{"text_format":"1","workbook":"xlsx","n_sheets":21,"sheets":["Title_Sheet","Hub","Dashboard","3_Main_Models --->","DCF","LBO","Merger","LBO_Extras --->","DCF_Synergies","Main_Components --->","Operating_Model","WACC_Calculator","D&A+CAPEX","Net_Working_Capital","Scenario_Analysis--->","SC_Manager","Time_Series","Buildups--->","Revenue_Build","Historicals","Debt_Schedule"],"not_rendered":{"charts":3,"images":0,"macros":1,"external_links":0,"defined_names":0,"comments":1,"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":"Title_Sheet","index":0,"n_rows":10,"n_cols":5,"rows_kept":10,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,null,"DCF, LBO and M&A model"]
[]
[null,null,"All rights Reserved by Valentino Magniette-Bosseboeuf"]
[null,null,"© 2024"]
[]
[null,null,"Version:","0.0.2","(19th May 2024)"]
[]
[null,null,"Due Diligence from the user is still required as the model can be wrong"]

{"sheet":"Hub","index":1,"n_rows":89,"n_cols":22,"rows_kept":89,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,"Main Information",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Stock Information Override"]
[]
[null,"Search Company",null,{"$error":"#VALUE!"},null,null,null,null,null,"Use Excel stock information tool?",null,null,null,"Yes",null,null,null,{"$f":"IF(N4=\"Yes\",\"Override Disabled\",\"Override Enabled\")","v":"Override Disabled"}]
[]
[null,"Official Name",null,{"$f":"_FV(D4,\"Official name\",TRUE)","v":"APPLE INC."},null,"Share Price",null,{"$f":"_FV(D4,\"Price\")","v":189.87},null,null,null,null,null,null,null,"Official Name",null,null,null,"Share Price"]
[null,"Ticker",null,{"$f":"_FV(D4,\"Ticker symbol\",TRUE)","v":"AAPL"},null,"Outstanding Shares",null,{"$f":"(_FV(D4,\"Shares outstanding\",TRUE))/1000000","v":15334.08},null,null,null,null,null,null,null,"Ticker",null,null,null,"Outstanding Shares"]
[null,"Currency",null,{"$f":"_FV(D4,\"Currency\")","v":"USD"},null,null,null,null,null,null,null,null,null,null,null,"Currency",null,null,null,"Beta"]
[]
[null,"Valuation Date if not today",null,null,null,"Tax Rate",null,0.21]
[null,{"$f":"\"Last Fiscal Year End Date if not \"&TEXT(DATE(YEAR(TODAY())-1,12,31),\"dd-mmm-yy\")","v":"Last Fiscal Year End Date if not 31-Dec-23"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Master Check"]
[null,"Division 1 Name",null,null,null,"Division 6 Name"]
[null,"Division 2 Name",null,null,null,"Division 7 Name",null,null,null,null,null,null,null,null,null,"DCF",null,{"$f":"IF(D69=\"Ok\", \"Ready\", \"Not Ready\")","v":"Not Ready"},null,"NWC Schedule",null,{"$f":"IF(OR(D75:D78<>\"Ok\", H76:H77<>\"Ok\"), \"Not Ready\", \"Ready\")","v":"Not Ready"}]
[null,"Division 3 Name",null,null,null,"Division 8 Name",null,null,null,null,null,null,null,null,null,"Revenue Build",null,{"$f":"IF(OR(D51:D55<>\"Ok\",H51:H55<> \"Ok\"), \"Not Ready\", \"Ready\")","v":"Ready"},null,"D&A Schedule",null,{"$f":"IF(OR(D82<>\"Ok\", H82<>\"Ok\"), \"Not Ready\", \"Ready\")","v":"Not Ready"}]
[null,"Division 4 Name",null,null,null,"Division 9 Name",null,null,null,null,null,null,null,null,null,"Operating Model",null,{"$f":"IF(OR(D59:D60<>\"Ok\", D63:D65<>\"Ok\", H59:H61<>\"Ok\", H63:H64<>\"Ok\"), \"Not Ready\", \"Ready\")","v":"Not Ready"},null,"Debt Schedule",null,{"$f":"IF(OR(H86:H89<>\"Ok\"), \"Not Ready\", \"Ready\")","v":"Not Ready"}]
[null,"Division 5 Name",null,null,null,"Division 10 Name"]
[]
[null,null,"Main Assumptions",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"LBO and Merger Optional Parts"]
[]
[null,"Terminal EBITDA Multiple",null,null,null,"Equity Premium",null,null,null,null,null,null,null,null,null,null,null,"DCF Synergy Assumptions",null,null,null,"Checklist"]
[null,"Perpetual Growth Rate",null,null,null,"Risk Free Rate",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(COUNTBLANK(T23:T25)=0, \"OK\", \"Missing Values\")","v":"Missing Values"}]
[null,null,null,null,null,"5-Year IR",null,null,null,null,null,null,null,null,null,"Revenue Synergy Increase"]
[null,{"$f":"\"Terminal EBITDA Multiple unchanged from \" & YEAR(DCF!C10) & \" Fiscal Year?\"","v":"Terminal EBITDA Multiple unchanged from 2023 Fiscal Year?"},null,null,null,null,null,null,null,null,null,null,null,null,null,"COGS Synergy Decrease"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"FE Synergy Decrease"]
[null,null,"Debt Schedule Set Up",null,null,"(Necessary)"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"LBO Assumptions"]
[null,"Does the company have detailed debts?",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(COUNTBLANK(T29:T36)=0, \"OK\", \"Missing Values\")","v":"Missing Values"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Premium Paid (%)"]
[null,"Do they have bonds?",null,null,null,"Bank loans?",null,null,null,{"$f":"IF(OR(AND(OR(D30=\"Yes\", H30=\"Yes\"), H28<>\"Yes\"), AND(H28=\"Yes\", D30=\"No\", H30=\"No\")), \"The company has detailed debts if they show their bonds/loans with IR, Year Due, and principal\", \" \" )","v":" "},null,null,null,null,null,"Minimum Cash as % EBITDA"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Holding Period (Years)"]
[null,null,"Main Overrides",null,null,null,null,null,null,null,null,null,null,null,null,"Advisory Fee (%EV)"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Debt Issuance Fee (%EV)"]
[null,null,"Revenue CAGR Overrides",null,null,"(Leave blank for no override)",null,null,null,null,null,null,null,null,null,"Legal & Other Fees"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Leverage Multiple"]
[null,{"$f":"IF(ISBLANK(D13), \"Division 1\", D13)","v":"Division 1"},null,null,null,{"$f":"IF(ISBLANK(H13), \"Division 6\", H13)","v":"Division 6"},null,null,null,null,null,null,null,null,null,"Interest Rate Premium"]
[null,{"$f":"IF(ISBLANK(D14), \"Division 2\", D14)","v":"Division 2"},null,null,null,{"$f":"IF(ISBLANK(H14), \"Division 7\", H14)","v":"Division 7"}]
[null,{"$f":"IF(ISBLANK(D15), \"Division 3\", D15)","v":"Division 3"},null,null,null,{"$f":"IF(ISBLANK(H15), \"Division 8\", H15)","v":"Division 8"},null,null,null,null,null,null,null,null,null,null,null,"Merger Assumptions"]
[null,{"$f":"IF(ISBLANK(D16), \"Division 4\", D16)","v":"Division 4"},null,null,null,{"$f":"IF(ISBLANK(H16), \"Division 9\", H16)","v":"Division 9"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(COUNTBLANK(T40)+COUNTBLANK(T42:T46)+COUNTBLANK(T48:T54)=0, \"OK\", \"Missing Values\")","v":"Missing Values"}]
[null,{"$f":"IF(ISBLANK(D17), \"Division 5\", D17)","v":"Division 5"},null,null,null,{"$f":"IF(ISBLANK(H17), \"Division 10\", H17)","v":"Division 10"},null,null,null,null,null,null,null,null,null,"Search Company",null,null,null,{"$error":"#VALUE!"}]
[]
[null,null,"WACC Override",null,null,"(Leave blank for no override)",null,null,null,null,null,null,null,null,null,"Official Name",null,null,null,{"$f":"_FV(T40,\"Official name\",TRUE)","v":"METRO INC."}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Ticker",null,null,null,{"$f":"_FV(T40,\"Ticker symbol\",TRUE)","v":"MRU"}]
[null,"WACC",null,null,null,"If TY WACC same as WACC, do not override TY WACC",null,null,null,null,null,null,null,null,null,"Currency",null,null,null,{"$f":"_FV(T40,\"Currency\")","v":"CAD"}]
[null,"Terminal Year WACC",null,null,null,null,null,null,null,null,null,null,null,null,null,"Share Price",null,null,null,{"$f":"_FV(T40,\"Price\")","v":74.709999999999994}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Outstanding Shares",null,null,null,{"$f":"_FV(T40,\"Shares outstanding\",TRUE)/1000000","v":227.00919999999999}]
[null,null,"Checklist"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"D6 & \" Take-Out Price\"","v":"APPLE INC. Take-Out Price"}]
[null,null,"Revenue Build Checklist",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"\"Tax Rate \" & T42","v":"Tax Rate METRO INC."}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Transaction Costs"]
[null,{"$f":"B36","v":"Division 1"},null,{"$f":"IF(B51=\"Division 1\", IF(COUNTBLANK(Revenue_Build!C6:G6)=5,\"OK\", \"Missing Name\"), IF(COUNTBLANK(Revenue_Build!C6:G6)=0, \"OK\", \"Missing Values\"))","v":"OK"},null,{"$f":"F36","v":"Division 6"},null,{"$f":"IF(F51=\"Division 6\", IF(COUNTBLANK(Revenue_Build!C21:G21)=5,\"OK\", \"Missing Name\"), IF(COUNTBLANK(Revenue_Build!C21:G21)=0, \"OK\", \"Missing Values\"))","v":"OK"},null,null,null,null,null,null,null,{"$f":"T42 & \" Cash on Hand in \" & DCF!H15","v":"METRO INC. Cash on Hand in 2023"}]
[null,{"$f":"B37","v":"Division 2"},null,{"$f":"IF(B52=\"Division 2\", IF(COUNTBLANK(Revenue_Build!C9:G9)=5,\"OK\", \"Missing Name\"), IF(COUNTBLANK(Revenue_Build!C9:G9)=0, \"OK\", \"Missing Values\"))","v":"OK"},null,"Division 7",null,{"$f":"IF(F52=\"Division 7\", IF(COUNTBLANK(Revenue_Build!C24:G24)=5,\"OK\", \"Missing Name\"), IF(COUNTBLANK(Revenue_Build!C24:G24)=0, \"OK\", \"Missing Values\"))","v":"OK"},null,null,null,null,null,null,null,"Target Leverage"]
[null,"Division 3",null,{"$f":"IF(B53=\"Division 3\", IF(COUNTBLANK(Revenue_Build!C12:G12)=5,\"OK\", \"Missing Name\"), IF(COUNTBLANK(Revenue_Build!C12:G12)=0, \"OK\", \"Missing Values\"))","v":"OK"},null,"Division 8",null,{"$f":"IF(F53=\"Division 8\", IF(COUNTBLANK(Revenue_Build!C27:G27)=5,\"OK\", \"Missing Name\"), IF(COUNTBLANK(Revenue_Build!C27:G27)=0, \"OK\", \"Missing Values\"))","v":"OK"},null,null,null,null,null,null,null,{"$f":"T42 & \" EBITDA in \" & DCF!I15","v":"METRO INC. EBITDA in 2024"}]
[null,"Division 4",null,{"$f":"IF(B54=\"Division 4\", IF(COUNTBLANK(Revenue_Build!C15:G15)=5,\"OK\", \"Missing Name\"), IF(COUNTBLANK(Revenue_Build!C15:G15)=0, \"OK\", \"Missing Values\"))","v":"OK"},null,"Division 9",null,{"$f":"IF(F54=\"Division 9\", IF(COUNTBLANK(Revenue_Build!C30:G30)=5,\"OK\", \"Missing Name\"), IF(COUNTBLANK(Revenue_Build!C30:G30)=0, \"OK\", \"Missing Values\"))","v":"OK"},null,null,null,null,null,null,null,{"$f":"T42 & \" Debt in \" & DCF!H15","v":"METRO INC. Debt in 2023"}]
[null,"Division 5",null,{"$f":"IF(B55=\"Division 5\", IF(COUNTBLANK(Revenue_Build!C18:G18)=5,\"OK\", \"Missing Name\"), IF(COUNTBLANK(Revenue_Build!C18:G18)=0, \"OK\", \"Missing Values\"))","v":"OK"},null,"Division 10",null,{"$f":"IF(F55=\"Division 10\", IF(COUNTBLANK(Revenue_Build!C33:G33)=5,\"OK\", \"Missing Name\"), IF(COUNTBLANK(Revenue_Build!C33:G33)=0, \"OK\", \"Missing Values\"))","v":"OK"}]
[]
[null,null,"Operating Model Checklist"]
[]
[null,{"$f":"Operating_Model!B48","v":"Cost of Goods Sold"},null,{"$f":"IF(COUNTBLANK(Operating_Model!D48:H48)=0, \"OK\", \"Missing Values\")","v":"Missing Values"},null,{"$f":"Operating_Model!B59","v":"SG&A"},null,{"$f":"IF(COUNTBLANK(Operating_Model!D59:H59)=0, \"OK\", \"Missing Values\")","v":"Missing Values"}]
[null,{"$f":"Operating_Model!B51","v":"Cost of Services Sold"},null,{"$f":"IF(COUNTBLANK(Operating_Model!D51:H51)=0, \"OK\", \"Missing Values\")","v":"Missing Values"},null,{"$f":"Operating_Model!B62","v":"Research and Development"},null,{"$f":"IF(COUNTBLANK(Operating_Model!D62:H62)=0, \"OK\", \"Missing Values\")","v":"Missing Values"}]
[null,null,null,null,null,{"$f":"Operating_Model!B65","v":"Other Fixed Costs"},null,{"$f":"IF(COUNTBLANK(Operating_Model!D65:H65)=0, \"OK\", \"Missing Values\")","v":"Missing Values"}]
[]
[null,{"$f":"Operating_Model!B71","v":"Other Income"},null,{"$f":"IF(COUNTBLANK(Operating_Model!D71:H71)=0, \"OK\", \"Missing Values\")","v":"Missing Values"},null,{"$f":"Operating_Model!B91","v":"Interest Expenses"},null,{"$f":"IF(COUNTBLANK(Operating_Model!D91:H91)=0, \"OK\", \"Missing Values\")","v":"Missing Values"}]
[null,{"$f":"Operating_Model!B81","v":"Depreciation"},null,{"$f":"IF(COUNTBLANK(Operating_Model!D81:H81)=0, \"OK\", \"Missing Values\")","v":"Missing Values"},null,{"$f":"Operating_Model!B100","v":"Taxes"},null,{"$f":"IF(COUNTBLANK(Operating_Model!D100:H100)=0, \"OK\", \"Missing Values\")","v":"Missing Values"}]
[null,{"$f":"Operating_Model!B82","v":"Amortisation"},null,{"$f":"IF(COUNTBLANK(Operating_Model!D82:H82)=0, \"OK\", \"Missing Values\")","v":"Missing Values"}]
[]
[null,null,"DCF Checklist"]
[]
[null,"CapEx",null,{"$f":"IF(COUNTBLANK(DCF!D29:H29)=0, \"OK\", \"Missing Values\")","v":"Missing Values"}]
[]
[null,null,"Balance Sheet Checklist"]
[]
[null,null,"In Net Working Capital",null,null,"(AKA Currents)"]
[]
[null,{"$f":"Net_Working_Capital!B7","v":"Cash"},null,{"$f":"IF(COUNTBLANK(Net_Working_Capital!C7:H7)=0, \"OK\", \"Missing Values\")","v":"Missing Values"}]
[null,{"$f":"Net_Working_Capital!B8","v":"Account Receivable"},null,{"$f":"IF(COUNTBLANK(Net_Working_Capital!C8:H8)=0, \"OK\", \"Missing Values\")","v":"Missing Values"},null,{"$f":"Net_Working_Capital!B15","v":"Accounts Payable"},null,{"$f":"IF(COUNTBLANK(Net_Working_Capital!C15:H15)=0, \"OK\", \"Missing Values\")","v":"Missing Values"}]
[null,{"$f":"Net_Working_Capital!B10","v":"Inventory"},null,{"$f":"IF(COUNTBLANK(Net_Working_Capital!C10:H10)=0, \"OK\", \"Missing Values\")","v":"Missing Values"},null,{"$f":"Net_Working_Capital!B17","v":"Other Liabilities excluding debts"},null,{"$f":"IF(COUNTBLANK(Net_Working_Capital!C17:H17)=0, \"OK\", \"Missing Values\")","v":"Missing Values"}]
[null,{"$f":"Net_Working_Capital!B12","v":"Other Current Assets"},null,{"$f":"IF(COUNTBLANK(Net_Working_Capital!C12:H12)=0, \"OK\", \"Missing Values\")","v":"Missing Values"}]
[]
[null,null,"In Depreciation Schedule",null,null,"(AKA Assets)"]
[]
[null,{"$f":"'D&A+CAPEX'!B8","v":"PP&E"},null,{"$f":"IF(COUNTBLANK('D&A+CAPEX'!D8:H8)=0, \"OK\", \"Missing Values\")","v":"Missing Values"},null,{"$f":"'D&A+CAPEX'!B35","v":"Intangible assets"},null,{"$f":"IF(COUNTBLANK('D&A+CAPEX'!D35:H35)=0, \"OK\", \"Missing Values\")","v":"Missing Values"}]
[]
[null,null,"In Debt Schedule",null,null,"(AKA Debts)"]
[]
[null,"Main Schedule Balance",null,{"$f":"Debt_Schedule!Y15","v":"Balanced"},null,"Bonds",null,{"$f":"IF(OR(COUNTBLANK(Debt_Schedule!C4:C23)<>COUNTBLANK(Debt_Schedule!D4:D23), COUNTBLANK(Debt_Schedule!C4:C23)<>COUNTBLANK(Debt_Schedule!F4:F23), COUNTBLANK(Debt_Schedule!D4:D23)<>COUNTBLANK(Debt_Schedule!F4:F23)), \"Missing Values\", \"Ok\")","v":"Ok"}]
[null,{"$f":"\"Use Backup? \" & IF(D86=\"Balanced\", , \"(Recommended)\")","v":"Use Backup? "},null,null,null,"Loans",null,{"$f":"IF(OR(COUNTBLANK(Debt_Schedule!L4:L23)<>COUNTBLANK(Debt_Schedule!M4:M23), COUNTBLANK(Debt_Schedule!L4:L23)<>COUNTBLANK(Debt_Schedule!O4:O23), COUNTBLANK(Debt_Schedule!M4:M23)<>COUNTBLANK(Debt_Schedule!O4:O23)), \"Missing Values\", \"Ok\")","v":"Ok"}]
[null,null,null,null,null,"Debt Repayments",null,{"$f":"IF(COUNTBLANK(Debt_Schedule!U9:Y9)=0, \"OK\", \"Missing Values\")","v":"Missing Values"}]
[null,null,null,null,null,"Cash From Debts",null,{"$f":"IF(COUNTBLANK(Debt_Schedule!U11:Y11)=0, \"OK\", \"Missing Values\")","v":"Missing Values"}]

{"sheet":"Dashboard","index":2,"n_rows":9,"n_cols":12,"rows_kept":9,"cut":false,"hidden":false,"merged":[]}
[]
[null,{"$f":"DCF!B2","v":"APPLE INC."}]
[null,"Dashboard",null,null,null,"Enable Master Override?",null,null,"No"]
[null,{"$f":"IF(OR(Hub!R14:R16<>\"Ok\", Hub!V14:V16<>\"Ok\"), \"Model Not Complete\", \"Model Completed\")","v":"Model Not Complete"}]
[]
[null,"WACC",null,null,null,null,"Risk Free Rate",null,null,null,null,"Revenue Synergy Increase"]
[null,"Terminal Year WACC",null,null,null,null,"5-Year Average Inflation Rate",null,null,null,null,"COGS Synergy Decrease"]
[null,"PGG",null,null,null,null,"Outstanding shares",null,null,null,null,"FE Synergy Decrease"]
[null,"EBITDA Exit Multiple",null,null,null,null,"Share price at Valuation"]

{"sheet":"3_Main_Models --->","index":3,"n_rows":0,"n_cols":0,"rows_kept":0,"cut":false,"hidden":false,"merged":[]}

{"sheet":"DCF","index":4,"n_rows":73,"n_cols":26,"rows_kept":73,"cut":false,"hidden":false,"merged":[]}
[]
[null,{"$f":"IF(Hub!N4=\"No\", Hub!R6, Hub!D6)","v":"APPLE INC."},"Discounted Cash Flow Analysis"]
[null,"All Figures in USD$ Millions, expect for per share data"]
[null,"Fiscal Year Ending December 31",null,null,null,null,{"$f":"IF(Dashboard!I3=\"Yes\", \"Dashboard Master Override Enabled\", \"Dashboard Master Override Disabled\")","v":"Dashboard Master Override Disabled"}]
[]
[]
[null,"Assumptions & Inputs"]
[]
[null,"Valuation Date",{"$f":"IF(ISBLANK(Hub!D10), TODAY(), Hub!D10)","v":"2024-05-19"},null,"Latest Yearly EBITDA",null,null,{"$f":"H22","v":0},null,"Perpetual Growth Rate",null,null,{"$f":"IF(Dashboard!I3=\"Yes\", Dashboard!E8, Hub!D22)","v":0}]
[null,"Latest Fiscal Year Date",{"$f":"IF(ISBLANK(Hub!D11), DATE(YEAR(C9)-1,12,31),Hub!D11)","v":"2023-12-31"},null,"Terminal EBITDA multiple",null,null,{"$f":"IF(Dashboard!I3=\"Yes\", Dashboard!E9, IF(Hub!H24=\"Yes\", ((M10*M11-Net_Working_Capital!H7+Debt_Schedule!Y41)/H22), Hub!D21))","v":0},null,"Outstanding Shares",null,null,{"$f":"IF(Dashboard!I3=\"YES\", Dashboard!J8, IF(Hub!N4=\"No\", Hub!V7, Hub!H7))","v":15334.08}]
[null,"Tax Rate",{"$f":"Hub!H10","v":0.21},null,"WACC",null,null,{"$f":"IF(Dashboard!I3=\"Yes\", Dashboard!E6, IF(ISBLANK(Hub!D44), WACC_Calculator!D4, Hub!D44))","v":{"$error":"#DIV/0!"}},null,"Share Price at Valuation",null,null,{"$f":"IF(Hub!N4=\"No\", Hub!V6, Hub!H6)","v":189.87}]
[null,"Average Inflation Rate",{"$f":"IF(Dashboard!I3=\"Yes\", Dashboard!J7, Hub!H23)","v":0},null,"Terminal Year WACC",null,null,{"$f":"IF(Dashboard!I3=\"Yes\", Dashboard!E7, IF(ISBLANK(Hub!D45), IF(ISBLANK(Hub!D44), WACC_Calculator!D4, Hub!D44), Hub!D45))","v":{"$error":"#DIV/0!"}},null,"Risk Free Rate",null,null,{"$f":"IF(Dashboard!I3=\"YES\", Dashboard!J6, Hub!H22)","v":0}]
[]
[null,null,null,null,null,"Actuals",null,null,null,null,"Forecast"]
