{"text_format":"3","workbook":"xls","n_sheets":4,"sheets":["FINANCIAL PROJECTION MODEL","FREE CASH FLOW","VALUATION OF FIRM (DCF)","INSTRUCTIONS"],"read":"whole","date_system":"1900","formulas":"cached_only"}

{"sheet":"FINANCIAL PROJECTION MODEL","index":0,"n_rows":126,"n_cols":7,"rows_kept":126,"flags":["formulas_cached_only"]}
["\\/  Insert Name of Firm \\/","INPUT DATA","INPUT DATA","  INPUT FORMAT"]
["Financial Projection Model","LAST YEAR","FUTURE YEARS"]
["YEAR OF FIRST INPUT DATA",1983,null,"  YEAR (LAST COMPLETED YEAR)"]
["SALES (LAST YEAR)",{"v":6469,"d":"$6,469"},null,"  FIXED DOLLAR AMOUNT (LAST YEAR)"]
["SALES GROWTH  (YEARS +1 TO +5)",null,{"v":0.06,"d":"6.00%"},"  PERCENTAGE (DECIMAL)"]
["COGS/SALES (% OF SALES)",{"v":0.88,"d":"88.00%"},{"v":0.87,"d":"87.00%"},"  PERCENTAGE (DECIMAL)"]
["SALES EXPENSE (% OF SALES)",{"v":0.07,"d":"7.00%"},{"v":0.07,"d":"7.00%"},"  PERCENTAGE (DECIMAL)"]
["ADMINIST. EXPENSE (% OF SALES)",{"v":0,"d":"0.00%"},{"v":0,"d":"0.00%"},"  PERCENTAGE (DECIMAL)"]
["DEPRECIATION EXPENSE (% FIXED/ASSETS)",{"v":0.05,"d":"5.00%"},{"v":0.05,"d":"5.00%"},"  PERCENTAGE (DECIMAL)"]
["INTEREST INCOME LAST YEAR ($)",{"v":50,"d":"$50"},null,"  FIXED DOLLAR AMOUNT (LAST YEAR)"]
["INTEREST EXPENSE LAST YEAR ($)",{"v":140,"d":"$140"},null,"  FIXED DOLLAR AMOUNT (LAST YEAR)"]
["INTEREST RATE - DEBT (%)",null,{"v":0.085,"d":"8.50%"},"  PERCENTAGE - ANNUAL RATE  (DECIMAL)"]
["INTEREST RATE - INVESTMENTS (%)",null,{"v":0.06,"d":"6.00%"},"  PERCENTAGE - ANNUAL RATE (DECIMAL)"]
["TAX RATE (% OF B/T INCOME)",{"v":0.36,"d":"36.00%"},{"v":0.36,"d":"36.00%"},"  PERCENTAGE (DECIMAL)"]
["LAST PREFERRED STOCK DIVIDEND ($)",{"v":0,"d":"$0"},null,"  FIXED DOLLAR AMOUNT (LAST YEAR)"]
["FUTURE PREFERRED STOCK DIVIDENDS ($)",null,{"v":0,"d":"$0"},"  FIXED DOLLAR AMOUNT"]
["LAST COMMON STOCK DIVIDEND ($)",{"v":86,"d":"$86"},null,"  FIXED DOLLAR AMOUNT (LAST YEAR)"]
["FUTURE COMMON DIVIDENDS ($)",null,{"v":90,"d":"$90"},"  FIXED DOLLAR AMOUNT"]
["BEGINNING CASH BALANCE",{"v":100,"d":"$100"},null,"  FIXED DOLLAR AMOUNT (LAST YEAR)"]
["MINIMUM CASH BALANCE (% SALES)",null,{"v":0.02,"d":"2.00%"},"  PERCENTAGE (DECIMAL)"]
["BEGIN MARKETABLE SECURITIES",{"v":300,"d":"$300"},null,"  FIXED DOLLAR AMOUNT (LAST YEAR)"]
["ACCOUNTS RECEIVABLE (% SALES)",{"v":0.1,"d":"10.00%"},{"v":0.1,"d":"10.00%"},"  PERCENTAGE (DECIMAL)"]
["INVENTORIES (% SALES)",{"v":0.13,"d":"13.00%"},{"v":0.13,"d":"13.00%"},"  PERCENTAGE (DECIMAL)"]
["OTHER CURR. ASSETS (% SALES)",{"v":0,"d":"0.00%"},{"v":0,"d":"0.00%"},"  PERCENTAGE (DECIMAL)"]
["BEGIN FIXED ASSETS DOLLAR AMOUNT",{"v":3463,"d":"$3,463"},null,"  FIXED DOLLAR AMOUNT (LAST YEAR)"]
["CHANGE IN FIXED ASSETS YEAR +1",null,{"v":338,"d":"$338"},"  DOLLAR AMOUNT"]
["CHANGE IN FIXED ASSETS YEAR +2",null,{"v":31,"d":"$31"},"  DOLLAR AMOUNT"]
["CHANGE IN FIXED ASSETS YEAR +3",null,{"v":42,"d":"$42"},"  DOLLAR AMOUNT"]
["CHANGE IN FIXED ASSETS YEAR +4",null,{"v":10,"d":"$10"},"  DOLLAR AMOUNT"]
["ACCUMULATED DEPRECIATION",{"v":0,"d":"$0"},null,"  FIXED DOLLAR AMOUNT (LAST YEAR)"]
["ACCOUNTS PAYABLE (% SALES)",{"v":0.1,"d":"10.00%"},{"v":0.1,"d":"10.00%"},"  PERCENTAGE (DECIMAL)"]
