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{"sheet":"Template","index":0,"n_rows":66,"n_cols":7,"rows_kept":66,"cut":false,"hidden":false,"merged":[[0,0,0,6]]}
["CHAPTER 5 TEMPLATE--JUST TO SAVE YOU SOME TYPING"]
["Sales growth"]
["Current assets/Sales"]
["Current liabilities/Sales"]
["Net fixed assets/Sales"]
["Costs of goods sold/Sales"]
["Depreciation rate"]
["Interest rate on debt"]
["Interest paid on cash & marketable securities"]
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[]
["Year",0,1,2,3,4,5]
["Income statement"]
["Sales"]
["Costs of goods sold"]
["Interest payments on debt"]
["Interest earned on cash & marketable securities"]
["Depreciation"]
["Profit before tax"]
["Taxes"]
["Profit after tax"]
["Dividends"]
["Retained earnings"]
[]
["Balance sheet",0,1,2,3,4,5]
["Cash and marketable securities"]
["Current assets"]
["Fixed assets"]
["     Fixed assets at cost"]
["     Accumulated depreciation"]
["     Net fixed assets"]
["Total assets"]
[]
["Current liabilities"]
["Debt"]
["Stock"]
["Accumulated retained earnings"]
["Total liabilities and equity"]
[]
[]
["Year",0,1,2,3,4,5]
["Free Cash Flow"]
["PAT"]
["Add back depreciation"]
["Minus NWC"]
["    Minus increase in CA"]
["    Add back increase in CL"]
["Subtract CAPEX"]
["Add back net interest after taxes"]
["Free Cash Flow"]
[]
[]
["WACC"]
["Long-term FCF growth"]
[]
["Year",0,1,2,3,4,5]
["FCF"]
["Terminal value"]
["Total"]
[]
["Enterprise value:  \nPV of FCFs and terminal value"]
["Add back initial cash"]
["Asset value"]
["Subtract year 0 debt"]
["Imputed equity value"]

{"sheet":"EX1","index":1,"n_rows":39,"n_cols":8,"rows_kept":39,"cut":false,"hidden":false,"merged":[[0,0,0,6]]}
["CHAPTER 5 TEMPLATE--JUST TO SAVE YOU SOME TYPING"]
["Sales growth",0.1]
["Current assets/Sales",0.15]
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["Year",0,1,2,3,4,5]
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["Interest payments on debt",-32,{"$f":"-$B$8*(C36+B36)/2","v":-32},{"$f":"-$B$8*(D36+C36)/2","v":-32},-32,-32,-32,"<--  =-$B$8*(G36+F36)/2"]
["Interest earned on cash & marketable securities",6,{"$f":"$B$9*(C27+B27)/2","v":8.9477956254272062},{"$f":"$B$9*(D27+C27)/2","v":14.276702863501569},20.080913361163557,26.376731259734132,33.178068826054897,"<--  =$B$9*(G27+F27)/2"]
["Depreciation",-100,{"$f":"-$B$7*(C30+B30)/2","v":-116.68421052631579},{"$f":"-$B$7*(D30+C30)/2","v":-137.47728531855955},-161.31015745735533,-188.58791087391907,-219.76678043959475,"<--  =-$B$7*(G30+F30)/2"]
["Profit before tax",{"$f":"SUM(B15:B19)","v":374},{"$f":"SUM(C15:C19)","v":410.26358509911148},449.799417544942,492.27075590380821,537.8388203858151,586.66628838646022,"<--  =SUM(G15:G19)"]
["Taxes",{"$f":"-B20*$B$10","v":-149.6},{"$f":"-C20*$B$10","v":-164.10543403964459},-179.91976701797682,-196.90830236152328,-215.13552815432604,-234.66651535458411,"<--  =-G20*$B$10"]
["Profit after tax",{"$f":"SUM(B20:B21)","v":224.4},{"$f":"SUM(C20:C21)","v":246.15815105946689},269.87965052696518,295.36245354228492,322.70329223148906,351.99977303187609,"<--  =SUM(G20:G21)"]
