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{"sheet":"Summary and Sensitivity","index":0,"n_rows":19,"n_cols":5,"rows_kept":19,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,"Deposit Growth",{"$f":"Deposit_Growth","v":0.15}]
[null,"Loan to Deposits",{"$f":"Loans_to_Deposits","v":0.69}]
[]
[null,"Target Debt to Assets",{"$f":"Target_Cap_Adequacy","v":0.18}]
[null,"Interest Rate on Loans",{"$f":"Interest_Rate___Loans","v":0.14000000000000001}]
[null,"Interest Rate on Deposits",{"$f":"Interest_Deposits","v":0.03}]
[]
[null,"Loan Loss Provisions",{"$f":"Loan_Loss_Percent_of_Loans","v":0.03}]
[]
[null,"Regression A Factor",{"$f":"E12","v":0.1157},0.29499999999999998,0.1157]
[null,"Regression B Factor",{"$f":"E13","v":12.196},13.102,12.196]
[]
[null,"Share Value - MB Regression",{"$f":"Completed!F183","v":332.48511126397159}]
[]
[null,"P/E Ratio",13.14]
[]
[null,"Share Value - P/E",{"$f":"Completed!F194","v":321.56609326648288}]

{"sheet":"Completed","index":1,"n_rows":194,"n_cols":256,"rows_kept":194,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
["Historic Balance Sheet"]
[null,"Opening Balance Sheet"]
[null,null,"Cash",210121]
[null,null,"Loans",143872,null,null,null,null,false]
[null,null,"Investement Securities",{"$f":"92532+39136","v":131668}]
[null,null,"Fixed Assets",15720]
[null,null,"Total",{"$f":"SUM(D6:D9)","v":501381}]
[]
[null,null,"Deposits",392928]
[null,null,"Other Borrowing",{"$f":"12906+19347","v":32253}]
[null,null,"Equity",76200]
[null,null,"Total",{"$f":"SUM(D12:D14)","v":501381}]
[]
[null,null,"Number of Shares",1000]
[null,null,"Contingent Liabilities",0]
[]
[null,"Capital Adequacy"]
[null,null,"Equity Capital",{"$f":"D14","v":76200}]
[null,null,"Loans",{"$f":"D7","v":143872}]
[null,null,"Fixed Assets",{"$f":"D9","v":15720}]
[null,null,"Contengent Liabilites",{"$f":"D18","v":0}]
[null,null,"Total",{"$f":"D22+D23+D24","v":159592}]
[]
[null,null,"Cap Adequacy",{"$f":"D21/D25","v":0.47746754223269339}]
[]
["Assumptions"]
[null,"Deposit Growth",null,{"$f":"M30/100","v":0.15},null,null,null,null,null,null,null,null,15]
[null,null,"Cash to Deposits",{"$f":"D6/D12","v":0.53475700382767322},0.3]
[null,null,"Loans to Deposits",{"$f":"M32/100","v":0.69},null,null,null,null,null,null,null,null,69]
[null,null,"Fixed Asset Growth",0.03]
[null,null,"Coningent Liabilities to Loans",{"$f":"D24/D7","v":0}]
[]
[null,"Interest Rates"]
[null,null,"Interest Rate - Loans",{"$f":"M37/100","v":0.14000000000000001},null,null,null,null,null,null,null,null,14]
[null,null,"Interest Deposits",{"$f":"M38/100","v":0.03},null,null,null,null,null,null,null,null,3]
[null,null,"Interest Rate - Other Investment",0.1]
[null,null,"Interest Rate - Borrowings",0.11]
[]
[null,null,"NII- Non Interest Income"]
[null,null,"Percent of Contingent Liabilities",1.4999999999999999E-2]
[null,null,"Loan Loss Percent of Loans",{"$f":"M44/100","v":0.03},null,null,null,null,null,null,null,null,3]
[null,null,"Other Expense as Pct of Total Assets",0.01]
[]
[null,"Financing and Other Assumptions"]
[null,null,"Target Cap Adequacy",{"$f":"M48/100","v":0.18},null,null,null,null,null,null,null,null,18]
[null,null,"Dividend Payout",0.25]
[null,null,"Tax Rate",0.3]
[]
["Working Analysis",null,null,"Driver","Parameter","Bal Sheet","Projection","Projection","Projection","Projection","Projection","Projection"]
[null,"Asset Balances"]
[null,null,"Deposit Balance","Deposit Growth -------->",{"$f":"Deposit_Growth","v":0.15},{"$f":"D12","v":392928},{"$f":"F54*(1+Deposit_Growth)","v":451867.19999999995},519647.27999999991,597594.37199999986,687233.52779999981,790318.55696999968,908866.34051549959]
[null,null,"Increase in Deposit","Change",null,null,{"$f":"G54-F54","v":58939.199999999953},67780.079999999958,77947.091999999946,89639.15579999995,103085.02916999988,118547.7835454999]
[]
[null,null,"Cash ","Cash/Deposits --------->",{"$f":"E31","v":0.3},{"$f":"F54*Cash_to_Deposits","v":210120.99999999997},{"$f":"G54*$E$31","v":135560.15999999997},155894.18399999998,179278.31159999996,206170.05833999993,237095.56709099989,272659.90215464984]
[null,null,"Increase in Cash (WC)","Change",null,null,{"$f":"G57-F57","v":-74560.84},20334.024000000005,23384.127599999978,26891.746739999973,30925.508750999958,35564.335063649953]
[]
[null,null,"Loans","Loans to Deposits ----->",{"$f":"Loans_to_Deposits","v":0.69},{"$f":"D22","v":143872},{"$f":"G54*Loans_to_Deposits","v":311788.36799999996},358556.62319999991,412340.11667999986,474191.13418199983,545319.8043092998,627117.77495569468]
[null,null,"Increase in Loans","Change",null,null,{"$f":"G60-F60","v":167916.36799999996},46768.255199999956,53783.493479999946,61851.017501999973,71128.670127299963,81797.970646394882]
[]
[null,null,"Fixed Assets","Fixed Asset Growth --->",{"$f":"Fixed_Asset","v":0.03},{"$f":"D9","v":15720},{"$f":"F63*(1+Fixed_Asset)","v":16191.6},16677.348000000002,17177.668440000001,17692.998493200001,18223.788447996001,18770.502101435883]
[null,null,"Increase in Fixed Assets","Change",null,null,{"$f":"G63-F63","v":471.60000000000036},485.74800000000141,500.32043999999951,515.33005319999938,530.78995479600053,546.71365343988145]
[null,null,"Contingent Liabilities (Capital Adequacy)","CL to Loans ----------->",{"$f":"CL_to_Loans","v":0},{"$f":"F60*CL_to_Loans","v":0},0,0,0,0,0,0]
[]
[null,"Income and Expenses"]
[null,null,"Loan Income","Int Rate Loans -------->",{"$f":"Interest_Rate___Loans","v":0.14000000000000001},null,{"$f":"AVERAGE(G60,F60)*Interest_Rate___Loans","v":31896.225760000001},46924.149383999989,53962.771791599989,62057.187560339982,71365.765694390982,82070.630548549627]
[null,null,"Deposit Cost","Int Rate Deposits ----->",{"$f":"Interest_Deposits","v":0.03},null,{"$f":"AVERAGE(G54,F54)*Interest_Deposits","v":12671.927999999998},14572.717199999997,16758.624779999995,19272.418496999995,22163.281271549993,25487.773462282486]
[null,null,"Non Interest Income","NII Rate ---------------->",{"$f":"Percent_of_CL","v":1.4999999999999999E-2},null,{"$f":"AVERAGE(G65,F65)*Percent_of_CL","v":0},0,0,0,0,0]
[null,null,"Loan Losses","Loan Losses ---------->",{"$f":"Loan_Loss_Percent_of_Loans","v":0.03},null,{"$f":"AVERAGE(G60,F60)*Loan_Loss_Percent_of_Loans","v":6834.9055199999993},10055.174867999996,11563.451098199996,13297.968762929995,15292.664077369494,17586.563688974915]
[null,null,"Other Expense","Other Pct -------------->",{"$f":"Other_Expense_as_Pct_of_Total_Assets","v":0.01},null,{"$f":"AVERAGE(G60,F60)*Other_Expense_as_Pct_of_Total_Assets","v":2278.3018399999996},3351.7249559999991,3854.4836993999988,4432.656254309999,5097.5546924564978,5862.1878963249728]
[]
["Other Investments Less Cash which is the Cash Flow Plug"]
[null,null,"Opening Balance",null,null,null,{"$f":"F77","v":99415},94352.3384956097,119478.1203099511,148431.05915644381,181786.97728271029,220208.1227343007]
[null,null,"Add: Cash Flow from Cash Flow Statement Below","Last line in CF",null,null,{"$f":"G131","v":-5062.661504390293},{"$f":"H131","v":25125.781814341404},28952.938846492692,33355.918126266479,38421.145451590419,44248.012063904614]