["TAXES PAYABLE & OTHER ACCRUALS",{"v":0.06,"d":"6.00%"},{"v":0.06,"d":"6.00%"},"  PERCENTAGE (DECIMAL)"]
["BEGINNING SHORT TERM DEBT & NOTES",{"v":0,"d":"$0"},0,"  FIXED DOLLAR AMOUNT (LAST YEAR)"]
["SHORT-TERM LOANS - DO NOT ENTER -->","PLUG","PLUG","  COMPUTED BY SPREADSHEET"]
["OTHER CURR. LIABS. (% SALES)",{"v":0.074,"d":"7.40%"},{"v":0.087,"d":"8.70%"},"  PERCENTAGE (DECIMAL)"]
["LONG-TERM DEBT & LIABILITIES",{"v":1523,"d":"$1,523"},null,"  FIXED DOLLAR AMOUNT (CONSTANT)"]
["NEW LONG TERM DEBT YEAR +1",null,{"v":0,"d":"$0"},"  FIXED DOLLAR AMOUNT (CONSTANT)"]
["NEW LONG TERM DEBT YEAR +2",null,{"v":0,"d":"$0"},"  FIXED DOLLAR AMOUNT (CONSTANT)"]
["NEW LONG TERM DEBT YEAR +3",null,{"v":0,"d":"$0"},"  FIXED DOLLAR AMOUNT (CONSTANT)"]
["NEW LONG TERM DEBT YEAR +4",null,{"v":0,"d":"$0"},"  FIXED DOLLAR AMOUNT (CONSTANT)"]
["PREFERRED STOCK",{"v":0,"d":"$0"},null,"  FIXED DOLLAR AMOUNT (LAST YEAR)"]
["STARTING COMMON STOCK",{"v":2242,"d":"$2,242"},null,"  FIXED DOLLAR AMOUNT (LAST YEAR)"]
["STARTING RETAINED EARNINGS",{"v":0,"d":"$0"},null,"  FIXED DOLLAR AMOUNT (LAST YEAR)"]
["STOCK ISSUE YEAR +1",null,{"v":0,"d":"$0"},"  FIXED DOLLAR AMOUNT"]
["STOCK ISSUE YEAR +2",null,{"v":0,"d":"$0"},"  FIXED DOLLAR AMOUNT"]
["STOCK ISSUE YEAR +3",null,{"v":0,"d":"$0"},"  FIXED DOLLAR AMOUNT"]
["STOCK ISSUE YEAR +4",null,{"v":0,"d":"$0"},"  FIXED DOLLAR AMOUNT"]
["EXTRAORDINARY GAIN / (LOSS) YEAR  0",{"v":-118,"d":"($118)"},null,"  FIXED DOLLAR AMOUNT"]
["EXTRAORDINARY GAIN / (LOSS) YEAR +1",null,{"v":0,"d":"$0"},"  FIXED DOLLAR AMOUNT"]
["EXTRAORDINARY GAIN / (LOSS) YEAR +2",null,{"v":0,"d":"$0"},"  FIXED DOLLAR AMOUNT"]
["EXTRAORDINARY GAIN / (LOSS) YEAR +3",null,{"v":0,"d":"$0"},"  FIXED DOLLAR AMOUNT"]
["EXTRAORDINARY GAIN / (LOSS) YEAR +4",null,{"v":0,"d":"$0"},"  FIXED DOLLAR AMOUNT"]
["INFORMATION FOR VALUATION OF FIRM"]
["BETA OF FIRM'S STOCK (EXISTING) (BL)",1.11,null,"  NUMBER"]
["ASSUMED RATE OF GROWTH",{"v":0.05,"d":"5.00%"},null,"  PERCENTAGE - KD MUST > GROWTH"]
["RISK FREE RATE (T - BOND)",{"v":0.0849,"d":"8.49%"}]
[]
["NOTE:  ALL DATA BELOW ARE COMPUTER GENERATED"]
[]
[null,1983,1984,1985,1986,1987,1988]
["INCOME STATEMENT","LAST YEAR","YEAR +1","YEAR +2","YEAR +3","YEAR +4","YEAR +5"]
["SALES",{"v":6469,"d":"$6,469"},{"v":6857.14,"d":"$6,857"},{"v":7268.568400000001,"d":"$7,269"},{"v":7704.682504000001,"d":"$7,705"},{"v":8166.963454240002,"d":"$8,167"},{"v":8656.981261494402,"d":"$8,657"}]
["INTEREST ON MARK. SECS. & CASH",{"v":50,"d":"$50"},{"v":26.228568,"d":"$26"},{"v":26.72228208,"d":"$27"},{"v":35.58612475116056,"d":"$36"},{"v":50.05464134668721,"d":"$50"},{"v":66.89246291240623,"d":"$67"}]
["COGS",{"v":5692.72,"d":"$5,693"},{"v":5965.7118,"d":"$5,966"},{"v":6323.6545080000005,"d":"$6,324"},{"v":6703.073778480001,"d":"$6,703"},{"v":7105.258205188801,"d":"$7,105"},{"v":7531.57369750013,"d":"$7,532"}]
["GROSS PROFIT",{"v":826.2799999999997,"d":"$826"},{"v":917.6567680000007,"d":"$918"},{"v":971.6361740800003,"d":"$972"},{"v":1037.1948502711602,"d":"$1,037"},{"v":1111.7598903978878,"d":"$1,112"},{"v":1192.3000269066788,"d":"$1,192"}]
