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[null,null,"SHIFT,CNTL,Q to Hide Comments, SHIFT, CNTL N to Show Comments"]
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[null,null,"Sheet Tab","Description","Author"]
[null,1,"Table of Contents"]
[null,2,"Summary Transaction"]
[null,3,"Scenario"]
[null,4,"Corporate Model"]
[null,5,"Tornado Diagram"]
[null,6,"Transaction Assumption"]
[null,7,"Acquisition Model"]
[null,8,"Long-term Analysis"]
[null,9,"Synergy & Premium"]
[null,10,"Accretion & Dilution"]
[null,11,"Simple Accretion Graph"]
[null,12,"Admin Cost Analysis"]
[null,13,"IRR"]
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[null," Colour Codes "]
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[null," Last Save Date ",null,"2014-01-27T08:26:33"]
[null," Last Save By",null,"numfon"]
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[null,"http://edbodmer.wikispaces.com/"]
[null,"edwardbodmer@gmail.com"]

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[]
["Cosideration"]
[null,"Total",{"$f":"'Transaction Assumption'!$E$7","v":2380}]
[null,"P/E Ratio",{"$f":"'Transaction Assumption'!$E$11","v":13.755365064768011},null,"Uses of Funds"]
[null,"EV/EBITDA",{"$f":"'Transaction Assumption'!$E$20","v":9.5694204985055986},null,"Consideration for Equity",null,{"$f":"'Transaction Assumption'!E58","v":2380},null,"Sorces of Funds"]
[null,null,null,null,"Banking Fee",null,{"$f":"'Transaction Assumption'!E59","v":12},null,"New Debt Issues",null,{"$f":"'Transaction Assumption'!E64","v":800}]
[null,"Synergy",{"$f":"'Transaction Assumption'!$E$24","v":95},null,"Advisory Fee",null,{"$f":"'Transaction Assumption'!E60","v":23.8},null,"Equity",null,{"$f":"'Transaction Assumption'!E65","v":1815.8000000000002}]
[null,null,null,null,"Debt Retired",null,{"$f":"'Transaction Assumption'!E61","v":200},null,"Total",null,{"$f":"'Transaction Assumption'!E66","v":2615.8000000000002}]
["Fundamental Analysis",null,null,null,"Total",null,{"$f":"'Transaction Assumption'!E62","v":2615.8000000000002}]
[null,"WACC",{"$f":"'Corporate Model'!F273","v":0.11}]
[null,"Growth",{"$f":"'Corporate Model'!F274","v":0.03},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Transpose for Waterfall Graph"]
[null,null,null,null,"Enterprise Value","Equity Value","PV Synergies","Transaction Cost","Transaction Value",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"TRANSPOSE(F12:I13)","v":"Equity Value"},2090.4401239472718]
[null,"DCF Valuation with growth rate",null,null,{"$f":"'Corporate Model'!F290","v":2400.4401239472718},{"$f":"E13-'Corporate Model'!$F$316","v":2090.4401239472718},{"$f":"10*C7","v":950},{"$f":"-('Transaction Assumption'!E60+'Transaction Assumption'!E59)","v":-35.799999999999997},{"$f":"F13+G13-H13","v":3076.240123947272},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"PV Synergies",950]
[null,"DCF Valuation with multiple",null,null,{"$f":"'Corporate Model'!F310","v":2708.8081192626382},{"$f":"E14-'Corporate Model'!$F$316","v":2398.8081192626382},{"$f":"G13","v":950},{"$f":"H13","v":-35.799999999999997},{"$f":"F14+G14-H14","v":3384.6081192626384},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Transaction Cost",-35.799999999999997]
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["Accretion and Dilution Analysis",null,null,null,{"$f":"'Acquisition Model'!H2","v":2015},{"$f":"'Acquisition Model'!I2","v":2016},{"$f":"'Acquisition Model'!J2","v":2017},{"$f":"'Acquisition Model'!K2","v":2018},{"$f":"'Acquisition Model'!L2","v":2019},{"$f":"'Acquisition Model'!M2","v":2020}]
[null,"Acquiring Company (TOP)",null,null,{"$f":"'Acquisition Model'!H116","v":5.3772058823529418},{"$f":"'Acquisition Model'!I116","v":5.5385220588235304},{"$f":"'Acquisition Model'!J116","v":5.7046777205882364},{"$f":"'Acquisition Model'!K116","v":5.8758180522058838},{"$f":"'Acquisition Model'!L116","v":6.0520925937720609},{"$f":"'Acquisition Model'!M116","v":6.1}]
[null,"Consolidated",null,null,{"$f":"'Acquisition Model'!H127","v":5.3323377283537443},{"$f":"'Acquisition Model'!I127","v":5.7157662506805869},{"$f":"'Acquisition Model'!J127","v":6.1015076658450855},{"$f":"'Acquisition Model'!K127","v":6.6191441647161531},{"$f":"'Acquisition Model'!L127","v":6.9341410156716856},{"$f":"'Acquisition Model'!M127","v":7.1195533038594672},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Z12","v":"Equity Value"},{"$f":"AA12","v":2090.4401239472718}]
[null,"Accretion/Dilution",null,null,{"$f":"E18-E17","v":-4.4868153999197524E-2},0.17724419185705642,0.39682994525684911,0.74332611251026925,0.88204842189962473,1.0195533038594675,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Z13","v":"PV Synergies"},950]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Transaction Cost",-35.799999999999997]
["Rate of Retun on Acquistion",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Transaction Value",0]
[null,"Equity IRR",null,{"$f":"'Acquisition Model'!G113","v":0.187694376707077},null,"Terminal EV/EBITDA",null,{"$f":"'Transaction Assumption'!E39","v":9}]
[null,"Unlevered IRR",null,{"$f":"'Acquisition Model'!H63","v":0.17998368144035343},null,"Holding Period",null,{"$f":"'Transaction Assumption'!E37","v":6}]

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["Part 1: Page 25, 37",null,null,null,"Scenario Code No.",null,1,null,null,null,null,null,null,null,"SHIFT,CNTL,Q to Hide Comments, SHIFT, CNTL N to Show Comments"]
[null,null,null,null,"WACC",0.08]
[]
[]
[null,null,null,null,null,null,null,null,null,"One-Way Data Table"]
[null,null,null,null,"Sale Growth","COGS Percent","Admin","CAPEX","Working Capital",null,"DCF Value Growth","DCF Value Multiple Case","EV/EBITDA Growth Case","EV/EBITDA Multiple Case"]
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[null,null,null,"Base Case",0.06,1,1,1,0.35,1,2400.4401239472718,2708.8081192626382,8.9062351840767562,10.050357823138784]
[null,null,null,"Low Case",0.02,2,2,2,0.45,2,1491.7572542926623,1759.9957605058059,6.6488778205954171,7.8444376541126211]
[null,null,null,"High Case",0.1,3,3,3,0.25,3,3861.4817056574875,4148.4506323147107,12.215529932089016,13.12333625628443]
[null,null,null,{"$f":"TRANSPOSE(E6:I6) & \" LOW \"","v":"Sale Growth LOW "},{"$f":"E9","v":0.02},{"$f":"F$8","v":1},1,1,0.35,4,1897.3032371418947,2127.3291056962244,7.6024122567277086,8.524115992971895]
[null,null,null,"COGS Percent LOW ",{"$f":"E$8","v":0.06},{"$f":"F9","v":2},1,1,0.35,5,2136.5388667134202,2459.5838422058182,8.6089959720520763,9.9106773671973922]
[null,null,null,"Admin LOW ",{"$f":"E$8","v":0.06},1,{"$f":"G9","v":2},1,0.35,6,2275.3255164738289,2589.0721112663441,8.6300089901353871,9.8200083612495099]
[null,null,null,"CAPEX LOW ",{"$f":"E$8","v":0.06},1,1,{"$f":"H9","v":2},0.35,7,2291.2058159127137,2617.5250108297823,8.5009484919321991,9.7116745858748939]
[null,null,null,"Working Capital LOW ",{"$f":"E$8","v":0.06},1,1,1,{"$f":"I9","v":0.45},8,2336.6665174810933,2684.232325023796,8.6696191018599009,9.959175459895043]
[null,null,null,{"$f":"TRANSPOSE(E6:I6) & \" \"&D10","v":"Sale Growth High Case"},{"$f":"E10","v":0.1},{"$f":"F$8","v":1},1,1,0.35,9,3015.0664287393265,3450.0569413412991,10.3878705032815,11.886552280901464]
[null,null,null,"COGS Percent High Case",{"$f":"E$8","v":0.06},{"$f":"F10","v":3},1,1,0.35,10,2664.3413811811215,2958.032396319456,9.1598429521345111,10.169534725914467]
[null,null,null,"Admin High Case",{"$f":"E$8","v":0.06},1,{"$f":"G10","v":3},1,0.35,11,2519.2531195532265,2822.2425153914432,9.255423355612546,10.368568798989546]
[null,null,null,"CAPEX High Case",{"$f":"E$8","v":0.06},1,1,{"$f":"H10","v":3},0.35,12,2582.4973040048681,2860.9466333173973,9.5817130043176828,10.614829885245264]
[null,null,null,"Working Capital High Case",{"$f":"E$8","v":0.06},1,1,1,{"$f":"I10","v":0.25},13,2464.2137304134503,2733.3839135014791,9.1428512662936114,10.141540186382517]
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[null,null,null,{"$f":"INDEX(D8:D20,$G$1)","v":"Base Case"},0.06,1,1,1,0.35]
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[null,null,null,null,"Low vs Base","High vs Base"]
[null,null,null,{"$f":"TRANSPOSE(E6:I6)","v":"Sale Growth"},{"$f":"K11-K$8","v":-503.13688680537712},{"$f":"K16-K$8","v":614.62630479205473}]
[null,null,null,"COGS Percent",{"$f":"K12-K$8","v":-263.90125723385154},{"$f":"K17-K$8","v":263.90125723384972}]
[null,null,null,"Admin",{"$f":"K13-K$8","v":-125.1146074734429},{"$f":"K18-K$8","v":118.81299560595471}]
[null,null,null,"CAPEX",{"$f":"K14-K$8","v":-109.23430803455813},{"$f":"K19-K$8","v":182.05718005759627}]
[null,null,null,"Working Capital",{"$f":"K15-K$8","v":-63.773606466178535},{"$f":"K20-K$8","v":63.773606466178535}]

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["> Standalone model for target company to derive DCF"]
["Book Part1, P.9/P.25"]
[]
["Timeline",null,null,null,null,"special column"]
[null,null,null,null,null,null,null,null,2007,{"$f":"I5+1","v":2008},{"$f":"J5+1","v":2009},2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021,2022,2023,2024,2025]
[null,"Historical Switch",null,null,null,2013,null,null,{"$f":"I5<=$F$6","v":true},{"$f":"J5<=$F$6","v":true},true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false]
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[null,"Terminal Period",null,null,null,{"$f":"G7","v":2021},null,null,{"$f":"I5=$F$8","v":false},{"$f":"J5=$F$8","v":false},false,false,false,false,false,false,false,false,false,false,false,false,true,false,false,false,false]
[]
["Historical Financial Statements"]
[null,"Balance Sheets"]
[null,null,"Assets"]
[null,null,null,"Cash",null,null,null,null,100,120,30,60,80,110,130]
[null,null,null,"Inventories",null,null,null,null,200,210,300,250,260,270,280]
[null,null,null,"Gross Plant Investment",null,null,null,null,1000,1300,1310,1350,1500,1750,1900]
[null,null,null,"Accumulated Depreciation",null,null,null,null,-350,-390,-410,-450,-520,-630,-710]
[null,null,null,"Net PPE",null,null,null,null,{"$f":"SUM(I15:I16)","v":650},910,900,900,980,1120,1190]
[null,null,null,"Investment Property",null,null,null,null,70,70,70,70,70,70,70]
[null,null,null,"Total Assets",null,null,null,null,{"$f":"I13+I14+I17+I18","v":1020},{"$f":"J13+J14+J17+J18","v":1310},1300,1280,1390,1570,1670]
[]
[null,null,"Liabilities and Equity"]
[null,null,null,"Debt",null,null,null,null,400,500,600,550,450,500,510]
[null,null,null,"Equity",null,null,null,null,{"$f":"I19-I22","v":620},{"$f":"J19-J22","v":810},700,730,940,1070,1160]
[null,null,null,"Total Liabilities & Equity",null,null,null,null,{"$f":"SUM(I22:I23)","v":1020},1310,1300,1280,1390,1570,1670]
[]
[null,null,null,"Test",null,null,null,{"$f":"AND(I26:O26)","v":true},{"$f":"I19=I24","v":true},{"$f":"J19=J24","v":true},true,true,true,true,true]
[]
[null,"Income Statement"]
[null,null,"Revenues",null,null,null,null,null,800,850,760,800,880,920,950]
[null,null,"Cost of Goods Sold",null,null,null,null,null,600,670,590,620,650,700,720]
[null,null,"Margin",null,null,null,null,null,{"$f":"I29-I30","v":200},{"$f":"J29-J30","v":180},170,180,230,220,230]
[null,null,"Administrative Cost",null,null,null,null,null,30,35,28,34,39,42,50]
[null,null,"Operating Income (EBIT)",null,null,null,null,null,{"$f":"I31-I32","v":170},{"$f":"J31-J32","v":145},142,146,191,178,180]
[null,null,"Other Income",null,null,null,null,null,15,15,15,15,15,15,15]
[null,null,"Interest Income",null,null,null,null,null,2,1,3,4,3,2,2]
[null,null,"Interest Expense",null,null,null,null,null,24,28,27,23,22,25,30]
[null,null,"Pre-tax Income",null,null,null,null,null,{"$f":"I33+I34+I35-I36","v":163},{"$f":"J33+J34+J35-J36","v":133},133,142,187,170,167]
[null,null,"Taxes",null,null,null,null,null,32,25,24,29,39,33,30]
[null,null,"Net Income",null,null,null,null,null,{"$f":"I37-I38","v":131},{"$f":"J37-J38","v":108},109,113,148,137,137]
[]
[null,"Cash Flow Items"]
[null,null,"Depreciation Expense",null,null,null,null,null,30,32,35,38,42,46,50]
[null,null,"Amortization Expense"]
[null,null,"Impairment of Assets"]
[null,null,"Currency Translation"]
[null,null,"Capital Expenditures",null,null,null,null,null,60,62,20,35,80,60,70]
[null,null,"Dividends",null,null,null,null,null,25,14,15,15,17,20,30]
[]
[]
["Assumptions"]
[null,"Revenue"]
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[null,null,"Projected Growth",null,"Scenario",{"$f":"Scenario!$E$22","v":0.06},null,null,null,{"$f":"$F$53","v":0.06},{"$f":"$F$53","v":0.06},0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06]
[null,1,"Revenue Growth",null,null,null,null,null,null,{"$f":"IF(J6,J52,J53)","v":6.25E-2},{"$f":"IF(K6,K52,K53)","v":-0.10588235294117643},5.2631578947368363E-2,0.10000000000000009,4.5454545454545414E-2,3.2608695652173836E-2,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06]
[]
[null,"COGS"]
[null,null,"Cash cost of goods sold",null,null,null,null,null,{"$f":"I30-I42","v":570},{"$f":"J30-J42","v":638},555,582,608,654,670,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Historical COGS/ Revenue",null,null,null,null,null,{"$f":"IF(I6,(I57/I29))","v":0.71250000000000002},{"$f":"IF(J6,(J57/J29))","v":0.75058823529411767},0.73026315789473684,0.72750000000000004,0.69090909090909092,0.71086956521739131,0.70526315789473681,false,false,false,false,false,false,false,false,false,false,false,false]
[]
[null,null,"Base Case",null,null,null,null,null,null,null,null,null,null,null,null,0.7,0.7,0.7,0.7,0.7,0.7,0.7,0.7,0.7,0.7,0.7,0.7]
[null,null,"High Cost Case",null,null,null,null,null,null,null,null,null,null,null,null,0.72,0.72,0.72,0.72,0.72,0.72,0.72,0.72,0.72,0.72,0.72,0.72]