[null,null,null,{"$f":"YEAR(D16)","v":2019},{"$f":"YEAR(E16)","v":2020},2021,2022,2023,{"$f":"YEAR(I16)","v":2024},{"$f":"YEAR(J16)","v":2025},2026,2027,2028,2029,2030,2031,2032,2033]
[null,null,null,{"$f":"EOMONTH(E16,-12)","v":"2019-12-31"},"2020-12-31","2021-12-31",{"$f":"EOMONTH(H16,-12)","v":"2022-12-31"},{"$f":"C10","v":"2023-12-31"},{"$f":"EOMONTH(H16,12)","v":"2024-12-31"},{"$f":"EOMONTH(I16,12)","v":"2025-12-31"},"2026-12-31","2027-12-31","2028-12-31",{"$f":"EOMONTH(M16,12)","v":"2029-12-31"},{"$f":"EOMONTH(N16,12)","v":"2030-12-31"},{"$f":"EOMONTH(O16,12)","v":"2031-12-31"},{"$f":"EOMONTH(P16,12)","v":"2032-12-31"},{"$f":"EOMONTH(Q16,12)","v":"2033-12-31"}]
[null,"Discounted Cash Flow"]
[]
[null,"Revenue",null,{"$f":"Revenue_Build!C36","v":0},{"$f":"Revenue_Build!D36","v":0},{"$f":"Revenue_Build!E36","v":0},{"$f":"Revenue_Build!F36","v":0},{"$f":"Revenue_Build!G36","v":0},{"$f":"Revenue_Build!H36","v":0},{"$f":"Revenue_Build!I36","v":0},{"$f":"Revenue_Build!J36","v":0},{"$f":"Revenue_Build!K36","v":0},{"$f":"Revenue_Build!L36","v":0},{"$f":"Revenue_Build!M36","v":0},{"$f":"Revenue_Build!N36","v":0},{"$f":"Revenue_Build!O36","v":0},{"$f":"Revenue_Build!P36","v":0},{"$f":"Revenue_Build!Q36","v":0}]
[null,"YoY Growth",null,"-",{"$f":"(E19-D19)/D19","v":{"$error":"#DIV/0!"}},{"$f":"(F19-E19)/E19","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"(N19-M19)/M19","v":{"$error":"#DIV/0!"}},{"$f":"(O19-N19)/N19","v":{"$error":"#DIV/0!"}},{"$f":"(P19-O19)/O19","v":{"$error":"#DIV/0!"}},{"$f":"(Q19-P19)/P19","v":{"$error":"#DIV/0!"}},{"$f":"(R19-Q19)/Q19","v":{"$error":"#DIV/0!"}}]
[]
[null,"Adj. EBIDTA",null,{"$f":"Operating_Model!D76","v":0},{"$f":"Operating_Model!E76","v":0},{"$f":"Operating_Model!F76","v":0},{"$f":"Operating_Model!G76","v":0},{"$f":"Operating_Model!H76","v":0},{"$f":"Operating_Model!I76","v":{"$error":"#DIV/0!"}},{"$f":"Operating_Model!J76","v":{"$error":"#DIV/0!"}},{"$f":"Operating_Model!K76","v":{"$error":"#DIV/0!"}},{"$f":"Operating_Model!L76","v":{"$error":"#DIV/0!"}},{"$f":"Operating_Model!M76","v":{"$error":"#DIV/0!"}},{"$f":"Operating_Model!N76","v":{"$error":"#DIV/0!"}},{"$f":"Operating_Model!O76","v":{"$error":"#DIV/0!"}},{"$f":"Operating_Model!P76","v":{"$error":"#DIV/0!"}},{"$f":"Operating_Model!Q76","v":{"$error":"#DIV/0!"}},{"$f":"Operating_Model!R76","v":{"$error":"#DIV/0!"}}]
[null,"%Margin",null,{"$f":"D22/D19","v":{"$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!"},{"$error":"#DIV/0!"},{"$f":"N22/N19","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"LESS: D&A - Other",null,{"$f":"Operating_Model!D83","v":0},{"$f":"Operating_Model!E83","v":0},{"$f":"Operating_Model!F83","v":0},{"$f":"Operating_Model!G83","v":0},{"$f":"Operating_Model!H83","v":0},{"$f":"Operating_Model!I83","v":{"$error":"#DIV/0!"}},{"$f":"Operating_Model!J83","v":{"$error":"#DIV/0!"}},{"$f":"Operating_Model!K83","v":{"$error":"#DIV/0!"}},{"$f":"Operating_Model!L83","v":{"$error":"#DIV/0!"}},{"$f":"Operating_Model!M83","v":{"$error":"#DIV/0!"}},{"$f":"Operating_Model!N83","v":{"$error":"#DIV/0!"}},{"$f":"Operating_Model!O83","v":{"$error":"#DIV/0!"}},{"$f":"Operating_Model!P83","v":{"$error":"#DIV/0!"}},{"$f":"Operating_Model!Q83","v":{"$error":"#DIV/0!"}},{"$f":"Operating_Model!R83","v":{"$error":"#DIV/0!"}}]
[null,"Adj. EBIT",null,{"$f":"D22-D24","v":0},{"$f":"E22-E24","v":0},0,0,0,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"N22-N24","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"Income Taxes",null,{"$f":"Operating_Model!D101","v":0},{"$f":"Operating_Model!E101","v":0},{"$f":"Operating_Model!F101","v":0},{"$f":"Operating_Model!G101","v":0},{"$f":"Operating_Model!H101","v":0},{"$f":"Operating_Model!I101","v":{"$error":"#DIV/0!"}},{"$f":"Operating_Model!J101","v":{"$error":"#DIV/0!"}},{"$f":"Operating_Model!K101","v":{"$error":"#DIV/0!"}},{"$f":"Operating_Model!L101","v":{"$error":"#DIV/0!"}},{"$f":"Operating_Model!M101","v":{"$error":"#DIV/0!"}},{"$f":"Operating_Model!N101","v":{"$error":"#DIV/0!"}},{"$f":"Operating_Model!O101","v":{"$error":"#DIV/0!"}},{"$f":"Operating_Model!P101","v":{"$error":"#DIV/0!"}},{"$f":"Operating_Model!Q101","v":{"$error":"#DIV/0!"}},{"$f":"Operating_Model!R101","v":{"$error":"#DIV/0!"}}]
[null,"Adj. Unlevered Net Income",null,{"$f":"D25-D26","v":0},{"$f":"E25-E26","v":0},0,0,0,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"N25-N26","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"ADD: D&A -Other",null,{"$f":"D24","v":0},{"$f":"E24","v":0},0,0,0,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"N24","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"LESS: CapEx",null,null,null,null,null,null,{"$f":"'D&A+CAPEX'!I43","v":{"$error":"#DIV/0!"}},{"$f":"'D&A+CAPEX'!J43","v":{"$error":"#DIV/0!"}},{"$f":"'D&A+CAPEX'!K43","v":{"$error":"#DIV/0!"}},{"$f":"'D&A+CAPEX'!L43","v":{"$error":"#DIV/0!"}},{"$f":"'D&A+CAPEX'!M43","v":{"$error":"#DIV/0!"}},{"$f":"'D&A+CAPEX'!N43","v":{"$error":"#DIV/0!"}},{"$f":"'D&A+CAPEX'!O43","v":{"$error":"#DIV/0!"}},{"$f":"'D&A+CAPEX'!P43","v":{"$error":"#DIV/0!"}},{"$f":"'D&A+CAPEX'!Q43","v":{"$error":"#DIV/0!"}},{"$f":"'D&A+CAPEX'!R43","v":{"$error":"#DIV/0!"}}]
[null,"LESS: ΔNWC",null,{"$f":"Net_Working_Capital!D23","v":0},{"$f":"Net_Working_Capital!E23","v":0},{"$f":"Net_Working_Capital!F23","v":0},{"$f":"Net_Working_Capital!G23","v":0},{"$f":"Net_Working_Capital!H23","v":0},{"$f":"Net_Working_Capital!I23","v":{"$error":"#DIV/0!"}},{"$f":"Net_Working_Capital!J23","v":{"$error":"#DIV/0!"}},{"$f":"Net_Working_Capital!K23","v":{"$error":"#DIV/0!"}},{"$f":"Net_Working_Capital!L23","v":{"$error":"#DIV/0!"}},{"$f":"Net_Working_Capital!M23","v":{"$error":"#DIV/0!"}},{"$f":"Net_Working_Capital!N23","v":{"$error":"#DIV/0!"}},{"$f":"Net_Working_Capital!O23","v":{"$error":"#DIV/0!"}},{"$f":"Net_Working_Capital!P23","v":{"$error":"#DIV/0!"}},{"$f":"Net_Working_Capital!Q23","v":{"$error":"#DIV/0!"}},{"$f":"Net_Working_Capital!R23","v":{"$error":"#DIV/0!"}}]
[null,"Unlevered Free Cash Flow",null,{"$f":"D27+D28-D29-D30","v":0},0,0,0,{"$f":"H27+H28-H29-H30","v":0},{"$f":"I27+I28-I29-I30","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"N27+N28-N29-N30","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"Valuation Timing Factor",null,null,null,null,null,null,{"$f":"1/((1+$H$11)^((I$16-$C$9)/365))","v":{"$error":"#DIV/0!"}},{"$f":"1/((1+$H$11)^((J$16-$C$9)/365))","v":{"$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,"Discount Rate",{"$f":"H11","v":{"$error":"#DIV/0!"}}]
[null,"PV of Unlevered Free Cash Flow",null,null,null,null,null,null,{"$f":"I31*I32","v":{"$error":"#DIV/0!"}},{"$f":"J31*J32","v":{"$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,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Exit Multiple Sensitivities"]
[]
[null,"SUM of PV of Unlevered FCF",{"$f":"SUM(I34:M34)","v":{"$error":"#DIV/0!"}},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Implied Equity Value"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"WACC"]
[null,"Implied Share Price - Exit Multiple",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"E41","v":0},{"$f":"W39-0.005","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$f":"H11","v":{"$error":"#DIV/0!"}},{"$f":"X39+0.005","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"}]
[null,"Exit Multiple",{"$f":"H10","v":0},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"U41-0.5","v":-1},{"$f":"(SUM($I$34:$M$34))+($U40*$M$22*(1/((1+V$39)^(($M$16-$C$9)/365))))-$C$44+$C$45","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"Terminal Value",{"$f":"M22*H10","v":{"$error":"#DIV/0!"}},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Terminal",-0.5,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"PV of Terminal Value",{"$f":"C41*M32","v":{"$error":"#DIV/0!"}},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Multiple",{"$f":"H10","v":0},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"Implied Enterprise Value",{"$f":"C42+C37","v":{"$error":"#DIV/0!"}},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"(x)",{"$f":"U42+0.5","v":0.5},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"LESS: Debt",{"$f":"WACC_Calculator!L8","v":0},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,1,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"ADD: Cash",{"$f":"Net_Working_Capital!H7","v":0}]
[null,"Implied Equity Value",{"$f":"C43-C44+C45","v":{"$error":"#DIV/0!"}},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Implied Equity Value Change"]
[null,"F.D. Share O/S",{"$f":"M10","v":15334.08},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"WACC"]
[null,"Implied Share Value",{"$f":"C46/C47","v":{"$error":"#DIV/0!"}},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"E47","v":0},{"$f":"W48-0.005","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$f":"X39","v":{"$error":"#DIV/0!"}},{"$f":"X48+0.005","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"}]
[null,"Implied Upside/(Downside)",{"$f":"(C48-M11)/M11","v":{"$error":"#DIV/0!"}},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"U50-0.5","v":-1},{"$f":"(V40-$C$46)/$C$46","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"(Y40-$C$46)/$C$46","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Terminal",-0.5,{"$f":"(V41-$C$46)/$C$46","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Multiple",{"$f":"U42","v":0},{"$f":"(V42-$C$46)/$C$46","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$f":"(X42-$C$46)/$C$46","v":{"$error":"#DIV/0!"}},{"$f":"(Y42-$C$46)/$C$46","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"(x)",{"$f":"U51+0.5","v":0.5},{"$f":"(V43-$C$46)/$C$46","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$f":"(X43-$C$46)/$C$46","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"Implied Share Price - PGG",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,1,{"$f":"(V44-$C$46)/$C$46","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$f":"(X44-$C$46)/$C$46","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"Perpetual Growth Rate",{"$f":"M9","v":0}]
[null,"Sum of PV of Unlevered FCF",{"$f":"C37","v":{"$error":"#DIV/0!"}},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Perpetual Growth Rate Sensitivities"]
[null,"PV of Terminal Value",{"$f":"(((M31)*(1+M9))/(H12-M9))*M32","v":{"$error":"#DIV/0!"}}]
[null,"Implied Enterprise Value",{"$f":"C55+C56","v":{"$error":"#DIV/0!"}},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Implied Equity Value"]
[null,"LESS: Debt",{"$f":"WACC_Calculator!L8","v":0},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"WACC"]
[null,"ADD: Cash",{"$f":"C45","v":0},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"E64","v":0},{"$f":"W59-0.005","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$f":"X39","v":{"$error":"#DIV/0!"}},{"$f":"X59+0.005","v":{"$error":"#DIV/0!"}},{"$f":"Y59+0.005","v":{"$error":"#DIV/0!"}}]
[null,"Implied Equity Value",{"$f":"C57-C58+C59","v":{"$error":"#DIV/0!"}},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"U61-0.005","v":-0.01},{"$f":"(SUM($I$34:$M$34))+((($M$31*(1+$U60))/(V$59-$U60))*(1/((1+V$59)^(($M$16-$C$9)/365))))-$C$44+$C$45","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"F.D. Share O/S",{"$f":"M10","v":15334.08},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Perpetual",{"$f":"U62-0.005","v":-5.0000000000000001E-3},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"Implied Share Value",{"$f":"C60/C61","v":{"$error":"#DIV/0!"}},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Growth ",{"$f":"M9","v":0},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"Implied Upside/(Downside)",{"$f":"(C62-M11)/M11","v":{"$error":"#DIV/0!"}},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Rate",{"$f":"U62+0.005","v":5.0000000000000001E-3},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"U63+0.005","v":0.01},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Implied Equity Value Change"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"WACC"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"E70","v":0},{"$f":"W68-0.005","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$f":"X39","v":{"$error":"#DIV/0!"}},{"$f":"X68+0.005","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"U70-0.005","v":-0.01},{"$f":"(V60-$C$60)/$C$60","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$f":"(X60-$C$60)/$C$60","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Perpetual",{"$f":"U71-0.005","v":-5.0000000000000001E-3},{"$f":"(V61-$C$60)/$C$60","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$f":"(X61-$C$60)/$C$60","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Growth ",{"$f":"U62","v":0},{"$f":"(V62-$C$60)/$C$60","v":{"$error":"#DIV/0!"}},{"$f":"(W62-$C$60)/$C$60","v":{"$error":"#DIV/0!"}},{"$f":"(X62-$C$60)/$C$60","v":{"$error":"#DIV/0!"}},{"$f":"(Y62-$C$60)/$C$60","v":{"$error":"#DIV/0!"}},{"$f":"(Z62-$C$60)/$C$60","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Rate",{"$f":"U71+0.005","v":5.0000000000000001E-3},{"$f":"(V63-$C$60)/$C$60","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$f":"(X63-$C$60)/$C$60","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"U72+0.005","v":0.01},{"$f":"(V64-$C$60)/$C$60","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$f":"(X64-$C$60)/$C$60","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]

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[]
[null,{"$f":"DCF!B2","v":"APPLE INC."},"Leverage Buyout Model"]
[null,"All Figures in USD$ Millions, expect for per share data"]
[null,"Fiscal Year Ending December 31"]
[]
[null,null,null,null,null,null,null,"Transaction Assumptions"]
[]
[null,null,null,"Current Share price",null,null,{"$f":"DCF!M11","v":189.87},null,null,null,"Exit Date",null,null,{"$f":"DATE(YEAR(D35)+Hub!T31,MONTH(D35),DAY(D35))","v":"2023-12-31"}]
[null,null,null,"Diluted Share Count",null,null,{"$f":"DCF!M10","v":15334.08},null,null,null,"Minimum Cash as % of EBITDA",null,null,{"$f":"Hub!T30","v":0}]
[]
[null,null,null,"Premium Paid",null,null,{"$f":"Hub!T29","v":0},null,null,null,"Advisory Fee (%EV)",null,null,{"$f":"Hub!T32","v":0}]
[null,null,null,null,null,null,null,null,null,null,"Debt Issuance Fee (%EV)",null,null,{"$f":"Hub!T33","v":0}]
[null,null,null,"Purchase Equity Value",null,null,{"$f":"G8*G9*(1+G11)","v":2911481.7696000002},null,null,null,"Legal & Other Fees",null,null,{"$f":"Hub!T34","v":0}]
[null,null,null,"LESS: Cash",null,null,{"$f":"Net_Working_Capital!H7","v":0}]
[null,null,null,"ADD: Debt",null,null,{"$f":"Debt_Schedule!Y41","v":0},null,null,null,"Leverage Multiple",null,null,{"$f":"Hub!T35","v":0}]
[null,null,null,"Purchase EV",null,null,{"$f":"G13-G14+G15","v":2911481.7696000002},null,null,null,"Total Debt Used",null,null,{"$f":"DCF!H22*N15","v":0}]
[null,null,null,null,null,null,null,null,null,null,"Interest Rate on Issued Debt",null,null,{"$f":"Hub!H22+Hub!T36","v":0}]
[null,null,null,"EBITDA Purchase Multiple",null,null,{"$f":"G16/DCF!H22","v":{"$error":"#DIV/0!"}}]
[]
[null,null,null,null,null,null,null,null,"Sources and Uses"]
[]
[null,null,null,null,"Sources",null,null,null,null,null,null,"Uses"]
[]
[null,null,null,"New Debt Issued",null,null,{"$f":"N16","v":0},null,null,null,"Existing Debt Paydown",null,null,{"$f":"G15","v":0}]
[null,null,null,"Cash on Hand",null,null,{"$f":"G14","v":0},null,null,null,"Transaction Fees",null,null,{"$f":"(G16*N11)+(N16*N12)+N13","v":0}]
[null,null,null,"Investor Equity",null,null,{"$f":"N28-G24-G25","v":2911481.7696000002},null,null,null,"Equity Purchase Price",null,null,{"$f":"G13","v":2911481.7696000002}]
[null,null,null,null,null,null,null,null,null,null,"Minimum Cash Balance",null,null,{"$f":"N9*DCF!H22","v":0}]
[null,null,null,"Total Sources",null,null,{"$f":"SUM(G24:G26)","v":2911481.7696000002},null,null,null,"Total Uses",null,null,{"$f":"SUM(N24:N27)","v":2911481.7696000002}]
[]
[]
[]
[]
[null,null,null,"Actual",null,null,null,null,"Forecast"]
[null,null,null,{"$f":"YEAR(D35)","v":2023},{"$f":"YEAR(E35)","v":2024},{"$f":"YEAR(F35)","v":2025},2026,2027,2028,2029,2030,2031,2032,2033]
[null,null,null,{"$f":"DCF!C10","v":"2023-12-31"},{"$f":"EOMONTH(D35,12)","v":"2024-12-31"},{"$f":"EOMONTH(E35,12)","v":"2025-12-31"},"2026-12-31","2027-12-31","2028-12-31",{"$f":"EOMONTH(I35,12)","v":"2029-12-31"},{"$f":"EOMONTH(J35,12)","v":"2030-12-31"},{"$f":"EOMONTH(K35,12)","v":"2031-12-31"},{"$f":"EOMONTH(L35,12)","v":"2032-12-31"},"2033-12-31"]
[]
[null,"EBITDA",null,{"$f":"DCF!H22","v":0},{"$f":"DCF!I22","v":{"$error":"#DIV/0!"}},{"$f":"DCF!J22","v":{"$error":"#DIV/0!"}},{"$f":"DCF!K22","v":{"$error":"#DIV/0!"}},{"$f":"DCF!L22","v":{"$error":"#DIV/0!"}},{"$f":"DCF!M22","v":{"$error":"#DIV/0!"}},{"$f":"DCF!N22","v":{"$error":"#DIV/0!"}},{"$f":"DCF!O22","v":{"$error":"#DIV/0!"}},{"$f":"DCF!P22","v":{"$error":"#DIV/0!"}},{"$f":"DCF!Q22","v":{"$error":"#DIV/0!"}},{"$f":"DCF!R22","v":{"$error":"#DIV/0!"}}]
[]
[null,"Unlevered Free Cash Flow",null,{"$f":"DCF!H31","v":0},{"$f":"DCF!I31","v":{"$error":"#DIV/0!"}},{"$f":"DCF!J31","v":{"$error":"#DIV/0!"}},{"$f":"DCF!K31","v":{"$error":"#DIV/0!"}},{"$f":"DCF!L31","v":{"$error":"#DIV/0!"}},{"$f":"DCF!M31","v":{"$error":"#DIV/0!"}},{"$f":"DCF!N31","v":{"$error":"#DIV/0!"}},{"$f":"DCF!O31","v":{"$error":"#DIV/0!"}},{"$f":"DCF!P31","v":{"$error":"#DIV/0!"}},{"$f":"DCF!Q31","v":{"$error":"#DIV/0!"}},{"$f":"DCF!R31","v":{"$error":"#DIV/0!"}}]
[]
[null,"ADD: Beginning Cash Balance",null,"-",{"$f":"D46","v":0},{"$f":"E46","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!"},{"$error":"#DIV/0!"}]
