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{"sheet":"Contents","index":0,"n_rows":13,"n_cols":5,"rows_kept":13,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,"Contents","Sheet Tab","Description","Author"]
[null,1,"Contents","This sheet"]
[null,2,"Basic Exercise","Exercise for Model"]
[null,3,"Verification","Page to Make Checks"]
[null,5,"Exercise without Titles"]
[]
[null," File Name: ",null,"C:\\Courses\\Course Materials\\1 Templates and Exercises Corporate Model\\Exercises\\Basic Model Exercise.xls"]
[]
[null," Colour Codes "]
[]
[null," Date ",null,"2008-11-08"]

{"sheet":"Blank Exercise","index":1,"n_rows":246,"n_cols":256,"rows_kept":246,"cut":false,"hidden":false,"merged":[]}
["Basic Exercise",null,null,null,true]
["Year",null,null,null,null,0,1,2,3,4,5,6]
[]
["Assumptions"]
[null,"Operating"]
[null,null,"EBITDA",null,null,"Growth Rate"]
[null,null,null,"Base Case",1,0.01,150,{"$f":"G7*(1+$F$7)","v":151.5},{"$f":"H7*(1+$F$7)","v":153.01500000000001},{"$f":"I7*(1+$F$7)","v":154.54515000000001},{"$f":"J7*(1+$F$7)","v":156.09060150000002},{"$f":"K7*(1+$F$7)","v":157.65150751500002}]
[null,null,null,"Low Case",2,-0.01,150,{"$f":"G8*(1+$F$8)","v":148.5},{"$f":"H8*(1+$F$8)","v":147.01499999999999},{"$f":"I8*(1+$F$8)","v":145.54485},{"$f":"J8*(1+$F$8)","v":144.08940150000001},{"$f":"K8*(1+$F$8)","v":142.64850748500001}]
[null,null,null,"High Case",3,0.02,150,{"$f":"G9*(1+$F$9)","v":153},{"$f":"H9*(1+$F$9)","v":156.06},{"$f":"I9*(1+$F$9)","v":159.18120000000002},{"$f":"J9*(1+$F$9)","v":162.36482400000003},{"$f":"K9*(1+$F$9)","v":165.61212048000004}]
[null,null,null,{"$f":"INDEX(titles,scenario)","v":"Base Case"},null,1,{"$f":"INDEX(G7:G9,scenario)","v":150},151.5,153.01500000000001,154.54515000000001,156.09060150000002,157.65150751500002]
[]
[null,null,"Capital Expenditures",null,null,null,50,200,100,50,{"$f":"J12","v":50},50]
[null,null,"Working Captial Percent of EBITDA",null,null,null,0.25,0.25,0.25,0.25,0.25,0.25]
[null,null,"Operating Cash As Percent of EBITDA",null,null,null,0.04,0.04,0.04,0.04,0.04,0.04]
[]
[null,null,"Depreciation Rate",null,null,null,0.1,0.1,0.1,0.1,0.1,0.1]
[null,null,"Income Tax Rate",null,null,null,0.3,0.3,0.3,0.3,0.3,0.3]
[]
[null,"Financing"]
[null,null,"Interest Income Rate",null,null,null,0.03,3.5000000000000003E-2,0.04,0.04,0.04,0.04]
[null,null,"Interest Expense Rate",null,null,null,0.05,{"$f":"G21","v":0.05},0.05,0.05,0.05,0.05]
[null,null,"Dividend Payout Ratio",null,null,null,0.5,0.5,0.5,0.5,0.5,0.5]
[null,null,"Common Equity Issues/Buybacks",null,null,null,0,0,100,0,-200,0]
[null,null,"Future Share Price",null,null,null,10,10,10,10,10,10]
[null,null,"Minority Interest Percent",null,null,null,{"$f":"(F45/(F45+F46))","v":0.17721518987341772},{"$f":"G25","v":0.17721518987341772},{"$f":"H25","v":0.17721518987341772},{"$f":"I25","v":0.17721518987341772},{"$f":"J25","v":0.17721518987341772},{"$f":"K25","v":0.17721518987341772}]
[]
[null,"Long-Term Debt Details"]
[null,null,"Issue 1"]
[null,null,null,"Repayment",null,{"$f":"SUM(G29:K29)","v":75},25,25,25,0]
[null,null,null,"Interest Rate on Long-term Debt",null,null,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2]
[]
[null,null,"Issue 2"]
[null,null,null,"Repayment",null,{"$f":"SUM(G33:K33)","v":100},0,0,0,50,50]
[null,null,null,"Interest Rate on Long-term Debt",null,null,0.08,0.08,0.08,0.08,0.08]
[]
["Initial Balance Sheet"]
[null,"Cash",null,null,null,50]
[null,"Working Capital",null,null,null,20]
[null,"Plant Property and Equipment",null,null,null,600]
[null,"Accumulated Depreciation",null,null,null,-100]
[null,null,"Total Assets",null,null,{"$f":"SUM(F37:F40)","v":570}]
[]
[null,"Long-Term Debt",null,null,null,{"$f":"F29+F33","v":175}]
[null,"Short-Term Debt",null,null,null,0]
[null,"Minority Interest Percent",null,null,null,70]
[null,"Equity",null,null,null,325]
[null,null,"Total Liabilities and Capital",null,null,{"$f":"SUM(F43:F46)","v":570}]
