Corporate Model Template

Corporate Model Template
Sheet Tab
1 Table of Contents
2 Instructions
3 Settings and Checks
4 Raw Financial Data
5 Account Classification
6 Working
7 Input Summary
8 Debt Schedule
9 Financial Calculations
10 Financial Ratios
11 Valuation Parameters
12 Valuation
13 Chart2
14 Chart4
15 Chart21
16 Chart26
17 Chart3
18 Chart8
19 Chart39
20 Chart24
21 Chart28
22 Chart7
23 Chart6
24 Chart29
25 Chart22
26 Chart14
27 Chart15
28 Chart16
29 Chart12
30 Chart13
31 Chart5
32 Chart27
33 Chart19
34 Chart25
35 Chart18
36 Chart10
37 Chart17
38 Chart32
39 Chart9
40 Chart30
41 Chart31
42 range_names
43 General Inputs
44 Equity Parameters
45 Debt Parameters
46 Operating Parameters
Corporate Model Template
Description
Titles
Years and Verification
Blank Sheet for Entering Data
Spreading of Historical Accounts
Blank Sheet for Free Cash Flow
Collection of All Inputs to Run Model
Debt Inputs for Final Historic Year
Model of Financial Statements
Details of Financial Ratio Calculations
Cost of Captial and Other Parameters
Calculation of Valuation
EBITDA Margin
Return on Invested Capital
Revenues
Capital Expenditures
ROE
EPS
Multiples
Earnings Growth
DSCR
Interest Coverage
Debt ot Capital
Debt to EBITDA
Capital Expenditures and Depreciation
Depreciation Rate
Income Tax Rate
Other Income Rate
Current Assets/Revenues
Current Liabilities/Expenses
Interest Expense/Debt
Revenues
Operating Expenses
Volumes
Dividend Payout Ratio
Value per Share
Interest Income Rate
Debt Balance
Book Value per Share
Instructions
'file:///conversion/tmp/scratch/434456247.xls'#$Instructions
✘ Show Comments 1
Value per Share Dis Value per Share Discount Rate 8.0%:Company Name
EBITDA Margin EBITDA Margin:Company Name
Return on Equity Return on Equity:Company Name
Short Term Debt and CShort Term Debt and Cash Buildup:Company Name
Debt Service CoverageDebt Service Coverage Ratio:Company Name
Return on Invested CapReturn on Invested Capital:Company Name
Debt to Capital Debt to Capital:Company Name
Debt/EBITDA Debt/EBITDA:Company Name
Interest Coverage Interest Coverage:Company Name
Debt Balance Debt Balance:Company Name
Revenue Realization Revenue Realization Company Name
Earnings per Share: Earnings per Share: Company Name
Book Value per Share: Book Value per Share: Company Name
Income Tax Rate: Income Tax Rate: Company Name
Current Assets/RevenuCurrent Assets/Revenues: Company Name
Current Liabilities/Exp Current Liabilities/Expenses: Company Name
Depreciation Rate: Depreciation Rate: Company Name
Other Income Rate: Other Income Rate: Company Name
Revenues: Revenues: Company Name
Multiples : Multiples : Company Name
Settings and Checks
Initial Balance Sheet Year 1996

Final Historic Year 2006
Final Forecast Year 2006
Valuation Year (Jan 1) 2006
Model Verification
#VALUE!
Historic Assets OK
#VALUE!
#VALUE!
Debt Schedule OK
Cash Flow Reconciles
Title for Graphs and Reports Company Name

✘ Show Comments
Column
18 #VALUE!
19 #VALUE!
14 #VALUE!
19 #VALUE!
20 #VALUE!
Account Classification
Section 1. Inputs for Summary Balance Sheet from Raw Financi
1996
Historic Balance Sheet - Assets Base Year
Cash and Temporary Securities B1
Current Assets Less Cash and Temp Securities - Revenue Related B1
Current Assets Less Cash and Temp Securities - Other B1
B1
Plant Property and Equipment B1
Construction Work in Progress B1
Accumulated Depreciation B1
Net Plant B1 -
B1
Net Goodwill B1
B1
Restricted Assets B1
Other Assets and Investments B1
Deferred Debits and Deferred Taxes B1
B1
Total Assets B1 -
B2
Historic Balance Sheet - Liabilities and Capital B2
Current Liabilities Less Short-term Debt - Expense Related B2
Current Liabilities Less Short-term Debt - Other B2
Short-term Debt B2
Long term Debt B2
Long and Short Term Debt Capital B2 -
B2
Defererred Credits B2
Other Liabilities B2
Deferred Taxes B2
Minority Interest B2
Preferred Stock B2
Equity Capital B2
B2
Total Liabilities B2 -
-
Section 2. Summary Income Statement from Financial Data

