{"text_format":"1","workbook":"xlsx","n_sheets":2,"sheets":["Sample","Models"],"not_rendered":{"charts":0,"images":0,"macros":0,"external_links":0,"defined_names":16,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Sample","index":0,"n_rows":174,"n_cols":12,"rows_kept":174,"cut":false,"hidden":false,"merged":[[166,2,166,6],[167,2,167,6],[0,13,1,16],[0,1,1,11],[69,7,69,11],[102,2,102,6],[101,2,101,6],[145,2,145,6],[146,2,146,6],[124,2,124,6],[125,2,125,6],[6,7,6,11],[28,7,28,11],[35,7,35,11],[54,7,54,11],[60,7,60,11]]}
[null,"Equity Valuation Models: FCFF, FCFE, and DDM"]
[]
[]
[]
[null,"Company Name:","Ticker:","Stock Price:"]
[null,"ABC Corp.","ABC",59.51]
[null,null,null,null,null,null,null,"Estimates"]
[null,"Income Statement Items",{"$f":"D8-1","v":2019},2020,2021,{"$f":"G8-1","v":2022},{"$f":"YEAR(TODAY())-1","v":2023},{"$f":"G8+1","v":2024},{"$f":"H8+1","v":2025},2026,2027,2028]
[null,"Revenue",37266,33014,38655,43004,45754,{"$f":"G9*1.06","v":48499.240000000005},{"$f":"H9*1.06","v":51409.194400000008},54493.746064000014,57763.370827840015,61229.173077510422]
[null,"% YOY Growth Rate",null,{"$f":"(D9-C9)/C9","v":-0.11409864219395696},{"$f":"(E9-D9)/D9","v":0.17086690494941539},0.11250808433579097,6.3947539763742914E-2,6.0000000000000116E-2,6.0000000000000039E-2,6.0000000000000109E-2,6.0000000000000019E-2,6.0000000000000109E-2]
[null,"Cost of Revenues",14619,14619,15357,18000,18520,{"$f":"H9*0.415","v":20127.184600000001},{"$f":"I9*0.415","v":21334.815676000002},22614.904616560005,23971.798893553605,25410.106827166823]
[null,"% of Revenues",null,{"$f":"D11/D9","v":0.44281214030411342},{"$f":"E11/E9","v":0.39728366317423358},0.41856571481722632,0.4047733531494514,0.41499999999999998,0.41499999999999998,0.41499999999999998,0.41499999999999998,0.41499999999999998]
[null,"Gross Profit",{"$f":"C9-C11","v":22647},18395,{"$f":"E9-E11","v":23298},25004,27234,28372.055400000005,30074.378724000006,31878.841447440009,33791.57193428641,35819.066250343603]
[null,"% Gross Margin",{"$f":"C13/C9","v":0.60771212365158589},{"$f":"D13/D9","v":0.55718785969588658},0.60271633682576642,0.58143428518277374,0.5952266468505486,0.58500000000000008,0.58500000000000008,0.58499999999999996,0.58500000000000008,0.58500000000000008]
[null,"Operating Expenses",12016,9589,11865,12664,13921,{"$f":"H9*0.3","v":14549.772000000001},{"$f":"I9*0.3","v":15422.758320000001},16348.123819200004,17329.011248352002,18368.751923253127]
[null,"% of Revenues",{"$f":"C15/C9","v":0.32243868405517095},{"$f":"D15/D9","v":0.29045253528805959},{"$f":"E15/E9","v":0.30694606131160262},0.29448423402474189,0.30425755125234955,0.3,0.3,0.3,0.3,0.3]
[null,"Operating Income or EBIT",{"$f":"C13-C15","v":10631},{"$f":"D13-D15","v":8806},{"$f":"E13-E15","v":11433},{"$f":"F13-F15","v":12340},{"$f":"G13-G15","v":13313},{"$f":"H13-H15","v":13822.283400000004},14651.620404000005,15530.717628240005,16462.560685934408,17450.314327090477]
[null,"% Operating Profit Margin",{"$f":"C17/C9","v":0.28527343959641493},0.26673532440782699,0.29577027551416374,0.28695005115803179,0.29096909559819906,0.28500000000000003,0.28500000000000003,0.28500000000000003,0.28500000000000009,0.28500000000000009]
[null,"Other Expenses (Gains)",{"$f":"-(C26-C17+C21+C23)","v":-473},-1989,-2280,361,-62,-969.9847999999979,-1028.1838879999984,-1089.8749212799999,-1155.2674165567967,-1224.5834615502026]
[null,"% of Revenues",{"$f":"C19/C13","v":-2.0885768534463726E-2},{"$f":"D19/D13","v":-0.10812720848056537},{"$f":"E19/E13","v":-9.7862477465876896E-2},{"$f":"F19/F13","v":1.4437689969604863E-2},{"$f":"G19/G13","v":-2.2765660571344641E-3},{"$f":"H19/H13","v":-3.4188034188034108E-2},{"$f":"I19/I13","v":-3.4188034188034129E-2},{"$f":"J19/J13","v":-3.4188034188034171E-2},{"$f":"K19/K13","v":-3.418803418803408E-2},{"$f":"L19/L13","v":-3.4188034188034018E-2}]
[null,"Net Interest Expense (Income)",383,1067,1321,322,412,{"$f":"H9*0.02","v":969.98480000000018},{"$f":"I9*0.02","v":1028.1838880000003},1089.8749212800003,1155.2674165568003,1224.5834615502085]
[null,"% of Revenues",{"$f":"C21/C$9","v":1.0277464713143348E-2},{"$f":"D21/D$9","v":3.231962197855455E-2},{"$f":"E21/E$9","v":3.4174104255594362E-2},7.4876755650637146E-3,9.0046771866940604E-3,0.02,0.02,0.02,0.02,0.02]
[null,"Income Tax Expense",1801,1981,2621,2115,2249,{"$f":"H9*0.055","v":2667.4582000000005},{"$f":"I9*0.055","v":2827.5056920000006},{"$f":"J9*0.055","v":2997.1560335200006},{"$f":"K9*0.055","v":3176.985395531201},3367.6045192630731]
[null,"% of Revenues",{"$f":"C23/C$9","v":4.8328234852144047E-2},{"$f":"D23/D$9","v":6.0004846428787784E-2},{"$f":"E23/E$9","v":6.7804941146035441E-2},{"$f":"F23/F$9","v":4.9181471491024094E-2},{"$f":"G23/G$9","v":4.9154172312803251E-2},{"$f":"H23/H$9","v":5.5000000000000007E-2},{"$f":"I23/I$9","v":5.5000000000000007E-2},{"$f":"J23/J$9","v":5.5E-2},{"$f":"K23/K$9","v":5.5E-2},{"$f":"L23/L$9","v":5.5E-2}]
[null,"Effective Tax Rate",{"$f":"C23/(C17-C19-C21)","v":0.16798806081522247},0.20363898026315788,0.21150742414460943,0.18143604701038002,0.17349379001774282,0.19298245614035089,{"$f":"I23/(I17-I19-I21)","v":0.19298245614035089},{"$f":"J23/(J17-J19-J21)","v":0.19298245614035084},{"$f":"K23/(K17-K19-K21)","v":0.19298245614035089},{"$f":"L23/(L17-L19-L21)","v":0.19298245614035089}]
