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[null,null,null,"ROE vs k","%",{"$f":"INDEX(I7:AC7,$E$2)","v":0.05},0.02,null,0.02,0.05,0.05,0.05,0.05,0.05,0.05,-1.0660637773579503E-2,1.105045058749299E-2,1.9400744777384606E-2,4.3439493545798444E-2,1.0626722127627228E-2,3.086547148003823E-2,3.2476780766117569E-2,3.9365882011600781E-2,3.2895369354907562E-2,4.7664287747765741E-3,2.6209343275647074E-2,1.865440025108199E-2,1.5668765450277282E-2,4.4952804803830848E-2,{"$f":"_xlfn.NORM.INV(RAND(),$I7,$G7)","v":1.0814042270585604E-2}]
[null,null,null,"k","%",{"$f":"INDEX(I8:AC8,$E$2)","v":0.06},null,null,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,{"$f":"AC8","v":0.06}]
[null,null,null,"Short-term g","%",{"$f":"INDEX(I9:AC9,$E$2)","v":0.01},0.02,null,0.02,0.04,0.03,0,0.01,0.02,0.03,0.04,0,0.01,0.02,0.03,0.04,0,0.01,0.02,0.03,0.04,0.01,0.05,0.03,0.05]
[null,null,null,"Long-term g","%",{"$f":"INDEX(I10:AC10,$E$2)","v":0.01},0.01,null,{"$f":"I9","v":0.02},{"$f":"J9","v":0.04},0.03,0,0.01,0.02,0.03,0.04,0,0.01,0.02,0.03,0.04,0,0.01,0.02,0.03,0.04,0.01,0.05,0.03,0.05]
[null,null,null,"Short-term period","years",{"$f":"INDEX(I11:AC11,$E$2)","v":5},2,null,5,5,5,5,5,5,5,6,7,7,7,7,7,4,4,8,6,4,7,4,5,3.2198922400173413]
[null,null,null,"Terminal Period","Year ",{"$f":"INDEX(I12:AC12,E2)","v":15},null,null,15,15,15,15,15,15,15,15,15,15,15,15,15,15,15,15,15,15,15,15,15,{"$f":"AC12","v":15}]
[]
[null,null,null,null,null,null,null,null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21]
[null,null,null,null,null,null,"PB Ratio",{"$f":"F69","v":1.9999999999999991},1.4999999999999993,3.4999999999999982,2.9999999999999987,2.4999999999999987,1.9999999999999991,3.2499999999999978,2.6666666666666661,3,2.4999999999999987,1.9863832149684988,1.9804058948357053,2.7644302052797292,1.3154188779445668,1.1060946974273049,1.6034046833247602,3.0450485006336514,1.735341490501294,1.5780117556014885,0.85454628521496034,1.1817014295499886,2.9999999999999987]
[null,null,null,"Simple Implied k",null,null,null,null,{"$f":"I6/I15-I9/I15+I9","v":6.0000000000000026E-2},{"$f":"J6/J15-J9/J15+J9","v":6.0000000000000012E-2},6.0000000000000012E-2,6.0000000000000032E-2,6.0000000000000026E-2,6.0000000000000026E-2,6.0000000000000005E-2,0.06,6.0000000000000032E-2,6.0000000000000012E-2,6.0000000000000012E-2,6.0000000000000012E-2,6.0000000000000012E-2,6.0000000000000019E-2,6.0000000000000026E-2,6.0000000000000026E-2,6.0000000000000019E-2,0.06,6.0000000000000032E-2,0.06,6.0000000000000012E-2]
[]
[null,null,null,null,null,null,"PB Ratio",null,{"$f":"I15","v":1.4999999999999993},{"$f":"J15","v":3.4999999999999982},2.9999999999999987,2.4999999999999987,1.9999999999999991,3.2499999999999978,2.6666666666666661,3,2.4999999999999987,1.9863832149684988,1.9804058948357053,2.7644302052797292,1.3154188779445668,1.1060946974273049,1.6034046833247602,3.0450485006336514,1.735341490501294,1.5780117556014885,0.85454628521496034,1.1817014295499886,2.9999999999999987]
[null,null,null,null,null,null,null,"ROE",{"$f":"I6","v":0.08},{"$f":"J6","v":0.11},0.12,0.15,0.11,0.15,0.11,0.1,0.15,0.10931916074842496,9.921623579342824E-2,0.11293290615839191,6.6308377558891352E-2,6.6365681845638319E-2,9.0170234166238039E-2,0.14180194002534613,8.2060244715038852E-2,7.1560235112029774E-2,5.2727314260748046E-2,6.1817014295499885E-2,0.12]
[null,null,null,null,null,null,null,"Growth",{"$f":"I10","v":0.02},{"$f":"J10","v":0.04},0.03,0,0.01,0.02,0.03,0.04,0,0.01,0.02,0.03,0.04,0,0.01,0.02,0.03,0.04,0.01,0.05,0.03]
[null,null,null,null,null,null,null,"ROE * G",{"$f":"I20*I19","v":1.6000000000000001E-3},{"$f":"J20*J19","v":4.4000000000000003E-3},3.5999999999999999E-3,0,1.1000000000000001E-3,3.0000000000000001E-3,3.3E-3,4.0000000000000001E-3,0,1.0931916074842496E-3,1.9843247158685649E-3,3.3879871847517572E-3,2.6523351023556539E-3,0,9.0170234166238046E-4,2.8360388005069228E-3,2.4618073414511654E-3,2.8624094044811909E-3,5.2727314260748049E-4,3.0908507147749944E-3,3.5999999999999999E-3]
[]
[]
[null,null,null,null,null,null,null,null,{"$f":"LINEST(I18:AC18,I19:AC21,TRUE,TRUE)","v":565.64860888308556},-28.208688990447136,15.883787463511032,-4.0733806427080133E-2,{"$error":"#N/A"},null,"MB = A + B x ROE + C x G + D x ROE x G"]
[null,null,null,"ROE = a + B x MB","a",{"$f":"INTERCEPT(I6:AC6,I15:AC15)","v":3.5068939019358522E-2},null,null,82.041704287023137,8.1151954731466649,1.9119479220217217,0.21766483527851035,{"$error":"#N/A"}]
[null,null,null,null,"b",{"$f":"SLOPE(I6:AC6,I15:AC15)","v":3.0777295277624028E-2},null,"R2",0.96036708944401605,0.1710575628096504,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},null,2195,-143,-58,3.1131000000000002]
[null,null,null,null,"k",{"$f":"F25+F26","v":6.5846234296982553E-2},null,null,137.31215036122123,17,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"}]
[null,null,null,null,"R2",{"$f":"RSQ(I19:AC19,I18:AC18)","v":0.65872757170352692},null,null,null,null,null,null,null,null,"ROE",{"$f":"AVERAGE(I19:AC19)","v":0.10258473069903215},{"$f":"P28*K24","v":1.6294340594249421},{"$f":"K24","v":15.883787463511032},{"$f":"P28*I29","v":2.1956247271787723}]
[null,null,null,null,null,null,null,null,{"$f":"LINEST(I18:AC18,I19:AC19,TRUE,TRUE)","v":21.403036418942289},-1.9364556574101854E-3,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},null,"G",{"$f":"AVERAGE(I20:AC20)","v":2.2857142857142857E-2},{"$f":"P29*J24","v":-0.64477003406736311},{"$f":"J24","v":-28.208688990447136},{"$f":"J29","v":-1.9364556574101854E-3}]
[null,null,null,null,null,null,null,null,3.5342418932508068,0.37707334176691232,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},null,"G x ROE",{"$f":"AVERAGE(I21:AC21)","v":2.2094247788544932E-3},{"$f":"P30*I24","v":1.2497580525908631},{"$f":"I24","v":565.64860888308556},{"$f":"S28+S29","v":2.1936882715213621}]
[null,null,null,null,null,null,null,null,0.65872757170352692,0.47480202001692301,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},null,"Constant",null,{"$f":"L24","v":-4.0733806427080133E-2}]