["SALES/DISTRIBUTION EXPENSE",{"v":452.83000000000004,"d":"$453"},{"v":479.99980000000005,"d":"$480"},{"v":508.7997880000001,"d":"$509"},{"v":539.3277752800001,"d":"$539"},{"v":571.6874417968002,"d":"$572"},{"v":605.9886883046082,"d":"$606"}]
["ADMINISTRATIVE EXPENSE",{"v":0,"d":"$0"},{"v":0,"d":"$0"},{"v":0,"d":"$0"},{"v":0,"d":"$0"},{"v":0,"d":"$0"},{"v":0,"d":"$0"}]
["DEPRECIATION EXPENSE",{"v":173.15,"d":"$173"},{"v":190.05,"d":"$190"},{"v":191.60000000000002,"d":"$192"},{"v":193.15,"d":"$193"},{"v":195.8,"d":"$196"},{"v":194.20000000000002,"d":"$194"}]
["EXTRAORDINARY GAIN (LOSS)",{"v":-118,"d":"($118)"},{"v":0,"d":"$0"},{"v":0,"d":"$0"},{"v":0,"d":"$0"},{"v":0,"d":"$0"},{"v":0,"d":"$0"}]
["EBIT",{"v":318.2999999999997,"d":"$318"},{"v":247.60696800000073,"d":"$248"},{"v":271.2363860800001,"d":"$271"},{"v":304.7170749911602,"d":"$305"},{"v":344.2724486010877,"d":"$344"},{"v":392.11133860207053,"d":"$392"}]
["INTEREST EXPENSE (S/T & L/T DEBT)",{"v":140,"d":"$140"},{"v":145.7164780465313,"d":"$146"},{"v":132.2600813089883,"d":"$132"},{"v":129.455,"d":"$129"},{"v":129.455,"d":"$129"},{"v":129.455,"d":"$129"}]
["PROFIT BEFORE TAX",{"v":178.29999999999973,"d":"$178"},{"v":101.89048995346946,"d":"$102"},{"v":138.97630477101177,"d":"$139"},{"v":175.26207499116015,"d":"$175"},{"v":214.81744860108768,"d":"$215"},{"v":262.6563386020705,"d":"$263"}]
["TAX EXPENSE",{"v":64.1879999999999,"d":"$64"},{"v":36.680576383249004,"d":"$37"},{"v":50.031469717564235,"d":"$50"},{"v":63.09434699681765,"d":"$63"},{"v":77.33428149639155,"d":"$77"},{"v":94.55628189674538,"d":"$95"}]
["PROFIT AFTER TAX",{"v":114.11199999999982,"d":"$114"},{"v":65.20991357022045,"d":"$65"},{"v":88.94483505344753,"d":"$89"},{"v":112.1677279943425,"d":"$112"},{"v":137.48316710469612,"d":"$137"},{"v":168.10005670532513,"d":"$168"}]
["PREFERRED STOCK DIVIDENDS",{"v":0,"d":"$0"},{"v":0,"d":"$0"},{"v":0,"d":"$0"},{"v":0,"d":"$0"},{"v":0,"d":"$0"},{"v":0,"d":"$0"}]
["COMMON STOCK DIVIDENDS",{"v":86,"d":"$86"},{"v":90,"d":"$90"},{"v":90,"d":"$90"},{"v":90,"d":"$90"},{"v":90,"d":"$90"},{"v":90,"d":"$90"}]
["EARNINGS RETAINED",{"v":28.111999999999824,"d":"$28"},{"v":-24.79008642977955,"d":"($25)"},{"v":-1.0551649465524662,"d":"($1)"},{"v":22.1677279943425,"d":"$22"},{"v":47.48316710469612,"d":"$47"},{"v":78.10005670532513,"d":"$78"}]
[]
["BALANCE SHEET"]
["CASH",{"v":100,"d":"$100"},{"v":137.14280000000002,"d":"$137"},{"v":145.37136800000002,"d":"$145"},{"v":154.09365008000003,"d":"$154"},{"v":163.33926908480004,"d":"$163"},{"v":173.13962522988805,"d":"$173"}]
["MARKETABLE SECURITIES",{"v":300,"d":"$300"},{"v":300,"d":"$300"},{"v":300,"d":"$300"},{"v":300,"d":"$300"},{"v":300,"d":"$300"},{"v":300,"d":"$300"}]
["EXCESS CASH",{"v":0,"d":"$0"},{"v":0,"d":"$0"},{"v":0,"d":"$0"},{"v":139.00842910600932,"d":"$139"},{"v":370.9047533599869,"d":"$371"},{"v":641.7347566435492,"d":"$642"}]
["ACCOUNTS RECEIVABLE",{"v":646.9000000000001,"d":"$647"},{"v":685.714,"d":"$686"},{"v":726.8568400000001,"d":"$727"},{"v":770.4682504000002,"d":"$770"},{"v":816.6963454240002,"d":"$817"},{"v":865.6981261494402,"d":"$866"}]