[]
[null,"Shares",null,null,null,40]
[]
[null,"Initial Balance Sheet Test",null,null,null,{"$f":"F47-F41=0","v":true}]
[]
["Working Analysis"]
[null,"EBITDA"]
[null,"Capital Expenditures"]
[]
["Working Capital Analysis"]
[null,null,"EBITDA",null,"From Input Above"]
[null,null,"Working Capital Percent",null,"From Input Above"]
[null,null,"Working Capital Balance",null,"EBITDA x Percent"]
[null,null,"Change in Working Capital",null,"Change in Balance"]
[]
["Fixed Assets"]
[null,"Net Plant"]
[null,null,"Opening Balance",null,"Opening = Prior Closing"]
[null,null,"Add: Capital Expenditure",null,"From Input"]
[null,null,"Less: Depreciation"]
[null,null,"Closing Balance",null,"Initial from B/S; Later Sum"]
[]
[null,null,"Depreciation Rate",null,"From Input"]
[null,null,"Depreciation Expense (Ending Balance)",null,"Closing x Depreciation Rate"]
[]
["Debt Analysis"]
[null,"Debt Balance"]
[null,null,"Issue 1"]
[null,null,null,"Opening Balance","Opening = Prior Closing"]
[null,null,null,"Less: Repayments","From Input "]
[null,null,null,"Closing Balance","Initial from B/S; Later Sum"]
[]
[null,null,null,"Interest Rate","From Input"]
[null,null,null,"Interest Expense","Average Balance x Rate"]
[]
[null,null,"Issue 2"]
[null,null,null,"Opening Balance","Opening = Prior Closing"]
[null,null,null,"Less: Repayments","From Input "]
[null,null,null,"Closing Balance","Initial from B/S; Later Sum"]
[]
[null,null,null,"Interest Rate","From Input"]
[null,null,null,"Interest Expense","Average Balance x Rate"]
[]
[null,"Aggregate Balance"]
[null,null,null,"Total Interest Expense","Total of Issue 1 and Issue 2"]
[null,null,null,"Total Closing Balance","Total of Issue 1 and Issue 2"]
[null,null,null,"Total Repayments","Total of Issue 1 and Issue 2"]
[]
["Cash LESS Short-term Debt Balance"]
[null,"Minimum Cash Balance"]
[null,null,"EBITDA"]
[null,null,"Cash as Percent of EBITDA"]
[null,null,"Minimum Cash Balance"]
[]
[null,null,"Opening Balance",null,"Prior Balance"]
[null,null,"Add: Net Cash Flow",null,"From Cash Flow Statement"]
[null,null,"Closing Balance",null,"Opeining + Cash Flow"]
[]
[null,null,"Cash Balance",null,"Max of Closing Balance or Min"]
[null,null,"Interest Income",null,"Average of Cash x Rate"]
[]
[null,null,"Short-term Debt Balance",null,"Max of Neg Closing Balance or Zero"]
[null,null,"Interest Expense",null,"Average of Debt x Rate"]
[]
["Income Statement"]
[null,"EBITDA",null,null,"From Above, Sensitivity"]
[null,null,"Less: Depreciation Expense",null,"From Depreciation Analysis Above"]
[null,"EBIT ",null,null,"EBITDA - Depreciation"]
[null,null,"Less: Short-term Interest",null,"From End of Model, Leave until Done"]
[null,null,"Less: Long-term Interest",null,"From Debt Analysis Above"]
[null,null,"Plus: Interest Income",null,"From End of Model, Leave until Done"]
[null,"EBT",null,null,"Subtotal from Above"]
[null,null,"Less: Income Taxes",null,"EBT x Tax rate"]
[null,"Earnings Before Minority Interest",null,null,"Subtotal from Above"]
[null,null,"Less: Minority Interest",null,"Minority Interest Percent x Earning b/4 Min"]
[null,null,"Net Income",null,"EBIT - Interest + Interest Income"]
[]
["Cash Flow Statement"]
[null,"EBITDA",null,null,"From Income Statement"]
[null,null,"Less: Taxes Paid",null,"From Income Statement"]
[null,null,"Less: Working Capital Change",null,"From Working"]
[null,"Cash from Operations",null,null,"Net Income + Depreciation"]
[null,null,"Less: Capital Expenditures",null,"From Above"]
[null,"Cash Before Financing",null,null,"Operations - Capital Expenditures"]
[null,null,"Less: Interest Expense - long-term",null,"From Above"]
[null,null,"Less: Interest Expense - short-term",null,"From Above"]
[null,null,"Add: Interest Income",null,"From Above"]
[null,null,"Less: Debt Repayment",null,"From Above"]
[null,null,"Less: Dividends to Common",null,"Dividend Payout x Net Income"]
