Corporate Model Template

Corporate Model Template
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Sheet Tab
Table of Contents
Instructions
Settings and Checks
Raw Financial Data
Account Classification
Working
Input Summary
Debt Schedule
Financial Calculations
Financial Ratios
Valuation Parameters
Valuation
Chart2
Chart4
Chart21
Chart26
Chart3
Chart8
Chart39
Chart24
Chart28
Chart7
Chart6
Chart29
Chart22
Chart14
Chart15
Chart16
Chart12
Chart13
Chart5
Chart27
Chart19
Chart25
Chart18
Chart10
Chart17
Chart32
Chart9
Chart30
Chart31
range_names
General Inputs
Equity Parameters
Debt Parameters
46 Operating Parameters
Corporate Model Template

Description
Titles
Years and Verification
Blank Sheet for Entering Data
Spreading of Historical Accounts
Blank Sheet for Free Cash Flow
Collection of All Inputs to Run Model
Debt Inputs for Final Historic Year
Model of Financial Statements
Details of Financial Ratio Calculations
Cost of Captial and Other Parameters
Calculation of Valuation
EBITDA Margin
Return on Invested Capital
Revenues
Capital Expenditures
ROE
EPS
Multiples
Earnings Growth
DSCR
Interest Coverage
Debt ot Capital
Debt to EBITDA
Capital Expenditures and Depreciation
Depreciation Rate
Income Tax Rate
Other Income Rate
Current Assets/Revenues
Current Liabilities/Expenses
Interest Expense/Debt
Revenues
Operating Expenses
Volumes
Dividend Payout Ratio
Value per Share
Interest Income Rate
Debt Balance
Book Value per Share
Instructions
'file:///var/www/apps/conversion/tmp/scratch_1/336131974.xls'#$Instructions
Show Comments
Value per Share Dis Value per Share Discount Rate 8.0%:Company Name
EBITDA Margin
EBITDA Margin:Company Name
Return on Equity
Return on Equity:Company Name
Short Term Debt and CShort Term Debt and Cash Buildup:Company Name
Debt Service CoverageDebt Service Coverage Ratio:Company Name
Return on Invested CapReturn on Invested Capital:Company Name
Debt to Capital
Debt to Capital:Company Name
Debt/EBITDA
Debt/EBITDA:Company Name
Interest Coverage
Interest Coverage:Company Name
Debt Balance
Debt Balance:Company Name
Revenue Realization Revenue Realization Company Name
Earnings per Share: Earnings per Share: Company Name
Book Value per Share: Book Value per Share: Company Name
Income Tax Rate:
Income Tax Rate: Company Name
Current Assets/RevenuCurrent Assets/Revenues: Company Name
Current Liabilities/Exp Current Liabilities/Expenses: Company Name
Depreciation Rate:
Depreciation Rate: Company Name
Other Income Rate: Other Income Rate: Company Name
Revenues:
Revenues: Company Name
Multiples :
Multiples : Company Name
Settings and Checks

Initial Balance Sheet Year
Final Historic Year
Final Forecast Year
Valuation Year (Jan 1)
1996
2006
2006
2006
Model Verification
#VALUE!
Historic Assets OK
#VALUE!
#VALUE!
Debt Schedule OK
Cash Flow Reconciles
Title for Graphs and Reports
Company Name
Show Comments
Column
18
19
14
19
20
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Account Classification
Section 1. Inputs for Summary Balance Sheet from Raw Financi

1996
Base Year
Historic Balance Sheet - Assets

Cash and Temporary Securities
Current Assets Less Cash and Temp Securities - Revenue Related
Current Assets Less Cash and Temp Securities - Other
Plant Property and Equipment
Construction Work in Progress
Accumulated Depreciation
Net Plant
Net Goodwill
Restricted Assets
Other Assets and Investments
Deferred Debits and Deferred Taxes
Total Assets
Historic Balance Sheet - Liabilities and Capital

Current Liabilities Less Short-term Debt - Expense Related
Current Liabilities Less Short-term Debt - Other
Short-term Debt
Long term Debt
Long and Short Term Debt Capital
Defererred Credits
Other Liabilities
Deferred Taxes
Minority Interest
Preferred Stock
Equity Capital
Total Liabilities
Section 2. Summary Income Statement from Financial Data
B1
B1
B1
B1
B1
B1
B1
B1
B1
B1
B1
B1
B1
B1
B1
B1
B2
B2
B2
B2
B2
B2
B2
B2
B2
B2
B2
B2
B2
B2
B2
B2
Historic Income Statement

Total Revenues
Operating Expenses
Depreciation
Goodwill Amortization and Impairment
Amortization of Deferred Debits (Assets)
Amortization of Deferred Credits (Liabilities)
Plant Write-offs and Impairment
Other Income
Interest Expense
Interest Income
Income Taxes
Capitalized Interest and Equity
Extraordinary Income and Foreign Exchange
Cumulative Effect of Accounting Change
Preferred Dividends
Minority Interest
Net Income to Common
Actual Net Income to Common
Difference
IS
IS
IS
IS
IS
IS
IS
IS
IS
IS
IS
IS
IS
IS
IS
IS
IS
IS
IS
IS
Dividends Declared
Shares Outstanding
O
O
IS
Section 3. OPTIONAL Market Value Data
O
IS
IS
IS
O
O
O
O
O
O
O
Average or Ending Stock Price (Optional)

Market Value of Debt (Optional, uses Book)
Market Value of Preferred (Optional)
Market Value of Minorities (Optional)
Market Value of Temporary Securities (Optional)
Capacity (Optional)
Volumes (Optional)
1996
Section 4. Computions of Miscellaneous Change in Balance Sheet Account

1996
Change in Restricted Assets
Increase in Other Investments on the Balance Sheet
Change in Deferred Debits on Balance Sheet
Add: Amoritzation of Deferred Debits
Cash Flow Effect of Deferred Debits
Change in Deferred Credits on Balance Sheet

Add: Amoritzation of Deferred Credits
Cash Flow Effect of Deferred Credits
Increase in Deferred Taxes
Increase in Other Liabilities
Increase in Minority Interest
Increase In Goodwill
Less: Goodwill Amortization
Net Investment in Goodwill
Section 5. Reconciliation of Historical Plant Accounts and Capital Expenditure

1996
Depreciation and Amortization on Income Statement
Less: Net Amortization of Deferred Debits and Credits from Above
Change in Accumulated Depreciation on Balance Sheet
Adjustment to Capital Expenditures (Depreciation)-Change
Change in Plant Assets on the Balance Sheet

Add: Plant Writeoffs
Less: Increase in Share Premium
Total Historical Capital Expenditures in Financials
Capital Expenditures in Cash Flow Statement
Difference in Modeled and Presented Capital Expenditures
Section 6. Reconciliation of Equity Accounts and Dividends from Balance Sh

1996
Common Equity on Balance Sheet
Change in Equity
Increase in Share Premium
Net Income
Dividends
Implied Equity Issues (Income Less Equity Change Less Div)
Section 7. Reconciliation of Debt Issues and Maturities from Balance Shee

1996
Total Debt on Balance Sheet
Total Change in Debt on Balance Sheet

Debt Maturities (Optional)
Inplied Debt Issues from Analysis
Section 8. Checks of Historic Actuals and Modeled Historic Data - DO

Actual Net Income
Modeled Net Income
Difference
Actual Total Assets
Modeled Total Assets
Difference
Actual Total Liabilities and Capital
Modeled Total Liabilities and Capital
Difference
Actual Cash and Marketable Securities
Modeled Cash and Marketable Securities
Difference
#VALUE!
#VALUE!
Initieal Year
Final Historic Yr
1996
2006
Final Historic Year Index
11
ance Sheet from Raw Financial Data

1997
History
1998
History
1999
History
2000
History
2001
History
2002
History
1997
1998
1999
2000
2001
2002
ge in Balance Sheet Accounts -- DO NOT INPUT