["INVENTORIES",{"v":840.97,"d":"$841"},{"v":891.4282000000001,"d":"$891"},{"v":944.9138920000001,"d":"$945"},{"v":1001.6087255200002,"d":"$1,002"},{"v":1061.7052490512003,"d":"$1,062"},{"v":1125.4075639942723,"d":"$1,125"}]
["OTHER CURRENT ASSETS",{"v":0,"d":"$0"},{"v":0,"d":"$0"},{"v":0,"d":"$0"},{"v":0,"d":"$0"},{"v":0,"d":"$0"},{"v":0,"d":"$0"}]
["FIXED ASSETS",{"v":3463,"d":"$3,463"},{"v":3801,"d":"$3,801"},{"v":3832,"d":"$3,832"},{"v":3874,"d":"$3,874"},{"v":3884,"d":"$3,884"},{"v":3884,"d":"$3,884"}]
["ACCUMULATED DEPRECIATION",{"v":0,"d":"$0"},{"v":-190.05,"d":"($190)"},{"v":-381.65000000000003,"d":"($382)"},{"v":-574.8000000000001,"d":"($575)"},{"v":-770.6000000000001,"d":"($771)"},{"v":-964.8000000000002,"d":"($965)"}]
["TOTAL ASSETS",{"v":5350.87,"d":"$5,351"},{"v":5625.235,"d":"$5,625"},{"v":5567.492100000001,"d":"$5,567"},{"v":5664.379055106009,"d":"$5,664"},{"v":5826.045616919987,"d":"$5,826"},{"v":6025.1800720171495,"d":"$6,025"}]
[]
["ACCOUNTS PAYABLE",{"v":646.9000000000001,"d":"$647"},{"v":685.714,"d":"$686"},{"v":726.8568400000001,"d":"$727"},{"v":770.4682504000002,"d":"$770"},{"v":816.6963454240002,"d":"$817"},{"v":865.6981261494402,"d":"$866"}]
["TAXES PAYABLE & OTHER ACCRUALS",{"v":388.14,"d":"$388"},{"v":411.4284,"d":"$411"},{"v":436.11410400000005,"d":"$436"},{"v":462.28095024000004,"d":"$462"},{"v":490.0178072544001,"d":"$490"},{"v":519.4188756896641,"d":"$519"}]
["SHORT TERM LOANS & NOTES (With Interest)",{"v":0,"d":"$0"},{"v":0,"d":"$0"},{"v":0,"d":"$0"},{"v":0,"d":"$0"},{"v":0,"d":"$0"},{"v":0,"d":"$0"}]
["NEW SHORT-TERM LOANS REQUIRED",{"v":72.1239999999998,"d":"$72"},{"v":191.3115064297799,"d":"$191"},{"v":33.00095657633301,"d":"$33"},{"v":0,"d":"$0"},{"v":0,"d":"$0"},{"v":0,"d":"$0"}]
["OTHER CURRENT LIABILITIES",{"v":478.70599999999996,"d":"$479"},{"v":596.57118,"d":"$597"},{"v":632.3654508000001,"d":"$632"},{"v":670.3073778480001,"d":"$670"},{"v":710.5258205188801,"d":"$711"},{"v":753.1573697500129,"d":"$753"}]
["LONG-TERM DEBT/LIABILITIES",{"v":1523,"d":"$1,523"},{"v":1523,"d":"$1,523"},{"v":1523,"d":"$1,523"},{"v":1523,"d":"$1,523"},{"v":1523,"d":"$1,523"},{"v":1523,"d":"$1,523"}]
["PREFERRED STOCK",{"v":0,"d":"$0"},{"v":0,"d":"$0"},{"v":0,"d":"$0"},{"v":0,"d":"$0"},{"v":0,"d":"$0"},{"v":0,"d":"$0"}]
["COMMON STOCK",{"v":2242,"d":"$2,242"},{"v":2242,"d":"$2,242"},{"v":2242,"d":"$2,242"},{"v":2242,"d":"$2,242"},{"v":2242,"d":"$2,242"},{"v":2242,"d":"$2,242"}]
["RETAINED EARNINGS",{"v":0,"d":"$0"},{"v":-24.79008642977955,"d":"($25)"},{"v":-25.845251376332016,"d":"($26)"},{"v":-3.6775233819895163,"d":"($4)"},{"v":43.805643722706606,"d":"$44"},{"v":121.90570042803174,"d":"$122"}]
["TOTAL LIABILTIES AND EQUITY",{"v":5350.87,"d":"$5,351"},{"v":5625.235,"d":"$5,625"},{"v":5567.4921,"d":"$5,567"},{"v":5664.37905510601,"d":"$5,664"},{"v":5826.045616919987,"d":"$5,826"},{"v":6025.1800720171495,"d":"$6,025"}]
[]
["ESTIMATE DEBT/EXCESS CASH"]
["TRIAL ASSETS",{"v":5350.87,"d":"$5,351"},{"v":5625.235,"d":"$5,625"},{"v":5567.492100000001,"d":"$5,567"},{"v":5525.370626000001,"d":"$5,525"},{"v":5455.14086356,"d":"$5,455"},{"v":5383.4453153736,"d":"$5,383"}]