[null,null,null,null,null,null,null,null,36.673996562928188,19,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},null,null,null,{"$f":"SUM(Q28:Q31)","v":2.1936882715213621},null,{"$f":"AVERAGE(I18:AC18)","v":2.1936882715213621}]
[]
[null,null,null,null,null,null,null,null,{"$f":"LINEST(I18:AC18,I19:AC20,TRUE,TRUE)","v":24.527910510747407},25.266409987709565,-0.95889754733052923,{"$error":"#N/A"},{"$error":"#N/A"},null,null,null,{"$f":"I29*P28+J29","v":2.1936882715213621}]
[null,null,null,null,null,null,null,null,5.1335968861987222,2.5429469624132919,0.32600985993768372,{"$error":"#N/A"},{"$error":"#N/A"}]
[null,null,null,null,null,null,null,null,0.84954377225656685,0.3238974948581228,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},null,null,null,{"$f":"I34*P29+J34*P28+K34","v":2.1936882715213621}]
[null,null,null,null,null,null,null,null,50.81806226956143,18,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Estimated Cost of Capiital",null,null,{"$f":"(1-P29*J24-I24*P30-L24)","v":0.43574578790357998},{"$f":"R38/K24","v":2.7433368074497047E-2}]
[null,null,null,null,null,null,null,null,null,null,null,"Complex Regression"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"B x ROE + D x ROE x G = (1-C x G)"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"ROE * (B-D x G) = (1-C x G)"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"ROE = (1-C x G)/(B - D x G)"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Adjusted G",null,{"$f":"P30/P28","v":2.1537559866844184E-2}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Cost of Capital",null,{"$f":"(1-L24-Q29)/(K24+Q43*I24)","v":6.0053984188033128E-2}]
[]
[null,"Value Simulaion"]
[null,null,null,"ROE Table",null,1,{"$f":"F12","v":15},15]
[null,null,null,"ROE  ",null,{"$f":"F6","v":0.11},{"$f":"F48","v":0.11},{"$f":"G48","v":0.11}]
[null,null,null,"Growth",null,{"$f":"F10","v":0.01},{"$f":"F49","v":0.01},{"$f":"F10","v":0.01}]
[]
[null,null,null,"Time Period",null,null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15]
[null,null,null,"Short-term",{"$f":"F11","v":5},null,{"$f":"G51<=$E$52","v":true},{"$f":"H51<=$E$52","v":true},true,true,true,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Terminal Period",{"$f":"F12","v":15},null,{"$f":"G51=$E$53","v":false},{"$f":"H51=$E$53","v":false},false,false,false,false,false,false,false,false,false,false,false,false,true]
[]
[null,null,null,"ROE",null,null,{"$f":"interpolate_look_up(G51,47:47,48:48)","v":0.11},{"$f":"interpolate_look_up(H51,47:47,48:48)","v":0.11},{"$f":"interpolate_look_up(I51,47:47,48:48)","v":0.11},{"$f":"interpolate_look_up(J51,47:47,48:48)","v":0.11},{"$f":"interpolate_look_up(K51,47:47,48:48)","v":0.11},{"$f":"interpolate_look_up(L51,47:47,48:48)","v":0.11},{"$f":"interpolate_look_up(M51,47:47,48:48)","v":0.11},{"$f":"interpolate_look_up(N51,47:47,48:48)","v":0.11},{"$f":"interpolate_look_up(O51,47:47,48:48)","v":0.11},{"$f":"interpolate_look_up(P51,47:47,48:48)","v":0.11},{"$f":"interpolate_look_up(Q51,47:47,48:48)","v":0.11},{"$f":"interpolate_look_up(R51,47:47,48:48)","v":0.11},{"$f":"interpolate_look_up(S51,47:47,48:48)","v":0.11},{"$f":"interpolate_look_up(T51,47:47,48:48)","v":0.11},{"$f":"interpolate_look_up(U51,47:47,48:48)","v":0.11}]
[null,null,null,"Growth",null,null,{"$f":"interpolate_look_up(G51,47:47,49:49)","v":0.01},{"$f":"interpolate_look_up(H51,47:47,49:49)","v":0.01},{"$f":"interpolate_look_up(I51,47:47,49:49)","v":0.01},{"$f":"interpolate_look_up(J51,47:47,49:49)","v":0.01},{"$f":"interpolate_look_up(K51,47:47,49:49)","v":0.01},{"$f":"interpolate_look_up(L51,47:47,49:49)","v":0.01},{"$f":"interpolate_look_up(M51,47:47,49:49)","v":0.01},{"$f":"interpolate_look_up(N51,47:47,49:49)","v":0.01},{"$f":"interpolate_look_up(O51,47:47,49:49)","v":0.01},{"$f":"interpolate_look_up(P51,47:47,49:49)","v":0.01},{"$f":"interpolate_look_up(Q51,47:47,49:49)","v":0.01},{"$f":"interpolate_look_up(R51,47:47,49:49)","v":0.01},{"$f":"interpolate_look_up(S51,47:47,49:49)","v":0.01},{"$f":"interpolate_look_up(T51,47:47,49:49)","v":0.01},{"$f":"interpolate_look_up(U51,47:47,49:49)","v":0.01}]
[null,null,null,"Payout Ratio",null,null,{"$f":"(1-G56/G55)","v":0.90909090909090906},{"$f":"(1-H56/H55)","v":0.90909090909090906},0.90909090909090906,0.90909090909090906,0.90909090909090906,0.90909090909090906,0.90909090909090906,0.90909090909090906,0.90909090909090906,0.90909090909090906,0.90909090909090906,0.90909090909090906,0.90909090909090906,0.90909090909090906,0.90909090909090906]
[]
[null,null,null,"BV Progression"]
[null,null,null,"Opening",null,null,{"$f":"F63","v":100},{"$f":"G63","v":101},102.01,103.0301,104.060401,105.10100500999999,106.1520150601,107.213535210701,108.28567056280801,109.36852726843608,110.46221254112044,111.56683466653165,112.68250301319696,113.80932804332893,114.94742132376223]
[null,null,null,"Add: Income",null,null,{"$f":"G60*G55","v":11},{"$f":"H60*H55","v":11.11},11.2211,11.333311,11.446644109999999,11.561110551099999,11.676721656610999,11.793488873177109,11.91142376190888,12.030537999527969,12.150843379523248,12.272351813318481,12.395075331451666,12.519026084766182,12.644216345613845]
[null,null,null,"Less: Dividend",null,null,{"$f":"G61*G57","v":10},{"$f":"H61*H57","v":10.1},10.200999999999999,10.30301,10.406040099999998,10.510100500999998,10.615201506009999,10.7213535210701,10.8285670562808,10.936852726843608,11.046221254112044,11.156683466653165,11.268250301319696,11.380932804332891,11.494742132376222]
[null,null,null,"Closing Balance",null,{"$f":"F5","v":100},{"$f":"G60+G61-G62","v":101},{"$f":"H60+H61-H62","v":102.01},103.0301,104.060401,105.10100500999999,106.1520150601,107.213535210701,108.28567056280801,109.36852726843608,110.46221254112044,111.56683466653165,112.68250301319696,113.80932804332893,114.94742132376223,116.09689553699985]
[]
[null,null,null,"Terminal Value",{"$f":"(1+F10)*(1-F10/H48)/(F8-H49)","v":18.363636363636367},null,{"$f":"G61*$E$65*G53","v":0},{"$f":"H61*$E$65*H53","v":0},0,0,0,0,0,0,0,0,0,0,0,0,232.19379107399973]
[]
[null,null,null,"Total Cash Flow",null,null,{"$f":"G65+G62","v":10},{"$f":"H65+H62","v":10.1},10.200999999999999,10.30301,10.406040099999998,10.510100500999998,10.615201506009999,10.7213535210701,10.8285670562808,10.936852726843608,11.046221254112044,11.156683466653165,11.268250301319696,11.380932804332891,243.68853320637595]
