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8/11/2016 21:12

Error check = OK

Name - Scenario
Currency

= Input on this sheet

= Calculation

Historical
Other inputs NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------

Historical Income Statement


Statement of changes in equity
Historical Balance Sheet
Off Balance Sheet Items

McKinsey & Company Confidential

336320081.xls

Page 1

8/11/2016 21:12
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= Input on this sheet

Name - Scenario
Currency

= Link to historical data

Historical
Range name

Other inputs

= Calculation

Detailed Forecast

Key driver forecast

NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
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General
Name
Scenario
Latest year end
Valuation date
End of detailed forecast period
Continuing value year
Currency
Units

Name
Scenario
YE
Val_Date
End_DF
CVY_Date
Currency
Units

Share price for comparison with valuation


High
High
Low
Low

Name
Scenario
dd/mm/yy or mm/dd/yy
Must be after latest year end
NA
NA
Currency
1

Enter any year end from NA to NA


e.g. DM, US$
e.g. 1,000
Text:

Operations
Balance Sheet Items
Off-Balance Sheet Items
Provisions & Non-Op. P&L
Debt Finance & WACC
Equity Finance
Tax
Phase 2 & CV drivers
Constants & dates

McKinsey & Company Confidential

336320081.xls

Page 2

8/11/2016 21:12
Error check = OK

= Input on this sheet

Name - Scenario
Currency

Key driver forecast


Range name

Other inputs

NA
NA
NA
NA
NA
NA
NA
NA
NA
-------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------

General
Name
Scenario
Latest year end
Valuation date
End of detailed forecast period
Continuing value year
Currency
Units

Name
Scenario
YE
Val_Date
End_DF
CVY_Date
Currency
Units

Name
Scenario

NA
NA
Currency
1

Share price for comparison with valuation


High
High
Low
Low

Operations
Balance Sheet Items
Off-Balance Sheet Items
Provisions & Non-Op. P&L
Debt Finance & WACC
Equity Finance
Tax
Phase 2 & CV drivers
Constants & dates

McKinsey & Company Confidential

336320081.xls

Page 3

8/11/2016 21:12
Error check = OK

Name - Scenario
Currency
Income Statement

Historical

Detailed Forecast

NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------

Balance Sheet

McKinsey & Company Confidential

336320081.xls

Page 1

08/11/2016 21:12

OK

Name - Scenario
Currency
Value of Operations: DCF approach
Free Cash
Discount
Year
Flow
Factor
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Cont. Value
Operating Value

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
#N/A

Continuing value % Operating value


Mid -Year Adjustment Factor
Operating Value (Adjusted)

Value of Operations: Economic Profit


Economic
Discount
Year
Profit
Factor

PV
of FCF
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
Cont. Value
0
Present Value of Economic Profit
Invested Capital (incl. goodwill)

1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000

Value of Equity
PV
of EP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

NA
Operating Value
Mid -Year Adjustment Factor
Operating Value (Adjusted)

#ADDIN?
#ADDIN?

Comparison of key ratios

0
#ADDIN?
#ADDIN?

#ADDIN?

Excess Mkt Securities


Financial Investments
Excess Pension Assets

0
0
0

Enterprise Value

#ADDIN?

Debt
Capitalized Operating Leases
Retirement Related Liability
Preferred Stock
Minority Interest
Restructuring Provision
Stock options

0
0
0
0
0
0
0
#ADDIN?

Equity Value
No. shares (thousands)

Value per Share

0
NA

-High
-Low
Value Difference - High
Value Difference - Low

NA
NA
NA
NA

Evaluation of entry and exit multiples

From:
To:

NA
NA

Averages
NA
NA

Revenue growth (CAG)


Adjusted EBITA growth (CAG)
NOPLAT growth (CAG)
Invested capital growth (CAG)

NA
NA
NA
NA

NA
NA
NA
NA

NA
NA
NA
NA

NA
NA
NA
NA

Operating Value

Adj. EBIT/Revenues

NA

NA

NA

NA

Enterprise Value

Revenues/Invested Capital (pre-Goodwill)


ROIC (after tax, pre-Goodwill)
ROIC (after tax, including Goodwill)
Average Economic Profit

NA
NA
NA
0

NA
NA
NA
0

NA
NA
NA
0

NA
NA
NA
0

Revenue
Adjusted EBITA
NOPLAT

Cash Tax Rate


WACC

NA
NA

NA
0.0%

0.0%
0.0%

0.0%
0.0%

McKinsey & Company Confidential

Operating Value

NA
NA

NA
NA

336320081.xls

Excess Mkt Securities


Financial Investments

Enterprise / Revenue
Enterprise / Adjusted EBITA
Enterprise / NOPLAT

NA

NA

#ADDIN?

0
0
#ADDIN?

0
0
0

NA
NA
NA

NA
NA
NA

NA
NA
NA
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