[null,null,"Closing Balance",null,null,{"$f":"F137-F142","v":99415},{"$f":"G75+G76","v":94352.3384956097},{"$f":"H75+H76","v":119478.1203099511},148431.05915644381,181786.97728271029,220208.1227343007,264456.13479820534]
[]
[null,null,"Temporary Securities","Use MAX(Bal;0)",null,{"$f":"F137","v":131668},{"$f":"MAX(G77,0)","v":94352.3384956097},119478.1203099511,148431.05915644381,181786.97728271029,220208.1227343007,264456.13479820534]
[null,null,"Average Level of Temporary Securities for Interest Income",null,null,null,{"$f":"AVERAGE(F79:G79)","v":113010.16924780485},{"$f":"AVERAGE(G79:H79)","v":106915.2294027804},133954.58973319747,165109.01821957703,200997.5500085055,242332.12876625301]
[null,null,"Interest Income Rate on Other Investments",null,null,null,{"$f":"Interest_Rate___Other_Investment","v":0.1},0.1,0.1,0.1,0.1,0.1]
[null,null,"Int Income on Other Investmetns",null,null,null,{"$f":"AVERAGE(G79,F79)*Interest_Rate___Other_Investment","v":11301.016924780486},10691.522940278041,13395.458973319748,16510.901821957705,20099.75500085055,24233.212876625301]
[]
[null,null,"Other Borrowings",null,null,{"$f":"F142","v":32253},{"$f":"MAX(-G77,0)","v":0},0,0,0,0,0]
[null,null,"Interest Expense Rate",null,null,null,{"$f":"Interest_Rate___Borrowings","v":0.11},0.11,0.11,0.11,0.11,0.11]
[null,null,"Int Expense on Other Borrowings",null,null,null,{"$f":"AVERAGE(G84,F84)*Interest_Rate___Borrowings","v":1773.915},0,0,0,0,0]
[]
[null,"Equity Balance"]
[null,null,"Opening Balance",null,null,null,{"$f":"F93","v":76200},99190.360975609743,114068.91512195117,131179.25239024387,150856.14024878043,173484.56128609745]
[null,null,"Add: Net Income",null,null,null,{"$f":"G113","v":13746.734627346341},20745.238710194626,24627.169831123825,29095.532107640392,34238.414457705883,40157.122864314792]
[null,null,"Less: Dividends",null,null,null,{"$f":"G127","v":3436.6836568365852},5186.3096775486565,6156.7924577809563,7273.8830269100981,8559.6036144264708,10039.280716078698]
[null,null,"Add: New Issues",null,null,null,{"$f":"G126","v":12680.310005099987},-680.37488630452845,-1360.0401050501687,-2144.7612221937343,-3050.3898059623916,-4095.1579553214906]
[null,null,"Closing Balance",null,null,{"$f":"D14","v":76200},{"$f":"G89+G90-G91+G92","v":99190.360975609743},114068.91512195117,131179.25239024387,150856.14024878043,173484.56128609745,199507.24547901205]
[]
["Net Loan Balance"]
[null,"Opening Balance",null,null,null,null,{"$f":"F99","v":143872},{"$f":"G99","v":304953.46247999999},341666.54281199997,383886.58519379993,432439.63393286988,488275.63998280035]
[null,"Add: New Loans",null,null,null,null,{"$f":"G61","v":167916.36799999996},46768.255199999956,53783.493479999946,61851.017501999973,71128.670127299963,81797.970646394882]
[null,"Less: Loan Provisions",null,null,null,null,{"$f":"G71","v":6834.9055199999993},10055.174867999996,11563.451098199996,13297.968762929995,15292.664077369494,17586.563688974915]
[null,"Closing Balance",null,null,null,{"$f":"F60","v":143872},{"$f":"G96+G97-G98","v":304953.46247999999},{"$f":"H96+H97-H98","v":341666.54281199997},383886.58519379993,432439.63393286988,488275.63998280035,552487.04694022029]
[]
["Income Statement"]
[null,"Interest Income - Loans",null,null,null,null,{"$f":"G68","v":31896.225760000001},46924.149383999989,53962.771791599989,62057.187560339982,71365.765694390982,82070.630548549627]
[null,"Interest Payments on Deposits",null,null,null,null,12671.927999999998,14572.717199999997,16758.624779999995,19272.418496999995,22163.281271549993,25487.773462282486]
[null,null,"Net Interest Margin",null,null,null,{"$f":"G102-G103","v":19224.297760000001},{"$f":"H102-H103","v":32351.43218399999},37204.147011599998,42784.769063339991,49202.484422840993,56582.85708626714]
[null,"Plus: Fee Income",null,null,null,null,{"$f":"G70","v":0},0,0,0,0,0]
[null,"Less: Loan Loss Provisions",null,null,null,null,6834.9055199999993,10055.174867999996,11563.451098199996,13297.968762929995,15292.664077369494,17586.563688974915]
[null,"Less: Operating Expenses",null,null,null,null,2278.3018399999996,3351.7249559999991,3854.4836993999988,4432.656254309999,5097.5546924564978,5862.1878963249728]
[null,null,"Net  ",null,null,null,{"$f":"G104+G105-G106-G107","v":10111.090400000001},{"$f":"H104+H105-H106-H107","v":18944.532359999997},21786.212214000003,25054.144046099995,28812.265653014998,33134.105500967256]
[null,"Interest Income - Investment Securities",null,null,null,null,{"$f":"G82","v":11301.016924780486},10691.522940278041,13395.458973319748,16510.901821957705,20099.75500085055,24233.212876625301]
[null,"Interest Payments on Other Borrowings",null,null,null,null,{"$f":"G86","v":1773.915},{"$f":"H86","v":0},0,0,0,0]
[null,null,"EBT",null,null,null,{"$f":"G108+G109-G110","v":19638.192324780488},{"$f":"H108+H109-H110","v":29636.055300278036},35181.671187319749,41565.045868057699,48912.020653865548,57367.318377592557]
[null,"Taxes",null,null,{"$f":"Tax_Rate","v":0.3},null,{"$f":"G111*$E$112","v":5891.4576974341462},{"$f":"H111*$E$112","v":8890.8165900834101},10554.501356195924,12469.513760417309,14673.606196159664,17210.195513277766]
[null,null,"Earnings",null,null,null,{"$f":"G111-G112","v":13746.734627346341},20745.238710194626,24627.169831123825,29095.532107640392,34238.414457705883,40157.122864314792]
[]
[null,null,"Net Earnings Before Other Interest",null,null,null,{"$f":"G108","v":10111.090400000001},{"$f":"H108","v":18944.532359999997},21786.212214000003,25054.144046099995,28812.265653014998,33134.105500967256,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT108","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EF108","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GR108","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Cash Flow Statement"]
[null,"Earnings",null,null,null,null,{"$f":"G113","v":13746.734627346341},20745.238710194626,24627.169831123825,29095.532107640392,34238.414457705883,40157.122864314792]
[null,"Add: Loan Loss Provisions",null,null,null,null,{"$f":"G106","v":6834.9055199999993},{"$f":"H106","v":10055.174867999996},11563.451098199996,13297.968762929995,15292.664077369494,17586.563688974915]
[null,"Less: WC Changes",null,null,null,null,{"$f":"G58","v":-74560.84},20334.024000000005,23384.127599999978,26891.746739999973,30925.508750999958,35564.335063649953]
[null,null,"Cash from Operations",null,null,null,{"$f":"G118-G120+G119","v":95142.48014734633},{"$f":"H118-H120+H119","v":10466.389578194618},12806.493329323843,15501.754130570414,18605.569784075422,22179.351489639754]
[null,"Less: Increases in Loans",null,null,null,null,{"$f":"G61","v":167916.36799999996},46768.255199999956,53783.493479999946,61851.017501999973,71128.670127299963,81797.970646394882]
[null,"Less: Increases in Plant",null,null,null,null,{"$f":"G64","v":471.60000000000036},485.74800000000141,500.32043999999951,515.33005319999938,530.78995479600053,546.71365343988145]