[null,"LESS: Minimum Cash Balance",null,"-",{"$f":"N9*E37","v":{"$error":"#DIV/0!"}},{"$f":"O9*F37","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!"},{"$error":"#DIV/0!"}]
[null,"CF for Debt Service",null,null,{"$f":"E39+E41-E42","v":{"$error":"#DIV/0!"}},{"$f":"F39+F41-F42","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!"},{"$error":"#DIV/0!"}]
[]
[null,"Debt Balance",null,{"$f":"N16","v":0},{"$f":"D45-E43","v":{"$error":"#DIV/0!"}},{"$f":"E45-F43","v":{"$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,"Cash Balance",null,{"$f":"N27","v":0},{"$f":"D46+E39+(E45-D45)","v":{"$error":"#DIV/0!"}},{"$f":"E46+F39+(F45-E45)","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!"},{"$error":"#DIV/0!"}]
[null,"Equity Balance",null,{"$f":"G26","v":2911481.7696000002},{"$f":"D47+Operating_Model!I105","v":{"$error":"#DIV/0!"}},{"$f":"E47+Operating_Model!J105","v":{"$error":"#DIV/0!"}},{"$f":"F47+Operating_Model!K105","v":{"$error":"#DIV/0!"}},{"$f":"G47+Operating_Model!L105","v":{"$error":"#DIV/0!"}},{"$f":"H47+Operating_Model!M105","v":{"$error":"#DIV/0!"}},{"$f":"I47+Operating_Model!N105","v":{"$error":"#DIV/0!"}},{"$f":"J47+Operating_Model!O105","v":{"$error":"#DIV/0!"}},{"$f":"K47+Operating_Model!P105","v":{"$error":"#DIV/0!"}},{"$f":"L47+Operating_Model!Q105","v":{"$error":"#DIV/0!"}},{"$f":"M47+Operating_Model!R105","v":{"$error":"#DIV/0!"}}]
[]
[null,"Invested Capital",null,{"$f":"D45+D47","v":2911481.7696000002},{"$f":"E45+E47","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,"EBI",null,{"$f":"DCF!H27","v":0},{"$f":"DCF!I27","v":{"$error":"#DIV/0!"}},{"$f":"DCF!J27","v":{"$error":"#DIV/0!"}},{"$f":"DCF!K27","v":{"$error":"#DIV/0!"}},{"$f":"DCF!L27","v":{"$error":"#DIV/0!"}},{"$f":"DCF!M27","v":{"$error":"#DIV/0!"}},{"$f":"DCF!N27","v":{"$error":"#DIV/0!"}},{"$f":"DCF!O27","v":{"$error":"#DIV/0!"}},{"$f":"DCF!P27","v":{"$error":"#DIV/0!"}},{"$f":"DCF!Q27","v":{"$error":"#DIV/0!"}},{"$f":"DCF!R27","v":{"$error":"#DIV/0!"}}]
[null,"ROIC",null,"-",{"$f":"E50/(AVERAGE(D49:E49))","v":{"$error":"#DIV/0!"}},{"$f":"F50/(AVERAGE(E49:F49))","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!"},{"$error":"#DIV/0!"}]
[]
[null,"Exit Enterprise Value",null,"-",{"$f":"E37*G18","v":{"$error":"#DIV/0!"}},{"$f":"F37*H18","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!"},{"$error":"#DIV/0!"}]
[null,"LESS: Debt",null,"-",{"$f":"E45","v":{"$error":"#DIV/0!"}},{"$f":"F45","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!"},{"$error":"#DIV/0!"}]
[null,"ADD: Cash",null,"-",{"$f":"E46","v":{"$error":"#DIV/0!"}},{"$f":"F46","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!"},{"$error":"#DIV/0!"}]
[null,"Exit Equity Value",null,{"$f":"-G26","v":-2911481.7696000002},{"$f":"(E53-E54+E55)*E58","v":{"$error":"#DIV/0!"}},{"$f":"(F53-F54+F55)*F58","v":{"$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,"Exit Year",null,"-",{"$f":"IF(E35=$N8, 1,0)","v":0},{"$f":"IF(F35=$N8, 1,0)","v":0},0,0,0,0,0,0,0,0]
[null,"MOIC",null,"-",{"$f":"(E56/-D56)","v":{"$error":"#DIV/0!"}},{"$f":"(F56/-E56)","v":{"$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,null,null,null,null,null,null,null,null,null,null,"IRR",null,{"$f":"XIRR(E56:N56,E34:N34)","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,"MOIC",null,{"$f":"SUM(E59:N59)","v":{"$error":"#DIV/0!"}}]

{"sheet":"Merger","index":6,"n_rows":105,"n_cols":40,"rows_kept":105,"cut":false,"hidden":false,"merged":[]}
[]
[null,"General Information"]
[null,"Acquirer Name",null,null,null,{"$f":"Hub!T42","v":"METRO INC."}]
[]
[null,{"$f":"TEXT(F3,) &\" - Current Share Price\"","v":"METRO INC. - Current Share Price"},null,null,null,{"$f":"Hub!T45","v":74.709999999999994}]
[null,{"$f":"DCF!B2 &\" - Current Share Price\"","v":"APPLE INC. - Current Share Price"},null,null,null,{"$f":"DCF!M11","v":189.87}]
[null,"Transaction Costs",null,null,null,{"$f":"Hub!T50","v":0}]
[]
[null,{"$f":"TEXT(F3,) & \" - Cash \" & DCF!H15 & \"A\"","v":"METRO INC. - Cash 2023A"},null,null,null,{"$f":"Hub!T51","v":0}]
[]
[null,"Target leverage",null,null,null,{"$f":"Hub!T52","v":0}]
[null,"All-In Interest Rate",null,null,null,{"$f":"LBO!N17","v":0}]
[null,null,null,null,null,null,"Purchase Price"]
[]
[null,null,null,null,null,null,"Take-Out Price",null,null,{"$f":"Hub!T48","v":0}]
[null,null,null,null,null,null,"Premium",null,null,{"$f":"(J15-F6)/F6","v":-1}]
[null,null,null,null,null,null,"Shares Outstanding",null,null,{"$f":"DCF!M10","v":15334.08}]
[null,null,null,null,null,null,"Take-Out Equity Value",null,null,{"$f":"J15*J17","v":0}]
[]
[null,null,null,null,null,null,"Debt",null,null,{"$f":"Debt_Schedule!Y41","v":0}]
[null,null,null,null,null,null,"Cash",null,null,{"$f":"Net_Working_Capital!H7","v":0}]
[null,null,null,null,null,null,"Take-Out Enterprise Value",null,null,{"$f":"J18+J20-J21","v":0}]
[null,null,null,null,null,null,"Take-Out EV/LTM EBITDA",null,null,{"$f":"J22/LBO!D37","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,"Combined Debt Capacity"]
[]
[null,null,null,null,null,null,null,null,null,null,{"$f":"TEXT(F3,) &\" EBITDA - \" & LBO!E34 & \"E\"","v":"METRO INC. EBITDA - 2024E"},null,null,null,null,{"$f":"Hub!T53","v":0}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"DCF!B2 &\" EBITDA - \" & LBO!E34 & \"E\"","v":"APPLE INC. EBITDA - 2024E"},null,null,null,null,{"$f":"DCF!I22","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,"Pro Forma EBITDA",null,null,null,null,{"$f":"P26+P27","v":{"$error":"#DIV/0!"}}]
[]
[null,null,null,null,null,null,null,null,null,null,"Maximum Leverage",null,null,null,null,{"$f":"F11","v":0}]
[null,null,null,null,null,null,null,null,null,null,"Total Net Debt Capacity",null,null,null,null,{"$f":"P28*P30","v":{"$error":"#DIV/0!"}}]
[]
[null,null,null,null,null,null,null,null,null,null,{"$f":"TEXT(F3,) & \" Debt - \" & DCF!H15 & \"A\"","v":"METRO INC. Debt - 2023A"},null,null,null,null,{"$f":"Hub!T54","v":0}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"TEXT(F3,) & \" Cash - \" & DCF!H15 & \"A (Outside Transaction)\"","v":"METRO INC. Cash - 2023A (Outside Transaction)"},null,null,null,null,{"$f":"F9*(1-Z44)","v":0}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"DCF!B2 & \" Debt\"","v":"APPLE INC. Debt"},null,null,null,null,{"$f":"Debt_Schedule!Y41","v":0}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"DCF!B2 & \" Rolled Cash\"","v":"APPLE INC. Rolled Cash"},null,null,null,null,{"$f":"Net_Working_Capital!H7*(1-Z46)","v":0}]
[]
[null,null,null,null,null,null,null,null,null,null,"Combined Debt",null,null,null,null,{"$f":"P36+P35","v":0}]
[null,null,null,null,null,null,null,null,null,null,"Maximum External Debt Capacity",null,null,null,null,{"$f":"P31-P38","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Sources and Uses"]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Uses",null,null,null,null,"Sources"]
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[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"DCF!B2 & \" Debt\"","v":"APPLE INC. Debt"},null,null,{"$f":"Debt_Schedule!Y41","v":0},null,"% of Total Cash"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Transaction Costs",null,null,{"$f":"F7*J22","v":0},null,{"$f":"DCF!B2 & \" Cash For Transaction\"","v":"APPLE INC. Cash For Transaction"},null,null,null,{"$f":"Net_Working_Capital!H7*Z46","v":0}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Total Uses",null,null,{"$f":"SUM(T43:T45)","v":0},null,"% of Total Cash"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"DCF!B2 & \" Debt\"","v":"APPLE INC. Debt"},null,null,null,{"$f":"Debt_Schedule!Y41","v":0}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"New Debt",null,null,null,{"$f":"P39","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"\"Equity to \" & DCF!B2 & \" Shareholders\"","v":"Equity to APPLE INC. Shareholders"},null,null,null,{"$f":"Z50-Z48-Z47+Z45-Z43","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Total Sources",null,null,null,{"$f":"T46","v":0}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Stock Exchange"]
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[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Total Share Consideration",null,null,null,null,null,{"$f":"Z49","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"\"% Equity Issued to \" & DCF!B2","v":"% Equity Issued to APPLE INC."},null,null,null,null,null,{"$f":"AG54/AG53","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Total Cash Consideration",null,null,null,null,null,{"$f":"AG53-AG54","v":{"$error":"#DIV/0!"}}]
[]
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[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"F3 & \" Share Price\"","v":"METRO INC. Share Price"},null,null,null,null,null,{"$f":"Hub!T45","v":74.709999999999994}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Exchange Ratio",null,null,null,null,null,{"$f":"AG59/AG58","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Actual Exchange Ratio",null,null,null,null,null,{"$f":"AG60*AG55","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"DCF!B2 & \" Shares Outstanding\"","v":"APPLE INC. Shares Outstanding"},null,null,null,null,null,{"$f":"DCF!M10","v":15334.08}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"\"Shares Issued to \" & DCF!B2 & \" Shareholders\"","v":"Shares Issued to APPLE INC. Shareholders"},null,null,null,null,null,{"$f":"AG62*AG61","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Accretion/Dilution"]
[]
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[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"F3 & \" Diluted EPS\"","v":"METRO INC. Diluted EPS"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"F3 & \" Diluted S/O\"","v":"METRO INC. Diluted S/O"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Acquirer Net Income"]
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[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"DCF!B2 & \" EBITDA\"","v":"APPLE INC. EBITDA"},null,null,null,{"$f":"DCF!I22","v":{"$error":"#DIV/0!"}},{"$f":"DCF!J22","v":{"$error":"#DIV/0!"}},{"$f":"DCF!K22","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Synergies",null,null,null,{"$f":"DCF_Synergies!I23-DCF!I22","v":{"$error":"#DIV/0!"}},{"$f":"DCF_Synergies!J23-DCF!J22","v":{"$error":"#DIV/0!"}},{"$f":"DCF_Synergies!K23-DCF!K22","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Integration Costs"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Increased Interest Expense",null,null,null,{"$f":"F12*(P35+Z48)","v":{"$error":"#DIV/0!"}},{"$f":"AL74","v":{"$error":"#DIV/0!"}},{"$f":"AM74","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"D&A",null,null,null,{"$f":"DCF_Synergies!I29","v":{"$error":"#DIV/0!"}},{"$f":"DCF_Synergies!J29","v":{"$error":"#DIV/0!"}},{"$f":"DCF_Synergies!K29","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Incremental EBT",null,null,null,{"$f":"AL71+AL72-AL73-AL74-AL75","v":{"$error":"#DIV/0!"}},{"$f":"AM71+AM72-AM73-AM74-AM75","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Taxes",null,null,null,{"$f":"AL76*Hub!$T48","v":{"$error":"#DIV/0!"}},{"$f":"AM76*Hub!$T48","v":{"$error":"#DIV/0!"}},{"$f":"AN76*Hub!$T48","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Incremental Net Income",null,null,null,{"$f":"AL76-AL77","v":{"$error":"#DIV/0!"}},{"$f":"AM76-AM77","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Pro Forma Net Income",null,null,null,{"$f":"AL69+AL78","v":{"$error":"#DIV/0!"}},{"$f":"AM69+AM78","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Pro Forma Acquirer Diluted S/O",null,null,null,{"$f":"AL68+$AG63","v":{"$error":"#DIV/0!"}},{"$f":"AM68+$AG63","v":{"$error":"#DIV/0!"}},{"$f":"AN68+$AG63","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Pro Forma EPS",null,null,null,{"$f":"AL80/AL81","v":{"$error":"#DIV/0!"}},{"$f":"AM80/AM81","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Accretion/(Dilution) - $",null,null,null,{"$f":"AL82-AL67","v":{"$error":"#DIV/0!"}},{"$f":"AM82-AM67","v":{"$error":"#DIV/0!"}},{"$f":"AN82-AN67","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Accretion/(Dilution) - %",null,null,null,{"$f":"(AL84-AL67)/AL67","v":{"$error":"#DIV/0!"}},{"$f":"(AM84-AM67)/AM67","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Pro Forma Balance Sheet (Excluding Synergies)"]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Acquirer","Adj.","PF"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"\"Debt - \" & DCF!I15 & \"E\"","v":"Debt - 2024E"},null,null,null,{"$f":"P33","v":0},{"$f":"Z47+Z48","v":{"$error":"#DIV/0!"}},{"$f":"AL90+AM90","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"\"Cash - \" & DCF!I15 & \"E\"","v":"Cash - 2024E"},null,null,null,{"$f":"F9","v":0},{"$f":"Z43-Z45","v":0},{"$f":"AL91+AM91","v":0}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"\"Net Debt - \" & DCF!I15 & \"E\"","v":"Net Debt - 2024E"},null,null,null,{"$f":"AL90-AL91","v":0},{"$f":"AM90-AM91","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"\"EBITDA - \" & DCF!I15 & \"E\"","v":"EBITDA - 2024E"},null,null,null,{"$f":"P26","v":0},{"$f":"P27","v":{"$error":"#DIV/0!"}},{"$f":"AL94+AM94","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Net Debt/EBITDA",null,null,null,{"$f":"AL92/AL94","v":{"$error":"#DIV/0!"}},{"$f":"AM92/AM94","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"\"FY\" & DCF!K15 & \"E Accretion/Dilution Sensitivity Analysis\"","v":"FY2026E Accretion/Dilution Sensitivity Analysis"}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Synergies"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AK100-5","v":{"$error":"#DIV/0!"}},{"$f":"AL100-5","v":{"$error":"#DIV/0!"}},{"$f":"AN72","v":{"$error":"#DIV/0!"}},{"$f":"AL100+5","v":{"$error":"#DIV/0!"}},{"$f":"AM100+5","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AI102-1","v":-2},{"$f":"(((($AN$71+AJ$100-$AN$73-$AN$74-$AN$75)*(1-DCF!$C$11))+$AN$69)/($AN$68+(((($AI101*$J$17)+$T$44+$T$45-$Z$43+$Z$45-$Z$47-$Z$48)/($AI101*$J$17))*($AI101/$AG$59)*$AG$62)))-$AN$67","v":{"$error":"#DIV/0!"}},{"$f":"(((($AN$71+AK$100-$AN$73-$AN$74-$AN$75)*(1-DCF!$C$11))+$AN$69)/($AN$68+(((($AI101*$J$17)+$T$44+$T$45-$Z$43+$Z$45-$Z$47-$Z$48)/($AI101*$J$17))*($AI101/$AG$59)*$AG$62)))-$AN$67","v":{"$error":"#DIV/0!"}},{"$f":"(((($AN$71+AL$100-$AN$73-$AN$74-$AN$75)*(1-DCF!$C$11))+$AN$69)/($AN$68+(((($AI101*$J$17)+$T$44+$T$45-$Z$43+$Z$45-$Z$47-$Z$48)/($AI101*$J$17))*($AI101/$AG$59)*$AG$62)))-$AN$67","v":{"$error":"#DIV/0!"}},{"$f":"(((($AN$71+AM$100-$AN$73-$AN$74-$AN$75)*(1-DCF!$C$11))+$AN$69)/($AN$68+(((($AI101*$J$17)+$T$44+$T$45-$Z$43+$Z$45-$Z$47-$Z$48)/($AI101*$J$17))*($AI101/$AG$59)*$AG$62)))-$AN$67","v":{"$error":"#DIV/0!"}},{"$f":"(((($AN$71+AN$100-$AN$73-$AN$74-$AN$75)*(1-DCF!$C$11))+$AN$69)/($AN$68+(((($AI101*$J$17)+$T$44+$T$45-$Z$43+$Z$45-$Z$47-$Z$48)/($AI101*$J$17))*($AI101/$AG$59)*$AG$62)))-$AN$67","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Take",{"$f":"AI103-1","v":-1},{"$f":"(((($AN$71+AJ$100-$AN$73-$AN$74-$AN$75)*(1-DCF!$C$11))+$AN$69)/($AN$68+(((($AI102*$J$17)+$T$44+$T$45-$Z$43+$Z$45-$Z$47-$Z$48)/($AI102*$J$17))*($AI102/$AG$59)*$AG$62)))-$AN$67","v":{"$error":"#DIV/0!"}},{"$f":"(((($AN$71+AK$100-$AN$73-$AN$74-$AN$75)*(1-DCF!$C$11))+$AN$69)/($AN$68+(((($AI102*$J$17)+$T$44+$T$45-$Z$43+$Z$45-$Z$47-$Z$48)/($AI102*$J$17))*($AI102/$AG$59)*$AG$62)))-$AN$67","v":{"$error":"#DIV/0!"}},{"$f":"(((($AN$71+AL$100-$AN$73-$AN$74-$AN$75)*(1-DCF!$C$11))+$AN$69)/($AN$68+(((($AI102*$J$17)+$T$44+$T$45-$Z$43+$Z$45-$Z$47-$Z$48)/($AI102*$J$17))*($AI102/$AG$59)*$AG$62)))-$AN$67","v":{"$error":"#DIV/0!"}},{"$f":"(((($AN$71+AM$100-$AN$73-$AN$74-$AN$75)*(1-DCF!$C$11))+$AN$69)/($AN$68+(((($AI102*$J$17)+$T$44+$T$45-$Z$43+$Z$45-$Z$47-$Z$48)/($AI102*$J$17))*($AI102/$AG$59)*$AG$62)))-$AN$67","v":{"$error":"#DIV/0!"}},{"$f":"(((($AN$71+AN$100-$AN$73-$AN$74-$AN$75)*(1-DCF!$C$11))+$AN$69)/($AN$68+(((($AI102*$J$17)+$T$44+$T$45-$Z$43+$Z$45-$Z$47-$Z$48)/($AI102*$J$17))*($AI102/$AG$59)*$AG$62)))-$AN$67","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Out",{"$f":"J15","v":0},{"$f":"(((($AN$71+AJ$100-$AN$73-$AN$74-$AN$75)*(1-DCF!$C$11))+$AN$69)/($AN$68+(((($AI103*$J$17)+$T$44+$T$45-$Z$43+$Z$45-$Z$47-$Z$48)/($AI103*$J$17))*($AI103/$AG$59)*$AG$62)))-$AN$67","v":{"$error":"#DIV/0!"}},{"$f":"(((($AN$71+AK$100-$AN$73-$AN$74-$AN$75)*(1-DCF!$C$11))+$AN$69)/($AN$68+(((($AI103*$J$17)+$T$44+$T$45-$Z$43+$Z$45-$Z$47-$Z$48)/($AI103*$J$17))*($AI103/$AG$59)*$AG$62)))-$AN$67","v":{"$error":"#DIV/0!"}},{"$f":"(((($AN$71+AL$100-$AN$73-$AN$74-$AN$75)*(1-DCF!$C$11))+$AN$69)/($AN$68+(((($AI103*$J$17)+$T$44+$T$45-$Z$43+$Z$45-$Z$47-$Z$48)/($AI103*$J$17))*($AI103/$AG$59)*$AG$62)))-$AN$67","v":{"$error":"#DIV/0!"}},{"$f":"(((($AN$71+AM$100-$AN$73-$AN$74-$AN$75)*(1-DCF!$C$11))+$AN$69)/($AN$68+(((($AI103*$J$17)+$T$44+$T$45-$Z$43+$Z$45-$Z$47-$Z$48)/($AI103*$J$17))*($AI103/$AG$59)*$AG$62)))-$AN$67","v":{"$error":"#DIV/0!"}},{"$f":"(((($AN$71+AN$100-$AN$73-$AN$74-$AN$75)*(1-DCF!$C$11))+$AN$69)/($AN$68+(((($AI103*$J$17)+$T$44+$T$45-$Z$43+$Z$45-$Z$47-$Z$48)/($AI103*$J$17))*($AI103/$AG$59)*$AG$62)))-$AN$67","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Price",{"$f":"AI103+1","v":1},{"$f":"(((($AN$71+AJ$100-$AN$73-$AN$74-$AN$75)*(1-DCF!$C$11))+$AN$69)/($AN$68+(((($AI104*$J$17)+$T$44+$T$45-$Z$43+$Z$45-$Z$47-$Z$48)/($AI104*$J$17))*($AI104/$AG$59)*$AG$62)))-$AN$67","v":{"$error":"#DIV/0!"}},{"$f":"(((($AN$71+AK$100-$AN$73-$AN$74-$AN$75)*(1-DCF!$C$11))+$AN$69)/($AN$68+(((($AI104*$J$17)+$T$44+$T$45-$Z$43+$Z$45-$Z$47-$Z$48)/($AI104*$J$17))*($AI104/$AG$59)*$AG$62)))-$AN$67","v":{"$error":"#DIV/0!"}},{"$f":"(((($AN$71+AL$100-$AN$73-$AN$74-$AN$75)*(1-DCF!$C$11))+$AN$69)/($AN$68+(((($AI104*$J$17)+$T$44+$T$45-$Z$43+$Z$45-$Z$47-$Z$48)/($AI104*$J$17))*($AI104/$AG$59)*$AG$62)))-$AN$67","v":{"$error":"#DIV/0!"}},{"$f":"(((($AN$71+AM$100-$AN$73-$AN$74-$AN$75)*(1-DCF!$C$11))+$AN$69)/($AN$68+(((($AI104*$J$17)+$T$44+$T$45-$Z$43+$Z$45-$Z$47-$Z$48)/($AI104*$J$17))*($AI104/$AG$59)*$AG$62)))-$AN$67","v":{"$error":"#DIV/0!"}},{"$f":"(((($AN$71+AN$100-$AN$73-$AN$74-$AN$75)*(1-DCF!$C$11))+$AN$69)/($AN$68+(((($AI104*$J$17)+$T$44+$T$45-$Z$43+$Z$45-$Z$47-$Z$48)/($AI104*$J$17))*($AI104/$AG$59)*$AG$62)))-$AN$67","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AI104+1","v":2},{"$f":"(((($AN$71+AJ$100-$AN$73-$AN$74-$AN$75)*(1-DCF!$C$11))+$AN$69)/($AN$68+(((($AI105*$J$17)+$T$44+$T$45-$Z$43+$Z$45-$Z$47-$Z$48)/($AI105*$J$17))*($AI105/$AG$59)*$AG$62)))-$AN$67","v":{"$error":"#DIV/0!"}},{"$f":"(((($AN$71+AK$100-$AN$73-$AN$74-$AN$75)*(1-DCF!$C$11))+$AN$69)/($AN$68+(((($AI105*$J$17)+$T$44+$T$45-$Z$43+$Z$45-$Z$47-$Z$48)/($AI105*$J$17))*($AI105/$AG$59)*$AG$62)))-$AN$67","v":{"$error":"#DIV/0!"}},{"$f":"(((($AN$71+AL$100-$AN$73-$AN$74-$AN$75)*(1-DCF!$C$11))+$AN$69)/($AN$68+(((($AI105*$J$17)+$T$44+$T$45-$Z$43+$Z$45-$Z$47-$Z$48)/($AI105*$J$17))*($AI105/$AG$59)*$AG$62)))-$AN$67","v":{"$error":"#DIV/0!"}},{"$f":"(((($AN$71+AM$100-$AN$73-$AN$74-$AN$75)*(1-DCF!$C$11))+$AN$69)/($AN$68+(((($AI105*$J$17)+$T$44+$T$45-$Z$43+$Z$45-$Z$47-$Z$48)/($AI105*$J$17))*($AI105/$AG$59)*$AG$62)))-$AN$67","v":{"$error":"#DIV/0!"}},{"$f":"(((($AN$71+AN$100-$AN$73-$AN$74-$AN$75)*(1-DCF!$C$11))+$AN$69)/($AN$68+(((($AI105*$J$17)+$T$44+$T$45-$Z$43+$Z$45-$Z$47-$Z$48)/($AI105*$J$17))*($AI105/$AG$59)*$AG$62)))-$AN$67","v":{"$error":"#DIV/0!"}}]