[null,null,null,"Total Value",{"$f":"F8","v":0.06},{"$f":"NPV(E68,G67:U67)","v":199.99999999999991}]
[null,null,null,"Price to Book",null,{"$f":"F68/F63","v":1.9999999999999991}]
[null,null,null,"P/E Ratio",null,{"$f":"F68/G61","v":18.181818181818173}]

{"sheet":"Simple - Same ROE","index":2,"n_rows":70,"n_cols":30,"rows_kept":70,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,null,"Code",5,null,null,null,"V = ROE x BV * (1-g/ROE)/(k-g)",null,null,null,"P/B = (ROE-g)/(k-g)",null,"k=(ROE-g)/PB + g",null,"k = ROE/PB-g/PB + g"]
[]
[null,null,null,null,null,"Applied","Vol",null,"Base","Constant","High ROE","High G","Low G","High ST","High LT G","Sim 1","Sim 1","Sim 1","Sim 1","Sim 1","Sim 1","Sim 1","Sim 1","Sim 1","Sim 1","Sim 1","Sim 1","Sim 1","Sim 1"]
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[null,null,null,"ROE Short-term","%",{"$f":"INDEX(I6:AC6,$E$2)","v":0.09},0.03,null,0.09,0.1,0.09,0.1,0.09,0.1,0.09,0.1,0.09,0.1,0.09,0.1,0.09,0.1,0.09,0.1,0.09,0.1,0.09,0.1,0.09,0.09]
[null,null,null,"ROE vs k","%",{"$f":"INDEX(I7:AC7,$E$2)","v":0.05},0.02,null,0.02,0.05,0.05,0.05,0.05,0.05,0.05,-1.0660637773579503E-2,1.105045058749299E-2,1.9400744777384606E-2,4.3439493545798444E-2,1.0626722127627228E-2,3.086547148003823E-2,3.2476780766117569E-2,3.9365882011600781E-2,3.2895369354907562E-2,4.7664287747765741E-3,2.6209343275647074E-2,1.865440025108199E-2,1.5668765450277282E-2,4.4952804803830848E-2,{"$f":"_xlfn.NORM.INV(RAND(),$I7,$G7)","v":2.2348217009465456E-2}]
[null,null,null,"k","%",{"$f":"INDEX(I8:AC8,$E$2)","v":0.06},null,null,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,{"$f":"AC8","v":0.06}]
[null,null,null,"Short-term g","%",{"$f":"INDEX(I9:AC9,$E$2)","v":0.01},0.02,null,0.02,0.04,0.03,0,0.01,0.02,0.03,0.04,0,0.01,0.02,0.03,0.04,0,0.01,0.02,0.03,0.04,0.01,0.05,0.03,0.05]
[null,null,null,"Long-term g","%",{"$f":"INDEX(I10:AC10,$E$2)","v":0.01},0.01,null,{"$f":"I9","v":0.02},{"$f":"J9","v":0.04},0.03,0,0.01,0.02,0.03,0.04,0,0.01,0.02,0.03,0.04,0,0.01,0.02,0.03,0.04,0.01,0.05,0.03,0.05]
[null,null,null,"Short-term period","years",{"$f":"INDEX(I11:AC11,$E$2)","v":5},2,null,5,5,5,5,5,5,5,6,7,7,7,7,7,4,4,8,6,4,7,4,5,{"$f":"_xlfn.NORM.INV(RAND(),$I11,$G11)","v":6.6961476547734922}]
[null,null,null,"Terminal Period","Year ",{"$f":"INDEX(I12:AC12,E2)","v":15},null,null,15,15,15,15,15,15,15,15,15,15,15,15,15,15,15,15,15,15,15,15,15,{"$f":"AC12","v":15}]
[]
[null,null,null,null,null,null,null,null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21]
[null,null,null,null,null,null,"PB Ratio",{"$f":"F69","v":1.5999999999999994},1.7499999999999998,3,1.9999999999999982,1.6666666666666656,1.5999999999999994,1.9999999999999989,1.9999999999999982,3,1.4999999999999991,1.7999999999999992,1.7499999999999998,2.333333333333333,2.4999999999999987,1.6666666666666656,1.5999999999999994,1.9999999999999989,1.9999999999999982,3,1.5999999999999994,5.0000000000000018,1.9999999999999982]
[null,null,null,"Simple Implied k",null,null,null,null,{"$f":"I6/I15-I9/I15+I9","v":6.0000000000000012E-2},{"$f":"J6/J15-J9/J15+J9","v":0.06},6.0000000000000026E-2,6.0000000000000039E-2,6.0000000000000019E-2,6.0000000000000026E-2,6.0000000000000026E-2,0.06,6.0000000000000032E-2,6.0000000000000032E-2,6.0000000000000012E-2,6.0000000000000005E-2,6.0000000000000012E-2,6.0000000000000039E-2,6.0000000000000019E-2,6.0000000000000026E-2,6.0000000000000026E-2,0.06,6.0000000000000019E-2,0.06,6.0000000000000026E-2]
[]
[null,null,null,null,null,null,"PB Ratio",null,{"$f":"I15","v":1.7499999999999998},{"$f":"J15","v":3},1.9999999999999982,1.6666666666666656,1.5999999999999994,1.9999999999999989,1.9999999999999982,3,1.4999999999999991,1.7999999999999992,1.7499999999999998,2.333333333333333,2.4999999999999987,1.6666666666666656,1.5999999999999994,1.9999999999999989,1.9999999999999982,3,1.5999999999999994,5.0000000000000018,1.9999999999999982]
[null,null,null,null,null,null,null,"ROE",{"$f":"I6","v":0.09},{"$f":"J6","v":0.1},0.09,0.1,0.09,0.1,0.09,0.1,0.09,0.1,0.09,0.1,0.09,0.1,0.09,0.1,0.09,0.1,0.09,0.1,0.09]
[null,null,null,null,null,null,null,"Growth",{"$f":"I10","v":0.02},{"$f":"J10","v":0.04},0.03,0,0.01,0.02,0.03,0.04,0,0.01,0.02,0.03,0.04,0,0.01,0.02,0.03,0.04,0.01,0.05,0.03]
[null,null,null,null,null,null,null,"ROE * G",{"$f":"I20*I19","v":1.8E-3},{"$f":"J20*J19","v":4.0000000000000001E-3},2.6999999999999997E-3,0,8.9999999999999998E-4,2E-3,2.6999999999999997E-3,4.0000000000000001E-3,0,1E-3,1.8E-3,3.0000000000000001E-3,3.5999999999999999E-3,0,8.9999999999999998E-4,2E-3,2.6999999999999997E-3,4.0000000000000001E-3,8.9999999999999998E-4,5.000000000000001E-3,2.6999999999999997E-3]
[]
[]
[null,null,null,null,null,null,null,null,{"$f":"LINEST(I18:AC18,I19:AC21,TRUE,TRUE)","v":2709.0643274853933},-221.31578947368541,-6.8099415204680653,1.9878947368421258,{"$error":"#N/A"},null,"MB = A + B x ROE + C x G + D x ROE x G"]
[null,null,null,"ROE = a + B x MB","a",{"$f":"INTERCEPT(I6:AC6,I15:AC15)","v":8.8509452559495674E-2},null,null,1216.7490880360006,117.63789535459516,31.928141650622514,3.0520326168830447,{"$error":"#N/A"}]
[null,null,null,null,"b",{"$f":"SLOPE(I6:AC6,I15:AC15)","v":2.8689329115205724E-3},null,"R2",0.80757393459886617,0.38067880337084176,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},null,2195,-143,-58,3.1131000000000002]
[null,null,null,null,"k",{"$f":"F25+F26","v":9.1378385471016246E-2},null,null,23.78187324321436,17,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"}]
[null,null,null,null,"R2",{"$f":"RSQ(I19:AC19,I18:AC18)","v":0.20117305325026064},null,null,null,null,null,null,null,null,"ROE",{"$f":"AVERAGE(I19:AC19)","v":9.4761904761904797E-2},{"$f":"P28*K24","v":-0.64532302979673595},{"$f":"K24","v":-6.8099415204680653},{"$f":"P28*I29","v":6.6448196248196272}]