[null,null,"Low Cost Case",null,null,null,null,null,null,null,null,null,null,null,null,0.68,0.68,0.68,0.68,0.68,0.68,0.68,0.68,0.68,0.68,0.68,0.68]
[]
[null,2,"COGS",null,"Code No",{"$f":"Scenario!F22","v":1},null,null,{"$f":"IF(I6,I58,INDEX(I60:I62,$F$64))","v":0.71250000000000002},{"$f":"IF(J6,J58,INDEX(J60:J62,$F$64))","v":0.75058823529411767},0.73026315789473684,0.72750000000000004,0.69090909090909092,0.71086956521739131,0.70526315789473681,0.7,{"$f":"INDEX(Q60:Q62,$F$64)","v":0.7},0.7,0.7,0.7,0.7,0.7,0.7,0.7,0.7,0.7,0.7]
[]
[null,"Administrative Cost"]
[null,null,"Historical Administrative Cost/ Revenue",null,null,null,null,null,{"$f":"IF(I6,I32/I29)","v":3.7499999999999999E-2},{"$f":"IF(J6,J32/J29)","v":4.1176470588235294E-2},3.6842105263157891E-2,4.2500000000000003E-2,4.4318181818181819E-2,4.5652173913043478E-2,5.2631578947368418E-2,false,false,false,false,false,false,false,false,false,false,false,false]
[]
[null,null,"Base Admin Case",null,null,null,null,null,null,null,null,null,null,null,null,0.05,4.7500000000000001E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2]
[null,null,"High Admin Case",null,null,null,null,null,null,null,null,null,null,null,null,5.1999999999999998E-2,5.2999999999999999E-2,5.5E-2,5.5E-2,5.5E-2,5.5E-2,5.5E-2,5.5E-2,5.5E-2,5.5E-2,5.5E-2,5.5E-2]
[null,null,"Low Admin Case",null,null,null,null,null,null,null,null,null,null,null,null,4.8000000000000001E-2,4.4999999999999998E-2,0.04,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2]
[null,null,"Admin Sensitivity Case",null,null,4.4999999999999998E-2,null,null,null,null,null,null,null,null,null,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2]
[]
[null,3,{"$f":"INDEX(C69:C72,$F$74)","v":"Base Admin Case"},null,"Code No",{"$f":"Scenario!G22","v":1},null," ",{"$f":"IF(I6,I67,INDEX(I69:I72,$F$74))","v":3.7499999999999999E-2},{"$f":"IF(J6,J67,INDEX(J69:J72,$F$74))","v":4.1176470588235294E-2},3.6842105263157891E-2,4.2500000000000003E-2,4.4318181818181819E-2,4.5652173913043478E-2,5.2631578947368418E-2,0.05,4.7500000000000001E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2]
[]
[null,"CAPEX"]
[null,null,"Historical CAPEX to sales",null,null,null,null,null,{"$f":"IF(I6,I46/I29)","v":7.4999999999999997E-2},{"$f":"IF(J6,J46/J29)","v":7.2941176470588232E-2},2.6315789473684209E-2,4.3749999999999997E-2,9.0909090909090912E-2,6.5217391304347824E-2,7.3684210526315783E-2,false,false,false,false,false,false,false,false,false,false,false,false]
[]
[null,1,"Base CAPEX",null,null,null,null,null,null,null,null,null,null,null,null,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2]
[null,2,"High CAPEX",null,null,null,null,null,null,null,null,null,null,null,null,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08]
[null,3,"Low CAPEX",null,null,null,null,null,null,null,null,null,null,null,null,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04]
[]
[null,4,"Historical/ forecast CAPEX",null,"Code No",{"$f":"Scenario!H22","v":1},null,null,{"$f":"IF(I6,I77,INDEX(I79:I81,$F$83))","v":7.4999999999999997E-2},{"$f":"IF(J6,J77,INDEX(J79:J81,$F$83))","v":7.2941176470588232E-2},2.6315789473684209E-2,4.3749999999999997E-2,9.0909090909090912E-2,6.5217391304347824E-2,7.3684210526315783E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2]
[]
[]
[null,"Working Capital"]
[null,null,"Historical",null,null,null,null,null,{"$f":"IF(I6,I14/I121)","v":0.35087719298245612},0.32915360501567398,0.54054054054054057,0.42955326460481097,0.42763157894736842,0.41284403669724773,0.41791044776119401,false,false,false,false,false,false,false,false,false,false,false,false]
[null,5,"Historical & Projected WC",null,"Scenario",{"$f":"Scenario!I22","v":0.35},null,null,{"$f":"IF(I6,I87,$F$88)","v":0.35087719298245612},{"$f":"IF(J6,J87,$F$88)","v":0.32915360501567398},0.54054054054054057,0.42955326460481097,0.42763157894736842,0.41284403669724773,0.41791044776119401,0.35,0.35,0.35,0.35,0.35,0.35,0.35,0.35,0.35,0.35,0.35,0.35]
[]
[null,"Tax Rate"]
[null,null,"Historical",null,null,null,null,null,{"$f":"IF(I6,I38/I37)","v":0.19631901840490798},{"$f":"IF(J6,J38/J37)","v":0.18796992481203006},0.18045112781954886,0.20422535211267606,0.20855614973262032,0.19411764705882353,0.17964071856287425,false,false,false,false,false,false,false,false,false,false,false,false]
[null,6,"Historical & Projected Tax Rate",null,null,0.2,null,null,{"$f":"IF(I6,I91,$F$92)","v":0.19631901840490798},0.18796992481203006,0.18045112781954886,0.20422535211267606,0.20855614973262032,0.19411764705882353,0.17964071856287425,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2]
[]
[null,"Depreciation rate"]
[null,null,"Historical",null,null,null,null,null,{"$f":"IF(I6,I42/I15)","v":0.03},{"$f":"IF(J6,J42/J15)","v":2.4615384615384615E-2},2.6717557251908396E-2,2.8148148148148148E-2,2.8000000000000001E-2,2.6285714285714287E-2,2.6315789473684209E-2,false,false,false,false,false,false,false,false,false,false,false,false]
[null,7,"Historical & Projected Depre Rate",null,null,2.5999999999999999E-2,null,null,{"$f":"IF(I6,I95,$F$96)","v":0.03},2.4615384615384615E-2,2.6717557251908396E-2,2.8148148148148148E-2,2.8000000000000001E-2,2.6285714285714287E-2,2.6315789473684209E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2]
[]
[null,"Retirement Rate",null,null,null,1.4999999999999999E-2,null,null,{"$f":"$F$98","v":1.4999999999999999E-2},{"$f":"$F$98","v":1.4999999999999999E-2},1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2]
[]
[null,"Interest Income Rate"]
[null,null,"Historical",null,null,null,null,null,{"$f":"IF(I6,I35/I13)","v":0.02},{"$f":"IF(J6,J35/J13)","v":8.3333333333333332E-3},0.1,6.6666666666666666E-2,3.7499999999999999E-2,1.8181818181818181E-2,1.5384615384615385E-2,false,false,false,false,false,false,false,false,false,false,false,false]
[null,8,"Historical & Projected Interest Income",null,null,0.02,null,null,{"$f":"IF(I6,I101,$F$102)","v":0.02},{"$f":"IF(J6,J101,$F$102)","v":8.3333333333333332E-3},0.1,6.6666666666666666E-2,3.7499999999999999E-2,1.8181818181818181E-2,1.5384615384615385E-2,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
[]
[null,"Interest Expense Rate"]
[null,null,"Historical",null,null,null,null,null,{"$f":"IF(I6,I36/I22)","v":0.06},{"$f":"IF(J6,J36/J22)","v":5.6000000000000001E-2},4.4999999999999998E-2,4.1818181818181817E-2,4.8888888888888891E-2,0.05,5.8823529411764705E-2,false,false,false,false,false,false,false,false,false,false,false,false]
[null,9,"Historical & Projected Interest Expense",null,null,0.05,null,null,{"$f":"IF(I6,I105,$F$106)","v":0.06},{"$f":"IF(J6,J105,$F$106)","v":5.6000000000000001E-2},4.4999999999999998E-2,4.1818181818181817E-2,4.8888888888888891E-2,0.05,5.8823529411764705E-2,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[]
[null,"Dividends Payout Ratio"]
[null,null,"Historical",null,null,null,null,null,{"$f":"IF(I6,I47/I39)","v":0.19083969465648856},{"$f":"IF(J6,J47/J39)","v":0.12962962962962962},0.13761467889908258,0.13274336283185842,0.11486486486486487,0.145985401459854,0.21897810218978103,false,false,false,false,false,false,false,false,false,false,false,false]
[null,10,"Historical & Projected Dividend Payout Ratio",null,null,0.4,null,null,{"$f":"IF(I6,I109,$F$110)","v":0.19083969465648856},{"$f":"IF(J6,J109,$F$110)","v":0.12962962962962962},0.13761467889908258,0.13274336283185842,0.11486486486486487,0.145985401459854,0.21897810218978103,0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.4]
[]
[]
["Operating Analysis"]
[null,"EBITDA calculation"]
[null,null,"Revenue"]
[null,null,null,"Growth rate",null,null,null,null,{"$f":"I54","v":0},6.25E-2,-0.10588235294117643,5.2631578947368363E-2,0.10000000000000009,4.5454545454545414E-2,3.2608695652173836E-2,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06]
[null,null,null,"Revenue",null,null,null,null,{"$f":"IF(I6, I29,H117*(1+I116))","v":800},850,760,800,880,920,950,1007,1067.42,1131.4652000000001,1199.3531120000002,1271.3142987200004,1347.5931566432005,1428.4487460417927,1514.1556708043004,1605.0050110525585,1701.3053117157122,1803.383630418655,1911.5866482437743]
[]
[null,null,"Cost of Goods Sold"]
[null,null,null,"COGS Percent",null,null,null,null,{"$f":"I64","v":0.71250000000000002},0.75058823529411767,0.73026315789473684,0.72750000000000004,0.69090909090909092,0.71086956521739131,0.70526315789473681,0.7,0.7,0.7,0.7,0.7,0.7,0.7,0.7,0.7,0.7,0.7,0.7]
[null,null,null,"COGS Amount",null,null,null,null,{"$f":"I120*I117","v":570},{"$f":"J120*J117","v":638},555,582,608,654,670,704.9,747.19399999999996,792.02564000000007,839.54717840000012,889.9200091040002,943.31520965024026,999.91412222925476,1059.9089695630103,1123.5035077367909,1190.9137182009983,1262.3685412930583,1338.1106537706419]
[]
[null,null,"Admin Cost"]
[null,null,null,"Admin Percent",null,null,null,null,{"$f":"I74","v":3.7499999999999999E-2},4.1176470588235294E-2,3.6842105263157891E-2,4.2500000000000003E-2,4.4318181818181819E-2,4.5652173913043478E-2,5.2631578947368418E-2,0.05,4.7500000000000001E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2]
[null,null,null,"Admin Amount",null,null,null,null,{"$f":"I124*I117","v":30},{"$f":"J124*J117","v":35},27.999999999999996,34,39,42,50,50.35,50.702450000000006,50.915934,53.970890040000008,57.209143442400013,60.641692048944016,64.280193571880673,68.13700518619352,72.22522549736513,76.558739027207039,81.152263368839471,86.021399170969843]
[]
[null,null,null,"EBITDA",null,null,null,null,{"$f":"I117-I121-I125","v":200},{"$f":"J117-J121-J125","v":177},177,184,233,224,230,251.75000000000003,269.52355000000011,288.52362600000004,305.83504356000009,324.18514617360012,343.63625494401617,364.25443024065726,386.10969605509661,409.27627781840249,433.83285448750678,459.86282575675716,487.4545953021626]
[null,null,null,"EBITDA Margin",null,null,null,null,{"$f":"I127/I117","v":0.25},{"$f":"J127/J117","v":0.20823529411764705},0.23289473684210527,0.23,0.26477272727272727,0.24347826086956523,0.24210526315789474,0.25000000000000006,0.25250000000000011,0.255,0.255,0.255,0.25500000000000006,0.25500000000000006,0.255,0.25500000000000006,0.25500000000000012,0.25500000000000006,0.25500000000000006]
[]
[null,"CAPEX"]
[null,null,null,"CAPEX Percent to Sales",null,null,null,null,{"$f":"I83","v":7.4999999999999997E-2},7.2941176470588232E-2,2.6315789473684209E-2,4.3749999999999997E-2,9.0909090909090912E-2,6.5217391304347824E-2,7.3684210526315783E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2]
[null,null,null,"CAPEX",null,null,null,null,{"$f":"I131*I117","v":60},{"$f":"J131*J117","v":62},20,35,80,60,70,65.454999999999998,69.382300000000001,73.545238000000012,77.957952280000015,82.635429416800022,87.593555181808028,92.849168492716529,98.42011860227953,104.32532571841631,110.58484526152129,117.21993597721259,124.25313213584533]
[]
["Working Capital Analysis"]
[null,"Inventory"]
[null,null,"Inventory/COGS",null,null,null,null,null,{"$f":"I88","v":0.35087719298245612},0.32915360501567398,0.54054054054054057,0.42955326460481097,0.42763157894736842,0.41284403669724773,0.41791044776119401,0.35,0.35,0.35,0.35,0.35,0.35,0.35,0.35,0.35,0.35,0.35,0.35]
[null,null,"Level Inventory",null,null,null,null,null,{"$f":"I136*I121","v":200},{"$f":"J136*J121","v":210},300,249.99999999999997,260,270,280,246.71499999999997,261.5179,277.20897400000001,293.84151244000003,311.47200318640006,330.16032337758406,349.96994278023914,370.96813934705358,393.22622770787677,416.81980137034941,441.8289894525704,468.33872881972462]
[null,null,null,"Change in working capital",null,null,null,null,null,{"$f":"J137-I137","v":10},{"$f":"K137-J137","v":90},-50.000000000000028,10.000000000000028,10,10,-33.285000000000025,14.802900000000022,15.691074000000015,16.632538440000019,17.630490746400028,18.688320191184005,19.809619402655073,20.998196566814443,22.258088360823194,23.593573662472636,25.009188082220987,26.509739367154225]
[]
[null,"Pre-tax cash flows",null,null,null,null,null,null,{"$f":"I127-I132-I138","v":140},{"$f":"J127-J132-J138","v":105},67,199.00000000000003,142.99999999999997,154,150,219.58000000000004,185.3383500000001,199.28731400000001,211.24455284000004,223.91922601040005,237.35437957102414,251.59564234528563,266.69138088600261,282.69286373916299,299.65443556351283,317.6337016973236,336.69172379916301]
[]
["Depreciation"]
[null,"Plant Balance"]
[null,null,"Opening Balance",null,null,null,null,null,null,{"$f":"I147","v":1000},{"$f":"J147","v":1300},1310,1350,1500,1750,1900,1936.9549999999999,1977.2829749999999,2021.1689683749998,2068.8093861293751,2120.4126747542346,2176.2000398147288,2236.4062077102244,2301.2802331968505,2371.0863554173143,2446.1049053475758,2526.6332677445748]
[null,null,"Add CAPEX",null,null,null,null,null,{"$f":"I132","v":60},{"$f":"J132","v":62},{"$f":"K132","v":20},35,80,60,70,65.454999999999998,69.382300000000001,73.545238000000012,77.957952280000015,82.635429416800022,87.593555181808028,92.849168492716529,98.42011860227953,104.32532571841631,110.58484526152129,117.21993597721259,124.25313213584533]
[null,null,"Less Retirement",null,null,null,null,null,{"$f":"I144*I98","v":0},15,19.5,19.649999999999999,20.25,22.5,26.25,28.5,29.054324999999999,29.659244624999996,30.317534525624996,31.032140791940623,31.806190121313517,32.643000597220933,33.546093115653363,34.519203497952759,35.56629533125971,36.691573580213635,37.899499016168619]