{"sheet":"LBO_Extras --->","index":7,"n_rows":0,"n_cols":0,"rows_kept":0,"cut":false,"hidden":false,"merged":[]}

{"sheet":"DCF_Synergies","index":8,"n_rows":75,"n_cols":25,"rows_kept":75,"cut":false,"hidden":false,"merged":[]}
[]
[null,{"$f":"IF(Hub!N4=\"No\", Hub!R6, Hub!D6)","v":"APPLE INC."},"Discounted Cash Flow Analysis (With Synergies)"]
[null,"All Figures in USD$ Millions, expect for per share data"]
[null,"Fiscal Year Ending December 31",null,null,null,null,{"$f":"IF(Dashboard!I3=\"Yes\", \"Dashboard Master Override Enabled\", \"Dashboard Master Override Disabled\")","v":"Dashboard Master Override Disabled"}]
[]
[]
[null,"Assumptions & Inputs"]
[]
[null,"Valuation Date",{"$f":"IF(ISBLANK(Hub!D10), TODAY(), Hub!D10)","v":"2024-05-19"},null,"Latest Yearly EBITDA",null,null,{"$f":"H23","v":0},null,"Perpetual Growth Rate",null,null,{"$f":"IF(Dashboard!I3=\"Yes\", Dashboard!E8, Hub!D22)","v":0}]
[null,"Latest Fiscal Year Date",{"$f":"IF(ISBLANK(Hub!D11), DATE(YEAR(C9)-1,12,31),Hub!D11)","v":"2023-12-31"},null,"Terminal EBITDA multiple",null,null,{"$f":"IF(Dashboard!I3=\"Yes\", Dashboard!E9, IF(Hub!H24=\"Yes\", ((M10*M11-Net_Working_Capital!H7+Debt_Schedule!Y41)/H23), Hub!D21))","v":0},null,"Outstanding Shares",null,null,{"$f":"IF(Dashboard!I3=\"YES\", Dashboard!J8, IF(Hub!N4=\"No\", Hub!V7, Hub!H7))","v":15334.08}]
[null,"Tax Rate",{"$f":"Hub!H10","v":0.21},null,"WACC",null,null,{"$f":"IF(Dashboard!I3=\"Yes\", Dashboard!E6, IF(ISBLANK(Hub!D44), WACC_Calculator!D4, Hub!D44))","v":{"$error":"#DIV/0!"}},null,"Share Price at Valuation",null,null,{"$f":"IF(Hub!N4=\"No\", Hub!V6, Hub!H6)","v":189.87}]
[null,"Average Inflation Rate",{"$f":"IF(Dashboard!I3=\"Yes\", Dashboard!J7, Hub!H23)","v":0},null,"Terminal Year WACC",null,null,{"$f":"IF(Dashboard!I3=\"Yes\", Dashboard!E7, IF(ISBLANK(Hub!D45), IF(ISBLANK(Hub!D44), WACC_Calculator!D4, Hub!D44), Hub!D45))","v":{"$error":"#DIV/0!"}},null,"Risk Free Rate",null,null,{"$f":"IF(Dashboard!I3=\"YES\", Dashboard!J6, Hub!H22)","v":0}]
[null,"Revenue Synergy Increase",{"$f":"IF(Dashboard!I3=\"Yes\", Dashboard!O6, Hub!T23)","v":0},null,"COGS Synergy Decrease",null,null,{"$f":"IF(Dashboard!I3=\"Yes\", Dashboard!O7, Hub!T24)","v":0},null,"FE Synergy Decrease",null,null,{"$f":"IF(Dashboard!I3=\"Yes\", Dashboard!O8, Hub!T25)","v":0}]
[]
[null,null,null,null,null,"Actuals",null,null,null,null,null,null,"Forecast"]
[null,null,null,{"$f":"YEAR(D17)","v":2019},{"$f":"YEAR(E17)","v":2020},2021,2022,2023,{"$f":"YEAR(I17)","v":2024},{"$f":"YEAR(J17)","v":2025},2026,2027,2028,2029,2030,2031,2032,2033]
[null,null,null,{"$f":"EOMONTH(E17,-12)","v":"2019-12-31"},"2020-12-31","2021-12-31",{"$f":"EOMONTH(H17,-12)","v":"2022-12-31"},{"$f":"C10","v":"2023-12-31"},{"$f":"EOMONTH(H17,12)","v":"2024-12-31"},{"$f":"EOMONTH(I17,12)","v":"2025-12-31"},"2026-12-31","2027-12-31","2028-12-31",{"$f":"EOMONTH(M17,12)","v":"2029-12-31"},{"$f":"EOMONTH(N17,12)","v":"2030-12-31"},{"$f":"EOMONTH(O17,12)","v":"2031-12-31"},{"$f":"EOMONTH(P17,12)","v":"2032-12-31"},{"$f":"EOMONTH(Q17,12)","v":"2033-12-31"}]
[null,"Discounted Cash Flow"]
[]
[null,"Revenue",null,{"$f":"Revenue_Build!C36","v":0},{"$f":"Revenue_Build!D36","v":0},{"$f":"Revenue_Build!E36","v":0},{"$f":"Revenue_Build!F36","v":0},{"$f":"Revenue_Build!G36","v":0},{"$f":"Revenue_Build!H36*(1+$C13)","v":0},{"$f":"Revenue_Build!I36*(1+$C13)","v":0},{"$f":"Revenue_Build!J36*(1+$C13)","v":0},{"$f":"Revenue_Build!K36*(1+$C13)","v":0},{"$f":"Revenue_Build!L36*(1+$C13)","v":0},{"$f":"Revenue_Build!M36*(1+$C13)","v":0},{"$f":"Revenue_Build!N36*(1+$C13)","v":0},{"$f":"Revenue_Build!O36*(1+$C13)","v":0},{"$f":"Revenue_Build!P36*(1+$C13)","v":0},{"$f":"Revenue_Build!Q36*(1+$C13)","v":0}]
[null,"YoY Growth",null,"-",{"$f":"(E20-D20)/D20","v":{"$error":"#DIV/0!"}},{"$f":"(F20-E20)/E20","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!"},{"$f":"(N20-M20)/M20","v":{"$error":"#DIV/0!"}},{"$f":"(O20-N20)/N20","v":{"$error":"#DIV/0!"}},{"$f":"(P20-O20)/O20","v":{"$error":"#DIV/0!"}},{"$f":"(Q20-P20)/P20","v":{"$error":"#DIV/0!"}},{"$f":"(R20-Q20)/Q20","v":{"$error":"#DIV/0!"}}]
[]
[null,"Adj. EBIDTA",null,{"$f":"Operating_Model!D76","v":0},{"$f":"Operating_Model!E76","v":0},{"$f":"Operating_Model!F76","v":0},{"$f":"Operating_Model!G76","v":0},{"$f":"Operating_Model!H76","v":0},{"$f":"DCF_Synergies!I20-((Operating_Model!I48+Operating_Model!I51)*(1-DCF_Synergies!$H13)+(Operating_Model!I59+Operating_Model!I62+Operating_Model!I65)*(1-DCF_Synergies!$M13))+Operating_Model!I71","v":{"$error":"#DIV/0!"}},{"$f":"DCF_Synergies!J20-((Operating_Model!J48+Operating_Model!J51)*(1-DCF_Synergies!$H13)+(Operating_Model!J59+Operating_Model!J62+Operating_Model!J65)*(1-DCF_Synergies!$M13))+Operating_Model!J71","v":{"$error":"#DIV/0!"}},{"$f":"DCF_Synergies!K20-((Operating_Model!K48+Operating_Model!K51)*(1-DCF_Synergies!$H13)+(Operating_Model!K59+Operating_Model!K62+Operating_Model!K65)*(1-DCF_Synergies!$M13))+Operating_Model!K71","v":{"$error":"#DIV/0!"}},{"$f":"DCF_Synergies!L20-((Operating_Model!L48+Operating_Model!L51)*(1-DCF_Synergies!$H13)+(Operating_Model!L59+Operating_Model!L62+Operating_Model!L65)*(1-DCF_Synergies!$M13))+Operating_Model!L71","v":{"$error":"#DIV/0!"}},{"$f":"DCF_Synergies!M20-((Operating_Model!M48+Operating_Model!M51)*(1-DCF_Synergies!$H13)+(Operating_Model!M59+Operating_Model!M62+Operating_Model!M65)*(1-DCF_Synergies!$M13))+Operating_Model!M71","v":{"$error":"#DIV/0!"}},{"$f":"DCF_Synergies!N20-((Operating_Model!N48+Operating_Model!N51)*(1-DCF_Synergies!$H13)+(Operating_Model!N59+Operating_Model!N62+Operating_Model!N65)*(1-DCF_Synergies!$M13))+Operating_Model!N71","v":{"$error":"#DIV/0!"}},{"$f":"DCF_Synergies!O20-((Operating_Model!O48+Operating_Model!O51)*(1-DCF_Synergies!$H13)+(Operating_Model!O59+Operating_Model!O62+Operating_Model!O65)*(1-DCF_Synergies!$M13))+Operating_Model!O71","v":{"$error":"#DIV/0!"}},{"$f":"DCF_Synergies!P20-((Operating_Model!P48+Operating_Model!P51)*(1-DCF_Synergies!$H13)+(Operating_Model!P59+Operating_Model!P62+Operating_Model!P65)*(1-DCF_Synergies!$M13))+Operating_Model!P71","v":{"$error":"#DIV/0!"}},{"$f":"DCF_Synergies!Q20-((Operating_Model!Q48+Operating_Model!Q51)*(1-DCF_Synergies!$H13)+(Operating_Model!Q59+Operating_Model!Q62+Operating_Model!Q65)*(1-DCF_Synergies!$M13))+Operating_Model!Q71","v":{"$error":"#DIV/0!"}},{"$f":"DCF_Synergies!R20-((Operating_Model!R48+Operating_Model!R51)*(1-DCF_Synergies!$H13)+(Operating_Model!R59+Operating_Model!R62+Operating_Model!R65)*(1-DCF_Synergies!$M13))+Operating_Model!R71","v":{"$error":"#DIV/0!"}}]
[null,"%Margin",null,{"$f":"D23/D20","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!"},{"$f":"N23/N20","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"LESS: D&A - Other",null,{"$f":"Operating_Model!D83","v":0},{"$f":"Operating_Model!E83","v":0},{"$f":"Operating_Model!F83","v":0},{"$f":"Operating_Model!G83","v":0},{"$f":"Operating_Model!H83","v":0},{"$f":"Operating_Model!I83","v":{"$error":"#DIV/0!"}},{"$f":"Operating_Model!J83","v":{"$error":"#DIV/0!"}},{"$f":"Operating_Model!K83","v":{"$error":"#DIV/0!"}},{"$f":"Operating_Model!L83","v":{"$error":"#DIV/0!"}},{"$f":"Operating_Model!M83","v":{"$error":"#DIV/0!"}},{"$f":"Operating_Model!N83","v":{"$error":"#DIV/0!"}},{"$f":"Operating_Model!O83","v":{"$error":"#DIV/0!"}},{"$f":"Operating_Model!P83","v":{"$error":"#DIV/0!"}},{"$f":"Operating_Model!Q83","v":{"$error":"#DIV/0!"}},{"$f":"Operating_Model!R83","v":{"$error":"#DIV/0!"}}]
[null,"Adj. EBIT",null,{"$f":"D23-D25","v":0},{"$f":"E23-E25","v":0},0,0,0,{"$f":"I23-I25","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"N23-N25","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"Income Taxes",null,{"$f":"Operating_Model!D101","v":0},{"$f":"Operating_Model!E101","v":0},{"$f":"Operating_Model!F101","v":0},{"$f":"Operating_Model!G101","v":0},{"$f":"Operating_Model!H101","v":0},{"$f":"(I26-Operating_Model!I91)*DCF_Synergies!$C11","v":{"$error":"#DIV/0!"}},{"$f":"(J26-Operating_Model!J91)*DCF_Synergies!$C11","v":{"$error":"#DIV/0!"}},{"$f":"(K26-Operating_Model!K91)*DCF_Synergies!$C11","v":{"$error":"#DIV/0!"}},{"$f":"(L26-Operating_Model!L91)*DCF_Synergies!$C11","v":{"$error":"#DIV/0!"}},{"$f":"(M26-Operating_Model!M91)*DCF_Synergies!$C11","v":{"$error":"#DIV/0!"}},{"$f":"(N26-Operating_Model!N91)*DCF_Synergies!$C11","v":{"$error":"#DIV/0!"}},{"$f":"(O26-Operating_Model!O91)*DCF_Synergies!$C11","v":{"$error":"#DIV/0!"}},{"$f":"(P26-Operating_Model!P91)*DCF_Synergies!$C11","v":{"$error":"#DIV/0!"}},{"$f":"(Q26-Operating_Model!Q91)*DCF_Synergies!$C11","v":{"$error":"#DIV/0!"}},{"$f":"(R26-Operating_Model!R91)*DCF_Synergies!$C11","v":{"$error":"#DIV/0!"}}]
[null,"Adj. Unlevered Net Income",null,{"$f":"D26-D27","v":0},{"$f":"E26-E27","v":0},0,0,0,{"$f":"I26-I27","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"N26-N27","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"ADD: D&A -Other",null,{"$f":"D25","v":0},{"$f":"E25","v":0},0,0,0,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"N25","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"LESS: CapEx",null,{"$f":"DCF!D29","v":0},{"$f":"DCF!E29","v":0},{"$f":"DCF!F29","v":0},{"$f":"DCF!G29","v":0},{"$f":"DCF!H29","v":0},{"$f":"'D&A+CAPEX'!I43","v":{"$error":"#DIV/0!"}},{"$f":"'D&A+CAPEX'!J43","v":{"$error":"#DIV/0!"}},{"$f":"'D&A+CAPEX'!K43","v":{"$error":"#DIV/0!"}},{"$f":"'D&A+CAPEX'!L43","v":{"$error":"#DIV/0!"}},{"$f":"'D&A+CAPEX'!M43","v":{"$error":"#DIV/0!"}},{"$f":"'D&A+CAPEX'!N43","v":{"$error":"#DIV/0!"}},{"$f":"'D&A+CAPEX'!O43","v":{"$error":"#DIV/0!"}},{"$f":"'D&A+CAPEX'!P43","v":{"$error":"#DIV/0!"}},{"$f":"'D&A+CAPEX'!Q43","v":{"$error":"#DIV/0!"}},{"$f":"'D&A+CAPEX'!R43","v":{"$error":"#DIV/0!"}}]
[null,"LESS: ΔNWC",null,{"$f":"Net_Working_Capital!D23","v":0},{"$f":"Net_Working_Capital!E23","v":0},{"$f":"Net_Working_Capital!F23","v":0},{"$f":"Net_Working_Capital!G23","v":0},{"$f":"Net_Working_Capital!H23","v":0},{"$f":"Net_Working_Capital!I23","v":{"$error":"#DIV/0!"}},{"$f":"Net_Working_Capital!J23","v":{"$error":"#DIV/0!"}},{"$f":"Net_Working_Capital!K23","v":{"$error":"#DIV/0!"}},{"$f":"Net_Working_Capital!L23","v":{"$error":"#DIV/0!"}},{"$f":"Net_Working_Capital!M23","v":{"$error":"#DIV/0!"}},{"$f":"Net_Working_Capital!N23","v":{"$error":"#DIV/0!"}},{"$f":"Net_Working_Capital!O23","v":{"$error":"#DIV/0!"}},{"$f":"Net_Working_Capital!P23","v":{"$error":"#DIV/0!"}},{"$f":"Net_Working_Capital!Q23","v":{"$error":"#DIV/0!"}},{"$f":"Net_Working_Capital!R23","v":{"$error":"#DIV/0!"}}]
[null,"Unlevered Free Cash Flow",null,{"$f":"D28+D29-D30-D31","v":0},0,0,0,{"$f":"H28+H29-H30-H31","v":0},{"$f":"I28+I29-I30-I31","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"N28+N29-N30-N31","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"Valuation Timing Factor",null,null,null,null,null,null,{"$f":"1/((1+$H$11)^((I$17-$C$9)/365))","v":{"$error":"#DIV/0!"}},{"$f":"1/((1+$H$11)^((J$17-$C$9)/365))","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"1/((1+$H$11)^((M$17-$C$9)/365))","v":{"$error":"#DIV/0!"}},{"$f":"1/((1+$H$11)^((N$17-$C$9)/365))","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"Discount Rate",{"$f":"H11","v":{"$error":"#DIV/0!"}}]
[null,"PV of Unlevered Free Cash Flow",null,null,null,null,null,null,{"$f":"I32*I33","v":{"$error":"#DIV/0!"}},{"$f":"J32*J33","v":{"$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,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Exit Multiple Sensitivities"]
[null,"SUM of PV of Unlevered FCF",{"$f":"SUM(I35:M35)","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Implied Equity Value"]
[null,"Implied Share Price - Exit Multiple",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"WACC"]
[null,"Exit Multiple",{"$f":"H10","v":0},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"E42","v":0},{"$f":"V41-0.005","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$f":"H11","v":{"$error":"#DIV/0!"}},{"$f":"W41+0.005","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"}]
[null,"Terminal Value",{"$f":"M23*H10","v":{"$error":"#DIV/0!"}},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"T43-0.5","v":-1},{"$f":"(SUM($I$35:$M$35))+($T42*$M$23*(1/((1+U$41)^(($M$17-$C$9)/365))))-$C$45+$C$46","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"PV of Terminal Value",{"$f":"C42*M33","v":{"$error":"#DIV/0!"}},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Terminal",-0.5,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"Implied Enterprise Value",{"$f":"C43+C38","v":{"$error":"#DIV/0!"}},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Multiple",{"$f":"H10","v":0},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"LESS: Debt",{"$f":"WACC_Calculator!L8","v":0},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"(x)",{"$f":"T44+0.5","v":0.5},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"ADD: Cash",{"$f":"Net_Working_Capital!H7","v":0},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,1,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"Implied Equity Value",{"$f":"C44-C45+C46","v":{"$error":"#DIV/0!"}}]
[null,"F.D. Share O/S",{"$f":"M10","v":15334.08},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Implied Equity Value Change"]
[null,"Implied Share Value",{"$f":"C47/C48","v":{"$error":"#DIV/0!"}},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"WACC"]
[null,"Implied Upside/(Downside)",{"$f":"(C49-M11)/M11","v":{"$error":"#DIV/0!"}},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"E48","v":0},{"$f":"V50-0.005","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$f":"W41","v":{"$error":"#DIV/0!"}},{"$f":"W50+0.005","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"T52-0.5","v":-1},{"$f":"(U42-$C$47)/$C$47","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"(X42-$C$47)/$C$47","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Terminal",-0.5,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Multiple",{"$f":"T44","v":0},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"(W44-$C$47)/$C$47","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"Implied Share Price - PGG",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"(x)",{"$f":"T53+0.5","v":0.5},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"Perpetual Growth Rate",{"$f":"M9","v":0},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,1,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"Sum of PV of Unlevered FCF",{"$f":"C38","v":{"$error":"#DIV/0!"}}]
[null,"PV of Terminal Value",{"$f":"(((M32)*(1+M9))/(H12-M9))*M33","v":{"$error":"#DIV/0!"}},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Perpetual Growth Rate Sensitivities"]
[null,"Implied Enterprise Value",{"$f":"C56+C57","v":{"$error":"#DIV/0!"}}]
[null,"LESS: Debt",{"$f":"WACC_Calculator!L8","v":0},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Implied Equity Value"]
[null,"ADD: Cash",{"$f":"C46","v":0},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"WACC"]
[null,"Implied Equity Value",{"$f":"C58-C59+C60","v":{"$error":"#DIV/0!"}},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"E65","v":0},{"$f":"V61-0.005","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$f":"W41","v":{"$error":"#DIV/0!"}},{"$f":"W61+0.005","v":{"$error":"#DIV/0!"}},{"$f":"X61+0.005","v":{"$error":"#DIV/0!"}}]