[null,null,"Cash before Financing",null,null,null,{"$f":"G121-G122-G123","v":-73245.487852653634},-36787.613621805336,-41477.3205906761,-46864.593424629558,-53053.890298020546,-60165.33281019501]
[null,"Add: Inceases in Deposits",null,null,null,null,{"$f":"G55","v":58939.199999999953},67780.079999999958,77947.091999999946,89639.15579999995,103085.02916999988,118547.7835454999]
[null,"Add: New Equity Issues",null,null,null,null,{"$f":"G156","v":12680.310005099987},{"$f":"H156","v":-680.37488630452845},-1360.0401050501687,-2144.7612221937343,-3050.3898059623916,-4095.1579553214906]
[null,"Less: Dividends",null,null,{"$f":"Dividend_Payout","v":0.25},null,{"$f":"MAX(G118*Dividend_Payout,0)","v":3436.6836568365852},5186.3096775486565,6156.7924577809563,7273.8830269100981,8559.6036144264708,10039.280716078698]
[null,null,"Net Cash Flow",null,null,null,{"$f":"G124+G125+G126-G127","v":-5062.6615043902784},{"$f":"H124+H125+H126-H127","v":25125.781814341437},{"$f":"I124+I125+I126-I127","v":28952.938846492721},33355.918126266552,38421.14545159047,44248.012063904702]
[]
[null,null,"Other Cash Flow Inreases",null,null,null,{"$f":"G119-G120-G122-G123+G125","v":-28053.022480000014},{"$f":"H119-H120-H122-H123+H125","v":10247.227667999992},11842.601578200018,13679.030267729991,15792.724414273456,18225.327870990091]
[null,null,"Cash Flow from Function",null,null,null,{"$f":"cash_flow(G108,$E$112,G130,$E$127,G146,G147,G151,F77,F79,F84,G81,Interest_Rate___Borrowings,G89)","v":-5062.661504390293},25125.781814341404,28952.938846492692,33355.918126266479,38421.145451590419,44248.012063904614]
[null,null,"Difference from Circular Function",null,null,null,{"$f":"G131-G128","v":-1.4551915228366852E-11},{"$f":"H131-H128","v":-3.2741809263825417E-11},-2.9103830456733704E-11,-7.2759576141834259E-11,0,-8.7311491370201111E-11]
[]
["Balance Sheet"]
[null,null,"Cash",null,null,{"$f":"D6","v":210121},{"$f":"G57","v":135560.15999999997},155894.18399999998,179278.31159999996,206170.05833999993,237095.56709099989,272659.90215464984]
[null,null,"Loans",null,null,{"$f":"D7","v":143872},{"$f":"G99","v":304953.46247999999},341666.54281199997,383886.58519379993,432439.63393286988,488275.63998280035,552487.04694022029]
[null,null,"Temporary Secruities",null,null,{"$f":"D8","v":131668},{"$f":"G79","v":94352.3384956097},119478.1203099511,148431.05915644381,181786.97728271029,220208.1227343007,264456.13479820534]
[null,null,"Fixed Assets",null,null,{"$f":"D9","v":15720},{"$f":"G63","v":16191.6},16677.348000000002,17177.668440000001,17692.998493200001,18223.788447996001,18770.502101435883]
[null,null,"Total",null,null,{"$f":"D10","v":501381},{"$f":"SUM(G135:G138)","v":551057.5609756097},633716.19512195105,728773.62439024379,838089.66804878018,963803.11825609696,1108373.5859945114]
[]
[null,null,"Deposits",null,null,{"$f":"D12","v":392928},{"$f":"G54","v":451867.19999999995},519647.27999999991,597594.37199999986,687233.52779999981,790318.55696999968,908866.34051549959]
[null,null,"Other Borrowing",null,null,{"$f":"D13","v":32253},{"$f":"G84","v":0},0,0,0,0,0]
[null,null,"Equity",null,null,{"$f":"D14","v":76200},{"$f":"G93","v":99190.360975609743},114068.91512195117,131179.25239024387,150856.14024878043,173484.56128609745,199507.24547901205]
[null,null,"Total",null,null,{"$f":"D15","v":501381},{"$f":"SUM(G141:G143)","v":551057.5609756097},633716.19512195105,728773.62439024379,838089.66804878018,963803.11825609719,1108373.5859945116]
[]
[null,null,"Other Assets",null,null,{"$f":"F135+F136+F138","v":369713},{"$f":"G135+G136+G138","v":456705.22247999994},514238.07481199992,580342.56523379998,656302.69076606992,743594.99552179629,843917.45119630604]
[null,null,"Other Liabilities and Capital",null,null,{"$f":"F141+F143","v":469128},551057.5609756097,633716.19512195105,728773.62439024379,838089.66804878018,963803.11825609719,1108373.5859945116]
[]
[null,null,"Balance Sheet Test",null,null,{"$f":"F144=F139","v":true},{"$f":"ROUND(G139-G144,3)=0","v":true},{"$f":"ROUND(H139-H144,3)=0","v":true},true,true,true,true]
[]
[null,null,"Target Capital Adequacy",null,null,null,{"$f":"Target_Cap_Adequacy","v":0.18},0.18,0.18,0.18,0.18,0.18]
[null,null,"Target Equity",null,null,null,{"$f":"G151*G139","v":99190.360975609743},{"$f":"H151*H139","v":114068.91512195118},131179.25239024387,150856.14024878043,173484.56128609745,199507.24547901205]
[null,null,"Less: Opening Equity",null,null,null,{"$f":"G89","v":76200},99190.360975609743,114068.91512195117,131179.25239024387,150856.14024878043,173484.56128609745]
[null,null,"Less: Net Income",null,null,null,{"$f":"G113","v":13746.734627346341},20745.238710194626,24627.169831123825,29095.532107640392,34238.414457705883,40157.122864314792]
[null,null,"Add: Dividends",null,null,null,{"$f":"G127","v":3436.6836568365852},5186.3096775486565,6156.7924577809563,7273.8830269100981,8559.6036144264708,10039.280716078698]
[null,null,"New Equity Required",null,null,null,{"$f":"G152-G153-G154+G155","v":12680.310005099987},{"$f":"H152-H153-H154+H155","v":-680.37488630452845},-1360.0401050501687,-2144.7612221937343,-3050.3898059623916,-4095.1579553214906]
[]
[null,null,"Contingent Liabilities",null,null,null,{"$f":"G65","v":0},0,0,0,0,0]
[null,null,"Capital Adequacy",null,null,null,{"$f":"G143/G139","v":0.18},{"$f":"H143/H139","v":0.17999999999999997},0.18,0.18,0.18,0.18]
[]
[null,null,null,null,null,null,1,{"$f":"G161+1","v":2},{"$f":"H161+1","v":3},4,5,6]
[null,null,"ROE",null,null,null,{"$f":"G113/AVERAGE(F143:G143)","v":0.15675587359396562},0.19455415107668456,0.20083468986490374,0.20632539650709456,0.21112622804155873,0.21532442341074595]
[]
[null,null,"Equity Cash Flows"]
[null,null,"Dividend",null,null,null,{"$f":"G127","v":3436.6836568365852},5186.3096775486565,6156.7924577809563,7273.8830269100981,8559.6036144264708,10039.280716078698]
[null,null,"Less: New Issue of Shares",null,null,null,{"$f":"G126","v":12680.310005099987},-680.37488630452845,-1360.0401050501687,-2144.7612221937343,-3050.3898059623916,-4095.1579553214906]
[null,null,"Net Equity Cash Flow",null,null,null,{"$f":"G165-G166","v":-9243.6263482634022},5866.684563853185,7516.832562831125,9418.6442491038324,11609.993420388862,14134.438671400188]
[]
[null,null,"Equity Value on B/S",null,null,null,null,null,null,null,null,{"$f":"L143","v":199507.24547901205}]
[null,null,"Regression A Parameter",null,{"$f":"'Summary and Sensitivity'!C12","v":0.1157}]
[null,null,"Regression B Parameter",null,{"$f":"'Summary and Sensitivity'!C13","v":12.196}]
[null,null,"ROE Applied",null,{"$f":"L162","v":0.21532442341074595}]
[]
[null,null,"Market to Book",null,null,null,null,null,"Market to Book Regression  --->",null,null,{"$f":"E170+E171*E172","v":2.7417966679174577}]
[null,null,"Terminal Value",null,null,null,null,null,null,null,null,{"$f":"L169*L174","v":547008.30087974551}]
[]
[null,null,"Total Cash Flow Including Terminal Value",null,null,null,{"$f":"G167+G175","v":-9243.6263482634022},5866.684563853185,7516.832562831125,9418.6442491038324,11609.993420388862,561142.7395511457]
[]
[null,null,"Equity Cost of Capital",null,null,0.1]
[]