[null,null,null,null,null,null,null,null,{"$f":"LINEST(I18:AC18,I19:AC19,TRUE,TRUE)","v":70.121212121212125},-4.4654545454545485,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},null,"G",{"$f":"AVERAGE(I20:AC20)","v":2.2857142857142857E-2},{"$f":"P29*J24","v":-5.058646616541381},{"$f":"J24","v":-221.31578947368541},{"$f":"J29","v":-4.4654545454545485}]
[null,null,null,null,null,null,null,null,32.056349454981216,3.0419367584127364,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},null,"G x ROE",{"$f":"AVERAGE(I21:AC21)","v":2.1761904761904761E-3},{"$f":"P30*I24","v":5.89543998886107},{"$f":"I24","v":2709.0643274853933},{"$f":"S28+S29","v":2.1793650793650787}]
[null,null,null,null,null,null,null,null,0.20117305325026089,0.73366999666642141,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},null,"Constant",null,{"$f":"L24","v":1.9878947368421258}]
[null,null,null,null,null,null,null,null,4.784876157855031,19,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},null,null,null,{"$f":"SUM(Q28:Q31)","v":2.1793650793650787},null,{"$f":"AVERAGE(I18:AC18)","v":2.1793650793650787}]
[]
[null,null,null,null,null,null,null,null,{"$f":"LINEST(I18:AC18,I19:AC20,TRUE,TRUE)","v":40.286212914485183},53.640488656195501,-3.8245375218150155,{"$error":"#N/A"},{"$error":"#N/A"},null,null,null,{"$f":"I29*P28+J29","v":2.1793650793650787}]
[null,null,null,null,null,null,null,null,6.3814679395376421,18.555203570307921,1.7462065000145974,{"$error":"#N/A"},{"$error":"#N/A"}]
[null,null,null,null,null,null,null,null,0.75146247643958475,0.4204466892781803,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},null,null,null,{"$f":"I34*P29+J34*P28+K34","v":2.1793650793650787}]
[null,null,null,null,null,null,null,null,27.211835826923949,18,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Estimated Cost of Capiital",null,null,{"$f":"(1-P29*J24-I24*P30-L24)","v":-1.8246881091618148},{"$f":"R38/K24","v":0.26794475454414757}]
[null,null,null,null,null,null,null,null,null,null,null,"Complex Regression"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"B x ROE + D x ROE x G = (1-C x G)"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"ROE * (B-D x G) = (1-C x G)"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"ROE = (1-C x G)/(B - D x G)"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Adjusted G",null,{"$f":"P30/P28","v":2.2964824120603005E-2}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Cost of Capital",null,{"$f":"(1-L24-Q29)/(K24+Q43*I24)","v":7.3474973022725529E-2}]
[]
[null,"Value Simulaion"]
[null,null,null,"ROE Table",null,1,{"$f":"F12","v":15},15]
[null,null,null,"ROE  ",null,{"$f":"F6","v":0.09},{"$f":"F48","v":0.09},{"$f":"G48","v":0.09}]
[null,null,null,"Growth",null,{"$f":"F10","v":0.01},{"$f":"F49","v":0.01},{"$f":"F10","v":0.01}]
[]
[null,null,null,"Time Period",null,null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15]
[null,null,null,"Short-term",{"$f":"F11","v":5},null,{"$f":"G51<=$E$52","v":true},{"$f":"H51<=$E$52","v":true},true,true,true,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Terminal Period",{"$f":"F12","v":15},null,{"$f":"G51=$E$53","v":false},{"$f":"H51=$E$53","v":false},false,false,false,false,false,false,false,false,false,false,false,false,true]
[]
[null,null,null,"ROE",null,null,{"$f":"interpolate_look_up(G51,47:47,48:48)","v":0.09},{"$f":"interpolate_look_up(H51,47:47,48:48)","v":0.09},{"$f":"interpolate_look_up(I51,47:47,48:48)","v":0.09},{"$f":"interpolate_look_up(J51,47:47,48:48)","v":0.09},{"$f":"interpolate_look_up(K51,47:47,48:48)","v":0.09},{"$f":"interpolate_look_up(L51,47:47,48:48)","v":0.09},{"$f":"interpolate_look_up(M51,47:47,48:48)","v":0.09},{"$f":"interpolate_look_up(N51,47:47,48:48)","v":0.09},{"$f":"interpolate_look_up(O51,47:47,48:48)","v":0.09},{"$f":"interpolate_look_up(P51,47:47,48:48)","v":0.09},{"$f":"interpolate_look_up(Q51,47:47,48:48)","v":0.09},{"$f":"interpolate_look_up(R51,47:47,48:48)","v":0.09},{"$f":"interpolate_look_up(S51,47:47,48:48)","v":0.09},{"$f":"interpolate_look_up(T51,47:47,48:48)","v":0.09},{"$f":"interpolate_look_up(U51,47:47,48:48)","v":0.09}]
[null,null,null,"Growth",null,null,{"$f":"interpolate_look_up(G51,47:47,49:49)","v":0.01},{"$f":"interpolate_look_up(H51,47:47,49:49)","v":0.01},{"$f":"interpolate_look_up(I51,47:47,49:49)","v":0.01},{"$f":"interpolate_look_up(J51,47:47,49:49)","v":0.01},{"$f":"interpolate_look_up(K51,47:47,49:49)","v":0.01},{"$f":"interpolate_look_up(L51,47:47,49:49)","v":0.01},{"$f":"interpolate_look_up(M51,47:47,49:49)","v":0.01},{"$f":"interpolate_look_up(N51,47:47,49:49)","v":0.01},{"$f":"interpolate_look_up(O51,47:47,49:49)","v":0.01},{"$f":"interpolate_look_up(P51,47:47,49:49)","v":0.01},{"$f":"interpolate_look_up(Q51,47:47,49:49)","v":0.01},{"$f":"interpolate_look_up(R51,47:47,49:49)","v":0.01},{"$f":"interpolate_look_up(S51,47:47,49:49)","v":0.01},{"$f":"interpolate_look_up(T51,47:47,49:49)","v":0.01},{"$f":"interpolate_look_up(U51,47:47,49:49)","v":0.01}]
[null,null,null,"Payout Ratio",null,null,{"$f":"(1-G56/G55)","v":0.88888888888888884},{"$f":"(1-H56/H55)","v":0.88888888888888884},0.88888888888888884,0.88888888888888884,0.88888888888888884,0.88888888888888884,0.88888888888888884,0.88888888888888884,0.88888888888888884,0.88888888888888884,0.88888888888888884,0.88888888888888884,0.88888888888888884,0.88888888888888884,0.88888888888888884]
[]
[null,null,null,"BV Progression"]
[null,null,null,"Opening",null,null,{"$f":"F63","v":100},{"$f":"G63","v":101},102.01,103.0301,104.06040100000001,105.10100501000002,106.15201506010003,107.21353521070102,108.28567056280804,109.36852726843613,110.46221254112049,111.5668346665317,112.68250301319702,113.80932804332899,114.94742132376227]
[null,null,null,"Add: Income",null,null,{"$f":"G60*G55","v":9},{"$f":"H60*H55","v":9.09},9.1808999999999994,9.2727090000000008,9.3654360900000011,9.4590904509000016,9.5536813554090028,9.6492181689630918,9.7457103506527236,9.8431674541592518,9.9415991287008438,10.041015119987852,10.141425271187732,10.242839523899608,10.345267919138603]
[null,null,null,"Less: Dividend",null,null,{"$f":"G61*G57","v":8},{"$f":"H61*H57","v":8.08},8.1607999999999983,8.2424080000000011,8.3248320800000002,8.4080804008000012,8.4921612048080029,8.5770828168560804,8.6628536450246436,8.7494821814748907,8.836977003289638,8.9253467733225342,9.0146002410557617,9.1047462434663178,9.1957937059009804]