[null,null,"Closing Balance",null,null,null,null,null,{"$f":"IF(I6,I15,I144+I145-I146)","v":1000},1300,1310,1350,1500,1750,1900,1936.9549999999999,1977.2829749999999,2021.1689683749998,2068.8093861293751,2120.4126747542346,2176.2000398147288,2236.4062077102244,2301.2802331968505,2371.0863554173143,2446.1049053475758,2526.6332677445748,2612.9869008642513]
[]
[null,null,"Depreciation rate",null,null,null,null,null,{"$f":"I96","v":0.03},2.4615384615384615E-2,2.6717557251908396E-2,2.8148148148148148E-2,2.8000000000000001E-2,2.6285714285714287E-2,2.6315789473684209E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2]
[null,null,"Depreciation expenses",null,null,null,null,null,{"$f":"IF(I6,I42,AVERAGE(I147,I144)*I149)","v":30},32,35,38,42,46,50,49.880414999999999,50.885093675,51.979875263874995,53.16971860855687,54.459886791486923,55.855965289396522,57.363881217824385,58.989923731791968,60.740765651984134,62.623486389943565,64.645596250197954,66.815062191914734]
[]
[null,"Accumulated Depreciation"]
[null,null,"Opening Balance",null,null,null,null,null,null,{"$f":"I156","v":350},{"$f":"J156","v":390},410,450,520,630,710,731.38041499999997,753.21118367500003,775.53181431387497,798.38399839680687,821.81174439635322,845.86151956443621,870.58240018503966,896.02623080117826,922.24779295520966,949.30498401389355,977.25900668387783]
[null,null,"Add Depreciation Expense",null,null,null,null,null,null,{"$f":"J150","v":32},{"$f":"K150","v":35},38,42,46,50,49.880414999999999,50.885093675,51.979875263874995,53.16971860855687,54.459886791486923,55.855965289396522,57.363881217824385,58.989923731791968,60.740765651984134,62.623486389943565,64.645596250197954,66.815062191914734]
[null,null,"Less Retirement",null,null,null,null,null,{"$f":"I146","v":0},{"$f":"J146","v":15},19.5,19.649999999999999,20.25,22.5,26.25,28.5,29.054324999999999,29.659244624999996,30.317534525624996,31.032140791940623,31.806190121313517,32.643000597220933,33.546093115653363,34.519203497952759,35.56629533125971,36.691573580213635,37.899499016168619]
[null,null,"Closing Balance",null,null,null,null,null,{"$f":"IF(I6,-I16,I153+I154-I155)","v":350},390,410,450,520,630,710,731.38041499999997,753.21118367500003,775.53181431387497,798.38399839680687,821.81174439635322,845.86151956443621,870.58240018503966,896.02623080117826,922.24779295520966,949.30498401389355,977.25900668387783,1006.1745698596239]
[]
[null,"EBITDA",null,null,null,null,null,null,{"$f":"I127","v":200},{"$f":"J127","v":177},177,184,233,224,230,251.75000000000003,269.52355000000011,288.52362600000004,305.83504356000009,324.18514617360012,343.63625494401617,364.25443024065726,386.10969605509661,409.27627781840249,433.83285448750678,459.86282575675716,487.4545953021626]
[null,"Less CAPEX",null,null,null,null,null,null,{"$f":"I132","v":60},{"$f":"J132","v":62},20,35,80,60,70,65.454999999999998,69.382300000000001,73.545238000000012,77.957952280000015,82.635429416800022,87.593555181808028,92.849168492716529,98.42011860227953,104.32532571841631,110.58484526152129,117.21993597721259,124.25313213584533]
[null,"Less WC Change",null,null,null,null,null,null,{"$f":"I138","v":0},{"$f":"J138","v":10},90,-50.000000000000028,10.000000000000028,10,10,-33.285000000000025,14.802900000000022,15.691074000000015,16.632538440000019,17.630490746400028,18.688320191184005,19.809619402655073,20.998196566814443,22.258088360823194,23.593573662472636,25.009188082220987,26.509739367154225]
[]
[null,"EBIT",null,null,null,null,null,null,{"$f":"I158-I150","v":170},{"$f":"J158-J150","v":145},142,146,191,178,180,{"$f":"P158-P150","v":201.86958500000003},218.63845632500011,236.54375073612505,252.66532495144321,269.72525938211322,287.78028965461965,306.89054902283289,327.11977232330463,348.53551216641836,371.20936809756324,395.21722950655919,420.63953311024784]
[null,"Less EBIT*Tax Rate",null,null,null,null,null,null,{"$f":"I162*I92","v":33.374233128834355},27.255639097744361,25.624060150375939,29.816901408450704,39.834224598930483,34.55294117647059,32.335329341317369,40.373917000000006,43.727691265000026,47.308750147225012,50.533064990288644,53.945051876422646,57.556057930923934,61.378109804566577,65.423954464660923,69.70710243328368,74.241873619512646,79.043445901311841,84.127906622049579]
[null,"Free Cash Flows",null,null,null,null,null,null,{"$f":"I158-I159-I160-I163","v":106.62576687116564},77.744360902255636,41.375939849624061,169.18309859154931,103.16577540106948,119.4470588235294,117.66467065868264,179.20608300000004,141.61065873500007,151.97856385277498,160.7114878497114,169.97417413397741,179.7983216401002,190.21753254071905,201.26742642134167,212.98576130587929,225.41256194400017,238.59025579601177,252.56381717711344]
[]
["Other Assets & Income NOT in EBITDA"]
[null,"Other Income",null,null,null,null,null,null,{"$f":"IF(I6,I34,H167)","v":15},15,15,15,15,15,15,15,15,15,15,15,15,15,15,15,15,15,15]
[null,"Invesment property",null,null,null,null,null,null,{"$f":"IF(I6,I18,H168)","v":70},70,70,70,70,70,70,70,70,70,70,70,70,70,70,70,70,70,70]
[]
["Financing"]
[null,"Cash Balance"]
[null,"Opening Balance",null,null,null,null,null,null,{"$f":"H175","v":0},{"$f":"I175","v":100},{"$f":"J175","v":120},30,60,80,110,130,130,130,130,130,130,142.67766048422425,243.25992287828535,349.38431741580109,461.39280427561823,579.64773934944412,704.53310000111162]
[null,"Less : Reduction in Cash - Negative CF",null,null,"> from CF down below",null,null,null,{"$f":"I220","v":0},{"$f":"J220","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Add : Addition to Cash - Positive CF",null,null,"> from CF down below",null,null,null,{"$f":"I223","v":76},{"$f":"J223","v":0},0,0,0,0,0,0,0,0,0,0,12.677660484224248,100.5822623940611,106.12439453751574,112.00848685981714,118.25493507382588,124.88536065166747,131.92268434184479]
[null,"Closing Balance",null,null,null,null,null,null,{"$f":"IF(I6,I13,I172-I173+I174)","v":100},120,30,60,80,110,130,130,130,130,130,130,142.67766048422425,243.25992287828535,349.38431741580109,461.39280427561823,579.64773934944412,704.53310000111162,836.45578434295635]
[]
[null,"Interest Income Rate",null,null,null,null,null,null,{"$f":"I102","v":0.02},8.3333333333333332E-3,0.1,6.6666666666666666E-2,3.7499999999999999E-2,1.8181818181818181E-2,1.5384615384615385E-2,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
[null,"Interest Income",null,null,null,null,null,null,{"$f":"IF(I6,I35,I177*I172)","v":2},1,3,4,3,2,2,2.6,2.6,2.6,2.6,2.6,2.6,2.8535532096844851,4.8651984575657075,6.9876863483160223,9.2278560855123644,11.592954786988882,14.090662000022233]
[]
[null,"Debt Balance"]
[null,"Opening Balance",null,null,null,null,null,null,{"$f":"H184","v":0},{"$f":"I184","v":400},500,600,550,450,500,510,399.18418419999995,328.6702519097999,251.8257743384201,169.56300905729262,81.522430142966499,0,0,0,0,0,0]
[null,"Less : Reduction in Debt - Positive CF",null,null,"> from CF down below",null,null,null,{"$f":"I221","v":0},{"$f":"J221","v":54},19,151.00000000000003,82.999999999999972,93,77,110.81581580000005,70.513932290200046,76.844477571379784,82.262765281127471,88.040578914326119,81.522430142966499,0,0,0,0,0,0]
[null,"Add : New Debt - Negative CF",null,null,"> from CF down below",null,null,null,{"$f":"I224","v":0},{"$f":"J224","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Closing Balance",null,null,null,null,null,null,{"$f":"IF(I6,I22,I181-I182+I183)","v":400},500,600,550,450,500,510,399.18418419999995,328.6702519097999,251.8257743384201,169.56300905729262,81.522430142966499,0,0,0,0,0,0,0]
[]
[null,"Interest Expense Rate",null,null,null,null,null,null,{"$f":"I106","v":0.06},5.6000000000000001E-2,4.4999999999999998E-2,4.1818181818181817E-2,4.8888888888888891E-2,0.05,5.8823529411764705E-2,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,"Interest Expense",null,null,null,null,null,null,{"$f":"IF(I6,I36,I186*I181)","v":24},28,27,23,22,25,30,25.5,19.959209209999997,16.433512595489997,12.591288716921007,8.4781504528646305,4.0761215071483248,0,0,0,0,0,0]
[]
["Profit & Loss"]
[null,"Revenues",null,null,null,null,null,null,{"$f":"I117","v":800},{"$f":"J117","v":850},760,800,880,920,950,1007,1067.42,1131.4652000000001,1199.3531120000002,1271.3142987200004,1347.5931566432005,1428.4487460417927,1514.1556708043004,1605.0050110525585,1701.3053117157122,1803.383630418655,1911.5866482437743]
[null,"Less : COGS",null,null,null,null,null,null,{"$f":"I121","v":570},{"$f":"J121","v":638},555,582,608,654,670,704.9,747.19399999999996,792.02564000000007,839.54717840000012,889.9200091040002,943.31520965024026,999.91412222925476,1059.9089695630103,1123.5035077367909,1190.9137182009983,1262.3685412930583,1338.1106537706419]
[null,"Less : Admin Cost",null,null,null,null,null,null,{"$f":"I125","v":30},{"$f":"J125","v":35},27.999999999999996,34,39,42,50,50.35,50.702450000000006,50.915934,53.970890040000008,57.209143442400013,60.641692048944016,64.280193571880673,68.13700518619352,72.22522549736513,76.558739027207039,81.152263368839471,86.021399170969843]
[null,null,"EBITDA",null,null,null,null,null,{"$f":"I190-I191-I192","v":200},{"$f":"J190-J191-J192","v":177},177,184,233,224,230,251.75000000000003,269.52355000000011,288.52362600000004,305.83504356000009,324.18514617360012,343.63625494401617,364.25443024065726,386.10969605509661,409.27627781840249,433.83285448750678,459.86282575675716,487.4545953021626]
[null,"Less : DA",null,null,null,null,null,null,{"$f":"I150","v":30},{"$f":"J150","v":32},35,38,42,46,50,49.880414999999999,50.885093675,51.979875263874995,53.16971860855687,54.459886791486923,55.855965289396522,57.363881217824385,58.989923731791968,60.740765651984134,62.623486389943565,64.645596250197954,66.815062191914734]
[null,null,"EBIT",null,null,null,null,null,{"$f":"I193-I194","v":170},{"$f":"J193-J194","v":145},142,146,191,178,180,201.86958500000003,218.63845632500011,236.54375073612505,252.66532495144321,269.72525938211322,287.78028965461965,306.89054902283289,327.11977232330463,348.53551216641836,371.20936809756324,395.21722950655919,420.63953311024784]
[null,"Add : Other Income",null,null,null,null,null,null,{"$f":"I167","v":15},{"$f":"J167","v":15},15,15,15,15,15,15,15,15,15,15,15,15,15,15,15,15,15]
[null,"Less : Interest Expenses",null,null,null,null,null,null,{"$f":"I187","v":24},{"$f":"J187","v":28},27,23,22,25,30,25.5,19.959209209999997,16.433512595489997,12.591288716921007,8.4781504528646305,4.0761215071483248,0,0,0,0,0,0]
[null,"Add : Interest Income",null,null,null,null,null,null,{"$f":"I178","v":2},{"$f":"J178","v":1},3,4,3,2,2,2.6,2.6,2.6,2.6,2.6,2.6,2.8535532096844851,4.8651984575657075,6.9876863483160223,9.2278560855123644,11.592954786988882,14.090662000022233]
[null,null,"EBT",null,null,null,null,null,{"$f":"I195+I196-I197+I198","v":163},{"$f":"J195+J196-J197+J198","v":133},133,142,187,170,167,193.96958500000002,216.27924711500012,237.71023814063506,257.67403623452219,278.84710892924863,301.30416814747133,324.74410223251738,346.98497078087036,370.52319851473436,395.43722418307561,421.81018429354805,449.73019511027007]
[null,"Tax Rate",null,null,null,null,null,null,{"$f":"I92","v":0.19631901840490798},0.18796992481203006,0.18045112781954886,0.20422535211267606,0.20855614973262032,0.19411764705882353,0.17964071856287425,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2]
[null,"Less : Taxes",null,null,"> need to cal",null,null,null,{"$f":"I200*I199","v":32},{"$f":"J200*J199","v":25},24,29,39,33,30,38.793917000000008,43.255849423000029,47.542047628127015,51.534807246904442,55.76942178584973,60.260833629494272,64.948820446503476,69.396994156174074,74.104639702946869,79.087444836615134,84.362036858709615,89.946039022054023]
[null,null,"Net Income",null,null,null,null,null,{"$f":"I199-I201","v":131},{"$f":"J199-J201","v":108},109,113,148,137,137,155.17566800000003,173.02339769200009,190.16819051250803,206.13922898761774,223.07768714339892,241.04333451797706,259.7952817860139,277.5879766246963,296.41855881178748,316.34977934646048,337.44814743483846,359.78415608821604]
[]
[null,"Actual Net Income",null,null,null,null,null,null,{"$f":"I39","v":131},108,109,113,148,137,137,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,{"$f":"SUMIF(6:6,TRUE,205:205)=0","v":true},"Test",null,{"$f":"I202-I204","v":0},{"$f":"J202-J204","v":0},0,0,0,0,0,155.17566800000003,173.02339769200009,190.16819051250803,206.13922898761774,223.07768714339892,241.04333451797706,259.7952817860139,277.5879766246963,296.41855881178748,316.34977934646048,337.44814743483846,359.78415608821604]
[" "]
["Cash Flow",null,null,null,null,"> starting from EBITDA (direct method) for modelling"]
[null,"Direct Method"]
[null,"EBITDA",null,null,null,null,null,null,{"$f":"I127","v":200},{"$f":"J127","v":177},177,184,233,224,230,251.75000000000003,269.52355000000011,288.52362600000004,305.83504356000009,324.18514617360012,343.63625494401617,364.25443024065726,386.10969605509661,409.27627781840249,433.83285448750678,459.86282575675716,487.4545953021626]
[null,"Less : WC Changes",null,null,null,null,null,null,{"$f":"I138","v":0},{"$f":"J138","v":10},90,-50.000000000000028,10.000000000000028,10,10,-33.285000000000025,14.802900000000022,15.691074000000015,16.632538440000019,17.630490746400028,18.688320191184005,19.809619402655073,20.998196566814443,22.258088360823194,23.593573662472636,25.009188082220987,26.509739367154225]
[null,"Less : Tax Paid",null,null,null,null,null,null,{"$f":"I201","v":32},{"$f":"J201","v":25},24,29,39,33,30,38.793917000000008,43.255849423000029,47.542047628127015,51.534807246904442,55.76942178584973,60.260833629494272,64.948820446503476,69.396994156174074,74.104639702946869,79.087444836615134,84.362036858709615,89.946039022054023]