[null,"Net Income",8920,7747,9771,9542,10714,{"$f":"H9*0.23","v":11154.825200000001},{"$f":"I9*0.23","v":11824.114712000002},12533.561594720004,13285.575290403203,14082.709807827398]
[null,"% Net Profit Margin",{"$f":"C26/C9","v":0.23936027478130198},0.23465802386866177,0.25277454404346139,0.22188633615477629,0.23416531887922368,0.23,0.23,0.23,0.23,0.23]
[]
[null,null,null,null,null,null,null,"Estimates"]
[null,"Statement of Cash Flow Items",{"$f":"D30-1","v":2019},{"$f":"E30-1","v":2020},{"$f":"F30-1","v":2021},{"$f":"G30-1","v":2022},{"$f":"YEAR(TODAY())-1","v":2023},{"$f":"G30+1","v":2024},{"$f":"H30+1","v":2025},{"$f":"I30+1","v":2026},{"$f":"J30+1","v":2027},{"$f":"K30+1","v":2028}]
[null,"Depreciation and Amortization",1365,1536,1452,1260,1128,{"$f":"H9*0.035","v":1697.4734000000003},{"$f":"I9*0.035","v":1799.3218040000004},{"$f":"J9*0.035","v":1907.2811122400008},{"$f":"K9*0.035","v":2021.7179789744007},{"$f":"L9*0.035","v":2143.0210577128651}]
[null,"% of Sales",{"$f":"C31/C$9","v":3.6628562228304622E-2},{"$f":"D31/D$9","v":4.6525716362755196E-2},{"$f":"E31/E$9","v":3.7563057819169576E-2},{"$f":"F31/F$9","v":2.9299600037205841E-2},{"$f":"G31/G$9","v":2.4653582200463348E-2},{"$f":"H31/H$9","v":3.5000000000000003E-2},{"$f":"I31/I$9","v":3.5000000000000003E-2},{"$f":"J31/J$9","v":3.5000000000000003E-2},{"$f":"K31/K$9","v":3.5000000000000003E-2},{"$f":"L31/L$9","v":3.5000000000000003E-2}]
[null,"Capital Expenditures",2054,1177,1367,1484,1852,{"$f":"H9*0.05","v":2424.9620000000004},{"$f":"I9*0.05","v":2570.4597200000007},{"$f":"J9*0.05","v":2724.6873032000008},{"$f":"K9*0.05","v":2888.1685413920009},{"$f":"L9*0.05","v":3061.4586538755211}]
[null,"% of Sales",{"$f":"C33/C$9","v":5.5117265067353621E-2},{"$f":"D33/D$9","v":3.5651541770158113E-2},{"$f":"E33/E$9","v":3.5364118484025354E-2},{"$f":"F33/F$9","v":3.4508417821597991E-2},{"$f":"G33/G$9","v":4.0477335314945143E-2},{"$f":"H33/H$9","v":0.05},{"$f":"I33/I$9","v":5.000000000000001E-2},{"$f":"J33/J$9","v":0.05},{"$f":"K33/K$9","v":0.05},{"$f":"L33/L$9","v":0.05}]
[]
[null,null,null,null,null,null,null,"Estimates"]
[null,"Balance Sheet Items",{"$f":"D37-1","v":2019},{"$f":"E37-1","v":2020},{"$f":"F37-1","v":2021},{"$f":"G37-1","v":2022},{"$f":"YEAR(TODAY())-1","v":2023},{"$f":"G37+1","v":2024},{"$f":"H37+1","v":2025},{"$f":"I37+1","v":2026},{"$f":"J37+1","v":2027},{"$f":"K37+1","v":2028}]
[null,"Total Current Assets",20411,19240,22545,22591,26732,{"$f":"H9*0.565","v":27402.070599999999},{"$f":"I9*0.565","v":29046.194836000002},{"$f":"J9*0.565","v":30788.966526160006},{"$f":"K9*0.565","v":32636.304517729604},{"$f":"L9*0.565","v":34594.482788793386}]
[null,"% of Sales",{"$f":"C38/C$9","v":0.54771105028712497},0.58278306173138672,0.58323632130384173,0.52532322574644219,0.58425492853083882,0.56499999999999995,0.56499999999999995,0.56499999999999995,0.56499999999999995,0.56499999999999995]
[null,"Cash and Equivalents",11185,10914,12626,11631,13663,{"$f":"H9*0.305","v":14792.2682},{"$f":"I9*0.305","v":15679.804292000003},{"$f":"J9*0.305","v":16620.592549520003},{"$f":"K9*0.305","v":17617.828102491203},{"$f":"L9*0.305","v":18674.897788640679}]
[null,"% of Sales",{"$f":"C40/C$9","v":0.30013953737991733},{"$f":"D40/D$9","v":0.33058702368692072},{"$f":"E40/E$9","v":0.32663303582977621},{"$f":"F40/F$9","v":0.27046321272439772},{"$f":"G40/G$9","v":0.29861870000437118},{"$f":"H40/H$9","v":0.30499999999999999},{"$f":"I40/I$9","v":0.30499999999999999},{"$f":"J40/J$9","v":0.30499999999999999},{"$f":"K40/K$9","v":0.30499999999999999},{"$f":"L40/L$9","v":0.30499999999999999}]
[null,"Accounts payable",3804,3517,4602,5307,5590,{"$f":"H9*0.115","v":5577.4126000000006},{"$f":"I9*0.115","v":5912.0573560000012},{"$f":"J9*0.115","v":6266.780797360002},{"$f":"K9*0.115","v":6642.7876452016017},{"$f":"L9*0.115","v":7041.3549039136988}]
[null,"% of Sales",{"$f":"C42/C$9","v":0.10207696023184672},{"$f":"D42/D$9","v":0.10653056279154298},{"$f":"E42/E$9","v":0.11905316259216142},{"$f":"F42/F$9","v":0.12340712491861222},{"$f":"G42/G$9","v":0.12217511037286358},{"$f":"H42/H$9","v":0.115},{"$f":"I42/I$9","v":0.115},{"$f":"J42/J$9","v":0.115},{"$f":"K42/K$9","v":0.115},{"$f":"L42/L$9","v":0.115}]
[null,"Accrued expenses",6005,6079,8534,8937,8524,{"$f":"H9*0.19","v":9214.8556000000008},{"$f":"I9*0.19","v":9767.7469360000014},{"$f":"J9*0.19","v":10353.811752160003},{"$f":"K9*0.19","v":10975.040457289602},{"$f":"L9*0.19","v":11633.54288472698}]
[null,"% of Sales",{"$f":"C44/C$9","v":0.16113883969301776},{"$f":"D44/D$9","v":0.18413400375598232},{"$f":"E44/E$9","v":0.22077350924848013},{"$f":"F44/F$9","v":0.20781787740675287},{"$f":"G44/G$9","v":0.18630065130917514},{"$f":"H44/H$9","v":0.19},{"$f":"I44/I$9","v":0.19},{"$f":"J44/J$9","v":0.19},{"$f":"K44/K$9","v":0.19},{"$f":"L44/L$9","v":0.18999999999999997}]
[null,"Other current non-debt liabilities",1222,1222,1173,1164,1005,{"$f":"H9*0.03","v":1454.9772},{"$f":"I9*0.03","v":1542.2758320000003},{"$f":"J9*0.03","v":1634.8123819200002},{"$f":"K9*0.03","v":1732.9011248352003},{"$f":"L9*0.03","v":1836.8751923253126}]