[null,null,null,"Closing Balance",null,{"$f":"F5","v":100},{"$f":"G60+G61-G62","v":101},{"$f":"H60+H61-H62","v":102.01},103.0301,104.06040100000001,105.10100501000002,106.15201506010003,107.21353521070102,108.28567056280804,109.36852726843613,110.46221254112049,111.5668346665317,112.68250301319702,113.80932804332899,114.94742132376227,116.0968955369999]
[]
[null,null,null,"Terminal Value",{"$f":"(1+F10)*(1-F10/H48)/(F8-H49)","v":17.955555555555556},null,{"$f":"G61*$E$65*G53","v":0},{"$f":"H61*$E$65*H53","v":0},0,0,0,0,0,0,0,0,0,0,0,0,185.75503285919982]
[]
[null,null,null,"Total Cash Flow",null,null,{"$f":"G65+G62","v":8},{"$f":"H65+H62","v":8.08},8.1607999999999983,8.2424080000000011,8.3248320800000002,8.4080804008000012,8.4921612048080029,8.5770828168560804,8.6628536450246436,8.7494821814748907,8.836977003289638,8.9253467733225342,9.0146002410557617,9.1047462434663178,194.95082656510078]
[null,null,null,"Total Value",{"$f":"F8","v":0.06},{"$f":"NPV(E68,G67:U67)","v":159.99999999999994}]
[null,null,null,"Price to Book",null,{"$f":"F68/F63","v":1.5999999999999994}]
[null,null,null,"P/E Ratio",null,{"$f":"F68/G61","v":17.777777777777771}]

{"sheet":"Simulation Rand","index":3,"n_rows":56,"n_cols":357,"rows_kept":56,"cut":false,"hidden":false,"merged":[]}
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[null,null,null,"Code",100,null,null,null,"V = ROE x BV * (1-g/ROE)/(k-g)",null,null,null,"P/B = (ROE-g)/(k-g)",null,"k=(ROE-g)/PB + g",null,"k = ROE/PB-g/PB + g"]
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[null,"Simulated Inputs with Volatility"]
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[null,null,null,"Simple Implied k"]
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[]
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[null,null,null,"ROE Table",null,1,{"$f":"F14","v":15},15]
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[null,null,null,"BV Progression"]
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[null,null,null,"Total Cash Flow",null,null,{"$f":"G46+G43","v":9.4720616597853091},{"$f":"H46+H43","v":9.6615028929810158},9.8547329508406349,10.051827609857449,10.2528641620546,10.457921445295691,10.667079874201605,10.880421471685636,11.09802990111935,11.319990499141738,11.54639030912457,11.777318115307063,12.012864477613203,12.253121767165467,331.20188136648261]
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[null,null,null,"P/E Ratio",null,{"$f":"F49/G42","v":20.641585489792789}]
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[null,null,null,"Cash Flow",null,null,{"$f":"G43+G46","v":9.4720616597853091},{"$f":"H43+H46","v":9.6615028929810158},9.8547329508406349,10.051827609857449,10.2528641620546,10.457921445295691,10.667079874201605,10.880421471685636,11.09802990111935,11.319990499141738,11.54639030912457,11.777318115307063,12.012864477613203,12.253121767165467,331.20188136648261]
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{"sheet":"Simulation Fixed","index":4,"n_rows":58,"n_cols":357,"rows_kept":58,"cut":false,"hidden":false,"merged":[]}
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6E-3,6.370808187350994E-4,1.4861403357744861E-3,1.7137798213226574E-3,1.4758586973234436E-3,7.8846686002057834E-4,3.269703791805998E-3,1.7782958370526156E-3,1.2644556100154616E-3,3.0178574188636561E-3,1.4224285664070446E-3,1.408392856565834E-3,3.559806691134993E-3,2.8360854894308937E-3,2.5901383125889435E-3,1.4920198484285254E-3,2.478957542102771E-3,8.7671813584695388E-4,2.9242105061563165E-3,3.5516487465253655E-3,1.4179717191965353E-3,1.9317828094849922E-3,1.6368609266497747E-3,2.0143340377021392E-3,5.9639660092603638E-4,1.1784809171210711E-3,1.9282257219379335E-3,2.507377630536255E-3,5.8464160311386267E-4,1.1335490370635445E-3,1.3768293372238168E-3,1.7943003582719308E-3,1.4729086950430964E-3,1.3326953715107044E-3,1.1602965309388928E-3,{"$f":"JF20*JF19","v":7.7405499232300376E-4},3.2060035635933424E-3,1.3829440186370289E-3,9.1696385990164514E-4,1.2193841047381802E-3,8.2334054270775763E-4,6.1659545452262489E-4,1.4384669386852626E-3,1.4831225310432282E-3,2.4101804979779532E-3,1.8531064240982838E-3,1.2809759499309117E-3,6.2005236782257888E-4,9.9031970893980544E-4,1.2805079862333599E-3,4.079025251906172E-4,1.0282759449068537E-3,1.55491796142894E-3,2.1851381319544986E-3,9.2513747323301032E-4,2.2841165154080367E-3,2.2545160581391075E-3,4.0285863190936523E-3,2.8597549513062186E-3,2.4686694213179447E-3,2.3055928250444095E-3,9.7099836069122899E-4,2.4089449993264585E-3,1.5672157819039243E-3,2.685016757743628E-3,6.0966574612548161E-4,1.3872579355211757E-3,1.0593152335302116E-3,1.3384462038971161E-3,1.1127645935771712E-3,1.5188758311899791E-3,3.1835394229291344E-3,1.1615934310765809E-3,6.6202972139374787E-4,1.468281857386976E-3,1.388364795640301E-3,1.2923549598468759E-3,4.9489193251632817E-4,2.5940478274710213E-3,1.2121158814800618E-3,2.4817500908288614E-3,2.5831346263380599E-3,1.2404743350863589E-3,1.1040873208109162E-3,1.2538719273505949E-3,2.1117260130497609E-3,1.2782584325246205E-3,1.7268695416244085E-3,2.0285991284629133E-3,2.7195093522478192E-3,1.8531222339603873E-3,1.6665830229559771E-3,1.0450424108488312E-3,1.2626491133239158E-3,8.7637322866829508E-4,1.4153159411644395E-3,1.4290795235647497E-3,1.6747764578418187E-3,6.911433803838006E-4,{"$f":"LR20*LR19","v":1.1075562270195587E-3},1.2550999142452541E-3,2.3568818366449932E-3,1.3666370341858913E-3,2.2443125959647698E-3,8.9134271241751099E-4,1.5648109710400693E-3,2.2735920561001727E-3,2.1616946362441637E-3,2.3643107979073471E-3,1.1354567166622503E-3,2.4286147699210544E-3,1.1905707813292601E-3,1.9628932262966926E-3,1.7032121030196201E-3,1.1198374323836981E-3,1.1489661150557407E-3,1.5116990596296281E-3,2.3630631127309486E-3,1.7167722510417094E-3,1.2699356551305009E-3,4.7606409959768362E-4,8.4417713238731551E-4,1.0482572065081599E-3,7.4809576405422836E-4,7.7943046346063826E-4,6.3294046354865825E-4,6.0966265831248869E-4]
[]
[]
[]