[null,null,"Less: Dividends to Minority",null,"Dividend Payout x Minority Income"]
[null,null,"Add: Equity Financing",null,"Input"]
[null,null,"Net Cash Flow",null,"Cash Flow b/4 fin - Repayment - Div"]
[]
["Shares and EPS"]
[null,"Share Balance"]
[null,null,"Opening Balance"]
[null,null,"Add: New Shares: Equity Financing/Price"]
[null,null,"Closing Balance"]
[]
[null,"Average Balance"]
[null,"Earnings per Share"]
[]
[]
["Balance Sheet"]
[null,"Equity Balance"]
[null,null,"Opening Balance"]
[null,null,"Add Net Income"]
[null,null,"Add New Issues"]
[null,null,"Less Dividends"]
[null,null,"Closing Balance"]
[]
[null,"Minority Balance"]
[null,null,"Opening Balance"]
[null,null,"Add Net Income"]
[null,null,"Add New Issues"]
[null,null,"Less Dividends"]
[null,null,"Closing Balance"]
[]
[null,"Cash",null,null,"From End of Model, Leave until Done"]
[null,"Working Capital"]
[null,"Net Plant",null,null,"Prior Balance + Depreciation"]
[null,null,"Total Assets",null,"Cash + Plant - Acc Dep"]
[]
[null,"Long-Term Debt",null,null,"From Debt Balance Above"]
[null,"Short-Term Debt",null,null,"From End of Model, Leave until Done"]
[null,"Minority Equity",null,null,"Retained Earning-Prior+NI-Div"]
[null,"Equity",null,null,"Retained Earning-Prior+NI-Div"]
[null,null,"Total Liabilities and Capital",null,"Sum of Above"]
[]
[null,"Difference",null,null,"Assets = Capital"]
[null,"Annual Test",null,null,{"$f":"AND(F178:K178)","v":{"$error":"#VALUE!"}}]
[null,"Aggregate Test"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Return on Equity"]
[]
[null,"Debt to Capital"]
[]
[null,"Target Debt To Capital"]
[]
[null,"Earnings per Share"]
[]
[null,"DCF"]
[null,null,"EBITDA"]
[null,null,"Less: WC Changes"]
[null,null,"Less: Capital Expenditures"]
[null,null,null,"Total"]
[]
[null,"Growth"]
[null,"WACC"]
[]
[null,"Terminal Cash Flow"]
[null,"Total Cash Flow"]
[null,"PV of Free Cash Flow"]
[null,"Net Debt"]
[null,"Equity Value"]
[]
[null,"Value per Share"]
[]
[null,"PE"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Fixed Interest Expense"]
[null,"Computed Interest Expesse"]
[null,"Difference",null,null,null,null,null,null,null,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Fixed Interest Income"]
[null,"Computed Interest Income"]
[null,"Difference",null,null,null,null,null,null,null,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,"Taget"]
[]
[null,"Actual"]

{"sheet":"Completed Exercise","index":2,"n_rows":246,"n_cols":256,"rows_kept":246,"cut":false,"hidden":false,"merged":[]}
["Basic Exercise",null,null,null,false]
["Year",null,null,null,null,0,1,2,3,4,5,6]
[]
["Assumptions"]
[null,"Operating"]
[null,null,"EBITDA",null,null,"Growth Rate"]
[null,null,null,"Base Case",1,0.01,150,{"$f":"G7*(1+$F$7)","v":151.5},{"$f":"H7*(1+$F$7)","v":153.01500000000001},{"$f":"I7*(1+$F$7)","v":154.54515000000001},{"$f":"J7*(1+$F$7)","v":156.09060150000002},{"$f":"K7*(1+$F$7)","v":157.65150751500002}]
[null,null,null,"Low Case",2,-0.01,150,{"$f":"G8*(1+$F$8)","v":148.5},{"$f":"H8*(1+$F$8)","v":147.01499999999999},{"$f":"I8*(1+$F$8)","v":145.54485},{"$f":"J8*(1+$F$8)","v":144.08940150000001},{"$f":"K8*(1+$F$8)","v":142.64850748500001}]
[null,null,null,"High Case",3,0.02,150,{"$f":"G9*(1+$F$9)","v":153},{"$f":"H9*(1+$F$9)","v":156.06},{"$f":"I9*(1+$F$9)","v":159.18120000000002},{"$f":"J9*(1+$F$9)","v":162.36482400000003},{"$f":"K9*(1+$F$9)","v":165.61212048000004}]
[null,null,null,{"$f":"INDEX(titles,scenario)","v":"Base Case"},null,1,{"$f":"INDEX(G7:G9,scenario)","v":150},151.5,153.01500000000001,154.54515000000001,156.09060150000002,157.65150751500002]
[]
[null,null,"Capital Expenditures",null,null,null,50,200,100,50,{"$f":"J12","v":50},50]
[null,null,"Working Captial Percent of EBITDA",null,null,null,0.25,0.25,0.25,0.25,0.25,0.25]
[null,null,"Operating Cash As Percent of EBITDA",null,null,null,0.04,0.04,0.04,0.04,0.04,0.04]
[]
[null,null,"Depreciation Rate",null,null,null,0.1,0.1,0.1,0.1,0.1,0.1]