[null,"% of Sales",{"$f":"C46/C$9","v":3.2791284280577468E-2},{"$f":"D46/D$9","v":3.7014599866723209E-2},{"$f":"E46/E$9","v":3.0345362824990299E-2},{"$f":"F46/F$9","v":2.7067249558180635E-2},{"$f":"G46/G$9","v":2.1965292652008566E-2},{"$f":"H46/H$9","v":0.03},{"$f":"I46/I$9","v":3.0000000000000002E-2},{"$f":"J46/J$9","v":2.9999999999999995E-2},{"$f":"K46/K$9","v":0.03},{"$f":"L46/L$9","v":0.03}]
[null,"Net Working Capital",{"$f":"(C38-C40)-(C42+C44+C46)","v":-1805},{"$f":"(D38-D40)-(D42+D44+D46)","v":-2492},-4390,-4448,-2050,{"$f":"(H38-H40)-(H42+H44+H46)","v":-3637.4430000000029},-3855.6895800000038,-4087.0309548000041,-4332.2528120880015,-4592.1879808132835]
[null,"% of Sales",{"$f":"C48/C$9","v":-4.8435571298234316E-2},{"$f":"D48/D$9","v":-7.5483128369782521E-2},{"$f":"E48/E$9","v":-0.11356874919156643},{"$f":"F48/F$9","v":-0.10343223886150126},{"$f":"G48/G$9","v":-4.4804825807579662E-2},{"$f":"H48/H$9","v":-7.5000000000000053E-2},{"$f":"I48/I$9","v":-7.5000000000000067E-2},{"$f":"J48/J$9","v":-7.5000000000000053E-2},{"$f":"K48/K$9","v":-7.5000000000000011E-2},{"$f":"L48/L$9","v":-7.5000000000000025E-2}]
[null,"Δ Net Working Capital",null,{"$f":"D48-C48","v":-687},{"$f":"E48-D48","v":-1898},-58,{"$f":"G48-F48","v":2398},{"$f":"H48-G48","v":-1587.4430000000029},-218.2465800000009,-231.34137480000027,-245.22185728799741,-259.93516872528198]
[null,"Debt and Leases - LT, ST, and Current",{"$f":"27537+1111+4253+281+10994","v":44176},{"$f":"27537+1300+2183+490+322","v":31832},{"$f":"40125+1161+3307+1338+310","v":46241},{"$f":"38053+1113+2373+399+341","v":42279},{"$f":"36660+1001+4557+1965+361","v":44544},{"$f":"H9*1.05","v":50924.202000000005},{"$f":"I9*1.05","v":53979.654120000014},57218.433367200014,60651.539369232021,64290.631731385947]
[null,"% of Revenues",{"$f":"C51/C9","v":1.1854237106209413},{"$f":"D51/D9","v":0.96419700733022351},1.1962488681929893,0.98314110315319503,0.97355422476723341,1.05,1.05,1.05,1.05,1.05]
[null,"Δ Net Debt",null,{"$f":"(D51-D40)-(C51-C40)","v":-12073},{"$f":"(E51-E40)-(D51-D40)","v":12697},-2967,233,5250.9338000000062,2167.9160280000069,2297.9909896800018,2435.870449060807,2582.0226760044461]
[]
[null,null,null,null,null,null,null,"Estimates"]
[null,"Other Items",{"$f":"D56-1","v":2019},{"$f":"E56-1","v":2020},{"$f":"F56-1","v":2021},{"$f":"G56-1","v":2022},{"$f":"YEAR(TODAY())-1","v":2023},{"$f":"G56+1","v":2024},{"$f":"H56+1","v":2025},{"$f":"I56+1","v":2026},{"$f":"J56+1","v":2027},{"$f":"K56+1","v":2028}]
[null,"Marginal Tax Rate",0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21]
[null,"Dividends per Share",1.6,1.64,1.68,1.76,1.84,{"$f":"G58*1.035","v":1.9043999999999999},{"$f":"H58*1.035","v":1.9710539999999996},2.0400408899999993,2.1114423211499993,2.1853428023902493]
[null,"% YOY Growth Rate",null,{"$f":"(D58-C58)/C58","v":2.4999999999999883E-2},{"$f":"(E58-D58)/D58","v":2.4390243902439046E-2},4.7619047619047665E-2,4.5454545454545497E-2,3.4999999999999885E-2,3.4999999999999878E-2,3.4999999999999851E-2,3.4999999999999996E-2,3.4999999999999989E-2]
[]
[null,null,null,null,null,null,null,"Estimates"]
[null,"Free Cash Flows to the Firm (Unlevered)",null,{"$f":"E62-1","v":2020},{"$f":"F62-1","v":2021},{"$f":"G62-1","v":2022},{"$f":"YEAR(TODAY())-1","v":2023},{"$f":"G62+1","v":2024},{"$f":"H62+1","v":2025},{"$f":"I62+1","v":2026},{"$f":"J62+1","v":2027},{"$f":"K62+1","v":2028}]
[null,"EBIT × (1-t)",null,{"$f":"D17*(1-D57)","v":6956.7400000000007},9032.07,9748.6,10517.27,10919.603886000004,11574.780119160005,12269.266926309605,13005.422941888182,13785.748318401476]
[null,"add Depreciation and Amortization",null,{"$f":"D31","v":1536},{"$f":"E31","v":1452},1260,1128,1697.4734000000003,1799.3218040000004,1907.2811122400008,2021.7179789744007,2143.0210577128651]
[null,"less Capital Expenditures",null,{"$f":"D33","v":1177},1367,1484,1852,2424.9620000000004,2570.4597200000007,2724.6873032000008,2888.1685413920009,3061.4586538755211]
[null,"less Change in NWC",null,{"$f":"D50","v":-687},-1898,-58,2398,-1587.4430000000029,-218.2465800000009,-231.34137480000027,-245.22185728799741,-259.93516872528198]
[null,"FCFF (Unlevered)",null,{"$f":"D63+D64-D65-D66","v":8002.7400000000016},{"$f":"E63+E64-E65-E66","v":11015.07},{"$f":"F63+F64-F65-F66","v":9582.6},{"$f":"G63+G64-G65-G66","v":7395.27},{"$f":"H63+H64-H65-H66","v":11779.558286000007},{"$f":"I63+I64-I65-I66","v":11021.888783160006},{"$f":"J63+J64-J65-J66","v":11683.202110149605},{"$f":"K63+K64-K65-K66","v":12384.19423675858},{"$f":"L63+L64-L65-L66","v":13127.245890964103}]
[null,"YOY Growth Rate %",null,null,{"$f":"(E67-D67)/D67","v":0.37641232877739345},{"$f":"(F67-E67)/E67","v":-0.13004638191132689},{"$f":"(G67-F67)/F67","v":-0.22826059733266543},{"$f":"(H67-G67)/G67","v":0.59285033352399652},{"$f":"(I67-H67)/H67","v":-6.4320705789154276E-2},5.9999999999999866E-2,5.9999999999999894E-2,6.0000000000000657E-2]
[]
[null,null,null,null,null,null,null,"Estimates"]
[null,"Free Cash Flows to Equity (Levered)",null,{"$f":"E71-1","v":2020},{"$f":"F71-1","v":2021},{"$f":"G71-1","v":2022},{"$f":"YEAR(TODAY())-1","v":2023},{"$f":"G71+1","v":2024},{"$f":"H71+1","v":2025},{"$f":"I71+1","v":2026},{"$f":"J71+1","v":2027},{"$f":"K71+1","v":2028}]
[null,"FCFF",null,{"$f":"D67","v":8002.7400000000016},{"$f":"E67","v":11015.07},9582.6,7395.27,{"$f":"H67","v":11779.558286000007},11021.888783160006,11683.202110149605,12384.19423675858,13127.245890964103]