["Dividends",{"$f":"-$B$11*B22","v":-89.76},{"$f":"-$B$11*C22","v":-98.463260423786764},-107.95186021078608,-118.14498141691398,-129.08131689259562,-140.79990921275044,"<--  =-$B$11*G22"]
["Retained earnings",{"$f":"SUM(B22:B23)","v":134.63999999999999},{"$f":"SUM(C22:C23)","v":147.69489063568011},161.92779031617908,177.21747212537093,193.62197533889344,211.19986381912565,"<--  =SUM(G22:G23)"]
[]
["Balance sheet",0,1,2,3,4,5]
["Cash and marketable securities",80,{"$f":"C39-C28-C32","v":143.69489063568017},{"$f":"D39-D28-D32","v":213.22268095185905},288.80015307722988,370.61812841612345,458.83359223524894,{"$f":"getformula(G27)","v":"<--  =G39-G28-G32"}]
["Current assets",{"$f":"$B$3*B15","v":150},{"$f":"$B$3*C15","v":165},181.5,199.65,219.61500000000001,241.57650000000001,"<--  =$B$3*G15"]
["Fixed assets",null,null,null,null,null,null,"<--  "]
["     Fixed assets at cost",{"$f":"B32-B31","v":1070},{"$f":"C32-C31","v":1263.6842105263158},1485.8614958448754,1740.341653302231,2031.4165641761501,2363.9190446157445,"<--  =G32-G31"]
["     Accumulated depreciation",-300,{"$f":"B31+C19","v":-416.68421052631578},{"$f":"C31+D19","v":-554.16149584487539},-715.47165330223072,-904.05956417614982,-1123.8263446157446,"<--  =F31+G19"]
["     Net fixed assets",{"$f":"$B$5*B15","v":770},{"$f":"$B$5*C15","v":847},{"$f":"$B$5*D15","v":931.7},1024.8700000000001,1127.3570000000002,1240.0927000000001,"<--  =$B$5*G15"]
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[]
["Current liabilities",{"$f":"$B$4*B15","v":80},{"$f":"$B$4*C15","v":88},96.8,106.48,117.12800000000001,128.84080000000003,"<--  =$B$4*G15"]
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["Total liabilities and equity",{"$f":"SUM(B35:B38)","v":1000},{"$f":"SUM(C35:C38)","v":1155.6948906356802},1326.4226809518591,1513.3201530772301,1717.5901284161237,1940.5027922352492,"<--  =SUM(G35:G38)"]

{"sheet":"EX2","index":2,"n_rows":85,"n_cols":8,"rows_kept":85,"cut":false,"hidden":false,"merged":[[0,0,0,6]]}
["CHAPTER 5 TEMPLATE--JUST TO SAVE YOU SOME TYPING"]
["Sales growth",0.1]
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["Year",0,1,2,3,4,5]
["Income statement"]
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["Sales, admin and expenses",null,{"$f":"-$B$7","v":-200},{"$f":"-$B$7","v":-200},-200,-200,-200,"<--  =-$B$7"]
["Interest payments on debt",-32,{"$f":"-$B$9*(C38+B38)/2","v":-32},{"$f":"-$B$9*(D38+C38)/2","v":-32},-32,-32,-32,"<--  =-$B$9*(G38+F38)/2"]
["Interest earned on cash & marketable securities",6,{"$f":"$B$10*(C29+B29)/2","v":6.025717703297178},{"$f":"$B$10*(D29+C29)/2","v":5.4250837026577301},5.1264871418119524,5.1411691852241015,5.4778311495702159,"<--  =$B$10*(G29+F29)/2"]
["Depreciation",-100,{"$f":"-$B$8*(C32+B32)/2","v":-116.68421052631579},{"$f":"-$B$8*(D32+C32)/2","v":-137.47728531855955},-161.31015745735533,-188.58791087391907,-219.76678043959475,"<--  =-$B$8*(G32+F32)/2"]