[null,"Operating CF",null,null,null,null,null,null,{"$f":"I209-I210-I211","v":168},{"$f":"J209-J210-J211","v":142},63,205.00000000000003,183.99999999999997,181,190,246.24108300000006,211.46480057700006,225.290504371873,237.66769787309562,250.78523364135037,264.68710112333792,279.49599039149871,295.7145053321081,312.91354975463241,331.15183598841901,350.49160081582659,370.99881691295434]
[null,"Less : CAPEX",null,null,null,null,null,null,{"$f":"I132","v":60},{"$f":"J132","v":62},20,35,80,60,70,65.454999999999998,69.382300000000001,73.545238000000012,77.957952280000015,82.635429416800022,87.593555181808028,92.849168492716529,98.42011860227953,104.32532571841631,110.58484526152129,117.21993597721259,124.25313213584533]
[null,"Add : Other Income",null,null,null,null,null,null,{"$f":"I167","v":15},{"$f":"J167","v":15},15,15,15,15,15,15,15,15,15,15,15,15,15,15,15,15,15]
[null,null,"Net CF",null,"> real CF (not FXF yet)",null,null,null,{"$f":"I212-I213+I214","v":123},{"$f":"J212-J213+J214","v":95},58,185.00000000000003,118.99999999999997,136,135,195.78608300000008,157.08250057700008,166.74526637187299,174.70974559309559,183.14980422455034,192.0935459415299,201.64682189878218,212.29438672982857,223.5882240362161,235.5669907268977,248.27166483861402,261.74568477710898]
[null,"Less : Interest Expense",null,null,null,null,null,null,{"$f":"I187","v":24},{"$f":"J187","v":28},27,23,22,25,30,25.5,19.959209209999997,16.433512595489997,12.591288716921007,8.4781504528646305,4.0761215071483248,0,0,0,0,0,0]
[null,"Add : Interest Income",null,null,null,null,null,null,{"$f":"I178","v":2},{"$f":"J178","v":1},3,4,3,2,2,2.6,2.6,2.6,2.6,2.6,2.6,2.8535532096844851,4.8651984575657075,6.9876863483160223,9.2278560855123644,11.592954786988882,14.090662000022233]
[null,"Less : Dividend",null,null,"> need to cal",null,null,null,{"$f":"MAX(0,I202*I110)","v":25},14,15,15.000000000000002,17,20,30,62.070267200000018,69.209359076800041,76.067276205003211,82.455691595047099,89.231074857359573,96.417333807190829,103.91811271440557,111.03519064987853,118.567423524715,126.53991173858419,134.9792589739354,143.91366243528643]
[null,null,"Net CF",null,null,null,null,null,{"$f":"I215-I216+I217-I218","v":76},{"$f":"J215-J216+J217-J218","v":54},19,151.00000000000003,82.999999999999972,93,77,110.81581580000005,70.513932290200046,76.844477571379784,82.262765281127471,88.040578914326119,94.200090627190747,100.5822623940611,106.12439453751574,112.00848685981714,118.25493507382588,124.88536065166747,131.92268434184479]
[null,"Add : If Negative - reducing existing cash",null,null,null,null,null,null,{"$f":"MIN(I172,MAX(-I219,0))","v":0},{"$f":"MIN(J172,MAX(-J219,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less : If Positive - reducing debt",null,null,null,null,null,null,{"$f":"MIN(I181,MAX(I219,0))","v":0},{"$f":"MIN(J181,MAX(J219,0))","v":54},19,151.00000000000003,82.999999999999972,93,77,110.81581580000005,70.513932290200046,76.844477571379784,82.262765281127471,88.040578914326119,81.522430142966499,0,0,0,0,0,0]
[null,null,"CF after reduction in Cash and Debt",null,null,null,null,null,{"$f":"I219+I220-I221","v":76},{"$f":"J219+J220-J221","v":0},0,0,0,0,0,0,0,0,0,0,12.677660484224248,100.5822623940611,106.12439453751574,112.00848685981714,118.25493507382588,124.88536065166747,131.92268434184479]
[null,"If Positive - add to Cash Balance",null,null,"> no max limit for positive cash balance",null,null,null,{"$f":"MAX(I222,0)","v":76},{"$f":"MAX(J222,0)","v":0},0,0,0,0,0,0,0,0,0,0,12.677660484224248,100.5822623940611,106.12439453751574,112.00848685981714,118.25493507382588,124.88536065166747,131.92268434184479]
[null,"If Negative - add to Debt Balance (Borrowing)",null,null,null,null,null,null,{"$f":"MAX(-I222,0)","v":0},{"$f":"MAX(-J222,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
["Balance Sheet"]
[null,"Common Equity Balance",null,null,"> need to complete Dividend and NI first"]
[null,"Opening Balance",null,null,null,null,null,null,{"$f":"H232","v":0},{"$f":"I232","v":620},810,700,730,940,1070,1160,1253.1054008000001,1356.9194394152003,1471.0203537227051,1594.7038911152758,1728.5505034013152,1873.1765041121014,2029.0536731837096,2195.6064591585273,2373.4575944455996,2563.2674620534758,2765.736350514379]
[null,"Add : Net Income",null,null,null,null,null,null,{"$f":"I202","v":131},{"$f":"J202","v":108},109,113,148,137,137,155.17566800000003,173.02339769200009,190.16819051250803,206.13922898761774,223.07768714339892,241.04333451797706,259.7952817860139,277.5879766246963,296.41855881178748,316.34977934646048,337.44814743483846,359.78415608821604]
[null,"Less : dividend",null,null,null,null,null,null,{"$f":"I218","v":25},{"$f":"J218","v":14},15,15.000000000000002,17,20,30,62.070267200000018,69.209359076800041,76.067276205003211,82.455691595047099,89.231074857359573,96.417333807190829,103.91811271440557,111.03519064987853,118.567423524715,126.53991173858419,134.9792589739354,143.91366243528643]
[null,"Closing Balance",null,null,null,null,null,null,{"$f":"IF(I6,I23,I229+I230-I231)","v":620},810,700,730,940,1070,1160,1253.1054008000001,1356.9194394152003,1471.0203537227051,1594.7038911152758,1728.5505034013152,1873.1765041121014,2029.0536731837096,2195.6064591585273,2373.4575944455996,2563.2674620534758,2765.736350514379,2981.6068441673087]
[]
[null,"Balance Sheets",null,null,null,"Financing","EBITDA Related"]
[null,null,"Assets"]
[null,null,null,"Cash",null,-1,null,null,{"$f":"I175","v":100},{"$f":"J175","v":120},30,60,80,110,130,130,130,130,130,130,142.67766048422425,243.25992287828535,349.38431741580109,461.39280427561823,579.64773934944412,704.53310000111162,836.45578434295635]
[null,null,null,"Inventories",null,null,1,null,{"$f":"I137","v":200},{"$f":"J137","v":210},300,249.99999999999997,260,270,280,246.71499999999997,261.5179,277.20897400000001,293.84151244000003,311.47200318640006,330.16032337758406,349.96994278023914,370.96813934705358,393.22622770787677,416.81980137034941,441.8289894525704,468.33872881972462]
[null,null,null,"Gross Plant Investment",null,null,null,null,{"$f":"I147","v":1000},{"$f":"J147","v":1300},1310,1350,1500,1750,1900,1936.9549999999999,1977.2829749999999,2021.1689683749998,2068.8093861293751,2120.4126747542346,2176.2000398147288,2236.4062077102244,2301.2802331968505,2371.0863554173143,2446.1049053475758,2526.6332677445748,2612.9869008642513]
[null,null,null,"Accumulated Depreciation",null,null,null,null,{"$f":"-I156","v":-350},{"$f":"-J156","v":-390},-410,-450,-520,-630,-710,-731.38041499999997,-753.21118367500003,-775.53181431387497,-798.38399839680687,-821.81174439635322,-845.86151956443621,-870.58240018503966,-896.02623080117826,-922.24779295520966,-949.30498401389355,-977.25900668387783,-1006.1745698596239]
[null,null,null,"Net PPE",null,null,1,null,{"$f":"I238+I239","v":650},{"$f":"J238+J239","v":910},900,900,980,1120,1190,1205.5745849999998,1224.0717913249998,1245.6371540611249,1270.4253877325682,1298.6009303578812,1330.3385202502927,1365.8238075251847,1405.2540023956722,1448.8385624621046,1496.7999213336823,1549.3742610606969,1606.8123310046274]
[null,null,null,"Investment Property",null,-1,null,null,{"$f":"I168","v":70},{"$f":"J168","v":70},70,70,70,70,70,70,70,70,70,70,70,70,70,70,70,70,70]
[null,null,null,"Total Assets",null,null,null,null,{"$f":"I236+I237+I240+I241","v":1020},{"$f":"J236+J237+J240+J241","v":1310},1300,1280,1390,1570,1670,1652.2895849999998,1685.5896913249999,1722.846128061125,1764.2669001725683,1810.0729335442813,1873.1765041121012,2029.0536731837092,2195.6064591585268,2373.4575944455996,2563.2674620534758,2765.736350514379,2981.6068441673083]
[]
[null,null,"Liabilities and Equity"]
[null,null,null,"Debt",null,1,null,null,{"$f":"I184","v":400},{"$f":"J184","v":500},600,550,450,500,510,399.18418419999995,328.6702519097999,251.8257743384201,169.56300905729262,81.522430142966499,0,0,0,0,0,0,0]
[null,null,null,"Equity",null,1,null,null,{"$f":"I232","v":620},{"$f":"J232","v":810},700,730,940,1070,1160,1253.1054008000001,1356.9194394152003,1471.0203537227051,1594.7038911152758,1728.5505034013152,1873.1765041121014,2029.0536731837096,2195.6064591585273,2373.4575944455996,2563.2674620534758,2765.736350514379,2981.6068441673087]
[null,null,null,"Total Liabilities & Equity",null,null,null,null,{"$f":"SUM(I245:I246)","v":1020},{"$f":"SUM(J245:J246)","v":1310},1300,1280,1390,1570,1670,1652.289585,1685.5896913250001,1722.8461280611252,1764.2669001725685,1810.0729335442816,1873.1765041121014,2029.0536731837096,2195.6064591585273,2373.4575944455996,2563.2674620534758,2765.736350514379,2981.6068441673087]
[]
[null,null,"Diff",null,null,null,null,null,{"$f":"I242-I247","v":0},{"$f":"J242-J247","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,{"$f":"AND(I250:AA250)","v":true},"Test",null,{"$f":"I249=0","v":true},{"$f":"J249=0","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[]
[]
[]
["Financial Ratios"]
[null,"Return on Equity (ROE)",null,null,null,null,null,null,{"$f":"I202/AVERAGE(H246:I246)","v":0.21129032258064517},{"$f":"J202/AVERAGE(I246:J246)","v":0.15104895104895105},0.14437086092715232,0.15804195804195803,0.17724550898203592,0.13631840796019901,0.12286995515695068,0.12861076681404443,0.13258371723215789,0.13449238981251141,0.13447995483267081,0.13425254925501925,0.13384875312045935,0.13315220783108611,0.13141316362923422,0.1297502312658407,0.12816179784207099,0.1266458645193704,0.12520016428500141]
[null,"Debt/ Capital (=D/E)",null,null,null,null,null,null,{"$f":"I245/I247","v":0.39215686274509803},{"$f":"J245/J247","v":0.38167938931297712},0.46153846153846156,0.4296875,0.32374100719424459,0.31847133757961782,0.30538922155688625,0.24159456539817137,0.19498829021162345,0.14616846521390883,9.6109613030039343E-2,4.5038201849324618E-2,0,0,0,0,0,0,0]
[null,"Debt/EBITDA",null,null,null,null,null,null,{"$f":"I245/I209","v":2},{"$f":"J245/J209","v":2.8248587570621471},3.3898305084745761,2.9891304347826089,1.9313304721030042,2.2321428571428572,2.2173913043478262,1.5856372758689172,1.2194491053186252,0.87280815727173788,0.55442635704376697,0.25146873971613581,0,0,0,0,0,0,0]
[null,"EBIT/Interest",null,null,null,null,null,null,{"$f":"IF(I197,I195/I197)","v":7.083333333333333},{"$f":"IF(J197,J195/J197)","v":5.1785714285714288},5.2592592592592595,6.3478260869565215,8.6818181818181817,7.12,6,7.9164543137254917,10.954264471332737,14.393986030779686,20.066677099691539,31.814162874519099,70.601499280612018,false,false,false,false,false,false]
[null,"Invested Capital - Financing Perspective",null,null,null,null,null,null,{"$f":"SUMPRODUCT(I236:I247*$F$236:$F$247)","v":850},{"$f":"SUMPRODUCT(J236:J247*$F$236:$F$247)","v":1120},1200,1150,1240,1390,1470,1452.289585,1485.5896913250001,1522.8461280611252,1564.2669001725685,1610.0729335442816,1660.4988436278772,1715.7937503054243,1776.2221417427263,1842.0647901699813,1913.6197227040316,1991.2032505132674,2075.1510598243522]
[null,"Invested Capital - EBITDA Perspective",null,null,null,null,null,null,{"$f":"SUMPRODUCT(I236:I247*$G$236:$G$247)","v":850},{"$f":"SUMPRODUCT(J236:J247*$G$236:$G$247)","v":1120},1200,1150,1240,1390,1470,1452.2895849999998,1485.5896913249999,1522.846128061125,1564.2669001725683,1610.0729335442813,1660.4988436278768,1715.7937503054238,1776.2221417427259,1842.0647901699813,1913.6197227040316,1991.2032505132672,2075.1510598243522]
[null,"EBIT(1-T) = NOPAT",null,null,null,null,0.2,null,{"$f":"I195*(1-$G$261)","v":136},{"$f":"J195*(1-$G$261)","v":116},113.60000000000001,116.80000000000001,152.80000000000001,142.4,144,161.49566800000002,174.9107650600001,189.23500058890005,202.13225996115457,215.78020750569058,230.22423172369574,245.51243921826631,261.69581785864369,278.82840973313472,296.96749447805058,316.17378360524737,336.51162648819832]
[null,"Return on Invested Capital (ROIC)",null,null,null,null,null,null,{"$f":"I261/AVERAGE(H259:I259)","v":0.16},{"$f":"J261/AVERAGE(I259:J259)","v":0.11776649746192894},9.7931034482758625E-2,9.940425531914894E-2,0.12786610878661089,0.10828897338403043,0.10069930069930071,0.11052680667169405,0.11907280633995034,0.12580291683105518,0.13095228980119689,0.13595280833749454,0.14078531058734628,0.14543315331107015,0.14988237508000163,0.15412177916235059,0.15814293956805128,0.16194013699153303,0.16551023388823125]
[]
[null,null,null,null,8]
[]
[null,{"$f":"INDEX(B255:B262,$E$264)","v":"Return on Invested Capital (ROIC)"},null,null,null,null,null,null,{"$f":"INDEX(I255:I262,$E$264)","v":0.16},0.11776649746192894,9.7931034482758625E-2,9.940425531914894E-2,0.12786610878661089,0.10828897338403043,0.10069930069930071,0.11052680667169405,0.11907280633995034,0.12580291683105518,0.13095228980119689,0.13595280833749454,0.14078531058734628,0.14543315331107015,0.14988237508000163,0.15412177916235059,0.15814293956805128,0.16194013699153303,0.16551023388823125]
[null,null,null,null,null,null,null,null,{"$f":"I5","v":2007},2008,2009,2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021,2022,2023,2024,2025]
[null,"History",null,null,null,null,null,null,{"$f":"IF(I6,I266)","v":0.16},{"$f":"IF(J6,J266)","v":0.11776649746192894},9.7931034482758625E-2,9.940425531914894E-2,0.12786610878661089,0.10828897338403043,0.10069930069930071,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"Projected",null,null,null,null,null,null,{"$f":"IF(NOT(I6),I266)","v":false},{"$f":"IF(NOT(J6),J266)","v":false},false,false,false,false,false,0.11052680667169405,0.11907280633995034,0.12580291683105518,0.13095228980119689,0.13595280833749454,0.14078531058734628,0.14543315331107015,0.14988237508000163,0.15412177916235059,0.15814293956805128,0.16194013699153303,0.16551023388823125]