[null,null,"Income Tax Rate",null,null,null,0.3,0.3,0.3,0.3,0.3,0.3]
[]
[null,"Financing"]
[null,null,"Interest Income Rate",null,null,null,0.03,3.5000000000000003E-2,0.04,0.04,0.04,0.04]
[null,null,"Interest Expense Rate",null,null,null,0.05,{"$f":"G21","v":0.05},0.05,0.05,0.05,0.05]
[null,null,"Dividend Payout Ratio",null,null,null,0.5,0.5,0.5,0.5,0.5,0.5]
[null,null,"Common Equity Issues/Buybacks",null,null,null,0,0,100,0,-200,0]
[null,null,"Future Share Price",null,null,null,10,10,10,10,10,10]
[null,null,"Minority Interest Percent",null,null,null,{"$f":"(F45/(F45+F46))","v":0.17721518987341772},{"$f":"G25","v":0.17721518987341772},{"$f":"H25","v":0.17721518987341772},{"$f":"I25","v":0.17721518987341772},{"$f":"J25","v":0.17721518987341772},{"$f":"K25","v":0.17721518987341772}]
[]
[null,"Long-Term Debt Details"]
[null,null,"Issue 1"]
[null,null,null,"Repayment",null,{"$f":"SUM(G29:K29)","v":75},25,25,25,0]
[null,null,null,"Interest Rate on Long-term Debt",null,null,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2]
[]
[null,null,"Issue 2"]
[null,null,null,"Repayment",null,{"$f":"SUM(G33:K33)","v":100},0,0,0,50,50]
[null,null,null,"Interest Rate on Long-term Debt",null,null,0.08,0.08,0.08,0.08,0.08]
[]
["Initial Balance Sheet"]
[null,"Cash",null,null,null,50]
[null,"Working Capital",null,null,null,20]
[null,"Plant Property and Equipment",null,null,null,600]
[null,"Accumulated Depreciation",null,null,null,-100]
[null,null,"Total Assets",null,null,{"$f":"SUM(F37:F40)","v":570}]
[]
[null,"Long-Term Debt",null,null,null,{"$f":"F29+F33","v":175}]
[null,"Short-Term Debt",null,null,null,0]
[null,"Minority Interest Percent",null,null,null,70]
[null,"Equity",null,null,null,325]
[null,null,"Total Liabilities and Capital",null,null,{"$f":"SUM(F43:F46)","v":570}]
[]
[null,"Shares",null,null,null,40]
[]
[null,"Initial Balance Sheet Test",null,null,null,{"$f":"F47-F41=0","v":true}]
[]
["Working Analysis"]
[null,"EBITDA",null,null,null,null,{"$f":"G10","v":150},{"$f":"H10","v":151.5},153.01500000000001,154.54515000000001,156.09060150000002]
[null,"Capital Expenditures",null,null,null,null,{"$f":"G12","v":50},{"$f":"H12","v":200},100,50,50]
[]
["Working Capital Analysis"]
[null,null,"EBITDA",null,"From Input Above",null,{"$f":"G54","v":150},{"$f":"H54","v":151.5},153.01500000000001,154.54515000000001,156.09060150000002]
[null,null,"Working Capital Percent",null,"From Input Above",null,{"$f":"G13","v":0.25},{"$f":"H13","v":0.25},0.25,0.25,0.25]
[null,null,"Working Capital Balance",null,"EBITDA x Percent",{"$f":"F38","v":20},{"$f":"G58*G59","v":37.5},{"$f":"H58*H59","v":37.875},38.253750000000004,38.636287500000002,39.022650375000005]
[null,null,"Change in Working Capital",null,"Change in Balance",null,{"$f":"G60-F60","v":17.5},{"$f":"H60-G60","v":0.375},0.37875000000000369,0.38253749999999798,0.38636287500000321]
[]
["Fixed Assets"]
[null,"Net Plant"]
[null,null,"Opening Balance",null,"Opening = Prior Closing",null,{"$f":"F68","v":500},{"$f":"G68","v":500},650,685,666.5]
[null,null,"Add: Capital Expenditure",null,"From Input",null,{"$f":"G55","v":50},{"$f":"H55","v":200},100,50,50]
[null,null,"Less: Depreciation",null,null,null,{"$f":"G71","v":50},{"$f":"H71","v":50},65,68.5,66.650000000000006]
[null,null,"Closing Balance",null,"Initial from B/S; Later Sum",{"$f":"F39+F40","v":500},{"$f":"G65+G66-G67","v":500},{"$f":"H65+H66-H67","v":650},685,666.5,649.85]
[]
[null,null,"Depreciation Rate",null,"From Input",null,{"$f":"G16","v":0.1},{"$f":"H16","v":0.1},0.1,0.1,0.1]
[null,null,"Depreciation Expense (Ending Balance)",null,"Closing x Depreciation Rate",null,{"$f":"G65*G70","v":50},{"$f":"H65*H70","v":50},65,68.5,66.650000000000006]
[]
["Debt Analysis"]
[null,"Debt Balance"]
[null,null,"Issue 1"]
[null,null,null,"Opening Balance","Opening = Prior Closing",null,{"$f":"F78","v":75},{"$f":"G78","v":50},25,0,0]
[null,null,null,"Less: Repayments","From Input ",null,{"$f":"G29","v":25},{"$f":"H29","v":25},25,0,0]