["Profit before tax",{"$f":"SUM(B16:B21)","v":374},{"$f":"SUM(C16:C21)","v":207.34150717698139},240.94779838409818,277.3163296844566,316.60325831130513,358.96605070997555,"<--  =SUM(G16:G21)"]
["Taxes",{"$f":"-B22*$B$11","v":-149.6},{"$f":"-C22*$B$11","v":-82.936602870792569},-96.379119353639283,-110.92653187378265,-126.64130332452206,-143.58642028399024,"<--  =-G22*$B$11"]
["Profit after tax",{"$f":"SUM(B22:B23)","v":224.4},{"$f":"SUM(C22:C23)","v":124.40490430618883},144.5686790304589,166.38979781067394,189.96195498678307,215.37963042598531,"<--  =SUM(G22:G23)"]
["Dividends",{"$f":"-$B$12*B24","v":-89.76},{"$f":"-$B$12*C24","v":-49.761961722475533},-57.827471612183558,-66.555919124269579,-75.984781994713231,-86.151852170394136,"<--  =-$B$12*G24"]
["Retained earnings",{"$f":"SUM(B24:B25)","v":134.63999999999999},{"$f":"SUM(C24:C25)","v":74.642942583713292},86.741207418275337,99.833878686404361,113.97717299206984,129.22777825559118,"<--  =SUM(G24:G25)"]
[]
["Balance sheet",0,1,2,3,4,5]
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["Current assets",{"$f":"B16*$B$3","v":150},{"$f":"C16*$B$3","v":165},181.5,199.65,219.61500000000001,241.57650000000001,"<--  =G16*$B$3"]
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["     Accumulated depreciation",{"$f":"-300","v":-300},{"$f":"B33+C21","v":-416.68421052631578},{"$f":"C33+D21","v":-554.16149584487539},-715.47165330223072,-904.05956417614982,-1123.8263446157446,"<--  =F33+G21"]
["     Net fixed assets",{"$f":"B16*$B$5","v":770},{"$f":"C16*$B$5","v":847},931.7,1024.8700000000001,1127.3570000000002,1240.0927000000001,"<--  =G16*$B$5"]
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[]
["Current liabilities",{"$f":"B16*$B$4","v":80},{"$f":"C16*$B$4","v":88},96.8,106.48,117.12800000000001,128.84080000000003,"<--  =G16*$B$4"]
["Debt",320,320,320,320,320,320,"<--  320"]
["Stock",450,450,450,450,450,450,"<--  450"]
["Accumulated retained earnings",150,{"$f":"B40+C26","v":224.64294258371331},{"$f":"C40+D26","v":311.38415000198864},411.21802868839302,525.1952016804629,654.42297993605405,"<--  =F40+G26"]
["Total liabilities and equity",{"$f":"SUM(B37:B40)","v":1000},{"$f":"SUM(C37:C40)","v":1082.6429425837132},1178.1841500019887,1287.6980286883932,1412.3232016804629,1553.2637799360541,"<--  =SUM(G37:G40)"]
[]
[]
["Year",0,1,2,3,4,5]
["Free Cash Flow"]
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["Add back depreciation",null,{"$f":"-C21","v":116.68421052631579},{"$f":"-D21","v":137.47728531855955},161.31015745735533,188.58791087391907,219.76678043959475,"<--  =-G21"]
["Minus NWC"]
["    Minus increase in CA",null,{"$f":"-(C30-B30)","v":-15},{"$f":"-(D30-C30)","v":-16.5},-18.150000000000006,-19.965000000000003,-21.961500000000001,"<--  =-(G30-F30)"]
["    Add back increase in CL",null,{"$f":"C37-B37","v":8},{"$f":"D37-C37","v":8.7999999999999972},9.6800000000000068,10.64800000000001,11.712800000000016,"<--  =G37-F37"]
["Subtract CAPEX",null,{"$f":"-(C32-B32)","v":-193.68421052631584},{"$f":"-(D32-C32)","v":-222.1772853185596},-254.48015745735552,-291.07491087391918,-332.50248043959436,"<--  =-(G32-F32)"]