[null,"F.D. Share O/S",{"$f":"M10","v":15334.08},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"T63-0.005","v":-0.01},{"$f":"(SUM($I$35:$M$35))+((($M$32*(1+$T62))/(U$61-$T62))*(1/((1+U$61)^(($M$17-$C$9)/365))))-$C$45+$C$46","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"Implied Share Value",{"$f":"C61/C62","v":{"$error":"#DIV/0!"}},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Perpetual",{"$f":"T64-0.005","v":-5.0000000000000001E-3},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"Implied Upside/(Downside)",{"$f":"(C63-M11)/M11","v":{"$error":"#DIV/0!"}},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Growth ",{"$f":"M9","v":0},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Rate",{"$f":"T64+0.005","v":5.0000000000000001E-3},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"T65+0.005","v":0.01},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Implied Equity Value Change"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"WACC"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"E71","v":0},{"$f":"V70-0.005","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$f":"W41","v":{"$error":"#DIV/0!"}},{"$f":"W70+0.005","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"T72-0.005","v":-0.01},{"$f":"(U62-$C$61)/$C$61","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Perpetual",{"$f":"T73-0.005","v":-5.0000000000000001E-3},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Growth ",{"$f":"T64","v":0},{"$error":"#DIV/0!"},{"$f":"(V64-$C$61)/$C$61","v":{"$error":"#DIV/0!"}},{"$f":"(W64-$C$61)/$C$61","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$f":"(Y64-$C$61)/$C$61","v":{"$error":"#DIV/0!"}}]
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{"sheet":"Main_Components --->","index":9,"n_rows":0,"n_cols":0,"rows_kept":0,"cut":false,"hidden":false,"merged":[]}

{"sheet":"Operating_Model","index":10,"n_rows":106,"n_cols":18,"rows_kept":106,"cut":false,"hidden":false,"merged":[]}
[]
[null,{"$f":"DCF!B2","v":"APPLE INC."},"Operating Model"]
[null,"All Figures in USD$ Millions, expect for per share data"]
[null,"Fiscal Year Ending December 31"]
[]
[null,null,null,null,null,"Actuals",null,null,null,null,null,null,"Forecast"]
[null,null,null,{"$f":"YEAR(D8)","v":2019},{"$f":"YEAR(E8)","v":2020},2021,2022,2023,{"$f":"YEAR(I8)","v":2024},{"$f":"YEAR(J8)","v":2025},2026,2027,2028,2029,2030,2031,2032,2033]
[null,null,null,{"$f":"EOMONTH(E8,-12)","v":"2019-12-31"},"2020-12-31","2021-12-31",{"$f":"EOMONTH(H8,-12)","v":"2022-12-31"},{"$f":"DCF!C10","v":"2023-12-31"},{"$f":"EOMONTH(H8,12)","v":"2024-12-31"},{"$f":"EOMONTH(I8,12)","v":"2025-12-31"},"2026-12-31","2027-12-31","2028-12-31",{"$f":"EOMONTH(M8,12)","v":"2029-12-31"},{"$f":"EOMONTH(N8,12)","v":"2030-12-31"},{"$f":"EOMONTH(O8,12)","v":"2031-12-31"},{"$f":"EOMONTH(P8,12)","v":"2032-12-31"},{"$f":"EOMONTH(Q8,12)","v":"2033-12-31"}]
[]
[null,"Global Revenue"]
[]
[null,"Division 1",null,{"$f":"Revenue_Build!C6","v":0},{"$f":"Revenue_Build!D6","v":0},{"$f":"Revenue_Build!E6","v":0},{"$f":"Revenue_Build!F6","v":0},{"$f":"Revenue_Build!G6","v":0},{"$f":"Revenue_Build!H6","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!I6","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!J6","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!K6","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!L6","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!M6","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!N6","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!O6","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!P6","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!Q6","v":{"$error":"#DIV/0!"}}]
[null,"YoY Growth",null,"-",{"$f":"((E12-D12)/D12)","v":{"$error":"#DIV/0!"}},{"$f":"((F12-E12)/E12)","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!"},{"$f":"((N12-M12)/M12)","v":{"$error":"#DIV/0!"}},{"$f":"((O12-N12)/N12)","v":{"$error":"#DIV/0!"}},{"$f":"((P12-O12)/O12)","v":{"$error":"#DIV/0!"}},{"$f":"((Q12-P12)/P12)","v":{"$error":"#DIV/0!"}},{"$f":"((R12-Q12)/Q12)","v":{"$error":"#DIV/0!"}}]
[]
[null,"Division 2",null,{"$f":"Revenue_Build!C9","v":0},{"$f":"Revenue_Build!D9","v":0},{"$f":"Revenue_Build!E9","v":0},{"$f":"Revenue_Build!F9","v":0},{"$f":"Revenue_Build!G9","v":0},{"$f":"Revenue_Build!H9","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!I9","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!J9","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!K9","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!L9","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!M9","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!N9","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!O9","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!P9","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!Q9","v":{"$error":"#DIV/0!"}}]
[null,"YoY Growth",null,"-",{"$f":"((E15-D15)/D15)","v":{"$error":"#DIV/0!"}},{"$f":"((F15-E15)/E15)","v":{"$error":"#DIV/0!"}},{"$f":"((G15-F15)/F15)","v":{"$error":"#DIV/0!"}},{"$f":"((H15-G15)/G15)","v":{"$error":"#DIV/0!"}},{"$f":"((I15-H15)/H15)","v":{"$error":"#DIV/0!"}},{"$f":"((J15-I15)/I15)","v":{"$error":"#DIV/0!"}},{"$f":"((K15-J15)/J15)","v":{"$error":"#DIV/0!"}},{"$f":"((L15-K15)/K15)","v":{"$error":"#DIV/0!"}},{"$f":"((M15-L15)/L15)","v":{"$error":"#DIV/0!"}},{"$f":"((N15-M15)/M15)","v":{"$error":"#DIV/0!"}},{"$f":"((O15-N15)/N15)","v":{"$error":"#DIV/0!"}},{"$f":"((P15-O15)/O15)","v":{"$error":"#DIV/0!"}},{"$f":"((Q15-P15)/P15)","v":{"$error":"#DIV/0!"}},{"$f":"((R15-Q15)/Q15)","v":{"$error":"#DIV/0!"}}]
[]
[null,"Division 3",null,{"$f":"Revenue_Build!C12","v":0},{"$f":"Revenue_Build!D12","v":0},{"$f":"Revenue_Build!E12","v":0},{"$f":"Revenue_Build!F12","v":0},{"$f":"Revenue_Build!G12","v":0},{"$f":"Revenue_Build!H12","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!I12","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!J12","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!K12","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!L12","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!M12","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!N12","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!O12","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!P12","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!Q12","v":{"$error":"#DIV/0!"}}]
[null,"YoY Growth",null,"-",{"$f":"((E18-D18)/D18)","v":{"$error":"#DIV/0!"}},{"$f":"((F18-E18)/E18)","v":{"$error":"#DIV/0!"}},{"$f":"((G18-F18)/F18)","v":{"$error":"#DIV/0!"}},{"$f":"((H18-G18)/G18)","v":{"$error":"#DIV/0!"}},{"$f":"((I18-H18)/H18)","v":{"$error":"#DIV/0!"}},{"$f":"((J18-I18)/I18)","v":{"$error":"#DIV/0!"}},{"$f":"((K18-J18)/J18)","v":{"$error":"#DIV/0!"}},{"$f":"((L18-K18)/K18)","v":{"$error":"#DIV/0!"}},{"$f":"((M18-L18)/L18)","v":{"$error":"#DIV/0!"}},{"$f":"((N18-M18)/M18)","v":{"$error":"#DIV/0!"}},{"$f":"((O18-N18)/N18)","v":{"$error":"#DIV/0!"}},{"$f":"((P18-O18)/O18)","v":{"$error":"#DIV/0!"}},{"$f":"((Q18-P18)/P18)","v":{"$error":"#DIV/0!"}},{"$f":"((R18-Q18)/Q18)","v":{"$error":"#DIV/0!"}}]
[]
[null,"Division 4",null,{"$f":"Revenue_Build!C15","v":0},{"$f":"Revenue_Build!D15","v":0},{"$f":"Revenue_Build!E15","v":0},{"$f":"Revenue_Build!F15","v":0},{"$f":"Revenue_Build!G15","v":0},{"$f":"Revenue_Build!H15","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!I15","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!J15","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!K15","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!L15","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!M15","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!N15","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!O15","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!P15","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!Q15","v":{"$error":"#DIV/0!"}}]
[null,"YoY Growth",null,"-",{"$f":"((E21-D21)/D21)","v":{"$error":"#DIV/0!"}},{"$f":"((F21-E21)/E21)","v":{"$error":"#DIV/0!"}},{"$f":"((G21-F21)/F21)","v":{"$error":"#DIV/0!"}},{"$f":"((H21-G21)/G21)","v":{"$error":"#DIV/0!"}},{"$f":"((I21-H21)/H21)","v":{"$error":"#DIV/0!"}},{"$f":"((J21-I21)/I21)","v":{"$error":"#DIV/0!"}},{"$f":"((K21-J21)/J21)","v":{"$error":"#DIV/0!"}},{"$f":"((L21-K21)/K21)","v":{"$error":"#DIV/0!"}},{"$f":"((M21-L21)/L21)","v":{"$error":"#DIV/0!"}},{"$f":"((N21-M21)/M21)","v":{"$error":"#DIV/0!"}},{"$f":"((O21-N21)/N21)","v":{"$error":"#DIV/0!"}},{"$f":"((P21-O21)/O21)","v":{"$error":"#DIV/0!"}},{"$f":"((Q21-P21)/P21)","v":{"$error":"#DIV/0!"}},{"$f":"((R21-Q21)/Q21)","v":{"$error":"#DIV/0!"}}]
[]
[null,"Division 5",null,{"$f":"Revenue_Build!C18","v":0},{"$f":"Revenue_Build!D18","v":0},{"$f":"Revenue_Build!E18","v":0},{"$f":"Revenue_Build!F18","v":0},{"$f":"Revenue_Build!G18","v":0},{"$f":"Revenue_Build!H18","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!I18","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!J18","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!K18","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!L18","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!M18","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!N18","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!O18","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!P18","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!Q18","v":{"$error":"#DIV/0!"}}]
[null,"YoY Growth",null,"-",{"$f":"((E24-D24)/D24)","v":{"$error":"#DIV/0!"}},{"$f":"((F24-E24)/E24)","v":{"$error":"#DIV/0!"}},{"$f":"((G24-F24)/F24)","v":{"$error":"#DIV/0!"}},{"$f":"((H24-G24)/G24)","v":{"$error":"#DIV/0!"}},{"$f":"((I24-H24)/H24)","v":{"$error":"#DIV/0!"}},{"$f":"((J24-I24)/I24)","v":{"$error":"#DIV/0!"}},{"$f":"((K24-J24)/J24)","v":{"$error":"#DIV/0!"}},{"$f":"((L24-K24)/K24)","v":{"$error":"#DIV/0!"}},{"$f":"((M24-L24)/L24)","v":{"$error":"#DIV/0!"}},{"$f":"((N24-M24)/M24)","v":{"$error":"#DIV/0!"}},{"$f":"((O24-N24)/N24)","v":{"$error":"#DIV/0!"}},{"$f":"((P24-O24)/O24)","v":{"$error":"#DIV/0!"}},{"$f":"((Q24-P24)/P24)","v":{"$error":"#DIV/0!"}},{"$f":"((R24-Q24)/Q24)","v":{"$error":"#DIV/0!"}}]
[]
[null,"Division 6",null,{"$f":"Revenue_Build!C21","v":0},{"$f":"Revenue_Build!D21","v":0},{"$f":"Revenue_Build!E21","v":0},{"$f":"Revenue_Build!F21","v":0},{"$f":"Revenue_Build!G21","v":0},{"$f":"Revenue_Build!H21","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!I21","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!J21","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!K21","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!L21","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!M21","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!N21","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!O21","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!P21","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!Q21","v":{"$error":"#DIV/0!"}}]
[null,"YoY Growth",null,"-",{"$f":"((E27-D27)/D27)","v":{"$error":"#DIV/0!"}},{"$f":"((F27-E27)/E27)","v":{"$error":"#DIV/0!"}},{"$f":"((G27-F27)/F27)","v":{"$error":"#DIV/0!"}},{"$f":"((H27-G27)/G27)","v":{"$error":"#DIV/0!"}},{"$f":"((I27-H27)/H27)","v":{"$error":"#DIV/0!"}},{"$f":"((J27-I27)/I27)","v":{"$error":"#DIV/0!"}},{"$f":"((K27-J27)/J27)","v":{"$error":"#DIV/0!"}},{"$f":"((L27-K27)/K27)","v":{"$error":"#DIV/0!"}},{"$f":"((M27-L27)/L27)","v":{"$error":"#DIV/0!"}},{"$f":"((N27-M27)/M27)","v":{"$error":"#DIV/0!"}},{"$f":"((O27-N27)/N27)","v":{"$error":"#DIV/0!"}},{"$f":"((P27-O27)/O27)","v":{"$error":"#DIV/0!"}},{"$f":"((Q27-P27)/P27)","v":{"$error":"#DIV/0!"}},{"$f":"((R27-Q27)/Q27)","v":{"$error":"#DIV/0!"}}]
[]
[null,"Division 7",null,{"$f":"Revenue_Build!C24","v":0},{"$f":"Revenue_Build!D24","v":0},{"$f":"Revenue_Build!E24","v":0},{"$f":"Revenue_Build!F24","v":0},{"$f":"Revenue_Build!G24","v":0},{"$f":"Revenue_Build!H24","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!I24","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!J24","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!K24","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!L24","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!M24","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!N24","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!O24","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!P24","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!Q24","v":{"$error":"#DIV/0!"}}]
[null,"YoY Growth",null,"-",{"$f":"((E30-D30)/D30)","v":{"$error":"#DIV/0!"}},{"$f":"((F30-E30)/E30)","v":{"$error":"#DIV/0!"}},{"$f":"((G30-F30)/F30)","v":{"$error":"#DIV/0!"}},{"$f":"((H30-G30)/G30)","v":{"$error":"#DIV/0!"}},{"$f":"((I30-H30)/H30)","v":{"$error":"#DIV/0!"}},{"$f":"((J30-I30)/I30)","v":{"$error":"#DIV/0!"}},{"$f":"((K30-J30)/J30)","v":{"$error":"#DIV/0!"}},{"$f":"((L30-K30)/K30)","v":{"$error":"#DIV/0!"}},{"$f":"((M30-L30)/L30)","v":{"$error":"#DIV/0!"}},{"$f":"((N30-M30)/M30)","v":{"$error":"#DIV/0!"}},{"$f":"((O30-N30)/N30)","v":{"$error":"#DIV/0!"}},{"$f":"((P30-O30)/O30)","v":{"$error":"#DIV/0!"}},{"$f":"((Q30-P30)/P30)","v":{"$error":"#DIV/0!"}},{"$f":"((R30-Q30)/Q30)","v":{"$error":"#DIV/0!"}}]
[]
[null,"Division 8",null,{"$f":"Revenue_Build!C27","v":0},{"$f":"Revenue_Build!D27","v":0},{"$f":"Revenue_Build!E27","v":0},{"$f":"Revenue_Build!F27","v":0},{"$f":"Revenue_Build!G27","v":0},{"$f":"Revenue_Build!H27","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!I27","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!J27","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!K27","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!L27","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!M27","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!N27","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!O27","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!P27","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!Q27","v":{"$error":"#DIV/0!"}}]
[null,"YoY Growth",null,"-",{"$f":"((E33-D33)/D33)","v":{"$error":"#DIV/0!"}},{"$f":"((F33-E33)/E33)","v":{"$error":"#DIV/0!"}},{"$f":"((G33-F33)/F33)","v":{"$error":"#DIV/0!"}},{"$f":"((H33-G33)/G33)","v":{"$error":"#DIV/0!"}},{"$f":"((I33-H33)/H33)","v":{"$error":"#DIV/0!"}},{"$f":"((J33-I33)/I33)","v":{"$error":"#DIV/0!"}},{"$f":"((K33-J33)/J33)","v":{"$error":"#DIV/0!"}},{"$f":"((L33-K33)/K33)","v":{"$error":"#DIV/0!"}},{"$f":"((M33-L33)/L33)","v":{"$error":"#DIV/0!"}},{"$f":"((N33-M33)/M33)","v":{"$error":"#DIV/0!"}},{"$f":"((O33-N33)/N33)","v":{"$error":"#DIV/0!"}},{"$f":"((P33-O33)/O33)","v":{"$error":"#DIV/0!"}},{"$f":"((Q33-P33)/P33)","v":{"$error":"#DIV/0!"}},{"$f":"((R33-Q33)/Q33)","v":{"$error":"#DIV/0!"}}]
[]
[null,"Division 9",null,{"$f":"Revenue_Build!C30","v":0},{"$f":"Revenue_Build!D30","v":0},{"$f":"Revenue_Build!E30","v":0},{"$f":"Revenue_Build!F30","v":0},{"$f":"Revenue_Build!G30","v":0},{"$f":"Revenue_Build!H30","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!I30","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!J30","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!K30","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!L30","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!M30","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!N30","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!O30","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!P30","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!Q30","v":{"$error":"#DIV/0!"}}]
[null,"YoY Growth",null,"-",{"$f":"((E36-D36)/D36)","v":{"$error":"#DIV/0!"}},{"$f":"((F36-E36)/E36)","v":{"$error":"#DIV/0!"}},{"$f":"((G36-F36)/F36)","v":{"$error":"#DIV/0!"}},{"$f":"((H36-G36)/G36)","v":{"$error":"#DIV/0!"}},{"$f":"((I36-H36)/H36)","v":{"$error":"#DIV/0!"}},{"$f":"((J36-I36)/I36)","v":{"$error":"#DIV/0!"}},{"$f":"((K36-J36)/J36)","v":{"$error":"#DIV/0!"}},{"$f":"((L36-K36)/K36)","v":{"$error":"#DIV/0!"}},{"$f":"((M36-L36)/L36)","v":{"$error":"#DIV/0!"}},{"$f":"((N36-M36)/M36)","v":{"$error":"#DIV/0!"}},{"$f":"((O36-N36)/N36)","v":{"$error":"#DIV/0!"}},{"$f":"((P36-O36)/O36)","v":{"$error":"#DIV/0!"}},{"$f":"((Q36-P36)/P36)","v":{"$error":"#DIV/0!"}},{"$f":"((R36-Q36)/Q36)","v":{"$error":"#DIV/0!"}}]
[]
[null,"Division 10",null,{"$f":"Revenue_Build!C33","v":0},{"$f":"Revenue_Build!D33","v":0},{"$f":"Revenue_Build!E33","v":0},{"$f":"Revenue_Build!F33","v":0},{"$f":"Revenue_Build!G33","v":0},{"$f":"Revenue_Build!H33","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!I33","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!J33","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!K33","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!L33","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!M33","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!N33","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!O33","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!P33","v":{"$error":"#DIV/0!"}},{"$f":"Revenue_Build!Q33","v":{"$error":"#DIV/0!"}}]
[null,"YoY Growth",null,"-",{"$f":"((E39-D39)/D39)","v":{"$error":"#DIV/0!"}},{"$f":"((F39-E39)/E39)","v":{"$error":"#DIV/0!"}},{"$f":"((G39-F39)/F39)","v":{"$error":"#DIV/0!"}},{"$f":"((H39-G39)/G39)","v":{"$error":"#DIV/0!"}},{"$f":"((I39-H39)/H39)","v":{"$error":"#DIV/0!"}},{"$f":"((J39-I39)/I39)","v":{"$error":"#DIV/0!"}},{"$f":"((K39-J39)/J39)","v":{"$error":"#DIV/0!"}},{"$f":"((L39-K39)/K39)","v":{"$error":"#DIV/0!"}},{"$f":"((M39-L39)/L39)","v":{"$error":"#DIV/0!"}},{"$f":"((N39-M39)/M39)","v":{"$error":"#DIV/0!"}},{"$f":"((O39-N39)/N39)","v":{"$error":"#DIV/0!"}},{"$f":"((P39-O39)/O39)","v":{"$error":"#DIV/0!"}},{"$f":"((Q39-P39)/P39)","v":{"$error":"#DIV/0!"}},{"$f":"((R39-Q39)/Q39)","v":{"$error":"#DIV/0!"}}]
[]