["TRIAL LIABILITIES AND EQUITY",{"v":5278.746,"d":"$5,279"},{"v":5433.92349357022,"d":"$5,434"},{"v":5534.491143423668,"d":"$5,534"},{"v":5664.37905510601,"d":"$5,664"},{"v":5826.045616919987,"d":"$5,826"},{"v":6025.1800720171495,"d":"$6,025"}]
["PLUG: DEBT (EXCESS CASH)",{"v":72.1239999999998,"d":"$72"},{"v":191.3115064297799,"d":"$191"},{"v":33.00095657633301,"d":"$33"},{"v":-139.00842910600932,"d":"($139)"},{"v":-370.9047533599869,"d":"($371)"},{"v":-641.7347566435492,"d":"($642)"}]
[]
["PERFORMANCE MEASURES"]
["ROE",{"v":0.05089741302408556,"d":"5.09%"},{"v":0.029410798306064495,"d":"2.94%"},{"v":0.04013475823774774,"d":"4.01%"},{"v":0.050112407468570895,"d":"5.01%"},{"v":0.06014648160584136,"d":"6.01%"},{"v":0.07111115163133931,"d":"7.11%"}]
["ROA",{"v":0.021325877847901336,"d":"2.13%"},{"v":0.011592389219334028,"d":"1.16%"},{"v":0.01597574517500393,"d":"1.60%"},{"v":0.019802299052220345,"d":"1.98%"},{"v":0.023598024482578348,"d":"2.36%"},{"v":0.027899590501209284,"d":"2.79%"}]
["RETURN ON SALES",{"v":0.017639820683258593,"d":"1.76%"},{"v":0.009509783024733409,"d":"0.95%"},{"v":0.012236912437041595,"d":"1.22%"},{"v":0.014558384195079932,"d":"1.46%"},{"v":0.016834061750737928,"d":"1.68%"},{"v":0.01941786075626864,"d":"1.94%"}]
["TIMES INTEREST EARNED",{"v":2.273571428571427,"d":"2.27"},{"v":1.6992379401383348,"d":"1.70"},{"v":2.0507804274392734,"d":"2.05"},{"v":2.353845544715617,"d":"2.35"},{"v":2.659398621923353,"d":"2.66"},{"v":3.0289393117459387,"d":"3.03"}]
[]
["TOTAL DEBT TO ASSETS",{"v":0.2981055417156462,"d":"29.81%"},{"v":0.30475375809717814,"d":"30.48%"},{"v":0.2794796882740674,"d":"27.95%"},{"v":0.2688732489798914,"d":"26.89%"},{"v":0.2614123026391876,"d":"26.14%"},{"v":0.2527725282557605,"d":"25.28%"}]
["     LONG TERM DEBT TO ASSETS",{"v":0.2846266121210196,"d":"28.46%"},{"v":0.2707442444626758,"d":"27.07%"},{"v":0.27355225165025376,"d":"27.36%"},{"v":0.2688732489798914,"d":"26.89%"},{"v":0.2614123026391876,"d":"26.14%"},{"v":0.2527725282557605,"d":"25.28%"}]
["     SHORT TERM DEBT TO ASSETS",{"v":0.01347892959462663,"d":"1.35%"},{"v":0.034009513634502365,"d":"3.40%"},{"v":0.00592743662381362,"d":"0.59%"},{"v":0,"d":"0.00%"},{"v":0,"d":"0.00%"},{"v":0,"d":"0.00%"}]
["DEBT TO EQUITY",{"v":0.7114736842105263,"d":"0.71"},{"v":0.7731841247585539,"d":"0.77"},{"v":0.7021174660942245,"d":"0.70"},{"v":0.6804202771984733,"d":"0.68"},{"v":0.6662858691343562,"d":"0.67"},{"v":0.6442727388508902,"d":"0.64"}]
[]
["EARNINGS PER SHARE",{"v":0.5089741302408556,"d":"$0.51"},{"v":0.2908559927306889,"d":"$0.29"},{"v":0.39672094136238867,"d":"$0.40"},{"v":0.5003020873967106,"d":"$0.50"},{"v":0.6132166240173779,"d":"$0.61"},{"v":0.7497772377579176,"d":"$0.75"}]
[]
["CURRENT RATIO",{"v":1.1904317503956823,"d":"1.19"},{"v":1.0685719858588392,"d":"1.07"},{"v":1.1579603175564188,"d":"1.16"},{"v":1.2428317065513474,"d":"1.24"},{"v":1.3447312431651373,"d":"1.34"},{"v":1.4525638586356227,"d":"1.45"}]
["QUICK RATIO",{"v":0.6601423824147,"d":"0.66"},{"v":0.5956720725275229,"d":"0.60"},{"v":0.6411443747608022,"d":"0.64"},{"v":0.7165159170776633,"d":"0.72"},{"v":0.8184154536914532,"d":"0.82"},{"v":0.9262480691619385,"d":"0.93"}]