["Add back after tax interest on debt",null,{"$f":"-B19*(1-$B$11)","v":19.2},{"$f":"-C19*(1-$B$11)","v":19.2},19.2,19.2,19.2,"<--  =-F19*(1-$B$11)"]
["Subtract after tax interest on cash and mkt secr.",null,{"$f":"-C20*(1-$B$11)","v":-3.6154306219783066},{"$f":"-D20*(1-$B$11)","v":-3.255050221594638},-3.0758922850871713,-3.0847015111344609,-3.2866986897421295,"<--  =-G20*(1-$B$11)"]
["Free Cash Flow",null,{"$f":"SUM(C46:C53)","v":55.989473684210466},{"$f":"SUM(D46:D53)","v":68.11362880886422},80.873905525586622,94.273253475648559,108.30853173624357,"<--  =SUM(G46:G53)"]
[]
[]
["WACC",0.2]
["Long-term FCF growth",0.05]
[]
["Year",0,1,2,3,4,5]
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["Terminal value",null,null,null,null,null,{"$f":"G61*(1+B58)/(B57-B58)","v":758.15972215370493},"<--  =G61*(1+B58)/(B57-B58)"]
["Total",null,{"$f":"SUM(C61:C62)","v":55.989473684210466},{"$f":"SUM(D61:D62)","v":68.11362880886422},80.873905525586622,94.273253475648559,866.46825388994853,"<--  =SUM(G61:G62)"]
[]
["Enterprise value:  \nPV of FCFs and terminal value",{"$f":"NPV(B57,C63:G63)","v":534.43878007284741},{"$f":"getformula(B65)","v":"<--  =NPV(B57,C63:G63)"}]
["Add back initial cash",{"$f":"B29","v":80},{"$f":"getformula(B66)","v":"<--  =B29"}]
["Asset value",{"$f":"SUM(B65:B66)","v":614.43878007284741},"<--  =SUM(B65:B66)"]
["Subtract year 0 debt",{"$f":"-B38","v":-320},"<--  =-B38"]
["Imputed equity value",{"$f":"SUM(B67:B68)","v":294.43878007284741},"<--  =SUM(B67:B68)"]
[]
[]
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["CHAPTER 5 TEMPLATE--JUST TO SAVE YOU SOME TYPING"]
["Sales growth",0.1]
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["Interest payments on debt",{"$f":"-32","v":-32},{"$f":"-$B$8*(C36+B36)/2","v":-32},{"$f":"-$B$8*(D36+C36)/2","v":-32},-32,-32,-32,"<--  =-$B$8*(G36+F36)/2"]
["Interest earned on cash & marketable securities",6,{"$f":"$B$9*(C27+B27)/2","v":15.378246753246749},{"$f":"$B$9*(D27+C27)/2","v":31.307318898633831},46.118328217100405,62.845251768898798,81.692386560847126,"<--  =$B$9*(G27+F27)/2"]
["Depreciation",-100,{"$f":"-$B$7*(C30+B30)/2","v":-108.5},{"$f":"-$B$7*(D30+C30)/2","v":-115.5},-127.05000000000001,-139.75500000000002,-153.73050000000003,"<--  =-$B$7*(G30+F30)/2"]
["Profit before tax",{"$f":"SUM(B15:B19)","v":374},{"$f":"SUM(C15:C19)","v":424.8782467532468},488.80731889863387,552.56832821710032,623.14025176889891,701.21688656084723,"<--  =SUM(G15:G19)"]
["Taxes",{"$f":"-$B$10*B20","v":-149.6},{"$f":"-$B$10*C20","v":-169.95129870129873},-195.52292755945356,-221.02733128684014,-249.25610070755957,-280.48675462433891,"<--  =-$B$10*G20"]
["Profit after tax",{"$f":"SUM(B20:B21)","v":224.4},{"$f":"SUM(C20:C21)","v":254.92694805194807},293.28439133918027,331.54099693026018,373.88415106133937,420.73013193650831,"<--  =SUM(G20:G21)"]
["Dividends",{"$f":"-$B$11*B22","v":-89.76},{"$f":"-$B$11*C22","v":-101.97077922077924},-117.31375653567211,-132.61639877210408,-149.55366042453576,-168.29205277460335,"<--  =-$B$11*G22"]