1997
-
1998
-
1999
-
2000
-
2001
-
2002
-
unts and Capital Expenditures from Balance Sheet

1997
1998
1999
2000
2001
2002
###
-
nd Dividends from Balance Sheet and Dividends

1997
1998
1999
2000
2001
2002
Maturities from Balance Sheet - DO NOT INPUT

1997
1998
1999
2000
2001
2002
d Modeled Historic Data - DO NOT INPUT

#VALUE!
#VALUE!
-
#VALUE!
#VALUE!
#VALUE!
#VALUE!
-
#VALUE!
#VALUE!
#VALUE!
#VALUE!
-
#VALUE!
#VALUE!
#VALUE!
#VALUE!
-
#VALUE!
#VALUE!
#VALUE!
#VALUE!
-
#VALUE!
#VALUE!
#VALUE!
#VALUE!
-
2003
History
2004
History
2005
History
2006
History
2003
2004
2005
2006
2003
-
2004
-
2005
-
2006
-
2003
2004
2005
2006
2003
2004
2005
2006
2003
2004
2005
2006
#VALUE!
#VALUE!
#VALUE!
#VALUE!
-
#VALUE!
#VALUE!
#VALUE!
#VALUE!
-
#VALUE!
#VALUE!
#VALUE!
#VALUE!
-
#VALUE!
#VALUE!
#VALUE!
#VALUE!
-
Input
Year
Summary
Settings
Initial Balance Sheet Year -------->
Remove Column Groups
Reset Inputs
Show Comments
Year
1996 Final Historic Year -------->
1996
Base Year
Key Operating Drivers

Revenues
Cash Operating Expenses
Cash Captial Expenditures
R
R
Working Capital
Revenue/Expense Related
Current Assets/Revenues
Current Liabilities/Expenses
Non Revenue/Expense Related
Non-Revenue Assets
Non-Expense Liabilities
R
R
R
R
Depreciation Tax and Other Income

Depreciation Rate
Rate of Return on Other Assets
Income Tax Rate
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
R
Financial
Interest Rate on New Debt
Dividend Payments
Dividend Per Share
Equity Issues
New Equity Issues
Share Price on New Issues
Preferred Stock
Dividend Rate on Preferred
Change in Preferred Issues
Minority Interest
Minority Interest on Income Stament
Minority Dividends
Minority Interest Increases
Other Income Statement Inputs
Projected Other Income (Optional)
Projected Goodwill Writeoff/Amortization
Projected Amortization of Deferred Debits
Projected Amortization of Deferred Credits
Other Cash Flow Inputs
1997
History
1
Ke
Ke
Ke
1998
History
History
Fi
Financial
Fi
Fi
Fi
Financial
Working Capital
Working Capital
Wo
0.00%
0.00%
0.00%
Wo
0.00%
0.00%
0.00%
Working Capital
Wo
0.00%
0.00%
0.00%
Wo
0.00%
0.00%
0.00%
Working Capital
Depreciation Tax and Other Income
De
0.00%
0.00%
0.00%
De
0.00%
0.00%
0.00%
De
0.00%
0.00%
#VALUE!
De
0.00%
0.00%
0.00%
Financial
Fi
0.00%
Financial
Fi
0.00%
Fi
Financial
Fi
Fi
-
1999
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
#VALUE!
0.00%
0.00%
0.00%
0.00%
0.00%
#VALUE!
#VALUE!
R
R
R
R
R
R
R
R
R
Increase in Investments Input

Projected Investments in Deferred Debits
Projected Investments in Deferred Credits
Future Change in Preferred Stock
Multiples
EV/EBITDA Multiple
Price/Earnings Multiple
Market/Book Multiple
WACC for Valuation
Growth Rate for Perpuitity Calculaiton
Va
Va
Va
Direct Plant Inputs

Depreciation Expense
Interest and Equity Capitalized
Input Plant Balance
Input CWIP Balance
Input Accumulated Depreciation
Switches
Apply Net Operating Tax Loss in Calculations
Use Direct Plant Balance Inputs
Circularity Resolution Option
Dividend Payout Method
Switches
Sw
1
Sw
0
Sw BEGINNING BALANCE
Payout
2006 Final Forecast Year ------->
2000
History
2001
History
2002
History
2006
10
2003
History
2004
History
2005
History
2006
History
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0.00%
Debt Schedule
Debt Outstanding in 2006
Issue
Number
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Issue Name
Total ---->
Debt in Final Historic Year
Total Debt in Table
Difference
00.0
00.0
0
0
ding in 2006
Amount
Outstanding
Interest Rate
Maturity
Check
Total
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Show Comments
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
Total ---->
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
2006
$
$
$
$
2007
$
$
$
$
0.0%
$
$
$
$
2008
$
$
$
$
0.0%
$
$
2009
$
$
$
$
0.0%
$
2010
$
$
$
$
0.0%
0%
$
2011
$
$
$
$
0.0%
0
$
$
$
$
$
$
$
$
0%
$
0.0%
-
$
$
$
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$
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$
$
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$
$
0%
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0%
-
$
$
$
$
$
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$
$
$
$
$
$
$
$
0%
-
$
$
$
$
$
$
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$
$
$
$
$
$
$
$
$
$
$
$
$
0%
-
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$
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$
$
0%
$
$
$
0%
-
$
$
$
$
$
$
0%
-
$
$
$
$
$
$
0%
-
$
$
$
$
$
$
0%
-
$
$
$
$
$
$
0%
-
$
$
$
$
$
$
0%
-
$
$
$
$
$
$
$
$
$
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$
$
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$
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$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
0%
-
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
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$
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$
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$
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$
$
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$
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$
$
$
$
$
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$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
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$
$
$
$
$
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$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
0%
-
$
$
$
$
$
$
0%
-
$
$
$
$
$
$
0%
-
$
$
$
$
$
$
0%
-
$
$
$
$
$
$
0%
-
$
$
$
$
$
$
$
$
$
$
$
$
0%
-
$
$
$
$
$
$
$
$
$
$
0%
$
0%
-
$
$
$
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$
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$
$
0%
$
0
-
$
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$
0%
-
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0%
-
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2012
$
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2013
$
$
$
$
0.0%
2014
$
$
$
$
0.0%
2015
$
$
$
$
0.0%
2016
$
$
$
$
0.0%
2017
$
$
$
$
0.0%
0.0%
$
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$
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$
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$
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$
$
$
$
$
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$
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$
$
$
$
$
$
$
$
$
$
$
$
$
2018
$
$
$
$
2019
$
$
$
$
0.0%
2020
$
$
$
$
0.0%
2021
$
$
$
$
0.0%
2022
$
$
$
$
0.0%
2023
$
$
$
$
0.0%
0.0%
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
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$
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$
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$
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$
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$
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$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
2024
$
$
$
$
2025
$
$
$
$
0.0%
2026
$
$
$
$
0.0%
2027
$
$
$
$
0.0%
2028
$
$
$
$
0.0%
2029
$
$
$
$
0.0%
0.0%
$
$
$
$
$
$
$
$
$
$
$
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$
$
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$
2030
$
$
$
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2031
$
$
$
$
0.0%
2032
$
$
$
$
0.0%
0.0%
$
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Financial
Home Calculations
Show Comments
free_cash_flow
Summary
Begining Balance Sheet

Income Statement
cash_flow_statement
1996
1
Base Year
1
Assumptions Carried Over from Previous Sheets