[null,null,null,"Closing Balance","Initial from B/S; Later Sum",{"$f":"F29","v":75},{"$f":"G76-G77","v":50},{"$f":"H76-H77","v":25},0,0,0]
[]
[null,null,null,"Interest Rate","From Input",null,{"$f":"G30","v":6.5000000000000002E-2},{"$f":"H30","v":6.5000000000000002E-2},6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2]
[null,null,null,"Interest Expense","Average Balance x Rate",null,{"$f":"AVERAGE(G78,G76)*G80","v":4.0625},{"$f":"AVERAGE(H78,H76)*H80","v":2.4375},0.8125,0,0]
[]
[null,null,"Issue 2"]
[null,null,null,"Opening Balance","Opening = Prior Closing",null,{"$f":"F86","v":100},{"$f":"G86","v":100},100,100,50]
[null,null,null,"Less: Repayments","From Input ",null,{"$f":"G33","v":0},{"$f":"H33","v":0},0,50,50]
[null,null,null,"Closing Balance","Initial from B/S; Later Sum",{"$f":"F33","v":100},{"$f":"G84-G85","v":100},{"$f":"H84-H85","v":100},100,50,0]
[]
[null,null,null,"Interest Rate","From Input",null,{"$f":"G34","v":0.08},{"$f":"H34","v":0.08},0.08,0.08,0.08]
[null,null,null,"Interest Expense","Average Balance x Rate",null,{"$f":"AVERAGE(G86,G84)*G88","v":8},{"$f":"AVERAGE(H86,H84)*H88","v":8},8,6,2]
[]
[null,"Aggregate Balance"]
[null,null,null,"Total Interest Expense","Total of Issue 1 and Issue 2",null,{"$f":"G89+G81","v":12.0625},{"$f":"H89+H81","v":10.4375},8.8125,6,2]
[null,null,null,"Total Closing Balance","Total of Issue 1 and Issue 2",{"$f":"F86+F78","v":175},{"$f":"G86+G78","v":150},{"$f":"H86+H78","v":125},100,50,0]
[null,null,null,"Total Repayments","Total of Issue 1 and Issue 2",null,{"$f":"G85+G77","v":25},{"$f":"H85+H77","v":25},25,50,50]
[]
["Cash LESS Short-term Debt Balance"]
[null,"Minimum Cash Balance"]
[null,null,"EBITDA",null,null,null,{"$f":"G58","v":150},{"$f":"H58","v":151.5},153.01500000000001,154.54515000000001,156.09060150000002]
[null,null,"Cash as Percent of EBITDA",null,null,null,{"$f":"G14","v":0.04},{"$f":"H14","v":0.04},0.04,0.04,0.04]
[null,null,"Minimum Cash Balance",null,null,null,{"$f":"G98*G99","v":6},{"$f":"H98*H99","v":6.0600000000000005},6.1206000000000005,6.1818060000000008,6.243624060000001]
[]
[null,null,"Opening Balance",null,"Prior Balance",null,{"$f":"F104","v":50},{"$f":"G104","v":35.221899034609841},-111.54541338077831,-49.122192989931058,-56.974331650108688]
[null,null,"Add: Net Cash Flow",null,"From Cash Flow Statement",null,{"$f":"G139","v":-14.778100965390159},{"$f":"H139","v":-146.76731241538815},62.423220390847256,-7.8521386601776273,-207.53556367094933]
[null,null,"Closing Balance",null,"Opeining + Cash Flow",{"$f":"F37-F44","v":50},{"$f":"G102+G103","v":35.221899034609841},{"$f":"H102+H103","v":-111.54541338077831},-49.122192989931058,-56.974331650108688,-264.50989532105802]
[]
[null,null,"Cash Balance",null,"Max of Closing Balance or Min",{"$f":"F37","v":50},{"$f":"MAX(G104,G100)","v":35.221899034609841},{"$f":"MAX(H104,H100)","v":6.0600000000000005},6.1206000000000005,6.1818060000000008,6.243624060000001]
[null,null,"Interest Income",null,"Average of Cash x Rate",null,{"$f":"F106*G20","v":1.5},{"$f":"G106*H20","v":1.2327664662113444},0.24240000000000003,0.24482400000000001,0.24727224000000003]
[]
[null,null,"Short-term Debt Balance",null,"Max of Neg Closing Balance or Zero",{"$f":"F44","v":0},{"$f":"MAX(-G104+G100,0)","v":0},{"$f":"MAX(-H104+H100,0)","v":117.60541338077832},{"$f":"MAX(-I104+I100,0)","v":55.242792989931061},63.15613765010869,270.75351938105803]
[null,null,"Interest Expense",null,"Average of Debt x Rate",null,{"$f":"F109*G21","v":0},{"$f":"G109*H21","v":0},5.8802706690389162,2.7621396494965533,3.1578068825054348]
[]
["Income Statement"]
[null,"EBITDA",null,null,"From Above, Sensitivity",null,{"$f":"G98","v":150},{"$f":"H98","v":151.5},153.01500000000001,154.54515000000001,156.09060150000002]
[null,null,"Less: Depreciation Expense",null,"From Depreciation Analysis Above",null,{"$f":"G71","v":50},{"$f":"H71","v":50},65,68.5,66.650000000000006]