[null,null,null,"ROE Table",null,1,{"$f":"F12","v":15},15,null,null,"ROE = A + B x MB",null,null,null,"MB = A + B x ROE + C x G + D x (ROE x G)"]
[null,null,null,"ROE  ",null,{"$f":"F6","v":6.7620370224177745E-2},{"$f":"F26","v":6.7620370224177745E-2},{"$f":"G26","v":6.7620370224177745E-2},null,null,"A",{"$f":"INTERCEPT(I19:MS19,I18:MS18)","v":2.2606933231598535E-2},null,null,"G x ROE","G","ROE","Const",null,null,null,null,"Avg",null,null,null,"Derived M/B"]
[null,null,null,"Growth",null,{"$f":"F10","v":1.7930323828991103E-2},{"$f":"F27","v":1.7930323828991103E-2},{"$f":"F10","v":1.7930323828991103E-2},null,null,"B ",{"$f":"SLOPE(I19:MS19,I18:MS18)","v":3.7916094189714061E-2},null,"Const",{"$f":"LINEST(I18:MS18,I19:MS21,TRUE,TRUE)","v":629.19246414575082},-37.389370743641976,12.915576210730888,0.21863545201445822,{"$error":"#N/A"},null,null,"ROE",{"$f":"AVERAGE(I19:MS19)","v":8.1963981655219648E-2},{"$f":"Q27","v":12.915576210730888},{"$f":"W27*X27","v":1.0586120516029378}]
[null,null,null,null,null,null,null,null,null,null,"Cost of Cap",{"$f":"L26+L27","v":6.0523027421312596E-2},null,"Std Err",8.7903945757828534,0.78436965372432566,0.17993740060581187,1.5872730788785133E-2,{"$error":"#N/A"},null,null,"G",{"$f":"AVERAGE(I20:MS20)","v":1.9863880381663403E-2},{"$f":"P27","v":-37.389370743641976},{"$f":"W28*X28","v":-0.74269798799736941},null,"1 = A + B x ROE + C x G + D x (ROE x G)"]
[null,null,null,null,null,null,null,null,null,null,"RSQ",{"$f":"RSQ(I19:MS19,I18:MS18)","v":0.96801420220308143},null,null,0.99882834729861736,2.5536394480586207E-2,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},null,null,"G x ROE",{"$f":"AVERAGE(I21:MS21)","v":1.6385045864874565E-3},{"$f":"O27","v":629.19246414575082},1.0309347382861573,null,"B x ROE = 1 - A - C x G - D x (ROE x G)"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,98036.952250266651,345,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},null,null,"Const",1,{"$f":"R27","v":0.21863545201445822},0.21863545201445822,null,"ROE = (1- A - C x G)/(B + D)",null,null,null,null,null,null,null,null,null,null,"ROE = (1 - A - C x G - D x (ROE x G))/B"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,191.7918787743364,0.22497706785849919,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},null,null,null,null,null,{"$f":"SUM(Y27:Y30)","v":1.565484253906184},null,"Alt G",{"$f":"W29/W27","v":1.9990544058484168E-2},null,null,null,null,null,null,null,null,null,{"$f":"(1-R27-Y29-Y28)/X27","v":3.8180859270300252E-2}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Average ",null,null,{"$f":"AVERAGE(I18:MS18)","v":1.565484253906184},null,"k",{"$f":"(1-R27-Y28)/(O27*AB31+Q27)","v":5.9782453470372414E-2},null,null,null,null,null,null,null,null,null,{"$f":"(Y32-R27-Y28-Y29)/Q27","v":8.1963981655219634E-2}]
[]
[null,null,null,"Time Period",null,null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15]
[null,null,null,"Short-term",{"$f":"F11","v":6.3284175584372697},null,{"$f":"G34<=$E$35","v":true},{"$f":"H34<=$E$35","v":true},true,true,true,true,false,false,false,false,false,false,false,false,false]
[null,null,null,"Terminal Period",{"$f":"F12","v":15},null,{"$f":"G34=$E$36","v":false},{"$f":"H34=$E$36","v":false},false,false,false,false,false,false,false,false,false,false,false,false,true]
[]
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[null,null,null,"BV Progression"]
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[null,null,null,"Add: Income",null,null,{"$f":"G43*G38","v":6.7620370224177746},{"$f":"H43*H38","v":6.8832825359733523},7.0067020208497937,7.1323344570568761,7.2602195235285771,7.3903976106550084,7.5229098330390549,7.6577980424817458,7.795104841200458,7.9348735952841185,8.0771484483896732,8.2219743356841342,8.3693969980366045,8.5194629964647852,8.6722197268405061]
[null,null,null,"Less: Dividend",null,null,{"$f":"G44*G40","v":4.9690046395186647},{"$f":"H44*H40","v":5.0581005018129934},5.1487938817700831,5.2411134233989483,5.3350882843049634,5.430748144898808,5.5281232177705366,5.6272442572317258,5.7281425690287211,5.8308500202300353,5.9353990492910391,6.0418226762991143,6.1501545134024989,6.2604287754261359,6.3726802906778603]
[null,null,null,"Closing Balance",null,{"$f":"F5","v":100},{"$f":"G43+G44-G45","v":101.79303238289911},{"$f":"H43+H44-H45","v":103.61821441705948},105.47612255613917,107.3673435897971,109.29247482902072,111.25212429477692,113.24691091004543,115.27746469529545,117.34442696746719,119.44845054252127,121.59019994161991,123.77035160100493,125.98959408563903,128.24862830667769,130.54816774284032]
[]
[null,null,null,"Terminal Value",{"$f":"(1+F10)*(1-F10/H26)/(F8-H27)","v":17.780367823842916},null,{"$f":"G44*$E$48*G36","v":0},{"$f":"H44*$E$48*H36","v":0},0,0,0,0,0,0,0,0,0,0,0,0,154.19525659241074]
[]
[null,null,null,"Total Cash Flow",null,null,{"$f":"G48+G45","v":4.9690046395186647},{"$f":"H48+H45","v":5.0581005018129934},5.1487938817700831,5.2411134233989483,5.3350882843049634,5.430748144898808,5.5281232177705366,5.6272442572317258,5.7281425690287211,5.8308500202300353,5.9353990492910391,6.0418226762991143,6.1501545134024989,6.2604287754261359,160.56793688308861]
[null,null,null,"Total Value",{"$f":"F8","v":0.06},{"$f":"NPV(E51,G50:U50)","v":118.11368880806617}]
[null,null,null,"Price to Book",null,{"$f":"F51/F46","v":1.1811368880806616}]
[null,null,null,"P/E Ratio",null,{"$f":"F51/G44","v":17.467175707037828}]
[]
[null,null,null,"Cash Flow",null,null,{"$f":"G45+G48","v":4.9690046395186647},{"$f":"H45+H48","v":5.0581005018129934},5.1487938817700831,5.2411134233989483,5.3350882843049634,5.430748144898808,5.5281232177705366,5.6272442572317258,5.7281425690287211,5.8308500202300353,5.9353990492910391,6.0418226762991143,6.1501545134024989,6.2604287754261359,160.56793688308861]
[null,null,null,"PV of Cash Flow",null,null,{"$f":"G55/(1+$E$51)^G34","v":4.6877402259610044},{"$f":"H55/(1+$E$51)^H34","v":4.5016914398478045},4.3230266274928981,4.1514527309860352,3.9866883234088331,3.8284631472196331,3.6765176709590937,3.5306026635494323,3.3904787854890301,3.255916196271861,3.1266941773878036,3.0026007702854609,2.8834324287036384,2.7689936848012344,66.999389935702382]