Historic and Projected Items for Model Development
Hi 1. Revenue and Expenses from Operating Parameters and Account Classification Sheets
Histo Revenues
Historic Historic Revenues
Historic Projected Revenues from Operating Analysis
Total to Income Statement
Histo Expenses
Historic Historic Expenses
Historic Projected Expenses from Operating Analysis
Histo Capital Expenditures
Historic Existing Capital Expenditures
Historic Projected Capital Expenditures from Operating Analysis
Total to Cash Flow Statement
Hi 2. Depreciation Expense
Histo Depreciation Using Basic Rate Method
Historic Historic Depreciation from Acct Classification
Historic Existing Depreciation Rate - Begining Balance
Historic Projected Depreication Rate
Depreciation from Depreciation Rate Analysis
Historic Depreciation from Plant Balance Analysis
Historic an Total Depreication Expense to Income Statement
Hi 3. Other Income
Histo Return on Other Assets
Historic Rate of Return on Other Investments
Historic Projected Other Income Rate of Return
Histo Other Income
Historic Historic Other Income
Historic Projected Other Income (excl interest)
Projected Other Income (Optional Input)
Histo Balance Sheet and Cash Flow Other Investments
Historic Other Investments (Base for Other Income)
Historic Increase in Investments - Historic
Increase in Investments Input
Total Increase in Other Investments
Extraordinary Income
Cumulative Accounting Change

Total
Hi 4. Deferred Items and Writeoffs
Histo Plant Write-offs
Histo Goodwill (From Account Classification)
Historic Historic Goodwill Writeoff/Amortization
Projected Goodwill Writeoff/Amortization
Total Goodwill Writeoff/Amortization
Historic Goodwill Investment
Histo Deferred Items
Historic Historic Amortization (Expense) of Deferred Debit Assets
Projected Amortization of Deferred Debits
Total Amortization to Income Statement and CF
Historic Historic Amoritization (Income) of Deferred Credit Liabilities
Projected Amortization of Deferred Credits
Total Amortization to Income Statement and CF
Historic Historic Investment in Deferred Debit Assets - Cash Flow
Projected Investments in Deferred Debits
Total Investment in Deferred Debits
Historic Historic Increase in Deferred Credit Liabilities - Cash Flow
Projected Investments in Deferred Credits
Total Investment in Deferred Debits
Hi 5. Income Taxes
Historic Computed/Projected Tax Rate
Historic Historic Income Taxes
Historic Projected Change in Deferred Tax
Increase in Deferred Taxes
Hi 6. Minority Interest and Extraordinary Income
Histo Minority Interest
Historic Minority Share of Income
Historic an Minority Income Share - Account Classification
Historic an Minority Income Share - Equity Parameters
Historic an Total Minority Share of Income
Historic Change in Minority Interest
Historic Minority Dividend
Histo Extraordinary Income and Foreign Exchange
Hi 7. Fixed Debt Balance and Interest Expense
Histo Debt Maturities
Historic Historic Debt Maturities from Account Classification
Historic Future Debt Maturities from Debt Parameters
Historic an Total Debt Maturities to Cash Flow
Histo Debt Issues
Historic Historic Debt Issues
Historic New Debt Issues from Debt Parameters
#VALUE!
#VALUE!
Historic an Total New Debt Issues to Cash Flow

Histo Interest Expense
Historic Historic Interest Expense - Account Classification
Historic Interest Expense from Debt Schedule
Historic an Total Fixed Interest Expense to Income Statement
Histo Debt Balance
Historic Ending Debt Balance From Debt Schedule
Historic Historic Debt Balance from Account Classification
Historic an Total Debt Balance to Balance Sheet
Histo Interest and Equity Capitalized
Historic Historic Interest and Equity Capitalized
Historic Projected Interest and Equity Input
Historic an Total to Income Statement
Hi 8. Interest Rate of Short-term Debt and Mkt Securities
Histo Projected Rates
Historic an Interest Rate on Short-term Debt
Historic an Projected Interest Rate on Marketable Securities
Histo Historic Rates on Mkt Securities
Historic an Historic Interest Income
Historic an Historic Interest Income Rate
Historic Cash Balance
Historic Short-term Debt Balance
Hi 9. Trade Working Capital
Histo Current Assets (Less Cash)
Historic Historic Current Revenue Related Assets Less Cash
Historic Current Non-Revenue Related Assets Less Cash
Historic Projected Current Assets/Revenues
Historic Projected Current Assets Revenue Related Less Cash
Projected Non-Revenue From Operating Parameters
Projected Current Assets Optional Direct Input
Total Current Assets to Balance Sheet
Histo Current Liabilities (Less Short-term Debt)
Historic Historic Current Liabilities Less Notes Payable
Historic Current Non-Expense Related
Historic Projected Current Liabilities/Expenses
Historic Projected Current Liabilities Less Notes Payable
Projected Non-Expense Related from Operating Parameters
Projected Non-Expense Related Optional Direct Input
Historic an Total Current Liabilities to Balance Sheet
Hi 10. Other Assets and Liabilities
Histo Increase in Restricted Assets
Histo Increased in Other Liabilities
Histo Change in Share Premium
Hi 11. Common and Preferred Equity
#VALUE!
#VALUE!
#VALUE!
-
0.0%
0.0%
-
0.00%
-
0.00%
-
Histo Amount of New Common Equity Issues

Historic Historic Equity Issues
Historic New Equity Issues
Histo Amount of Historic Common Equity Outstanding
Histo Shares of Common Equity
Historic Historic Shares
Historic Stock Price on New Equity Issues
Histo Common Dividends
Historic Historic Dividends Paid
Historic Method for Projected Dividends
Historic Projected Amounts
Historic an Dividend Payout Ratio
Historic an Dividend Per Share
Histo Preferred Stock
Historic Preferred Stock Balance
Historic Future Change in Preferred Stock
Historic Preferred Stock Dividend Rate
Historic Historic Preferred Stock Dividends
Historic Projected Preferred Dividends
Historic an Total Preferred Stock to Income Statement
Hi 12. Input Plant Balances
Historic Switch for Inputting Plant Balance and Depreciation
Historic Input Plant Balance
Historic Input CWIP Balance
Historic Input Accumulated Depreciation
Historic Historic Plant Balance
Historic Historic CWIP Balance
Income Statement
IncomRevenues
IncomOperating Expenses
IncomOther Income
Income EBITDA
IncomDepreciation
IncomPlant Write-offs
IncomGoodwill Writeoffs and Amortization
IncomDeferred Debit Amortization
IncomDeferred Credit Amortization (Income)
Income EBIT (Operating Income)
IncomInterest Expense and Income
Income Interest on New Debt
Income Interest on Existing Debt
Income Sta Total
Income Sta Interest Income
0.00%
-
Income Sta Less: Capitalized Interest and Equity

Income EBT
IncomTaxes before NOL
Income Beginning NOL
Income Additions to NOL
Income Subtractions from NOL
Income Ending NOL
IncomRealized Taxes
IncomExtraordinary Income
IncomLess: Minority Interest
IncomPreferred Dividends
Income Net Income
Income Statement
Cash Flow Statement

Cash Net Income
Cash FloAdd: Depreciation
Cash FloAdd: Goodwill Writeoff
Cash FloAdd: Amortization of Deferred Debits
Cash FloLess: Amortization of Deferred Credits
Cash FloAdd: Plant Write-offs
Cash FloAdd: Deferred Taxes
Cash FloAdd: Minority Interest
Cash Working Capital from Operations
Cash FloLess: Change in Working Capital
Cash Cash Flow from Operations
Cash FloLess: Capital Expenditures
Cash FloLess: Increase in Other Investments
Cash FloLess: Acquisition of Goodwill
Cash FloLess: Increase in Deferred Debits
Cash FloPlus: Increase in Deferred Credits
Cash FloPlus: Increase in Other Liabilities
Cash Flow Total Capital Expense and Investments
Cash Cash Flow Before Financing
Cash FloPlus: Increase in Minority Interest
Cash FloLess: Minority Dividends
Cash FloLess: Restricted Assets Funding
Cash FloPlus: Debt Financing
Cash FloPlus: Equity Financing
Cash FloLess: Debt Maturity Payments
Cash FloLess: Change in Preferred Stock
Cash FloLess: Dividend Payments
Cash Flow Change in Cash or Notes Payable
Cash Flow Statement
Balance Sheet
BaAssets
Balan Current Assets
Balance Restricted Cash
Balance Operating Cash and Temporary Investments
Balance Other Current Assets
Balance Sh Total Current Assets