[null,"EBIT ",null,null,"EBITDA - Depreciation",null,{"$f":"G113-G114","v":100},{"$f":"H113-H114","v":101.5},88.015000000000015,86.045150000000007,89.440601500000014]
[null,null,"Less: Short-term Interest",null,"From End of Model, Leave until Done",null,{"$f":"G110","v":0},{"$f":"H110","v":0},5.8802706690389162,2.7621396494965533,3.1578068825054348]
[null,null,"Less: Long-term Interest",null,"From Debt Analysis Above",null,{"$f":"G92","v":12.0625},{"$f":"H92","v":10.4375},8.8125,6,2]
[null,null,"Plus: Interest Income",null,"From End of Model, Leave until Done",null,{"$f":"G107","v":1.5},{"$f":"H107","v":1.2327664662113444},0.24240000000000003,0.24482400000000001,0.24727224000000003]
[null,"EBT",null,null,"Subtotal from Above",null,{"$f":"G115-G116-G117+G118","v":89.4375},{"$f":"H115-H116-H117+H118","v":92.295266466211345},73.564629330961097,77.527834350503454,84.530066857494575]
[null,null,"Less: Income Taxes",null,"EBT x Tax rate",null,{"$f":"MAX(G119*G17,0)","v":26.831250000000001},{"$f":"MAX(H119*H17,0)","v":27.688579939863402},22.06938879928833,23.258350305151037,25.359020057248372]
[null,"Earnings Before Minority Interest",null,null,"Subtotal from Above",null,{"$f":"G119-G120","v":62.606250000000003},{"$f":"H119-H120","v":64.606686526347943},51.495240531672763,54.269484045352414,59.171046800246202]
[null,null,"Less: Minority Interest",null,"Minority Interest Percent x Earning b/4 Min",null,{"$f":"G121*G25","v":11.094778481012659},{"$f":"H121*H25","v":11.449286219859129},9.1257388283977043,9.6173769194295424,10.486008293714518]
[null,null,"Net Income",null,"EBIT - Interest + Interest Income",null,{"$f":"G121-G122","v":51.511471518987342},{"$f":"H121-H122","v":53.15740030648881},42.369501703275063,44.652107125922868,48.685038506531683]
[]
["Cash Flow Statement"]
[null,"EBITDA",null,null,"From Income Statement",null,{"$f":"G113","v":150},{"$f":"H113","v":151.5},153.01500000000001,154.54515000000001,156.09060150000002]
[null,null,"Less: Taxes Paid",null,"From Income Statement",null,{"$f":"G120","v":26.831250000000001},{"$f":"H120","v":27.688579939863402},22.06938879928833,23.258350305151037,25.359020057248372]
[null,null,"Less: Working Capital Change",null,"From Working",null,{"$f":"G61","v":17.5},{"$f":"H61","v":0.375},0.37875000000000369,0.38253749999999798,0.38636287500000321]
[null,"Cash from Operations",null,null,"Net Income + Depreciation",null,{"$f":"G126-G127-G128","v":105.66875},{"$f":"H126-H127-H128","v":123.4364200601366},130.56686120071168,130.90426219484897,130.34521856775163]
[null,null,"Less: Capital Expenditures",null,"From Above",null,{"$f":"G55","v":50},{"$f":"H55","v":200},100,50,50]
[null,"Cash Before Financing",null,null,"Operations - Capital Expenditures",null,{"$f":"G129-G130","v":55.668750000000003},{"$f":"H129-H130","v":-76.563579939863402},30.566861200711685,80.904262194848968,80.34521856775163]
[null,null,"Less: Interest Expense - long-term",null,"From Above",null,{"$f":"G117","v":12.0625},{"$f":"H117","v":10.4375},8.8125,6,2]
[null,null,"Less: Interest Expense - short-term",null,"From Above",null,{"$f":"G116","v":0},{"$f":"H116","v":0},5.8802706690389162,2.7621396494965533,3.1578068825054348]
[null,null,"Add: Interest Income",null,"From Above",null,{"$f":"G118","v":1.5},{"$f":"H118","v":1.2327664662113444},0.24240000000000003,0.24482400000000001,0.24727224000000003]
[null,null,"Less: Debt Repayment",null,"From Above",null,{"$f":"G94","v":25},{"$f":"H94","v":25},25,50,50]
[null,null,"Less: Dividends to Common",null,"Dividend Payout x Net Income",null,{"$f":"MAX(G123*G22,0)","v":25.755735759493671},{"$f":"MAX(H123*H22,0)","v":26.578700153244405},21.184750851637531,22.326053562961434,24.342519253265841]
[null,null,"Less: Dividends to Minority",null,"Dividend Payout x Minority Income",null,{"$f":"MAX(G123*G25,0)","v":9.1286152058964909},{"$f":"MAX(H123*H25,0)","v":9.4202987884916887},7.5085192891879862,7.9130316425686091,8.6277283429296645]