[]
["ACCOUNTS RECEIVABLE TURNOVER",{"v":9.999999999999998,"d":"10.00"},{"v":10,"d":"10.00"},{"v":10,"d":"10.00"},{"v":9.999999999999998,"d":"10.00"},{"v":10,"d":"10.00"},{"v":10,"d":"10.00"}]
["AVERAGE COLLECTION PERIOD",{"v":36.5,"d":"36.50"},{"v":36.5,"d":"36.50"},{"v":36.5,"d":"36.50"},{"v":36.5,"d":"36.50"},{"v":36.50000000000001,"d":"36.50"},{"v":36.5,"d":"36.50"}]
["INVENTORY TURNOVER",{"v":6.769230769230769,"d":"6.77"},{"v":6.692307692307692,"d":"6.69"},{"v":6.692307692307692,"d":"6.69"},{"v":6.692307692307692,"d":"6.69"},{"v":6.692307692307692,"d":"6.69"},{"v":6.6923076923076925,"d":"6.69"}]
["FIXED ASSET TURNOVER",{"v":1.8680334969679468,"d":"1.87"},{"v":1.8989850316398733,"d":"1.90"},{"v":2.106617705450172,"d":"2.11"},{"v":2.335318411736179,"d":"2.34"},{"v":2.623165495676753,"d":"2.62"},{"v":2.965532084644561,"d":"2.97"}]
["CASH FLOW RETURN ON ASSETS","----",{"v":0.012886069293105219,"d":"1.29%"},{"v":0.0723910139145056,"d":"7.24%"},{"v":0.07509015261394787,"d":"7.51%"},{"v":0.0854289195125475,"d":"8.54%"},{"v":0.09161719409150487,"d":"9.16%"}]

{"sheet":"FREE CASH FLOW","index":1,"n_rows":16,"n_cols":8,"rows_kept":16,"flags":["formulas_cached_only"]}
[null,"FREE CASH FLOW STATEMENT"]
[]
[null,"                       (INDIRECT METHOD)"]
[null,"Statement is Computer Generated from Financial Projections"]
[]
[null,null,1983,1984,1985,1986,1987,1988]
["This is the basis for the indirect method's calculation of the FCF","Earnings Before Interest & Taxes (EBIT)",{"v":318.2999999999997,"d":"$318"},{"v":247.60696800000073,"d":"$248"},{"v":271.2363860800001,"d":"$271"},{"v":304.7170749911602,"d":"$305"},{"v":344.2724486010877,"d":"$344"},{"v":392.11133860207053,"d":"$392"}]
["Depreciation is a noncash expense and therefore is added back to calculate the cash vlow","PLUS Depreciation","N/A",{"v":190.05,"d":"$190"},{"v":191.60000000000002,"d":"$192"},{"v":193.15,"d":"$193"},{"v":195.8,"d":"$196"},{"v":194.20000000000002,"d":"$194"}]
["Deducted since this is cash that cannot freely be used to pay dividends, buy back shares, or repay loans, and therefore is deducted from CFO to arrive at FCF","MINUS Net Increase in Property, Plant & Equipment at Cost","N/A",{"v":338,"d":"$338"},{"v":31,"d":"$31"},{"v":42,"d":"$42"},{"v":10,"d":"$10"},{"v":0,"d":"$0"}]
["The increase in A/R represents sales that have not as yet been collected and therefore do not produce a cash inflow","MINUS Increase in Accounts Receivable","N/A",{"v":38.813999999999965,"d":"$39"},{"v":41.14284000000009,"d":"$41"},{"v":43.61141040000007,"d":"$44"},{"v":46.22809502400003,"d":"$46"},{"v":49.00178072543997,"d":"$49"}]
["The increase in inventory has not been recognized as part of COGS but was fully paid for and therefore is deducted from the cash flow","MINUS Increase in Inventories","N/A",{"v":50.45820000000003,"d":"$50"},{"v":53.485692000000085,"d":"$53"},{"v":56.69483352000009,"d":"$57"},{"v":60.09652353120009,"d":"$60"},{"v":63.702314943072,"d":"$64"}]