[]
["Valuation"]
[null,"Assumptions"]
[null,null,"WACC",null,null,{"$f":"G273/100","v":0.11},11]
[null,null,"Terminal Growth Rate",null,null,{"$f":"G274/1000","v":0.03},30]
[null,null,"Terminal EV/EBITDA ratio",null,null,{"$f":"G275/10","v":9.6},96]
[]
[null,"Free Cash Flows in explicit period",null,null,null,null,null,null,{"$f":"IF(I7,I164)","v":false},false,false,false,false,false,false,false,141.61065873500007,151.97856385277498,160.7114878497114,169.97417413397741,179.7983216401002,190.21753254071905,201.26742642134167,false,false,false,false]
[null,"NPV of Cash Flows",null,null,null,{"$f":"NPV(F273,277:277)","v":785.74625209570547}]
[]
[null,"Normailized Terminal Cash Flows"]
[null,null,"EBITDA",null,null,null,null,null,{"$f":"I8*I158","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,386.10969605509661,0,0,0,0]
[null,null,"Normalized WC change",null,null,null,null,null,{"$f":"I8*I138","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,20.998196566814443,0,0,0,0]
[null,null,"Normalized CAPEX",null,null,null,null,null,{"$f":"I8*I132","v":0},{"$f":"J8*J150","v":0},0,0,0,0,0,0,0,0,0,0,0,0,58.989923731791968,0,0,0,0]
[null,null,"Normalized Tax",null,null,null,null,null,{"$f":"I8*I163","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,65.423954464660923,0,0,0,0]
[null,"Free Cash Flow",null,null,null,null,null,null,{"$f":"I281-I282-I283-I284","v":0},{"$f":"J281-J282-J283-J284","v":0},0,0,0,0,0,0,0,0,0,0,0,0,240.69762129182925,0,0,0,0]
[null,"Terminal Value (CF*(1+Growth Rate)/(WACC-Growth)",null,null,null,{"$f":"F274","v":0.03},{"$f":"F273","v":0.11},null,{"$f":"IF(I7,I285*(1+$F$286)/($G$286-$F$286))","v":false},false,false,false,false,false,false,false,0,0,0,0,0,0,3098.9818741323015,false,false,false,false]
[null,"NPV of Terminal Free Cash Flow",null,null,null,{"$f":"NPV($F$273,I286:AA286)","v":1492.6506848739673}]
[]
[null,"Enterprise Value with December Cash Flow",null,null,null,{"$f":"F278+F287","v":2278.3969369696729}]
[null,"Enterprise Value with Smooth Cash Flow",null,null,null,{"$f":"F289*(1+F273)^0.5","v":2400.4401239472718},"NPV*(1+WACC)^0.5"]
[]
[null,"EBITDA in valuation year",null,null,null,{"$f":"SUMIF(5:5,F7,158:158)","v":269.52355000000011}]
[null,"EBITDA in valuation year - Match Column",null,null,null,{"$f":"MATCH(F7,5:5)","v":17}]
[null,"EBITDA in valuation year - Match/Index",null,null,null,{"$f":"INDEX(158:158,F293)","v":269.52355000000011}]
[]
[null,"EV/EBITDA (EBITDA Year using SUMIF)",null,null,null,{"$f":"F290/SUMIF(5:5,F7,158:158)","v":8.9062351840767562},"x"]
[null,"EV/EBITDA (EBITDA using Match INDEX)",null,null,null,{"$f":"F290/F292","v":8.9062351840767562},"x"]
[null,null,null,null,null,null,null,null,null,null,null,"WACC"]
[null,null,null,null,null,null,null,null,{"$f":"F296","v":8.9062351840767562},7.0000000000000007E-2,0.08,0.09,0.1,0.11]
[null,null,null,null,null,null,null,null,0,11.696357861843097,10.137554340389489,8.9314870409769682,7.9719376578655057,7.1913411901281474]
[null,null,null,null,null,null,null,null,0.02,15.213794266547065,12.574428951320231,10.696381695065037,9.2937059226219922,8.2075746680236197]
[null,null,null,null,null,null,null,"Growth Rate",0.03,18.291551120663033,14.523928640064822,12.020052685631088,10.237826111733769,8.9062351840767562]
[null,null,null,null,null,null,null,null,0.04,23.421145877522981,17.448178173181709,13.873192072423556,11.496653030549471,9.8045129904307871]
[null,null,null,null,null,null,null,null,0.05,33.680335391242885,22.32192739504319,16.652901152612266,13.259010716891453,11.002216732236167]
[]
[null,"Terminal Value with EV/EBITDA ratio"]
[null,null,"NPV of explicit cash flow",null,null,{"$f":"F278","v":785.74625209570547}]
[null,null,"Terminal Value using EV/EBITDA Ratio",null,null,{"$f":"F275","v":9.6},"x",null,{"$f":"IF(I7,$F$308*I281)","v":false},false,false,false,false,false,false,false,0,0,0,0,0,0,3706.6530821289271,false,false,false,false]
[null,null,"NPV of the Terminal Cash Flows",null,null,{"$f":"NPV(F273,I308:AA308)","v":1785.3406332617164}]
[null,null,"Enterprise Value",null,null,{"$f":"(F307+F309)*(1+F273)^0.5","v":2708.8081192626382}]
[null,null,"Implied EV/EBITDA Ratio",null,null,{"$f":"F310/F292","v":10.050357823138784}]
[]
[null,null,"Debt",null,null,{"$f":"SUMIF(5:5,$F$6,245:245)","v":510}]
[null,null,"Cash ",null,null,{"$f":"SUMIF(5:5,$F$6,236:236)","v":130}]
[null,null,"Investment Property",null,null,{"$f":"SUMIF(5:5,$F$6,241:241)","v":70}]
[null,null,"Bridge",null,null,{"$f":"F313-F314-F315","v":310}]
[]
[null,null,null,null,null,null,null,null,null,null,null,"WACC"]
[null,null,null,null,null,null,null,null,{"$f":"F311","v":10.050357823138784},7.0000000000000007E-2,0.08,0.09,0.1,0.11]
[null,null,null,null,null,null,null,null,7.0000000000000009,9.9378247433700118,9.4492147857315789,8.9915604023749474,8.5625965576318119,8.1602439254055152]
[null,null,null,null,null,null,null,null,7.5,10.39923733182086,9.8835545419327477,9.4006437086155774,8.9481029114479718,8.5237273672772975]
[null,null,null,null,null,null,null,"EV/EBITDA",8,10.860649920271708,10.317894298133917,9.8097270148562092,9.3336092652641334,8.8872108091490798]
[null,null,null,null,null,null,null,null,8.5,11.322062508722558,10.752234054335085,10.218810321096839,9.719115619080295,9.2506942510208621]
[null,null,null,null,null,null,null,null,9,11.783475097173403,11.186573810536256,10.627893627337469,10.104621972896457,9.6141776928926443]
[]
[]
[]
[]
["Graph Data"]
[{"$f":"MATCH(B330,B:B,0)","v":54},1,{"$f":"INDEX(C:C,$A330)","v":"Revenue Growth"},null,null,null,null,null,{"$f":"INDEX(I:I,$A$330)","v":0},6.25E-2,-0.10588235294117643,5.2631578947368363E-2,0.10000000000000009,4.5454545454545414E-2,3.2608695652173836E-2,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06]
[64,2,"COGS",null,null,null,null,null,{"$f":"INDEX(I:I,$A331)","v":0.71250000000000002},0.75058823529411767,0.73026315789473684,0.72750000000000004,0.69090909090909092,0.71086956521739131,0.70526315789473681,0.7,0.7,0.7,{"$f":"INDEX(S:S,$A331)","v":0.7},0.7,0.7,0.7,0.7,0.7,0.7,0.7,0.7]
[74,3,"Base Admin Case",null,null,null,null,null,3.7499999999999999E-2,4.1176470588235294E-2,3.6842105263157891E-2,4.2500000000000003E-2,4.4318181818181819E-2,4.5652173913043478E-2,5.2631578947368418E-2,0.05,4.7500000000000001E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2]
[83,4,"Historical/ forecast CAPEX",null,null,null,null,null,7.4999999999999997E-2,7.2941176470588232E-2,2.6315789473684209E-2,4.3749999999999997E-2,9.0909090909090912E-2,6.5217391304347824E-2,7.3684210526315783E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2]
[88,5,"Historical & Projected WC",null,null,null,null,null,0.35087719298245612,0.32915360501567398,0.54054054054054057,0.42955326460481097,0.42763157894736842,0.41284403669724773,0.41791044776119401,0.35,0.35,0.35,0.35,0.35,0.35,0.35,0.35,0.35,0.35,0.35,0.35]
[92,6,"Historical & Projected Tax Rate",null,null,null,null,null,0.19631901840490798,0.18796992481203006,0.18045112781954886,0.20422535211267606,0.20855614973262032,0.19411764705882353,0.17964071856287425,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2]
[96,7,"Historical & Projected Depre Rate",null,null,null,null,null,0.03,2.4615384615384615E-2,2.6717557251908396E-2,2.8148148148148148E-2,2.8000000000000001E-2,2.6285714285714287E-2,2.6315789473684209E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2]
[102,8,"Historical & Projected Interest Income",null,null,null,null,null,0.02,8.3333333333333332E-3,0.1,6.6666666666666666E-2,3.7499999999999999E-2,1.8181818181818181E-2,1.5384615384615385E-2,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
[106,9,"Historical & Projected Interest Expense",null,null,null,null,null,0.06,5.6000000000000001E-2,4.4999999999999998E-2,4.1818181818181817E-2,4.8888888888888891E-2,0.05,5.8823529411764705E-2,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[110,10,"Historical & Projected Dividend Payout Ratio",null,null,null,null,null,0.19083969465648856,0.12962962962962962,0.13761467889908258,0.13274336283185842,0.11486486486486487,0.145985401459854,0.21897810218978103,0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.4]
[]
[]
[null,null,{"$f":"INDEX(C330:C339,$C$354)","v":"Revenue Growth"},null,null,null,null,null,{"$f":"INDEX(I330:I339,$C$354)","v":0},6.25E-2,-0.10588235294117643,5.2631578947368363E-2,0.10000000000000009,4.5454545454545414E-2,3.2608695652173836E-2,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06]
[null,null,null,null,null,null,null,null,{"$f":"I5","v":2007},{"$f":"J5","v":2008},2009,2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021,2022,2023,2024,2025]
[null,null,"Historic",null,null,null,null,null,{"$f":"IF(I6,I342)","v":0},6.25E-2,-0.10588235294117643,5.2631578947368363E-2,0.10000000000000009,4.5454545454545414E-2,3.2608695652173836E-2,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Projected",null,null,null,null,null,{"$f":"IF(NOT(I6),I342)","v":false},false,false,false,false,false,false,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06]
[]
[null,null,"Min",null,{"$f":"MIN(I344:AA345)","v":-0.10588235294117643}]
[null,null,"Min Adj",null,{"$f":"E347*0.95","v":-0.1005882352941176}]
[]
[null,"> graph (in summary transaction page) แยกสีระหว่าง Historic and Projected data ให้"]
[]
[]
[]
[null,null,1,null,"> for Graph Data"]

{"sheet":"Transaction Assumption","index":6,"n_rows":120,"n_cols":18,"rows_kept":120,"cut":false,"hidden":false,"merged":[]}
["> Ref. workbook part1 p.20"]
[]
["Consideration"]
[]
[null,"Transaction Period",null,null,2014]
[null,"Column No.",null,null,{"$f":"MATCH(E5,'Corporate Model'!5:5)","v":16},null,{"$f":"show_formulaR(E6)","v":"< ---- =MATCH(E5,'Corporate Model'!5:5)"}]
[null,"Payment to Equity",null,null,2380]
[null,"Book Value of Equity",null,null,{"$f":"INDEX('Corporate Model'!246:246,'Transaction Assumption'!$E$6)","v":1253.1054008000001},null,{"$f":"show_formulaR(E8)","v":"< ---- =INDEX('Corporate Model'!246:246,'Transaction Assumption'!$E$6)"}]
[]
[null,"Earnings",null,null,{"$f":"INDEX('Corporate Model'!202:202,'Transaction Assumption'!$E$6+1)","v":173.02339769200009},null,"> Forward earnings (next year)"]
[null,"Transaction P/E (=Payment/Earnings)",null,null,{"$f":"E7/E10","v":13.755365064768011}]
[null,"Transaction Price to Book Ratio",null,null,{"$f":"E7/E8","v":1.8992815755806132}]
[]
[null,"Add : Debt",null,null,{"$f":"INDEX('Corporate Model'!$245:$245,'Transaction Assumption'!$E$6)","v":399.18418419999995},null,"Target Equity IRR",null,{"$f":"K14/100","v":0.2},null,20]
[null,"Less : Cash",null,null,{"$f":"INDEX('Corporate Model'!$236:$236,'Transaction Assumption'!$E$6)","v":130},null,"Equity IRR in Model",null,{"$f":"'Acquisition Model'!G113","v":0.187694376707077}]
[null,"Less : Investment Property",null,null,{"$f":"INDEX('Corporate Model'!$241:$241,'Transaction Assumption'!$E$6)","v":70},null,null,null,{"$f":"I14-I15","v":1.2305623292923007E-2},"Diff"]
[null,"Enterprise Value",null,null,{"$f":"E7+E14-E15-E16","v":2579.1841841999999}]
[]
[null,"EBITDA",null,null,{"$f":"INDEX('Corporate Model'!$193:$193,'Transaction Assumption'!$E$6+1)","v":269.52355000000011},null,"> Forward EBITDA (next year)"]
[null,"Transaction EV/EBITDA ",null,null,{"$f":"E17/E19","v":9.5694204985055986},null,null,null,null,null,"> Re grapg, ROE decreases while ROIC keeps flat bcuz D/E gets lower and lower"]
[]
["Synergy"]
[]
[null,"Pre-Tax Synergy",null,null,95]
[]
[null,"Synergy Code No.",null,null,3]
[null,null,null,null,1,2,3,4,5,null,null,null,"Pre-tax IRR",{"$f":"'Acquisition Model'!G48","v":0.18245589302692289}]
[null,"Base Case",null,null,0.3,0.5,0.7,0.8,1]
[null,"Low Case",null,null,0.2,0.3,0.4,0.4,0.4]
[null,"High Case",null,null,0.4,0.6,0.8,1.2,1.2]
[]
[null,"Realizing the Synergy",null,null,{"$f":"INDEX(E28:E30,$E$26)","v":0.4},{"$f":"INDEX(F28:F30,$E$26)","v":0.6},{"$f":"INDEX(G28:G30,$E$26)","v":0.8},{"$f":"INDEX(H28:H30,$E$26)","v":1.2},{"$f":"INDEX(I28:I30,$E$26)","v":1.2}]
[]
[null,"Cost to Achieve"]
[]
["Holding & Exit Period"]
[null,"Holding Period",null,null,6]
[]
[null,"Exit EV/EBITDA Multiple",null,null,9]
[]
["Financing Assumption"]
[null,"Debt Retired",null,null,200]
[null,null,null,null,null,"Fee","Int Rate","Tenor"]
[null,"New Debt Issues",null,null,800,1.4999999999999999E-2,0.05,10]
[]
[null,"Advisory Fee",null,null,0.01]
[]
["Accounting Assumption"]
[]
[null,"Tax - Exchange of Shares",null,null,true]
[]
[null,"Revaluation of Inventory",null,null,-10]
[null,"Revaluation of Plant",null,null,20,null,"> Need apprisal"]
[null,"Intangible Assets",null,null,30]
[]
["Sources and Uses of Funds"]
[null,"Uses of Funds"]
[null,null,"Consideration for Equity",null,{"$f":"E7","v":2380}]
[null,null,"Banking Fee",null,{"$f":"E44*F44","v":12}]
[null,null,"Advisory Fee",null,{"$f":"E46*E7","v":23.8},null,"> included in Operating Expenses"]
[null,null,"Debt Retired",null,{"$f":"E42","v":200}]
[null,null,null,"Total",{"$f":"SUM(E58:E61)","v":2615.8000000000002}]
[null,"Sorces of Funds"]
[null,null,"New Debt Issues",null,{"$f":"E44","v":800}]
[null,null,"Equity",null,{"$f":"E62-E64","v":1815.8000000000002}]
[null,null,null,"Total",{"$f":"SUM(E64:E65)","v":2615.8000000000002}]
[]
["TOP Shares Issued"]
[null,"TOP Share Price",null,null,53.25]
[null,"New Shares Issued",null,null,{"$f":"E65/E69","v":34.099530516431926}]
[]
[null,"P/E Ratio",null,null,{"$f":"E69/F76","v":10.199999999999999}]
[null,"Earnings Growth",null,null,0.03]
[]
[null,"Year",null,null,null,2014,2015,2016,2017,2018,2019,2020,2021,2022,2023,2024,2025,2026]