["Retained earnings",{"$f":"SUM(B22:B23)","v":134.63999999999999},{"$f":"SUM(C22:C23)","v":152.95616883116884},175.97063480350818,198.9245981581561,224.3304906368036,252.43807916190497,"<--  =SUM(G22:G23)"]
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["     Net fixed assets",{"$f":"SUM(B30:B31)","v":770},{"$f":"SUM(C30:C31)","v":691.5},686,679.95,673.29500000000019,665.97450000000026,"<--  =SUM(G30:G31)"]
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[]
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{"sheet":"EX4","index":4,"n_rows":109,"n_cols":8,"rows_kept":109,"cut":false,"hidden":false,"merged":[[0,0,0,6]]}
["CHAPTER 5 TEMPLATE--JUST TO SAVE YOU SOME TYPING"]
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["Interest earned on cash & marketable securities",6,{"$f":"$B$8*(C26+B26)/2","v":15.378246753246749},{"$f":"$B$8*(D26+C26)/2","v":31.346604612919545},46.670807345115243,64.627322819485485,85.33233696031462,"<--  =$B$8*(G26+F26)/2"]
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["Taxes",{"$f":"-B19*$B$9","v":-149.6},{"$f":"-C19*$B$9","v":-169.95129870129873},-195.55864184516784,-221.53032293804608,-250.8873291277942,-283.84117478412588,"<--  =-G19*$B$9"]
["Profit after tax",{"$f":"SUM(B19:B20)","v":224.4},{"$f":"SUM(C19:C20)","v":254.92694805194807},293.33796276775172,332.29548440706913,376.33099369169128,425.76176217618877,"<--  =SUM(G19:G20)"]
["Dividends",{"$f":"-$B$10*B21","v":-89.76},{"$f":"-$B$10*C21","v":-101.97077922077924},-117.3351851071007,-132.91819376282766,-150.53239747667652,-170.30470487047552,"<--  =-$B$10*G21"]
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["     Accumulated depreciation",-300,{"$f":"B30+C18","v":-408.5},{"$f":"C30+D18","v":-523.95000000000005},-650.29500000000007,-787.75400000000013,-936.73840000000018,"<--  =F30+G18"]
["     Net fixed assets",{"$f":"SUM(B29:B30)","v":770},{"$f":"SUM(C29:C30)","v":691.5},685.05,667.60500000000002,643.52600000000007,611.66959999999995,"<--  =SUM(G29:G30)"]
["Total assets",{"$f":"B31+B27+B26","v":1000},{"$f":"C31+C27+C26","v":1160.9561688311687},1345.7589464918199,1554.8162371360613,{"$f":"F31+F27+F26","v":1791.2628333510761},2058.4326906567894,"<--  =G31+G27+G26"]
[]
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["Debt",320,320,320,320,320,320,"<--  320"]
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{"sheet":"EX5","index":5,"n_rows":73,"n_cols":8,"rows_kept":73,"cut":false,"hidden":false,"merged":[[0,0,0,6]]}
["CHAPTER 5 TEMPLATE--JUST TO SAVE YOU SOME TYPING"]
["Sales growth",0.2]
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["Year",0,1,2,3,4,5]
["Income statement"]
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["Costs of goods sold",null,{"$f":"-C17*$B$6","v":-600},{"$f":"-D17*$B$6","v":-720},-864,-1036.8,-1244.1599999999999,{"$f":"getformula(G18)","v":"<--  =-G17*$B$6"}]
["Interest payments on debt",null,{"$f":"-$B$8*(C38+B38)/2","v":-40},{"$f":"-$B$8*(D38+C38)/2","v":-43.321201645851644},-50.733748897571985,-59.178721187365483,-68.100091392777799,"<--  =-$B$8*(G38+F38)/2"]