Balan Plant Property and Equipment
Balance Gross Plant Value
Balance Construction Work in Progress
Balance Accumulated Depreciation
Balance Sh Net Plant
Balance Sheet
Balan Other Assets
Balance Other Investments
Balance Restricted Assets
Balance Deferred Debits
Balance Goodwill
Balance Sh Total Other Assets
Balan Total Assets
Balance Sheet
BaLiabilities and Capital
Balan Current Liabilities
Balance Current Liabilities Excluding Short-term Debt
Balance Short-term Debt
Balance Sh Total Current Liabilities
Balan Existing and Input Debt Issues
Balan Other Liabilities
Balance Other Liabilities
Balance Deferred Credits
Balance Deferred Taxes
Balance Sh Total
Balan Preferred and Minority
Balance Minority Interest
Balance Preferred Stock
Balance Sh Total Preferred and Minorities
Balan Common Equity
Balance Opening Balance
Balance Sh Add: Change in Share Premium
Balance Sh Add: Equity Issues
Balance Sh Add: Net Income
Balance Sh Less: Dividends
Balance Closing Common Equity
Balan Total Liabilities and Capital
Balance Sheet
Balan Working Capital
Balance Sheet
Balan Assets Less Liabilities
Balance Sheet
Balan Historic Assets/Liabilities
Balan Difference
Balance Sheet
Balan Historic Common Equity
Balan Modeled Common Equity
Balance Difference
Balance Sheet
#VALUE!
-
#VALUE!
#VALUE!
#VALUE!
-
Analysis of Short-Term Debt and Marketable Securities

AnActual Cash Balance
AnActual Short-term Debt Balance
An Accumulated Balance of Cash net of Short-term Debt
Analy Opening Balance
Analy Add: Change in Cash and STD from Cash Flow
Analy Closing Balance of Cash Net of STD
Analy Separation into Cash Balance and Notes
Analysis Cash and Marketable Securities
Analysis Notes Payable
Analy Interest Income on Cash Balance
Analysis Interest Rate on Temporary Securities
Analysis Average Cash Balance
Analysis Interest Income on Beginning Balance
Analysis Interest Income on Average Balance
Analysis Interest Income on Average Balance as Value
Analysis of Difference between Value and Computation
Analy Interest Expense on Short-term Debt
Analysis Interest Rate on Short-term Debt
Analysis Average Notes Payable Balance
Analysis Interest Expense on Beginning Balance
Analysis Interest Expense on Average Balance
Analysis Interest Expense on Average Balance as Value
Analysis of Difference between Value and Computation
0.0%
-
0.00%
Share Balance
ShareBeginning Balance
ShareAdd: New Shares -- Historic
ShareNew Shares Issued
ShareTotal Shares
Share Average Shares
ShareEarnings Per Share
Earnings Per Share without Extraordinary
1997
2
History
1998
3
History
1999
4
History
2000
5
History
2001
6
History
2002
7
History
0.0%
0.0%
-
0.0%
0.0%
-
0.0%
0.0%
-
0.0%
0.0%
-
0.0%
0.0%
-
0.0%
0.0%
-
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
-
#VALUE!
-
#VALUE!
-
#VALUE!
-
#VALUE!
-
#VALUE!
-
#VALUE!
#VALUE!
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#VALUE!
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#VALUE!
#VALUE!
#VALUE!
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#VALUE!
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-
#VALUE!
-
#VALUE!
-
#VALUE!
-
#VALUE!
-
#VALUE!
-
#VALUE!
-
#VALUE!
-
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
-
0.0%
-
0.0%
-
0.0%
-
0.0%
-
0.0%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
#VALUE!
-
#VALUE!
-
0.00%
-
#VALUE!
-
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-
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-
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-
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-
0.00%
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#VALUE!
0.0%
-
0.0%
-
0.0%
-
0.0%
-
0.0%
-
0.0%
-
0.00%
#VALUE!
#VALUE!
0.00%
#VALUE!
#VALUE!
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0.00%
#VALUE!
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0.00%
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2003
8
History
2004
9
History
2005
10
History
2006
11
2007
12
2008
13
History
0.0%
0.0%
-
0.0%
0.0%
-
0.0%
0.0%
-
0.0%
0.0%
-
0.0%
0.0%
-
0.0%
0.0%
-
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
-
0.0%
-
#VALUE!
-
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-
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-
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-
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0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
-
0.0%
-
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-
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-
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-
0.00%
-
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-
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#VALUE!
0.0%
-
0.0%
-
0.0%
-
0.0%
-
0.0%
#VALUE!
#VALUE!
0.0%
#VALUE!
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0.00%
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0.00%
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0.00%
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0.00%
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0.00%
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0.00%
#VALUE!
#VALUE!
#VALUE!
#VALUE!
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#VALUE!
#VALUE!
#VALUE!
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2009
14
2010
15
2011
16
2012
17
2013
18
2014
19
0.0%
0.0%
-
0.0%
0.0%
-
0.0%
0.0%
-
0.0%
0.0%
-
0.0%
0.0%
-
0.0%
0.0%
-
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
-
0.0%
-
0.0%
-
0.0%
-
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-
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-
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0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
-
0.0%
-
0.0%
-
0.0%
-
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0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
Payout
Payout
Payout
Payout
Payout
Payout
0.00%
-
0.00%
-
0.00%
-
0.00%
-
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-
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-
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0.0%
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0.0%
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2015
20
2016
21
2017
22
0.0%
0.0%
-
0.0%
0.0%
-
0.0%
0.0%
-
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
-
0.0%
-
0.0%
-
#VALUE!
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0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
-
0.0%
-
0.0%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
Payout
Payout
Payout
0.00%
-
0.00%
-
0.00%
-
#VALUE!
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Financial Ratios
Graph Periods
10
1997
Free Cash Flow

Free Cash Flow
FreEBITDA
Free C Less: Cap Exp
Free C Less: Working Capital Increase
Free C Less: Cash Taxes on EBIT (Less Deferred)
Free C Add: Other Income Net of Tax
Free C Add: Change in Other
Free Cash Total Free Cash
Free Cash Flow
Free Cash Flow
FreCash Flow Before Financing
Free C Add: Interest Expense
Free C Less: Taxes on Interest
Free C Less: Interest Income on Temporary Securitites
Free C Add: Taxes on Interest on Temporary Securities
Free Cash Free Cash Flow
Financial Ratios
Financial Ratios
Performance Ratios
Return on Average Equity
Net Income to Equity
Average Common Equity
Financial Return on Average Equity
0.00%
Net Income without Extraordinary

Adjusted Return on Average Equity
Return on Invested Capital (ROIC)
NOPLAT - Numerator
EBIT
Tax Rate
NOPLAT
Invested Capital - Denominator
Common Equity
Preferred
Long and Short term Debt
Minority Interest
Dividend Payable
Less: Cash
Invested Capital
Average Invested Capital
Financi Return on Invested Capital
0.00%
0.00%
#VALUE!
-
#VALUE!
-
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Return on Invested Capital (ROIC) without Goodwill

NOPLAT with Goodwill Amortization and Impariment
Add: Goodwill Amortization
Less: Taxes on Goodwill Amortization
Adjusted NOPLAT
Invested Capital without Goodwill Adjustment
Less: Goodwill
Adjusted Invested Capital
Average Invested Capital w/o Goodwill
Adjusted ROIC without Goodwill
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Return on Capital Employed

Net Income
Plus: Minorities
Plus: Net of Tax Interest
Numerator
Return on Assets
Valuation Ratios
Earnings per Share
Growth
Price to Earnings
Stock Price
Earnings per Share
PE
EV to EBITDA
EV
Shares
Market Capitalization
Debt Value
Preferred Value
Minorities Value
Short-term Securities
Total EV
EBITDA
EV/EBITDA
#VALUE!
#VALUE!
-
EV to NOPLAT
EV
NOPLAT
EV/NOPLAT
#VALUE!
-
EV to Sales
EV
#VALUE!
Sales
EV/Sales
Other
FinanciReturn on Equity
FinanciDividend/Share
FinanciBook Value/Share
FinanciDividend Payout Ratio
0.00%
0.0%
Market to Book Ratio