[null,"EPS",null,null,null,5.2205882352941178,5.3772058823529418,5.5385220588235304,5.7046777205882364,5.8758180522058838,6.0520925937720609,6.1,6.2,6.3,6.4,6.5,6.5,6.6]
[]
[null,"TOP Shares",null,null,100]
[]
["Goodwill"]
[null,"Consideration",null,null,{"$f":"E7","v":2380}]
[null,"Less : Existing Equity",null,null,{"$f":"E8","v":1253.1054008000001}]
[null,null,null,"Subtotal",{"$f":"E81-E82","v":1126.8945991999999}]
[null,"Less : Intangible Assets",null,null,{"$f":"E54","v":30}]
[null,"Less : Plant Write-Up",null,null,{"$f":"E53","v":20}]
[null,"Add : Inventory",null,null,{"$f":"-E52","v":10}]
[null,null,null,"Total Goodwill",{"$f":"E83-E84-E85+E86","v":1086.8945991999999}]
[]
["Pro-forma Balance Sheet"]
[null,null,null,null,"Existing BS","Goodwill","Assets value changes","Debt Retired","New Debt Issued","Remove Existing Equity","New Equity Issued","Fee Adjustment","Total Adj.","New BS"]
[null,"Balance Sheets"]
[null,null,"Assets"]
[null,null,null,"Cash",{"$f":"INDEX('Corporate Model'!236:236,'Transaction Assumption'!$E$6)","v":130},null,null,null,null,null,null,null,{"$f":"SUM(F93:L93)","v":0},{"$f":"E93+M93","v":130}]
[null,null,null,"Inventories",{"$f":"INDEX('Corporate Model'!237:237,'Transaction Assumption'!$E$6)","v":246.71499999999997},null,{"$f":"-E86","v":-10},null,null,null,null,null,{"$f":"SUM(F94:L94)","v":-10},{"$f":"E94+M94","v":236.71499999999997}]
[null,null,null,"Gross Plant Investment",{"$f":"INDEX('Corporate Model'!238:238,'Transaction Assumption'!$E$6)","v":1936.9549999999999},null,{"$f":"E85","v":20},null,null,null,null,null,20,1956.9549999999999]
[null,null,null,"Accumulated Depreciation",{"$f":"INDEX('Corporate Model'!239:239,'Transaction Assumption'!$E$6)","v":-731.38041499999997},null,null,null,null,null,null,null,0,-731.38041499999997]
[null,null,null,"Net PPE",{"$f":"INDEX('Corporate Model'!240:240,'Transaction Assumption'!$E$6)","v":1205.5745849999998},null,null,null,null,null,null,null,0,{"$f":"N95+N96","v":1225.5745849999998}]
[null,null,null,"Investment Property",{"$f":"INDEX('Corporate Model'!241:241,'Transaction Assumption'!$E$6)","v":70},null,null,null,null,null,null,null,0,70]
[null,null,null,"Intangible Assets",null,null,{"$f":"E84","v":30},null,null,null,null,null,30,30]
[null,null,null,"Goodwill",null,{"$f":"E87","v":1086.8945991999999},null,null,null,null,null,null,1086.8945991999999,1086.8945991999999]
[null,null,null,"Deferred Financing Cost",null,null,null,null,null,null,null,{"$f":"E59","v":12},12,12]
[null,null,null,"Total Assets",{"$f":"INDEX('Corporate Model'!242:242,'Transaction Assumption'!$E$6)","v":1652.2895849999998},null,null,null,null,null,null,null,{"$f":"SUM(M93:M101)","v":1138.8945991999999},{"$f":"E102+M102","v":2791.1841841999994}]
[]
[null,null,"Liabilities and Equity"]
[null,null,null,"Debt",{"$f":"INDEX('Corporate Model'!245:245,'Transaction Assumption'!$E$6)","v":399.18418419999995},null,null,{"$f":"-E61","v":-200},null,null,null,null,{"$f":"SUM(F105:L105)","v":-200},{"$f":"E105+M105","v":199.18418419999995}]
[null,null,null,"New Debt",null,null,null,null,{"$f":"E64","v":800},null,null,null,{"$f":"SUM(F106:L106)","v":800},{"$f":"E106+M106","v":800}]
[null,null,null,"Equity",{"$f":"INDEX('Corporate Model'!246:246,'Transaction Assumption'!$E$6)","v":1253.1054008000001},null,null,null,null,{"$f":"-E107","v":-1253.1054008000001},{"$f":"E65","v":1815.8000000000002},{"$f":"-E60","v":-23.8},{"$f":"SUM(F107:L107)","v":538.89459920000013},{"$f":"E107+M107","v":1792.0000000000002}]
[null,null,null,"Total Liabilities & Equity",{"$f":"INDEX('Corporate Model'!247:247,'Transaction Assumption'!$E$6)","v":1652.289585},null,null,null,null,null,null,null,{"$f":"SUM(M105:M107)","v":1138.8945992000001},{"$f":"E108+M108","v":2791.1841842000003}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"M102=M108","v":true},{"$f":"N102=N108","v":true}]
[null,null,null,"J-Curve Data Table"]
[]
[]
[null,null,null,null,null,"Consideration",{"$f":"E7","v":2380}]
[null,null,null,null,null,null,null,"Holding Period"]
[null,null,null,null,null,{"$f":"'Acquisition Model'!G48","v":0.18245589302692289},2,3,4,5,6,7,8,9,10]
[null,null,null,null,null,5,-7.8595833505644919E-2,1.357162083230512E-2,7.20266916034904E-2,9.1832988002062965E-2,0.10500484827273704,0.11435345129795516,0.12129920146080364,0.12663743169920916,0.13084825873486161]
[null,null,null,null,"Exit Multiple",6,-5.3679680778324634E-3,6.3629699518695571E-2,0.10933184690877007,0.12011989728744155,0.12727376681546132,0.13234914679705678,0.13612447775269443,0.13903260191666345,0.14133346306253425]
[null,null,null,null,null,7,6.2612700481391004E-2,0.10913058722997038,0.14297745109741222,0.14558586113450422,0.14733346756891685,0.14859027033425476,0.14953996116749613,0.15028414330063056,0.15088362806232425]
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{"sheet":"Acquisition Model","index":7,"n_rows":127,"n_cols":19,"rows_kept":127,"cut":false,"hidden":false,"merged":[]}
["Timing",null,null,null,null,null,{"$f":"DATE(G2,12,31)","v":"2014-12-31"},{"$f":"EDATE(G1,6)","v":"2015-06-30"},{"$f":"EDATE(H1,12)","v":"2016-06-30"},{"$f":"EDATE(I1,12)","v":"2017-06-30"},"2018-06-30","2019-06-30","2020-06-30","2021-06-30","2022-06-30","2023-06-30","2024-06-30","2025-06-30"]
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[null,"Year of Transaction",null,null,null,null,0,{"$f":"G3+1","v":1},{"$f":"H3+1","v":2},3,4,5,6,7,8,9,10,11,12]
[null,"Holding Period",null,null,{"$f":"'Transaction Assumption'!E37","v":6},null,null,{"$f":"H3<=$E$4","v":true},{"$f":"I3<=$E$4","v":true},true,true,true,true,false,false,false,false,false]
[null,"Exit Period",null,null,{"$f":"'Transaction Assumption'!E37","v":6},null,null,{"$f":"H3=$E$5","v":false},{"$f":"I3=$E$5","v":false},false,false,false,true,false,false,false,false,false]
[]
["Data transferred from Corporate Model"]
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[null,"WC Changes",null,null,null,null,{"$f":"INDEX('Corporate Model'!138:138,'Acquisition Model'!G8)","v":-33.285000000000025},{"$f":"INDEX('Corporate Model'!138:138,'Acquisition Model'!H8)","v":14.802900000000022},{"$f":"INDEX('Corporate Model'!138:138,'Acquisition Model'!I8)","v":15.691074000000015},{"$f":"INDEX('Corporate Model'!138:138,'Acquisition Model'!J8)","v":16.632538440000019},{"$f":"INDEX('Corporate Model'!138:138,'Acquisition Model'!K8)","v":17.630490746400028},{"$f":"INDEX('Corporate Model'!138:138,'Acquisition Model'!L8)","v":18.688320191184005},{"$f":"INDEX('Corporate Model'!138:138,'Acquisition Model'!M8)","v":19.809619402655073},{"$f":"INDEX('Corporate Model'!138:138,'Acquisition Model'!N8)","v":20.998196566814443},{"$f":"INDEX('Corporate Model'!138:138,'Acquisition Model'!O8)","v":22.258088360823194},{"$f":"INDEX('Corporate Model'!138:138,'Acquisition Model'!P8)","v":23.593573662472636},{"$f":"INDEX('Corporate Model'!138:138,'Acquisition Model'!Q8)","v":25.009188082220987},{"$f":"INDEX('Corporate Model'!138:138,'Acquisition Model'!R8)","v":26.509739367154225},{"$f":"INDEX('Corporate Model'!138:138,'Acquisition Model'!S8)","v":26.509739367154225}]
[null,"Captial Expenditures",null,null,null,null,{"$f":"INDEX('Corporate Model'!132:132,'Acquisition Model'!G8)","v":65.454999999999998},{"$f":"INDEX('Corporate Model'!132:132,'Acquisition Model'!H8)","v":69.382300000000001},{"$f":"INDEX('Corporate Model'!132:132,'Acquisition Model'!I8)","v":73.545238000000012},{"$f":"INDEX('Corporate Model'!132:132,'Acquisition Model'!J8)","v":77.957952280000015},{"$f":"INDEX('Corporate Model'!132:132,'Acquisition Model'!K8)","v":82.635429416800022},{"$f":"INDEX('Corporate Model'!132:132,'Acquisition Model'!L8)","v":87.593555181808028},{"$f":"INDEX('Corporate Model'!132:132,'Acquisition Model'!M8)","v":92.849168492716529},{"$f":"INDEX('Corporate Model'!132:132,'Acquisition Model'!N8)","v":98.42011860227953},{"$f":"INDEX('Corporate Model'!132:132,'Acquisition Model'!O8)","v":104.32532571841631},{"$f":"INDEX('Corporate Model'!132:132,'Acquisition Model'!P8)","v":110.58484526152129},{"$f":"INDEX('Corporate Model'!132:132,'Acquisition Model'!Q8)","v":117.21993597721259},{"$f":"INDEX('Corporate Model'!132:132,'Acquisition Model'!R8)","v":124.25313213584533},{"$f":"INDEX('Corporate Model'!132:132,'Acquisition Model'!S8)","v":124.25313213584533}]
[null,"Depreciation and Amortisation Expense",null,null,null,null,{"$f":"INDEX('Corporate Model'!194:194,'Acquisition Model'!G8)","v":49.880414999999999},{"$f":"INDEX('Corporate Model'!194:194,'Acquisition Model'!H8)","v":50.885093675},{"$f":"INDEX('Corporate Model'!194:194,'Acquisition Model'!I8)","v":51.979875263874995},{"$f":"INDEX('Corporate Model'!194:194,'Acquisition Model'!J8)","v":53.16971860855687},{"$f":"INDEX('Corporate Model'!194:194,'Acquisition Model'!K8)","v":54.459886791486923},{"$f":"INDEX('Corporate Model'!194:194,'Acquisition Model'!L8)","v":55.855965289396522},{"$f":"INDEX('Corporate Model'!194:194,'Acquisition Model'!M8)","v":57.363881217824385},{"$f":"INDEX('Corporate Model'!194:194,'Acquisition Model'!N8)","v":58.989923731791968},{"$f":"INDEX('Corporate Model'!194:194,'Acquisition Model'!O8)","v":60.740765651984134},{"$f":"INDEX('Corporate Model'!194:194,'Acquisition Model'!P8)","v":62.623486389943565},{"$f":"INDEX('Corporate Model'!194:194,'Acquisition Model'!Q8)","v":64.645596250197954},{"$f":"INDEX('Corporate Model'!194:194,'Acquisition Model'!R8)","v":66.815062191914734},{"$f":"INDEX('Corporate Model'!194:194,'Acquisition Model'!S8)","v":66.815062191914734}]
[null,"Other Income",null,null,null,null,{"$f":"INDEX('Corporate Model'!214:214,'Acquisition Model'!G8)","v":15},{"$f":"INDEX('Corporate Model'!214:214,'Acquisition Model'!H8)","v":15},{"$f":"INDEX('Corporate Model'!214:214,'Acquisition Model'!I8)","v":15},{"$f":"INDEX('Corporate Model'!214:214,'Acquisition Model'!J8)","v":15},{"$f":"INDEX('Corporate Model'!214:214,'Acquisition Model'!K8)","v":15},{"$f":"INDEX('Corporate Model'!214:214,'Acquisition Model'!L8)","v":15},{"$f":"INDEX('Corporate Model'!214:214,'Acquisition Model'!M8)","v":15},{"$f":"INDEX('Corporate Model'!214:214,'Acquisition Model'!N8)","v":15},{"$f":"INDEX('Corporate Model'!214:214,'Acquisition Model'!O8)","v":15},{"$f":"INDEX('Corporate Model'!214:214,'Acquisition Model'!P8)","v":15},{"$f":"INDEX('Corporate Model'!214:214,'Acquisition Model'!Q8)","v":15},{"$f":"INDEX('Corporate Model'!214:214,'Acquisition Model'!R8)","v":15}]
[]
[null,"Synergy %",null,null,null,null,null,{"$f":"LOOKUP(H3,'Transaction Assumption'!$E$27:$I$27,'Transaction Assumption'!$E$32:$I$32)","v":0.4},{"$f":"LOOKUP(I3,'Transaction Assumption'!$E$27:$I$27,'Transaction Assumption'!$E$32:$I$32)","v":0.6},{"$f":"LOOKUP(J3,'Transaction Assumption'!$E$27:$I$27,'Transaction Assumption'!$E$32:$I$32)","v":0.8},{"$f":"LOOKUP(K3,'Transaction Assumption'!$E$27:$I$27,'Transaction Assumption'!$E$32:$I$32)","v":1.2},{"$f":"LOOKUP(L3,'Transaction Assumption'!$E$27:$I$27,'Transaction Assumption'!$E$32:$I$32)","v":1.2},{"$f":"LOOKUP(M3,'Transaction Assumption'!$E$27:$I$27,'Transaction Assumption'!$E$32:$I$32)","v":1.2},{"$f":"LOOKUP(N3,'Transaction Assumption'!$E$27:$I$27,'Transaction Assumption'!$E$32:$I$32)","v":1.2},{"$f":"LOOKUP(O3,'Transaction Assumption'!$E$27:$I$27,'Transaction Assumption'!$E$32:$I$32)","v":1.2},{"$f":"LOOKUP(P3,'Transaction Assumption'!$E$27:$I$27,'Transaction Assumption'!$E$32:$I$32)","v":1.2},{"$f":"LOOKUP(Q3,'Transaction Assumption'!$E$27:$I$27,'Transaction Assumption'!$E$32:$I$32)","v":1.2},{"$f":"LOOKUP(R3,'Transaction Assumption'!$E$27:$I$27,'Transaction Assumption'!$E$32:$I$32)","v":1.2},{"$f":"LOOKUP(S3,'Transaction Assumption'!$E$27:$I$27,'Transaction Assumption'!$E$32:$I$32)","v":1.2}]
[null,"Synergy",null,null,{"$f":"'Transaction Assumption'!E24","v":95},null,null,{"$f":"H15*$E$16","v":38},{"$f":"I15*$E$16","v":57},76,114,114,114,114,114,114,114,114,114]
[null,"EBITDA after Synergy",null,null,null,null,{"$f":"G9+G16","v":251.75000000000003},{"$f":"H9+H16","v":307.52355000000011},345.52362600000004,381.83504356000009,438.18514617360012,457.63625494401617,478.25443024065726,500.10969605509661,523.27627781840249,547.83285448750678,573.86282575675716,601.4545953021626,601.4545953021626]
[null,"Terminal Proceed",null,null,{"$f":"'Transaction Assumption'!E39","v":9},null,null,{"$f":"H17*$E$18*H5","v":0},{"$f":"I17*$E$18*I5","v":0},0,0,0,4304.2898721659149,0,0,0,0,0]
[]
["Balance Sheet (Adjusted)"]
[null,"Balance Sheets"]
[null,null,"Assets"]
[null,null,null,"Cash",null,null,{"$f":"'Transaction Assumption'!N93","v":130}]
[null,null,null,"Inventories",null,null,{"$f":"'Transaction Assumption'!N94","v":236.71499999999997}]
[null,null,null,"Gross Plant Investment",null,null,{"$f":"'Transaction Assumption'!N95","v":1956.9549999999999}]
[null,null,null,"Accumulated Depreciation",null,null,{"$f":"'Transaction Assumption'!N96","v":-731.38041499999997}]
[null,null,null,"Net PPE",null,null,{"$f":"'Transaction Assumption'!N97","v":1225.5745849999998}]
[null,null,null,"Investment Property",null,null,{"$f":"'Transaction Assumption'!N98","v":70}]
[null,null,null,"Intangible Assets",null,null,{"$f":"'Transaction Assumption'!N99","v":30}]
[null,null,null,"Goodwill",null,null,{"$f":"'Transaction Assumption'!N100","v":1086.8945991999999}]
[null,null,null,"Deferred Financing Cost",null,null,{"$f":"'Transaction Assumption'!N101","v":12}]
[null,null,null,"Total Assets",null,null,{"$f":"'Transaction Assumption'!N102","v":2791.1841841999994}]
[]
[null,null,"Liabilities and Equity"]