["Interest earned on cash & marketable securities",null,{"$f":"$B$9*(C29+B29)/2","v":3.5849870578084575},{"$f":"$B$9*(D29+C29)/2","v":0.38498705780845738},0,0,0,"<--  =$B$9*(G29+F29)/2"]
["Depreciation",null,{"$f":"-$B$7*(C32+B32)/2","v":-124.21052631578948},{"$f":"-$B$7*(D32+C32)/2","v":-155.81163434903047},-194.44443796471788,-241.59016827679343,-299.03418599014014,"<--  =-$B$7*(G32+F32)/2"]
["Profit before tax",null,{"$f":"SUM(C17:C21)","v":439.37446074201898},{"$f":"SUM(D17:D21)","v":521.25215106292637},618.82181313771014,736.03111053584109,877.0257226170819,"<--  =SUM(G17:G21)"]
["Taxes",null,{"$f":"-C22*$B$10","v":-175.7497842968076},{"$f":"-D22*$B$10","v":-208.50086042517057},-247.52872525508405,-294.41244421433646,-350.81028904683279,"<--  =-G22*$B$10"]
["Profit after tax",null,{"$f":"SUM(C22:C23)","v":263.62467644521138},{"$f":"SUM(D22:D23)","v":312.7512906377558},371.29308788262608,441.61866632150463,526.21543357024916,"<--  =SUM(G22:G23)"]
["Dividends",null,{"$f":"-$B$11*$B$12*(1+$B$13)^(C15-1)","v":-150},{"$f":"-$B$11*$B$12*(1+$B$13)^(D15-1)","v":-168.00000000000003},-188.16000000000003,-210.73920000000007,-236.02790400000006,"<--  =-$B$11*$B$12*(1+$B$13)^(G15-1)"]
["Retained earnings",null,{"$f":"SUM(C24:C25)","v":113.62467644521138},{"$f":"SUM(D24:D25)","v":144.75129063775577},183.13308788262606,230.87946632150457,290.18752957024913,"<--  =SUM(G24:G25)"]
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["Balance sheet",0,1,2,3,4,5,"<--  5"]
["Cash and marketable securities",80,{"$f":"C41-C34-C30","v":9.6246764452114348},{"$f":"D41-D34-D30","v":0},0,0,0,"<--  =G41-G34-G30"]
["Current assets",200,{"$f":"C17*$B$3","v":240},{"$f":"D17*$B$3","v":288},345.6,414.72,497.66399999999999,"<--  =G17*$B$3"]
["Fixed assets",null,null,null,null,null,null,"<--  "]
["     Fixed assets at cost",1100,{"$f":"C34-C33","v":1384.2105263157896},{"$f":"D34-D33","v":1732.0221606648199},2156.8665986295377,2674.9367669063313,3305.7469528964712,"<--  =G34-G33"]
["     Accumulated depreciation",-300,{"$f":"B33+C21","v":-424.21052631578948},{"$f":"C33+D21","v":-580.02216066481992},-774.46659862953777,-1016.0567669063312,-1315.0909528964712,"<--  =F33+G21"]
["     Net fixed assets",800,{"$f":"C17*$B$5","v":960},{"$f":"D17*$B$5","v":1152},1382.4,1658.88,1990.6559999999999,"<--  =G17*$B$5"]
["Total assets",1080,{"$f":"C34+C30+C29","v":1209.6246764452114},{"$f":"D34+D30+D29","v":1440},1728,2073.6000000000004,2488.3199999999997,"<--  =G34+G30+G29"]
[null,null,null,null,null,null,null,"<--  "]
["Current liabilities",80,{"$f":"C17*$B$4","v":96},{"$f":"D17*$B$4","v":115.2},138.24,165.88800000000001,199.06559999999999,"<--  =G17*$B$4"]
["Debt",400,{"$f":"MAX(B38,C30+C34-C37-C39-C40)","v":400},{"$f":"MAX(C38,D30+D34-D37-D39-D40)","v":466.42403291703283},{"$f":"MAX(D38,E30+E34-E37-E39-E40)","v":548.25094503440687},635.32347871290278,726.67834914265313,"<--  =MAX(F38,G30+G34-G37-G39-G40)"]
["Stock",450,450,450,450,450,450,"<--  450"]