[null,null,"NPV",null,null,{"$f":"NPV(F179,G177:L177)","v":332485.1112639716},null,null,8]
[null,null,"Number of Shares",null,null,{"$f":"D17","v":1000}]
[null,null,"Value per Share",null,null,{"$f":"F181/F182","v":332.48511126397159}]
[]
[]
[null,null,"P/E Ratio",null,{"$f":"'Summary and Sensitivity'!C17","v":13.14}]
[]
[null,null,"Terminal Value",null,null,null,null,null,null,null,null,{"$f":"E186*L113","v":527664.59443709638}]
[null,null,"Total Cash Flow",null,null,null,{"$f":"G167+G188","v":-9243.6263482634022},{"$f":"H167+H188","v":5866.684563853185},7516.832562831125,9418.6442491038324,11609.993420388862,541799.03310849657]
[]
[null,null,"NPV of Cash Flow",null,null,{"$f":"F179","v":0.1}]
[null,null,null,null,null,{"$f":"NPV(F191,G189:L189)","v":321566.09326648287}]
[null,null,null,null,null,{"$f":"F182","v":1000}]
[null,null,"Value per Share - P/E Ratio",null,null,{"$f":"F192/F193","v":321.56609326648288}]

{"sheet":"Opening Balance","index":2,"n_rows":182,"n_cols":256,"rows_kept":182,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
["Historic Balance Sheet"]
[null,"Opening Balance Sheet"]
[null,null,"Cash",210121]
[null,null,"Loans",143872,null,null,null,null,true]
["?",null,"Investement Securities",{"$f":"92532+39136","v":131668}]
[null,null,"Fixed Assets",15720]
[null,null,"Total",{"$f":"SUM(D6:D9)","v":501381}]
[]
[null,null,"Deposits",392928]
[null,null,"Other Borrowing",{"$f":"12906+19347","v":32253}]
[null,null,"Equity",76200]
[null,null,"Total",{"$f":"SUM(D12:D14)","v":501381}]
[]
[null,null,"Number of Shares",1000]
[null,null,"Contingent Liabilities",0]
[]
[null,"Capital Adequacy"]
[null,null,"Equity Capital",{"$f":"D14","v":76200}]
[null,null,"Loans",{"$f":"D7","v":143872}]
[null,null,"Fixed Assets",{"$f":"D9","v":15720}]
[null,null,"Contengent Liabilites",{"$f":"D18","v":0}]
[null,null,"Total",{"$f":"D22+D23+D24","v":159592}]
[]
[null,null,"Cap Adequacy",{"$f":"D21/D25","v":0.47746754223269339}]
[]
["Assumptions"]
[null,"Deposit Growth",null,0.1]
[null,null,"Cash to Deposits",{"$f":"D6/D12","v":0.53475700382767322},0.3]
[null,null,"Loans to Deposits",0.6]
[null,null,"Fixed Asset Growth",0.03]
[null,null,"Coningent Liabilities to Loans",{"$f":"D24/D7","v":0}]
[]
[null,"Interest Rates"]
[null,null,"Interest Rate - Loans",0.18]
[null,null,"Interest Deposits",0.05]
[null,null,"Interest Rate - Other Investment",0.1]
[null,null,"Interest Rate - Borrowings",0.11]
[]
[null,null,"NII- Non Interest Income"]
[null,null,"Percent of Contingent Liabilities",1.4999999999999999E-2]
[null,null,"Loan Loss Percent of Loans",0.02]
[null,null,"Other Expense as Pct of Total Assets",0.01]
[]
[null,"Financing and Other Assumptions"]
[null,null,"Target Cap Adequacy",0.14000000000000001]
[null,null,"Dividend Payout",0.25]
[null,null,"Tax Rate",0.3]
[]
["Working Analysis",null,null,"Driver","Parameter","Bal Sheet","Projection","Projection","Projection","Projection","Projection","Projection"]
[null,"Asset Balances"]
[null,null,"Deposit Balance","Deposit Growth -------->",{"$f":"Deposit_Growth","v":0.15},{"$f":"D12","v":392928},{"$f":"F54*(1+Deposit_Growth)","v":451867.19999999995},519647.27999999991,597594.37199999986,687233.52779999981,790318.55696999968,908866.34051549959]
[null,null,"Increase in Deposit","Change",null,null,{"$f":"G54-F54","v":58939.199999999953},67780.079999999958,77947.091999999946,89639.15579999995,103085.02916999988,118547.7835454999]
[]
[null,null,"Cash ","Cash/Deposits --------->",{"$f":"E31","v":0.3},{"$f":"F54*Cash_to_Deposits","v":210120.99999999997},{"$f":"G54*$E$31","v":135560.15999999997},155894.18399999998,179278.31159999996,206170.05833999993,237095.56709099989,272659.90215464984]
[null,null,"Increase in Cash (WC)","Change",null,null,{"$f":"G57-F57","v":-74560.84},20334.024000000005,23384.127599999978,26891.746739999973,30925.508750999958,35564.335063649953]
[]
[null,null,"Loans","Loans to Deposits ----->",{"$f":"Loans_to_Deposits","v":0.69},{"$f":"D22","v":143872},{"$f":"G54*Loans_to_Deposits","v":311788.36799999996},358556.62319999991,412340.11667999986,474191.13418199983,545319.8043092998,627117.77495569468]
[null,null,"Increase in Loans","Change",null,null,{"$f":"G60-F60","v":167916.36799999996},46768.255199999956,53783.493479999946,61851.017501999973,71128.670127299963,81797.970646394882]
[]
[null,null,"Fixed Assets","Fixed Asset Growth --->",{"$f":"Fixed_Asset","v":0.03},{"$f":"D9","v":15720},{"$f":"F63*(1+Fixed_Asset)","v":16191.6},16677.348000000002,17177.668440000001,17692.998493200001,18223.788447996001,18770.502101435883]
[null,null,"Increase in Fixed Assets","Change",null,null,{"$f":"G63-F63","v":471.60000000000036},485.74800000000141,500.32043999999951,515.33005319999938,530.78995479600053,546.71365343988145]
[null,null,"Contingent Liabilities (Capital Adequacy)","CL to Loans ----------->",{"$f":"CL_to_Loans","v":0},{"$f":"F60*CL_to_Loans","v":0},0,0,0,0,0,0]
[]
[null,"Income and Expenses"]
[null,null,"Loan Income","Int Rate Loans -------->",{"$f":"Interest_Rate___Loans","v":0.14000000000000001},null,{"$f":"AVERAGE(G60,F60)*Interest_Rate___Loans","v":31896.225760000001},46924.149383999989,53962.771791599989,62057.187560339982,71365.765694390982,82070.630548549627]
[null,null,"Deposit Cost","Int Rate Deposits ----->",{"$f":"Interest_Deposits","v":0.03},null,{"$f":"AVERAGE(G54,F54)*Interest_Deposits","v":12671.927999999998},14572.717199999997,16758.624779999995,19272.418496999995,22163.281271549993,25487.773462282486]
[null,null,"Non Interest Income","NII Rate ---------------->",{"$f":"Percent_of_CL","v":1.4999999999999999E-2},null,{"$f":"AVERAGE(G65,F65)*Percent_of_CL","v":0},0,0,0,0,0]
[null,null,"Loan Losses","Loan Losses ---------->",{"$f":"Loan_Loss_Percent_of_Loans","v":0.03},null,{"$f":"AVERAGE(G60,F60)*Loan_Loss_Percent_of_Loans","v":6834.9055199999993},10055.174867999996,11563.451098199996,13297.968762929995,15292.664077369494,17586.563688974915]
[null,null,"Other Expense","Other Pct -------------->",{"$f":"Other_Expense_as_Pct_of_Total_Assets","v":0.01},null,{"$f":"AVERAGE(G60,F60)*Other_Expense_as_Pct_of_Total_Assets","v":2278.3018399999996},3351.7249559999991,3854.4836993999988,4432.656254309999,5097.5546924564978,5862.1878963249728]
[]
["Other Investments Less Cash which is the Cash Flow Plug"]
[null,null,"Opening Balance",null,null,null,{"$f":"F77","v":99415},94352.3384956097,119478.12030995109,148431.05915644378,181786.97728271026,220208.12273430065]
[null,null,"Add: Cash Flow from Cash Flow Statement Below","Last line in CF",null,null,{"$f":"G131","v":-5062.661504390293},{"$f":"H131","v":25125.78181434139},28952.938846492692,33355.918126266479,38421.14545159039,44248.012063904614]
[null,null,"Closing Balance",null,null,{"$f":"F137-F142","v":99415},{"$f":"G75+G76","v":94352.3384956097},{"$f":"H75+H76","v":119478.12030995109},148431.05915644378,181786.97728271026,220208.12273430065,264456.13479820528]
[]
[null,null,"Temporary Securities","Use MAX(Bal;0)",null,{"$f":"F137","v":131668},{"$f":"MAX(G77,0)","v":94352.3384956097},119478.12030995109,148431.05915644378,181786.97728271026,220208.12273430065,264456.13479820528]