[null,null,null,"Debt",null,null,{"$f":"'Transaction Assumption'!N105","v":199.18418419999995}]
[null,null,null,"New Debt",null,null,{"$f":"'Transaction Assumption'!N106","v":800}]
[null,null,null,"Equity",null,null,{"$f":"'Transaction Assumption'!N107","v":1792.0000000000002}]
[null,null,null,"Total Liabilities & Equity",null,null,{"$f":"'Transaction Assumption'!N108","v":2791.1841842000003}]
[]
["Pre-tax Cash Flow"]
[null,"EBITDA",null,null,null,null,null,{"$f":"H17*H4","v":307.52355000000011},{"$f":"I17*I4","v":345.52362600000004},381.83504356000009,438.18514617360012,457.63625494401617,478.25443024065726,0,0,0,0,0]
[null,"Less WC Adj.",null,null,null,null,null,{"$f":"H10*H4","v":14.802900000000022},{"$f":"I10*I4","v":15.691074000000015},16.632538440000019,17.630490746400028,18.688320191184005,19.809619402655073,0,0,0,0,0]
[null,"Less CAPEX",null,null,null,null,null,{"$f":"H11*H4","v":69.382300000000001},{"$f":"I11*I4","v":73.545238000000012},77.957952280000015,82.635429416800022,87.593555181808028,92.849168492716529,0,0,0,0,0]
[null,"Add Exit Proceed",null,null,null,null,null,{"$f":"H18","v":0},{"$f":"I18","v":0},0,0,0,4304.2898721659149,0,0,0,0,0]
[null,"Less Enterprise Value Paid",null,null,null,null,{"$f":"'Transaction Assumption'!E17","v":2579.1841841999999}]
[null,null,"Total Cash Flow",null,null,null,{"$f":"G41-G42-G43+G44-G45","v":-2579.1841841999999},{"$f":"H41-H42-H43+H44-H45","v":223.3383500000001},256.28731400000004,287.24455284000004,337.91922601040005,351.35437957102414,4669.8855145112002,0,0,0,0,0]
[]
[null,null,"Pre-tax Unlevered IRR",null,null,null,{"$f":"IRR(46:46)","v":0.18245589302692289}]
[]
["After-tax Free Cash Flow"]
[null,"Depreciation",null,null,null,null,null,{"$f":"H12*H4","v":50.885093675},{"$f":"I12*I4","v":51.979875263874995},53.16971860855687,54.459886791486923,55.855965289396522,57.363881217824385,0,0,0,0,0]
[null,"EBIT",null,null,null,null,null,{"$f":"H41-H51","v":256.63845632500011},{"$f":"I41-I51","v":293.54375073612505},328.66532495144321,383.72525938211322,401.78028965461965,420.89054902283289,0,0,0,0,0]
[null,"EBIT*tax rate",null,null,0.2,null,null,{"$f":"$E$53*H52","v":51.327691265000027},{"$f":"$E$53*I52","v":58.708750147225011},65.733064990288639,76.74505187642265,80.356057930923939,84.178109804566589,0,0,0,0,0]
[]
[null,"EBITDA",null,null,null,null,null,{"$f":"H41","v":307.52355000000011},{"$f":"I41","v":345.52362600000004},381.83504356000009,438.18514617360012,457.63625494401617,478.25443024065726,0,0,0,0,0]
[null,"Less WC Adj.",null,null,null,null,null,{"$f":"H42","v":14.802900000000022},{"$f":"I42","v":15.691074000000015},16.632538440000019,17.630490746400028,18.688320191184005,19.809619402655073,0,0,0,0,0]
[null,"Less CAPEX",null,null,null,null,null,{"$f":"H43","v":69.382300000000001},{"$f":"I43","v":73.545238000000012},77.957952280000015,82.635429416800022,87.593555181808028,92.849168492716529,0,0,0,0,0]
[null,"Less Taxes",null,null,null,null,null,{"$f":"H53","v":51.327691265000027},{"$f":"I53","v":58.708750147225011},65.733064990288639,76.74505187642265,80.356057930923939,84.178109804566589,0,0,0,0,0]
[null,"Add Exit Proceed",null,null,null,null,null,{"$f":"H44","v":0},{"$f":"I44","v":0},0,0,0,4304.2898721659149,0,0,0,0,0]
[null,"Less Enterprise Value Paid",null,null,null,null,{"$f":"G45","v":2579.1841841999999},{"$f":"H45","v":0},{"$f":"I45","v":0},0,0,0,0,0,0,0,0,0]
[null,null,"Total Cash Flow",null,null,null,{"$f":"G46","v":-2579.1841841999999},{"$f":"H55-H56-H57-H58+H59-H60","v":172.01065873500008},{"$f":"I55-I56-I57-I58+I59-I60","v":197.57856385277503},221.51148784971139,261.17417413397743,270.99832164010019,4585.7074047066344,0,0,0,0,0]
[]
[null,null,"After-tax Unlevered IRR",null,null,null,{"$f":"IRR(61:61)","v":0.16115532932091581},{"$f":"XIRR(G61:R61,G1:R1)","v":0.17998368144035343}]
[]
["After-tax Equity Cash Flow"]
[]
[null,"Debt Schedule"]
[null,"Existing Debt"]
[null,null,"Opening Balance",null,null,null,null,{"$f":"G72","v":199.18418419999995},{"$f":"H72","v":179.26576577999995},159.34734735999996,139.42892893999996,119.51051051999997,99.592092099999974,0,0,0,0,0]
[null,null,"Less Repayment",null,{"$f":"'Transaction Assumption'!H44","v":10},null,null,{"$f":"MIN($G$72/$E$70,H69)","v":19.918418419999995},{"$f":"MIN($G$72/$E$70,I69)","v":19.918418419999995},19.918418419999995,19.918418419999995,19.918418419999995,19.918418419999995,0,0,0,0,0]
[null,null,"Less Repayment at Holding Period",null,null,null,null,{"$f":"H5*(H69-H70)","v":0},{"$f":"I5*(I69-I70)","v":0},0,0,0,79.673673679999979,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,{"$f":"'Acquisition Model'!G35","v":199.18418419999995},{"$f":"H69-H70-H71","v":179.26576577999995},{"$f":"I69-I70-I71","v":159.34734735999996},139.42892893999996,119.51051051999997,99.592092099999974,0,0,0,0,0,0]
[]
[null,null,"Interest Rate",null,{"$f":"'Transaction Assumption'!G44","v":0.05},null,null,{"$f":"$E$74","v":0.05},{"$f":"$E$74","v":0.05},0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,null,"Interest Expenses",null,null,null,null,{"$f":"H74*H69","v":9.9592092099999974},{"$f":"I74*I69","v":8.9632882889999976},7.9673673679999979,6.9714464469999982,5.9755255259999984,4.9796046049999987,0,0,0,0,0]
[]
[null,"New Debt"]
[null,null,"Opening Balance",null,null,null,null,{"$f":"G80","v":800},{"$f":"H80","v":675.87512705299991},520.4206173335449,334.01826649157528,99.700398594860872,0,0,0,0,0,0]
[null,null,"Less Repayment",null,null,null,null,{"$f":"H109","v":124.12487294700011},{"$f":"I109","v":155.45450971945502},186.40235084196962,234.3178678967144,99.700398594860872,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,{"$f":"G36","v":800},{"$f":"H78-H79","v":675.87512705299991},{"$f":"I78-I79","v":520.4206173335449},334.01826649157528,99.700398594860872,0,0,0,0,0,0,0]
[]
[null,null,"Interest Rate",null,{"$f":"'Transaction Assumption'!G44","v":0.05},null,null,{"$f":"$E$82","v":0.05},{"$f":"$E$82","v":0.05},0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,null,"Interest Expenses",null,null,null,null,{"$f":"H82*H78","v":40},{"$f":"I82*I78","v":33.79375635265},26.021030866677247,16.700913324578764,4.9850199297430438,0,0,0,0,0,0]
[]
[null,"Other Income",null,null,null,null,null,{"$f":"H13*H4","v":15},{"$f":"I13*I4","v":15},15,15,15,15,0,0,0,0,0]
[]
["Profit & Loss"]
[null,"EBITDA",null,null,null,null,null,{"$f":"H55","v":307.52355000000011},{"$f":"I55","v":345.52362600000004},381.83504356000009,438.18514617360012,457.63625494401617,478.25443024065726,0,0,0,0,0]
[null,"Less Depreciation",null,null,null,null,null,{"$f":"H51","v":50.885093675},{"$f":"I51","v":51.979875263874995},53.16971860855687,54.459886791486923,55.855965289396522,57.363881217824385,0,0,0,0,0]
[null,"EBIT",null,null,null,null,null,{"$f":"H88-H89","v":256.63845632500011},{"$f":"I88-I89","v":293.54375073612505},328.66532495144321,383.72525938211322,401.78028965461965,420.89054902283289,0,0,0,0,0]
[null,"Less Interest Expenses",null,null,null,null,null,{"$f":"H75+H83","v":49.959209209999997},{"$f":"I75+I83","v":42.757044641649998},33.988398234677248,23.672359771578762,10.960545455743041,4.9796046049999987,0,0,0,0,0]
[null,"Add Other Income",null,null,null,null,null,{"$f":"H85","v":15},{"$f":"I85","v":15},15,15,15,15,0,0,0,0,0]
[null,"EBT",null,null,null,null,null,{"$f":"H90-H91+H92","v":221.67924711500012},{"$f":"I90-I91+I92","v":265.78670609447505},309.67692671676593,375.05289961053444,405.81974419887661,430.91094441783287,0,0,0,0,0]
[null,"Less Tax",null,null,{"$f":"E53","v":0.2},null,null,{"$f":"$E$94*H93","v":44.335849423000028},{"$f":"$E$94*I93","v":53.157341218895013},61.93538534335319,75.010579922106885,81.16394883977533,86.182188883566582,0,0,0,0,0]
[null,"Earnings",null,null,null,null,null,{"$f":"H93-H94","v":177.34339769200011},{"$f":"I93-I94","v":212.62936487558005},247.74154137341276,300.04231968842754,324.65579535910126,344.72875553426627,0,0,0,0,0]
[]
["Cash Flow Statement"]
[null,"EBITDA",null,null,null,null,null,{"$f":"H88","v":307.52355000000011},{"$f":"I88","v":345.52362600000004},381.83504356000009,438.18514617360012,457.63625494401617,478.25443024065726,0,0,0,0,0]
[null,"Less WC Changes",null,null,null,null,null,{"$f":"H56","v":14.802900000000022},{"$f":"I56","v":15.691074000000015},16.632538440000019,17.630490746400028,18.688320191184005,19.809619402655073,0,0,0,0,0]
[null,"Less Taxes",null,null,null,null,null,{"$f":"H94","v":44.335849423000028},{"$f":"I94","v":53.157341218895013},61.93538534335319,75.010579922106885,81.16394883977533,86.182188883566582,0,0,0,0,0]
[null,null,"Operating Cash Flow Aft. Taxes",null,null,null,null,{"$f":"H98-H99-H100","v":248.38480057700008},{"$f":"I98-I99-I100","v":276.67521078110502},303.26711977664689,345.54407550509319,357.78398591305682,372.26262195443559,0,0,0,0,0]
[null,"Less CAPEX",null,null,null,null,null,{"$f":"H57","v":69.382300000000001},{"$f":"I57","v":73.545238000000012},77.957952280000015,82.635429416800022,87.593555181808028,92.849168492716529,0,0,0,0,0]
[null,"Add Other Income",null,null,null,null,null,{"$f":"H92","v":15},{"$f":"I92","v":15},15,15,15,15,0,0,0,0,0]
[null,"Add Terminal Proceeds",null,null,null,null,null,{"$f":"H59","v":0},{"$f":"I59","v":0},0,0,0,4304.2898721659149,0,0,0,0,0]
[null,null,"Cash Flow Before Financing",null,null,null,null,{"$f":"H101-H102+H103+H104","v":194.00250057700009},{"$f":"I101-I102+I103+I104","v":218.12997278110501},240.30916749664686,277.90864608829315,285.1904307312488,4598.7033256276336,0,0,0,0,0]
[null,"Less Interests",null,null,null,null,null,{"$f":"H91","v":49.959209209999997},{"$f":"I91","v":42.757044641649998},33.988398234677248,23.672359771578762,10.960545455743041,4.9796046049999987,0,0,0,0,0]
[null,"Less Repayment of Existing Debt",null,null,null,null,null,{"$f":"H70+H71","v":19.918418419999995},{"$f":"I70+I71","v":19.918418419999995},19.918418419999995,19.918418419999995,19.918418419999995,99.592092099999974,0,0,0,0,0]
[null,null,"Cash Available to Repay New Debt",null,null,null,null,{"$f":"H105-H106-H107","v":124.12487294700011},{"$f":"I105-I106-I107","v":155.45450971945502},186.40235084196962,234.3178678967144,254.31146685550576,4494.1316289226343,0,0,0,0,0]
[null,"Less New Debt Repaid",null,null,null,null,null,{"$f":"MIN(H108,H78)","v":124.12487294700011},{"$f":"MIN(I108,I78)","v":155.45450971945502},186.40235084196962,234.3178678967144,99.700398594860872,0,0,0,0,0,0]
[null,null,"Dividends",null,null,null,null,{"$f":"H108-H109","v":0},{"$f":"I108-I109","v":0},0,0,154.61106826064488,4494.1316289226343,0,0,0,0,0]
[]
[null,null,"Equity Cash Flow",null,null,null,{"$f":"-'Transaction Assumption'!E65","v":-1815.8000000000002},{"$f":"H110","v":0},{"$f":"I110","v":0},0,0,154.61106826064488,4494.1316289226343,0,0,0,0,0]
[null,null,"Equity IRR",null,null,null,{"$f":"XIRR(G112:R112,G1:R1)","v":0.187694376707077}]
[]
["Accretion & Dilution"]
[null,"TOP Standalone EPS",null,null,null,null,null,{"$f":"LOOKUP(H2,'Transaction Assumption'!$F$75:$R$75,'Transaction Assumption'!$F$76:$R$76)","v":5.3772058823529418},{"$f":"LOOKUP(I2,'Transaction Assumption'!$F$75:$R$75,'Transaction Assumption'!$F$76:$R$76)","v":5.5385220588235304},{"$f":"LOOKUP(J2,'Transaction Assumption'!$F$75:$R$75,'Transaction Assumption'!$F$76:$R$76)","v":5.7046777205882364},{"$f":"LOOKUP(K2,'Transaction Assumption'!$F$75:$R$75,'Transaction Assumption'!$F$76:$R$76)","v":5.8758180522058838},{"$f":"LOOKUP(L2,'Transaction Assumption'!$F$75:$R$75,'Transaction Assumption'!$F$76:$R$76)","v":6.0520925937720609},{"$f":"LOOKUP(M2,'Transaction Assumption'!$F$75:$R$75,'Transaction Assumption'!$F$76:$R$76)","v":6.1},{"$f":"LOOKUP(N2,'Transaction Assumption'!$F$75:$R$75,'Transaction Assumption'!$F$76:$R$76)","v":6.2},{"$f":"LOOKUP(O2,'Transaction Assumption'!$F$75:$R$75,'Transaction Assumption'!$F$76:$R$76)","v":6.3},{"$f":"LOOKUP(P2,'Transaction Assumption'!$F$75:$R$75,'Transaction Assumption'!$F$76:$R$76)","v":6.4},{"$f":"LOOKUP(Q2,'Transaction Assumption'!$F$75:$R$75,'Transaction Assumption'!$F$76:$R$76)","v":6.5},{"$f":"LOOKUP(R2,'Transaction Assumption'!$F$75:$R$75,'Transaction Assumption'!$F$76:$R$76)","v":6.5}]
[null,"TOP Shares",null,null,{"$f":"'Transaction Assumption'!E78","v":100},null,null,{"$f":"$E$117","v":100},{"$f":"$E$117","v":100},100,100,100,100,100,100,100,100,100]
[null,"TOP Earnings",null,null,null,null,null,{"$f":"H116*H117","v":537.72058823529414},{"$f":"I116*I117","v":553.85220588235302},570.46777205882358,587.58180522058842,605.20925937720608,610,620,630,640,650,650]
[]
[null,"New Earnings from Acquisition",null,null,null,null,null,{"$f":"H95","v":177.34339769200011},{"$f":"I95","v":212.62936487558005},247.74154137341276,300.04231968842754,324.65579535910126,344.72875553426627,0,0,0,0,0]
[null,"New Shares Issued",null,null,{"$f":"'Transaction Assumption'!E70","v":34.099530516431926},null,null,{"$f":"$E$121","v":34.099530516431926},{"$f":"$E$121","v":34.099530516431926},34.099530516431926,34.099530516431926,34.099530516431926,34.099530516431926,34.099530516431926,34.099530516431926,34.099530516431926,34.099530516431926,34.099530516431926]
[null,"EPS Effect of Acquisition",null,null,null,null,null,{"$f":"H120/H121","v":5.2007577525603068},{"$f":"I120/I121","v":6.2355510957289555},7.265247867680487,8.7990161490300505,9.5208288924287601,10.109486855490516,0,0,0,0,0]
[]
[null,"Total Shares",null,null,null,null,null,{"$f":"H117+H121","v":134.09953051643191},{"$f":"I117+I121","v":134.09953051643191},134.09953051643191,134.09953051643191,134.09953051643191,134.09953051643191,134.09953051643191,134.09953051643191,134.09953051643191,134.09953051643191,134.09953051643191]