Market Value per Share
Market to Book Ratio
Growth Rates
Sales
EBITDA
Investment
EPS
Credit Ratios - Solvency

EBIT/Interest
EBIT
Interest Expense
Financial EBIT/Interest
Debt/Capital
Debt
Captial
Equity
FinanciDebt/Capital
#VALUE!
#VALUE!
#VALUE!
Debt Service Coverage Ratio

Net Income
Plus Interest Expense
Debt MTotal Debt Service
Financial Debt Service Coverage Ratio
Debt/EBITDA
Fixed Debt
Short-term Debt
EBITDA
Financial Debt/EBITDA
Financial Ratios
Other Ratios
Average Interest Rate
Total Debt
#VALUE!
#VALUE!
#VALUE!
#VALUE!
-
#VALUE!
#VALUE!
Interest Expense
FinanciAverage Interest Rate
Histor Historic Average Interest Rate
Histor Interest Rate on LTD
Operating Ratios
Histor Capacity
Histor Volume
FinanciAverage Revenue Realization
FinanciOperating Cost/Unit
FinanciNet Plant/Capacity
FinanciCap Exp/Chg Capacity
FinanciOperating Expense/Volume
Period for compounding
Sales
Periods
Initial Sales
Compound Growth
This Period Growth
EPS
Growth
Initial Earnings
Compound Growth
1
2
3
4
5
6
7
8
9
###
11
###
###
###
###
###
###
#VALUE!
#VALUE!
0.0%
10.00
-
1997
EBITDA
EBITDA Margin
Base Case
Current Case
Return on Equity
Adjusted for Extraordinary
Unadjusted
Return on Invested Capital
Base Case
Current Case
0.0%
0.0%
0.00%
0.00%
0.00%
#VALUE!
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
Base Case
Current Case
0.00%
#VALUE!
Debt/Capital
Base Case
Current Case
0%
#VALUE!
Interest Coverage Ratio

Base Case
Current Case
Debt/Cash Flow
Base Case
Current Case
Earnings Per Share

Unadjusted
Adjusted for Acc Change

Base Case
Current Case
0.00%
0.00%
Book Value/Share
Base Case
Current Case
Dividend/Share
Base Case
Current Case
Revenues
Base Case
Current Case
Expenses
Base Case
Current Case
Base Case
Current Case
Capacity
Base Case
Current Case
Volume
Base Case
Current Case
###
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###
###
Revenue Realization
Base Case
Current Case
Net Plant/Capacity
Base Case
Current Case
Cap Exp/Chg Capacity

Base Case
Current Case
Operating Cost/Volume
Base Case
Current Case
Debt/EBITDA
Base Case
Current Case
Debt Service Coverage

Base Case
Current Case
#VALUE!
Depreciation
Base Case
Current Case
Stock Price
10
1998
1999
2000
2001
2002
2003
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-
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0.0%
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0.0%
#VALUE!
0.0%
#VALUE!
0.0%
#VALUE!
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1.00
9.00
-
2.00
8.00
-
3.00
7.00
-
4.00
6.00
-
5.00
5.00
-
6.00
4.00
-
1998
1999
2000
2001
2002
2003
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
#VALUE!
#VALUE!
#VALUE!
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#VALUE!
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0.00%
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0.00%
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0.00%
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0.00%
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0.00%
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-
0
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0
-
0
-
0
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0
-
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2004
2005
2006
2007
2008
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0.0%
#VALUE!
0.0%
7.00
3.00
-
8.00
2.00
-
9.00
1.00
-
2004
2005
2006
2007
2008
2009
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
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10.00
-
10.00
-
10.00
-
0.00%
#VALUE!
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-
0
-
0
-
0
-
0
-
0
-
#VALUE!
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2010
2011
2012
2013
2014
2015
2016
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0.0%
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0.0%
10.00
-
10.00
-
10.00
-
10.00
-
10.00
-
10.00
-
10.00
-
2010
2011
2012
2013
2014
2015
2016
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
#VALUE!
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###
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-
###
-
0.00%
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#VALUE!
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#VALUE!
###
-
###
-
###
-
###
-
###
-
###
-
0
-
0
-
0
-
0
-
0
-
0
-
0
-
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-
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-
###
-
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-
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Columns
Start
10
2017
#VALUE!
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10
#VALUE!
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-
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-
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0.0%
10.00
-
2017
-
0.0%
0.0%
#VALUE!
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0.00%
#VALUE!
0.00%
#VALUE!
0%
#VALUE!
#VALUE!
0.00%
#VALUE!
0
-
0
-
#VALUE!
Valuation Parameters Company Name

Valuation Input
EV/EBITDA For DCF Terminal and For Multiple Method
Price/Earnings Ratio for Multiple and Residual Value Calculation
Market/Book Ratio for Multiple and Residual Value Calculation
Switch for Computing Discount Rate Using Capital Asset Pricing Model
Unlevered (WACC) Cost of Capital In Valuation
Equity Cost of Capital In Valuation
Debt/Capital for CAPM Calculation
Beta
Rf
Rm
Growth Rate for Perpuitity Calculaiton
Replacement Cost/Unit for Residual Value Calculation
Q Ratio For Replacement Cost Calculation
Switch for Average Balcance Calculation of Interest
Switch for Resolving Calculation w/o Circularity
Mid Year Discounting of Cash Flows
Switch for Allowing Negative Taxes
#VALUE!
Valuation Presented
Valuation
ompany Name
Cash Flow
Amount
11.00
16.00
2.00
0
8.0%
9.0%
50%
0.9
5%
8%
3.0%
0
2.2
0
0
1
0
ulation
ation
Pricing Model
EBITDA
Cash Flow
Perpuitity
33
800%
Cash/PE
Discounted
Earnings
-
Cash Flow Valuation, Residual EBITDA (EV Multiple 11.0)

Cash Flow Valuation, Residual Perpuitity (Growth 3.0%)
Cash Flow Valuation, Residual P/E Ratio (Multiple 16.0)
Cash Flow Valuation, Residual Replacment Value
BITDA (EV Multiple 11.0)
erpuitity (Growth 3.0%)
/E Ratio (Multiple 16.0)
Replacment Value
Valuation
DCF Summary - Method Cash Flow Valuation, Residual P/E Ratio (Multiple 16.0)
Present Value
at 8.0%
Free Cash Flow
#VALUE! #VALUE!
Terminal Value
Terminal Value Multiples
Enterprise Value
EV/EBITDA For Residual
#VALUE!
Less: Net Debt
Price/Earnings Ratio
Equity Value
Market/Book Ratio
#VALUE!
Shares
Equity Value per Share
Unlevered (WACC) Cost of Capital
Equity Cost of Capital
Growth in Cash Flow post 2006
Weighted Average Cost of Capital
Earnings per S
Weighted
Cost
AT Cost
Percent
Cost
Debt
60%
6.00%
4.3%
2.59%
Equity
40%
9.0%
9.0%
3.60%
Total
12
10
8.00%
8
6
Transaction Year
2006
Terminal Year
2006
4
2
0
Projected Data From Financial Calculations Used in Various Valuation Formulas

Year
1997
1998
Time Period Code

Free Cash Flow
Shares
Total Debt
#VALUE!
#VALUE!
#VALUE!
EBITDA
Net Income
EPS
DPS
#VALUE!
Debt
#VALUE!
#VALUE!
Cash and Temporary Investments
BV per Share
Total Capacity
Cap Exp - Depreciation
DCF Analysis Details

Valuation from Free Cash Flow and Perpituity
Step 1: Compute Present Value of Free Cash Flow
Switch to Use Cash Flow in Valuation
Free Cash Flow over Projected Horizon
Year of Forecast Horizon Used For Discounting
Year after Adjusting for Mid-Year Convention
Step 2: Discount Rates for Free Cash Flow
Discount Rate applied to Free Cash Flow
8.00%
8.00%
PV Factor for Residual
1.000
1.000
PV Factor Applied to Free Cash Flow
PV of Free Cash Flow
Sum of PV of Free Cash Over Forecast Period
#VALUE!
#VALUE!
#VALUE!
Step 3: Add Residual Value - Perpuitity Method