[null,null,"Average Level of Temporary Securities for Interest Income",null,null,null,{"$f":"F79","v":131668},{"$f":"G79","v":94352.3384956097},119478.12030995109,148431.05915644378,181786.97728271026,220208.12273430065]
[null,null,"Interest Income Rate on Other Investments",null,null,null,{"$f":"Interest_Rate___Other_Investment","v":0.1},0.1,0.1,0.1,0.1,0.1]
[null,null,"Int Income on Other Investmetns",null,null,null,{"$f":"AVERAGE(G79,F79)*Interest_Rate___Other_Investment","v":11301.016924780486},10691.522940278039,13395.458973319744,16510.901821957705,20099.75500085055,24233.212876625297]
[]
[null,null,"Other Borrowings",null,null,{"$f":"F142","v":32253},{"$f":"MAX(-G77,0)","v":0},0,0,0,0,0]
[null,null,"Interest Expense Rate",null,null,null,{"$f":"Interest_Rate___Borrowings","v":0.11},0.11,0.11,0.11,0.11,0.11]
[null,null,"Int Expense on Other Borrowings",null,null,null,{"$f":"F84*Interest_Rate___Borrowings","v":3547.83},0,0,0,0,0]
[]
[null,"Equity Balance"]
[null,null,"Opening Balance",null,null,null,{"$f":"F93","v":76200},99190.360975609758,114068.91512195117,131179.25239024387,150856.14024878043,173484.56128609745]
[null,null,"Add: Net Income",null,null,null,{"$f":"G113","v":12504.994127346341},20745.238710194626,24627.169831123825,29095.532107640392,34238.414457705883,40157.122864314792]
[null,null,"Less: Dividends",null,null,null,{"$f":"G127","v":3126.2485318365852},5186.3096775486565,6156.7924577809563,7273.8830269100981,8559.6036144264708,10039.280716078698]
[null,null,"Add: New Issues",null,null,null,{"$f":"G126","v":13611.615380099987},-680.374886304543,-1360.0401050501687,-2144.7612221937343,-3050.3898059623916,-4095.1579553215488]
[null,null,"Closing Balance",null,null,{"$f":"D14","v":76200},{"$f":"G89+G90-G91+G92","v":99190.360975609758},114068.91512195117,131179.25239024387,150856.14024878043,173484.56128609745,199507.245479012]
[]
["Net Loan Balance"]
[null,"Opening Balance",null,null,null,null,{"$f":"F99","v":143872},{"$f":"G99","v":304953.46247999999},341666.54281199997,383886.58519379993,432439.63393286988,488275.63998280035]
[null,"Add: New Loans",null,null,null,null,{"$f":"G61","v":167916.36799999996},46768.255199999956,53783.493479999946,61851.017501999973,71128.670127299963,81797.970646394882]
[null,"Less: Loan Provisions",null,null,null,null,{"$f":"G71","v":6834.9055199999993},10055.174867999996,11563.451098199996,13297.968762929995,15292.664077369494,17586.563688974915]
[null,"Closing Balance",null,null,null,{"$f":"F60","v":143872},{"$f":"G96+G97-G98","v":304953.46247999999},{"$f":"H96+H97-H98","v":341666.54281199997},383886.58519379993,432439.63393286988,488275.63998280035,552487.04694022029]
[]
["Income Statement"]
[null,"Interest Income - Loans",null,null,null,null,{"$f":"G68","v":31896.225760000001},46924.149383999989,53962.771791599989,62057.187560339982,71365.765694390982,82070.630548549627]
[null,"Interest Payments on Deposits",null,null,null,null,12671.927999999998,14572.717199999997,16758.624779999995,19272.418496999995,22163.281271549993,25487.773462282486]
[null,null,"Net Interest Margin",null,null,null,{"$f":"G102-G103","v":19224.297760000001},{"$f":"H102-H103","v":32351.43218399999},37204.147011599998,42784.769063339991,49202.484422840993,56582.85708626714]
[null,"Plus: Fee Income",null,null,null,null,{"$f":"G70","v":0},0,0,0,0,0]
[null,"Less: Loan Loss Provisions",null,null,null,null,6834.9055199999993,10055.174867999996,11563.451098199996,13297.968762929995,15292.664077369494,17586.563688974915]
[null,"Less: Operating Expenses",null,null,null,null,2278.3018399999996,3351.7249559999991,3854.4836993999988,4432.656254309999,5097.5546924564978,5862.1878963249728]
[null,null,"Net  ",null,null,null,{"$f":"G104+G105-G106-G107","v":10111.090400000001},{"$f":"H104+H105-H106-H107","v":18944.532359999997},21786.212214000003,25054.144046099995,28812.265653014998,33134.105500967256]
[null,"Interest Income - Investment Securities",null,null,null,null,{"$f":"G82","v":11301.016924780486},10691.522940278039,13395.458973319744,16510.901821957705,20099.75500085055,24233.212876625297]
[null,"Interest Payments on Other Borrowings",null,null,null,null,{"$f":"G86","v":3547.83},{"$f":"H86","v":0},0,0,0,0]
[null,null,"EBT",null,null,null,{"$f":"G108+G109-G110","v":17864.277324780487},{"$f":"H108+H109-H110","v":29636.055300278036},35181.671187319749,41565.045868057699,48912.020653865548,57367.318377592557]
[null,"Taxes",null,null,{"$f":"Tax_Rate","v":0.3},null,{"$f":"G111*$E$112","v":5359.2831974341461},{"$f":"H111*$E$112","v":8890.8165900834101},10554.501356195924,12469.513760417309,14673.606196159664,17210.195513277766]
[null,null,"Earnings",null,null,null,{"$f":"G111-G112","v":12504.994127346341},20745.238710194626,24627.169831123825,29095.532107640392,34238.414457705883,40157.122864314792]
[]
[null,null,"Net Earnings Before Other Interest",null,null,null,{"$f":"G108","v":10111.090400000001},{"$f":"H108","v":18944.532359999997},21786.212214000003,25054.144046099995,28812.265653014998,33134.105500967256,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT108","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EF108","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GR108","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Cash Flow Statement"]
[null,"Earnings",null,null,null,null,{"$f":"G113","v":12504.994127346341},20745.238710194626,24627.169831123825,29095.532107640392,34238.414457705883,40157.122864314792]
[null,"Add: Loan Loss Provisions",null,null,null,null,{"$f":"G106","v":6834.9055199999993},{"$f":"H106","v":10055.174867999996},11563.451098199996,13297.968762929995,15292.664077369494,17586.563688974915]
[null,"Less: WC Changes",null,null,null,null,{"$f":"G58","v":-74560.84},20334.024000000005,23384.127599999978,26891.746739999973,30925.508750999958,35564.335063649953]
[null,null,"Cash from Operations",null,null,null,{"$f":"G118-G120+G119","v":93900.739647346345},{"$f":"H118-H120+H119","v":10466.389578194618},12806.493329323843,15501.754130570414,18605.569784075422,22179.351489639754]
[null,"Less: Increases in Loans",null,null,null,null,{"$f":"G61","v":167916.36799999996},46768.255199999956,53783.493479999946,61851.017501999973,71128.670127299963,81797.970646394882]
[null,"Less: Increases in Plant",null,null,null,null,{"$f":"G64","v":471.60000000000036},485.74800000000141,500.32043999999951,515.33005319999938,530.78995479600053,546.71365343988145]
[null,null,"Cash before Financing",null,null,null,{"$f":"G121-G122-G123","v":-74487.228352653619},-36787.613621805336,-41477.3205906761,-46864.593424629558,-53053.890298020546,-60165.33281019501]
[null,"Add: Inceases in Deposits",null,null,null,null,{"$f":"G55","v":58939.199999999953},67780.079999999958,77947.091999999946,89639.15579999995,103085.02916999988,118547.7835454999]
[null,"Add: New Equity Issues",null,null,null,null,{"$f":"G156","v":13611.615380099987},{"$f":"H156","v":-680.374886304543},-1360.0401050501687,-2144.7612221937343,-3050.3898059623916,-4095.1579553215488]
