",71.779999000000004,72.639999000000003,70.860000999999997,71.550003000000004,71.550003000000004,82380000]
["1962-01-01",71.550003000000004,71.959998999999996,67.550003000000004,68.839995999999999,68.839995999999999,80790000]
["1962-02-01",68.839995999999999,71.129997000000003,68.559997999999993,69.959998999999996,69.959998999999996,66130000]
["1962-03-01",69.959998999999996,71.440002000000007,69.160004000000001,69.550003000000004,69.550003000000004,68440000]
["1962-04-01",69.550003000000004,69.819999999999993,64.949996999999996,65.239998,65.239998,65240000]
["1962-05-01",65.239998,66.930000000000007,53.130001,59.630001,59.630001,111030000]
["1962-06-01",59.630001,59.959999000000003,51.349997999999999,54.75,54.75,100160000]
["1962-07-01",54.75,58.669998,54.470001000000003,58.23,58.23,74160000]
["1962-08-01",58.23,60.330002,56.759998000000003,59.119999,59.119999,80400000]
["1962-09-01",59.119999,59.540000999999997,55.529998999999997,56.27,56.27,62890000]
["1962-10-01",56.27,57.830002,52.549999,56.52,56.52,78690000]
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[]
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["Real Model"]
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[]
[null,null,"NPV of Payouts",null,{"$f":"F5","v":3.5156887838011297E-2}]
[null,null,"Forward Earnings Multiple"]
[]
[null,null,"Inflation Index",null,{"$f":"E3","v":0.03}]
[null,null,"Nominal Payout"]
[null,null,"PV of Payout",null,{"$f":"E5","v":6.6211594473151628E-2},{"$f":"NPV(E31,G30:GX30)","v":0}]
[]
["Nominal Model"]
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[]
[]
[null,null,"NPV of Payouts",null,{"$f":"E5","v":6.6211594473151628E-2},{"$f":"NPV(E41,G37:GX37)","v":972.23262063778179}]
[null,null,"P/E Ratio Incorrect",null,null,{"$f":"F41/G36","v":32.407754021259393}]
[]
["Reconciliation"]
[null,null,"Forward Earnings Multiple",null,null,{"$f":"F41/G36","v":32.407754021259393}]
[null,null,"Real Earnings",null,{"$f":"E3","v":0.03}]
[null,null,"P/E with Real Earnings"]
[]
[null,null,"Book Value Real",null,null,{"$f":"F38/(1+E3)","v":194.17475728155338}]
[null,null,"Book Value Loss"]
[null,null,"Adjusted Earnings from BV Loss"]
[]
[null,null,"Final Adjusted P/E"]
[]
[]
[]
[]
[]
[null,null,null,null,"1952-01-01",12.53,null,"2013-12-31",24.86]
[null,null,null,null,"1953-01-01",13.01,null,"2014-01-31",24.86]
[null,null,null,null,"1954-01-01",12,null,"2014-02-28",24.59]
[null,null,null,null,"1955-01-01",15.99,null,"2014-03-31",24.96]
[null,null,null,null,"1956-01-01",18.29,null,"2014-04-30",24.79]
[null,null,null,null,"1957-01-01",16.72,null,"2014-05-31",24.94]
[null,null,null,null,"1958-01-01",13.79,null,"2014-06-30",25.56]
[null,null,null,null,"1959-01-01",17.98,null,"2014-07-31",25.82]
[null,null,null,null,"1960-01-01",18.34,null,"2014-08-31",25.62]
[null,null,null,null,"1961-01-01",18.47,null,"2014-09-30",25.92]
[null,null,null,null,"1962-01-01",21.2,null,"2014-10-31",25.16]
[null,null,null,null,"1963-01-01",19.260000000000002,null,"2014-11-30",26.61]
[null,null,null,null,"1964-01-01",21.63,null,"2014-12-31",26.79]
[null,null,null,null,"1965-01-01",23.27,null,"2015-01-31",26.49]
[null,null,null,null,"1966-01-01",24.06,null,"2015-02-28",27]
[null,null,null,null,"1967-01-01",20.43,null,"2015-03-31",26.73]
[null,null,null,null,"1968-01-01",21.51,null,"2015-04-30",26.79]
[null,null,null,null,"1969-01-01",21.19,null,"2015-05-31",26.81]
[null,null,null,null,"1970-01-01",17.09,null,"2015-06-30",26.5]
[null,null,null,null,"1971-01-01",16.46,null,"2015-07-31",26.38]
[null,null,null,null,"1972-01-01",17.260000000000002,null,"2015-08-31",25.69]
[null,null,null,null,"1973-01-01",18.71,null,"2015-09-30",24.5]
[null,null,null,null,"1974-01-01",13.53,null,"2015-10-31",25.49]
[null,null,null,null,"1975-01-01",8.92,null,"2015-11-30",26.23]
[null,null,null,null,"1976-01-01",11.19,null,"2015-12-31",25.97]
[null,null,null,null,"1977-01-01",11.44,null,"2016-01-31",24.21]
[null,null,null,null,"1978-01-01",9.24,null,"2016-02-29",24]
[null,null,null,null,"1979-01-01",9.26,null,"2016-03-31",25.37]
[null,null,null,null,"1980-01-01",8.85,null,"2016-04-30",25.92]
[null,null,null,null,"1981-01-01",9.26,null,"2016-05-31",25.69]
[null,null,null,null,"1982-01-01",7.39,null,"2016-06-30",25.84]
[null,null,null,null,"1983-01-01",8.76,null,"2016-07-31",26.69]
[null,null,null,null,"1984-01-01",9.89,null,"2016-08-31",26.95]
[null,null,null,null,"1985-01-01",10,null,"2016-09-30",26.73]
[null,null,null,null,"1986-01-01",11.72,null,"2016-10-31",26.53]
[null,null,null,null,"1987-01-01",14.92,null,"2016-11-30",26.85]
[null,null,null,null,"1988-01-01",13.9,null,"2016-12-31",27.87]
[null,null,null,null,"1989-01-01",15.09,null,"2017-01-31",28.06]
[null,null,null,null,"1990-01-01",17.05,null,"2017-02-28",28.66]
[null,null,null,null,"1991-01-01",15.61,null,"2017-03-31",29.09]
[null,null,null,null,"1992-01-01",19.77,null,"2017-04-30",28.9]
[null,null,null,null,"1993-01-01",20.32,null,"2017-05-31",29.31]
[null,null,null,null,"1994-01-01",21.41,null,"2017-06-30",29.75]
[null,null,null,null,"1995-01-01",20.22,null,"2017-07-31",30]
[null,null,null,null,"1996-01-01",24.76,null,"2017-08-31",29.99]
[null,null,null,null,"1997-01-01",28.33,null,"2017-09-30",30.32]
[null,null,null,null,"1998-01-01",32.86,null,"2017-10-31",31.15]
[null,null,null,null,"1999-01-01",40.57,null,"2017-11-30",31.61]
[null,null,null,null,"2000-01-01",43.77,null,"2017-12-31",32.479999999999997]
[null,null,null,null,"2001-01-01",36.979999999999997,null,"2018-01-31",33.19]
[null,null,null,null,"2002-01-01",30.28]
[null,null,null,null,"2003-01-01",22.9]
[null,null,null,null,"2004-01-01",27.66]
[null,null,null,null,"2005-01-01",26.59]
[null,null,null,null,"2006-01-01",26.47]
[null,null,null,null,"2007-01-01",27.21]
[null,null,null,null,"2008-01-01",24.02]
[null,null,null,null,"2009-01-01",15.17]
[null,null,null,null,"2010-01-01",20.53]
[null,null,null,null,"2011-01-01",22.98]
[null,null,null,null,"2012-01-01",21.21]
[null,null,null,null,"2013-01-01",21.9]
[null,null,null,null,"2014-01-01",24.86]
[null,null,null,null,"2015-01-01",26.49]
[null,null,null,null,"2016-01-01",24.21]
[null,null,null,null,"2017-01-01",28.06]
[null,null,null,null,"2018-01-01",32.47]

{"sheet":"Simple Circular Reference","index":21,"n_rows":19,"n_cols":9,"rows_kept":19,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,"Time",null,0,1,2,3,4]
[]
[null,null,"Net Debt"]
[null,null,null,"Opening Balance",null,{"$f":"E7","v":1000},{"$f":"F7","v":989.74358974358972},{"$f":"G7","v":958.44838921761993},{"$f":"H7","v":971.7021527672415}]
[null,null,null,"Less: Cash Flow",null,{"$f":"F19","v":10.256410256410255},{"$f":"G19","v":31.295200525969761},{"$f":"H19","v":-13.253763549621539},{"$f":"I19","v":52.733222935013259}]
[null,null,null,"Closing Balance",1000,{"$f":"F5-F6","v":989.74358974358972},{"$f":"G5-G6","v":958.44838921761993},{"$f":"H5-H6","v":971.7021527672415},{"$f":"I5-I6","v":918.96892983222824}]
[null,null,null,"Interest Rate",null,0.05,0.05,0.05,0.05]
[null,null,null,"Interest Expense",null,{"$f":"interest_expense(F8,F5,F12)","v":49.743589743589745},{"$f":"interest_expense(G8,G5,G12)","v":48.704799474030239},{"$f":"interest_expense(H8,H5,H12)","v":48.253763549621539},{"$f":"interest_expense(I8,I5,I12)","v":47.266777064986741}]
[]
[null,null,"Income Statement"]
[null,null,null,"EBIT",null,60,80,35,100]
[null,null,null,"Less: Interest Expense",null,{"$f":"F9","v":49.743589743589745},{"$f":"G9","v":48.704799474030239},{"$f":"H9","v":48.253763549621539},{"$f":"I9","v":47.266777064986741}]
[null,null,null,"Net Income",null,{"$f":"F12-F13","v":10.256410256410255},{"$f":"G12-G13","v":31.295200525969761},{"$f":"H12-H13","v":-13.253763549621539},{"$f":"I12-I13","v":52.733222935013259}]
[]
[null,null,"Cash Flow"]
[null,null,null,"EBIT",null,{"$f":"F12","v":60},80,35,100]
[null,null,null,"Less: Interest Expense",null,49.743589743589745,48.704799474030239,48.253763549621539,47.266777064986741]
[null,null,null,"Net Cash Flow",null,{"$f":"F17-F18","v":10.256410256410255},{"$f":"G17-G18","v":31.295200525969761},{"$f":"H17-H18","v":-13.253763549621539},{"$f":"I17-I18","v":52.733222935013259}]

{"sheet":"Aflac Financials","index":22,"n_rows":279,"n_cols":23,"rows_kept":279,"cut":false,"hidden":false,"merged":[]}
[null,null,null,null,"Jan Start",true]
[null,{"$error":"#REF!"},null,null,"First Month",1,null,"2012-01-01","2013-01-01","2014-01-01","2015-01-01","2016-01-01","2017-01-01",{"$f":"M3+1","v":"2018-01-01"},{"$f":"N3+1","v":"2019-01-01"},"2020-01-01","2021-01-01","2022-01-01","2023-01-01","2024-01-01","2025-01-01","2026-01-01","2027-01-01"]
[null,"Last Annual Date",null,null,"First Year",2012,null,"2012-12-31","2013-12-31","2014-12-31","2015-12-31","2016-12-31","2017-12-31",{"$f":"EDATE(N2,12)-1","v":"2018-12-31"},{"$f":"EDATE(O2,12)-1","v":"2019-12-31"},"2020-12-31","2021-12-31","2022-12-31","2023-12-31","2024-12-31","2025-12-31","2026-12-31","2027-12-31"]
[null,null,"Histoic Year",null,"Last Year",2016,null,true,true,true,true,true,false]
[null,null,"Partial Historic Year",null,null,"2016-12-31",null,false,false,false,false,false,true]
[null,null,"Assumption Year",null,"Annual Row",2017,null,true,true,true,true,true,true]
["Profit and Loss",null,null,null,null,null,null,{"$f":"YEAR(H3)","v":2012},{"$f":"YEAR(I3)","v":2013},2014,2015,2016,2017,2018,2019,2020,2021,2022,2023,2024,2025,2026,2027]
[null,null,"View Ratios"]
[null,null,"All values USD millions."]