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[null,null,null,"Weighted ROE",{"$f":"SUMPRODUCT(G57:U57,G38:U38)","v":6.7620370224177745E-2}]

{"sheet":"Simulation Residual","index":5,"n_rows":54,"n_cols":357,"rows_kept":54,"cut":false,"hidden":false,"merged":[]}
[]
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[null,null,null,"Simple Implied k"]
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{"sheet":"Simulation","index":6,"n_rows":104,"n_cols":357,"rows_kept":104,"cut":false,"hidden":false,"merged":[]}
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[null,"Simulation Inputs"]
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[null,null,null,null,null,null,"Averaage",null,{"$f":"AVERAGE(I33:MS33)","v":6.0622019717604739E-2}]
[]
[null,"Regression"]
[null,null,null,null,"ROE = A + B x M/B",null,null,null,"G x ROE","G","ROE","Const",null,null,null,"MB = A + B x ROE + C x G + D x ROE x g"]
[null,null,null,null,null,null,null,null,{"$f":"LINEST(I22:MS22,I23:MS25,TRUE,TRUE)","v":27.733080780507759},1.8365670446991416,6.6201910420651346,0.89142734106947574,{"$error":"#N/A"},{"$error":"#N/A"},null,"ROE",{"$f":"AVERAGE(I23:MS23)","v":0.11888698187585912},{"$f":"K38","v":6.6201910420651346},{"$f":"Q38*R38","v":0.78705453243272261}]
[null,null,null,"Intercept",{"$f":"INTERCEPT(I23:MS23,I19:MS19)","v":-9.0126055864651264E-2},{"$f":"INTERCEPT(I52:MS52,I22:MS22)","v":3.7468486033837178E-2},null,null,0.73464387797270636,8.7593405914229858E-2,3.1049550723712804E-2,3.6763327732769824E-3,{"$error":"#N/A"},{"$error":"#N/A"},null,"G",{"$f":"AVERAGE(I24:MS24)","v":4.0047740422650489E-2},{"$f":"J38","v":1.8365670446991416},{"$f":"Q39*R39","v":7.3550360274905566E-2}]
[null,null,null,"Slope",{"$f":"SLOPE(I23:MS23,I22:MS22)","v":0.11090643726133512},{"$f":"SLOPE(I25:MS25,I22:MS22)","v":7.77009312238729E-3},null,null,0.99968842111396006,2.8699557755839248E-3,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},null,"G x ROE",{"$f":"AVERAGE(I25:MS25)","v":4.7797300803960963E-3},{"$f":"I38","v":27.733080780507759},{"$f":"Q40*R40","v":0.13255664042864779}]
[null,null,null,"K Estimated",{"$f":"E39+E40","v":2.0780381396683853E-2},{"$f":"F39+F40","v":4.5238579156224465E-2},null,null,368972.91048592242,345,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},null,"Constant",1,{"$f":"L38","v":0.89142734106947574},{"$f":"Q41*R41","v":0.89142734106947574}]
[null,null,null,"R Square",{"$f":"RSQ(I23:MS23,I22:MS22)","v":0.8887343790818899},null,null,null,9.1172979120391275,2.8416429230635975E-3,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},null,"Adjuste G",{"$f":"Q40/Q38","v":4.0203982008619361E-2}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"MB = A + B x ROE + C x G + D x ROE x G"]
[null,null,null,null,null,null,null,null,{"$f":"P71","v":6.1121203330831375E-2},null,null,null,null,null,null,"1 - A - C x G = ROE x (B + D x G)"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"ROE = (1-A-CxG)/(B + D x G)"]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"(1-L38-S39)/(K38+I38*Q42)","v":4.5276694198550524E-3}]
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[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,"G x ROE","G","ROE","Const"]
[null,null,null,null,null,null,null,null,{"$f":"LINEST(I51:MS51,I52:MS54,TRUE,TRUE)","v":554.66161561015576},-24.09686171311365,17.606178318498046,-0.3118687216163385,{"$error":"#N/A"},{"$error":"#N/A"},null,"ROE",{"$f":"AVERAGE(I52:MS52)","v":8.9721745468964775E-2},{"$f":"K61","v":17.606178318498046},{"$f":"Q61*R61","v":1.5796570497734879}]
[null,null,null,null,null,null,null,null,14.692877559454192,1.3154252136657012,0.35645000613216776,3.188494084035267E-2,{"$error":"#N/A"},{"$error":"#N/A"},null,"G",{"$f":"AVERAGE(I53:MS53)","v":2.4009548084530086E-2},{"$f":"J61","v":-24.09686171311365},{"$f":"Q62*R62","v":-0.57855475998727424}]
[null,null,null,null,null,null,null,null,0.99968842111396006,2.8699557755839378E-3,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},null,"G x ROE",{"$f":"AVERAGE(I54:MS54)","v":2.1551073165950478E-3},{"$f":"I61","v":554.66161561015576},1.1953553060358766]
[null,null,null,null,null,null,null,null,368972.9104859191,345,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},null,"Constant",1,{"$f":"L61","v":-0.3118687216163385},-0.3118687216163385]
[null,null,null,null,null,null,null,null,9.1172979120391275,2.8416429230636231E-3,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},null,"Adjuste G",{"$f":"Q63/Q61","v":2.4019899583212084E-2}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"MB = A + B x ROE + C x G + D x ROE x G"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"1 - A - C x G = ROE x (B + D x G)"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"ROE = (1-A-CxG)/(B + D x G)"]
[]
[null,"Valuation Model",null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"(1-L61-S62)/(K61+I61*Q65)","v":6.1121203330831375E-2}]
[]
[null,null,null,"ROE Table",null,1,5,15]
[null,null,null,"ROE  ",null,{"$f":"F8","v":0.1325159363385375},{"$f":"F74","v":0.1325159363385375},{"$f":"F9+F10","v":0.08}]
[null,null,null,"Growth",null,{"$f":"F11","v":4.6338241005768707E-2},{"$f":"F75","v":4.6338241005768707E-2},{"$f":"F12","v":0.02}]
[]
[]
[]
[null,null,null,"Time Period",null,null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15]
[null,null,null,"Short-term",{"$f":"F13","v":7.2393463796344104},null,{"$f":"G79<=$E$80","v":true},{"$f":"H79<=$E$80","v":true},true,true,true,true,true,false,false,false,false,false,false,false,false]
[null,null,null,"Terminal Period",{"$f":"F14","v":15},null,{"$f":"G79=$E$81","v":false},{"$f":"H79=$E$81","v":false},false,false,false,false,false,false,false,false,false,false,false,false,true]
[]