["The increase in A/P represents costs that have not as yet been paid and therefore is added back to the cash flow","PLUS Increase in Accounts Payable","N/A",{"v":38.813999999999965,"d":"$39"},{"v":41.14284000000009,"d":"$41"},{"v":43.61141040000007,"d":"$44"},{"v":46.22809502400003,"d":"$46"},{"v":49.00178072543997,"d":"$49"}]
["Like the increase in A/P these are taxes that have not as yet been paid","PLUS Increase in Taxes Payable","N/A",{"v":23.288400000000024,"d":"$23"},{"v":24.685704000000044,"d":"$25"},{"v":26.166846239999984,"d":"$26"},{"v":27.736857014400073,"d":"$28"},{"v":29.401068435263994,"d":"$29"}]
["CASH FROM OPERATIONS","EQUALS = Cash from Operations","N/A",{"v":72.48716800000074,"d":"$72"},{"v":403.0363980800001,"d":"$403"},{"v":425.33908771116006,"d":"$425"},{"v":497.71278208428765,"d":"$498"},{"v":552.0100920942625,"d":"$552"}]
["Tax as % EBIT","LESS: Tax as % EBIT","N/A",{"v":89.13850848000025,"d":"$89"},{"v":97.64509898880003,"d":"$98"},{"v":109.69814699681767,"d":"$110"},{"v":123.93808149639158,"d":"$124"},{"v":141.1600818967454,"d":"$141"}]
["This is the cash that the firm can use to distribute to any and all of its suppliers of capital such as shareholders and debt holders","EQUALS = Free Cash Flow or Unlevered Free Cash Flow","N/A",{"v":-16.65134047999952,"d":"($17)"},{"v":305.39129909120004,"d":"$305"},{"v":315.6409407143424,"d":"$316"},{"v":373.77470058789606,"d":"$374"},{"v":410.8500101975171,"d":"$411"}]

{"sheet":"VALUATION OF FIRM (DCF)","index":2,"n_rows":41,"n_cols":9,"rows_kept":41,"flags":["formulas_cached_only"]}
["    VALUATION OF THE FIRM USING DISCOUNTED FREE CASH FLOW"]
[null,"         WACC METHOD"]
[null,"     Analysis is Computer Generated"]
["UNLEVER BETA & CALCULATE WACC"]
["LEVERED BETA",1.11,"= Existing Beta of Firm's Stock"]
["EXISTING D/E RATIO",{"v":0.7114736842105263,"d":"0.71"},"= Existing Debt / Equity Ratio"]
["UNLEVERED BETA",{"v":0.6485638723168707,"d":"0.65"}," = BL  / ( 1+ D/E )",null,"Note: D/E = DEBT to EQUITY"]
["ASSUMED MARKET RISK PREMIUM (Enter Value)",{"v":0.084,"d":"8.40%"},"= Assumed Historical Market Risk Premium (Note: RM-RF)"]
["COST OF UNLEVERED EQUITY",{"v":0.13937936527461714,"d":"13.94%"},"=   RSU  = RF + (BUL*Market Risk Premium)"]
[]
["CALCULATION OF WACC",null,"WACC = [(% Debt) * (KD) * (1 - T)] + [(% Equity) * (RF +(BL * (MRP))]"]
[null,null,"% DEBT","% EQUITY","BETA","KD"]
["WACC AT EXISTING D/E",{"v":0.12670026446890956,"d":"12.67%"},{"v":0.41570822313795436,"d":"41.6%"},{"v":0.5842917768620457,"d":"58.4%"},1.11,{"v":0.085,"d":"8.50%"},"Note:  Cost of Debt (before"]
["   D/E = .111",{"v":0.1369575173380897,"d":"13.70%"},{"v":0.1,"d":"10.00%"},{"v":0.9,"d":"90.00%"},{"v":0.7205544621440434,"d":"0.72"},{"v":0.0949,"d":"9.49%"},"tax) increases as D/E ratio"]
["   D/E = .428",{"v":0.13402837352850727,"d":"13.40%"},{"v":0.3,"d":"30.00%"},{"v":0.7,"d":"70.00%"},{"v":0.9261492096684913,"d":"0.93"},{"v":0.1049,"d":"10.49%"},"increases, from RF + 1% to"]
["   D/E = 1.00",{"v":0.13529736527461717,"d":"13.53%"},{"v":0.5,"d":"50.00%"},{"v":0.5,"d":"50.00%"},{"v":1.2971277446337415,"d":"1.30"},{"v":0.11989999999999999,"d":"11.99%"},"RF + 5%."]