["Accumulated retained earnings",150,{"$f":"B40+C26","v":263.62467644521138},{"$f":"C40+D26","v":408.37596708296712},591.50905496559312,822.38852128709766,1112.5760508573467,"<--  =F40+G26"]
["Total liabilities and equity",1080,{"$f":"SUM(C37:C40)","v":1209.6246764452114},{"$f":"SUM(D37:D40)","v":1440},1728,2073.6000000000004,2488.3199999999997,"<--  =SUM(G37:G40)"]
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["Year",0,1,2,3,4,5,"<--  5"]
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["    Minus increase in CA",null,null,null,null,null,null,"<--  "]
["    Add back increase in CL",null,null,null,null,null,null,"<--  "]
["Subtract CAPEX",null,null,null,null,null,null,"<--  "]
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[null,null,null,null,null,null,null,"<--  "]
[null,null,null,null,null,null,null,"<--  "]
["WACC",null,null,null,null,null,null,"<--  "]
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[null,null,null,null,null,null,null,"<--  "]
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{"sheet":"EX6","index":6,"n_rows":71,"n_cols":8,"rows_kept":71,"cut":false,"hidden":false,"merged":[[0,0,0,6]]}
["CHAPTER 5 TEMPLATE--JUST TO SAVE YOU SOME TYPING"]
["Sales growth",0.2]
["Current assets/Sales",0.2]
["Current liabilities/Sales",0.08]
["Net fixed assets/Sales",0.8]
["Costs of goods sold/Sales",0.5]
["Depreciation rate",0.1]
["Interest rate on debt",0.1]
["Interest paid on cash & marketable securities",0.08]
["Tax rate",0.4]
["Dividend payout ratio",0.5]
[]
["Year",0,1,2,3,4,5]
["Income statement"]
["Sales",1000,{"$f":"B15*(1+$B$2)","v":1200},{"$f":"C15*(1+$B$2)","v":1440},1728,2073.6,2488.3199999999997,{"$f":"getformula(G15)","v":"<--  =F15*(1+$B$2)"}]
["Costs of goods sold",null,{"$f":"-C15*$B$6","v":-600},{"$f":"-D15*$B$6","v":-720},-864,-1036.8,-1244.1599999999999,{"$f":"getformula(G16)","v":"<--  =-G15*$B$6"}]
["Interest payments on debt",null,{"$f":"-$B$8*(C36+B36)/2","v":-40},{"$f":"-$B$8*(D36+C36)/2","v":-43.039281746980329},-50.003279252214647,-58.748677700122407,-69.481820486932222,"<--  =-$B$8*(G36+F36)/2"]
["Interest earned on cash & marketable securities",null,{"$f":"$B$9*(C27+B27)/2","v":4.3213296398891909},{"$f":"$B$9*(D27+C27)/2","v":2.1213296398891908},1.9999999999999956,2.0000000000000044,2,"<--  =$B$9*(G27+F27)/2"]
["Depreciation",null,{"$f":"-$B$7*(C30+B30)/2","v":-124.21052631578948},{"$f":"-$B$7*(D30+C30)/2","v":-155.81163434903047},-194.44443796471788,-241.59016827679343,-299.03418599014014,"<--  =-$B$7*(G30+F30)/2"]
["Profit before tax",null,{"$f":"SUM(C15:C19)","v":440.11080332409972},{"$f":"SUM(D15:D19)","v":523.27041354387836},621.55228278306754,738.46115402308419,877.64399352292742,"<--  =SUM(G15:G19)"]
["Taxes",null,{"$f":"-C20*$B$10","v":-176.0443213296399},{"$f":"-D20*$B$10","v":-209.30816541755135},-248.62091311322703,-295.38446160923371,-351.05759740917097,"<--  =-G20*$B$10"]
["Profit after tax",null,{"$f":"SUM(C20:C21)","v":264.06648199445982},{"$f":"SUM(D20:D21)","v":313.96224812632704},372.93136966984048,443.07669241385048,526.58639611375645,"<--  =SUM(G20:G21)"]