[null,null,null,"ROE",null,null,{"$f":"IFERROR(interpolate_look_up(G79,73:73,74:74),0.01)","v":0.1325159363385375},{"$f":"IFERROR(interpolate_look_up(H79,73:73,74:74),0.01)","v":0.1325159363385375},{"$f":"IFERROR(interpolate_look_up(I79,73:73,74:74),0.01)","v":0.1325159363385375},{"$f":"IFERROR(interpolate_look_up(J79,73:73,74:74),0.01)","v":0.1325159363385375},{"$f":"IFERROR(interpolate_look_up(K79,73:73,74:74),0.01)","v":0.1325159363385375},{"$f":"IFERROR(interpolate_look_up(L79,73:73,74:74),0.01)","v":0.125994125729434},{"$f":"IFERROR(interpolate_look_up(M79,73:73,74:74),0.01)","v":0.11979328793911927},{"$f":"IFERROR(interpolate_look_up(N79,73:73,74:74),0.01)","v":0.11389762619633206},{"$f":"IFERROR(interpolate_look_up(O79,73:73,74:74),0.01)","v":0.10829212117253424},{"$f":"IFERROR(interpolate_look_up(P79,73:73,74:74),0.01)","v":0.10296249271983948},{"$f":"IFERROR(interpolate_look_up(Q79,73:73,74:74),0.01)","v":9.7895163492021098E-2},{"$f":"IFERROR(interpolate_look_up(R79,73:73,74:74),0.01)","v":9.3077224355922542E-2},{"$f":"IFERROR(interpolate_look_up(S79,73:73,74:74),0.01)","v":8.8496401505155489E-2},{"$f":"IFERROR(interpolate_look_up(T79,73:73,74:74),0.01)","v":8.4141025192306984E-2},{"$f":"IFERROR(interpolate_look_up(U79,73:73,74:74),0.01)","v":0.08}]
[null,null,null,"Growth",null,null,{"$f":"interpolate_look_up(G79,73:73,75:75)","v":4.6338241005768707E-2},{"$f":"interpolate_look_up(H79,73:73,75:75)","v":4.6338241005768707E-2},{"$f":"interpolate_look_up(I79,73:73,75:75)","v":4.6338241005768707E-2},{"$f":"interpolate_look_up(J79,73:73,75:75)","v":4.6338241005768707E-2},{"$f":"interpolate_look_up(K79,73:73,75:75)","v":4.6338241005768707E-2},{"$f":"interpolate_look_up(L79,73:73,75:75)","v":4.2603824711806203E-2},{"$f":"interpolate_look_up(M79,73:73,75:75)","v":3.9170366433381586E-2},{"$f":"interpolate_look_up(N79,73:73,75:75)","v":3.601361185067975E-2},{"$f":"interpolate_look_up(O79,73:73,75:75)","v":3.3111261308653848E-2},{"$f":"interpolate_look_up(P79,73:73,75:75)","v":3.0442812289855455E-2},{"$f":"interpolate_look_up(Q79,73:73,75:75)","v":2.7989414582438688E-2},{"$f":"interpolate_look_up(R79,73:73,75:75)","v":2.5733737120229489E-2},{"$f":"interpolate_look_up(S79,73:73,75:75)","v":2.3659845554203727E-2},{"$f":"interpolate_look_up(T79,73:73,75:75)","v":2.1753089690526136E-2},{"$f":"interpolate_look_up(U79,73:73,75:75)","v":0.02}]
[null,null,null,"Payout Ratio",null,null,{"$f":"(1-G84/G83)","v":0.65031948393445504},{"$f":"(1-H84/H83)","v":0.65031948393445504},0.65031948393445504,0.65031948393445504,0.65031948393445504,0.66185864249500204,0.67301701867229369,0.6838071779599606,0.69424127120106927,0.70433104827123583,0.71408787131021079,0.72352272751683055,0.73264624152174829,0.74146868735187432,0.75]
[]
[null,null,null,"BV Progression"]
[null,null,null,"Opening",null,null,{"$f":"F91","v":100},{"$f":"G91","v":104.63382410057686},109.4823714591046,114.55559197365969,119.86389660309364,125.41817873177833,130.76147283414099,135.88344764042296,140.77710138067732,145.43840877076778,149.86596294871151,154.0606235174794,158.02517910365688,161.76403043492476,165.28289789767669]
[null,null,null,"Add: Income",null,null,{"$f":"G88*G83","v":13.25159363385375},{"$f":"H88*H83","v":13.865649173369775},14.508158966466821,15.180441533204965,15.883876491544598,15.801953779888303,15.664346766563574,15.476802125617754,15.245050921034446,14.974701104245216,14.67115294475329,14.339535219549747,13.984659697881327,13.610991360034118,13.222631831814136]
[null,null,null,"Less: Dividend",null,null,{"$f":"G89*G85","v":8.6177695332768796},{"$f":"H89*H85","v":9.0171018148420359},9.434938451911739,9.87213690377102,10.329594362859906,10.458659677525638,10.542371960281599,10.583148385363396,10.583743530943986,10.547146926301465,10.476492375985407,10.374979633372286,10.245808366613423,10.0921238972822,9.9169738738606021]
[null,null,null,"Closing Balance",null,{"$f":"F7","v":100},{"$f":"G88+G89-G90","v":104.63382410057686},{"$f":"H88+H89-H90","v":109.4823714591046},114.55559197365969,119.86389660309364,125.41817873177833,130.76147283414099,135.88344764042296,140.77710138067732,145.43840877076778,149.86596294871151,154.0606235174794,158.02517910365688,161.76403043492476,165.28289789767669,168.58855585563023]
[]
[null,null,null,"Terminal Value",{"$f":"(1+F12)*(1-F12/H74)/(F10-H75)","v":19.125000000000004},null,{"$f":"G89*$E$93*G81","v":0},{"$f":"H89*$E$93*H81","v":0},0,0,0,0,0,0,0,0,0,0,0,0,252.88283378344539]
[]
[null,null,null,"Total Cash Flow",null,null,{"$f":"G93+G90","v":8.6177695332768796},{"$f":"H93+H90","v":9.0171018148420359},9.434938451911739,9.87213690377102,10.329594362859906,10.458659677525638,10.542371960281599,10.583148385363396,10.583743530943986,10.547146926301465,10.476492375985407,10.374979633372286,10.245808366613423,10.0921238972822,262.79980765730602]
[null,null,null,"Total Value",{"$f":"F10","v":0.06},{"$f":"NPV(E96,G95:U95)","v":202.39314141567291}]
[null,null,null,"Price to Book",null,{"$f":"F96/F91","v":2.0239314141567291}]
[null,null,null,"P/E Ratio",null,{"$f":"F96/G89","v":15.273117106354713}]
[]
[null,null,null,"Cash Flow",null,null,{"$f":"G90+G93","v":8.6177695332768796},{"$f":"H90+H93","v":9.0171018148420359},9.434938451911739,9.87213690377102,10.329594362859906,10.458659677525638,10.542371960281599,10.583148385363396,10.583743530943986,10.547146926301465,10.476492375985407,10.374979633372286,10.245808366613423,10.0921238972822,262.79980765730602]
[null,null,null,"PV of Cash Flow",null,null,{"$f":"G100/(1+$E$96)^G79","v":8.1299712578083767},{"$f":"H100/(1+$E$96)^H79","v":8.025188514455353},7.9217562584480277,7.819657084095236,7.7188738100382146,7.3729423785431241,7.0112794666379292,6.6399982247232705,6.2645015343615871,5.8894717550030782,5.5188854935295319,5.1560470255213673,4.8036347766865841,4.4637561324070596,109.65717770341412]
[null,null,null,"Weighting",null,null,{"$f":"G101/SUM(101:101)","v":4.0169203367969517E-2},{"$f":"H101/SUM(101:101)","v":3.9651484523249271E-2},3.9140438272947255E-2,3.8635978617651417E-2,3.8138020666348936E-2,3.6428815358918981E-2,3.4641882712014627E-2,3.2807427061404784E-2,3.0952143390549094E-2,2.9099166670412732E-2,2.7268144833993677E-2,2.5475403906755581E-2,2.3734177665738834E-2,2.2054878446890872E-2,0.54180283450515443]
[null,null,null,"Weighted ROE",{"$f":"SUMPRODUCT(G102:U102,G83:U83)","v":9.710332480020463E-2}]
[null,null,null,"Initial ROE",{"$f":"F8","v":0.1325159363385375}]