[null,null,"Fiscal Year",null,null,null,null,2012,2013,2014,2015,2016,2017]
[null,null,"Income Statement"]
[null,null,null,"Premiums Earned",null,null,null,22150000,20140000,19070000,17570000,19230000,18740000]
[null,null,null,"Total Investment Income",null,null,null,3470000,3300000,3320000,3140000,3280000,3165000]
[null,null,null,"Realized Gains (Losses)",null,null,null,474000,255000,215000,303000,215000,187000]
[null,null,null,"Other Operating Income",null,null,null,92000,112000,122000,27000,179000,278000]
[null,null,null,"Total Sales/Revenue",null,null,null,26186000,23807000,22727000,21040000,22904000,22370000]
[null,null,null,"Losses, Claims & Reserves",null,null,null,17340000,15660000,14850000,13630000,15020000,15050000]
[null,null,null,"Losses, Benefits & Adjustments",null,null,null,15330000,13810000,12940000,11750000,12920000,12430000]
[null,null,null,"Other Reserves",null,null,null,2010000,1850000,1910000,1880000,2100000]
[null,null,null,"Selling, General & Admin. Expenses",null,null,null,3460000,3170000,3070000,2860000,3070000,2584000]
[null,null,null,"Other Operating Expense",null,null,null,-154000,-326000,-31000,10000,255000,120000]
[null,null,null,"Operating Income Before Interest Expense",null,null,null,5540000,5303000,4838000,4540000,4559000,4616000]
[null,null,null,"Interest Expense, Net of Interest Capitalized",null,null,null,261000,293000,317000,289000,268000,254000]
[null,null,null,"Operating Income After Interest Expense",null,null,null,5279000,5010000,4521000,4251000,4291000,4362000]
[null,null,null,"Non-Operating Income (Expense)",null,null,null,0,7000,0,0,0,0]
[null,null,null,"Unusual Expense",null,null,null,977000,199000,31000,383000,220000,178000]
[null,null,null,"Other Reconciling Income",null,null,null,-2000,2000,0,-8000,-999.75]
[null,null,null,"Pretax Income",null,null,null,4300000,4820000,4490000,3860000,4070000.25,4178000]
[null,null,null,"Income Taxes",null,null,null,1440000,1660000,1540000,1330000,1410000,1399000]
[null,null,null,"Equity in Affiliates",null,null,null,0,0,0,0,0,0]
[null,null,null,"Other After Tax Income (Expense)",null,null,null,0,0,0,0,0,0]
[null,null,null,"Reconciliation",null,null,null,-10000,0,0,0,0.25]
[null,null,null,"Consolidated Net Income",null,null,null,2870000,3160000,2950000,2530000,2660000,2779000]
[null,null,null,"Minority Interest Expense",null,null,null,0,0,0,0,0,0]
[null,null,null,"Net Income",null,null,null,2870000,3160000,2950000,2530000,2660000,2779000]
[null,null,null,"Extra Items & Gain/Loss Sale Of Assets",null,null,null,0,0,0,0,0,0]
[null,null,null,"Cumulative Effect - Accounting Chg",null,null,null,0,0,0,0,0,0]
[null,null,null,"Discontinued Operations",null,null,null,0,0,0,0,0,0]
[null,null,null,"Net Income After Extraordinaries",null,null,null,2870000,3160000,2950000,2530000,2660000,2772000]
[null,null,null,"Preferred Dividends",null,null,null,0,0,0,0,0,0]
[null,null,null,"Net Income Available to Common",null,null,null,2870000,3160000,2950000,2530000,2660000,2772000]
[]
[null,null,null,"EPS (Basic)",null,null,null,6.1400001868605614,6.8000000901520252,6.5399999730288982,5.8800000697374344,6.4599998295307159,6.7368216394876903]
[null,null,null,"Basic Shares Outstanding",null,null,null,466870,464500,451200,430650,411470,411470]
[null,null,null,"EPS (Diluted)",null,null,null,6.1099999584257603,6.7599997855722904,6.5000001341104507,5.8499998413026333,6.4199999906122684,6.8899999605491757]
[null,null,null,"Diluted Shares Outstanding",null,null,null,469290,467410,454000,433170,413920,1610180]
[]
["Balance Sheet"]
[null,"View Ratios"]
[null,"All values USD millions.",null,null,null,null,null,"B:B","C:C","D:D","E:E","F:F"]
[null,"Fiscal Year",null,null,null,null,null,2012,2013,2014,2015,2016,2017]
[null,null,"Assets"]
[null,null,null,"Cash Only",null,null,null,2040000,2540000,4660000,4350000,4860000,4930000]
[null,null,null,"Total Investment Assets",null,null,null,116180000,105920000,102680000,101550000,111500000,117560000]
[null,null,null,"Premium Balance Receivables",null,null,null,976000,1780000,1680000,1510000,1530000,0]
[null,null,null,"Net Property, Plant & Equipment",null,null,null,564000,481000,429000,427000,433000,439000]
[null,null,null,"Investment in Unconsolidated Subs.",null,null,null,0,0,0,0,0,0]
[null,null,null,"Separate & Variable Account Assets",null,null,null,0,0,0,0,0,0]
[null,null,null,"Deferred Charges",null,null,null,9660000,8800000,8270000.5,8510000,8990000,8990000]
[null,null,null,"Tangible Other Assets",null,null,null,1680000,1790000,2040000,1910000,2500000,2500000]
[null,null,null,"Intangible Assets",null,null,null,0,0,0,0,0,0]
[null,null,null,"Other",null,null,null,6190000.25,14403000,12280999.5,11663000,10992000.25,23791000]
[null,null,null,"Total Assets",null,null,null,137290000.25,135714000,132040000,129920000,140805000.25,146720000]
[null,null,null,null,null,null,null,137290000.25,135714000,132040000,129920000,140805000.25,146720000]
[null,null,"Liabilities & Shareholders' Equity",null,null,null,null,0,0,0,0,0]
[null,null,null,"Insurance Policy Liabilities (Insurance)",null,null,null,82660000,83540000,77900000,81350000,87070000,91750000]
[null,null,null,"Unearned Premiums",null,null,null,2160000,10640000,8630000,7860000,6920000,6260000]
[null,null,null,"Policy Claims",null,null,null,4030000.25,3760000,3630000,3800000,4050000.25,4370000]
[null,null,null,"Other Insurance Liabilities",null,null,null,0,0,0,0,0,0]
[null,null,null,"Total Debt",null,null,null,4350000,4900000,5280000,4970000,5360000,5250000]
[null,null,null,"Capitalized Lease Obligations",null,null,null,0,4000,10000,0,15000,0]
[null,null,null,"Provision for Risks & Charges",null,null,null,0,0,0,0,0,0]
[null,null,null,"Deferred Taxes",null,null,null,3550000,2760000,0,0,0,0]
[null,null,null,"Other Liabilities",null,null,null,24560000,15490000,18240000,14230000,16910000,17110000]
[null,null,null,"Total Liabilities",null,null,null,121310000.25,121094000,113690000,112210000,120325000.25,124740000]
[null,null,null,null,null,null,null,null,null,null,null,null,0]
[null,null,null,"Total Shareholders' Equity",null,null,null,15980000,14620000,18350000,17710000,20480000,21980000]
[null,null,null,"Accumulated Minority Interest",null,null,null,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,0]
[null,null,null,"Liabilities & Shareholders' Equity",null,null,null,137290000.25,135714000,132040000,129920000,140805000.25,146720000]
[]
[]
["Cash Flow"]
[null,"View Ratios"]
[null,"All values USD millions.",null,null,null,null,null,"B:B","C:C","D:D","E:E","F:F"]
[null,"Fiscal Year",null,null,null,null,null,2012,2013,2014,2015,2016]
[]
[null,null,null,"Capital Expenditures",null,null,null,0,0,0,0,0]
[null,null,null,"Net Assets from Acquisitions",null,null,null,0,0,0,-40000,0]
[null,null,null,"Sale of Fixed Assets & Businesses",null,null,null,0,0,0,0,0]
[null,null,null,"Purchase/Sale of Investments",null,null,null,-22910000,-11770000,-1050000,-3380000,-4620000]
[null,null,null,"Purchase of Investments",null,null,null,-36080000,-31350000,-15180000,-9150000,-13090000]
[null,null,null,"Sale/Maturity of Investments",null,null,null,13180000,19570000,14130000,5770000,8470000]
[]
[null,null,null,"Cash Dividends Paid - Total",null,null,null,-603000,-635000,-654000,-656000,-658000]
[null,null,null,"Common Dividends",null,null,null,-603000,-635000,-654000,-656000,-658000]
[null,null,null,"Preferred Dividends",null,null,null,0,0,0,0,0]
[null,null,null,"Cash Dividend Growth",null,null,null,0,-5.3100000513950363E-5,-2.9900000299676321E-5,-3.0999999580672011E-6,-3.0000001061125658E-6]
[null,null,null,"Change in Capital Stock",null,null,null,-86000,-725000,-1180000,-1280000,-1380000]
[null,null,null,"Repurchase of Common & Preferred Stk.",null,null,null,-118000,-813000,-1210000,-1320000,-1420000]
[null,null,null,"Sale of Common & Preferred Stock",null,null,null,32000,88000,33000,36000,46000]
[null,null,null,"Proceeds from Stock Options",null,null,null,32000,88000,33000,36000,46000]
[null,null,null,"Other Proceeds from Sale of Stock",null,null,null,0,0,0,0,0]
[null,null,null,"Issuance/Reduction of Debt, Net",null,null,null,1170000,700000,415000,-274000,376000]
[null,null,null,"Change in Current Debt",null,null,null,0,0,0,0,0]
[null,null,null,"Change in Long-Term Debt",null,null,null,1170000,700000,415000,-274000,376000]
[null,null,null,"Issuance of Long-Term Debt",null,null,null,1510000,700000,750000,998000,986000]
[null,null,null,"Reduction in Long-Term Debt",null,null,null,-341000,0,-335000,-1270000,-610000]
[]
["Assumptions",null,null,null,"History","Applied"]
[null,null,"Premium Growth"]
[null,null,"Investment Income/Investments"]
[null,null,"Other Income Growth",null,{"$f":"AVERAGEIF($6:$6,TRUE,113:113)","v":1.1421381498742662},0,null,null,{"$f":"IF(I6,IFERROR(I15/H15-1,0),$F$113)","v":0.21739130434782616},{"$f":"IF(J6,IFERROR(J15/I15-1,0),$F$113)","v":8.9285714285714191E-2},-0.77868852459016391,5.6296296296296298,0.55307262569832405,0,0,0,0,0,0,0,0,0,0]
[null,null,"Net Claims to Net Premiums",null,{"$f":"AVERAGEIF($6:$6,TRUE,114:114)","v":0.67670994016694153},0.67,null,{"$f":"IF(H6,H18/H12,$F$114)","v":0.69209932279909703},{"$f":"IF(I6,I18/I12,$F$114)","v":0.68570009930486597},0.67855270057682227,0.66875355719977236,0.67186687467498696,0.66328708644610457,0.67,0.67,0.67,0.67,0.67,0.67,0.67,0.67,0.67,0.67]
[null,null,"Realized Gains to Investments",null,{"$f":"AVERAGEIF($6:$6,TRUE,115:115)","v":2.5139862292467585E-3},2.5000000000000001E-3,null,{"$f":"IF(H6,H14/H54,$F$115)","v":4.0798760543983474E-3},{"$f":"IF(I6,I14/I54,$F$115)","v":2.407477341389728E-3},2.0938839111803663E-3,2.983751846381093E-3,1.9282511210762332E-3,1.5906771010547806E-3,2.5000000000000001E-3,2.5000000000000001E-3,2.5000000000000001E-3,2.5000000000000001E-3,2.5000000000000001E-3,2.5000000000000001E-3,2.5000000000000001E-3,2.5000000000000001E-3,2.5000000000000001E-3,2.5000000000000001E-3]
[null,null,"Other Reserves as Percent of Premiums",null,{"$f":"AVERAGEIF($4:$4,TRUE,116:116)","v":9.9792834893532106E-2},0.1,null,{"$f":"IF(H4,H19/H12,$F$116)","v":9.0744920993227993E-2},{"$f":"IF(I4,I19/I12,$F$116)","v":9.1857000993048665E-2},0.10015731515469324,0.10700056915196357,0.10920436817472699,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1]
[null,null,"Selling, General & Admin. Expenses/Premiums"]
[null,null,"Other Operating Expenses",null,{"$f":"AVERAGEIF($6:$6,TRUE,118:118)","v":-21000},120000,null,{"$f":"IF(H6,H21,$F$118)","v":-154000},{"$f":"IF(I6,I21,$F$118)","v":-326000},-31000,10000,255000,120000,120000,120000,120000,120000,120000,120000,120000,120000,120000,120000]
[null,null,"Other Expense Growth",null,null,null,null,null,{"$f":"IFERROR(I118/H118-1,0)","v":1.116883116883117},{"$f":"IFERROR(J118/I118-1,0)","v":-0.90490797546012269},{"$f":"IFERROR(K118/J118-1,0)","v":-1.3225806451612903},{"$f":"IFERROR(L118/K118-1,0)","v":24.5},{"$f":"IFERROR(M118/L118-1,0)","v":-0.52941176470588236}]
[]
[null,null,"Interest Expense to Debt",null,{"$f":"AVERAGEIF($6:$6,TRUE,121:121)","v":5.6060607149389839E-2},0.05,null,{"$f":"IF(H6,H23/H70,$F$121)","v":0.06},{"$f":"IF(I6,I23/I70,$F$121)","v":5.9795918367346941E-2},6.0037878787878786E-2,5.8148893360160964E-2,0.05,4.8380952380952379E-2,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,null,"Unusual Expense net of Other Income",null,{"$f":"AVERAGEIF($6:$6,TRUE,122:122)","v":331666.625},300000,null,{"$f":"IF(H6,H26-H25-H27,$F$122)","v":979000},{"$f":"IF(I6,I26-I25-I27,$F$122)","v":190000},31000,391000,220999.75,178000,300000,300000,300000,300000,300000,300000,300000,300000,300000,300000]
[null,null,"Income Tax Rate",null,{"$f":"AVERAGEIF($6:$6,TRUE,123:123)","v":0.34135209862946442},0.3,null,{"$f":"IF(H6,H29/H28,$F$123)","v":0.33488372093023255},{"$f":"IF(I6,I29/I28,$F$123)","v":0.34439834024896265},0.34298440979955458,0.34455958549222798,0.34643732515741243,0.33484921014839636,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3]
[null,null,"Equity in Affiliates",null,{"$f":"AVERAGEIF($6:$6,TRUE,124:124)","v":-1666.625},0,null,{"$f":"IF(H6,H30+H31+H32,$F$124)","v":-10000},{"$f":"IF(I6,I30+I31+I32,$F$124)","v":0},0,0,0.25,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Equity in Affiliates as Percent of Investments in Affiliates",null,null,null,null,{"$f":"IFERROR(H124/H57,0)","v":0},0,0,0,0,0]