["   D/E = 2.33",{"v":0.14709911733808967,"d":"14.71%"},{"v":0.7,"d":"70.00%"},{"v":0.3,"d":"30.00%"},{"v":2.16166338643213,"d":"2.16"},{"v":0.14989999999999998,"d":"14.99%"}]
["   D/E = 9.00",{"v":0.17811176527461714,"d":"17.81%"},{"v":0.9,"d":"90.00%"},{"v":0.1,"d":"10.00%"},{"v":6.485638723168707,"d":"6.49"},{"v":0.19989999999999997,"d":"19.99%"}]
[]
["CASH FLOW TO CAPITAL",null,"YEAR +1","YEAR +2","YEAR +3","YEAR +4","YEAR +5","Assumed YEAR 6"]
[null,null,{"v":-16.65134047999952,"d":"($17)"},{"v":305.39129909120004,"d":"$305"},{"v":315.6409407143424,"d":"$316"},{"v":373.77470058789606,"d":"$374"},{"v":410.8500101975171,"d":"$411"},"With Growth"]
[{"$nulls":7},{"v":431.392510707393,"d":"$431"},"(D1 / k - g)"]
["TERMINAL VALUE - WITH GROWTH",{"$nulls":5},{"v":5905.6137469561245,"d":"$5,906"},"No Growth"]
["TERMINAL VALUE - NO GROWTH",{"$nulls":5},{"v":5356.565756876303,"d":"$5,357"},{"v":410.8500101975171,"d":"$411"},"(D1 / k - g)"]
["PV FACTOR AT EXISTING WACC",null,{"v":0.887547497356245,"d":"0.8875"},{"v":0.7877405600633338,"d":"0.7877"},{"v":0.6991571626502188,"d":"0.6992"},{"v":0.6205351899688948,"d":"0.6205"},{"v":0.5507544548783747,"d":"0.5508"}]
[null,"NPV","DCF YR. 1","DCF. YR. 2","DCF YR. 3","DCF YR. 4","DCF YR. 5 + DCF TV"]
["PV FLOWS TO CAPITAL AT ASSUMED GROWTH RATE AFTER LAST YEAR",{"v":4157.233790105048,"d":"$4,157"},{"v":-14.77885557065031,"d":"($15)"},{"v":240.569112984571,"d":"$241"},{"v":220.68262452608553,"d":"$221"},{"v":231.94035483487684,"d":"$232"},{"v":3478.8205533301643,"d":"$3,479"}]
[null,"NPV","DCF YR. 1","DCF. YR. 2","DCF YR. 3","DCF YR. 4","DCF YR. 5 + DCF TV"]
["PV FLOWS TO CAPITAL AT NO GROWTH AFTER LAST YEAR",{"v":3854.8431636265677,"d":"$3,855"},{"v":-14.77885557065031,"d":"($15)"},{"v":240.569112984571,"d":"$241"},{"v":220.68262452608553,"d":"$221"},{"v":231.94035483487684,"d":"$232"},{"v":3176.4299268516847,"d":"$3,176"}]
[]
[]
["TOTAL VALUE OF FIRM - AT ASSUMED GROWTH RATE LESS DEBT",{"v":2083.403790105048,"d":"$2,083"},"DCF Value of Firm Minus Existing Debt"]
[]
["TOTAL VALUE OF FIRM WITH NO GROWTH LESS DEBT",{"v":1781.0131636265678,"d":"$1,781"},"DCF Value of Firm Minus Existing Debt"]
[]
[]
["VALUE OF FIRM & VALUE OF EQUITY AT VARIOUS D/E RATIOS"]
["D / E RATIOS",0.111,0.428,{"v":1,"d":"1.000"},{"v":2.33,"d":"2.330"},{"v":9,"d":"9.000"}]
["WACC",{"v":0.1369575173380897,"d":"13.70%"},{"v":0.13402837352850727,"d":"13.40%"},{"v":0.13529736527461717,"d":"13.53%"},{"v":0.14709911733808967,"d":"14.71%"},{"v":0.17811176527461714,"d":"17.81%"}]
["TOTAL VALUE OF FIRM - AT ASSUMED GROWTH RATE AFTER TERMINAL YEAR",{"v":3984.7517942336285,"d":"$3,985"},{"v":4033.084642401204,"d":"$4,033"},{"v":4012.0564499374314,"d":"$4,012"},{"v":3822.8762226098283,"d":"$3,823"},{"v":3376.1403706657034,"d":"$3,376"}]
["VALUE OF FIRM AT ASSUMED RATE OF GROWTH LESS EXISTING DEBT",{"v":1910.9217942336286,"d":"$1,911"},{"v":1959.254642401204,"d":"$1,959"},{"v":1938.2264499374314,"d":"$1,938"},{"v":1749.0462226098284,"d":"$1,749"},{"v":1302.3103706657034,"d":"$1,302"}]

{"sheet":"INSTRUCTIONS","index":3,"n_rows":24,"n_cols":2,"rows_kept":24,"flags":["formulas_cached_only"]}
["INSTRUCTIONS AND INFORMATION ABOUT FINANCIAL PROJEC TION MODEL"]
[]
[]
["NOTE:  MUST SET NUMBER OF ITERATIONS ON EXCEL."]
["            (TOOLS: OPTIONS: SET NUMBER (50); .99 CHANGE LEVEL )"]
[]
["NOTE:  ONLY CHANGE 1 VARIABLE AT A TIME; ENTER THE DATA, HIT RETURN/ENTER,"]
["     AND ALLOW COMPUTER TO PROCESS THE CHANGE.  AFTER THE CHANGE HAS"]
["     BEEN PROCESSED, ANOTHER VARIABLE MAY BE CHANGED."]
[]
["This Sheet:"]
[null,"Allows for New Stock Issues"]
[null,"Allows for New Long-Term Debt"]
[null,"Shows L/T & S/T Debt Ratios"]
[null,"Allows for Changes in Fixed Assets"]
[]
["The Marketable Securities and Short-Term Loan Accounts are \"Plug\" Accounts; they are"]
["     used to balance the Balance Sheet."]
[]
["Interest Income is credited for Cash, Marketable Securities, and Excess Cash at the"]
["     Interest Rate for Investments"]
[]
["Interest Expense is Charged on Long-Term Debt and Short-Term Loans at the Cost of Debt "]
["     Interest Rate"]