[]
[null,"Total Consolidated Earnings",null,null,null,null,null,{"$f":"H118+H120","v":715.0639859272942},{"$f":"I118+I120","v":766.48157075793301},818.20931343223629,887.62412490901602,929.86505473630734,954.72875553426627,620,630,640,650,650]
[null,"Consolidated EPS",null,null,null,null,null,{"$f":"H126/H124","v":5.3323377283537443},{"$f":"I126/I124","v":5.7157662506805869},6.1015076658450855,6.6191441647161531,6.9341410156716856,7.1195533038594672,4.6234315482859065,4.6980030248711637,4.77257450145642,4.8471459780416764,4.8471459780416764]

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[null,null,null,null,null,null,0,67]
[null,null,null,null,"Ref: Part3, Page 51"]
["PE Ratio Analysis",null,null,null,null,null,null,null,null,"G=ROE(1-DPO)"]
[null,"ROE (Return on Equity)",null,null,0.11700000000000001,"PE Ratio",null,{"$f":"E18/H14","v":10.500321579044879},null,"G/ROE = (1-DPO)"]
[null,"COE (Cost of Equity)",null,null,0.10267614154435399,"Market/ Book Ratio",null,{"$f":"E18/H13","v":1.2285376247482509},null,"DPO=1-G/ROE"]
[null,"Earnings Growth Rate",null,null,0.04,null,null,null,null,"Value=CF1/(COE-Growth Rate)"]
[null,null,null,null,null,"Actual PE",null,10.5,null,"Value=CF0*(1+Growth Rate)/(COE-Growth Rate)"]
[null,"Common Equity",null,null,1000,"Diff.",null,{"$f":"H6-H9","v":3.2157904487917222E-4}]
[null,"Dividends payout ratio",null,null,{"$f":"1-(E8/E6)","v":0.65811965811965811},null,null,null,{"$f":"I14/H14","v":1.04}]
[]
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[]
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[]
[null,"PV of FCF=Enterprise Value",null,null,null,{"$f":"NPV(F63,75:75)","v":3228.4649468483062}]
[null,"EV/EBITDA Ratio",null,null,null,{"$f":"F77/F74","v":11.596273624113811}]

{"sheet":"Synergy & Premium","index":9,"n_rows":29,"n_cols":11,"rows_kept":29,"cut":false,"hidden":false,"merged":[]}
[null,null,null,null,null,"(Ref.Book P.27)"]
[]
[]
[null,"Stock price",30]
[null,"Shares",1000]
[null,"Market Capitalization",{"$f":"C4*C5","v":30000}]
[null,"Premium",0.3]
[null,"Consideration",{"$f":"C6*(1+C7)","v":39000}]
[null,"Premium value",{"$f":"C8-C6","v":9000}]
[]
[null,"Pre-tax Synergy per year (real term)",900]
[null,"Discount rate (WACC)",0.11]
[null,"Growth Rate (inflation)",0.05]
[null,"Multiplier",{"$f":"(1+C13)/(C12-C13)","v":17.5},"x","Gordon' Growth Constant Model"]
[null,"Tax Rate",0.2]
[null,"EV/EBITDA",{"$f":"(1-C15)*C14","v":14},null,"EBITDA = pre-tax synergy,multipliers after tax"]
[null,"Value of Synergy",{"$f":"C16*C11","v":12600}]
[]
[null,"Economic value for M&A",{"$f":"C17-C9","v":3600}]
[]
[null,null,null,null,null,"Two-way data table (Book Part2 - P23)"]
[null,null,null,null,null,null,null,null,"Growth"]
[null,null,null,null,null,null,{"$f":"C19","v":3600},0,0.02,0.04,0.06]
[null,null,null,null,null,null,7.0000000000000007E-2]
[null,null,null,null,null,null,0.08]
[null,null,null,null,null,"WACC",0.09]
[null,null,null,null,null,null,0.1]
[null,null,null,null,null,null,0.11]
[null,null,null,null,null,null,0.12]

{"sheet":"Accretion & Dilution","index":10,"n_rows":21,"n_cols":10,"rows_kept":21,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Accretion","Increase the EPS "]
[null,"Dilution","Decrease the EPS"]
[]
[null,null,"Stock Price (USD)","Share",null,{"$f":"F19","v":2013},2014,2015]
[null,"Google",1021.52,335,null,36.15,42.9,63.6,null,"higher price due to relatively less risk and higher growth than AAPL"]
[null,"Apple",489.1,905,null,39,40.700000000000003,65]
[null,"Google earnings",null,null,null,{"$f":"F6*$D6","v":12110.25},14371.5,21306]
[null,"Apple earnings",null,null,null,35295,36833.5,58825]
[null,"Consolidated earnings",null,null,null,{"$f":"SUM(F8:F9)","v":47405.25},{"$f":"SUM(G8:G9)","v":51205},{"$f":"SUM(H8:H9)","v":80131}]
[]
[null,"Premium",{"$f":"E12/100","v":0.27},null,27]
[null,"Synergy",0]
[null,"Exchange Ratio",{"$f":"C7/C6","v":0.47879630354765451},"one share of AAPL for GOOG"]
[null,"Exchange Ratio with Premium",{"$f":"(1+C12)*C14","v":0.60807130550552124}]
[null,"New Google share",{"$f":"D7*C15","v":550.30453148249671}]
[null,"Total Google shares",{"$f":"C16+D6","v":885.30453148249671}]
[]
[null,null,null,null,null,2013,2014,2015]
[null,"GOOG EPS",null,null,null,36.15,42.9,63.6]
[null,"Consolidated EPS",null,null,null,{"$f":"F10/$C$17","v":53.546828593113609},{"$f":"G10/$C$17","v":57.838854517387468},{"$f":"H10/$C$17","v":90.512357217708725}]

{"sheet":"Admin Cost Analysis","index":12,"n_rows":27,"n_cols":9,"rows_kept":27,"cut":false,"hidden":false,"merged":[]}
["Sale",null,{"$f":"'Corporate Model'!I29","v":800},{"$f":"'Corporate Model'!J29","v":850},{"$f":"'Corporate Model'!K29","v":760},{"$f":"'Corporate Model'!L29","v":800},{"$f":"'Corporate Model'!M29","v":880},{"$f":"'Corporate Model'!N29","v":920},{"$f":"'Corporate Model'!O29","v":950}]
[null,"Admin cost",{"$f":"'Corporate Model'!I32","v":30},{"$f":"'Corporate Model'!J32","v":35},{"$f":"'Corporate Model'!K32","v":28},{"$f":"'Corporate Model'!L32","v":34},{"$f":"'Corporate Model'!M32","v":39},{"$f":"'Corporate Model'!N32","v":42},{"$f":"'Corporate Model'!O32","v":50}]
[null,null,{"$f":"CORREL(C1:I1,C2:I2)","v":0.96290751555736387}]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,"a","b","c","d","e"]
[null,null,null,null,200,100,-30,150,-123]
[null,null,null,null,1,2,3,4,5]
[]
[null,null,null,null,{"$f":"INDEX(E23:E25,2)","v":200}]

{"sheet":"Waterfalldata","index":13,"n_rows":14,"n_cols":80,"rows_kept":14,"cut":false,"hidden":false,"merged":[]}
["Equity Value \r 2 090,44",2090.4401239472718,null,null,209.04401239472719,2090.4401239472718,null,null,null,null,null,null,2090.4401239472718,{"$f":"M1","v":2090.4401239472718},null,{"$f":"N1","v":2090.4401239472718},{"$f":"ABS(O1)","v":0},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"waterfall_graph_data","v":"Equity Value"},2090.4401239472718,{"$f":"BA1","v":2090.4401239472718},null,{"$f":"BB1","v":2090.4401239472718},{"$f":"ABS(BC1)","v":0},209.04401239472719,{"$f":"BD1","v":2090.4401239472718},{"$f":"IF(BC1>=0,0,BF1)","v":0},{"$f":"IF(BC1<0,0,BF1)","v":209.04401239472719},{"$f":"BA1","v":2090.4401239472718},null,null,null,null,null,null,{"$f":"AZ1","v":"Equity Value"}," \n",{"$f":"BB1","v":2090.4401239472718},{"$f":"BQ1&BR1&TEXT(BS1,\" ####\")","v":"Equity Value \n 2090"},{"$f":"BG1","v":2090.4401239472718},0,{"$f":"BE1","v":0},{"$f":"BI1","v":209.04401239472719},{"$f":"BB1","v":2090.4401239472718}]
["PV Synergies \r 3 040,44",2090.4401239472718,null,950,209.04401239472719,2090.4401239472718,3040.4401239472718,null,null,null,null,null,950,{"$f":"IF(M2<>0,N1+M2,N1)","v":3040.4401239472718},{"$f":"N2-N1","v":950},{"$f":"IF(O2>=0,N2-O2,N1+O2)","v":2090.4401239472718},{"$f":"ABS(O2)","v":950},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"PV Synergies",950,{"$f":"IF(BA2<>0,BB1+BA2,BB1)","v":3040.4401239472718},{"$f":"BB2-BB1","v":950},{"$f":"IF(BC2>=0,BB2-BC2,BB1+BC2)","v":2090.4401239472718},{"$f":"ABS(BC2)","v":950},209.04401239472719,{"$f":"IF(BC2>=0,BD2,BD2-BF2)","v":2090.4401239472718},{"$f":"IF(BC2>=0,0,BF2)","v":0},{"$f":"IF(BC2<0,0,BF2)","v":209.04401239472719},{"$f":"IF(BC2<>0,BC2,BB2)","v":950},null,null,null,null,null,null,{"$f":"AZ2","v":"PV Synergies"}," \n",{"$f":"BB2","v":3040.4401239472718},{"$f":"BQ2&BR2&TEXT(BS2,\" ####\")","v":"PV Synergies \n 3040"},2090.4401239472718,0,{"$f":"BE2","v":950},{"$f":"BI2","v":209.04401239472719},{"$f":"BB1","v":2090.4401239472718},{"$f":"BB2","v":3040.4401239472718}]
["Transaction Cost \r 3 004,64",2795.5961115525442,209.04401239472719,35.800000000000182,null,null,3040.4401239472718,3004.6401239472716,null,null,null,null,-35.799999999999997,{"$f":"IF(M3<>0,N2+M3,N2)","v":3004.6401239472716},{"$f":"N3-N2","v":-35.800000000000182},{"$f":"IF(O3>=0,N3-O3,N2+O3)","v":3004.6401239472716},{"$f":"ABS(O3)","v":35.800000000000182},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Transaction Cost",-35.799999999999997,{"$f":"IF(BA3<>0,BB2+BA3,BB2)","v":3004.6401239472716},{"$f":"BB3-BB2","v":-35.800000000000182},{"$f":"IF(BC3>=0,BB3-BC3,BB2+BC3)","v":3004.6401239472716},{"$f":"ABS(BC3)","v":35.800000000000182},209.04401239472719,{"$f":"IF(BC3>=0,BD3,BD3-BF3)","v":2795.5961115525442},{"$f":"IF(BC3>=0,0,BF3)","v":209.04401239472719},{"$f":"IF(BC3<0,0,BF3)","v":0},{"$f":"IF(BC3<>0,BC3,BB3)","v":-35.800000000000182},null,null,null,null,null,null,{"$f":"AZ3","v":"Transaction Cost"}," \n",{"$f":"BB3","v":3004.6401239472716},{"$f":"BQ3&BR3&TEXT(BS3,\" ####\")","v":"Transaction Cost \n 3005"},2795.5961115525442,209.04401239472719,{"$f":"BE3","v":35.800000000000182},{"$f":"BI3","v":0},null,{"$f":"BB2","v":3040.4401239472718},{"$f":"BB3","v":3004.6401239472716}]
["Transaction Value \r 3 004,64",3004.6401239472716,null,0,209.04401239472719,null,null,3004.6401239472716,3004.6401239472716,null,null,null,0,{"$f":"IF(M4<>0,N3+M4,N3)","v":3004.6401239472716},{"$f":"N4-N3","v":0},{"$f":"IF(O4>=0,N4-O4,N3+O4)","v":3004.6401239472716},{"$f":"ABS(O4)","v":0},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Transaction Value",0,{"$f":"IF(BA4<>0,BB3+BA4,BB3)","v":3004.6401239472716},{"$f":"BB4-BB3","v":0},{"$f":"IF(BC4>=0,BB4-BC4,BB3+BC4)","v":3004.6401239472716},{"$f":"ABS(BC4)","v":0},209.04401239472719,{"$f":"IF(BC4>=0,BD4,BD4-BF4)","v":3004.6401239472716},{"$f":"IF(BC4>=0,0,BF4)","v":0},{"$f":"IF(BC4<0,0,BF4)","v":209.04401239472719},{"$f":"IF(BC4<>0,BC4,BB4)","v":3004.6401239472716},null,null,null,null,null,null,{"$f":"AZ4","v":"Transaction Value"}," \n",{"$f":"BB4","v":3004.6401239472716},{"$f":"BQ4&BR4&TEXT(BS4,\" ####\")","v":"Transaction Value \n 3005"},3004.6401239472716,0,{"$f":"BE4","v":0},{"$f":"BI4","v":209.04401239472719},null,null,{"$f":"BB3","v":3004.6401239472716}]
[{"$f":"COLUMN()","v":1},{"$f":"COLUMN()","v":2},{"$f":"COLUMN()","v":3},{"$f":"COLUMN()","v":4},{"$f":"COLUMN()","v":5},{"$f":"COLUMN()","v":6},{"$f":"COLUMN()","v":7},{"$f":"COLUMN()","v":8},{"$f":"COLUMN()","v":9},{"$f":"COLUMN()","v":10},{"$f":"COLUMN()","v":11},{"$f":"COLUMN()","v":12},{"$f":"COLUMN()","v":13},{"$f":"COLUMN()","v":14},{"$f":"COLUMN()","v":15},{"$f":"COLUMN()","v":16},{"$f":"COLUMN()","v":17},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"COLUMN()","v":54},{"$f":"COLUMN()","v":55},{"$f":"COLUMN()","v":56},{"$f":"COLUMN()","v":57},{"$f":"COLUMN()","v":58},{"$f":"COLUMN()","v":59},{"$f":"COLUMN()","v":60},{"$f":"COLUMN()","v":61},{"$f":"COLUMN()","v":62},{"$f":"COLUMN()","v":63},{"$f":"COLUMN()","v":64},{"$f":"COLUMN()","v":65},{"$f":"COLUMN()","v":66},{"$f":"COLUMN()","v":67},{"$f":"COLUMN()","v":68},{"$f":"COLUMN()","v":69},{"$f":"COLUMN()","v":70},{"$f":"COLUMN()","v":71},{"$f":"COLUMN()","v":72},{"$f":"COLUMN()","v":73},{"$f":"COLUMN()","v":74},{"$f":"COLUMN()","v":75},{"$f":"COLUMN()","v":76},{"$f":"COLUMN()","v":77},{"$f":"COLUMN()","v":78},{"$f":"COLUMN()","v":79},{"$f":"COLUMN()","v":80}]
[" Fixed Graph: Graph Titles ",null,null," Fixed Graph: Increment (absolute Value) ",null," Fixed Graph: Connectors ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null," CALCULATION: BASE VALUE: If not zero accumulate; if zero Last Value ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null," GRAPH: Link to the Title "]
[null," Fixed Graph: Base of Stacked Bar",null,null," Fixed Graph: Space for Increment ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null," CALCULATION: ACCUMULATED VALUE:  Formula is accumulation ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null," GRAPH: Adjusted Base of Stack from calculation  "]
[null,null," Fixed Graph: Space for Negative Label (Not Graphed ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null," CALCULATION: INCREMENT: Formula is difference between accumulated value ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null," GRAPH: Space for Value in Negative Case  "]
[" TO MAKE GRAPH BY YOURSELF ",null,null,null,null,null,null,null,null,null,null,"   Chart Title",{"$f":"AZ1","v":"Equity Value"},{"$f":"BB1","v":2090.4401239472718},"Waterfall Chart",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null," CALCULATION: BASE OF STACK BAR WITHOUT ADJUSTMENT:  Base of Stacked Bar: Formula depends on the increment.  If positive then ACC - Incr if negative Last ACC + Incr ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null," GRAPH: Absolute Value of Increment  "]
["    1. PRESS ALT F1 on the yellow AREA  ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null," CALCULATION: ABS VALUE OF INCREMENT: This is enough to make graph without fancy stuff ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null," GRAPH: Space for Value in Positive Case  "]
["    2. CHANGE TO STACKED BAR  AND SWITCH AROUND ROW AND COLUMN  ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null," INPUT: LABEL SPACE: This is enough to make graph without fancy stuff "]
["    3. SELECT DATA SERIES AND NO FILL EVERYTHING EXCEPT INCREMENTS ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null," CALCULATION: ADJUSTED BASE VALUE: This is base of the stacked bar minus the label space if the increment is negative "]
["    4. SELECT DATA PONTS FOR BASE BAR AND FILL STARTING, ENDING AND SUBTOTALS ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null," CALCULATION: NEGATIVE SPACE: This is the label space if the increment is negative "]
["   5. CHANGE THE CHART TYPE OF THE CONNECTOR LINES ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null," CALCULATION: POSITIVE SPACE: This is label space if the increment is positive "]