[null,null,"Add: Equity Financing",null,"Input",null,{"$f":"G23","v":0},{"$f":"H23","v":0},100,0,-200]
[null,null,"Net Cash Flow",null,"Cash Flow b/4 fin - Repayment - Div",null,{"$f":"G131-G132-G133+G134-G135-G136-G137+G138","v":-14.778100965390159},{"$f":"H131-H132-H133+H134-H135-H136-H137+H138","v":-146.76731241538815},62.423220390847256,-7.8521386601776273,-207.53556367094933]
[]
["Shares and EPS"]
[null,"Share Balance"]
[null,null,"Opening Balance",null,null,null,{"$f":"F145","v":40},{"$f":"G145","v":40},40,50,50]
[null,null,"Add: New Shares: Equity Financing/Price",null,null,null,{"$f":"G138/G24","v":0},{"$f":"H138/H24","v":0},10,0,-20]
[null,null,"Closing Balance",null,null,{"$f":"F49","v":40},{"$f":"G143+G144","v":40},{"$f":"H143+H144","v":40},50,50,30]
[]
[null,"Average Balance",null,null,null,null,{"$f":"AVERAGE(F145:G145)","v":40},{"$f":"AVERAGE(G145:H145)","v":40},45,50,40]
[null,"Earnings per Share",null,null,null,null,{"$f":"G123/G147","v":1.2877867879746836},{"$f":"H123/H147","v":1.3289350076622202},0.94154448229500143,0.89304214251845737,1.217125962663292]
[]
[]
["Balance Sheet"]
[null,"Equity Balance"]
[null,null,"Opening Balance",null,null,null,{"$f":"F157","v":325},{"$f":"G157","v":350.75573575949363},377.334435912738,498.51918676437549,520.84524032733691]
[null,null,"Add Net Income",null,null,null,{"$f":"G123","v":51.511471518987342},{"$f":"H123","v":53.15740030648881},42.369501703275063,44.652107125922868,48.685038506531683]
[null,null,"Add New Issues",null,null,null,{"$f":"G138","v":0},{"$f":"H138","v":0},100,0,-200]
[null,null,"Less Dividends",null,null,null,{"$f":"G136","v":25.755735759493671},{"$f":"H136","v":26.578700153244405},21.184750851637531,22.326053562961434,24.342519253265841]
[null,null,"Closing Balance",null,null,{"$f":"F46","v":325},{"$f":"G153+G154+G155-G156","v":350.75573575949363},{"$f":"H153+H154+H155-H156","v":377.334435912738},498.51918676437549,520.84524032733691,345.18775958060274]
[]
[null,"Minority Balance"]
[null,null,"Opening Balance",null,null,null,{"$f":"F164","v":70},{"$f":"G164","v":71.966163275116159},73.995150706483599,75.612370245693313,77.316715522554247]
[null,null,"Add Net Income",null,null,null,{"$f":"G122","v":11.094778481012659},{"$f":"H122","v":11.449286219859129},9.1257388283977043,9.6173769194295424,10.486008293714518]
[null,null,"Add New Issues"]
[null,null,"Less Dividends",null,null,null,{"$f":"G137","v":9.1286152058964909},{"$f":"H137","v":9.4202987884916887},7.5085192891879862,7.9130316425686091,8.6277283429296645]
[null,null,"Closing Balance",null,null,{"$f":"F45","v":70},{"$f":"G160+G161+G162-G163","v":71.966163275116159},{"$f":"H160+H161+H162-H163","v":73.995150706483599},75.612370245693313,77.316715522554247,79.174995473339095]
[]
[null,"Cash",null,null,"From End of Model, Leave until Done",{"$f":"F106","v":50},{"$f":"G106","v":35.221899034609841},{"$f":"H106","v":6.0600000000000005},6.1206000000000005,6.1818060000000008,6.243624060000001]
[null,"Working Capital",null,null,null,{"$f":"F60","v":20},{"$f":"G60","v":37.5},{"$f":"H60","v":37.875},38.253750000000004,38.636287500000002,39.022650375000005]
[null,"Net Plant",null,null,"Prior Balance + Depreciation",{"$f":"F68","v":500},{"$f":"G68","v":500},{"$f":"H68","v":650},685,666.5,649.85]
[null,null,"Total Assets",null,"Cash + Plant - Acc Dep",{"$f":"SUM(F166:F168)","v":570},{"$f":"SUM(G166:G168)","v":572.72189903460981},{"$f":"SUM(H166:H168)","v":693.93499999999995},729.37435000000005,711.31809350000003,695.11627443500004]
[]
[null,"Long-Term Debt",null,null,"From Debt Balance Above",{"$f":"F93","v":175},{"$f":"G93","v":150},{"$f":"H93","v":125},100,50,0]
[null,"Short-Term Debt",null,null,"From End of Model, Leave until Done",{"$f":"F109","v":0},{"$f":"G109","v":0},117.60541338077832,55.242792989931061,63.15613765010869,270.75351938105803]