[null,null,"Minority Interest Percent",null,null,null,null,{"$f":"H34/H33","v":0},0,0,0,0,0]
[]
[null,null,"Additions to Reserves  ",null,null,null,null,null,{"$f":"I66-H66","v":880000},{"$f":"J66-I66","v":-5640000},{"$f":"K66-J66","v":3450000},{"$f":"L66-K66","v":5720000},{"$f":"M66-L66","v":4680000},{"$f":"SUM(I128:M128)","v":9090000}]
[null,null,"Increase in Premiums",null,null,null,null,null,{"$f":"I12-H12","v":-2010000},{"$f":"J12-I12","v":-1070000},{"$f":"K12-J12","v":-1500000},{"$f":"L12-K12","v":1660000},{"$f":"M12-L12","v":-490000},{"$f":"SUM(I129:M129)","v":-3410000}]
[null,null,"Additions to Reserves/Increase in Premiums",null,null,null,null,null,{"$f":"I128/I129","v":-0.43781094527363185},5.2710280373831777,-2.2999999999999998,3.4457831325301207,-9.5510204081632661,-2.6656891495601172]
[null,null,"Additions to Reserves/Premiums",null,null,null,null,null,{"$f":"I128/I12","v":4.3694141012909631E-2},{"$f":"J128/J12","v":-0.29575249082328264},{"$f":"K128/K12","v":0.19635742743312465},{"$f":"L128/L12","v":0.29745189807592304},{"$f":"M128/M12","v":0.24973319103521879}]
[null,null,"Reserve to Premium",null,{"$f":"AVERAGEIF($6:$6,TRUE,132:132)","v":4.3537692021236287},5,null,{"$f":"IF(H4,H66/H12,$F$132)","v":3.7318284424379233},{"$f":"IF(I4,I66/I12,$F$132)","v":4.1479642502482621},4.0849501835343469,4.6300512236767215,4.5278211128445136,5,5,5,5,5,5,5,5,5,5,5]
[null,null,"Investments/Reserves",null,{"$f":"AVERAGEIF($6:$6,TRUE,133:133)","v":1.3034001563912567},1.3,null,{"$f":"IF(H4,H54/H66,$F$133)","v":1.4055165739172515},{"$f":"IF(I4,I54/I66,$F$133)","v":1.2678956188652142},1.3181001283697047,1.2483097725875845,1.2805788446077868,1.3,1.3,1.3,1.3,1.3,1.3,1.3,1.3,1.3,1.3,1.3]
[]
[null,null,"Equity to Debt + Equity",null,{"$f":"AVERAGEIF($6:$6,TRUE,135:135)","v":0.78203215557737471},0.8,null,{"$f":"IF(H6,(H77+H78)/(H77+H78+H70),$F$135)","v":0.7860304968027545},{"$f":"IF(I6,(I77+I78)/(I77+I78+I70),$F$135)","v":0.74897540983606559},0.77655522640710961,0.78086419753086422,0.79256965944272451,0.80719794344473006,0.8,0.8,0.8,0.8,0.8,0.8,0.8,0.8,0.8,0.8]
[null,null,"Equity to Assets",null,{"$f":"AVERAGEIF($6:$6,TRUE,136:136)","v":0.13244478776501781},0.15,null,{"$f":"IF(H6,(H77+H78)/H63,$F$136)","v":0.11639594996650166},{"$f":"IF(I6,(I77+I78)/I63,$F$136)","v":0.10772654258219491},0.13897303847318995,0.13631465517241378,0.1454493800904631,0.14980916030534353,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15]
[]
[null,null,"Cash to Sales",null,{"$f":"AVERAGEIF($6:$6,TRUE,138:138)","v":0.13476284222123905},0,null,{"$f":"IF(H4,H53/H16,$F$138)","v":7.790422363094783E-2},{"$f":"IF(I4,I53/I16,$F$138)","v":0.10669130927878355},0.20504246050952613,0.2067490494296578,0.21219001047851904,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Premium A/R to Premiums",null,{"$f":"AVERAGEIF($4:$4,TRUE,139:139)","v":7.720923035160783E-2},0.08,null,{"$f":"IF(H4,H55/H12,$F$139)","v":4.4063205417607221E-2},{"$f":"IF(I4,I55/I12,$F$139)","v":8.8381330685203568E-2},8.8096486628211845E-2,8.5941946499715427E-2,7.9563182527301088E-2,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08]
[]
[null,null,"Payout Ratio",null,{"$f":"AVERAGEIF($4:$4,TRUE,141:141)","v":0.22788115411232165},0.25,null,{"$f":"IF(H4,-H96/H41,$F$141)","v":0.21010452961672474},{"$f":"IF(I4,-I96/I41,$F$141)","v":0.20094936708860758},0.22169491525423729,0.25928853754940712,0.24736842105263157,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25]
[]
["Operating Analysis"]
[null,"Premiums"]
[null,null,"Premium Growth",null,null,null,null,{"$f":"H111","v":0},{"$f":"I111","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Premiums ",null,null,null,null,{"$f":"IF(H4,H12,G146*(1+H145))","v":22150000},{"$f":"IF(I4,I12,H146*(1+I145))","v":20140000},19070000,17570000,19230000,19230000,19230000,19230000,19230000,19230000,19230000,19230000,19230000,19230000,19230000,19230000]
[]
[null,"Claims"]
[null,null,"Claims to Premiums",null,null,null,null,{"$f":"H114","v":0.69209932279909703},{"$f":"I114","v":0.68570009930486597},0.67855270057682227,0.66875355719977236,0.67186687467498696,0.66328708644610457,0.67,0.67,0.67,0.67,0.67,0.67,0.67,0.67,0.67,0.67]
[null,null,"Claims  ",null,null,null,null,{"$f":"H149*H146","v":15330000},{"$f":"I149*I146","v":13810000},12940000,11750000,12920000,12755010.672358591,12884100,12884100,12884100,12884100,12884100,12884100,12884100,12884100,12884100,12884100]
[]
[null,"Reserves"]
[null,null,"Reserve to Premium",null,null,null,null,{"$f":"H132","v":3.7318284424379233},{"$f":"I132","v":4.1479642502482621},4.0849501835343469,4.6300512236767215,4.5278211128445136,5,5,5,5,5,5,5,5,5,5,5]
[null,null,"Reserves",null,null,null,null,{"$f":"H153*H146","v":82660000},{"$f":"I153*I146","v":83540000},77900000,81350000,87070000,96150000,96150000,96150000,96150000,96150000,96150000,96150000,96150000,96150000,96150000,96150000]
[]
[null,"Investments"]
[null,null,"Investments to Reserves",null,null,null,null,{"$f":"H133","v":1.4055165739172515},{"$f":"I133","v":1.2678956188652142},1.3181001283697047,1.2483097725875845,1.2805788446077868,1.3,1.3,1.3,1.3,1.3,1.3,1.3,1.3,1.3,1.3,1.3]
[null,null,"Investments  ",null,null,null,null,{"$f":"H157*H154","v":116180000.00000001},{"$f":"I157*I154","v":105920000},102680000,101550000,111500000,124995000,124995000,124995000,124995000,124995000,124995000,124995000,124995000,124995000,124995000,124995000]
[]
[null,"Investments Income"]
[null,null,"Investment Income Percent",null,null,null,null,{"$f":"H112","v":0},{"$f":"I112","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Investment Income  ",null,null,null,null,{"$f":"IF(H6,H13,H161*H158)","v":3470000},{"$f":"IF(I6,I13,I161*I158)","v":3300000},3320000,3140000,3280000,3165000,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Realized Gains to Investments"]
[null,null,"Realized Gains Percent",null,null,null,null,{"$f":"H115","v":4.0798760543983474E-3},{"$f":"I115","v":2.407477341389728E-3},2.0938839111803663E-3,2.983751846381093E-3,1.9282511210762332E-3,1.5906771010547806E-3,2.5000000000000001E-3,2.5000000000000001E-3,2.5000000000000001E-3,2.5000000000000001E-3,2.5000000000000001E-3,2.5000000000000001E-3,2.5000000000000001E-3,2.5000000000000001E-3,2.5000000000000001E-3,2.5000000000000001E-3]
[null,null,"Realized Gains Amount",null,null,null,null,{"$f":"H165*H158","v":474000.00000000006},{"$f":"I165*I158","v":255000},215000.00000000003,303000,215000,198826.68424634231,312487.5,312487.5,312487.5,312487.5,312487.5,312487.5,312487.5,312487.5,312487.5,312487.5]
[]
[null,"Other Operating Income"]
[null,null,"Growth in Other Income",null,null,null,null,{"$f":"H113","v":0},{"$f":"I113","v":0.21739130434782616},8.9285714285714191E-2,-0.77868852459016391,5.6296296296296298,0.55307262569832405,0,0,0,0,0,0,0,0,0,0]
[null,null,"Other Income",null,null,null,null,{"$f":"IF(H6,H15,G170*(1+H169))","v":92000},{"$f":"IF(I6,I15,H170*(1+I169))","v":112000},122000,27000,179000,278000,278000,278000,278000,278000,278000,278000,278000,278000,278000,278000]
[]
[null,"Other Reserves"]
[null,null,"Other Reserves as Percent of Premiums",null,null,null,null,{"$f":"H116","v":9.0744920993227993E-2},{"$f":"I116","v":9.1857000993048665E-2},0.10015731515469324,0.10700056915196357,0.10920436817472699,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1]
[null,null,"Other Reseerves",null,null,null,null,{"$f":"H173*H146","v":2010000},{"$f":"I173*I146","v":1850000.0000000002},1910000,1880000,2100000,1923000,1923000,1923000,1923000,1923000,1923000,1923000,1923000,1923000,1923000,1923000]
[]
[null,"Selling, General & Admin. Expenses"]
[null,null,"Selling and Genreal Expenses as Pecent of Premiums",null,null,null,null,{"$f":"H117","v":0},{"$f":"I117","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Selling and General Expenses",null,null,null,null,{"$f":"H177*H146","v":0},{"$f":"I177*I146","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Other Operating Expense",null,null,null,null,null,{"$f":"H118","v":-154000},{"$f":"I118","v":-326000},-31000,10000,255000,120000,120000,120000,120000,120000,120000,120000,120000,120000,120000,120000]
[null,"Non-Operating Income (Expense)",null,null,null,null,null,{"$f":"H122","v":979000},{"$f":"I122","v":190000},31000,391000,220999.75,178000,300000,300000,300000,300000,300000,300000,300000,300000,300000,300000]
[]
[null,"Net Cash"]
[null,null,"Opening Balance",null,null,null,null,{"$f":"G186","v":0},{"$f":"H186","v":-2310000},-2360000,-620000,-620000,-500000,-500000,-500000,-500000,-500000,-500000,-500000,-500000,-500000,-500000,-500000]
[null,null,"Add: Cash Flow",null,null,null,null,{"$f":"H242","v":0},{"$f":"I242","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,null,{"$f":"IF(H4,H53-H70,H184+H185)","v":-2310000},{"$f":"IF(I4,I53-I70,I184+I185)","v":-2360000},-620000,-620000,-500000,-500000,-500000,-500000,-500000,-500000,-500000,-500000,-500000,-500000,-500000,-500000]
[]
[null,null,"Interest Expense",null,null,null,null,{"$f":"IF(H6,H23,H184)","v":261000},293000,317000,289000,268000,254000,-500000,-500000,-500000,-500000,-500000,-500000,-500000,-500000,-500000,-500000]
[null,null,"Interest Rate",null,null,null,null,{"$f":"-IF(H184,H188/H184)","v":0},{"$f":"-IF(I184,I188/I184)","v":0.12683982683982684},0.13432203389830508,0.46612903225806451,0.43225806451612903,0.50800000000000001,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1]
[]
[null,null,"Cash",null,null,null,null,{"$f":"IF(H4,H53,MAX(H186,0))","v":2040000},2540000,4660000,4350000,4860000,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Debt",null,null,null,null,{"$f":"IF(H4,H70,MAX(-H186,0))","v":4350000},4900000,5280000,4970000,5360000,500000,500000,500000,500000,500000,500000,500000,500000,500000,500000,500000]
[]
[null,null,"Cash Balance",null,null,null,null,{"$f":"IF(H4,H53,H138*H208)","v":2040000},{"$f":"IF(I4,I53,I138*I208)","v":2540000},4660000,4350000,4860000,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Debt",null,null,null,null,{"$f":"IF(H4,H192,H186+H194)","v":4350000},{"$f":"IF(I4,I192,I186+I194)","v":4900000},5280000,4970000,5360000,-500000,-500000,-500000,-500000,-500000,-500000,-500000,-500000,-500000,-500000,-500000]
[null,null,"Interest Expense",null,null,null,null,{"$f":"IF(H6,H188,G195*H121)","v":261000},293000,317000,289000,268000,254000,-25000,-25000,-25000,-25000,-25000,-25000,-25000,-25000,-25000,-25000]
[]
[null,null,"Premium Balance Receivables",null,null,null,null,{"$f":"H139*H146","v":975999.99999999988},{"$f":"I139*I146","v":1779999.9999999998},1680000,1510000,1530000,1538400,1538400,1538400,1538400,1538400,1538400,1538400,1538400,1538400,1538400,1538400]
[null,null,"Other Assets",null,null,null,null,{"$f":"IF(H4,H56+H57+H58+H59+H60+H61+H62,G199)","v":18094000.25},{"$f":"IF(I4,I56+I57+I58+I59+I60+I61+I62,H199)","v":25474000},23020000,22510000,22915000.25,22915000.25,22915000.25,22915000.25,22915000.25,22915000.25,22915000.25,22915000.25,22915000.25,22915000.25,22915000.25,22915000.25]
[null,null,"Other Liabilities",null,null,null,null,{"$f":"IF(H4,H67+H68+H69+H71+H72+H73+H74,G200)","v":34300000.25},{"$f":"IF(I4,I67+I68+I69+I71+I72+I73+I74,H200)","v":32654000},30510000,25890000,27895000.25,27895000.25,27895000.25,27895000.25,27895000.25,27895000.25,27895000.25,27895000.25,27895000.25,27895000.25,27895000.25,27895000.25]
[]
["Financial Statements"]
[null,null,"Income Statement"]
[null,null,null,"Premiums Earned",null,null,null,{"$f":"H146","v":22150000},20140000,19070000,17570000,19230000,19230000,19230000,19230000,19230000,19230000,19230000,19230000,19230000,19230000,19230000,19230000]
[null,null,null,"Total Investment Income",null,null,null,{"$f":"H162","v":3470000},3300000,3320000,3140000,3280000,3165000,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Realized Gains (Losses)",null,null,null,{"$f":"H166","v":474000.00000000006},255000,215000.00000000003,303000,215000,198826.68424634231,312487.5,312487.5,312487.5,312487.5,312487.5,312487.5,312487.5,312487.5,312487.5,312487.5]
[null,null,null,"Other Operating Income",null,null,null,{"$f":"H170","v":92000},112000,122000,27000,179000,278000,278000,278000,278000,278000,278000,278000,278000,278000,278000,278000]
[null,null,null,"Total Sales/Revenue",null,null,null,{"$f":"SUM(H204:H207)","v":26186000},{"$f":"SUM(I204:I207)","v":23807000},22727000,21040000,22904000,22871826.684246343,19820487.5,19820487.5,19820487.5,19820487.5,19820487.5,19820487.5,19820487.5,19820487.5,19820487.5,19820487.5]