Switch for Final Year of Forecast
Free Cash Flow
Capitalization Rate (1/(WACC-g))
20.00
20.00
Nominal Value (FCF x (1+g))xCap Rate)
Present Value of Residual
Enterprise Value - Perpituity Method
#VALUE!
Step 4: Determine Value of Equity per Share - Perpuitity Method

Switch for Transaction Date
Debt Outstanding
Cash
Equity Value
Shares Outstanding
Equity Value per Share
#VALUE!
#VALUE!
Valuation from Free Cash Flow and EBITDA Multiple

Step 2: Add Residual Value - EBITDA Multiple
#VALUE!
EBITDA
EBITDA Multiple
11.00
11.00
Nominal Value of Company in Residual Year
Present Value of Terminal Value
Enterprise Value - EBITDA Multiple
#VALUE!
Step 3: Value of Equity Per Share

Equity Value
#VALUE!
Equity Value/Share
#VALUE!
Valuation from Free Cash Flow and P/E Ratio

#VALUE!
Step 2: Add Residual Value - P/E Multiple

Net Income
P/E Multiple
16.00
16.00
Equity Value in Terminal Year
Debt Value in Terminal Year
Nominal Value of Residual
Enterprise Value
#VALUE!

Equity Value
#VALUE!
Equity Value/Share
#VALUE!
Valuation from Free Cash Flow and Repalcement Cost

#VALUE!
Step 2: Add Residual Value - Replacement Cost

Capacity
Value of Capacity
2.20
2.20
Q Ratio - Value/Replacement Cost
Enterprise Value
#VALUE!

Equity Value
Equity Value/Share
Section 2: Valuation from Equity Income and Dividends

Valuation from EPS and Growth
#VALUE!
-
Step 1: Compute Present Value of EPS over Horizon

Equity Discount Rate
9.00%
9.00%
Earnings per Share
PV Factor - Equity Discount Rate
PV of EPS
Sum of EPS PV
Step 2: Compute Residual Value of Equity

Terminal EPS
EPS Growth
3%
Capitalization Rate (1/(k-g))
16.67
Nominal Terminal Value
PV of Terminal Value
Step 3: Total Equity Value
Valuation from DPS and Growth

Step 1: Compute Present Value of DPS over Horizon
Dividends per Share
PV of DPS
Sum of DPS PV
Step 2: Compute Book Residual Value

2.00
2.00
Book Value Multiple
Step 3: Total Equity Value
Six Valuation Methods Using the Financial Projections

Residual in Free Cash Flow Analysis
Parameter
EBITDA (EV Multipl
11
Perpuitity (Growth)
3%
P/E Ratio (Multiple)
16.00
Replacment Value
Residual in Other Approaches
Component
EBITDA
Residual
Component in
Terminal Year
#VALUE!
Cash Flow
Net Income
Capacity
EPS (Growth)
0%
BV Per Share
EPS
BV
Three Multiple Approaches with Projected Financial Data

Next Year
Next Yr + 1
EBITDA Multiple
EBITDA
Less: Debt
Equity Value
Shares
Equity Value/Share
Average EPS
0%
0%
EBITDA Multiple
P/E Ratio
11
16.00
EPS Growth
0%
Book Value/Share
Multiple
2.00
Graph Titles
PV of Free Cash Flow at 8.00%
Discounted Earnings - (Growth Rate 3.0%)
Discounted Dividends
P/E Multiple 16.0
EBITDA Multiple 11.00
Book Value Multiple 2.0
ltiple 16.0)
Terminal Value Multiples
EBITDA For Residual
11.00
e/Earnings Ratio
16.00
ket/Book Ratio
2.00
evered (WACC) Cost of Capital
8.00%
ity Cost of Capital
9.00%
wth in Cash Flow post 2006
3.00%
Earnings per Share: Company Name

Headline
Actual
1999
2000
2001
2002
2003
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
8.00%
8.00%
8.00%
8.00%
8.00%
1.000
1.000
1.000
1.000
1.000
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
20.00
20.00
20.00
20.00
20.00
11.00
11.00
11.00
11.00
11.00
16.00
16.00
16.00
16.00
16.00
2.20
2.20
2.20
2.20
2.20
9.00%
9.00%
9.00%
9.00%
9.00%
16.67
16.67
16.67
16.67
16.67
2.00
2.00
2.00
2.00
2.00
Nomial Value
of Residual
#VALUE!
Adjustment to
Nominal
Residual
-
Total Value of
Residual
PV Factor to Apply to
Residual
#VALUE!
PV of Residual
-
Next Yr + 2
Next Yr + 3
0%
0%
0%
Average
Control
Control/100
800%
8.0%
900%
9.0%
3.0%
2004
2005
2006
2007
2008
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1.00
2.00
(0.50)
1.00
2.00
8.00%
8.00%
8.00%
8.00%
8.00%
1.000
1.000
1.039
0.926
0.857
0.926
0.857
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
20.00
20.00
20.00
20.00
20.00
11.00
11.00
11.00
11.00
11.00
16.00
16.00
16.00
16.00
16.00
2.20
2.20
2.20
2.20
2.20
9.00%
9.00%
9.00%
9.00%
9.00%
16.67
16.67
16.67
0.917
0.842
16.67
16.67
2.00
2.00
2.00
2.00
2.00
PV of Flows over
forecast period
Total Enterprise
Value
Net Debt Value
Equity Value
Shares
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2009
2010
2011
2012
2013
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
3.00
4.00
5.00
6.00
7.00
3.00
4.00
5.00
6.00
7.00
8.00%
8.00%
8.00%
8.00%
8.00%
0.794
0.735
0.681
0.630
0.583
0.794
0.735
0.681
0.630
0.583
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
20.00
20.00
20.00
20.00
20.00
11.00
11.00
11.00
11.00
11.00
16.00
16.00
16.00
16.00
16.00
2.20
2.20
2.20
2.20
2.20
9.00%
0.772
9.00%
0.708
9.00%
0.650
9.00%
0.596
9.00%
0.547
16.67
16.67
16.67
16.67
16.67
2.00
2.00
2.00
2.00
2.00
Value per Share

-
2014
2015
2016
2017
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
8.00
9.00
10.00
11.00
8.00
9.00
10.00
11.00
8.00%
8.00%
8.00%
8.00%
0.540
0.500
0.463
0.429
0.540
0.500
0.463
0.429
#VALUE!
#VALUE!
#VALUE!
#VALUE!
20.00
20.00
20.00
20.00
11.00
11.00
11.00
11.00
16.00
16.00
16.00
16.00
2.20
2.20
2.20
2.20
9.00%
0.502
9.00%
0.460
9.00%
0.422
9.00%
0.388
16.67
16.67
16.67
16.67
2.00
2.00
2.00
2.00
EBITDA Margin:Company Name

EBITDA/Sales
EBITDA includes other income but it does not include extraordinary items
and it does not include interest income or expense. The ratio is
documented in financial ratio sheet.
12
10
8
6
4
2
1.00
Return on Invested Capital:Company Name

12
10
8
6
4
2
0
12
12
10
10
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Compound Growth From Initial Year
Growth Rate
Revenue
Revenues: Company Name
Sales Level
Capital Expenditures and Depreciation

12
10
Depreciation
Return on Equity:Company Name

12
10
Stock Price
12
10
Earnings per Share: Company Name

12
10
Multiples : Company Name

12
10
0
PE Ratio
EV EBITDA
EV NOPLAT
Earnings Growth Rate

12
10
Annual Growth
Compound Growth
Debt Service Coverage Ratio:Company Name

12
10
Interest Coverage:Company Name

12
10
Debt to Capital:Company Name

12
10
Debt/EBITDA:Company Name
12
10
Net Plant/Sales and Capital Expenditures

12
12
Net Plant/Sales
Captial Expenditure
10
10
Depreciation Rate: Company Name

12
10
0
Depreciation Rate
Projected

12
10

100.0%
90.0%
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
1
10
11
12
13
Income Tax Rate: Company Name