[null,"less Interest Expense × (1-t)",null,{"$f":"D21*(1-D57)","v":842.93000000000006},1043.5900000000001,254.38000000000002,325.48,766.28799200000014,812.26527152000028,861.00118781120034,912.66125907987225,967.42093462466482]
[null,"add Change in Net Debt",null,{"$f":"D53","v":-12073},{"$f":"E53","v":12697},-2967,233,{"$f":"H53","v":5250.9338000000062},2167.9160280000069,2297.9909896800018,2435.870449060807,2582.0226760044461]
[null,"FCFE (Levered)",null,{"$f":"D72-D73+D74","v":-4913.1899999999987},22668.48,6361.2200000000012,{"$f":"G72-G73+G74","v":7302.7900000000009},{"$f":"H72-H73+H74","v":16264.204094000013},{"$f":"I72-I73+I74","v":12377.539539640013},13120.191912018407,13907.403426739515,14741.847632343884]
[null,"YOY Growth Rate %",null,null,{"$f":"(E75-D75)/D75","v":-5.6138008096572705},-0.71938039074521087,0.148017204246984,{"$f":"(H75-G75)/G75","v":1.2271219758475886},{"$f":"(I75-H75)/H75","v":-0.238970473556331},5.999999999999945E-2,6.0000000000000268E-2,5.9999999999999935E-2]
[]
[]
[null,"Inputs and Assumptions"]
[]
[null,"Expected Return of the Market",0.12,null,"Total Debt",{"$f":"G51","v":44544},null,"EBITDA (Current Year)",{"$f":"G17+G64","v":14441},null,"Terminal Growth",0.02]
[null,"Beta",0.59,null,"Unlevered Beta",{"$f":"C82/(1+(F84*(1-F86)))","v":0.25879463110799195},null,"EBITDA (Terminal Year)",{"$f":"L17+L64","v":19593.33538480334},null,"D/D+E",{"$f":"0.618","v":0.61799999999999999}]
[null,"Risk-free Rate",5.3100000000000001E-2,null,"Relevered Beta",{"$f":"F82*(1+(F85*(1-F86)))","v":0.59},null,"Enterprise Value",288979,null,"E/D+E",{"$f":"1-L82","v":0.38200000000000001}]
[null,"Required Return by CAPM",{"$f":"C83+C82*(C81-C83)","v":9.2570999999999987E-2},null,"D/E",1.62,null,"EV/EBITDA (Current Year)",{"$f":"I83/I81","v":20.011010317845024},null,"Cost of Debt",4.8000000000000001E-2]
[null,"Shares Outstanding",4323,null,"Target D/E",1.62,null,"EV/EBITDA (Terminal Year)",18,null,"Cost of Equity",{"$f":"C83+F83*(C81-C83)","v":9.2570999999999987E-2}]
[null,"Current Stock Price",{"$f":"D6","v":59.51},null,"Marginal Tax Rate",0.21,null,"Terminal Val., Exit Mult.",{"$f":"I82*I85","v":352680.0369264601},null,"WACC",{"$f":"L83*L85+L82*L84*(1-F86)","v":5.8796681999999996E-2}]
[]
[]
[null,"Free Cash Flows to the Firm (Unlevered): Perpetual Growth"]
[null,null,1,2,3,4,5]
[null,null,{"$f":"H8","v":2024},{"$f":"I8","v":2025},2026,2027,2028]
[null,"FCFF",{"$f":"H67","v":11779.558286000007},{"$f":"I67","v":11021.888783160006},{"$f":"J67","v":11683.202110149605},{"$f":"K67","v":12384.19423675858},{"$f":"L67","v":13127.245890964103}]
[null,"Terminal Value (FCFF)",null,null,null,null,{"$f":"(L67*(1+L81))/($L$86-L81)","v":345127.2149712026}]
[null,"PV of Cash Flow",{"$f":"SUM(C92:C93)/(1+$L$86)^C90","v":11125.420476147663},{"$f":"SUM(D92:D93)/(1+$L$86)^D90","v":9831.7512284390923},{"$f":"SUM(E92:E93)/(1+$L$86)^E90","v":9842.9249725826357},{"$f":"SUM(F92:F93)/(1+$L$86)^F90","v":9854.1114156396561},{"$f":"SUM(G92:G93)/(1+$L$86)^G90","v":269233.2839333539}]
[null,"Sum of PV of Cash Flows",{"$f":"SUM(C94:G94)","v":309887.49202616297}]
[null,"Total Debt",{"$f":"-F81","v":-44544}]
[null,"Equity Value",{"$f":"C95+C96","v":265343.49202616297}]
[null,"Shares Outstanding",{"$f":"C85","v":4323},null,null,"Current Price",{"$f":"C86","v":59.51}]
[null,"Estimate of Value",{"$f":"C97/C98","v":61.379479996799205},null,null,"Premium to Current",{"$f":"C99/G98-1","v":3.1414552122319028E-2}]
[]
[]
[null,null,"Sensitivity Table"]
[null,null,"Terminal Growth Rate"]
[null,null,{"$f":"D104-0.0025","v":1.5000000000000001E-2},{"$f":"E104-0.0025","v":1.7500000000000002E-2},{"$f":"L81","v":0.02},{"$f":"E104+0.0025","v":2.2499999999999999E-2},{"$f":"F104+0.0025","v":2.4999999999999998E-2}]
[null,{"$f":"B106-0.005","v":4.8796682000000001E-2},{"$f":"(NPV($B105,$C$92,$D$92,$E$92,$F$92,$G$92+(($G$92*(1+C$104)/($B105-C$104))))-$F$81)/$C$98","v":73.581263678905472},79.51312257800916,86.474936750971025,94.760456738408237,104.7868748870759]
[null,{"$f":"B107-0.005","v":5.3796681999999998E-2},62.679895116086811,67.051486632202085,72.069826772356137,77.889903681307914,84.7205270325463]
[null,{"$f":"L86","v":5.8796681999999996E-2},54.269435686135907,57.609245505805127,61.379479996799219,65.669078005785678,70.59329423099031]
[null,{"$f":"B107+0.005","v":6.3796681999999993E-2},47.584141862015336,50.208080702465153,53.131578632853518,56.409039374393188,60.108889425093331]
[null,{"$f":"B108+0.005","v":6.8796681999999998E-2},42.142951900997012,44.251110306684787,46.575283236237908,49.150464750980014,52.019639029231264]
[]
[]
[null,"Free Cash Flows to the Firm (Unlevered): Exit Multiple"]
[null,null,1,2,3,4,5]
[null,null,{"$f":"H8","v":2024},{"$f":"I8","v":2025},2026,2027,2028]
[null,"FCFF",{"$f":"H67","v":11779.558286000007},{"$f":"I67","v":11021.888783160006},11683.202110149605,12384.19423675858,13127.245890964103]
[null,"Terminal Value (Exit Mult.)",null,null,null,null,{"$f":"I86","v":352680.0369264601}]
[null,"PV of Cash Flow",{"$f":"SUM(C115:C116)/(1+$L$86)^C113","v":11125.420476147663},{"$f":"SUM(D115:D116)/(1+$L$86)^D113","v":9831.7512284390923},{"$f":"SUM(E115:E116)/(1+$L$86)^E113","v":9842.9249725826357},{"$f":"SUM(F115:F116)/(1+$L$86)^F113","v":9854.1114156396561},{"$f":"SUM(G115:G116)/(1+$L$86)^G113","v":274909.3362373063}]