[null,"Global Revenue",null,{"$f":"SUM(IF(MOD(ROW(D12:D40)-ROW(D12),3)=0, IFERROR(D12:D40, 0)))","v":0},{"$f":"SUM(IF(MOD(ROW(E12:E40)-ROW(E12),3)=0, IFERROR(E12:E40, 0)))","v":0},{"$f":"SUM(IF(MOD(ROW(F12:F40)-ROW(F12),3)=0, IFERROR(F12:F40, 0)))","v":0},{"$f":"SUM(IF(MOD(ROW(G12:G40)-ROW(G12),3)=0, IFERROR(G12:G40, 0)))","v":0},{"$f":"SUM(IF(MOD(ROW(H12:H40)-ROW(H12),3)=0, IFERROR(H12:H40, 0)))","v":0},{"$f":"SUM(IF(MOD(ROW(I12:I40)-ROW(I12),3)=0, IFERROR(I12:I40, 0)))","v":0},{"$f":"SUM(IF(MOD(ROW(J12:J40)-ROW(J12),3)=0, IFERROR(J12:J40, 0)))","v":0},{"$f":"SUM(IF(MOD(ROW(K12:K40)-ROW(K12),3)=0, IFERROR(K12:K40, 0)))","v":0},{"$f":"SUM(IF(MOD(ROW(L12:L40)-ROW(L12),3)=0, IFERROR(L12:L40, 0)))","v":0},{"$f":"SUM(IF(MOD(ROW(M12:M40)-ROW(M12),3)=0, IFERROR(M12:M40, 0)))","v":0},{"$f":"SUM(IF(MOD(ROW(N12:N40)-ROW(N12),3)=0, IFERROR(N12:N40, 0)))","v":0},{"$f":"SUM(IF(MOD(ROW(O12:O40)-ROW(O12),3)=0, IFERROR(O12:O40, 0)))","v":0},{"$f":"SUM(IF(MOD(ROW(P12:P40)-ROW(P12),3)=0, IFERROR(P12:P40, 0)))","v":0},{"$f":"SUM(IF(MOD(ROW(Q12:Q40)-ROW(Q12),3)=0, IFERROR(Q12:Q40, 0)))","v":0},{"$f":"SUM(IF(MOD(ROW(R12:R40)-ROW(R12),3)=0, IFERROR(R12:R40, 0)))","v":0}]
[null,"YoY Growth",null,"-",{"$f":"((E42-D42)/D42)","v":{"$error":"#DIV/0!"}},{"$f":"((F42-E42)/E42)","v":{"$error":"#DIV/0!"}},{"$f":"((G42-F42)/F42)","v":{"$error":"#DIV/0!"}},{"$f":"((H42-G42)/G42)","v":{"$error":"#DIV/0!"}},{"$f":"((I42-H42)/H42)","v":{"$error":"#DIV/0!"}},{"$f":"((J42-I42)/I42)","v":{"$error":"#DIV/0!"}},{"$f":"((K42-J42)/J42)","v":{"$error":"#DIV/0!"}},{"$f":"((L42-K42)/K42)","v":{"$error":"#DIV/0!"}},{"$f":"((M42-L42)/L42)","v":{"$error":"#DIV/0!"}},{"$f":"((N42-M42)/M42)","v":{"$error":"#DIV/0!"}},{"$f":"((O42-N42)/N42)","v":{"$error":"#DIV/0!"}},{"$f":"((P42-O42)/O42)","v":{"$error":"#DIV/0!"}},{"$f":"((Q42-P42)/P42)","v":{"$error":"#DIV/0!"}},{"$f":"((R42-Q42)/Q42)","v":{"$error":"#DIV/0!"}}]
[]
[]
[null,"COGS"]
[]
[null,"Cost of Goods Sold",null,null,null,null,null,null,{"$f":"I$42*Historicals!I29","v":{"$error":"#DIV/0!"}},{"$f":"J$42*Historicals!J29","v":{"$error":"#DIV/0!"}},{"$f":"K$42*Historicals!K29","v":{"$error":"#DIV/0!"}},{"$f":"L$42*Historicals!L29","v":{"$error":"#DIV/0!"}},{"$f":"M$42*Historicals!M29","v":{"$error":"#DIV/0!"}},{"$f":"N$42*Historicals!N29","v":{"$error":"#DIV/0!"}},{"$f":"O$42*Historicals!O29","v":{"$error":"#DIV/0!"}},{"$f":"P$42*Historicals!P29","v":{"$error":"#DIV/0!"}},{"$f":"Q$42*Historicals!Q29","v":{"$error":"#DIV/0!"}},{"$f":"R$42*Historicals!R29","v":{"$error":"#DIV/0!"}}]
[null,"YoY Growth",null,"-",{"$f":"((E48-D48)/D48)","v":{"$error":"#DIV/0!"}},{"$f":"((F48-E48)/E48)","v":{"$error":"#DIV/0!"}},{"$f":"((G48-F48)/F48)","v":{"$error":"#DIV/0!"}},{"$f":"((H48-G48)/G48)","v":{"$error":"#DIV/0!"}},{"$f":"((I48-H48)/H48)","v":{"$error":"#DIV/0!"}},{"$f":"((J48-I48)/I48)","v":{"$error":"#DIV/0!"}},{"$f":"((K48-J48)/J48)","v":{"$error":"#DIV/0!"}},{"$f":"((L48-K48)/K48)","v":{"$error":"#DIV/0!"}},{"$f":"((M48-L48)/L48)","v":{"$error":"#DIV/0!"}},{"$f":"((N48-M48)/M48)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[null,"Cost of Services Sold",null,null,null,null,null,null,{"$f":"I$42*Historicals!I30","v":{"$error":"#DIV/0!"}},{"$f":"J$42*Historicals!J30","v":{"$error":"#DIV/0!"}},{"$f":"K$42*Historicals!K30","v":{"$error":"#DIV/0!"}},{"$f":"L$42*Historicals!L30","v":{"$error":"#DIV/0!"}},{"$f":"M$42*Historicals!M30","v":{"$error":"#DIV/0!"}},{"$f":"N$42*Historicals!N30","v":{"$error":"#DIV/0!"}},{"$f":"O$42*Historicals!O30","v":{"$error":"#DIV/0!"}},{"$f":"P$42*Historicals!P30","v":{"$error":"#DIV/0!"}},{"$f":"Q$42*Historicals!Q30","v":{"$error":"#DIV/0!"}},{"$f":"R$42*Historicals!R30","v":{"$error":"#DIV/0!"}}]
[null,"YoY Growth",null,"-",{"$f":"((E51-D51)/D51)","v":{"$error":"#DIV/0!"}},{"$f":"((F51-E51)/E51)","v":{"$error":"#DIV/0!"}},{"$f":"((G51-F51)/F51)","v":{"$error":"#DIV/0!"}},{"$f":"((H51-G51)/G51)","v":{"$error":"#DIV/0!"}},{"$f":"((I51-H51)/H51)","v":{"$error":"#DIV/0!"}},{"$f":"((J51-I51)/I51)","v":{"$error":"#DIV/0!"}},{"$f":"((K51-J51)/J51)","v":{"$error":"#DIV/0!"}},{"$f":"((L51-K51)/K51)","v":{"$error":"#DIV/0!"}},{"$f":"((M51-L51)/L51)","v":{"$error":"#DIV/0!"}},{"$f":"((N51-M51)/M51)","v":{"$error":"#DIV/0!"}},{"$f":"((O51-N51)/N51)","v":{"$error":"#DIV/0!"}},{"$f":"((P51-O51)/O51)","v":{"$error":"#DIV/0!"}},{"$f":"((Q51-P51)/P51)","v":{"$error":"#DIV/0!"}},{"$f":"((R51-Q51)/Q51)","v":{"$error":"#DIV/0!"}}]
[]
[null,"COGS",null,{"$f":"D48+D51","v":0},{"$f":"E48+E51","v":0},{"$f":"F48+F51","v":0},0,0,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"N48+N51","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"YoY Growth",null,"-",{"$f":"((E54-D54)/D54)","v":{"$error":"#DIV/0!"}},{"$f":"((F54-E54)/E54)","v":{"$error":"#DIV/0!"}},{"$f":"((G54-F54)/F54)","v":{"$error":"#DIV/0!"}},{"$f":"((H54-G54)/G54)","v":{"$error":"#DIV/0!"}},{"$f":"((I54-H54)/H54)","v":{"$error":"#DIV/0!"}},{"$f":"((J54-I54)/I54)","v":{"$error":"#DIV/0!"}},{"$f":"((K54-J54)/J54)","v":{"$error":"#DIV/0!"}},{"$f":"((L54-K54)/K54)","v":{"$error":"#DIV/0!"}},{"$f":"((M54-L54)/L54)","v":{"$error":"#DIV/0!"}},{"$f":"((N54-M54)/M54)","v":{"$error":"#DIV/0!"}},{"$f":"((O54-N54)/N54)","v":{"$error":"#DIV/0!"}},{"$f":"((P54-O54)/O54)","v":{"$error":"#DIV/0!"}},{"$f":"((Q54-P54)/P54)","v":{"$error":"#DIV/0!"}},{"$f":"((R54-Q54)/Q54)","v":{"$error":"#DIV/0!"}}]
[]
[null,"Fixed Expenses"]
[]
[null,"SG&A",null,null,null,null,null,null,{"$f":"IF(RSQ(Historicals!D37:H37,Historicals!D$8:H$8)>0.5, (((SLOPE(Historicals!D37:H37,Historicals!D$8:H$8)*Operating_Model!I$42*RSQ(Historicals!D37:H37,Historicals!D$8:H$8)+Operating_Model!H59)+(1-RSQ(Historicals!D37:H37,Historicals!D$8:H$8))*AVERAGE(Historicals!D37:H37))), AVERAGE(Historicals!D37:H37)*Operating_Model!I$42)","v":{"$error":"#DIV/0!"}},{"$f":"I59*(1+DCF!$C$12)","v":{"$error":"#DIV/0!"}},{"$f":"J59*(1+DCF!$C$12)","v":{"$error":"#DIV/0!"}},{"$f":"K59*(1+DCF!$C$12)","v":{"$error":"#DIV/0!"}},{"$f":"L59*(1+DCF!$C$12)","v":{"$error":"#DIV/0!"}},{"$f":"M59*(1+DCF!$C$12)","v":{"$error":"#DIV/0!"}},{"$f":"N59*(1+DCF!$C$12)","v":{"$error":"#DIV/0!"}},{"$f":"O59*(1+DCF!$C$12)","v":{"$error":"#DIV/0!"}},{"$f":"P59*(1+DCF!$C$12)","v":{"$error":"#DIV/0!"}},{"$f":"Q59*(1+DCF!$C$12)","v":{"$error":"#DIV/0!"}}]
[null,"YoY Growth",null,"-",{"$f":"((E59-D59)/D59)","v":{"$error":"#DIV/0!"}},{"$f":"((F59-E59)/E59)","v":{"$error":"#DIV/0!"}},{"$f":"((G59-F59)/F59)","v":{"$error":"#DIV/0!"}},{"$f":"((H59-G59)/G59)","v":{"$error":"#DIV/0!"}},{"$f":"((I59-H59)/H59)","v":{"$error":"#DIV/0!"}},{"$f":"((J59-I59)/I59)","v":{"$error":"#DIV/0!"}},{"$f":"((K59-J59)/J59)","v":{"$error":"#DIV/0!"}},{"$f":"((L59-K59)/K59)","v":{"$error":"#DIV/0!"}},{"$f":"((M59-L59)/L59)","v":{"$error":"#DIV/0!"}},{"$f":"((N59-M59)/M59)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[null,"Research and Development",null,null,null,null,null,null,{"$f":"IF(RSQ(Historicals!D38:H38,Historicals!D$8:H$8)>0.5, (((SLOPE(Historicals!D38:H38,Historicals!D$8:H$8)*Operating_Model!I$42*RSQ(Historicals!D38:H38,Historicals!D$8:H$8)+Operating_Model!H62)+(1-RSQ(Historicals!D38:H38,Historicals!D$8:H$8))*AVERAGE(Historicals!D38:H38))), AVERAGE(Historicals!D38:H38)*Operating_Model!I$42)","v":{"$error":"#DIV/0!"}},{"$f":"I62*(1+DCF!$C$12)","v":{"$error":"#DIV/0!"}},{"$f":"J62*(1+DCF!$C$12)","v":{"$error":"#DIV/0!"}},{"$f":"K62*(1+DCF!$C$12)","v":{"$error":"#DIV/0!"}},{"$f":"L62*(1+DCF!$C$12)","v":{"$error":"#DIV/0!"}},{"$f":"M62*(1+DCF!$C$12)","v":{"$error":"#DIV/0!"}},{"$f":"N62*(1+DCF!$C$12)","v":{"$error":"#DIV/0!"}},{"$f":"O62*(1+DCF!$C$12)","v":{"$error":"#DIV/0!"}},{"$f":"P62*(1+DCF!$C$12)","v":{"$error":"#DIV/0!"}},{"$f":"Q62*(1+DCF!$C$12)","v":{"$error":"#DIV/0!"}}]
[null,"YoY Growth",null,"-",{"$f":"((E62-D62)/D62)","v":{"$error":"#DIV/0!"}},{"$f":"((F62-E62)/E62)","v":{"$error":"#DIV/0!"}},{"$f":"((G62-F62)/F62)","v":{"$error":"#DIV/0!"}},{"$f":"((H62-G62)/G62)","v":{"$error":"#DIV/0!"}},{"$f":"((I62-H62)/H62)","v":{"$error":"#DIV/0!"}},{"$f":"((J62-I62)/I62)","v":{"$error":"#DIV/0!"}},{"$f":"((K62-J62)/J62)","v":{"$error":"#DIV/0!"}},{"$f":"((L62-K62)/K62)","v":{"$error":"#DIV/0!"}},{"$f":"((M62-L62)/L62)","v":{"$error":"#DIV/0!"}},{"$f":"((N62-M62)/M62)","v":{"$error":"#DIV/0!"}},{"$f":"((O62-N62)/N62)","v":{"$error":"#DIV/0!"}},{"$f":"((P62-O62)/O62)","v":{"$error":"#DIV/0!"}},{"$f":"((Q62-P62)/P62)","v":{"$error":"#DIV/0!"}},{"$f":"((R62-Q62)/Q62)","v":{"$error":"#DIV/0!"}}]
[]
[null,"Other Fixed Costs",null,null,null,null,null,null,{"$f":"(AVERAGE(Historicals!D39:H39)*I$42*(1+DCF!$C$12))","v":{"$error":"#DIV/0!"}},{"$f":"I65*(1+DCF!$C$12)","v":{"$error":"#DIV/0!"}},{"$f":"J65*(1+DCF!$C$12)","v":{"$error":"#DIV/0!"}},{"$f":"K65*(1+DCF!$C$12)","v":{"$error":"#DIV/0!"}},{"$f":"L65*(1+DCF!$C$12)","v":{"$error":"#DIV/0!"}},{"$f":"M65*(1+DCF!$C$12)","v":{"$error":"#DIV/0!"}},{"$f":"N65*(1+DCF!$C$12)","v":{"$error":"#DIV/0!"}},{"$f":"O65*(1+DCF!$C$12)","v":{"$error":"#DIV/0!"}},{"$f":"P65*(1+DCF!$C$12)","v":{"$error":"#DIV/0!"}},{"$f":"Q65*(1+DCF!$C$12)","v":{"$error":"#DIV/0!"}}]
[null,"YoY Growth",null,"-",{"$f":"((E65-D65)/D65)","v":{"$error":"#DIV/0!"}},{"$f":"((F65-E65)/E65)","v":{"$error":"#DIV/0!"}},{"$f":"((G65-F65)/F65)","v":{"$error":"#DIV/0!"}},{"$f":"((H65-G65)/G65)","v":{"$error":"#DIV/0!"}},{"$f":"((I65-H65)/H65)","v":{"$error":"#DIV/0!"}},{"$f":"((J65-I65)/I65)","v":{"$error":"#DIV/0!"}},{"$f":"((K65-J65)/J65)","v":{"$error":"#DIV/0!"}},{"$f":"((L65-K65)/K65)","v":{"$error":"#DIV/0!"}},{"$f":"((M65-L65)/L65)","v":{"$error":"#DIV/0!"}},{"$f":"((N65-M65)/M65)","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"Fixed Expenses",null,{"$f":"D59+D62+D65","v":0},{"$f":"E59+E62+E65","v":0},0,0,0,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"N59+N62+N65","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"YoY Growth",null,"-",{"$f":"((E67-D67)/D67)","v":{"$error":"#DIV/0!"}},{"$f":"((F67-E67)/E67)","v":{"$error":"#DIV/0!"}},{"$f":"((G67-F67)/F67)","v":{"$error":"#DIV/0!"}},{"$f":"((H67-G67)/G67)","v":{"$error":"#DIV/0!"}},{"$f":"((I67-H67)/H67)","v":{"$error":"#DIV/0!"}},{"$f":"((J67-I67)/I67)","v":{"$error":"#DIV/0!"}},{"$f":"((K67-J67)/J67)","v":{"$error":"#DIV/0!"}},{"$f":"((L67-K67)/K67)","v":{"$error":"#DIV/0!"}},{"$f":"((M67-L67)/L67)","v":{"$error":"#DIV/0!"}},{"$f":"((N67-M67)/M67)","v":{"$error":"#DIV/0!"}},{"$f":"((O67-N67)/N67)","v":{"$error":"#DIV/0!"}},{"$f":"((P67-O67)/O67)","v":{"$error":"#DIV/0!"}},{"$f":"((Q67-P67)/P67)","v":{"$error":"#DIV/0!"}},{"$f":"((R67-Q67)/Q67)","v":{"$error":"#DIV/0!"}}]
[]
[]
[null,"Other Income",null,null,null,null,null,null,{"$f":"IF(RSQ($D71:$H71,$D7:$H7)>0.5, (SLOPE($D71:$H71,D7:H7)+H71)*RSQ($D71:$H71,$D7:$H7)+(AVERAGE($D71:$H71)*(1-RSQ($D71:$H71,$D7:$H7))), AVERAGE($D71:$H71))","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 Income",null,{"$f":"D71","v":0},{"$f":"E71","v":0},0,0,0,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"N71","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"YoY Growth",null,"-",{"$f":"((E72-D72)/D72)","v":{"$error":"#DIV/0!"}},{"$f":"((F72-E72)/E72)","v":{"$error":"#DIV/0!"}},{"$f":"((G72-F72)/F72)","v":{"$error":"#DIV/0!"}},{"$f":"((H72-G72)/G72)","v":{"$error":"#DIV/0!"}},{"$f":"((I72-H72)/H72)","v":{"$error":"#DIV/0!"}},{"$f":"((J72-I72)/I72)","v":{"$error":"#DIV/0!"}},{"$f":"((K72-J72)/J72)","v":{"$error":"#DIV/0!"}},{"$f":"((L72-K72)/K72)","v":{"$error":"#DIV/0!"}},{"$f":"((M72-L72)/L72)","v":{"$error":"#DIV/0!"}},{"$f":"((N72-M72)/M72)","v":{"$error":"#DIV/0!"}},{"$f":"((O72-N72)/N72)","v":{"$error":"#DIV/0!"}},{"$f":"((P72-O72)/O72)","v":{"$error":"#DIV/0!"}},{"$f":"((Q72-P72)/P72)","v":{"$error":"#DIV/0!"}},{"$f":"((R72-Q72)/Q72)","v":{"$error":"#DIV/0!"}}]
[]
[]
[null,"Global EBITDA",null,{"$f":"D42-D54-D67+D72","v":0},0,0,0,0,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"YoY Growth",null,"-",{"$f":"((E76-D76)/D76)","v":{"$error":"#DIV/0!"}},{"$f":"((F76-E76)/E76)","v":{"$error":"#DIV/0!"}},{"$f":"((G76-F76)/F76)","v":{"$error":"#DIV/0!"}},{"$f":"((H76-G76)/G76)","v":{"$error":"#DIV/0!"}},{"$f":"((I76-H76)/H76)","v":{"$error":"#DIV/0!"}},{"$f":"((J76-I76)/I76)","v":{"$error":"#DIV/0!"}},{"$f":"((K76-J76)/J76)","v":{"$error":"#DIV/0!"}},{"$f":"((L76-K76)/K76)","v":{"$error":"#DIV/0!"}},{"$f":"((M76-L76)/L76)","v":{"$error":"#DIV/0!"}},{"$f":"((N76-M76)/M76)","v":{"$error":"#DIV/0!"}},{"$f":"((O76-N76)/N76)","v":{"$error":"#DIV/0!"}},{"$f":"((P76-O76)/O76)","v":{"$error":"#DIV/0!"}},{"$f":"((Q76-P76)/P76)","v":{"$error":"#DIV/0!"}},{"$f":"((R76-Q76)/Q76)","v":{"$error":"#DIV/0!"}}]
[]
[]
[null,"Depreciation & Amortisation"]
[null,"Depreciation",null,null,null,null,null,null,{"$f":"'D&A+CAPEX'!I32","v":{"$error":"#DIV/0!"}},{"$f":"'D&A+CAPEX'!J32","v":{"$error":"#DIV/0!"}},{"$f":"'D&A+CAPEX'!K32","v":{"$error":"#DIV/0!"}},{"$f":"'D&A+CAPEX'!L32","v":{"$error":"#DIV/0!"}},{"$f":"'D&A+CAPEX'!M32","v":{"$error":"#DIV/0!"}},{"$f":"'D&A+CAPEX'!N32","v":{"$error":"#DIV/0!"}},{"$f":"'D&A+CAPEX'!O32","v":{"$error":"#DIV/0!"}},{"$f":"'D&A+CAPEX'!P32","v":{"$error":"#DIV/0!"}},{"$f":"'D&A+CAPEX'!Q32","v":{"$error":"#DIV/0!"}},{"$f":"'D&A+CAPEX'!R32","v":{"$error":"#DIV/0!"}}]
[null,"Amortisation",null,null,null,null,null,null,{"$f":"'D&A+CAPEX'!I36","v":{"$error":"#DIV/0!"}},{"$f":"'D&A+CAPEX'!J36","v":{"$error":"#DIV/0!"}},{"$f":"'D&A+CAPEX'!K36","v":{"$error":"#DIV/0!"}},{"$f":"'D&A+CAPEX'!L36","v":{"$error":"#DIV/0!"}},{"$f":"'D&A+CAPEX'!M36","v":{"$error":"#DIV/0!"}},{"$f":"'D&A+CAPEX'!N36","v":{"$error":"#DIV/0!"}},{"$f":"'D&A+CAPEX'!O36","v":{"$error":"#DIV/0!"}},{"$f":"'D&A+CAPEX'!P36","v":{"$error":"#DIV/0!"}},{"$f":"'D&A+CAPEX'!Q36","v":{"$error":"#DIV/0!"}},{"$f":"'D&A+CAPEX'!R36","v":{"$error":"#DIV/0!"}}]
[null,"D&A",null,{"$f":"D81+D82","v":0},{"$f":"E81+E82","v":0},0,0,0,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"N81+N82","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
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{"sheet":"WACC_Calculator","index":11,"n_rows":9,"n_cols":12,"rows_kept":9,"cut":false,"hidden":false,"merged":[]}
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{"sheet":"D&A+CAPEX","index":12,"n_rows":44,"n_cols":18,"rows_kept":44,"cut":false,"hidden":false,"merged":[]}
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[]
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[]
[null,"Total Depreciation",null,{"$f":"SUM(D16:D30)","v":0},0,0,0,0,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"% of Revenue",null,{"$f":"D32/Revenue_Build!C36","v":{"$error":"#DIV/0!"}},{"$f":"E32/Revenue_Build!D36","v":{"$error":"#DIV/0!"}},{"$f":"F32/Revenue_Build!E36","v":{"$error":"#DIV/0!"}},{"$f":"G32/Revenue_Build!F36","v":{"$error":"#DIV/0!"}},{"$f":"H32/Revenue_Build!G36","v":{"$error":"#DIV/0!"}},{"$f":"I32/Revenue_Build!H36","v":{"$error":"#DIV/0!"}},{"$f":"J32/Revenue_Build!I36","v":{"$error":"#DIV/0!"}},{"$f":"K32/Revenue_Build!J36","v":{"$error":"#DIV/0!"}},{"$f":"L32/Revenue_Build!K36","v":{"$error":"#DIV/0!"}},{"$f":"M32/Revenue_Build!L36","v":{"$error":"#DIV/0!"}},{"$f":"N32/Revenue_Build!M36","v":{"$error":"#DIV/0!"}},{"$f":"O32/Revenue_Build!N36","v":{"$error":"#DIV/0!"}},{"$f":"P32/Revenue_Build!O36","v":{"$error":"#DIV/0!"}},{"$f":"Q32/Revenue_Build!P36","v":{"$error":"#DIV/0!"}},{"$f":"R32/Revenue_Build!Q36","v":{"$error":"#DIV/0!"}}]
[]
[null,"Intangible assets",null,null,null,null,null,null,{"$f":"IF(RSQ($D35:$H35,$D$3:$H$3)>0.5,((SLOPE($D35:$H35,$D$3:$H$3)+H35)*RSQ($D35:$H35,$D$3:$H$3)+(AVERAGE($D35:$H35)*(1-RSQ($D35:$H35,$D$3:$H$3)))),AVERAGE($D35:$H35))","v":{"$error":"#DIV/0!"}},{"$f":"IF(RSQ($D35:$H35,$D$3:$H$3)>0.5,((SLOPE($D35:$H35,$D$3:$H$3)+I35)*RSQ($D35:$H35,$D$3:$H$3)+(AVERAGE($D35:$H35)*(1-RSQ($D35:$H35,$D$3:$H$3)))),AVERAGE($D35:$H35))","v":{"$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,"Amortisation expense",null,{"$f":"Operating_Model!D82","v":0},{"$f":"Operating_Model!E82","v":0},{"$f":"Operating_Model!F82","v":0},{"$f":"Operating_Model!G82","v":0},{"$f":"Operating_Model!H82","v":0},{"$f":"I35/I39","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,"& of Revenue",null,{"$f":"D36/Revenue_Build!C36","v":{"$error":"#DIV/0!"}},{"$f":"E36/Revenue_Build!D36","v":{"$error":"#DIV/0!"}},{"$f":"F36/Revenue_Build!E36","v":{"$error":"#DIV/0!"}},{"$f":"G36/Revenue_Build!F36","v":{"$error":"#DIV/0!"}},{"$f":"H36/Revenue_Build!G36","v":{"$error":"#DIV/0!"}},{"$f":"I36/Revenue_Build!H36","v":{"$error":"#DIV/0!"}},{"$f":"J36/Revenue_Build!I36","v":{"$error":"#DIV/0!"}},{"$f":"K36/Revenue_Build!J36","v":{"$error":"#DIV/0!"}},{"$f":"L36/Revenue_Build!K36","v":{"$error":"#DIV/0!"}},{"$f":"M36/Revenue_Build!L36","v":{"$error":"#DIV/0!"}},{"$f":"N36/Revenue_Build!M36","v":{"$error":"#DIV/0!"}},{"$f":"O36/Revenue_Build!N36","v":{"$error":"#DIV/0!"}},{"$f":"P36/Revenue_Build!O36","v":{"$error":"#DIV/0!"}},{"$f":"Q36/Revenue_Build!P36","v":{"$error":"#DIV/0!"}},{"$f":"R36/Revenue_Build!Q36","v":{"$error":"#DIV/0!"}}]
[]
[null,"Useful Life (Years)",null,{"$f":"D35/D36","v":{"$error":"#DIV/0!"}},{"$f":"E35/E36","v":{"$error":"#DIV/0!"}},{"$f":"F35/F36","v":{"$error":"#DIV/0!"}},{"$f":"G35/G36","v":{"$error":"#DIV/0!"}},{"$f":"H35/H36","v":{"$error":"#DIV/0!"}},{"$f":"IF(RSQ($D39:$H39,$D$3:$H$3)>0.5,((SLOPE($D39:$H39,$D$3:$H$3)+H39)*RSQ($D39:$H39,$D$3:$H$3)+(AVERAGE($D39:$H39)*(1-RSQ($D39:$H39,$D$3:$H$3)))),AVERAGE($D39:$H39))","v":{"$error":"#DIV/0!"}},{"$f":"IF(RSQ($D39:$H39,$D$3:$H$3)>0.5,((SLOPE($D39:$H39,$D$3:$H$3)+I39)*RSQ($D39:$H39,$D$3:$H$3)+(AVERAGE($D39:$H39)*(1-RSQ($D39:$H39,$D$3:$H$3)))),AVERAGE($D39:$H39))","v":{"$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,"Intangible Assets CapEx",null,{"$f":"D36","v":0},0,0,0,0,{"$f":"I36","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,"Total CapEx",null,{"$f":"D10+D41","v":0},0,0,0,0,{"$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!"},{"$error":"#DIV/0!"}]
[null,"Total D&A",null,{"$f":"D32+D36","v":0},0,0,0,0,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]

{"sheet":"Net_Working_Capital","index":13,"n_rows":23,"n_cols":18,"rows_kept":23,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,null,null,null,"Actuals",null,null,null,null,null,null,"Forecast"]