[null,null,null,"Losses, Claims & Reserves"]
[null,null,null,"Losses, Benefits & Adjustments",null,null,null,{"$f":"H150","v":15330000},13810000,12940000,11750000,12920000,12755010.672358591,12884100,12884100,12884100,12884100,12884100,12884100,12884100,12884100,12884100,12884100]
[null,null,null,"Other Reserves",null,null,null,{"$f":"H174","v":2010000},1850000.0000000002,1910000,1880000,2100000,1923000,1923000,1923000,1923000,1923000,1923000,1923000,1923000,1923000,1923000,1923000]
[null,null,null,"Selling, General & Admin. Expenses",null,null,null,{"$f":"H178","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Other Operating Expense",null,null,null,{"$f":"H180","v":-154000},-326000,-31000,10000,255000,120000,120000,120000,120000,120000,120000,120000,120000,120000,120000,120000]
[null,null,null,"Operating Income Before Interest Expense",null,null,null,{"$f":"H208-SUM(H210:H213)","v":9000000},{"$f":"I208-SUM(I210:I213)","v":8473000},7908000,7400000,7629000,8073816.0118877515,4893387.5,4893387.5,4893387.5,4893387.5,4893387.5,4893387.5,4893387.5,4893387.5,4893387.5,4893387.5]
[null,null,null,"Interest Expense, Net of Interest Capitalized",null,null,null,{"$f":"H196","v":261000},{"$f":"I196","v":293000},317000,289000,268000,254000,-25000,-25000,-25000,-25000,-25000,-25000,-25000,-25000,-25000,-25000]
[null,null,null,"Operating Income After Interest Expense",null,null,null,{"$f":"H214-H215","v":8739000},{"$f":"I214-I215","v":8180000},7591000,7111000,7361000,7819816.0118877515,4918387.5,4918387.5,4918387.5,4918387.5,4918387.5,4918387.5,4918387.5,4918387.5,4918387.5,4918387.5]
[null,null,null,"Non-Operating Income (Expense)",null,null,null,{"$f":"H181","v":979000},190000,31000,391000,220999.75,178000,300000,300000,300000,300000,300000,300000,300000,300000,300000,300000]
[null,null,null,"Pretax Income",null,null,null,{"$f":"H216-H217","v":7760000},{"$f":"I216-I217","v":7990000},7560000,6720000,7140000.25,7641816.0118877515,4618387.5,4618387.5,4618387.5,4618387.5,4618387.5,4618387.5,4618387.5,4618387.5,4618387.5,4618387.5]
[null,null,null,"Income Taxes",null,null,null,{"$f":"IF(H6,H29,H218*H123)","v":1440000},1660000,1540000,1330000,1410000,1399000,1385516.25,1385516.25,1385516.25,1385516.25,1385516.25,1385516.25,1385516.25,1385516.25,1385516.25,1385516.25]
[null,null,null,"Equity in Affiliates",null,null,null,{"$f":"H124","v":-10000},0,0,0,0.25,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Consolidated Net Income",null,null,null,{"$f":"H218-H219-H220","v":6330000},{"$f":"I218-I219-I220","v":6330000},6020000,5390000,5730000,6242816.0118877515,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25]
[]
[null,null,null,"Operating Income Check",null,null,null,{"$f":"H214-H22","v":3460000},3170000,3070000,2860000,3070000,3457816.0118877515,4893387.5,4893387.5,4893387.5,4893387.5,4893387.5,4893387.5,4893387.5,4893387.5,4893387.5,4893387.5]
[null,null,null,"Net Income Check",null,null,null,{"$f":"H221-H33","v":3460000},3170000,3070000,2860000,3070000,3463816.0118877515,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25]
[]
[null,null,null,"Shares",null,null,null,{"$f":"IF(H4,H46,G226)","v":469290},467410,454000,433170,413920,413920,413920,413920,413920,413920,413920,413920,413920,413920,413920,413920]
[null,null,null,"EPS",null,null,null,{"$f":"H221/H226","v":13.488461292590936},{"$f":"I221/I226","v":13.542714105389273},13.259911894273127,12.443151649467877,13.843254735214535,15.082180160146288,7.8103770052183998,7.8103770052183998,7.8103770052183998,7.8103770052183998,7.8103770052183998,7.8103770052183998,7.8103770052183998,7.8103770052183998,7.8103770052183998,7.8103770052183998]
[]
[null,"Cash Flow"]
[null,null,"Net Income",null,null,null,null,{"$f":"H221","v":6330000},{"$f":"I221","v":6330000},6020000,5390000,5730000,6242816.0118877515,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25]
[null,null,"Less: Change in Cash"]
[null,null,"Less: Change in Premium Receivable",null,null,null,null,{"$f":"H198-G198","v":975999.99999999988},{"$f":"I198-H198","v":803999.99999999988},-99999.999999999767,-170000,20000,8400,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Net Cash Flow",null,null,null,{"$f":"H230-H231-H232","v":5354000},5526000,6120000,5560000,5710000,6234416.0118877515,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25]
[null,null,"Less: Change in Investments",null,null,null,null,{"$f":"H158-G158","v":116180000.00000001},{"$f":"I158-H158","v":-10260000.000000015},-3240000,-1130000,9950000,13495000,0,0,0,0,0,0,0,0,0,0]
[null,null,"Add: Change in Reserves",null,null,null,null,{"$f":"H154-G154","v":82660000},{"$f":"I154-H154","v":880000},-5640000,3450000,5720000,9080000,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Net Cash Flow",null,null,null,{"$f":"H233-H234+H235","v":-28166000.000000015},{"$f":"I233-I234+I235","v":16666000.000000015},3720000,10140000,{"$f":"L233-L234+L235","v":1480000},{"$f":"M233-M234+M235","v":1819416.0118877515},3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25]
[null,null,"Less: Change in Other Assets",null,null,null,null,{"$f":"H199-G199","v":18094000.25},{"$f":"I199-H199","v":7379999.75},-2454000,-510000,405000.25,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Add: Change in Other Liabilities",null,null,null,null,{"$f":"H200-G200","v":34300000.25},{"$f":"I200-H200","v":-1646000.25},-2144000,-4620000,2005000.25,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Net Cash Flow",null,null,null,{"$f":"H236-H237+H238","v":-11960000.000000015},{"$f":"I236-I237+I238","v":7640000.0000000149},4030000,6030000,3080000,1819416.0118877515,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25]
[null,null,"Less: Dividends",null,null,null,null,{"$f":"H239","v":-11960000.000000015},{"$f":"I239","v":7640000.0000000149},4030000,6030000,3080000,1819416.0118877515,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25]
[null,null,"Add: New Equity Issues"]
[null,null,null,"Net Cash Flow",null,null,null,{"$f":"H239-H240+H241","v":0},{"$f":"I239-I240+I241","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Balance Sheet"]
[null,null,"Equity Balance"]
[null,null,null,"Opening Balance",null,null,null,{"$f":"G250","v":0},{"$f":"H250","v":15980000},14620000,18350000,17710000,20480000,24903400,24903400,24903400,24903400,24903400,24903400,24903400,24903400,24903400,24903400]
[null,null,null,"Add: Income",null,null,null,{"$f":"H221","v":6330000},6330000,6020000,5390000,5730000,6242816.0118877515,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25]
[null,null,null,"Less: Dividends",null,null,null,{"$f":"H240","v":-11960000.000000015},{"$f":"I240","v":7640000.0000000149},4030000,6030000,3080000,1819416.0118877515,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25]
[null,null,null,"Add: Changes in Equity",null,null,null,{"$f":"H241","v":0},{"$f":"I241","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Closing Balance",null,null,null,{"$f":"IF(H4,H77,H246+H247-H248+H249)","v":15980000},14620000,18350000,17710000,20480000,24903400,24903400,24903400,24903400,24903400,24903400,24903400,24903400,24903400,24903400,24903400]
[]
[null,null,"Assets"]
[null,null,null,"Cash Only",null,null,null,{"$f":"H191","v":2040000},{"$f":"I191","v":2540000},4660000,4350000,4860000,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Total Investment Assets",null,null,null,{"$f":"H158","v":116180000.00000001},105920000,102680000,101550000,111500000,124995000,124995000,124995000,124995000,124995000,124995000,124995000,124995000,124995000,124995000,124995000]
[null,null,null,"Premium Balance Receivables",null,null,null,{"$f":"H198","v":975999.99999999988},1779999.9999999998,1680000,1510000,1530000,1538400,1538400,1538400,1538400,1538400,1538400,1538400,1538400,1538400,1538400,1538400]
[null,null,null,"Other Assets",null,null,null,{"$f":"H199","v":18094000.25},25474000,23020000,22510000,22915000.25,22915000.25,22915000.25,22915000.25,22915000.25,22915000.25,22915000.25,22915000.25,22915000.25,22915000.25,22915000.25,22915000.25]
[null,null,null,"Total Assets",null,null,null,{"$f":"SUM(H253:H256)","v":137290000.25},{"$f":"SUM(I253:I256)","v":135714000},132040000,129920000,140805000.25,149448400.25,149448400.25,149448400.25,149448400.25,149448400.25,149448400.25,149448400.25,149448400.25,149448400.25,149448400.25,149448400.25]
[]
[null,null,null,"Check",null,null,null,{"$f":"H257-H63","v":0},0,0,0,0,2728400.25,149448400.25,149448400.25,149448400.25,149448400.25,149448400.25,149448400.25,149448400.25,149448400.25,149448400.25,149448400.25]
[]
[null,null,"Liabilities"]
[null,null,null,"Insurance Policy Liabilities (Insurance)",null,null,null,{"$f":"H154","v":82660000},83540000,77900000,81350000,87070000,96150000,96150000,96150000,96150000,96150000,96150000,96150000,96150000,96150000,96150000,96150000]
[null,null,null,"Total Debt",null,null,null,{"$f":"H192","v":4350000},{"$f":"I192","v":4900000},5280000,4970000,5360000,500000,500000,500000,500000,500000,500000,500000,500000,500000,500000,500000]
[null,null,null,"Other Liabilities",null,null,null,{"$f":"H200","v":34300000.25},32654000,30510000,25890000,27895000.25,27895000.25,27895000.25,27895000.25,27895000.25,27895000.25,27895000.25,27895000.25,27895000.25,27895000.25,27895000.25,27895000.25]
[null,null,null,"Total Liabilities",null,null,null,{"$f":"SUM(H262:H264)","v":121310000.25},{"$f":"SUM(I262:I264)","v":121094000},113690000,112210000,120325000.25,124545000.25,124545000.25,124545000.25,124545000.25,124545000.25,124545000.25,124545000.25,124545000.25,124545000.25,124545000.25,124545000.25]
[]
[null,null,null,"Total Shareholders' Equity",null,null,null,{"$f":"H250","v":15980000},{"$f":"I250","v":14620000},18350000,17710000,20480000,24903400,24903400,24903400,24903400,24903400,24903400,24903400,24903400,24903400,24903400,24903400]
[null,null,null,"Liabilities & Shareholders' Equity",null,null,null,{"$f":"H265+H267","v":137290000.25},{"$f":"I265+I267","v":135714000},132040000,129920000,140805000.25,149448400.25,149448400.25,149448400.25,149448400.25,149448400.25,149448400.25,149448400.25,149448400.25,149448400.25,149448400.25,149448400.25]
[]
[null,null,null,"Difference",null,null,null,{"$f":"H268-H257","v":0},{"$f":"I268-I257","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"N270-M270","v":0},{"$f":"O270-N270","v":0},0,0,0,0,0,0,0,0]
[null,null,null,"Equity to Assets",null,null,null,{"$f":"H267/H257","v":0.11639594996650166},{"$f":"I267/I257","v":0.10772654258219491},0.13897303847318995,0.13631465517241378,0.1454493800904631,0.16663544044861731,0.16663544044861731,0.16663544044861731,0.16663544044861731,0.16663544044861731,0.16663544044861731,0.16663544044861731,0.16663544044861731,0.16663544044861731,0.16663544044861731,0.16663544044861731]
[null,null,null,"Target Equity to Assets",null,null,null,{"$f":"H136","v":0.11639594996650166},{"$f":"I136","v":0.10772654258219491},0.13897303847318995,0.13631465517241378,0.1454493800904631,0.14980916030534353,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15]
[null,null,null,"Difference",null,null,null,{"$f":"H272-H273","v":0},{"$f":"I272-I273","v":0},0,0,0,1.6826280143273781E-2,1.6635440448617311E-2,1.6635440448617311E-2,1.6635440448617311E-2,1.6635440448617311E-2,1.6635440448617311E-2,1.6635440448617311E-2,1.6635440448617311E-2,1.6635440448617311E-2,1.6635440448617311E-2,1.6635440448617311E-2]
[]
[null,null,null,"Return on Equity"]
[]
[null,null,null,"Historic"]
[null,null,null,"Projected"]

{"sheet":"Reserve Example Zero NPV","index":23,"n_rows":91,"n_cols":16,"rows_kept":91,"cut":false,"hidden":false,"merged":[]}
[]
["Inputs"]
[null,"Discount Rate",null,null,null,0.05]
[null,"Year of Claim (Middle)",null,null,null,0,9,{"$f":"G4+1","v":10}]
[null,"Cash Outflow for Claim",null,null,null,0,5000,0]
[]
[null,"Interest Rate",null,null,null,{"$f":"F3","v":0.05},null,null,null,null,null,null,{"$f":"F20","v":0}]
[null,"Premiums",null,null,null,null,null,null,null,null,null,null,{"$f":"F18","v":3223.0445810889855},{"$f":"M7-M8","v":-3223.0445810889855}]
[]
["Timing and Cash Flow"]
[null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10]