[null,"Less: Dividends",null,null,{"$f":"Dividend_Payout","v":0.25},null,{"$f":"MAX(G118*Dividend_Payout,0)","v":3126.2485318365852},5186.3096775486565,6156.7924577809563,7273.8830269100981,8559.6036144264708,10039.280716078698]
[null,null,"Net Cash Flow",null,null,null,{"$f":"G124+G125+G126-G127","v":-5062.6615043902639},{"$f":"H124+H125+H126-H127","v":25125.781814341422},{"$f":"I124+I125+I126-I127","v":28952.938846492721},33355.918126266552,38421.14545159047,44248.012063904644]
[]
[null,null,"Other Cash Flow Inreases",null,null,null,{"$f":"G119-G120-G122-G123+G125","v":-28053.022480000014},{"$f":"H119-H120-H122-H123+H125","v":10247.227667999992},11842.601578200018,13679.030267729991,15792.724414273456,18225.327870990091]
[null,null,"Cash Flow from Function",null,null,null,{"$f":"cash_flow(G108,$E$112,G130,$E$127,G146,G147,G151,F77,F79,F84,G81,Interest_Rate___Borrowings,G89)","v":-5062.661504390293},25125.78181434139,28952.938846492692,33355.918126266479,38421.14545159039,44248.012063904614]
[null,null,"Difference from Circular Function",null,null,null,{"$f":"G131-G128","v":-2.9103830456733704E-11},{"$f":"H131-H128","v":-3.2741809263825417E-11},-2.9103830456733704E-11,-7.2759576141834259E-11,-8.0035533756017685E-11,0]
[]
["Balance Sheet"]
[null,null,"Cash",null,null,{"$f":"D6","v":210121},{"$f":"G57","v":135560.15999999997},155894.18399999998,179278.31159999996,206170.05833999993,237095.56709099989,272659.90215464984]
[null,null,"Loans",null,null,{"$f":"D7","v":143872},{"$f":"G99","v":304953.46247999999},341666.54281199997,383886.58519379993,432439.63393286988,488275.63998280035,552487.04694022029]
[null,null,"Temporary Secruities",null,null,{"$f":"D8","v":131668},{"$f":"G79","v":94352.3384956097},119478.12030995109,148431.05915644378,181786.97728271026,220208.12273430065,264456.13479820528]
[null,null,"Fixed Assets",null,null,{"$f":"D9","v":15720},{"$f":"G63","v":16191.6},16677.348000000002,17177.668440000001,17692.998493200001,18223.788447996001,18770.502101435883]
[null,null,"Total",null,null,{"$f":"D10","v":501381},{"$f":"SUM(G135:G138)","v":551057.5609756097},633716.19512195105,728773.62439024379,838089.66804878018,963803.11825609696,1108373.5859945111]
[]
[null,null,"Deposits",null,null,{"$f":"D12","v":392928},{"$f":"G54","v":451867.19999999995},519647.27999999991,597594.37199999986,687233.52779999981,790318.55696999968,908866.34051549959]
[null,null,"Other Borrowing",null,null,{"$f":"D13","v":32253},{"$f":"G84","v":0},0,0,0,0,0]
[null,null,"Equity",null,null,{"$f":"D14","v":76200},{"$f":"G93","v":99190.360975609758},114068.91512195117,131179.25239024387,150856.14024878043,173484.56128609745,199507.245479012]
[null,null,"Total",null,null,{"$f":"D15","v":501381},{"$f":"SUM(G141:G143)","v":551057.5609756097},633716.19512195105,728773.62439024379,838089.66804878018,963803.11825609719,1108373.5859945116]
[]
[null,null,"Other Assets",null,null,{"$f":"F135+F136+F138","v":369713},{"$f":"G135+G136+G138","v":456705.22247999994},514238.07481199992,580342.56523379998,656302.69076606992,743594.99552179629,843917.45119630604]
[null,null,"Other Liabilities and Capital",null,null,{"$f":"F141+F143","v":469128},551057.5609756097,633716.19512195105,728773.62439024379,838089.66804878018,963803.11825609719,1108373.5859945116]
[]
[null,null,"Balance Sheet Test",null,null,{"$f":"F144=F139","v":true},{"$f":"ROUND(G139-G144,3)=0","v":true},{"$f":"ROUND(H139-H144,3)=0","v":true},true,true,true,true]
[]
[null,null,"Target Capital Adequacy",null,null,null,{"$f":"Target_Cap_Adequacy","v":0.18},0.18,0.18,0.18,0.18,0.18]
[null,null,"Target Equity",null,null,null,{"$f":"G151*G139","v":99190.360975609743},{"$f":"H151*H139","v":114068.91512195118},131179.25239024387,150856.14024878043,173484.56128609745,199507.245479012]
[null,null,"Less: Opening Equity",null,null,null,{"$f":"G89","v":76200},99190.360975609758,114068.91512195117,131179.25239024387,150856.14024878043,173484.56128609745]
[null,null,"Less: Net Income",null,null,null,{"$f":"G113","v":12504.994127346341},20745.238710194626,24627.169831123825,29095.532107640392,34238.414457705883,40157.122864314792]
[null,null,"Add: Dividends",null,null,null,{"$f":"G127","v":3126.2485318365852},5186.3096775486565,6156.7924577809563,7273.8830269100981,8559.6036144264708,10039.280716078698]
[null,null,"New Equity Required",null,null,null,{"$f":"G152-G153-G154+G155","v":13611.615380099987},{"$f":"H152-H153-H154+H155","v":-680.374886304543},-1360.0401050501687,-2144.7612221937343,-3050.3898059623916,-4095.1579553215488]
[]
[null,null,"Contingent Liabilities",null,null,null,{"$f":"G65","v":0},0,0,0,0,0]
[null,null,"Capital Adequacy",null,null,null,{"$f":"G143/G139","v":0.18000000000000002},{"$f":"H143/H139","v":0.17999999999999997},0.18,0.18,0.18,0.18]
[]
[null,null,"ROE",null,null,null,{"$f":"G113/AVERAGE(F143:G143)","v":0.14259613878194047},0.19455415107668453,0.20083468986490374,0.20632539650709456,0.21112622804155873,0.21532442341074604]
[]
[null,null,"Equity Cash Flows"]
[null,null,"Dividend",null,null,null,{"$f":"G127","v":3126.2485318365852},5186.3096775486565,6156.7924577809563,7273.8830269100981,8559.6036144264708,10039.280716078698]
[null,null,"Less: New Issue of Shares",null,null,null,{"$f":"G126","v":13611.615380099987},-680.374886304543,-1360.0401050501687,-2144.7612221937343,-3050.3898059623916,-4095.1579553215488]
[null,null,"Net Equity Cash Flow",null,null,null,{"$f":"G164-G165","v":-10485.366848263402},5866.6845638531995,7516.832562831125,9418.6442491038324,11609.993420388862,14134.438671400247]
[]
[null,null,"Equity Value on B/S",null,null,null,null,null,null,null,null,{"$f":"L143","v":199507.245479012}]
[null,null,"Regression A Parameter",null,1.008]
[null,null,"Regression B Parameter",null,7.9080000000000004]
[null,null,"ROE Applied",null,{"$f":"L161","v":0.21532442341074604}]
[]
[null,null,"Market to Book",null,null,null,null,null,"Market to Book Regression  --->",null,null,{"$f":"1.008+7.98*L161","v":2.7262888988177534}]
[null,null,"Terminal Value",null,null,null,null,null,null,null,null,{"$f":"L168*L173","v":543914.38858313882}]
[]
[null,null,"Total Cash Flow Including Terminal Value",null,null,null,{"$f":"G166+G174","v":-10485.366848263402},5866.6845638531995,7516.832562831125,9418.6442491038324,11609.993420388862,558048.82725453912]
[]
[null,null,"Equity Cost of Capital",null,null,0.2]
[]
[null,null,"NPV",null,null,{"$f":"NPV(F178,G176:L176)","v":195783.68900235993},null,null,8]
[null,null,"Number of Shares",null,null,{"$f":"D17","v":1000}]
[null,null,"Value per Share",null,null,{"$f":"F180/F181","v":195.78368900235992}]

{"sheet":"Circular Reference Function","index":3,"n_rows":0,"n_cols":0,"rows_kept":0,"cut":false,"hidden":false,"merged":[]}

{"sheet":"Inputs","index":4,"n_rows":155,"n_cols":11,"rows_kept":155,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,"Balance Sheet"]
[null,null,"Cash",null,2000]
[null,null,"Loans",null,10000]
[null,null,"Other Portfolio",null,5000]
[null,null,"Other Securities",null,5000]