[null,null,{"$f":"YEAR(C4)","v":2018},{"$f":"YEAR(D4)","v":2019},{"$f":"YEAR(E4)","v":2020},2021,2022,2023,{"$f":"YEAR(I4)","v":2024},{"$f":"YEAR(J4)","v":2025},2026,2027,2028,2029,2030,2031,2032,2033]
[null,null,{"$f":"EOMONTH(D4,-12)","v":"2018-12-31"},"2019-12-31","2020-12-31","2021-12-31",{"$f":"EOMONTH(H4,-12)","v":"2022-12-31"},{"$f":"DCF!C10","v":"2023-12-31"},{"$f":"EOMONTH(H4,12)","v":"2024-12-31"},{"$f":"EOMONTH(I4,12)","v":"2025-12-31"},"2026-12-31","2027-12-31","2028-12-31",{"$f":"EOMONTH(M4,12)","v":"2029-12-31"},{"$f":"EOMONTH(N4,12)","v":"2030-12-31"},{"$f":"EOMONTH(O4,12)","v":"2031-12-31"},{"$f":"EOMONTH(P4,12)","v":"2032-12-31"},{"$f":"EOMONTH(Q4,12)","v":"2033-12-31"}]
[null,"Change in Net Working Capital"]
[]
[null,"Cash",null,null,null,null,null,null,{"$f":"H7","v":0},{"$f":"I7","v":0},{"$f":"J7","v":0},{"$f":"K7","v":0},{"$f":"L7","v":0},{"$f":"M7","v":0},0,0,0,0]
[null,"Account Receivable",null,null,null,null,null,null,{"$f":"(I9/365)*Revenue_Build!H36","v":{"$error":"#DIV/0!"}},{"$f":"(J9/365)*Revenue_Build!I36","v":{"$error":"#DIV/0!"}},{"$f":"(K9/365)*Revenue_Build!J36","v":{"$error":"#DIV/0!"}},{"$f":"(L9/365)*Revenue_Build!K36","v":{"$error":"#DIV/0!"}},{"$f":"(M9/365)*Revenue_Build!L36","v":{"$error":"#DIV/0!"}},{"$f":"(N9/365)*Revenue_Build!M36","v":{"$error":"#DIV/0!"}},{"$f":"(O9/365)*Revenue_Build!N36","v":{"$error":"#DIV/0!"}},{"$f":"(P9/365)*Revenue_Build!O36","v":{"$error":"#DIV/0!"}},{"$f":"(Q9/365)*Revenue_Build!P36","v":{"$error":"#DIV/0!"}},{"$f":"(R9/365)*Revenue_Build!Q36","v":{"$error":"#DIV/0!"}}]
[null,"DSO Ratio",null,{"$f":"(D8/Revenue_Build!C36)*365","v":{"$error":"#DIV/0!"}},{"$f":"(E8/Revenue_Build!D36)*365","v":{"$error":"#DIV/0!"}},{"$f":"(F8/Revenue_Build!E36)*365","v":{"$error":"#DIV/0!"}},{"$f":"(G8/Revenue_Build!F36)*365","v":{"$error":"#DIV/0!"}},{"$f":"(H8/Revenue_Build!G36)*365","v":{"$error":"#DIV/0!"}},{"$f":"IF(RSQ($D9:$H9,$D$3:$H$3)>0.5,((SLOPE($D9:$H9,$D$3:$H$3)+H9)*RSQ($D9:$H9,$D$3:$H$3)+(AVERAGE($D9:$H9)*(1-RSQ($D9:$H9,$D$3:$H$3)))),AVERAGE($D9:$H9))","v":{"$error":"#DIV/0!"}},{"$f":"IF(RSQ($D9:$H9,$D$3:$H$3)>0.5,((SLOPE($D9:$H9,$D$3:$H$3)+I9)*RSQ($D9:$H9,$D$3:$H$3)+(AVERAGE($D9:$H9)*(1-RSQ($D9:$H9,$D$3:$H$3)))),AVERAGE($D9:$H9))","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$f":"IF(RSQ($D9:$H9,$D$3:$H$3)>0.5,((SLOPE($D9:$H9,$D$3:$H$3)+K9)*RSQ($D9:$H9,$D$3:$H$3)+(AVERAGE($D9:$H9)*(1-RSQ($D9:$H9,$D$3:$H$3)))),AVERAGE($D9:$H9))","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"Inventory",null,null,null,null,null,null,{"$f":"(I11/365)*Operating_Model!I54","v":{"$error":"#DIV/0!"}},{"$f":"(J11/365)*Operating_Model!J54","v":{"$error":"#DIV/0!"}},{"$f":"(K11/365)*Operating_Model!K54","v":{"$error":"#DIV/0!"}},{"$f":"(L11/365)*Operating_Model!L54","v":{"$error":"#DIV/0!"}},{"$f":"(M11/365)*Operating_Model!M54","v":{"$error":"#DIV/0!"}},{"$f":"(N11/365)*Operating_Model!N54","v":{"$error":"#DIV/0!"}},{"$f":"(O11/365)*Operating_Model!O54","v":{"$error":"#DIV/0!"}},{"$f":"(P11/365)*Operating_Model!P54","v":{"$error":"#DIV/0!"}},{"$f":"(Q11/365)*Operating_Model!Q54","v":{"$error":"#DIV/0!"}},{"$f":"(R11/365)*Operating_Model!R54","v":{"$error":"#DIV/0!"}}]
[null,"DIH Ratio",null,{"$f":"(D10/Operating_Model!D54)*365","v":{"$error":"#DIV/0!"}},{"$f":"(E10/Operating_Model!E54)*365","v":{"$error":"#DIV/0!"}},{"$f":"(F10/Operating_Model!F54)*365","v":{"$error":"#DIV/0!"}},{"$f":"(G10/Operating_Model!G54)*365","v":{"$error":"#DIV/0!"}},{"$f":"(H10/Operating_Model!H54)*365","v":{"$error":"#DIV/0!"}},{"$f":"IF(RSQ($D11:$H11,$D$3:$H$3)>0.5,((SLOPE($D11:$H11,$D$3:$H$3)+H11)*RSQ($D11:$H11,$D$3:$H$3)+(AVERAGE($D11:$H11)*(1-RSQ($D11:$H11,$D$3:$H$3)))),AVERAGE($D11:$H11))","v":{"$error":"#DIV/0!"}},{"$f":"IF(RSQ($D11:$H11,$D$3:$H$3)>0.5,((SLOPE($D11:$H11,$D$3:$H$3)+I11)*RSQ($D11:$H11,$D$3:$H$3)+(AVERAGE($D11:$H11)*(1-RSQ($D11:$H11,$D$3:$H$3)))),AVERAGE($D11:$H11))","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"IF(RSQ($D11:$H11,$D$3:$H$3)>0.5,((SLOPE($D11:$H11,$D$3:$H$3)+P11)*RSQ($D11:$H11,$D$3:$H$3)+(AVERAGE($D11:$H11)*(1-RSQ($D11:$H11,$D$3:$H$3)))),AVERAGE($D11:$H11))","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"}]
[null,"Other Current Assets",null,null,null,null,null,null,{"$f":"I13*Revenue_Build!H36","v":{"$error":"#DIV/0!"}},{"$f":"J13*Revenue_Build!I36","v":{"$error":"#DIV/0!"}},{"$f":"K13*Revenue_Build!J36","v":{"$error":"#DIV/0!"}},{"$f":"L13*Revenue_Build!K36","v":{"$error":"#DIV/0!"}},{"$f":"M13*Revenue_Build!L36","v":{"$error":"#DIV/0!"}},{"$f":"N13*Revenue_Build!M36","v":{"$error":"#DIV/0!"}},{"$f":"O13*Revenue_Build!N36","v":{"$error":"#DIV/0!"}},{"$f":"P13*Revenue_Build!O36","v":{"$error":"#DIV/0!"}},{"$f":"Q13*Revenue_Build!P36","v":{"$error":"#DIV/0!"}},{"$f":"R13*Revenue_Build!Q36","v":{"$error":"#DIV/0!"}}]
[null,"% of Revenue",null,{"$f":"D12/Revenue_Build!C36","v":{"$error":"#DIV/0!"}},{"$f":"E12/Revenue_Build!D36","v":{"$error":"#DIV/0!"}},{"$f":"F12/Revenue_Build!E36","v":{"$error":"#DIV/0!"}},{"$f":"G12/Revenue_Build!F36","v":{"$error":"#DIV/0!"}},{"$f":"H12/Revenue_Build!G36","v":{"$error":"#DIV/0!"}},{"$f":"IF(RSQ($D13:$H13,$D$3:$H$3)>0.5,((SLOPE($D13:$H13,$D$3:$H$3)+H13)*RSQ($D13:$H13,$D$3:$H$3)+(AVERAGE($D13:$H13)*(1-RSQ($D13:$H13,$D$3:$H$3)))),AVERAGE($D13:$H13))","v":{"$error":"#DIV/0!"}},{"$f":"IF(RSQ($D13:$H13,$D$3:$H$3)>0.5,((SLOPE($D13:$H13,$D$3:$H$3)+I13)*RSQ($D13:$H13,$D$3:$H$3)+(AVERAGE($D13:$H13)*(1-RSQ($D13:$H13,$D$3:$H$3)))),AVERAGE($D13:$H13))","v":{"$error":"#DIV/0!"}},{"$f":"IF(RSQ($D13:$H13,$D$3:$H$3)>0.5,((SLOPE($D13:$H13,$D$3:$H$3)+J13)*RSQ($D13:$H13,$D$3:$H$3)+(AVERAGE($D13:$H13)*(1-RSQ($D13:$H13,$D$3:$H$3)))),AVERAGE($D13:$H13))","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"IF(RSQ($D13:$H13,$D$3:$H$3)>0.5,((SLOPE($D13:$H13,$D$3:$H$3)+P13)*RSQ($D13:$H13,$D$3:$H$3)+(AVERAGE($D13:$H13)*(1-RSQ($D13:$H13,$D$3:$H$3)))),AVERAGE($D13:$H13))","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"}]
[]
[null,"Accounts Payable",null,null,null,null,null,null,{"$f":"(I16/365)*Operating_Model!I54","v":{"$error":"#DIV/0!"}},{"$f":"(J16/365)*Operating_Model!J54","v":{"$error":"#DIV/0!"}},{"$f":"(K16/365)*Operating_Model!K54","v":{"$error":"#DIV/0!"}},{"$f":"(L16/365)*Operating_Model!L54","v":{"$error":"#DIV/0!"}},{"$f":"(M16/365)*Operating_Model!M54","v":{"$error":"#DIV/0!"}},{"$f":"(N16/365)*Operating_Model!N54","v":{"$error":"#DIV/0!"}},{"$f":"(O16/365)*Operating_Model!O54","v":{"$error":"#DIV/0!"}},{"$f":"(P16/365)*Operating_Model!P54","v":{"$error":"#DIV/0!"}},{"$f":"(Q16/365)*Operating_Model!Q54","v":{"$error":"#DIV/0!"}},{"$f":"(R16/365)*Operating_Model!R54","v":{"$error":"#DIV/0!"}}]
[null,"DPO Ratio",null,{"$f":"(D15/Operating_Model!D54)*365","v":{"$error":"#DIV/0!"}},{"$f":"(E15/Operating_Model!E54)*365","v":{"$error":"#DIV/0!"}},{"$f":"(F15/Operating_Model!F54)*365","v":{"$error":"#DIV/0!"}},{"$f":"(G15/Operating_Model!G54)*365","v":{"$error":"#DIV/0!"}},{"$f":"(H15/Operating_Model!H54)*365","v":{"$error":"#DIV/0!"}},{"$f":"IF(RSQ($D16:$H16,$D$3:$H$3)>0.5,((SLOPE($D16:$H16,$D$3:$H$3)+H16)*RSQ($D16:$H16,$D$3:$H$3)+(AVERAGE($D16:$H16)*(1-RSQ($D16:$H16,$D$3:$H$3)))),AVERAGE($D16:$H16))","v":{"$error":"#DIV/0!"}},{"$f":"IF(RSQ($D16:$H16,$D$3:$H$3)>0.5,((SLOPE($D16:$H16,$D$3:$H$3)+I16)*RSQ($D16:$H16,$D$3:$H$3)+(AVERAGE($D16:$H16)*(1-RSQ($D16:$H16,$D$3:$H$3)))),AVERAGE($D16:$H16))","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"IF(RSQ($D16:$H16,$D$3:$H$3)>0.5,((SLOPE($D16:$H16,$D$3:$H$3)+N16)*RSQ($D16:$H16,$D$3:$H$3)+(AVERAGE($D16:$H16)*(1-RSQ($D16:$H16,$D$3:$H$3)))),AVERAGE($D16:$H16))","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"Other Liabilities excluding debts",null,null,null,null,null,null,{"$f":"I18*Revenue_Build!H36","v":{"$error":"#DIV/0!"}},{"$f":"J18*Revenue_Build!I36","v":{"$error":"#DIV/0!"}},{"$f":"K18*Revenue_Build!J36","v":{"$error":"#DIV/0!"}},{"$f":"L18*Revenue_Build!K36","v":{"$error":"#DIV/0!"}},{"$f":"M18*Revenue_Build!L36","v":{"$error":"#DIV/0!"}},{"$f":"N18*Revenue_Build!M36","v":{"$error":"#DIV/0!"}},{"$f":"O18*Revenue_Build!N36","v":{"$error":"#DIV/0!"}},{"$f":"P18*Revenue_Build!O36","v":{"$error":"#DIV/0!"}},{"$f":"Q18*Revenue_Build!P36","v":{"$error":"#DIV/0!"}},{"$f":"R18*Revenue_Build!Q36","v":{"$error":"#DIV/0!"}}]
[null,"% of Revenue",null,{"$f":"D17/Revenue_Build!C36","v":{"$error":"#DIV/0!"}},{"$f":"E17/Revenue_Build!D36","v":{"$error":"#DIV/0!"}},{"$f":"F17/Revenue_Build!E36","v":{"$error":"#DIV/0!"}},{"$f":"G17/Revenue_Build!F36","v":{"$error":"#DIV/0!"}},{"$f":"H17/Revenue_Build!G36","v":{"$error":"#DIV/0!"}},{"$f":"IF(RSQ($D18:$H18,$D$3:$H$3)>0.5,((SLOPE($D18:$H18,$D$3:$H$3)+H18)*RSQ($D18:$H18,$D$3:$H$3)+(AVERAGE($D18:$H18)*(1-RSQ($D18:$H18,$D$3:$H$3)))),AVERAGE($D18:$H18))","v":{"$error":"#DIV/0!"}},{"$f":"IF(RSQ($D18:$H18,$D$3:$H$3)>0.5,((SLOPE($D18:$H18,$D$3:$H$3)+I18)*RSQ($D18:$H18,$D$3:$H$3)+(AVERAGE($D18:$H18)*(1-RSQ($D18:$H18,$D$3:$H$3)))),AVERAGE($D18:$H18))","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$f":"IF(RSQ($D18:$H18,$D$3:$H$3)>0.5,((SLOPE($D18:$H18,$D$3:$H$3)+K18)*RSQ($D18:$H18,$D$3:$H$3)+(AVERAGE($D18:$H18)*(1-RSQ($D18:$H18,$D$3:$H$3)))),AVERAGE($D18:$H18))","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[null,"LT Debt principal into Current Debt",null,null,null,null,null,{"$f":"Debt_Schedule!Z9","v":0},{"$f":"Debt_Schedule!AA9","v":0},{"$f":"Debt_Schedule!AB9","v":0},{"$f":"Debt_Schedule!AC9","v":0},{"$f":"Debt_Schedule!AD9","v":0},{"$f":"Debt_Schedule!AE9","v":0},{"$f":"Debt_Schedule!AF9","v":0},{"$f":"Debt_Schedule!AG9","v":0},{"$f":"Debt_Schedule!AH9","v":0},{"$f":"Debt_Schedule!AI9","v":0},{"$f":"Debt_Schedule!AJ9","v":0}]
[]
[null,"NWC",{"$f":"C8+C10+C12-C15-C17","v":0},0,0,0,0,0,{"$f":"I8+I10+I12-I15-I17","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"N8+N10+N12-N15-N17","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[null,"ΔNWC","-",{"$f":"D22-C22","v":0},0,0,0,0,{"$error":"#DIV/0!"},{"$f":"J22-I22","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"N22-M22","v":{"$error":"#DIV/0!"}},{"$f":"O22-N22","v":{"$error":"#DIV/0!"}},{"$f":"P22-O22","v":{"$error":"#DIV/0!"}},{"$f":"Q22-P22","v":{"$error":"#DIV/0!"}},{"$f":"R22-Q22","v":{"$error":"#DIV/0!"}}]

{"sheet":"Scenario_Analysis--->","index":14,"n_rows":0,"n_cols":0,"rows_kept":0,"cut":false,"hidden":false,"merged":[]}

{"sheet":"SC_Manager","index":15,"n_rows":63,"n_cols":18,"rows_kept":63,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,null,{"$f":"DCF!B2","v":"APPLE INC."},null,null,null," "," "," "," "," "," "," "," "," "," "," "]
[null,null,null,"Scenario Manager",null,null," "," "," "," "," "," "," "," "," "," "," "," "]
[null,null,null,null,null,null," "," "," "," "," "," "," "," "," "," "," "," "]
[]
[null,null,null,"Scenario Chooser",null,null," "," "," "," "," "," "," "," "," "," "," "," "]
[]
[null,null,null,"Master Check"]
[]
[null,null,null,null,null,null,"Case 1",null,"Case 1","Case 2","Case 3","Case 4","Case 5","Case 6","Case 7","Case 8","Case 9","Case 10"]
[null,null,null,null,null,null,{"$f":"OFFSET(H11,0,MATCH(G10,I10:XFD10))","v":"Base"},null,"Base","Bull","Bear","[Case 4]","[Case 5]","[Case 6]","[Case 7]","[Case 8]","[Case 9]","[Case 10]"]
[]
[null,null,null,"1. Company Details",null,null," "," "," "," "," "," "," "," "," "," "," "," "]
[]
[null,null,null,null,"Company",null,{"$f":"IF(Hub!N4=\"No\", Hub!R6, Hub!D6)","v":"APPLE INC."}]
[null,null,null,null,"Ticker",null,{"$f":"IF(Hub!N4=\"No\", Hub!R7, Hub!D7)","v":"AAPL"}]
[null,null,null,null,"Location",null,{"$f":"RIGHT(_FV(Hub!D4,\"Headquarters\"), 2)","v":"US"}]
[null,null,null,null,"Valuation Date",null,{"$f":"DCF!C9","v":"2024-05-19"}]
[]
[null,null,null,"2. CAGR Change Control",null,null," "," "," "," "," "," "," "," "," "," "," "," "]
[]
[null,null,null,null,"CAGR positive for division",null,{"$f":"INDEX(I22:XFD22,0,MATCH($G$10,$I$10:$XFD$10))","v":1},null,1,1.25,0.6]
[null,null,null,null,"CAGR negative for division",null,{"$f":"INDEX(I23:XFD23,0,MATCH($G$10,$I$10:$XFD$10))","v":1},null,1,0.6,1.25]
[]
[null,null,null,null,null,null," "," "," "," "," "," "," "," "," "," "," "," "]
[]
[null,null,null,null,"Division revenue",null,{"$f":"INDEX(I27:XFD27,0,MATCH($G$10,$I$10:$XFD$10))","v":"Base"},null,"Base","Bull","Bear","Base","Base","Base","Base","Base","Base","Base"]
[]
[null,null,null,null,null,null," "," "," "," "," "," "," "," "," "," "," "," "]
[]
[null,null,null,null,"Division revenue",null,{"$f":"INDEX(I31:XFD31,0,MATCH($G$10,$I$10:$XFD$10))","v":"Base"},null,"Base","Bull","Bear","Base","Base","Base","Base","Base","Base","Base"]
[]
[null,null,null,null,null,null," "," "," "," "," "," "," "," "," "," "," "," "]
[]
[null,null,null,null,"Division revenue",null,{"$f":"INDEX(I35:XFD35,0,MATCH($G$10,$I$10:$XFD$10))","v":"Base"},null,"Base","Bull","Bear","Base","Base","Base","Base","Base","Base","Base"]
[]
[null,null,null,null,null,null," "," "," "," "," "," "," "," "," "," "," "," "]
[]
[null,null,null,null,"Division revenue",null,{"$f":"INDEX(I39:XFD39,0,MATCH($G$10,$I$10:$XFD$10))","v":"Base"},null,"Base","Bull","Bear","Base","Base","Base","Base","Base","Base","Base"]
[]
[null,null,null,null,null,null," "," "," "," "," "," "," "," "," "," "," "," "]
[]
[null,null,null,null,"Division revenue",null,{"$f":"INDEX(I43:XFD43,0,MATCH($G$10,$I$10:$XFD$10))","v":"Base"},null,"Base","Bull","Bear","Base","Base","Base","Base","Base","Base","Base"]
[]
[null,null,null,null,null,null," "," "," "," "," "," "," "," "," "," "," "," "]
[]
[null,null,null,null,"Division revenue",null,{"$f":"INDEX(I47:XFD47,0,MATCH($G$10,$I$10:$XFD$10))","v":"Base"},null,"Base","Bull","Bear","Base","Base","Base","Base","Base","Base","Base"]
[]
[null,null,null,null,null,null," "," "," "," "," "," "," "," "," "," "," "," "]
[]
[null,null,null,null,"Division revenue",null,{"$f":"INDEX(I51:XFD51,0,MATCH($G$10,$I$10:$XFD$10))","v":"Base"},null,"Base","Bull","Bear","Base","Base","Base","Base","Base","Base","Base"]
[]
[null,null,null,null,null,null," "," "," "," "," "," "," "," "," "," "," "," "]
[]
[null,null,null,null,"Division revenue",null,{"$f":"INDEX(I55:XFD55,0,MATCH($G$10,$I$10:$XFD$10))","v":"Base"},null,"Base","Bull","Bear","Base","Base","Base","Base","Base","Base","Base"]
[]
[null,null,null,null,null,null," "," "," "," "," "," "," "," "," "," "," "," "]
[]
[null,null,null,null,"Division revenue",null,{"$f":"INDEX(I59:XFD59,0,MATCH($G$10,$I$10:$XFD$10))","v":"Base"},null,"Base","Bull","Bear","Base","Base","Base","Base","Base","Base","Base"]
[]
[null,null,null,null,null,null," "," "," "," "," "," "," "," "," "," "," "," "]
[]
[null,null,null,null,"Division revenue",null,{"$f":"INDEX(I63:XFD63,0,MATCH($G$10,$I$10:$XFD$10))","v":"Base"},null,"Base","Bull","Bear","Base","Base","Base","Base","Base","Base","Base"]

{"sheet":"Time_Series","index":16,"n_rows":87,"n_cols":17,"rows_kept":87,"cut":false,"hidden":false,"merged":[]}
[]
[null,{"$f":"DCF!B2","v":"APPLE INC."},null,null," "," "," "," "," "," "]
[null,"Time Series",null,null," "," "," "," "," "," "]
[null,null,null,null," "," "," "," "," "," "]
[]
[null,"Operating Assumptions",null,null," "," "," "," "," "," "]
[]
[null,"Year",null,null," ",{"$f":"YEAR(DCF!I16)","v":2024},{"$f":"F8+1","v":2025},2026,2027,2028,{"$f":"J8+1","v":2029},{"$f":"K8+1","v":2030},{"$f":"L8+1","v":2031},{"$f":"M8+1","v":2032},{"$f":"N8+1","v":2033}]
[null,{"$f":"Hub!D13","v":0},null,null," "," "," "," "," "," ",null,null,null,null,null," "," "]
[]
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{"sheet":"Historicals","index":19,"n_rows":41,"n_cols":18,"rows_kept":41,"cut":false,"hidden":false,"merged":[]}
[]
[null,{"$f":"DCF!B2","v":"APPLE INC."}]
[null,"Historicals"]
[null,"All Figures in USD$ Millions, expect for per share data"]
[null,"As % of Revenue"]
[]
[null,null,null,null,null,"Actuals",null,null,null,null,null,null,"Forecast"]
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[null,null,null,{"$f":"EOMONTH(E9,-12)","v":"2019-12-31"},"2020-12-31","2021-12-31",{"$f":"EOMONTH(H9,-12)","v":"2022-12-31"},{"$f":"DCF!H16","v":"2023-12-31"},{"$f":"EOMONTH(H9,12)","v":"2024-12-31"},{"$f":"EOMONTH(I9,12)","v":"2025-12-31"},"2026-12-31","2027-12-31","2028-12-31","2029-12-31","2030-12-31","2031-12-31","2032-12-31","2033-12-31"]
[]
[null,"Revenue"]
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[null,{"$f":"IF(ISBLANK(Hub!D14), \"Division 2\", Hub!D14)","v":"Division 2"},null,{"$f":"(Revenue_Build!C9/Revenue_Build!C$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!D9/Revenue_Build!D$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!E9/Revenue_Build!E$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!F9/Revenue_Build!F$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!G9/Revenue_Build!G$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!H9/Revenue_Build!H$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!I9/Revenue_Build!I$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!J9/Revenue_Build!J$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!K9/Revenue_Build!K$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!L9/Revenue_Build!L$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!M9/Revenue_Build!M$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!N9/Revenue_Build!N$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!O9/Revenue_Build!O$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!P9/Revenue_Build!P$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!Q9/Revenue_Build!Q$36)","v":{"$error":"#DIV/0!"}}]