12
10
Book Value per Share: Company Name

12
10
Other Income Rate of Return

12
10
Current Assets/Revenues: Company Name

12
10
Current Liabilities/Expenses: Company Name

12
10
12
10
Current Case
Adjusted for
Extraordinary
2
1
Revenue Realization Company Name

12
10
0
Revenue/Unit
Cost/Unit
Operating Expenses
12
10
Volumes
12
10
2
1
0
Debt Balance:Company Name

12
10
New Debt
Existing and Input
PV of Free Cash Flow at 8.00%

12
Value of Cash Flow
10
Valuation Components Using Free Cash Flow

1
1
1
1
1
1
0
Value of Cash Flow

Value of Residual
Current Value of Debt
Total Equity Value
0
0
0
-
11
EBITDA (EV Multiple)
0.03
Perpuitity (Growth)
16
P/E Ratio (Multiple)
0
Replacment Value
Value per Share Discount Rate 8.0%:Company Name

Book Value Multiple 2.0
EBITDA Multiple 11.00
P/E Multiple 16.0
-
Discounted Dividends
Discounted Earnings - (Growth Rate 3.0%)
-

-
0.100 0.200 0.300 0.400 0.500 0.600 0.700 0.800 0.900 1.000
range_names
='Valuation Parameters'!$L$13
_eq_cost_i =Valuation!$O$10
_ev_ebitda =OFFSET('Financial Ratios'!$G$89,0,0,1,'Financial Ratios'!$H$1)
_ev_noplat =OFFSET('Financial Ratios'!$G$94,0,0,1,'Financial Ratios'!$H$1)
_growth_in =Valuation!$O$11
_pe_ratio =OFFSET('Financial Ratios'!$G$77,0,0,1,'Financial Ratios'!$H$1)
_roi1
=OFFSET('Financial Ratios'!$G$59,0,0,1,'Financial Ratios'!$G$1)
_wacc
_wacc_inpu=Valuation!$O$9
average_c ='Financial Calculations'!$G$306:$W$306
average_st='Financial Calculations'!$G$314:$W$314
avg_bal_sw='Valuation Parameters'!$L$21
base_cash_='Financial Ratios'!$D$2
book_shar ='Financial Ratios'!$G$201:$X$201
book_shar ='Financial Ratios'!$G$200
bs_1
='Account Classification'!$C$13:$AF$19
bs_2
bs_3
bs_4
bv_share =OFFSET('Financial Ratios'!$G$201,0,0,1,'Financial Ratios'!$AB$1)
ca_revenu =OFFSET('Financial Calculations'!$H$123,0,0,1,'Financial Ratios'!$G$1)
cap_chg ='Financial Ratios'!$G$237:$X$237
cap_chg_1 ='Financial Ratios'!$G$236
cap_exp =OFFSET('Financial Ratios'!$G$9,0,0,1,'Financial Ratios'!$H$1)
cap_exp_c =OFFSET('Financial Ratios'!$G$237,0,0,1,'Financial Ratios'!$H$1)
capacity =OFFSET('Financial Ratios'!$G$221,0,0,1,'Financial Ratios'!$H$1)
capm_swit ='Valuation Parameters'!$L$11
cexp
='Financial Ratios'!$G$217:$X$217
cexp1
='Financial Ratios'!$G$216
circularity_ ='Valuation Parameters'!$L$22
cl_rev
=OFFSET('Financial Calculations'!$H$128,0,0,1,'Financial Ratios'!$G$1)
cost
=OFFSET('Financial Ratios'!$G$241,0,0,1,'Financial Ratios'!$H$1)
cost_unit ='Financial Ratios'!$G$241:$X$241
cost_unit_ ='Financial Ratios'!$G$240
cpac
cpac_1
dbt_ebit ='Financial Ratios'!$G$245:$X$245
dbt_ebit_1 ='Financial Ratios'!$G$244
debt_balan=OFFSET('Financial Calculations'!$H$258,0,0,1,'Financial Ratios'!$AB$1)
debt_balan=OFFSET('Financial Calculations'!$H$260,0,0,1,'Financial Ratios'!$AB$1)
debt_cap ='Financial Ratios'!$G$181:$X$181
debt_cap_ ='Financial Ratios'!$G$180
debt_capita=OFFSET('Financial Ratios'!$G$181,0,0,1,'Financial Ratios'!$G$1)
debt_capit =OFFSET('Financial Ratios'!$G$180,0,0,1,'Financial Ratios'!$G$1)
debt_cash =OFFSET('Financial Ratios'!$G$189,0,0,1,'Financial Ratios'!$G$1)
debt_cash =OFFSET('Financial Ratios'!$G$188,0,0,1,'Financial Ratios'!$G$1)
debt_csh ='Financial Ratios'!$G$189:$X$189
debt_csh_ ='Financial Ratios'!$G$188
debt_mat ='Debt Parameters'!$F$9:$F$18
dep_exp =OFFSET('Financial Ratios'!$G$253,0,0,1,'Financial Ratios'!$H$1)
dep_rate_e=OFFSET('Financial Calculations'!$H$26,0,0,1,'Financial Ratios'!$AB$1)

dep_rate_p=OFFSET('Financial Calculations'!$H$27,0,0,1,'Financial Ratios'!$AB$1)
depr
depr_1
div_payout ='Financial Ratios'!$G$197:$X$197
div_payout ='Financial Ratios'!$G$196
div_share ='Financial Ratios'!$G$205:$X$205
div_share_ ='Financial Ratios'!$G$204
dividend_p =OFFSET('Financial Ratios'!$G$197,0,0,1,'Financial Ratios'!$AB$1)
ds_cr
ds_cr_1 ='Financial Ratios'!$G$248
dscr
dscr_base =OFFSET('Financial Ratios'!$G$248,0,0,1,'Financial Ratios'!$G$1)
earn_ps ='Financial Ratios'!$G$193:$X$193
earn_ps_1 ='Financial Ratios'!$G$192
ebit_margi ='Financial Ratios'!$G$165:$X$165
ebit_margi ='Financial Ratios'!$G$164
ebitda_mar=OFFSET('Financial Ratios'!$G$165,0,0,1,'Financial Ratios'!$G$1)
ebitda_mar=OFFSET('Financial Ratios'!$G$164,0,0,1,'Financial Ratios'!$G$1)
EBITDA_Mul
eps
eps_base =OFFSET('Financial Ratios'!$G$192,0,0,1,'Financial Ratios'!$G$1)
equity_mino='Equity Parameters'!$E$9:$L$22
expen
='Financial Ratios'!$G$213:$W$213
expen_1 ='Financial Ratios'!$G$212
expenses =OFFSET('Financial Ratios'!$G$213,0,0,1,'Financial Ratios'!$H$1)
final_forec ='Settings and Checks'!$C$5
final_histo ='Settings and Checks'!$C$4
growth_rat ='Valuation Parameters'!$L$18
hist_assets='Account Classification'!$C$17:$T$27
hist_div
='Account Classification'!$C$70:$T$70
hist_inc_st ='Account Classification'!$C$50:$T$64
hist_incom ='Account Classification'!$C$17:$T$27
hist_liab ='Account Classification'!$C$32:$T$39
hist_share ='Account Classification'!$C$71:$T$71
hist_vol
='Account Classification'!$C$73:$T$74
historic_ta ='Account Classification'!$B$11:$AE$168
initial_year ='Settings and Checks'!$C$3
int_cov
int_cov_1 ='Financial Ratios'!$G$184
int_rat
int_rat1
int_rate
int_rate_b =OFFSET('Financial Ratios'!$G$176,0,0,1,'Financial Ratios'!$G$1)
interest_c =OFFSET('Financial Ratios'!$G$185,0,0,1,'Financial Ratios'!$G$1)
interest_c =OFFSET('Financial Ratios'!$G$184,0,0,1,'Financial Ratios'!$G$1)
interest_e ='Financial Calculations'!$G$317:$W$317
interest_i ='Financial Calculations'!$G$308:$W$308
interest_i ='Financial Calculations'!$G$309:$W$309
interest_ra ='Financial Calculations'!$G$305:$W$305
interest_ra ='Financial Calculations'!$G$313:$W$313