[null,"Sum of PV of Cash Flows",{"$f":"SUM(C117:G117)","v":315563.54433011537}]
[null,"Total Debt",{"$f":"-F81","v":-44544}]
[null,"Equity Value",{"$f":"C118+C119","v":271019.54433011537}]
[null,"Shares Outstanding",{"$f":"C85","v":4323},null,null,"Current Price",{"$f":"C86","v":59.51}]
[null,"Estimate of Value",{"$f":"C120/C121","v":62.692469195030156},null,null,"Premium to Current",{"$f":"C122/G121-1","v":5.3477889346835061E-2}]
[]
[]
[null,null,"Sensitivity Table"]
[null,null,"Exit Multiple"]
[null,null,{"$f":"D127-1","v":16},{"$f":"E127-1","v":17},{"$f":"I85","v":18},{"$f":"E127+1","v":19},{"$f":"F127+1","v":20}]
[null,{"$f":"B129-0.005","v":4.8796682000000001E-2},{"$f":"(NPV($B128,$C$115,$D$115,$E$115,$F$115,$G$115+($I$82*C$127))-$F$81)/$C$121","v":58.861303190039258},62.432934432549565,66.004565675059865,69.576196917570158,73.147828160080465]
[null,{"$f":"B130-0.005","v":5.3796681999999998E-2},57.350080010080283,60.837779058813659,64.325478107546999,67.813177156280375,71.300876205013722]
[null,{"$f":"L86","v":5.8796681999999996E-2},55.880223952136511,59.28634657358333,62.692469195030156,66.098591816477011,69.504714437923838]
[null,{"$f":"B130+0.005","v":6.3796681999999993E-2},54.450403737139489,57.777228916978238,61.104054096816952,64.430879276655702,67.757704456494423]
[null,{"$f":"B131+0.005","v":6.8796681999999998E-2},53.059337067449768,56.309069857265641,59.558802647081492,62.808535436897373,66.058268226713238]
[]
[]
[null,"Free Cash Flows to Equity (Levered)"]
[null,null,1,2,3,4,5]
[null,null,{"$f":"H30","v":2024},{"$f":"I30","v":2025},2026,2027,{"$f":"L30","v":2028}]
[null,"FCFE",{"$f":"H75","v":16264.204094000013},{"$f":"I75","v":12377.539539640013},{"$f":"J75","v":13120.191912018407},{"$f":"K75","v":13907.403426739515},{"$f":"L75","v":14741.847632343884}]
[null,"Terminal Value (FCFE)",null,null,null,null,{"$f":"(L75*(1+L81))/($L$85-L81)","v":207199.63325558096}]
[null,"PV of Cash Flow",{"$f":"SUM(C138:C139)/(1+$L$85)^C136","v":14886.175904357717},{"$f":"SUM(D138:D139)/(1+$L$85)^D136","v":10368.954877120579},{"$f":"SUM(E138:E139)/(1+$L$85)^E136","v":10059.842490554673},{"$f":"SUM(F138:F139)/(1+$L$85)^F136","v":9759.9451568712302},{"$f":"SUM(G138:G139)/(1+$L$85)^G136","v":142557.52113493689}]
[null,"Sum of PV of Cash Flows",{"$f":"SUM(C140:G140)","v":187632.43956384109}]
[null,"Shares Outstanding",{"$f":"C85","v":4323},null,null,"Current Price",{"$f":"C86","v":59.51}]
[null,"Estimate of Value",{"$f":"C141/C142","v":43.403293907897549},null,null,"Premium to Current",{"$f":"C143/G142-1","v":-0.27065545441274497}]
[]
[]
[null,null,"Sensitivity Table"]
[null,null,"Terminal Growth Rate"]
[null,null,{"$f":"D148-0.0025","v":1.5000000000000001E-2},{"$f":"E148-0.0025","v":1.7500000000000002E-2},{"$f":"L81","v":0.02},{"$f":"E148+0.0025","v":2.2499999999999999E-2},{"$f":"F148+0.0025","v":2.4999999999999998E-2}]
[null,{"$f":"B150-0.005","v":8.2570999999999978E-2},{"$f":"(NPV($B149,$C$138,$D$138,$E$138,$F$138,$G$138+(($G$138*(1+C$148)/($B149-C$148)))))/$C$142","v":47.396281581246718},48.807951980116094,50.332427863864183,51.983793252011075,53.778578538035958]
[null,{"$f":"B151-0.005","v":8.7570999999999982E-2},44.125897920722537,45.324223400471304,46.611220461205178,47.997109275618385,49.493743388525573]
[null,{"$f":"L85","v":9.2570999999999987E-2},41.277723409677357,42.305115988877972,43.403293907897549,44.579833625594148,45.843432859776861]
[null,{"$f":"B151+0.005","v":9.7570999999999991E-2},38.775040084818386,39.663572753657448,40.609377642065617,41.618176555357437,42.696479741243813]
[null,{"$f":"B152+0.005","v":0.102571},36.558651876168859,37.333004158341268,38.154246527964013,39.026771032793178,39.955535917714734]
[]
[]
[null,"Dividend Discount Model"]
[null,null,1,2,3,4,5]
[null,null,{"$f":"H30","v":2024},{"$f":"I30","v":2025},2026,2027,2028]
[null,"Dividends",{"$f":"H58","v":1.9043999999999999},{"$f":"I58","v":1.9710539999999996},{"$f":"J58","v":2.0400408899999993},{"$f":"K58","v":2.1114423211499993},{"$f":"L58","v":2.1853428023902493}]
[null,"Terminal Value",null,null,null,null,{"$f":"(G159*(1+L81))/(C84-L81)","v":30.71543258929951}]
[null,"PV of Cash Flow",{"$f":"SUM(C159:C160)/(1+$C$84)^C157","v":1.7430446167800535},{"$f":"SUM(D159:D160)/(1+$C$84)^D157","v":1.6511981174380022},{"$f":"SUM(E159:E160)/(1+$C$84)^E157","v":1.5641912988248194},{"$f":"SUM(F159:F160)/(1+$C$84)^F157","v":1.481769142951523},{"$f":"SUM(G159:G160)/(1+$C$84)^G157","v":21.132836297623385}]
[]
[null,null,null,null,null,"Current Price",{"$f":"C86","v":59.51}]
[null,"Estimate of Value",{"$f":"SUM(C161:G161)","v":27.573039473617783},null,null,"Premium to Current",{"$f":"C164/G163-1","v":-0.5366654432260497}]
[]
[]
[null,null,"Sensitivity Table"]
[null,null,"Terminal Growth Rate"]
[null,null,{"$f":"D169-0.0025","v":1.5000000000000001E-2},{"$f":"E169-0.0025","v":1.7500000000000002E-2},{"$f":"L81","v":0.02},{"$f":"E169+0.0025","v":2.2499999999999999E-2},{"$f":"F169+0.0025","v":2.4999999999999998E-2}]
[null,{"$f":"B171-0.005","v":8.2570999999999978E-2},{"$f":"(NPV($B170,$C$159,$D$159,$E$159,$F$159,$G$159+(($G$159*(1+C$169)/($B170-C$169)))))","v":30.133107891607974},31.037769577474794,32.014722075847949,33.072991057913164,34.223169940975858]