[null,"Premium Period",null,null,{"$f":"G4","v":9},{"$f":"F11<=$E$12","v":true},{"$f":"G11<=$E$12","v":true},true,true,true,true,true,true,true,{"$f":"O11<=$E$12","v":true},{"$f":"P11<=$E$12","v":false}]
[null,"Claim Period",null,null,{"$f":"G4","v":9},{"$f":"F11=$E$13","v":false},{"$f":"G11=$E$13","v":false},false,false,false,false,false,false,false,{"$f":"O11=$E$13","v":true},{"$f":"P11=$E$13","v":false}]
[null,"Cash Outlfow",null,null,null,{"$f":"LOOKUP(F11,4:4,5:5)","v":0},0,0,0,0,0,0,0,0,{"$f":"LOOKUP(O11,4:4,5:5)","v":5000},{"$f":"LOOKUP(P11,4:4,5:5)","v":0}]
[null,"Claim Discount Factor",null,null,{"$f":"F7","v":0.05},1,{"$f":"F15*(1+$E$15)","v":1.05},{"$f":"G15*(1+$E$15)","v":1.1025},1.1576250000000001,1.2155062500000002,1.2762815625000004,1.3400956406250004,1.4071004226562505,1.477455443789063,1.5513282159785162,1.628894626777442]
[null,"Premium Discount Factor",null,null,{"$f":"E15","v":0.05},1,{"$f":"F16*(1+$E$16)","v":1.05},{"$f":"G16*(1+$E$16)","v":1.1025},1.1576250000000001,1.2155062500000002,1.2762815625000004,1.3400956406250004,1.4071004226562505,1.477455443789063,1.5513282159785162,1.628894626777442]
[]
[null,"NPV of Cash Outflow",null,null,null,{"$f":"SUMPRODUCT(F14:P14/F15:P15)","v":3223.0445810889855}]
[null,"Premiums",null,null,null,null,{"$f":"$F$8*G12","v":0},{"$f":"$F$8*H12","v":0},0,0,0,0,0,0,0,0]
[null,"NPV of Premiums",null,null,null,{"$f":"SUMPRODUCT(G19:P19/G15:P15)","v":0}]
[]
[null,"Cash Flow"]
[null,null,"Outflow"]
[null,null,"Cash Inflow"]
[null,null,"Net"]
[null,null,"IRR",null,null,{"$f":"IRR(25:25)","v":{"$error":"#NUM!"}}]
[]
[null,"Future Benefit Liability",null,null,null,{"$f":"F18","v":3223.0445810889855},{"$f":"F28*(1+$F$3)*G12","v":3384.196810143435},3553.4066506506069,3731.0769831831376,3917.6308323422945,4113.5123739594092,4319.1879926573802,4535.1473922902496,4761.9047619047624,5000.0000000000009,0]
[]
[null,"Future Value of Benefit Liability"]
[null,null,"Opening Balance",null,null,null,{"$f":"F34","v":3223.0445810889855},{"$f":"G34","v":3384.196810143435},3553.4066506506069,3731.0769831831376,3917.6308323422945,4113.5123739594092,4319.1879926573802,4535.1473922902496,4761.9047619047624,0]
[null,null,"Add: Accrued Liability",null,{"$f":"F7","v":0.05},null,{"$f":"(G28-F28)*G12","v":161.15222905444944},169.20984050717198,177.67033253253067,186.55384915915693,195.88154161711464,205.675618697971,215.95939963286946,226.75736961451275,238.09523809523853,0]
[null,null,"Less: Cash Outflow",null,null,null,{"$f":"G14","v":0},0,0,0,0,0,0,0,5000,0]
[null,null,"Closing Balance",null,null,{"$f":"F18","v":3223.0445810889855},{"$f":"G31+G32-G33","v":3384.196810143435},{"$f":"H31+H32-H33","v":3553.4066506506069},3731.0769831831376,3917.6308323422945,4113.5123739594092,4319.1879926573802,4535.1473922902496,4761.9047619047624,0,0]
[]
[null,"PV of Premium"]
[null,null,"Opening Balance",null,null,null,{"$f":"F40","v":3223.0445810889855},{"$f":"G40","v":3384.196810143435},3553.4066506506069,3731.0769831831371,3917.6308323422941,4113.5123739594092,4319.1879926573793,4535.1473922902478,4761.9047619047606,4999.9999999999982]
[null,null,"Less: Premium Paid",null,null,null,{"$f":"G19","v":0},0,0,0,0,0,0,0,0,0]
[null,null,"Add: Accrued Interest",null,null,null,{"$f":"G37*$F$3","v":161.15222905444929},{"$f":"H37*$F$3","v":169.20984050717175},177.67033253253035,186.55384915915687,195.88154161711472,205.67561869797046,215.95939963286898,226.75736961451241,238.09523809523805,249.99999999999991]
[null,null,"Closing Balance",null,null,{"$f":"F34","v":3223.0445810889855},{"$f":"G37-G38+G39","v":3384.196810143435},{"$f":"H37-H38+H39","v":3553.4066506506069},3731.0769831831371,3917.6308323422941,4113.5123739594092,4319.1879926573793,4535.1473922902478,4761.9047619047606,4999.9999999999982,5249.9999999999982]
[]
[null,"Reserve Balance - Liability less PV of Premium",null,null,null,{"$f":"F34-F40","v":0},{"$f":"G34-G40","v":0},0,0,0,0,0,0,0,-4999.9999999999982,-5249.9999999999982]
[]
[null,"Reserve to Premium",null,null,null,null,{"$f":"IF(G38,G42/G38)","v":false},{"$f":"IF(H38,H42/H38)","v":false},false,false,false,false,false,false,false,false]
[]
[null,"Investment Balance"]
[null,null,"Opening Balance",null,null,null,{"$f":"F51","v":0},{"$f":"G51","v":0},0,0,0,0,0,0,0,0]
[null,null,"Add: Premium",null,null,null,{"$f":"$F$8*G12","v":0},0,0,0,0,0,0,0,0,0]
[null,null,"Add: Accrued Interest",null,null,null,{"$f":"G52","v":0},{"$f":"H52","v":0},0,0,0,0,0,0,0,0]
[null,null,"Less: Investment Reduction",null,null,null,{"$f":"(G47+G48+G49)*G13","v":0},0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,{"$f":"G47+G48-G50+G49","v":0},{"$f":"H47+H48-H50+H49","v":0},0,0,0,0,0,0,0,0]
[null,null,"Interest Earned",null,null,{"$f":"F3","v":0.05},{"$f":"G47*$F$52","v":0},{"$f":"H47*$F$52","v":0},0,0,0,0,0,0,0,0]
[]
[null,"Investments to Reserves"]
[]
[]
["Accounting"]
[null,"Accrued Claims",null,null,null,null,{"$f":"G42-F42","v":0},0,0,0,0,0,0,0,-4999.9999999999982,-250]
[null,"Claims Paid",null,null,null,null,{"$f":"G33","v":0},0,0,0,0,0,0,0,5000,0]
[null,"Net Claims",null,null,null,null,{"$f":"SUM(G58:G59)","v":0},{"$f":"SUM(H58:H59)","v":0},0,0,0,0,0,0,0,-250]
[]
[null,"Reserves to Claims",null,null,null,null,{"$f":"IF(G60,G42/G60)","v":false},{"$f":"IF(H60,H42/H60)","v":false},false,false,false,false,false,false,false,20.999999999999993]
[]
[null,"Income"]
[null,null,"Premium Income",null,null,null,{"$f":"G48","v":0},0,0,0,0,0,0,0,0,0]
[null,null,"Add: Interest Income",null,null,null,{"$f":"G52","v":0},0,0,0,0,0,0,0,0,0]
[null,null,"Less: Net Claims",null,null,null,{"$f":"G60","v":0},{"$f":"H60","v":0},0,0,0,0,0,0,0,-250]
[null,null,null,"Net Income",null,null,{"$f":"G65+G66-G67","v":0},{"$f":"H65+H66-H67","v":0},0,0,0,0,0,0,0,250]
[]
[null,"Claims to Income",null,null,null,null,{"$f":"IF(G65,G67/G65)","v":false},{"$f":"IF(H65,H67/H65)","v":false},false,false,false,false,false,false,false,false]
[]
[null,"Cash Flow"]
[null,null,"Income",null,null,null,{"$f":"G68","v":0},{"$f":"H68","v":0},0,0,0,0,0,0,0,250]
[null,null,"Add: Increase in Reserves",null,null,null,{"$f":"G42-F42","v":0},0,0,0,0,0,0,0,-4999.9999999999982,-250]
[null,null,"Less: Increase in Investments",null,null,null,{"$f":"G51-F51","v":0},0,0,0,0,0,0,0,0,0]
[null,null,null,"Net Cash Flow",null,null,{"$f":"G73+G74-G75","v":0},{"$f":"H73+H74-H75","v":0},0,0,0,0,0,0,-4999.9999999999982,0]
[]
[null,"Balance Sheet"]
[null,null,"Equity Investment"]
[null,null,null,"Opening Balance",null,null,{"$f":"F83","v":0},{"$f":"G83","v":0},0,0,0,0,0,0,0,4999.9999999999982]
[null,null,null,"Add: Income",null,null,{"$f":"G68","v":0},{"$f":"H68","v":0},0,0,0,0,0,0,0,250]
[null,null,null,"Less: Dividends",null,null,{"$f":"G76","v":0},{"$f":"H76","v":0},0,0,0,0,0,0,-4999.9999999999982,0]
[null,null,null,"Closing Balance",null,null,{"$f":"G80+G81-G82","v":0},{"$f":"H80+H81-H82","v":0},0,0,0,0,0,0,4999.9999999999982,5249.9999999999982]
[]
[null,null,"Assets"]
[null,null,null,"Investments",null,null,{"$f":"G51","v":0},0,0,0,0,0,0,0,0,0]
[]
[null,null,"Liability and Equity"]
[null,null,null,"Reserves",null,null,{"$f":"G42","v":0},0,0,0,0,0,0,0,-4999.9999999999982,-5249.9999999999982]
[null,null,null,"Equity Balance",null,null,{"$f":"G83","v":0},{"$f":"H83","v":0},0,0,0,0,0,0,4999.9999999999982,5249.9999999999982]
[null,null,null,"Total",null,null,{"$f":"SUM(G89:G90)","v":0},{"$f":"SUM(H89:H90)","v":0},0,0,0,0,0,0,0,0]

{"sheet":"Reserve Example Pos NPV","index":24,"n_rows":85,"n_cols":16,"rows_kept":85,"cut":false,"hidden":false,"merged":[]}
[]
["Inputs"]
[null,"Discount Rate",null,null,null,0.05]
[null,"Year of Claim (Middle)",null,null,null,0,9,{"$f":"G4+1","v":10}]
[null,"Cash Outflow for Claim",null,null,null,0,5000,0]
[]
[null,"Interest Rate",null,null,null,{"$f":"F3","v":0.05},null,{"$f":"F19","v":3255.2750268998752},null,null,null,null,1]
[null,"Premiums",null,null,null,453.45039987893898,null,{"$f":"F17","v":3223.0445810889855},{"$f":"H7-H8","v":32.230445810889705}]
[]
[null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10]
[null,"Premium Period",null,null,{"$f":"G4","v":9},{"$f":"F10<=$E$11","v":true},{"$f":"G10<=$E$11","v":true},true,true,true,true,true,true,true,true,false]
[null,"Claim Period",null,null,{"$f":"G4","v":9},{"$f":"F10=$E$12","v":false},{"$f":"G10=$E$12","v":false},false,false,false,false,false,false,false,true,false]
[null,"Cash Outlfow",null,null,null,{"$f":"LOOKUP(F10,4:4,5:5)","v":0},0,0,0,0,0,0,0,0,5000,0]
[null,"Claim Discount Factor",null,null,{"$f":"F7","v":0.05},1,{"$f":"F14*(1+$E$14)","v":1.05},{"$f":"G14*(1+$E$14)","v":1.1025},1.1576250000000001,1.2155062500000002,1.2762815625000004,1.3400956406250004,1.4071004226562505,1.477455443789063,1.5513282159785162,1.628894626777442]
[null,"Premium Discount Factor",null,null,{"$f":"E14","v":0.05},1,{"$f":"F15*(1+$E$15)","v":1.05},{"$f":"G15*(1+$E$15)","v":1.1025},1.1576250000000001,1.2155062500000002,1.2762815625000004,1.3400956406250004,1.4071004226562505,1.477455443789063,1.5513282159785162,1.628894626777442]
[]
[null,"NPV of Cash Outflow",null,null,null,{"$f":"SUMPRODUCT(F13:P13/F14:P14)","v":3223.0445810889855}]
[null,"Premiums",null,null,{"$f":"M7/100","v":0.01},null,{"$f":"$F$8*G11*(1+$E$18)","v":457.98490387772836},{"$f":"$F$8*H11*(1+$E$18)","v":457.98490387772836},457.98490387772836,457.98490387772836,457.98490387772836,457.98490387772836,457.98490387772836,457.98490387772836,457.98490387772836,0]
[null,"NPV of Premiums",null,null,null,{"$f":"SUMPRODUCT(G18:P18/G14:P14)","v":3255.2750268998752}]
[]
[null,"Reserve Liability",null,null,null,{"$f":"F17","v":3223.0445810889855},{"$f":"F21*(1+$F$3)*G11","v":3384.196810143435},3553.4066506506069,3731.0769831831376,3917.6308323422945,4113.5123739594092,4319.1879926573802,4535.1473922902496,4761.9047619047624,5000.0000000000009,0]
[]
["Reserve Calculation"]
[null,"Future Value of Benefit Liability"]
[null,null,"Opening Balance",null,null,null,{"$f":"F28","v":3223.0445810889855},{"$f":"G28","v":3384.196810143435},3553.4066506506069,3731.0769831831376,3917.6308323422945,4113.5123739594092,4319.1879926573802,4535.1473922902496,4761.9047619047624,0]
[null,null,"Add: Accrued Liability",null,{"$f":"F7","v":0.05},null,{"$f":"(G21-F21)*G11","v":161.15222905444944},169.20984050717198,177.67033253253067,186.55384915915693,195.88154161711464,205.675618697971,215.95939963286946,226.75736961451275,238.09523809523853,0]
[null,null,"Less: Cash Outflow",null,null,null,{"$f":"G13","v":0},0,0,0,0,0,0,0,5000,0]
[null,null,"Closing Balance",null,null,{"$f":"F17","v":3223.0445810889855},{"$f":"G25+G26-G27","v":3384.196810143435},{"$f":"H25+H26-H27","v":3553.4066506506069},3731.0769831831376,3917.6308323422945,4113.5123739594092,4319.1879926573802,4535.1473922902496,4761.9047619047624,0,0]
[]
[null,"PV of Premium"]
[null,null,"Opening Balance",null,null,null,{"$f":"F34","v":3223.0445810889855},{"$f":"G34","v":2930.7464102644958},2623.8333308987812,2301.574597564781,1963.2029275640812,1607.9126740633462,1234.8579078875746,843.15040340301437,431.85752369422607,-1.6022738691390259E-12]
[null,null,"Less: Premium Paid",null,null,null,{"$f":"$F$8*G11","v":453.45039987893898},453.45039987893898,453.45039987893898,453.45039987893898,453.45039987893898,453.45039987893898,453.45039987893898,453.45039987893898,453.45039987893898,0]
[null,null,"Add: Accrued Interest",null,null,null,{"$f":"G31*$F$3","v":161.15222905444929},{"$f":"H31*$F$3","v":146.53732051322478},131.19166654493907,115.07872987823906,98.160146378204061,80.39563370316732,61.742895394378735,42.157520170150718,21.592876184711304,-8.0113693456951298E-14]
[null,null,"Closing Balance",null,null,{"$f":"F28","v":3223.0445810889855},{"$f":"G31-G32+G33","v":2930.7464102644958},{"$f":"H31-H32+H33","v":2623.8333308987812},2301.574597564781,1963.2029275640812,1607.9126740633462,1234.8579078875746,843.15040340301437,431.85752369422607,-1.6022738691390259E-12,-1.6823875625959773E-12]
[]
[null,"Reserve Balance",null,null,null,{"$f":"F28-F34","v":0},{"$f":"G28-G34","v":453.45039987893915},929.57331975182569,1429.5023856183566,1954.4279047782134,2505.5996998960627,3084.3300847698056,3691.9969888872351,4330.0472382105363,1.6022738691390259E-12,1.6823875625959773E-12]
[]
[null,"Reserve to Premium",null,null,null,null,{"$f":"IF(G18,G36/G18)","v":0.99009900990099053},2.0297029702970315,3.1212871287128747,4.2674504950495082,5.4709220297029733,6.7345671410891139,8.0613945080445593,9.4545632433477795,3.4985298763620316E-15,false]