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[null,{"$f":"IF(ISBLANK(Hub!D16), \"Division 4\", Hub!D16)","v":"Division 4"},null,{"$f":"(Revenue_Build!C15/Revenue_Build!C$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!D15/Revenue_Build!D$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!E15/Revenue_Build!E$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!F15/Revenue_Build!F$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!G15/Revenue_Build!G$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!H15/Revenue_Build!H$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!I15/Revenue_Build!I$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!J15/Revenue_Build!J$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!K15/Revenue_Build!K$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!L15/Revenue_Build!L$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!M15/Revenue_Build!M$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!N15/Revenue_Build!N$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!O15/Revenue_Build!O$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!P15/Revenue_Build!P$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!Q15/Revenue_Build!Q$36)","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"IF(ISBLANK(Hub!D17), \"Division 5\", Hub!D17)","v":"Division 5"},null,{"$f":"(Revenue_Build!C18/Revenue_Build!C$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!D18/Revenue_Build!D$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!E18/Revenue_Build!E$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!F18/Revenue_Build!F$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!G18/Revenue_Build!G$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!H18/Revenue_Build!H$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!I18/Revenue_Build!I$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!J18/Revenue_Build!J$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!K18/Revenue_Build!K$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!L18/Revenue_Build!L$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!M18/Revenue_Build!M$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!N18/Revenue_Build!N$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!O18/Revenue_Build!O$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!P18/Revenue_Build!P$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!Q18/Revenue_Build!Q$36)","v":{"$error":"#DIV/0!"}}]
[null,{"$f":"IF(ISBLANK(Hub!H13), \"Division 6\", Hub!H13)","v":"Division 6"},null,{"$f":"(Revenue_Build!C21/Revenue_Build!C$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!D21/Revenue_Build!D$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!E21/Revenue_Build!E$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!F21/Revenue_Build!F$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!G21/Revenue_Build!G$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!H21/Revenue_Build!H$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!I21/Revenue_Build!I$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!J21/Revenue_Build!J$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!K21/Revenue_Build!K$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!L21/Revenue_Build!L$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!M21/Revenue_Build!M$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!N21/Revenue_Build!N$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!O21/Revenue_Build!O$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!P21/Revenue_Build!P$36)","v":{"$error":"#DIV/0!"}},{"$f":"(Revenue_Build!Q21/Revenue_Build!Q$36)","v":{"$error":"#DIV/0!"}}]
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[]
[]
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[]
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{"sheet":"Debt_Schedule","index":20,"n_rows":43,"n_cols":40,"rows_kept":43,"cut":false,"hidden":false,"merged":[]}
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[null,"Bond 3",null,null,null,null,null,{"$f":"-PV(DCF!$C$12, C6-YEAR(DCF!$C$10), F6*D6, F6, 0)","v":0},null,null,"Loan 3",null,null,null,null,null,{"$f":"-PV(DCF!$C$12, L6-YEAR(DCF!$C$10), O6*M6, O6, 0)","v":0},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AA3","v":2025},{"$f":"AL5","v":"N/A"},{"$f":"AA11","v":{"$error":"#DIV/0!"}},{"$f":"AN5","v":{"$error":"#VALUE!"}}]
[null,"Bond 4",null,null,null,null,null,{"$f":"-PV(DCF!$C$12, C7-YEAR(DCF!$C$10), F7*D7, F7, 0)","v":0},null,null,"Loan 4",null,null,null,null,null,{"$f":"-PV(DCF!$C$12, L7-YEAR(DCF!$C$10), O7*M7, O7, 0)","v":0},null,"Interest",null,{"$f":"Operating_Model!D91","v":0},{"$f":"Operating_Model!E91","v":0},{"$f":"Operating_Model!F91","v":0},{"$f":"Operating_Model!G91","v":0},{"$f":"Operating_Model!H91","v":0},{"$f":"(SUMPRODUCT(($C4:$C23>=Z3)*($D4:$D23*$F4:$F23)))+(SUM(IF($L4:$L23>=Z3, -IPMT($M4:$M23, 1, $L4:$L23-$Y3, $O4:$O23), 0)))+(SUM(IF($AK5:$AK14<Z3,IFERROR(-IPMT($AL5:$AL14,Z3-$AK5:$AK14,$AN5:$AN14,$AM5:$AM14), 0),0)))","v":0},{"$f":"(SUMPRODUCT(($C4:$C23>=AA3)*($D4:$D23*$F4:$F23)))+(SUM(IF($L4:$L23>=AA3, -IPMT($M4:$M23, 2, $L4:$L23-$Y3, $O4:$O23), 0)))+(SUM(IF($AK5:$AK14<AA3,IFERROR(-IPMT($AL5:$AL14,AA3-$AK5:$AK14,$AN5:$AN14,$AM5:$AM14), 0),0)))","v":0},{"$f":"(SUMPRODUCT(($C4:$C23>=AB3)*($D4:$D23*$F4:$F23)))+(SUM(IF($L4:$L23>=AB3, -IPMT($M4:$M23, 3, $L4:$L23-$Y3, $O4:$O23), 0)))+(SUM(IF($AK5:$AK14<AB3,IFERROR(-IPMT($AL5:$AL14,AB3-$AK5:$AK14,$AN5:$AN14,$AM5:$AM14), 0),0)))","v":0},{"$f":"(SUMPRODUCT(($C4:$C23>=AC3)*($D4:$D23*$F4:$F23)))+(SUM(IF($L4:$L23>=AC3, -IPMT($M4:$M23, 4, $L4:$L23-$Y3, $O4:$O23), 0)))+(SUM(IF($AK5:$AK14<AC3,IFERROR(-IPMT($AL5:$AL14,AC3-$AK5:$AK14,$AN5:$AN14,$AM5:$AM14), 0),0)))","v":0},{"$f":"(SUMPRODUCT(($C4:$C23>=AD3)*($D4:$D23*$F4:$F23)))+(SUM(IF($L4:$L23>=AD3, -IPMT($M4:$M23, 5, $L4:$L23-$Y3, $O4:$O23), 0)))+(SUM(IF($AK5:$AK14<AD3,IFERROR(-IPMT($AL5:$AL14,AD3-$AK5:$AK14,$AN5:$AN14,$AM5:$AM14), 0),0)))","v":0},{"$f":"(SUMPRODUCT(($C4:$C23>=AE3)*($D4:$D23*$F4:$F23)))+(SUM(IF($L4:$L23>=AE3, -IPMT($M4:$M23, 6, $L4:$L23-$Y3, $O4:$O23), 0)))+(SUM(IF($AK5:$AK14<AE3,IFERROR(-IPMT($AL5:$AL14,AE3-$AK5:$AK14,$AN5:$AN14,$AM5:$AM14), 0),0)))","v":0},{"$f":"(SUMPRODUCT(($C4:$C23>=AF3)*($D4:$D23*$F4:$F23)))+(SUM(IF($L4:$L23>=AF3, -IPMT($M4:$M23, 7, $L4:$L23-$Y3, $O4:$O23), 0)))+(SUM(IF($AK5:$AK14<AF3,IFERROR(-IPMT($AL5:$AL14,AF3-$AK5:$AK14,$AN5:$AN14,$AM5:$AM14), 0),0)))","v":0},{"$f":"(SUMPRODUCT(($C4:$C23>=AG3)*($D4:$D23*$F4:$F23)))+(SUM(IF($L4:$L23>=AG3, -IPMT($M4:$M23, 8, $L4:$L23-$Y3, $O4:$O23), 0)))+(SUM(IF($AK5:$AK14<AG3,IFERROR(-IPMT($AL5:$AL14,AG3-$AK5:$AK14,$AN5:$AN14,$AM5:$AM14), 0),0)))","v":0},{"$f":"(SUMPRODUCT(($C4:$C23>=AH3)*($D4:$D23*$F4:$F23)))+(SUM(IF($L4:$L23>=AH3, -IPMT($M4:$M23, 9, $L4:$L23-$Y3, $O4:$O23), 0)))+(SUM(IF($AK5:$AK14<AH3,IFERROR(-IPMT($AL5:$AL14,AH3-$AK5:$AK14,$AN5:$AN14,$AM5:$AM14), 0),0)))","v":0},{"$f":"(SUMPRODUCT(($C4:$C23>=AI3)*($D4:$D23*$F4:$F23)))+(SUM(IF($L4:$L23>=AI3, -IPMT($M4:$M23, 10, $L4:$L23-$Y3, $O4:$O23), 0)))+(SUM(IF($AK5:$AK14<AI3,IFERROR(-IPMT($AL5:$AL14,AI3-$AK5:$AK14,$AN5:$AN14,$AM5:$AM14), 0),0)))","v":0},null,{"$f":"AB3","v":2026},{"$f":"AL6","v":"N/A"},{"$f":"AB11","v":{"$error":"#DIV/0!"}},{"$f":"AN6","v":{"$error":"#VALUE!"}}]
[null,"Bond 5",null,null,null,null,null,{"$f":"-PV(DCF!$C$12, C8-YEAR(DCF!$C$10), F8*D8, F8, 0)","v":0},null,null,"Loan 5",null,null,null,null,null,{"$f":"-PV(DCF!$C$12, L8-YEAR(DCF!$C$10), O8*M8, O8, 0)","v":0},null,null,null,null,null,null,null,null,null,"For both, add if statements to see if calculators disabled or enabled",null,null,null,null,null,null,null,null,null,{"$f":"AB3","v":2026},"N/A",{"$f":"AC11","v":{"$error":"#DIV/0!"}},{"$error":"#VALUE!"}]
[null,"Bond 6",null,null,null,null,null,{"$f":"-PV(DCF!$C$12, C9-YEAR(DCF!$C$10), F9*D9, F9, 0)","v":0},null,null,"Loan 6",null,null,null,null,null,{"$f":"-PV(DCF!$C$12, L9-YEAR(DCF!$C$10), O9*M9, O9, 0)","v":0},null,"Repayments of Debts",null,null,null,null,null,null,{"$f":"(SUMIFS($F4:$F23, $C4:$C23, Z3))+(SUM(IF($L4:$L23>=Z3, -PPMT($M4:$M23, 1, $L4:$L23-$Y3, $O4:$O23), 0)))+(SUM(IF($AK5:$AK14<Z3,IFERROR(-PPMT($AL5:$AL14,Z3-$AK5:$AK14,$AN5:$AN14,$AM5:$AM14), 0),0)))","v":0},{"$f":"(SUMIFS($F4:$F23, $C4:$C23, AA3))+(SUM(IF($L4:$L23>=AA3, -PPMT($M4:$M23, 2, $L4:$L23-$Y3, $O4:$O23), 0)))+(SUM(IF($AK5:$AK14<AA3,IFERROR(-PPMT($AL5:$AL14,AA3-$AK5:$AK14,$AN5:$AN14,$AM5:$AM14), 0),0)))","v":0},{"$f":"(SUMIFS($F4:$F23, $C4:$C23, AB3))+(SUM(IF($L4:$L23>=AB3, -PPMT($M4:$M23, 3, $L4:$L23-$Y3, $O4:$O23), 0)))+(SUM(IF($AK5:$AK14<AB3,IFERROR(-PPMT($AL5:$AL14,AB3-$AK5:$AK14,$AN5:$AN14,$AM5:$AM14), 0),0)))","v":0},{"$f":"(SUMIFS($F4:$F23, $C4:$C23, AC3))+(SUM(IF($L4:$L23>=AC3, -PPMT($M4:$M23, 4, $L4:$L23-$Y3, $O4:$O23), 0)))+(SUM(IF($AK5:$AK14<AC3,IFERROR(-PPMT($AL5:$AL14,AC3-$AK5:$AK14,$AN5:$AN14,$AM5:$AM14), 0),0)))","v":0},{"$f":"(SUMIFS($F4:$F23, $C4:$C23, AD3))+(SUM(IF($L4:$L23>=AD3, -PPMT($M4:$M23, 5, $L4:$L23-$Y3, $O4:$O23), 0)))+(SUM(IF($AK5:$AK14<AD3,IFERROR(-PPMT($AL5:$AL14,AD3-$AK5:$AK14,$AN5:$AN14,$AM5:$AM14), 0),0)))","v":0},{"$f":"(SUMIFS($F4:$F23, $C4:$C23, AE3))+(SUM(IF($L4:$L23>=AE3, -PPMT($M4:$M23, 6, $L4:$L23-$Y3, $O4:$O23), 0)))+(SUM(IF($AK5:$AK14<AE3,IFERROR(-PPMT($AL5:$AL14,AE3-$AK5:$AK14,$AN5:$AN14,$AM5:$AM14), 0),0)))","v":0},{"$f":"(SUMIFS($F4:$F23, $C4:$C23, AF3))+(SUM(IF($L4:$L23>=AF3, -PPMT($M4:$M23, 7, $L4:$L23-$Y3, $O4:$O23), 0)))+(SUM(IF($AK5:$AK14<AF3,IFERROR(-PPMT($AL5:$AL14,AF3-$AK5:$AK14,$AN5:$AN14,$AM5:$AM14), 0),0)))","v":0},{"$f":"(SUMIFS($F4:$F23, $C4:$C23, AG3))+(SUM(IF($L4:$L23>=AG3, -PPMT($M4:$M23, 8, $L4:$L23-$Y3, $O4:$O23), 0)))+(SUM(IF($AK5:$AK14<AG3,IFERROR(-PPMT($AL5:$AL14,AG3-$AK5:$AK14,$AN5:$AN14,$AM5:$AM14), 0),0)))","v":0},{"$f":"(SUMIFS($F4:$F23, $C4:$C23, AH3))+(SUM(IF($L4:$L23>=AH3, -PPMT($M4:$M23, 9, $L4:$L23-$Y3, $O4:$O23), 0)))+(SUM(IF($AK5:$AK14<AH3,IFERROR(-PPMT($AL5:$AL14,AH3-$AK5:$AK14,$AN5:$AN14,$AM5:$AM14), 0),0)))","v":0},{"$f":"(SUMIFS($F4:$F23, $C4:$C23, AI3))+(SUM(IF($L4:$L23>=AI3, -PPMT($M4:$M23, 10, $L4:$L23-$Y3, $O4:$O23), 0)))+(SUM(IF($AK5:$AK14<AI3,IFERROR(-PPMT($AL5:$AL14,AI3-$AK5:$AK14,$AN5:$AN14,$AM5:$AM14), 0),0)))","v":0},null,{"$f":"AD3","v":2028},{"$f":"AL8","v":"N/A"},{"$f":"AD11","v":{"$error":"#DIV/0!"}},{"$f":"AN8","v":{"$error":"#VALUE!"}}]
[null,"Bond 7",null,null,null,null,null,{"$f":"-PV(DCF!$C$12, C10-YEAR(DCF!$C$10), F10*D10, F10, 0)","v":0},null,null,"Loan 7",null,null,null,null,null,{"$f":"-PV(DCF!$C$12, L10-YEAR(DCF!$C$10), O10*M10, O10, 0)","v":0},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AE3","v":2029},{"$f":"AL9","v":"N/A"},{"$f":"AE11","v":{"$error":"#DIV/0!"}},{"$f":"AN9","v":{"$error":"#VALUE!"}}]
[null,"Bond 8",null,null,null,null,null,{"$f":"-PV(DCF!$C$12, C11-YEAR(DCF!$C$10), F11*D11, F11, 0)","v":0},null,null,"Loan 8",null,null,null,null,null,{"$f":"-PV(DCF!$C$12, L11-YEAR(DCF!$C$10), O11*M11, O11, 0)","v":0},null,"Cash from Debt",null,null,null,null,null,null,{"$f":"AVERAGE(U11:Y11)","v":{"$error":"#DIV/0!"}},{"$f":"Z11","v":{"$error":"#DIV/0!"}},{"$f":"AA11","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"AD11","v":{"$error":"#DIV/0!"}},{"$f":"AE11","v":{"$error":"#DIV/0!"}},{"$f":"AF11","v":{"$error":"#DIV/0!"}},{"$f":"AG11","v":{"$error":"#DIV/0!"}},{"$f":"AH11","v":{"$error":"#DIV/0!"}},null,{"$f":"AF3","v":2030},"N/A",{"$f":"AF11","v":{"$error":"#DIV/0!"}},{"$error":"#VALUE!"}]
[null,"Bond 9",null,null,null,null,null,{"$f":"-PV(DCF!$C$12, C12-YEAR(DCF!$C$10), F12*D12, F12, 0)","v":0},null,null,"Loan 9",null,null,null,null,null,{"$f":"-PV(DCF!$C$12, L12-YEAR(DCF!$C$10), O12*M12, O12, 0)","v":0},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AG3","v":2031},"N/A",{"$f":"AG11","v":{"$error":"#DIV/0!"}},{"$error":"#VALUE!"}]
[null,"Bond 10",null,null,null,null,null,{"$f":"-PV(DCF!$C$12, C13-YEAR(DCF!$C$10), F13*D13, F13, 0)","v":0},null,null,"Loan 10",null,null,null,null,null,{"$f":"-PV(DCF!$C$12, L13-YEAR(DCF!$C$10), O13*M13, O13, 0)","v":0},null,"Total Debts",null,{"$f":"T13-U9+U11","v":0},{"$f":"U13-V9+V11","v":0},0,0,{"$f":"F25+O25","v":0},{"$f":"Y13-Z9+Z11","v":{"$error":"#DIV/0!"}},{"$f":"Z13-AA9+AA11","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"AD13-AE9+AE11","v":{"$error":"#DIV/0!"}},{"$f":"AE13-AF9+AF11","v":{"$error":"#DIV/0!"}},{"$f":"AF13-AG9+AG11","v":{"$error":"#DIV/0!"}},{"$f":"AG13-AH9+AH11","v":{"$error":"#DIV/0!"}},{"$f":"AH13-AI9+AI11","v":{"$error":"#DIV/0!"}},null,{"$f":"AH3","v":2032},"N/A",{"$f":"AH11","v":{"$error":"#DIV/0!"}},{"$error":"#VALUE!"}]
[null,"Bond 11",null,null,null,null,null,{"$f":"-PV(DCF!$C$12, C14-YEAR(DCF!$C$10), F14*D14, F14, 0)","v":0},null,null,"Loan 11",null,null,null,null,null,{"$f":"-PV(DCF!$C$12, L14-YEAR(DCF!$C$10), O14*M14, O14, 0)","v":0},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AI3","v":2033},"N/A",{"$f":"AI11","v":{"$error":"#DIV/0!"}},{"$error":"#VALUE!"}]
[null,"Bond 12",null,null,null,null,null,{"$f":"-PV(DCF!$C$12, C15-YEAR(DCF!$C$10), F15*D15, F15, 0)","v":0},null,null,"Loan 12",null,null,null,null,null,{"$f":"-PV(DCF!$C$12, L15-YEAR(DCF!$C$10), O15*M15, O15, 0)","v":0},null,null,null,null,null,null,null,{"$f":"IF(Y13=X13-Y9+Y11, \"Balanced\", \"Unbalanced\")","v":"Balanced"},null,"Debt taken here estimated to only be bank loans (no bonds issued)"]
[null,"Bond 13",null,null,null,null,null,{"$f":"-PV(DCF!$C$12, C16-YEAR(DCF!$C$10), F16*D16, F16, 0)","v":0},null,null,"Loan 13",null,null,null,null,null,{"$f":"-PV(DCF!$C$12, L16-YEAR(DCF!$C$10), O16*M16, O16, 0)","v":0}]
[null,"Bond 14",null,null,null,null,null,{"$f":"-PV(DCF!$C$12, C17-YEAR(DCF!$C$10), F17*D17, F17, 0)","v":0},null,null,"Loan 14",null,null,null,null,null,{"$f":"-PV(DCF!$C$12, L17-YEAR(DCF!$C$10), O17*M17, O17, 0)","v":0}]
[null,"Bond 15",null,null,null,null,null,{"$f":"-PV(DCF!$C$12, C18-YEAR(DCF!$C$10), F18*D18, F18, 0)","v":0},null,null,"Loan 15",null,null,null,null,null,{"$f":"-PV(DCF!$C$12, L18-YEAR(DCF!$C$10), O18*M18, O18, 0)","v":0}]
[null,"Bond 16",null,null,null,null,null,{"$f":"-PV(DCF!$C$12, C19-YEAR(DCF!$C$10), F19*D19, F19, 0)","v":0},null,null,"Loan 16",null,null,null,null,null,{"$f":"-PV(DCF!$C$12, L19-YEAR(DCF!$C$10), O19*M19, O19, 0)","v":0}]
[null,"Bond 17",null,null,null,null,null,{"$f":"-PV(DCF!$C$12, C20-YEAR(DCF!$C$10), F20*D20, F20, 0)","v":0},null,null,"Loan 17",null,null,null,null,null,{"$f":"-PV(DCF!$C$12, L20-YEAR(DCF!$C$10), O20*M20, O20, 0)","v":0}]
[null,"Bond 18",null,null,null,null,null,{"$f":"-PV(DCF!$C$12, C21-YEAR(DCF!$C$10), F21*D21, F21, 0)","v":0},null,null,"Loan 18",null,null,null,null,null,{"$f":"-PV(DCF!$C$12, L21-YEAR(DCF!$C$10), O21*M21, O21, 0)","v":0}]
[null,"Bond 19",null,null,null,null,null,{"$f":"-PV(DCF!$C$12, C22-YEAR(DCF!$C$10), F22*D22, F22, 0)","v":0},null,null,"Loan 19",null,null,null,null,null,{"$f":"-PV(DCF!$C$12, L22-YEAR(DCF!$C$10), O22*M22, O22, 0)","v":0}]
[null,"Bond 20",null,null,null,null,null,{"$f":"-PV(DCF!$C$12, C23-YEAR(DCF!$C$10), F23*D23, F23, 0)","v":0},null,null,"Loan 20",null,null,null,null,null,{"$f":"-PV(DCF!$C$12, L23-YEAR(DCF!$C$10), O23*M23, O23, 0)","v":0}]
[]
[null,"Total Debts",null,{"$f":"SUMPRODUCT(D4:D23,F4:F23)/SUM(F4:F23)","v":{"$error":"#DIV/0!"}},null,{"$f":"SUM(F4:F23)","v":0},null,{"$f":"SUM(H4:H23)","v":0},null,null,"Total Loans",null,null,null,{"$f":"SUM(O4:O23)","v":0},null,{"$f":"SUM(Q4:Q23)","v":0}]
[]
[null,null,null,{"$f":"IF(Hub!D87=\"Yes\",\"Bond Market Value Calculator Disabled\",IF(AND(Hub!H28=\"Yes\",Hub!D30=\"Yes\"),\"Bond Market Value Calculator Enabled\",\"Bond Market Value Calculator Disabled\"))","v":"Bond Market Value Calculator Disabled"},null,null,null,null,null,null,null,null,null,{"$f":"IF(Hub!D87=\"Yes\", \"Bank Loan Calculator Disabled\", IF(AND(Hub!H28=\"Yes\", Hub!H30=\"Yes\"), \"Bank Loan Calculator Enabled\", \"Bank Loan Calculator Disabled\"))","v":"Bank Loan Calculator Disabled"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(AND(D27=\"Bond Market Value Calculator Disabled\", N27=\"Bank Loan Calculator Disabled\"), \"Backup Schedule Enabled\", \"Backup Schedule Disabled\")","v":"Backup Schedule Enabled"}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Actuals",null,null,null,null,"Forecast"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"YEAR(T32)","v":2018},{"$f":"YEAR(U32)","v":2019},{"$f":"YEAR(V32)","v":2020},2021,2022,2023,{"$f":"YEAR(Z32)","v":2024},{"$f":"YEAR(AA32)","v":2025},2026,2027,2028,2029,2030,2031,2032,2033]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"EOMONTH(U32,-12)","v":"2018-12-31"},"2019-12-31","2020-12-31","2021-12-31",{"$f":"EOMONTH(Y32,-12)","v":"2022-12-31"},{"$f":"DCF!H16","v":"2023-12-31"},{"$f":"EOMONTH(Y32,12)","v":"2024-12-31"},{"$f":"EOMONTH(Z32,12)","v":"2025-12-31"},"2026-12-31","2027-12-31","2028-12-31",{"$f":"EOMONTH(AD32,12)","v":"2029-12-31"},{"$f":"EOMONTH(AE32,12)","v":"2030-12-31"},{"$f":"EOMONTH(AF32,12)","v":"2031-12-31"},{"$f":"EOMONTH(AG32,12)","v":"2032-12-31"},{"$f":"EOMONTH(AH32,12)","v":"2033-12-31"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Debt Schedule Backup"]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Interest",null,{"$f":"Operating_Model!D91","v":0},{"$f":"Operating_Model!E91","v":0},{"$f":"Operating_Model!F91","v":0},{"$f":"Operating_Model!G91","v":0},{"$f":"Operating_Model!H91","v":0},{"$f":"Y41*Z43","v":{"$error":"#DIV/0!"}},{"$f":"Z41*AA43","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"AD41*AE43","v":{"$error":"#DIV/0!"}},{"$f":"AE41*AF43","v":{"$error":"#DIV/0!"}},{"$f":"AF41*AG43","v":{"$error":"#DIV/0!"}},{"$f":"AG41*AH43","v":{"$error":"#DIV/0!"}},{"$f":"AH41*AI43","v":{"$error":"#DIV/0!"}}]
[]
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