interest_sc ='Debt Schedule'!$I$3:$AJ$11
is_1
is_2
is_3
market_to ='Valuation Parameters'!$L$10
mid_year ='Valuation Parameters'!$L$23
oper_parm ='Operating Parameters'!$F$9:$J$18
operating_ ='Operating Parameters'!$E$9:$J$18
operating_ ='Operating Parameters'!$E$9:$J$22
oth_inc_rat=OFFSET('Financial Calculations'!$H$34,0,0,1,'Financial Ratios'!$AB$1)
other_inv_r='Financial Inputs'!$J$10
p_e_multip ='Valuation Parameters'!$L$9
plt_cap
plt_cap_1 ='Financial Ratios'!$G$232
prc
prc_1
price
pv_cash =OFFSET(Valuation!$G$59,0,0,1,'Financial Ratios'!$AB$1)
q_ratio
replacemen='Valuation Parameters'!$L$19
ret_eq
reven
reven_1 ='Financial Ratios'!$G$208
revenues =OFFSET('Financial Ratios'!$G$209,0,0,1,'Financial Ratios'!$H$1)
roe
roe_1
roe_base =OFFSET('Financial Ratios'!$G$168,0,0,1,'Financial Ratios'!$G$1)
roi
roi_base =OFFSET('Financial Ratios'!$G$172,0,0,1,'Financial Ratios'!$G$1)
roic
roic_1
scenarios ='Financial Ratios'!$D$159:$AA$253
tax_rate =OFFSET('Financial Calculations'!$H$71,0,0,1,'Financial Ratios'!$AB$1)
test
=Sheet1!$C$22
test4
=Sheet1!$F$12
title
=Instructions!$G$20
total_debt_='Debt Schedule'!$I$3:$AJ$9
transactio ='Settings and Checks'!$C$6
val_1
val_2
val_scenar ='Valuation Parameters'!$K$30
value_nam ='Valuation Parameters'!$AA$7:$AA$10
value_trans=Valuation!$D$30:$AA$44
var_28
="F37"
var_29
="F38"
var_30
="F39"
var_31
="F40"
var_32
="F41"
var_33
="F42"
var_34
var_35
var_36
var_37
var_38
var_39
var_40
var_41
var_42
var_43
vol_1
volum
volum_1
volumes
x_range
year_code
="F43"
="F44"
="F45"
="F46"
="F47"
="F48"
="F49"
="F50"
="F51"
="F52"
='Financial Ratios'!$R$224
=OFFSET('Financial Ratios'!$G$159,0,0,1,'Financial Ratios'!$AB$1)
='Financial Calculations'!$G$5:$W$5
General Inputs
Miscellaneous Parameters
Projected Depreciation Rate

Income Tax Rate
Projected Other Income (excl interest)
Revenue Related Current Assets/Revenues (Pct)
Other Non Revenue Related Current Assets (Amount)
Expense Related Current Liabilities/Expenses
Other Current Liabilities (Amount)
Apply Net Operating Tax Loss in Calculations
Use Direct Plant Balance Inputs
Circularity Resolution Option
BEGINNING BALANCE
Enter the data in the

blue cells.
Use historic analysis
to derive the
assumptions.
meters
100.00%
0.00%
BEGINNING BALANCE
1.00
The macros allow you

to examine historic
data to construct
assumptions.
Equity Parameters
Equity and Minority Interest Parameters Company Name
Year
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Stock Price
Dividend
on New
per Share Payout Ratio
Issues
New Eqty
Financing
Minority
Interest
Income
Statement
eters Company Name
Div Method
Payout
Payout
Change in
Minority
Interest
Minority
Dividend
1
10
Debt/Cap
33
###
20
Debt Parameters
Debt Parameters Company Name
Year
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Debt
Maturities
Interest Rate
LTD
Interest Rate
STD
New Debt
Financing
0.0%
0.0%
0.00%
0.00%
0.0%
0.00%
0.00%
0.0%
0.00%
0.00%
0.0%
0.00%
0.00%
0.0%
0.00%
0.00%
0.0%
0.00%
0.00%
0.0%
0.00%
0.00%
0.0%
0.00%
0.00%
0.0%
0.00%
0.00%
0.0%
0.00%
0.00%
0.0%
0.00%
0.00%
0.0%
0.00%
0.00%
0.0%
0.00%
0.00%
mpany Name
Rate
Earned on
Securities
Preferred
Rate
5.00%
1
10
5.00%
###
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
20
5.00%
5.00%
5.00%
5.00%
5.00%
#VALUE!
ROE
Operating ParametersFinal Forecast Year
2006
Primary Operating Parameters Company Name
Year
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Revenues
Expenses
Capital Exp
Capacity
ompany Name
Volume
1
10
ROIC
###
33
###
###
###
###
###
###
###
###
###
20
###
###
#N/A
#VALUE!

Corporate Model Template

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Corporate Model Template

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Corporate Model Template

Corporate Model Template

Settings and Checks

Title for Graphs and Reports

Section 1. Inputs for Summary Balance Sheet from Raw Financi

Historic Balance Sheet - Assets

Historic Balance Sheet - Liabilities and Capital

Section 2. Summary Income Statement from Financial Data

Historic Income Statement

Section 3. OPTIONAL Market Value Data

Average or Ending Stock Price (Optional)

Section 4. Computions of Miscellaneous Change in Balance Sheet Account

Change in Deferred Credits on Balance Sheet

Section 5. Reconciliation of Historical Plant Accounts and Capital Expenditure

Change in Plant Assets on the Balance Sheet

Section 6. Reconciliation of Equity Accounts and Dividends from Balance Sh

Section 7. Reconciliation of Debt Issues and Maturities from Balance Shee

Total Change in Debt on Balance Sheet

Section 8. Checks of Historic Actuals and Modeled Historic Data - DO

ance Sheet from Raw Financial Data

ge in Balance Sheet Accounts -- DO NOT INPUT

unts and Capital Expenditures from Balance Sheet

nd Dividends from Balance Sheet and Dividends

Maturities from Balance Sheet - DO NOT INPUT

d Modeled Historic Data - DO NOT INPUT

1996 Final Historic Year -------->

Key Operating Drivers

Depreciation Tax and Other Income

Increase in Investments Input

Direct Plant Inputs

2006 Final Forecast Year ------->

Begining Balance Sheet

Assumptions Carried Over from Previous Sheets

Cumulative Accounting Change

Historic an Total New Debt Issues to Cash Flow

Histo Amount of New Common Equity Issues

Income Sta Less: Capitalized Interest and Equity

Cash Flow Statement

Balance Sh Total Current Assets

Analysis of Short-Term Debt and Marketable Securities

Free Cash Flow

Net Income without Extraordinary

Return on Invested Capital (ROIC) without Goodwill

Return on Capital Employed

Market to Book Ratio

Credit Ratios - Solvency

Debt Service Coverage Ratio

Interest Coverage Ratio

Earnings Per Share

Dividend Payout Ratio

Cap Exp/Chg Capacity

Debt Service Coverage

Valuation Parameters Company Name

Cash Flow Valuation, Residual EBITDA (EV Multiple 11.0)

BITDA (EV Multiple 11.0)

erpuitity (Growth 3.0%)

/E Ratio (Multiple 16.0)

Terminal Value Multiples

EV/EBITDA For Residual

Less: Net Debt

Unlevered (WACC) Cost of Capital

Equity Cost of Capital

Growth in Cash Flow post 2006