[]
[null,"Investment Balance"]
[null,null,"Opening Balance",null,null,null,{"$f":"F45","v":0},{"$f":"G45","v":457.98490387772836},938.86905294934309,1443.7974094745387,1973.9721838259939,2530.6556968950217,3115.173385617501,3728.9169587761044,4373.3477105926377,-2.5579538487363607E-13]
[null,null,"Add: Premium",null,null,null,{"$f":"G18","v":457.98490387772836},457.98490387772836,457.98490387772836,457.98490387772836,457.98490387772836,457.98490387772836,457.98490387772836,457.98490387772836,457.98490387772836,0]
[null,null,"Add: Accrued Interest",null,null,null,{"$f":"G46","v":0},{"$f":"H46","v":22.899245193886419},46.943452647467154,72.189870473726941,98.698609191299695,126.53278484475109,155.75866928087507,186.44584793880523,218.6673855296319,-1.2789769243681804E-14]
[null,null,"Less: Investment Reduction",null,null,null,{"$f":"(G41+G42+G43)*G12","v":0},0,0,0,0,0,0,0,5049.9999999999982,0]
[null,null,"Closing Balance",null,null,null,{"$f":"G41+G42-G44+G43","v":457.98490387772836},{"$f":"H41+H42-H44+H43","v":938.86905294934309},1443.7974094745387,1973.9721838259939,2530.6556968950217,3115.173385617501,3728.9169587761044,4373.3477105926377,-2.5579538487363607E-13,-2.6858515411731785E-13]
[null,null,null,null,null,{"$f":"F3","v":0.05},{"$f":"G41*$F$46","v":0},{"$f":"H41*$F$46","v":22.899245193886419},46.943452647467154,72.189870473726941,98.698609191299695,126.53278484475109,155.75866928087507,186.44584793880523,218.6673855296319,-1.2789769243681804E-14]
[]
[null,"Investments to Reserves",null,null,null,null,{"$f":"G45/G36","v":1.0099999999999996},1.0099999999999991,1.0099999999999989,1.0099999999999991,1.0099999999999993,1.0099999999999991,1.0099999999999991,1.0099999999999991,-0.15964523281596452,-0.15964523281596452]
[]
[null,"Cash Flow"]
[null,null,"Outflow",null,null,null,{"$f":"G27","v":0},0,0,0,0,0,0,0,5000,0]
[null,null,"Cash Inflow",null,null,null,{"$f":"G32","v":453.45039987893898},453.45039987893898,453.45039987893898,453.45039987893898,453.45039987893898,453.45039987893898,453.45039987893898,453.45039987893898,453.45039987893898,0]
[null,null,"Net",null,null,null,{"$f":"G52-G51","v":453.45039987893898},{"$f":"H52-H51","v":453.45039987893898},453.45039987893898,453.45039987893898,453.45039987893898,453.45039987893898,453.45039987893898,453.45039987893898,-4546.5496001210613,0]
[null,null,"IRR",null,null,{"$f":"IRR(53:53)","v":5.0000000000007372E-2}]
[]
["Accounting"]
[null,"Income"]
[null,null,"Premium Income",null,null,null,{"$f":"G18","v":457.98490387772836},457.98490387772836,457.98490387772836,457.98490387772836,457.98490387772836,457.98490387772836,457.98490387772836,457.98490387772836,457.98490387772836,0]
[null,null,"Add: Interest Income",null,null,null,{"$f":"G46","v":0},{"$f":"H46","v":22.899245193886419},46.943452647467154,72.189870473726941,98.698609191299695,126.53278484475109,155.75866928087507,186.44584793880523,218.6673855296319,-1.2789769243681804E-14]
[null,null,"Less: Accrued Claims",null,null,null,{"$f":"G36-F36","v":453.45039987893915},476.12291987288654,499.92906586653089,524.92551915985678,551.17179511784934,578.73038487374288,607.66690411742957,638.05024932330116,-4330.0472382105345,8.0113693456951336E-14]
[null,null,"Less: Claims Paid",null,null,null,{"$f":"G27","v":0},0,0,0,0,0,0,0,5000,0]
[null,null,null,"Net Income",null,null,{"$f":"G58+G59-G60-G61","v":4.5345039987892051},{"$f":"H58+H59-H60-H61","v":4.7612291987282447},4.99929065866462,5.2492551915985359,5.5117179511787526,5.787303848736542,6.0766690411738864,6.3805024932323704,6.6995276178950007,-9.2903462700633145E-14]
[]
[null,"Cash Flow"]
[null,null,"Income",null,null,null,{"$f":"G62","v":4.5345039987892051},{"$f":"H62","v":4.7612291987282447},4.99929065866462,5.2492551915985359,5.5117179511787526,5.787303848736542,6.0766690411738864,6.3805024932323704,6.6995276178950007,-9.2903462700633145E-14]
[null,null,"Add: Increase in Reserves",null,null,null,{"$f":"G36-F36","v":453.45039987893915},476.12291987288654,499.92906586653089,524.92551915985678,551.17179511784934,578.73038487374288,607.66690411742957,638.05024932330116,-4330.0472382105345,8.0113693456951336E-14]
[null,null,"Less: Increase in Investments",null,null,null,{"$f":"G45-F45","v":457.98490387772836},{"$f":"H45-G45","v":480.88414907161473},504.92835652519557,530.1747743514552,556.68351306902787,584.51768872247931,613.74357315860334,644.4307518165333,-4373.3477105926377,-1.2789769243681783E-14]
[null,null,null,"Net Cash Flow",null,null,{"$f":"G65+G66-G67","v":0},{"$f":"H65+H66-H67","v":0},0,0,0,0,0,0,49.999999999998181,-2.5243548967072378E-29]
[]
[null,"Balance Sheet"]
[null,null,"Equity Investment"]
[null,null,null,"Opening Balance",null,null,{"$f":"F75","v":0},{"$f":"G75","v":4.5345039987892051},9.2957331975174498,14.29502385618207,19.544279047780606,25.055996998959358,30.8433008476959,36.919969888869787,43.300472382102157,49.999999999997158]
[null,null,null,"Add: Income",null,null,{"$f":"G62","v":4.5345039987892051},{"$f":"H62","v":4.7612291987282447},4.99929065866462,5.2492551915985359,5.5117179511787526,5.787303848736542,6.0766690411738864,6.3805024932323704,6.6995276178950007,-9.2903462700633145E-14]
[null,null,null,"Less: Dividends"]
[null,null,null,"Closing Balance",null,null,{"$f":"G72+G73-G74","v":4.5345039987892051},{"$f":"H72+H73-H74","v":9.2957331975174498},14.29502385618207,19.544279047780606,25.055996998959358,30.8433008476959,36.919969888869787,43.300472382102157,49.999999999997158,49.999999999997065]
[]
[null,null,"Assets"]
[null,null,null,"Investments",null,null,{"$f":"G45","v":457.98490387772836},{"$f":"H45","v":938.86905294934309},1443.7974094745387,1973.9721838259939,2530.6556968950217,3115.173385617501,3728.9169587761044,4373.3477105926377,-2.5579538487363607E-13,-2.6858515411731785E-13]
[]
[null,null,"Liability and Equity"]
[null,null,null,"Reserves",null,null,{"$f":"G36","v":453.45039987893915},929.57331975182569,1429.5023856183566,1954.4279047782134,2505.5996998960627,3084.3300847698056,3691.9969888872351,4330.0472382105363,1.6022738691390259E-12,1.6823875625959773E-12]
[null,null,null,"Equity Balance",null,null,{"$f":"G75","v":4.5345039987892051},{"$f":"H75","v":9.2957331975174498},14.29502385618207,19.544279047780606,25.055996998959358,30.8433008476959,36.919969888869787,43.300472382102157,49.999999999997158,49.999999999997065]
[null,null,null,"Total",null,null,{"$f":"SUM(G81:G82)","v":457.98490387772836},{"$f":"SUM(H81:H82)","v":938.86905294934309},1443.7974094745387,1973.9721838259939,2530.6556968950222,3115.1733856175015,3728.9169587761048,4373.3477105926386,49.999999999998764,49.999999999998749]
[]
[null,null,null,"ROE",null,null,{"$f":"G62/G82","v":1},{"$f":"H62/H82","v":0.51219512195119743},0.3497224425059362,0.26858269771760279,0.21997599821741953,0.18763568391444957,0.16459030328206772,0.14735410821683531,0.13399055235790763,-1.8580692540127721E-15]

{"sheet":"Simple Insurance","index":25,"n_rows":101,"n_cols":18,"rows_kept":101,"cut":false,"hidden":false,"merged":[]}
[null,null,null,"Premium Increase",{"$f":"E27","v":65}]
[null,null,null,null,null,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021]
[null,"Last Historic Year",null,null,2017,{"$f":"F2<=$E$3","v":true},{"$f":"G2<=$E$3","v":true},true,true,true,true,false,false,false,false]
[]
["Historic Financial"]
[null,"Balance Sheet"]
[null,null,"Other Cash Investments",null,null,20,40,30,40,40,40]
[null,null,"Investments",null,null,900,1000,1050,1100,1150,1200]
[null,null,null,"Total",null,{"$f":"SUM(F7:F8)","v":920},1040,1080,1140,1190,1240]
[]
[null,null,"Other Liabilites",null,null,40,50,40,45,45,45]
[null,null,"Reserves",null,null,{"$f":"F8/1.2","v":750},833.33333333333337,875,916.66666666666674,958.33333333333337,1000]
[null,null,"Equity",null,null,{"$f":"F9-F11-F12","v":130},156.66666666666663,165,178.33333333333326,186.66666666666663,195]
[null,null,null,"Total",null,{"$f":"SUM(F11:F13)","v":920},1040,1080,1140,1190,1240]
[]
[null,"Income Statement and Cash Flow"]
[]
[null,null,"Investment Income",null,null,45,50,52.5,55,57.5,60]
[null,null,"Add: Income from Premiums",null,null,250,260,275,280,290,300]
[null,null,"Less: Cost of Claims",null,null,{"$f":"F19*1.1","v":275},286,302.5,308,319,330]
[null,null,"Less: Other Interest",null,null,0.7,{"$f":"(F11-F7)*0.04","v":0.8},{"$f":"(G11-G7)*0.04","v":0.4},{"$f":"(H11-H7)*0.04","v":0.4},{"$f":"(I11-I7)*0.04","v":0.2},{"$f":"(J11-J7)*0.04","v":0.2}]
[null,null,"Net Income",null,null,{"$f":"F18+F19-F20-F21","v":19.3},23.2,24.6,26.6,28.3,29.8]
[null,null,"Dividends",null,null,19,20,23,23,25,27]
[]
[]
["Assumptions"]
[null,"Premium Increase",null,null,65,null,null,null,null,null,null,{"$f":"E27","v":65},{"$f":"L27","v":65},{"$f":"M27","v":65},{"$f":"N27","v":65}]
[null,"Interest Income %",null,null,4.4999999999999998E-2,{"$f":"IF(F3,F18/F8,$E$28)","v":0.05},{"$f":"IF(G3,G18/G8,$E$28)","v":0.05},0.05,0.05,0.05,0.05,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2]
[null,"Claims to Premiums",null,null,1.1000000000000001,{"$f":"IF(F3,F20/F19,$E$29)","v":1.1000000000000001},{"$f":"IF(G3,G20/G19,$E$29)","v":1.1000000000000001},1.1000000000000001,1.1000000000000001,1.1000000000000001,1.1000000000000001,1.1000000000000001,1.1000000000000001,1.1000000000000001,1.1000000000000001]
[null,"Reserves to Premiums",null,null,3.5,{"$f":"IF(F3,F12/F19,$E$30)","v":3},{"$f":"IF(G3,G12/G19,$E$30)","v":3.2051282051282053},3.1818181818181817,3.2738095238095242,3.3045977011494254,3.3333333333333335,3.5,3.5,3.5,3.5]
[null,"Investments to Reserves",null,null,1.2,{"$f":"IF(F3,F8/F12,$E$31)","v":1.2},{"$f":"IF(G3,G8/G12,$E$31)","v":1.2},1.2,1.2,1.2,1.2,1.2,1.2,1.2,1.2]
[null,"Net Debt",null,null,null,{"$f":"(F11-F7)","v":20},10,10,5,5,5]
[null,"Interest Rate on Net",null,null,0.04,0.04,{"$f":"IF(G3,G21/F32,$E$33)","v":0.04},0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04]
[null,"Equity to Assets",null,null,0.155,{"$f":"IF(F3,F13/F9,$E$34)","v":0.14130434782608695},0.15064102564102561,0.15277777777777779,0.15643274853801162,0.15686274509803919,0.15725806451612903,0.155,0.155,0.155,0.155]
[null,"Dividend Payout",null,null,0.75,{"$f":"IF(F3,F23/F22,$E$35)","v":0.98445595854922274},0.86206896551724144,0.93495934959349591,0.86466165413533835,0.88339222614840984,0.90604026845637586,0.75,0.75,0.75,0.75]
[]
["Operating Analysis"]
[null,"Premiums",null,null,null,{"$f":"IF(F3,F19,E38+F27)","v":250},{"$f":"IF(G3,G19,F38+G27)","v":260},275,280,290,300,365,430,495,560]
[null,"Claims",null,null,null,{"$f":"F38*F29","v":275},{"$f":"G38*G29","v":286},302.5,308,319,330,401.50000000000006,473.00000000000006,544.5,616]
[null,"Reserves",null,null,null,{"$f":"IF(F3,F12,F30*F38)","v":750},{"$f":"IF(G3,G12,G30*G38)","v":833.33333333333337},875,916.66666666666674,958.33333333333337,1000,1277.5,1505,1732.5,1960]
[null,"Investments",null,null,null,{"$f":"F40*F31","v":900},{"$f":"G40*G31","v":1000},1050,1100,1150,1200,1533,1806,2079,2352]
[null,"Loan Income",null,null,null,{"$f":"F41*F28","v":45},{"$f":"G41*G28","v":50},52.5,55,57.5,60,68.984999999999999,81.27,93.554999999999993,105.83999999999999]
[]
[null,"Net Cash - Debt"]
[null,null,"Opening Balance",null,null,{"$f":"E47","v":0},{"$f":"F47","v":-20},-10,-10,-5,-5,-5,-52.328750000000028,-87.737962500000037,-121.34683287500003]
[null,null,"Add: Cash Flow",null,null,{"$f":"F66","v":-149.70000000000005},{"$f":"G66","v":-13.466666666666626},-6.7333333333333698,-4.7333333333332561,-5.0333333333333705,-5.5333333333333705,-47.328750000000028,-35.40921250000001,-33.608870374999995,-31.826531671250009]
[null,null,"Closing Balance",null,null,{"$f":"IF(F3,F7-F11,F45+F46)","v":-20},-10,-10,-5,-5,-5,-52.328750000000028,-87.737962500000037,-121.34683287500003,-153.17336454625004]
[]
[null,null,"Interest Rate",null,null,{"$f":"F33","v":0.04},0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04]
[null,null,"Interest Expense",null,null,{"$f":"IF(F3,F21,F45*F49)","v":0.7},0.8,0.4,0.4,0.2,0.2,-0.2,-2.093150000000001,-3.5095185000000018,-4.8538733150000013]
[]
["Financial Statements"]
[null,"Income Statement"]
[null,null,"Investment Income",null,null,{"$f":"F42","v":45},50,52.5,55,57.5,60,68.984999999999999,81.27,93.554999999999993,105.83999999999999]
[null,null,"Add: Income from Premiums",null,null,{"$f":"F38","v":250},{"$f":"G38","v":260},275,280,290,300,365,430,495,560]