["Dividends",null,{"$f":"-C22*$B$11","v":-132.03324099722991},{"$f":"-D22*$B$11","v":-156.98112406316352},-186.46568483492024,-221.53834620692524,-263.29319805687823,"<--  =-G22*$B$11"]
["Retained earnings",null,{"$f":"SUM(C22:C23)","v":132.03324099722991},{"$f":"SUM(D22:D23)","v":156.98112406316352},186.46568483492024,221.53834620692524,263.29319805687823,"<--  =SUM(G22:G23)"]
[null,null,null,null,null,null,null,"<--  "]
["Balance sheet",0,1,2,3,4,5,"<--  5"]
["Cash and marketable securities",80,{"$f":"C39-C32-C28","v":28.033240997229768},{"$f":"D39-D32-D28","v":25},24.999999999999886,25.000000000000227,24.999999999999773,"<--  =G39-G32-G28"]
["Current assets",200,{"$f":"C15*$B$3","v":240},{"$f":"D15*$B$3","v":288},345.6,414.72,497.66399999999999,"<--  =G15*$B$3"]
["Fixed assets",null,null,null,null,null,null,"<--  "]
["     Fixed assets at cost",1100,{"$f":"C32-C31","v":1384.2105263157896},{"$f":"D32-D31","v":1732.0221606648199},2156.8665986295377,2674.9367669063313,3305.7469528964712,"<--  =G32-G31"]
["     Accumulated depreciation",-300,{"$f":"B31+C19","v":-424.21052631578948},{"$f":"C31+D19","v":-580.02216066481992},-774.46659862953777,-1016.0567669063312,-1315.0909528964712,"<--  =F31+G19"]
["     Net fixed assets",800,{"$f":"C15*$B$5","v":960},{"$f":"D15*$B$5","v":1152},1382.4,1658.88,1990.6559999999999,"<--  =G15*$B$5"]
["Total assets",1080,{"$f":"C32+C28+C27","v":1228.0332409972298},{"$f":"D32+D28+D27","v":1465},1753,2098.6000000000004,2513.3199999999997,"<--  =G32+G28+G27"]
[null,null,null,null,null,null,null,"<--  "]
["Current liabilities",80,{"$f":"C15*$B$4","v":96},{"$f":"D15*$B$4","v":115.2},138.24,165.88800000000001,199.06559999999999,"<--  =G15*$B$4"]
["Debt",400,{"$f":"MAX(B36,C28+C32-C35-C37-C38+25)","v":400},{"$f":"MAX(C36,D28+D32-D35-D37-D38+25)","v":460.78563493960655},539.27995010468635,635.69360389776159,753.94280584088278,"<--  =MAX(F36,G28+G32-G35-G37-G38+25)"]
["Stock",450,450,450,450,450,450,"<--  450"]
["Accumulated retained earnings",150,{"$f":"B38+C24","v":282.03324099722988},{"$f":"C38+D24","v":439.0143650603934},625.48004989531364,847.01839610223885,1110.311594159117,"<--  =F38+G24"]
["Total liabilities and equity",1080,{"$f":"SUM(C35:C38)","v":1228.0332409972298},{"$f":"SUM(D35:D38)","v":1465},1753,2098.6000000000004,2513.3199999999997,"<--  =SUM(G35:G38)"]
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["Year",0,1,2,3,4,5,"<--  5"]
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["PAT",null,null,null,null,null,null,"<--  "]
["Add back depreciation",null,null,null,null,null,null,"<--  "]
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["    Minus increase in CA",null,null,null,null,null,null,"<--  "]
["    Add back increase in CL",null,null,null,null,null,null,"<--  "]
["Subtract CAPEX",null,null,null,null,null,null,"<--  "]
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[null,null,null,null,null,null,null,"<--  "]
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["WACC",null,null,null,null,null,null,"<--  "]
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