[null,{"$f":"B172-0.005","v":8.7570999999999982E-2},28.036693612189449,28.804634308257707,29.629399729138989,30.517539419731914,31.476649663024407]
[null,{"$f":"$C$84","v":9.2570999999999987E-2},26.210878595349911,26.869277824724623,27.573039473617783,28.327018876567053,29.136789921119178]
[null,{"$f":"B172+0.005","v":9.7570999999999991E-2},24.606497700445168,25.175909273276538,25.782023452290073,26.428507026876702,27.119532055665879]
[null,{"$f":"B173+0.005","v":0.102571},23.185614627206014,23.681854288819643,24.208143220855906,24.767296044440695,25.362490225206955]

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[null,"Equity Valuation Models: FCFF, FCFE, and DDM"]
[]
[]
[]
[null,"Company Name:","Ticker:","Stock Price:"]
[]
[null,null,null,null,null,null,null,"Estimates"]
[null,"Income Statement Items",{"$f":"D8-1","v":2019},2020,2021,{"$f":"G8-1","v":2022},{"$f":"YEAR(TODAY())-1","v":2023},{"$f":"G8+1","v":2024},{"$f":"H8+1","v":2025},2026,2027,2028]
[null,"Revenue"]
[null,"% YOY Growth Rate",null,{"$f":"(D9-C9)/C9","v":{"$error":"#DIV/0!"}},{"$f":"(E9-D9)/D9","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"Cost of Revenues"]
[null,"% of Revenues",null,{"$f":"D11/D9","v":{"$error":"#DIV/0!"}},{"$f":"E11/E9","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"Gross Profit",{"$f":"C9-C11","v":0},0,{"$f":"E9-E11","v":0},0,0,0,0,0,0,0]
[null,"% Gross Margin",{"$f":"C13/C9","v":{"$error":"#DIV/0!"}},{"$f":"D13/D9","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"Operating Expenses"]
[null,"% of Revenues",{"$f":"C15/C9","v":{"$error":"#DIV/0!"}},{"$f":"D15/D9","v":{"$error":"#DIV/0!"}},{"$f":"E15/E9","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"Operating Income or EBIT",{"$f":"C13-C15","v":0},{"$f":"D13-D15","v":0},{"$f":"E13-E15","v":0},{"$f":"F13-F15","v":0},{"$f":"G13-G15","v":0},{"$f":"H13-H15","v":0},0,0,0,0]
[null,"% Operating Profit Margin",{"$f":"C17/C9","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"Other Expenses (Gains)",{"$f":"-(C26-C17+C21+C23)","v":0},0,0,0,0,0,0,0,0,0]
[null,"% of Revenues",{"$f":"C19/C13","v":{"$error":"#DIV/0!"}},{"$f":"D19/D13","v":{"$error":"#DIV/0!"}},{"$f":"E19/E13","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$f":"G19/G13","v":{"$error":"#DIV/0!"}},{"$f":"H19/H13","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"Net Interest Expense (Income)"]
[null,"% of Revenues",{"$f":"C21/C$9","v":{"$error":"#DIV/0!"}},{"$f":"D21/D$9","v":{"$error":"#DIV/0!"}},{"$f":"E21/E$9","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"Income Tax Expense"]
[null,"% of Revenues",{"$f":"C23/C$9","v":{"$error":"#DIV/0!"}},{"$f":"D23/D$9","v":{"$error":"#DIV/0!"}},{"$f":"E23/E$9","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"J23/J$9","v":{"$error":"#DIV/0!"}},{"$f":"K23/K$9","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"}]
[null,"Effective Tax Rate",{"$f":"C23/(C17-C19-C21)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"I23/(I17-I19-I21)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"Net Income"]
[null,"% Net Profit Margin",{"$f":"C26/C9","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[null,null,null,null,null,null,null,"Estimates"]
[null,"Statement of Cash Flow Items",{"$f":"D30-1","v":2019},2020,2021,{"$f":"G30-1","v":2022},{"$f":"YEAR(TODAY())-1","v":2023},{"$f":"G30+1","v":2024},{"$f":"H30+1","v":2025},2026,2027,2028]
[null,"Depreciation and Amortization"]
[null,"% of Sales",{"$f":"C31/C$9","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"G31/G$9","v":{"$error":"#DIV/0!"}},{"$f":"H31/H$9","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"Capital Expenditures"]
[null,"% of Sales",{"$f":"C33/C$9","v":{"$error":"#DIV/0!"}},{"$f":"D33/D$9","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"G33/G$9","v":{"$error":"#DIV/0!"}},{"$f":"H33/H$9","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[null,null,null,null,null,null,null,"Estimates"]
[null,"Balance Sheet Items",{"$f":"D37-1","v":2019},2020,2021,{"$f":"G37-1","v":2022},{"$f":"YEAR(TODAY())-1","v":2023},{"$f":"G37+1","v":2024},{"$f":"H37+1","v":2025},2026,2027,2028]
[null,"Total Current Assets"]
[null,"% of Sales",{"$f":"C38/C$9","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"Cash and Equivalents"]
[null,"% of Sales",{"$f":"C40/C$9","v":{"$error":"#DIV/0!"}},{"$f":"D40/D$9","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"Accounts payable"]
[null,"% of Sales",{"$f":"C42/C$9","v":{"$error":"#DIV/0!"}},{"$f":"D42/D$9","v":{"$error":"#DIV/0!"}},{"$f":"E42/E$9","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"Accrued expenses"]
[null,"% of Sales",{"$f":"C44/C$9","v":{"$error":"#DIV/0!"}},{"$f":"D44/D$9","v":{"$error":"#DIV/0!"}},{"$f":"E44/E$9","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"Other current non-debt liabilities"]
[null,"% of Sales",{"$f":"C46/C$9","v":{"$error":"#DIV/0!"}},{"$f":"D46/D$9","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"Net Working Capital",{"$f":"(C38-C40)-(C42+C44+C46)","v":0},{"$f":"(D38-D40)-(D42+D44+D46)","v":0},0,0,0,{"$f":"(H38-H40)-(H42+H44+H46)","v":0},0,0,0,0]