[null,null,"Fixed Assets",null,2000]
[null,null,"Total",null,{"$f":"SUM(E4:E8)","v":24000}]
[]
[null,null,"Deposits",null,20000]
[null,null,"Other Borrowing",null,1000]
[null,null,"Equity",null,3000]
[null,null,"Total",null,{"$f":"SUM(E11:E13)","v":24000}]
[]
[null,null,"Number of Shares",null,2000]
[]
[null,null,"Contingent Liabilities",null,5000]
[]
[null,"Capital Adequacy"]
[null,null,"Equity Capital",null,{"$f":"E13","v":3000}]
[null,null,"Loans",null,{"$f":"E5","v":10000}]
[null,null,"Fixed Assets",null,{"$f":"E8","v":2000}]
[null,null,"Contengent Liabilites",null,{"$f":"E18","v":5000}]
[null,null,"Total",null,{"$f":"E22+E23+E24","v":17000}]
[]
[null,null,"Cap Adequacy",null,{"$f":"E21/E25","v":0.17647058823529413}]
[]
[null,"Assumptions"]
[null,null,"Deposit Growth",null,0.2]
[null,null,"Cash to Deposits",null,{"$f":"E4/E11","v":0.1}]
[null,null,"Loans to Deposits",null,{"$f":"E5/E11","v":0.5}]
[null,null,"Fixed Asset Growth",null,0.05]
[null,null,"CL to Loans",null,{"$f":"E24/E5","v":0.5}]
[]
[null,null,"Interest Rate - Loans",null,0.12]
[null,null,"Interest Deposits",null,0.05]
[null,null,"Interest Rate - Other Investment",null,0.08]
[null,null,"Interest Rate - Borrowings",null,0.11]
[]
[null,null,"NII- Non Interest Income"]
[null,null,"Percent of Contingent Liabilities",null,1.4999999999999999E-2]
[null,null,"Loan Loss Percent of Loans",null,1.4999999999999999E-2]
[null,null,"Other Expense as Pct of Total Assets",null,0.01]
[]
[null,"Financial Assumptions"]
[null,null,"Target Cap Adequacy",null,0.15]
[null,null,"Dividend Payout",null,0.5]
[null,null,"Tax Rate",null,0.3]
[]
["Working Sheet"]
[]
[null,"Deposits",null,null,{"$f":"Deposits","v":20000},{"$f":"E53*(1+Deposit_Growth)","v":24000},28800,34560,41472,49766.400000000001,59719.68]
[null,"Increase in Depostits",null,null,null,{"$f":"F53-E53","v":4000},4800,5760,6912,8294.4000000000015,9953.2799999999988]
[]
[null,"Loans to Deposits",null,null,{"$f":"Loans_to_Deposits","v":0.5},{"$f":"E56","v":0.5},0.5,0.5,0.5,0.5,0.5]
[null,"Loans   ",null,null,{"$f":"E5","v":10000},{"$f":"F56*F53","v":12000},14400,17280,20736,24883.200000000001,29859.84]
[null,"Increase in Loans",null,null,null,{"$f":"F57-E57","v":2000},2400,2880,3456,4147.2000000000007,4976.6399999999994]
[]
[null,"Other Portfolio",null,null,{"$f":"E6","v":5000},{"$f":"E60","v":5000},5000,5000,5000,5000,5000]
[null,null,"Rate of Return",null,null,0.2,0.2,0.2,0.2,0.2,0.2]
[null,null,"Income",null,null,{"$f":"F61*F60","v":1000},1000,1000,1000,1000,1000]
[]
[null,"Cash to Deposits",null,null,{"$f":"Cash_to_Deposits","v":0.1},{"$f":"E64","v":0.1},0.1,0.1,0.1,0.1,0.1]
[null,"Cash ",null,null,{"$f":"Cash","v":2000},{"$f":"F53*F64","v":2400},2880,3456,4147.2,4976.6400000000003,5971.9680000000008]
[null,null,null,null,null,{"$f":"F65-E65","v":400},480,576,691.19999999999982,829.44000000000051,995.32800000000043]
[null,"Interest Income"]
[null,null,"Rate on Loans",null,{"$f":"Interest_Rate___Loans","v":0.12},{"$f":"E68","v":0.12},0.12,0.12,0.12,0.12,0.12]
[null,null,"Income",null,null,{"$f":"F68*AVERAGE(E57:F57)","v":1320},1584,1900.8,2280.96,2737.1519999999996,3284.5823999999998]
[]
[null,"Interest Expense on Deposits"]
[null,null,"Rate ",null,null,{"$f":"Interest_Deposits","v":0.05},{"$f":"F72","v":0.05},{"$f":"G72","v":0.05},{"$f":"H72","v":0.05},{"$f":"I72","v":0.05},{"$f":"J72","v":0.05}]
[null,null,"Expense",null,null,{"$f":"F72*AVERAGE(E53:F53)","v":1100},1320,1584,1900.8000000000002,2280.96,2737.152]
[]
["Income Statement"]
[]
[null,"Yield Spread"]
[null,null,"Interest Income on Loans",null,null,{"$f":"F69","v":1320},1584,1900.8,2280.96,2737.1519999999996,3284.5823999999998]
[null,null,"Portfolio Returns",null,null,{"$f":"F62","v":1000},1000,1000,1000,1000,1000]
[null,null,"Interest Income on Other Inv",null,null,{"$f":"F110","v":0},320,492.40000000000003,709.36,966.048,1270.8127999999999]
[null,null,"Total Income",null,null,{"$f":"F78+F79+F80","v":2320},2904,3393.2000000000003,3990.32,4703.2,5555.395199999999]
[]
[null,null,"Deposit Cost",null,null,{"$f":"F73","v":1100},1320,1584,1900.8000000000002,2280.96,2737.152]
[null,null,"Int Expense on Other Lib",null,null,{"$f":"F111","v":110},0,0,0,0,0]
[null,null,null,null,null,{"$f":"F83+F84","v":1210},1320,1584,1900.8000000000002,2280.96,2737.152]
[]
[null,null,"Spread Income",null,null,{"$f":"F81-F85","v":1110},1584,1809.2000000000003,2089.52,2422.2399999999998,2818.243199999999]
[]
[null,"Cash Flow Statement"]
[null,null,"Income",null,null,{"$f":"F87","v":1110},1584,1809.2000000000003,2089.52,2422.2399999999998,2818.243199999999]
[null,null,"Less: Loan Increases",null,null,{"$f":"F58","v":2000},2400,2880,3456,4147.2000000000007,4976.6399999999994]
[null,null,"Less: Op Cash Increases",null,null,{"$f":"F66","v":400},480,576,691.19999999999982,829.44000000000051,995.32800000000043]
[null,null,"Cash Before Investing",null,null,{"$f":"F90-F91-F92","v":-1290},-1296,-1646.7999999999997,-2057.6799999999998,-2554.4000000000015,-3153.7248000000009]
[null,null,"Add: Deposit Increases",null,null,{"$f":"F54","v":4000},4800,5760,6912,8294.4000000000015,9953.2799999999988]
[null,null,"Add: New Rights Issues"]
[null,null,"Less: Dividends",null,null,{"$f":"F87*Dividend_Payout","v":555},792,904.60000000000014,1044.76,1211.1199999999999,1409.1215999999995]
[null,null,"Net Cash Flow",null,null,{"$f":"F93+F94+F95-F96","v":2155},2712,3208.6000000000004,3809.5599999999995,4528.88,5390.4335999999985]
[]
[null,"Balance of Temporary Securities and Other Loans"]
[null,null,"Opening Balance",null,null,{"$f":"E102","v":4000},6155,8867,12075.6,15885.16,20414.04]
[null,null,"Add: Cash Flow",null,null,{"$f":"F97","v":2155},2712,3208.6000000000004,3809.5599999999995,4528.88,5390.4335999999985]
[null,null,"Closing ",null,{"$f":"Other_Investment-Other_Borrowing","v":4000},{"$f":"F100+F101","v":6155},8867,12075.6,15885.16,20414.04,25804.473599999998]
[]
[null,null,"Other Investments",null,{"$f":"Other_Investment","v":5000},{"$f":"MAX(F102,0)","v":6155},8867,12075.6,15885.16,20414.04,25804.473599999998]
[null,null,"Other Liabilities",null,{"$f":"Other_Borrowing","v":1000},{"$f":"MAX(-F102,0)","v":0},0,0,0,0,0]
[]
[null,null,"Interest Rate on Inv",null,null,{"$f":"Interest_Rate___Other_Investment","v":0.08},0.08,0.08,0.08,0.08,0.08]
[null,null,"Interest Rate on Borrowings",null,null,{"$f":"Interest_Rate___Borrowings","v":0.11},0.11,0.11,0.11,0.11,0.11]
[]
[null,null,"Interest Income on Inv",null,null,{"$f":"F107*E100","v":0},{"$f":"G107*F100","v":320},492.40000000000003,709.36,966.048,1270.8127999999999]
[null,null,"Interest Exp on Borrowings",null,null,{"$f":"F108*E105","v":110},{"$f":"G108*F105","v":0},0,0,0,0]
[]
[null,"Equity Balance"]
[null,null,"Opening Equity",null,null,{"$f":"E118","v":3000},3555,4347,5251.6,6296.3600000000006,7507.4800000000005]
[null,null,"Add: Net Income",null,null,{"$f":"F90","v":1110},1584,1809.2000000000003,2089.52,2422.2399999999998,2818.243199999999]
[null,null,"Less: Dividends",null,null,{"$f":"F96","v":555},792,904.60000000000014,1044.76,1211.1199999999999,1409.1215999999995]