[null,null,"Less: Cost of Claims",null,null,{"$f":"F39","v":275},{"$f":"G39","v":286},302.5,308,319,330,401.50000000000006,473.00000000000006,544.5,616]
[null,null,"Less: Other Interest",null,null,{"$f":"F50","v":0.7},{"$f":"G50","v":0.8},0.4,0.4,0.2,0.2,-0.2,-2.093150000000001,-3.5095185000000018,-4.8538733150000013]
[null,null,"Net Income",null,null,{"$f":"F54+F55-F56-F57","v":19.3},{"$f":"G54+G55-G56-G57","v":23.2},24.6,26.6,28.3,29.8,32.68499999999996,40.363149999999926,47.564518499999949,54.693873315000033]
[]
[null,"Cash Flow"]
[null,null,"Net Income",null,null,{"$f":"F58","v":19.3},{"$f":"G58","v":23.2},24.6,26.6,28.3,29.8,32.68499999999996,40.363149999999926,47.564518499999949,54.693873315000033]
[null,null,"Less: Increase in Investments",null,null,{"$f":"F41-E41","v":900},{"$f":"G41-F41","v":100},50,50,50,50,333,273,273,273]
[null,null,"Add: Increase in Reserves",null,null,{"$f":"F40-E40","v":750},{"$f":"G40-F40","v":83.333333333333371},41.666666666666629,41.666666666666742,41.666666666666629,41.666666666666629,277.5,227.5,227.5,227.5]
[null,null,"Less: Dividemds",null,null,{"$f":"F58*F35","v":19},{"$f":"G58*G35","v":20},23,23,25,27,24.51374999999997,30.272362499999943,35.673388874999958,41.020404986250028]
[null,null,"New equity issuance"]
[null,null,"Net Cash Flow",null,null,{"$f":"F61-F62+F63-F64+F65","v":-149.70000000000005},{"$f":"G61-G62+G63-G64+G65","v":-13.466666666666626},-6.7333333333333698,-4.7333333333332561,-5.0333333333333705,-5.5333333333333705,-47.328750000000028,{"$f":"M61-M62+M63-M64+M65","v":-35.40921250000001},{"$f":"N61-N62+N63-N64+N65","v":-33.608870374999995},{"$f":"O61-O62+O63-O64+O65","v":-31.826531671250009}]
[]
[null,"Balance Sheet"]
[null,null,"Equity Balance"]
[null,null,null,"Opening Balance",null,{"$f":"E74","v":0},{"$f":"F74","v":130},156.66666666666663,165,178.33333333333326,186.66666666666663,195,203.17124999999999,213.26203749999996,225.15316712499998]
[null,null,null,"Add Net Income",null,{"$f":"F58","v":19.3},23.2,24.6,26.6,28.3,29.8,32.68499999999996,40.363149999999926,47.564518499999949,54.693873315000033]
[null,null,null,"Less Dividends",null,{"$f":"F64","v":19},{"$f":"G64","v":20},23,23,25,27,24.51374999999997,30.272362499999943,35.673388874999958,41.020404986250028]
[null,null,null,"New Equity Issuance"]
[null,null,null,"Closing Balance",null,{"$f":"IF(F3,F13,F70+F71-F72+F73)","v":130},156.66666666666663,165,178.33333333333326,186.66666666666663,195,203.17124999999999,213.26203749999996,225.15316712499998,238.82663545374999]
[]
[null,null,"Assets"]
[null,null,"Investments",null,null,{"$f":"F41","v":900},{"$f":"G41","v":1000},1050,1100,1150,1200,1533,1806,2079,2352]
[]
[null,null,"Net Debt",null,null,{"$f":"-F47","v":20},10,10,5,5,5,52.328750000000028,87.737962500000037,121.34683287500003,153.17336454625004]
[null,null,"Reserves",null,null,{"$f":"F40","v":750},{"$f":"G40","v":833.33333333333337},875,916.66666666666674,958.33333333333337,1000,1277.5,1505,1732.5,1960]
[null,null,"Capital",null,null,{"$f":"F74","v":130},{"$f":"G74","v":156.66666666666663},165,178.33333333333326,186.66666666666663,195,203.17124999999999,213.26203749999996,225.15316712499998,238.82663545374999]
[null,null,"Total",null,null,{"$f":"F80+F81+F79","v":900},{"$f":"G80+G81+G79","v":1000},1050,1100,1150,1200,1533,1806,2079,2352]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Equity = Target x Total Assets"]
[null,null,"Difference",null,null,{"$f":"F77-F82","v":0},0,0,0,0,0,0,0,0,0,null,null,"Equity = OB + NI - Div + Issues"]
[null,null,"Test",null,{"$f":"AND(F85:O85)","v":true},{"$f":"F84=0","v":true},{"$f":"G84=0","v":true},true,true,true,true,true,true,true,true,null,null,"Target x Total Assets = OB + NI - Div + Issues"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Issues = Target x Total Assets - OB - NI + Div "]
[null,null,"Computed Equity to Cap",null,null,{"$f":"F81/F77","v":0.14444444444444443},{"$f":"G81/G77","v":0.15666666666666662},0.15714285714285714,0.16212121212121205,0.16231884057971011,{"$f":"K81/K77","v":0.16250000000000001},0.13253180039138943,0.11808529208194904,0.10829878168590668,0.10154193684258078]
[null,null,"Target Equity to Cap",null,null,{"$f":"F34","v":0.14130434782608695},0.15064102564102561,0.15277777777777779,0.15643274853801162,0.15686274509803919,0.15725806451612903,0.155,0.155,0.155,0.155]
[null,null,"Difference",null,null,null,null,null,null,null,null,{"$f":"L87-L88","v":-2.2468199608610573E-2},{"$f":"M87-M88","v":-3.691470791805096E-2},{"$f":"N87-N88","v":-4.6701218314093323E-2},{"$f":"O87-O88","v":-5.3458063157419217E-2}]
[]
[null,null,"Equity Cash Flow",null,null,{"$f":"F72-F73","v":19},{"$f":"G72-G73","v":20},23,23,25,27,24.51374999999997,30.272362499999943,35.673388874999958,41.020404986250028]
[]
[null,null,"ROE",null,null,{"$f":"F58/F74","v":0.14846153846153848},{"$f":"G58/G74","v":0.14808510638297875},0.14909090909090911,0.14915887850467296,0.15160714285714288,0.15282051282051282,0.16087413942671497,0.18926551801325603,0.21125405033096067,0.22901077683854817]
[]
[null,null,"New Issues",null,null,null,null,null,null,null,null,{"$f":"L88*L77-L70-L71+L72","v":34.443750000000023},{"$f":"M88*M77-M70-M71+M72","v":66.667962500000044},{"$f":"N88*N77-N70-N71+N72","v":97.091832875000051},{"$f":"O88*O77-O70-O71+O72","v":125.73336454625002}]
[]
[null,null,"P/E Ratio"]
[null,null,"Terminal Value = P/E"]
[]
[null,null,"Terminal Growth"]
[null,null,"Cost of Equity"]

{"sheet":"Aflac DCF","index":26,"n_rows":96,"n_cols":27,"rows_kept":96,"cut":false,"hidden":false,"merged":[]}
["Timing"]
[null,"Period",null,null,null,null,null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,"Year",null,null,null,null,null,{"$f":"E9","v":2018},{"$f":"H3+1","v":2019},{"$f":"I3+1","v":2020},2021,2022,2023,2024,2025,2026,2027,2028,2029,2030,2031,2032,2033,2034,2035,2036,2037]
[null,"Holding Period",null,null,null,{"$f":"E9","v":2018},{"$f":"E10","v":2022},{"$f":"H3<=$G$4","v":true},{"$f":"I3<=$G$4","v":true},true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"Exit Period",null,null,null,null,{"$f":"E10","v":2022},{"$f":"H3=$G$5","v":false},{"$f":"I3=$G$5","v":false},false,false,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
[]
["Value Assumptions"]
[null,"Valuation Start",null,null,2018]
[null,"Holding Period",null,null,2022]
[]
[null,"Cost of Equity Capital",null,null,8.5000000000000006E-2]
[null,"Terminal Growth",null,null,0.04]
[null,"Terminal P/E",null,null,11]
[null,"Terminal ROE",null,null,0.15]
[]
[null,"Market to Book Equation"]
[null,"A Factor",null,null,{"$f":"'MB Regression'!H4","v":0}]
[null,"B Factor - Applied to ROE",null,null,{"$f":"'MB Regression'!H3","v":0}]
[null,null,"Price to Book Ratio"]
[]
[null,"Stable Investments to Reserves",null,null,{"$f":"'EV to EBITDA'!E9","v":0}]
[null,"Stable Reserves to Premiums",null,null,3.4]
[null,"Stable Claims to Reserves",null,null,1.2]
[]
["Holding Period Free Cash Flow"]
[null,"Net Income",null,null,null,null,null,{"$f":"LOOKUP(H$3,'Aflac Financials'!$7:$7,'Aflac Financials'!221:221)","v":3232871.25},{"$f":"LOOKUP(I$3,'Aflac Financials'!$7:$7,'Aflac Financials'!221:221)","v":3232871.25},{"$f":"LOOKUP(J$3,'Aflac Financials'!$7:$7,'Aflac Financials'!221:221)","v":3232871.25},{"$f":"LOOKUP(K$3,'Aflac Financials'!$7:$7,'Aflac Financials'!221:221)","v":3232871.25},{"$f":"LOOKUP(L$3,'Aflac Financials'!$7:$7,'Aflac Financials'!221:221)","v":3232871.25},{"$f":"LOOKUP(M$3,'Aflac Financials'!$7:$7,'Aflac Financials'!221:221)","v":3232871.25},{"$f":"LOOKUP(N$3,'Aflac Financials'!$7:$7,'Aflac Financials'!221:221)","v":3232871.25},{"$f":"LOOKUP(O$3,'Aflac Financials'!$7:$7,'Aflac Financials'!221:221)","v":3232871.25},{"$f":"LOOKUP(P$3,'Aflac Financials'!$7:$7,'Aflac Financials'!221:221)","v":3232871.25},{"$f":"LOOKUP(Q$3,'Aflac Financials'!$7:$7,'Aflac Financials'!221:221)","v":3232871.25},{"$f":"LOOKUP(R$3,'Aflac Financials'!$7:$7,'Aflac Financials'!221:221)","v":3232871.25},{"$f":"LOOKUP(S$3,'Aflac Financials'!$7:$7,'Aflac Financials'!221:221)","v":3232871.25},{"$f":"LOOKUP(T$3,'Aflac Financials'!$7:$7,'Aflac Financials'!221:221)","v":3232871.25},{"$f":"LOOKUP(U$3,'Aflac Financials'!$7:$7,'Aflac Financials'!221:221)","v":3232871.25},{"$f":"LOOKUP(V$3,'Aflac Financials'!$7:$7,'Aflac Financials'!221:221)","v":3232871.25},{"$f":"LOOKUP(W$3,'Aflac Financials'!$7:$7,'Aflac Financials'!221:221)","v":3232871.25},{"$f":"LOOKUP(X$3,'Aflac Financials'!$7:$7,'Aflac Financials'!221:221)","v":3232871.25},{"$f":"LOOKUP(Y$3,'Aflac Financials'!$7:$7,'Aflac Financials'!221:221)","v":3232871.25},{"$f":"LOOKUP(Z$3,'Aflac Financials'!$7:$7,'Aflac Financials'!221:221)","v":3232871.25},{"$f":"LOOKUP(AA$3,'Aflac Financials'!$7:$7,'Aflac Financials'!221:221)","v":3232871.25}]
[null,"Equity Book Value",null,null,null,null,null,{"$f":"LOOKUP(H$3,'Aflac Financials'!$7:$7,'Aflac Financials'!267:267)","v":24903400},{"$f":"LOOKUP(I$3,'Aflac Financials'!$7:$7,'Aflac Financials'!267:267)","v":24903400},{"$f":"LOOKUP(J$3,'Aflac Financials'!$7:$7,'Aflac Financials'!267:267)","v":24903400},{"$f":"LOOKUP(K$3,'Aflac Financials'!$7:$7,'Aflac Financials'!267:267)","v":24903400},{"$f":"LOOKUP(L$3,'Aflac Financials'!$7:$7,'Aflac Financials'!267:267)","v":24903400},{"$f":"LOOKUP(M$3,'Aflac Financials'!$7:$7,'Aflac Financials'!267:267)","v":24903400},{"$f":"LOOKUP(N$3,'Aflac Financials'!$7:$7,'Aflac Financials'!267:267)","v":24903400},{"$f":"LOOKUP(O$3,'Aflac Financials'!$7:$7,'Aflac Financials'!267:267)","v":24903400},{"$f":"LOOKUP(P$3,'Aflac Financials'!$7:$7,'Aflac Financials'!267:267)","v":24903400},{"$f":"LOOKUP(Q$3,'Aflac Financials'!$7:$7,'Aflac Financials'!267:267)","v":24903400},{"$f":"LOOKUP(R$3,'Aflac Financials'!$7:$7,'Aflac Financials'!267:267)","v":24903400},{"$f":"LOOKUP(S$3,'Aflac Financials'!$7:$7,'Aflac Financials'!267:267)","v":24903400},{"$f":"LOOKUP(T$3,'Aflac Financials'!$7:$7,'Aflac Financials'!267:267)","v":24903400},{"$f":"LOOKUP(U$3,'Aflac Financials'!$7:$7,'Aflac Financials'!267:267)","v":24903400},{"$f":"LOOKUP(V$3,'Aflac Financials'!$7:$7,'Aflac Financials'!267:267)","v":24903400},{"$f":"LOOKUP(W$3,'Aflac Financials'!$7:$7,'Aflac Financials'!267:267)","v":24903400},{"$f":"LOOKUP(X$3,'Aflac Financials'!$7:$7,'Aflac Financials'!267:267)","v":24903400},{"$f":"LOOKUP(Y$3,'Aflac Financials'!$7:$7,'Aflac Financials'!267:267)","v":24903400},{"$f":"LOOKUP(Z$3,'Aflac Financials'!$7:$7,'Aflac Financials'!267:267)","v":24903400},{"$f":"LOOKUP(AA$3,'Aflac Financials'!$7:$7,'Aflac Financials'!267:267)","v":24903400}]
[]
[null,"Dividends",null,null,null,null,null,{"$f":"LOOKUP(H$3,'Aflac Financials'!$7:$7,'Aflac Financials'!240:240)","v":3232871.25},{"$f":"LOOKUP(I$3,'Aflac Financials'!$7:$7,'Aflac Financials'!240:240)","v":3232871.25},{"$f":"LOOKUP(J$3,'Aflac Financials'!$7:$7,'Aflac Financials'!240:240)","v":3232871.25},{"$f":"LOOKUP(K$3,'Aflac Financials'!$7:$7,'Aflac Financials'!240:240)","v":3232871.25},{"$f":"LOOKUP(L$3,'Aflac Financials'!$7:$7,'Aflac Financials'!240:240)","v":3232871.25},{"$f":"LOOKUP(M$3,'Aflac Financials'!$7:$7,'Aflac Financials'!240:240)","v":3232871.25},{"$f":"LOOKUP(N$3,'Aflac Financials'!$7:$7,'Aflac Financials'!240:240)","v":3232871.25},{"$f":"LOOKUP(O$3,'Aflac Financials'!$7:$7,'Aflac Financials'!240:240)","v":3232871.25},{"$f":"LOOKUP(P$3,'Aflac Financials'!$7:$7,'Aflac Financials'!240:240)","v":3232871.25},{"$f":"LOOKUP(Q$3,'Aflac Financials'!$7:$7,'Aflac Financials'!240:240)","v":3232871.25},{"$f":"LOOKUP(R$3,'Aflac Financials'!$7:$7,'Aflac Financials'!240:240)","v":3232871.25},{"$f":"LOOKUP(S$3,'Aflac Financials'!$7:$7,'Aflac Financials'!240:240)","v":3232871.25},{"$f":"LOOKUP(T$3,'Aflac Financials'!$7:$7,'Aflac Financials'!240:240)","v":3232871.25},{"$f":"LOOKUP(U$3,'Aflac Financials'!$7:$7,'Aflac Financials'!240:240)","v":3232871.25},{"$f":"LOOKUP(V$3,'Aflac Financials'!$7:$7,'Aflac Financials'!240:240)","v":3232871.25},{"$f":"LOOKUP(W$3,'Aflac Financials'!$7:$7,'Aflac Financials'!240:240)","v":3232871.25},{"$f":"LOOKUP(X$3,'Aflac Financials'!$7:$7,'Aflac Financials'!240:240)","v":3232871.25},{"$f":"LOOKUP(Y$3,'Aflac Financials'!$7:$7,'Aflac Financials'!240:240)","v":3232871.25},{"$f":"LOOKUP(Z$3,'Aflac Financials'!$7:$7,'Aflac Financials'!240:240)","v":3232871.25},{"$f":"LOOKUP(AA$3,'Aflac Financials'!$7:$7,'Aflac Financials'!240:240)","v":3232871.25}]