[null,"% of Sales",{"$f":"C48/C$9","v":{"$error":"#DIV/0!"}},{"$f":"D48/D$9","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"Δ Net Working Capital",null,{"$f":"D48-C48","v":0},{"$f":"E48-D48","v":0},0,{"$f":"G48-F48","v":0},{"$f":"H48-G48","v":0},0,0,0,0]
[null,"Debt and Leases - LT, ST, and Current"]
[null,"% of Revenues",{"$f":"C51/C9","v":{"$error":"#DIV/0!"}},{"$f":"D51/D9","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"Δ Net Debt",null,{"$f":"(D51-D40)-(C51-C40)","v":0},{"$f":"(E51-E40)-(D51-D40)","v":0},0,0,0,0,0,0,0]
[]
[null,null,null,null,null,null,null,"Estimates"]
[null,"Other Items",{"$f":"D56-1","v":2019},2020,2021,{"$f":"G56-1","v":2022},{"$f":"YEAR(TODAY())-1","v":2023},{"$f":"G56+1","v":2024},{"$f":"H56+1","v":2025},2026,2027,2028]
[null,"Marginal Tax Rate"]
[null,"Dividends per Share"]
[null,"% YOY Growth Rate",null,{"$f":"(D58-C58)/C58","v":{"$error":"#DIV/0!"}},{"$f":"(E58-D58)/D58","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[null,null,null,null,null,null,null,"Estimates"]
[null,"Free Cash Flows to the Firm (Unlevered)",null,{"$f":"E62-1","v":2020},2021,{"$f":"G62-1","v":2022},{"$f":"YEAR(TODAY())-1","v":2023},{"$f":"G62+1","v":2024},{"$f":"H62+1","v":2025},2026,2027,2028]
[null,"EBIT × (1-t)",null,{"$f":"D17*(1-D57)","v":0},0,0,0,0,0,0,0,0]
[null,"add Depreciation and Amortization",null,{"$f":"D31","v":0},{"$f":"E31","v":0},0,0,0,0,0,0,0]
[null,"less Capital Expenditures",null,{"$f":"D33","v":0},0,0,0,0,0,0,0,0]
[null,"less Change in NWC",null,{"$f":"D50","v":0},0,0,0,0,0,0,0,0]
[null,"FCFF (Unlevered)",null,{"$f":"D63+D64-D65-D66","v":0},0,0,0,0,0,0,0,0]
[null,"YOY Growth Rate %",null,null,{"$f":"(E67-D67)/D67","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"(H67-G67)/G67","v":{"$error":"#DIV/0!"}},{"$f":"(I67-H67)/H67","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[null,null,null,null,null,null,null,"Estimates"]
[null,"Free Cash Flows to Equity (Levered)",null,{"$f":"E71-1","v":2020},2021,{"$f":"G71-1","v":2022},{"$f":"YEAR(TODAY())-1","v":2023},{"$f":"G71+1","v":2024},{"$f":"H71+1","v":2025},2026,2027,2028]
[null,"FCFF",null,{"$f":"D67","v":0},{"$f":"E67","v":0},0,0,{"$f":"H67","v":0},0,0,0,0]
[null,"less Interest Expense × (1-t)",null,{"$f":"D21*(1-D57)","v":0},0,0,0,0,0,0,0,0]
[null,"add Change in Net Debt",null,{"$f":"D53","v":0},{"$f":"E53","v":0},0,0,{"$f":"H53","v":0},0,0,0,0]
[null,"FCFE (Levered)",null,{"$f":"D72-D73+D74","v":0},0,0,{"$f":"G72-G73+G74","v":0},{"$f":"H72-H73+H74","v":0},{"$f":"I72-I73+I74","v":0},0,0,0]
[null,"YOY Growth Rate %",null,null,{"$f":"(E75-D75)/D75","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"(H75-G75)/G75","v":{"$error":"#DIV/0!"}},{"$f":"(I75-H75)/H75","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[]
[null,"Inputs and Assumptions"]
[]
[null,"Expected Return of the Market",null,null,"Total Debt",{"$f":"G51","v":0},null,"EBITDA (Current Year)",{"$f":"G17+G64","v":0},null,"Terminal Growth"]
[null,"Beta",null,null,"Unlevered Beta",{"$f":"C82/(1+(F84*(1-F86)))","v":0},null,"EBITDA (Terminal Year)",{"$f":"L17+L64","v":0},null,"D/D+E"]
[null,"Risk-free Rate",null,null,"Relevered Beta",{"$f":"F82*(1+(F85*(1-F86)))","v":0},null,"Enterprise Value",null,null,"E/D+E"]
[null,"Required Return by CAPM",{"$f":"C83+C82*(C81-C83)","v":0},null,"D/E",null,null,"EV/EBITDA (Current Year)",{"$f":"I83/I81","v":{"$error":"#DIV/0!"}},null,"Cost of Debt"]
[null,"Shares Outstanding",null,null,"Target D/E",null,null,"EV/EBITDA (Terminal Year)",null,null,"Cost of Equity",{"$f":"C83+F83*(C81-C83)","v":0}]
[null,"Current Stock Price",{"$f":"D6","v":0},null,"Marginal Tax Rate",null,null,"Terminal Val., Exit Mult.",{"$f":"I82*I85","v":0},null,"WACC",{"$f":"L83*L85+L82*L84*(1-F86)","v":0}]
[]
[]
[null,"Free Cash Flows to the Firm (Unlevered): Perpetual Growth"]
[null,null,1,2,3,4,5]
[null,null,{"$f":"H8","v":2024},{"$f":"I8","v":2025},2026,2027,2028]
[null,"FCFF",{"$f":"H67","v":0},{"$f":"I67","v":0},{"$f":"J67","v":0},{"$f":"K67","v":0},{"$f":"L67","v":0}]
[null,"Terminal Value (FCFF)",null,null,null,null,{"$f":"(L67*(1+L81))/($L$86-L81)","v":{"$error":"#DIV/0!"}}]
[null,"PV of Cash Flow",{"$f":"SUM(C92:C93)/(1+$L$86)^C90","v":0},{"$f":"SUM(D92:D93)/(1+$L$86)^D90","v":0},{"$f":"SUM(E92:E93)/(1+$L$86)^E90","v":0},{"$f":"SUM(F92:F93)/(1+$L$86)^F90","v":0},{"$f":"SUM(G92:G93)/(1+$L$86)^G90","v":{"$error":"#DIV/0!"}}]
[null,"Sum of PV of Cash Flows",{"$f":"SUM(C94:G94)","v":{"$error":"#DIV/0!"}}]
[null,"Total Debt",{"$f":"-F81","v":0}]
[null,"Equity Value",{"$f":"C95+C96","v":{"$error":"#DIV/0!"}}]
[null,"Shares Outstanding",{"$f":"C85","v":0},null,null,"Current Price",{"$f":"C86","v":0}]
[null,"Estimate of Value",{"$f":"C97/C98","v":{"$error":"#DIV/0!"}},null,null,"Premium to Current",{"$f":"C99/G98-1","v":{"$error":"#DIV/0!"}}]
[]
[]
[null,null,"Sensitivity Table"]
[null,null,"Terminal Growth Rate"]
[null,null,{"$f":"D104-0.0025","v":-5.0000000000000001E-3},{"$f":"E104-0.0025","v":-2.5000000000000001E-3},{"$f":"L81","v":0},{"$f":"E104+0.0025","v":2.5000000000000001E-3},{"$f":"F104+0.0025","v":5.0000000000000001E-3}]