[null,"Minority Equity",null,null,"Retained Earning-Prior+NI-Div",{"$f":"F164","v":70},{"$f":"G164","v":71.966163275116159},{"$f":"H164","v":73.995150706483599},75.612370245693313,77.316715522554247,79.174995473339095]
[null,"Equity",null,null,"Retained Earning-Prior+NI-Div",{"$f":"F157","v":325},{"$f":"G157","v":350.75573575949363},{"$f":"H157","v":377.334435912738},498.51918676437549,520.84524032733691,345.18775958060274]
[null,null,"Total Liabilities and Capital",null,"Sum of Above",{"$f":"SUM(F171:F174)","v":570},{"$f":"SUM(G171:G174)","v":572.72189903460981},{"$f":"SUM(H171:H174)","v":693.93499999999995},729.37434999999982,711.3180934999998,695.11627443499992]
[]
[null,"Difference",null,null,"Assets = Capital",{"$f":"F169-F175","v":0},{"$f":"G169-G175","v":0},{"$f":"H169-H175","v":0},0,0,0]
[null,"Annual Test",null,null,{"$f":"AND(F178:K178)","v":true},{"$f":"F177=0","v":true},{"$f":"G177=0","v":true},true,true,true,true]
[null,"Aggregate Test"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Return on Equity"]
[]
[null,"Debt to Capital"]
[]
[null,"Target Debt To Capital"]
[]
[null,"Earnings per Share"]
[]
[null,"DCF"]
[null,null,"EBITDA"]
[null,null,"Less: WC Changes"]
[null,null,"Less: Capital Expenditures"]
[null,null,null,"Total"]
[]
[null,"Growth"]
[null,"WACC"]
[]
[null,"Terminal Cash Flow"]
[null,"Total Cash Flow"]
[null,"PV of Free Cash Flow"]
[null,"Net Debt"]
[null,"Equity Value"]
[]
[null,"Value per Share"]
[]
[null,"PE"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Fixed Interest Expense"]
[null,"Computed Interest Expesse"]
[null,"Difference",null,null,null,null,null,null,null,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Fixed Interest Income"]
[null,"Computed Interest Income"]
[null,"Difference",null,null,null,null,null,null,null,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,"Taget"]
[]
[null,"Actual"]

{"sheet":"Verification","index":3,"n_rows":1,"n_cols":1,"rows_kept":1,"cut":false,"hidden":false,"merged":[]}
["Verification"]

{"sheet":"Exercise without Titles","index":4,"n_rows":34,"n_cols":12,"rows_kept":34,"cut":false,"hidden":false,"merged":[]}
["Exercise without Titles"]
["Year",null,null,null,null,0,1,2,3,4,5,6]
[]
["Assumptions"]
[null,"Operating"]
[null,null,"EBITDA",null,null,1,{"$f":"INDEX(G7:G9,$F$6)","v":200},300,400,450,450,450]
[null,null,null,"Base Case",null,null,200,300,400,450,450,450]
[null,null,null,"Low Case",null,null,150,200,300,300,300,300]
[null,null,null,"High Case",null,null,200,350,500,650,650,650]
[null,null,"Depreciation Rate",null,null,null,0.1,0.1,0.1,0.1,0.1,0.1]
[null,null,"Capital Expenditures",null,null,null,400,400,200,50,50,50]
[null,null,"Working Captial Percent of EBITDA",null,null,null,0.25,{"$f":"G12","v":0.25},{"$f":"H12","v":0.25},{"$f":"I12","v":0.25},{"$f":"J12","v":0.25},{"$f":"K12","v":0.25}]
[null,null,"Minimum Cash Balance as Percent of EBITDA",null,null,null,0.02,0.02,0.02,0.02,0.02,0.02]
[]
[null,"Financing"]
[null,null,"Interest Income Rate",null,null,null,0.03,3.5000000000000003E-2,0.04,0.04,0.04,0.04]
[null,null,"Interest Expense Rate",null,null,null,0.05,5.5E-2,0.06,0.06,0.06,0.06]
[null,null,"Minimum Cash Balance",null,null,null,100,100,100,100,100,100]
[null,null,"Dividend Payout Ratio",null,null,null,0.5,0.5,0.5,0.5,0.5,0.5]
[]
[null,"Long-Term Debt"]
[null,null,"Repayment",null,null,null,60,60,60,60,60]
[null,null,"Interest Rate on Long-term Debt",null,null,null,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2]
[]
["Initial Balance Sheet"]
[null,"Cash",null,null,null,100]
[null,"Plant Property and Equipment",null,null,null,1300]
[null,"Accumulated Depreciation",null,null,null,300]
[null,null,"Total Assets",null,null,{"$f":"F26+F27-F28","v":1100}]
[]
[null,"Long-Term Debt",null,null,null,300]
[null,"Short-Term Debt",null,null,null,200]
[null,"Equity",null,null,null,600]
[null,null,"Total Liabilities and Capital",null,null,{"$f":"SUM(F31:F33)","v":1100}]