[null,"Less: Equity Issues",null,null,null,null,null,{"$f":"LOOKUP(H$3,'Aflac Financials'!$7:$7,'Aflac Financials'!241:241)","v":0},{"$f":"LOOKUP(I$3,'Aflac Financials'!$7:$7,'Aflac Financials'!241:241)","v":0},{"$f":"LOOKUP(J$3,'Aflac Financials'!$7:$7,'Aflac Financials'!241:241)","v":0},{"$f":"LOOKUP(K$3,'Aflac Financials'!$7:$7,'Aflac Financials'!241:241)","v":0},{"$f":"LOOKUP(L$3,'Aflac Financials'!$7:$7,'Aflac Financials'!241:241)","v":0},{"$f":"LOOKUP(M$3,'Aflac Financials'!$7:$7,'Aflac Financials'!241:241)","v":0},{"$f":"LOOKUP(N$3,'Aflac Financials'!$7:$7,'Aflac Financials'!241:241)","v":0},{"$f":"LOOKUP(O$3,'Aflac Financials'!$7:$7,'Aflac Financials'!241:241)","v":0},{"$f":"LOOKUP(P$3,'Aflac Financials'!$7:$7,'Aflac Financials'!241:241)","v":0},{"$f":"LOOKUP(Q$3,'Aflac Financials'!$7:$7,'Aflac Financials'!241:241)","v":0},{"$f":"LOOKUP(R$3,'Aflac Financials'!$7:$7,'Aflac Financials'!241:241)","v":0},{"$f":"LOOKUP(S$3,'Aflac Financials'!$7:$7,'Aflac Financials'!241:241)","v":0},{"$f":"LOOKUP(T$3,'Aflac Financials'!$7:$7,'Aflac Financials'!241:241)","v":0},{"$f":"LOOKUP(U$3,'Aflac Financials'!$7:$7,'Aflac Financials'!241:241)","v":0},{"$f":"LOOKUP(V$3,'Aflac Financials'!$7:$7,'Aflac Financials'!241:241)","v":0},{"$f":"LOOKUP(W$3,'Aflac Financials'!$7:$7,'Aflac Financials'!241:241)","v":0},{"$f":"LOOKUP(X$3,'Aflac Financials'!$7:$7,'Aflac Financials'!241:241)","v":0},{"$f":"LOOKUP(Y$3,'Aflac Financials'!$7:$7,'Aflac Financials'!241:241)","v":0},{"$f":"LOOKUP(Z$3,'Aflac Financials'!$7:$7,'Aflac Financials'!241:241)","v":0},{"$f":"LOOKUP(AA$3,'Aflac Financials'!$7:$7,'Aflac Financials'!241:241)","v":0}]
[null,"Total Equity Cash Flow",null,null,null,null,null,{"$f":"H30-H31","v":3232871.25},{"$f":"I30-I31","v":3232871.25},3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25]
[]
[null,"Equity Cash Flow over Explicit Period",null,null,null,null,null,{"$f":"IF(H4,H32)","v":3232871.25},{"$f":"IF(I4,I32)","v":3232871.25},3232871.25,3232871.25,3232871.25,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
[null,"NPV of Cash Flow - End of Period",null,null,{"$f":"NPV(E12,34:34)","v":12739588.483608641}]
[null,"NPV of Explicit Cash Flow - Half Year",null,null,{"$f":"E36*(1+E12)^0.5","v":13269980.010681549}]
[]
["Terminal Cash Flow"]
[]
[null,"Return on Equity",null,null,null,null,null,{"$f":"LOOKUP(H$3,'Aflac Financials'!$7:$7,'Aflac Financials'!276:276)","v":0},{"$f":"LOOKUP(I$3,'Aflac Financials'!$7:$7,'Aflac Financials'!276:276)","v":0},{"$f":"LOOKUP(J$3,'Aflac Financials'!$7:$7,'Aflac Financials'!276:276)","v":0},{"$f":"LOOKUP(K$3,'Aflac Financials'!$7:$7,'Aflac Financials'!276:276)","v":0},{"$f":"LOOKUP(L$3,'Aflac Financials'!$7:$7,'Aflac Financials'!276:276)","v":0},{"$f":"LOOKUP(M$3,'Aflac Financials'!$7:$7,'Aflac Financials'!276:276)","v":0},{"$f":"LOOKUP(N$3,'Aflac Financials'!$7:$7,'Aflac Financials'!276:276)","v":0},{"$f":"LOOKUP(O$3,'Aflac Financials'!$7:$7,'Aflac Financials'!276:276)","v":0},{"$f":"LOOKUP(P$3,'Aflac Financials'!$7:$7,'Aflac Financials'!276:276)","v":0},{"$f":"LOOKUP(Q$3,'Aflac Financials'!$7:$7,'Aflac Financials'!276:276)","v":0},{"$f":"LOOKUP(R$3,'Aflac Financials'!$7:$7,'Aflac Financials'!276:276)","v":0},{"$f":"LOOKUP(S$3,'Aflac Financials'!$7:$7,'Aflac Financials'!276:276)","v":0},{"$f":"LOOKUP(T$3,'Aflac Financials'!$7:$7,'Aflac Financials'!276:276)","v":0},{"$f":"LOOKUP(U$3,'Aflac Financials'!$7:$7,'Aflac Financials'!276:276)","v":0},{"$f":"LOOKUP(V$3,'Aflac Financials'!$7:$7,'Aflac Financials'!276:276)","v":0},{"$f":"LOOKUP(W$3,'Aflac Financials'!$7:$7,'Aflac Financials'!276:276)","v":0},{"$f":"LOOKUP(X$3,'Aflac Financials'!$7:$7,'Aflac Financials'!276:276)","v":0},{"$f":"LOOKUP(Y$3,'Aflac Financials'!$7:$7,'Aflac Financials'!276:276)","v":0},{"$f":"LOOKUP(Z$3,'Aflac Financials'!$7:$7,'Aflac Financials'!276:276)","v":0},{"$f":"LOOKUP(AA$3,'Aflac Financials'!$7:$7,'Aflac Financials'!276:276)","v":0}]
[null,"Terminal Return Equity",null,null,{"$f":"E15","v":0.15},null,null,{"$f":"$E$42","v":0.15},{"$f":"$E$42","v":0.15},0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15]
[null,"Difference",null,null,null,null,null,{"$f":"H42-H41","v":0.15},{"$f":"I42-I41","v":0.15},0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15]
[]
[null,"Income Difference",null,null,null,null,null,{"$f":"H43*H28","v":3735510},{"$f":"I43*I28","v":3735510},3735510,3735510,3735510,3735510,3735510,3735510,3735510,3735510,3735510,3735510,3735510,3735510,3735510,3735510,3735510,3735510,3735510,3735510]
[null,"Adjusted Cash Flow",null,null,null,null,null,{"$f":"H32+H45","v":6968381.25},{"$f":"I32+I45","v":6968381.25},6968381.25,6968381.25,6968381.25,6968381.25,6968381.25,6968381.25,6968381.25,6968381.25,6968381.25,6968381.25,6968381.25,6968381.25,6968381.25,6968381.25,6968381.25,6968381.25,6968381.25,6968381.25]
[]
[null,"Reserves",null,null,null,null,null,{"$f":"LOOKUP(H$3,'Aflac Financials'!$7:$7,'Aflac Financials'!262:262)","v":96150000},{"$f":"LOOKUP(I$3,'Aflac Financials'!$7:$7,'Aflac Financials'!262:262)","v":96150000},{"$f":"LOOKUP(J$3,'Aflac Financials'!$7:$7,'Aflac Financials'!262:262)","v":96150000},{"$f":"LOOKUP(K$3,'Aflac Financials'!$7:$7,'Aflac Financials'!262:262)","v":96150000},{"$f":"LOOKUP(L$3,'Aflac Financials'!$7:$7,'Aflac Financials'!262:262)","v":96150000},{"$f":"LOOKUP(M$3,'Aflac Financials'!$7:$7,'Aflac Financials'!262:262)","v":96150000},{"$f":"LOOKUP(N$3,'Aflac Financials'!$7:$7,'Aflac Financials'!262:262)","v":96150000},{"$f":"LOOKUP(O$3,'Aflac Financials'!$7:$7,'Aflac Financials'!262:262)","v":96150000},{"$f":"LOOKUP(P$3,'Aflac Financials'!$7:$7,'Aflac Financials'!262:262)","v":96150000},{"$f":"LOOKUP(Q$3,'Aflac Financials'!$7:$7,'Aflac Financials'!262:262)","v":96150000},{"$f":"LOOKUP(R$3,'Aflac Financials'!$7:$7,'Aflac Financials'!262:262)","v":96150000},{"$f":"LOOKUP(S$3,'Aflac Financials'!$7:$7,'Aflac Financials'!262:262)","v":96150000},{"$f":"LOOKUP(T$3,'Aflac Financials'!$7:$7,'Aflac Financials'!262:262)","v":96150000},{"$f":"LOOKUP(U$3,'Aflac Financials'!$7:$7,'Aflac Financials'!262:262)","v":96150000},{"$f":"LOOKUP(V$3,'Aflac Financials'!$7:$7,'Aflac Financials'!262:262)","v":96150000},{"$f":"LOOKUP(W$3,'Aflac Financials'!$7:$7,'Aflac Financials'!262:262)","v":96150000},{"$f":"LOOKUP(X$3,'Aflac Financials'!$7:$7,'Aflac Financials'!262:262)","v":96150000},{"$f":"LOOKUP(Y$3,'Aflac Financials'!$7:$7,'Aflac Financials'!262:262)","v":96150000},{"$f":"LOOKUP(Z$3,'Aflac Financials'!$7:$7,'Aflac Financials'!262:262)","v":96150000},{"$f":"LOOKUP(AA$3,'Aflac Financials'!$7:$7,'Aflac Financials'!262:262)","v":96150000}]
[null,"Stable Investments to Reserve",null,null,{"$f":"E22","v":0},null,null,{"$f":"$E$49*H48","v":0},{"$f":"$E$49*I48","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Increase in Investemets",null,null,null,null,null,{"$f":"LOOKUP(H$3,'Aflac Financials'!$7:$7,'Aflac Financials'!234:234)","v":0},{"$f":"LOOKUP(I$3,'Aflac Financials'!$7:$7,'Aflac Financials'!234:234)","v":0},{"$f":"LOOKUP(J$3,'Aflac Financials'!$7:$7,'Aflac Financials'!234:234)","v":0},{"$f":"LOOKUP(K$3,'Aflac Financials'!$7:$7,'Aflac Financials'!234:234)","v":0},{"$f":"LOOKUP(L$3,'Aflac Financials'!$7:$7,'Aflac Financials'!234:234)","v":0},{"$f":"LOOKUP(M$3,'Aflac Financials'!$7:$7,'Aflac Financials'!234:234)","v":0},{"$f":"LOOKUP(N$3,'Aflac Financials'!$7:$7,'Aflac Financials'!234:234)","v":0},{"$f":"LOOKUP(O$3,'Aflac Financials'!$7:$7,'Aflac Financials'!234:234)","v":0},{"$f":"LOOKUP(P$3,'Aflac Financials'!$7:$7,'Aflac Financials'!234:234)","v":0},{"$f":"LOOKUP(Q$3,'Aflac Financials'!$7:$7,'Aflac Financials'!234:234)","v":0},{"$f":"LOOKUP(R$3,'Aflac Financials'!$7:$7,'Aflac Financials'!234:234)","v":0},{"$f":"LOOKUP(S$3,'Aflac Financials'!$7:$7,'Aflac Financials'!234:234)","v":0},{"$f":"LOOKUP(T$3,'Aflac Financials'!$7:$7,'Aflac Financials'!234:234)","v":0},{"$f":"LOOKUP(U$3,'Aflac Financials'!$7:$7,'Aflac Financials'!234:234)","v":0},{"$f":"LOOKUP(V$3,'Aflac Financials'!$7:$7,'Aflac Financials'!234:234)","v":0},{"$f":"LOOKUP(W$3,'Aflac Financials'!$7:$7,'Aflac Financials'!234:234)","v":0},{"$f":"LOOKUP(X$3,'Aflac Financials'!$7:$7,'Aflac Financials'!234:234)","v":0},{"$f":"LOOKUP(Y$3,'Aflac Financials'!$7:$7,'Aflac Financials'!234:234)","v":0},{"$f":"LOOKUP(Z$3,'Aflac Financials'!$7:$7,'Aflac Financials'!234:234)","v":0},{"$f":"LOOKUP(AA$3,'Aflac Financials'!$7:$7,'Aflac Financials'!234:234)","v":0}]
[null,"Increase in Investements - Stable",null,null,null,null,null,{"$f":"H49-G51","v":0},{"$f":"I49-H51","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Adjusted Stable Cash Flow",null,null,null,null,null,{"$f":"H32+H45+H50-H51","v":6968381.25},{"$f":"I32+I45+I50-I51","v":6968381.25},6968381.25,6968381.25,6968381.25,6968381.25,6968381.25,6968381.25,6968381.25,6968381.25,6968381.25,6968381.25,6968381.25,6968381.25,6968381.25,6968381.25,6968381.25,6968381.25,6968381.25,6968381.25]
[]
["Terminal Value Method 1 - Constant Growth"]
[null,"Growth Method ==> (1+g)/(k-g)",null,null,{"$f":"E13","v":0.04},{"$f":"E12","v":8.5000000000000006E-2}]
[null,"Terminal Value"]
[null,"PV of Terminal Value",null,null,{"$f":"NPV(F58,H57:AA57)*(1+E56)^0.5","v":0},{"$f":"F56","v":8.5000000000000006E-2},{"$f":"E13","v":0.04},{"$f":"(1+$G$58)/($F$58-$G$58)*H5*H32","v":0},{"$f":"(1+$G$58)/($F$58-$G$58)*I5*I32","v":0},0,0,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"PV of Terminal Value",null,null,{"$f":"NPV(F58,H58:AA58)*(1+E12)^0.5","v":0}]
[null,"Add: NPV of Explicit Cash Flow",null,null,{"$f":"E37","v":13269980.010681549}]
[null,"Total Equity Value",null,null,{"$f":"E60+E61","v":13269980.010681549}]
[null,"Shares",null,null,{"$f":"LOOKUP(F4-1,'Aflac Financials'!7:7,'Aflac Financials'!226:226)","v":413920}]
[null,"Equity Value/Share",null,null,{"$f":"E62/E63","v":32.059286844514759}]
[]
["Terminal Value Method 2 - Price to Earnings in Terminal Period"]
[]
[null,"Income",null,null,null,null,null,{"$f":"H27","v":3232871.25},{"$f":"I27","v":3232871.25},3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25,3232871.25]
[null,"P/E Ratio",null,null,{"$f":"E14","v":11},null,null,{"$f":"H68*$E$69*H5","v":0},{"$f":"I68*$E$69*I5","v":0},0,0,35561583.75,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"PV of Terminal Value",null,null,{"$f":"NPV(E12,H69:AA69)","v":23650068.51782592}]
[null,"Add: NPV of Explicit Cash Flow",null,null,{"$f":"E61","v":13269980.010681549}]
[null,"Total Equity Value",null,null,{"$f":"E70+E71","v":36920048.528507471}]
[null,"Shares",null,null,{"$f":"E63","v":413920}]
[null,"Equity Value/Share",null,null,{"$f":"E72/E73","v":89.196097140769879}]
[]
["Terminal Value Method 3 - Value Driver"]
[]
[null,"Terminal Value = Income x (1-g/ROE)/(k-g)",null,null,{"$f":"(1-E13/E15)/(E12-E13)","v":16.296296296296294},null,null,{"$f":"$E$78","v":16.296296296296294},{"$f":"$E$78","v":16.296296296296294},16.296296296296294,16.296296296296294,16.296296296296294,16.296296296296294,16.296296296296294,16.296296296296294,16.296296296296294,16.296296296296294,16.296296296296294,16.296296296296294,16.296296296296294,16.296296296296294,16.296296296296294,16.296296296296294,16.296296296296294,16.296296296296294,16.296296296296294,16.296296296296294]
[null,"Income",null,null,null,null,null,{"$f":"H78*H68*H5","v":0},{"$f":"I78*I68*I5","v":0},0,0,52683827.777777769,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"PV of Terminal Value",null,null,{"$f":"NPV(E12,H79:AA79)*(1+F58)^0.5","v":36495851.39432735}]
[null,"Add: NPV of Explicit Cash Flow",null,null,{"$f":"E71","v":13269980.010681549}]
[null,"Total Equity Value",null,null,{"$f":"E80+E81","v":49765831.405008897}]
[null,"Shares",null,null,{"$f":"E73","v":413920}]
[null,"Equity Value/Share",null,null,{"$f":"E82/E83","v":120.23055519184601}]
[]
["Terminal Value Method 4 - Price to Book Equation"]
[]
[null,"ROE"]
[null,"Price to Book"]
[null,"Book Value"]
[null,"Market Value"]
[null,"PV of Terminal Value",null,null,{"$f":"NPV(E12,H91:AA91)*(1+F58)^0.5","v":0}]
[null,"Add: NPV of Explicit Cash Flow",null,null,{"$f":"E81","v":13269980.010681549}]
[null,"Total Equity Value",null,null,{"$f":"E92+E93","v":13269980.010681549}]
[null,"Shares",null,null,{"$f":"E83","v":413920}]
[null,"Equity Value/Share",null,null,{"$f":"E94/E95","v":32.059286844514759}]