[null,{"$f":"B106-0.005","v":-0.01},{"$f":"(NPV($B105,$C$92,$D$92,$E$92,$F$92,$G$92+(($G$92*(1+C$104)/($B105-C$104))))-$F$81)/$C$98","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"B107-0.005","v":-5.0000000000000001E-3},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"L86","v":0},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"B107+0.005","v":5.0000000000000001E-3},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"B108+0.005","v":0.01},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[]
[null,"Free Cash Flows to the Firm (Unlevered): Exit Multiple"]
[null,null,1,2,3,4,5]
[null,null,{"$f":"H8","v":2024},{"$f":"I8","v":2025},2026,2027,2028]
[null,"FCFF",{"$f":"H67","v":0},{"$f":"I67","v":0},0,0,0]
[null,"Terminal Value (Exit Mult.)",null,null,null,null,{"$f":"I86","v":0}]
[null,"PV of Cash Flow",{"$f":"SUM(C115:C116)/(1+$L$86)^C113","v":0},{"$f":"SUM(D115:D116)/(1+$L$86)^D113","v":0},{"$f":"SUM(E115:E116)/(1+$L$86)^E113","v":0},{"$f":"SUM(F115:F116)/(1+$L$86)^F113","v":0},{"$f":"SUM(G115:G116)/(1+$L$86)^G113","v":0}]
[null,"Sum of PV of Cash Flows",{"$f":"SUM(C117:G117)","v":0}]
[null,"Total Debt",{"$f":"-F81","v":0}]
[null,"Equity Value",{"$f":"C118+C119","v":0}]
[null,"Shares Outstanding",{"$f":"C85","v":0},null,null,"Current Price",{"$f":"C86","v":0}]
[null,"Estimate of Value",{"$f":"C120/C121","v":{"$error":"#DIV/0!"}},null,null,"Premium to Current",{"$f":"C122/G121-1","v":{"$error":"#DIV/0!"}}]
[]
[]
[null,null,"Sensitivity Table"]
[null,null,"Exit Multiple"]
[null,null,{"$f":"D127-1","v":-2},{"$f":"E127-1","v":-1},{"$f":"I85","v":0},{"$f":"E127+1","v":1},{"$f":"F127+1","v":2}]
[null,{"$f":"B129-0.005","v":-0.01},{"$f":"(NPV($B128,$C$115,$D$115,$E$115,$F$115,$G$115+($I$82*C$127))-$F$81)/$C$121","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"B130-0.005","v":-5.0000000000000001E-3},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"L86","v":0},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"B130+0.005","v":5.0000000000000001E-3},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"B131+0.005","v":0.01},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[]
[null,"Free Cash Flows to Equity (Levered)"]
[null,null,1,2,3,4,5]
[null,null,{"$f":"H30","v":2024},{"$f":"I30","v":2025},2026,2027,{"$f":"L30","v":2028}]
[null,"FCFE",{"$f":"H75","v":0},{"$f":"I75","v":0},{"$f":"J75","v":0},{"$f":"K75","v":0},{"$f":"L75","v":0}]
[null,"Terminal Value (FCFE)",null,null,null,null,{"$f":"(L75*(1+L81))/($L$85-L81)","v":{"$error":"#DIV/0!"}}]
[null,"PV of Cash Flow",{"$f":"SUM(C138:C139)/(1+$L$85)^C136","v":0},{"$f":"SUM(D138:D139)/(1+$L$85)^D136","v":0},{"$f":"SUM(E138:E139)/(1+$L$85)^E136","v":0},{"$f":"SUM(F138:F139)/(1+$L$85)^F136","v":0},{"$f":"SUM(G138:G139)/(1+$L$85)^G136","v":{"$error":"#DIV/0!"}}]
[null,"Sum of PV of Cash Flows",{"$f":"SUM(C140:G140)","v":{"$error":"#DIV/0!"}}]
[null,"Shares Outstanding",{"$f":"C85","v":0},null,null,"Current Price",{"$f":"C86","v":0}]
[null,"Estimate of Value",{"$f":"C141/C142","v":{"$error":"#DIV/0!"}},null,null,"Premium to Current",{"$f":"C143/G142-1","v":{"$error":"#DIV/0!"}}]
[]
[]
[null,null,"Sensitivity Table"]
[null,null,"Terminal Growth Rate"]
[null,null,{"$f":"D148-0.0025","v":-5.0000000000000001E-3},{"$f":"E148-0.0025","v":-2.5000000000000001E-3},{"$f":"L81","v":0},{"$f":"E148+0.0025","v":2.5000000000000001E-3},{"$f":"F148+0.0025","v":5.0000000000000001E-3}]
[null,{"$f":"B150-0.005","v":-0.01},{"$f":"(NPV($B149,$C$138,$D$138,$E$138,$F$138,$G$138+(($G$138*(1+C$148)/($B149-C$148)))))/$C$142","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"B151-0.005","v":-5.0000000000000001E-3},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"L85","v":0},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"B151+0.005","v":5.0000000000000001E-3},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,{"$f":"B152+0.005","v":0.01},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[]
[null,"Dividend Discount Model"]
[null,null,1,2,3,4,5]
[null,null,{"$f":"H30","v":2024},{"$f":"I30","v":2025},2026,2027,2028]
[null,"Dividends",{"$f":"H58","v":0},{"$f":"I58","v":0},{"$f":"J58","v":0},{"$f":"K58","v":0},{"$f":"L58","v":0}]
[null,"Terminal Value",null,null,null,null,{"$f":"(G159*(1+L81))/(C84-L81)","v":{"$error":"#DIV/0!"}}]
[null,"PV of Cash Flow",{"$f":"SUM(C159:C160)/(1+$C$84)^C157","v":0},{"$f":"SUM(D159:D160)/(1+$C$84)^D157","v":0},{"$f":"SUM(E159:E160)/(1+$C$84)^E157","v":0},{"$f":"SUM(F159:F160)/(1+$C$84)^F157","v":0},{"$f":"SUM(G159:G160)/(1+$C$84)^G157","v":{"$error":"#DIV/0!"}}]
[]
[null,null,null,null,null,"Current Price",{"$f":"C86","v":0}]
[null,"Estimate of Value",{"$f":"SUM(C161:G161)","v":{"$error":"#DIV/0!"}},null,null,"Premium to Current",{"$f":"C164/G163-1","v":{"$error":"#DIV/0!"}}]
[]
[]
[null,null,"Sensitivity Table"]
[null,null,"Terminal Growth Rate"]
[null,null,{"$f":"D169-0.0025","v":-5.0000000000000001E-3},{"$f":"E169-0.0025","v":-2.5000000000000001E-3},{"$f":"L81","v":0},{"$f":"E169+0.0025","v":2.5000000000000001E-3},{"$f":"F169+0.0025","v":5.0000000000000001E-3}]
[null,{"$f":"B171-0.005","v":-0.01},{"$f":"(NPV($B170,$C$159,$D$159,$E$159,$F$159,$G$159+(($G$159*(1+C$169)/($B170-C$169)))))","v":0},0,0,0,0]
[null,{"$f":"B172-0.005","v":-5.0000000000000001E-3},{"$error":"#DIV/0!"},0,0,0,0]
[null,{"$f":"$C$84","v":0},0,0,{"$error":"#DIV/0!"},0,0]
[null,{"$f":"B172+0.005","v":5.0000000000000001E-3},0,0,0,0,{"$error":"#DIV/0!"}]
[null,{"$f":"B173+0.005","v":0.01},0,0,0,0,0]