[null,null,"Add: New Rights Issue",null,null,{"$f":"F95","v":0},0,0,0,0,0]
[null,null,"Closing Balance",null,{"$f":"Equity","v":3000},{"$f":"F114+F115-F116+F117","v":3555},4347,5251.6,6296.3600000000006,7507.4800000000005,8916.6016000000018]
[]
[]
[null,"Balance Sheet"]
[null,null,"Cash",null,2000,{"$f":"F65","v":2400},2880,3456,4147.2,4976.6400000000003,5971.9680000000008]
[null,null,"Loans",null,10000,{"$f":"F57","v":12000},14400,17280,20736,24883.200000000001,29859.84]
[null,null,"Other Portfolio",null,5000,{"$f":"F60","v":5000},5000,5000,5000,5000,5000]
[null,null,"Other Investment",null,5000,{"$f":"F104","v":6155},8867,12075.6,15885.16,20414.04,25804.473599999998]
[null,null,"Fixed Assets",null,2000,{"$f":"E126","v":2000},2000,2000,2000,2000,2000]
[null,null,"Total",null,{"$f":"SUM(E122:E126)","v":24000},27555,33147,39811.599999999999,47768.36,57273.88,68636.281600000002]
[]
[null,null,"Deposits",null,20000,{"$f":"F53","v":24000},28800,34560,41472,49766.400000000001,59719.68]
[null,null,"Other Borrowing",null,1000,{"$f":"F105","v":0},0,0,0,0,0]
[null,null,"Equity",null,3000,{"$f":"F118","v":3555},4347,5251.6,6296.3600000000006,7507.4800000000005,8916.6016000000018]
[null,null,"Total",null,{"$f":"SUM(E129:E131)","v":24000},27555,33147,39811.599999999999,47768.36,57273.880000000005,68636.281600000002]
[]
[null,null,"Balance Sheet Test",null,{"$f":"AND(F134:K134)","v":true},{"$f":"F132=F127","v":true},true,true,true,true,true]
[]
[null,"Actual Equity to Capital",null,null,null,{"$f":"F131/F132","v":0.12901469787697334},0.13114308987238665,0.13191130223351991,0.13181026101796253,0.13108034587494333,0.12991090706172523]
[null,"Target",null,null,null,{"$f":"Target_Cap_Adequacy","v":0.15},0.15,0.15,0.15,0.15,0.15]
[null,null,null,null,null,{"$f":"ROUND(F136-F137,0)=0","v":true},true,true,true,true,true]
[null,"Equity Cash Flow"]
[null,null,"Dividends",null,null,{"$f":"F96","v":555},792,904.60000000000014,1044.76,1211.1199999999999,1409.1215999999995]
[null,null,"Less: New Rights issues",null,null,{"$f":"F117","v":0},0,0,0,0,0]
[null,null,"Net Cash Flow",null,null,{"$f":"F140-F141","v":555},792,904.60000000000014,1044.76,1211.1199999999999,1409.1215999999995]
[]
[null,"ROE",null,null,null,{"$f":"F87/F131","v":0.31223628691983124},0.36438923395445133,0.34450453195216696,0.33186158351809614,0.32264355016596774,0.3160669643465957]
[]
[null,"Terminal Cash Flow"]
[null,null,"Book Value",null,null,null,null,null,null,null,{"$f":"K118","v":8916.6016000000018}]
[null,null,"Market to Book Ratio",null,null,null,null,null,null,null,{"$f":"13*K144+0.2","v":4.3088705365057445}]
[null,null,"Terminal Value",null,null,null,null,null,null,null,{"$f":"K147*K148","v":38420.481919999984}]
[]
[null,"Total Cash Flow",null,null,null,{"$f":"F142+F149","v":555},792,904.60000000000014,1044.76,1211.1199999999999,39829.603519999982]
[null,"PV of Cash Flow"]
[]
[null,null,null,null,0.1,null,"Rf+B x RM",0.05,1,0.05]
[null,"Valuation",null,null,{"$f":"NPV(E154,F151:K151)","v":25787.098479815239}]

{"sheet":"Balancing Part of Model","index":5,"n_rows":45,"n_cols":9,"rows_kept":45,"cut":false,"hidden":false,"merged":[]}
["Balance Sheet"]
[]
[null,null,"Other Investments",1000]
[null,null,"Other Borrowings",10000]
[]
[null,null,"Interest on Investments",0.03]
[null,null,"Interest on Other Borrowings",0.05]
[]
[null,"Bucket of Cash less Short Term"]
[null,null,"Opeining Balance",null,{"$f":"D12","v":-9000},{"$f":"E12","v":-8435.8974358974356},{"$f":"F12","v":-7842.8665351742275},{"$f":"G12","v":-7732.2443062088032},{"$f":"H12","v":-1974.9235013989983}]
[null,null,"Add: Cash Flow"," =F21-->",{"$f":"E30","v":564.1025641025642},{"$f":"F30","v":593.03090072320833},{"$f":"G30","v":110.6222289654242},{"$f":"H30","v":5757.3208048098049},{"$f":"I30","v":11974.923501398996}]
[null,null,"Closing Balance",{"$f":"D3-D4","v":-9000},{"$f":"E10+E11","v":-8435.8974358974356},{"$f":"F10+F11","v":-7842.8665351742275},{"$f":"G10+G11","v":-7732.2443062088032},{"$f":"H10+H11","v":-1974.9235013989983},{"$f":"I10+I11","v":9999.9999999999982}]
[]
[null,null,"Other Borrowings",{"$f":"D4","v":10000},{"$f":"MAX(-E12,0)","v":8435.8974358974356},{"$f":"MAX(-F12,0)","v":7842.8665351742275},{"$f":"MAX(-G12,0)","v":7732.2443062088032},{"$f":"MAX(-H12,0)","v":1974.9235013989983},{"$f":"MAX(-I12,0)","v":0}]
[null,null,"Interest on Short-term Debt Computed",null,{"$f":"AVERAGE(E14,D14)*$D$7","v":460.89743589743597},{"$f":"AVERAGE(F14,E14)*$D$7","v":406.96909927679161},{"$f":"AVERAGE(G14,F14)*$D$7","v":389.37777103457574},{"$f":"AVERAGE(H14,G14)*$D$7","v":242.67919519019506},{"$f":"AVERAGE(I14,H14)*$D$7","v":49.373087534974957}]
[null,null,"Fixed Interest Expense",null,460.89743589743586,406.96909927679161,389.3777710345758,242.67919519019506,49.373087534974964]
[null,null,"Difference",{"$f":"SUM(E17:I17)","v":0},{"$f":"E15-E16","v":0},{"$f":"F15-F16","v":0},{"$f":"G15-G16","v":0},{"$f":"H15-H16","v":0},{"$f":"I15-I16","v":0}]
[]
[null,null,"Other Investments",{"$f":"D3","v":1000},{"$f":"MAX(E12,0)","v":0},{"$f":"MAX(F12,0)","v":0},{"$f":"MAX(G12,0)","v":0},{"$f":"MAX(H12,0)","v":0},{"$f":"MAX(I12,0)","v":9999.9999999999982}]
[null,null,"Interest Income on Cash Computed",null,{"$f":"AVERAGE(E19,D19)*$D$7","v":25},{"$f":"AVERAGE(F19,E19)*$D$7","v":0},{"$f":"AVERAGE(G19,F19)*$D$7","v":0},{"$f":"AVERAGE(H19,G19)*$D$7","v":0},{"$f":"AVERAGE(I19,H19)*$D$7","v":249.99999999999997}]
[null,null,"Fixed Interest Income",null,25,0,0,0,250]
[null,null,"Difference",{"$f":"SUM(E22:I22)","v":0},{"$f":"E20-E21","v":0},{"$f":"F20-F21","v":0},0,0,0]
[]
[null,"Profit and Loss and Cash Flw"]
[null,null,"Income",null,1000,1000,500,6000,11774.296588933972]
[]
[null,null,"Less: Interest Expense",null,{"$f":"E16","v":460.89743589743586},{"$f":"F16","v":406.96909927679161},{"$f":"G16","v":389.3777710345758},{"$f":"H16","v":242.67919519019506},{"$f":"I16","v":49.373087534974964}]
[null,null,"Add: Interest Income",null,{"$f":"E21","v":25},{"$f":"F21","v":0},{"$f":"G21","v":0},{"$f":"H21","v":0},{"$f":"I21","v":250}]
[]
[null,null,"Net Cash Flow"," =E16-E18+E19-->",{"$f":"E25-E27+E28","v":564.1025641025642},{"$f":"F25-F27+F28","v":593.03090072320833},{"$f":"G25-G27+G28","v":110.6222289654242},{"$f":"H25-H27+H28","v":5757.3208048098049},{"$f":"I25-I27+I28","v":11974.923501398996}]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,{"$f":"E20-E21","v":0},{"$f":"F20-F21","v":0},{"$f":"G20-G21","v":0},{"$f":"H20-H21","v":0},{"$f":"I20-I21","v":0}]

{"sheet":"Market to Book Regression","index":6,"n_rows":13,"n_cols":10,"rows_kept":13,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,null,null,null,null,null,null,null,null,13.102]
[null,null,null,null,null,null,null,null,null,0.29499999999999998]
[null,null,null,null,-937.94617853971693]
[null,null,null,null,400]
[null,null,null,null,400]
[null,null,null,null,400]
[null,null,null,null,400]
[]
[null,null,null,"Rate",0.1]
[]
[null,null,null,"NPV",{"$f":"NPV(E11,E5:E9)","v":300}]