Historic Income Statement
Total Revenues IS
Operating Expenses IS
Depreciation IS
Goodwill Amortization and Impairment IS
Amortization of Deferred Debits (Assets) IS
Amortization of Deferred Credits (Liabilities) IS
Plant Write-offs and Impairment IS
Other Income IS
Interest Expense IS
Interest Income IS
Income Taxes IS
Capitalized Interest and Equity IS
Extraordinary Income and Foreign Exchange IS
Cumulative Effect of Accounting Change IS
Preferred Dividends IS
Minority Interest IS
Net Income to Common IS -
IS
Actual Net Income to Common IS
Difference IS
Dividends Declared O
Shares Outstanding O
IS
Section 3. OPTIONAL Market Value Data O
IS
IS 1996
IS
Average or Ending Stock Price (Optional) O
Market Value of Debt (Optional, uses Book) O
Market Value of Preferred (Optional) O
Market Value of Minorities (Optional) O
Market Value of Temporary Securities (Optional) O
Capacity (Optional) O
Volumes (Optional) O
Section 4. Computions of Miscellaneous Change in Balance Sheet Account
1996
Change in Restricted Assets
Increase in Other Investments on the Balance Sheet
Change in Deferred Debits on Balance Sheet

Add: Amoritzation of Deferred Debits
Cash Flow Effect of Deferred Debits
Change in Deferred Credits on Balance Sheet
Add: Amoritzation of Deferred Credits
Cash Flow Effect of Deferred Credits
Increase in Deferred Taxes

Increase in Other Liabilities
Increase in Minority Interest
Increase In Goodwill
Less: Goodwill Amortization
Net Investment in Goodwill
Section 5. Reconciliation of Historical Plant Accounts and Capital Expenditure
1996
Depreciation and Amortization on Income Statement -

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

Add: Plant Writeoffs
Less: Increase in Share Premium
Total Historical Capital Expenditures in Financials
Capital Expenditures in Cash Flow Statement

Difference in Modeled and Presented Capital Expenditures
Section 6. Reconciliation of Equity Accounts and Dividends from Balance S
1996
Common Equity on Balance Sheet -

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

Total Change in Debt on Balance Sheet
Debt Maturities (Optional)
Inplied Debt Issues from Analysis
Section 8. Checks of Historic Actuals and Modeled Historic Data - DO
Actual Net Income

Modeled Net Income
Difference
Actual Total Assets -

Modeled Total Assets -
Difference -
Actual Total Liabilities and Capital -

Modeled Total Liabilities and Capital #VALUE!
Difference #VALUE!
Actual Cash and Marketable Securities

Modeled Cash and Marketable Securities -
Difference -
Initieal Year 1996
Final Historic Yr 2006
Final Historic Year Index 11
ance Sheet from Raw Financial Data
1997 1998 1999 2000 2001 2002

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

- - - - - -
- - - - - -
- - - - - -
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- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
unts and Capital Expenditures from Balance Sheet
1997 1998 1999 2000 2001 2002
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
nd Dividends from Balance Sheet and Dividends
1997 1998 1999 2000 2001 2002
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
Maturities from Balance Sheet - DO NOT INPUT
1997 1998 1999 2000 2001 2002
- - - - - -
- - - - - -
- - - - - -
d Modeled Historic Data - DO NOT INPUT
- - - - - -
- #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -
- - - - - -
- - - - - -
- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -
- - - - - -
- - - - - -
2003 2004 2005 2006
History History History History
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
2003 2004 2005 2006
2003 2004 2005 2006

- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
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2003 2004 2005 2006
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- - - -
2003 2004 2005 2006
- - - -
- - - -
- - - -
- - - -
- - - -
2003 2004 2005 2006
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- - - -
- - - -
- - - -
#VALUE! #VALUE! #VALUE! #VALUE!
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
Input
YearSummary
Settings
Initial Balance Sheet Year --------> 1996 Final Historic Year -------->
Remove Column Groups
Reset Inputs
✘ Show Comments
Year 1996 1997 1998 1999
Base Year History History History
1 2 2 2
Key Operating Drivers Key Operating Drivers
Revenues Ke - - - -
Cash Operating Expenses Ke - - - -
Cash Captial Expenditures Ke - - - -
Key Operating Drivers
Working Capital Working Capital

Revenue/Expense Related Working Capital
R Current Assets/Revenues Wo 0.00% 0.00% 0.00% 0.00%
R Current Liabilities/Expenses Wo 0.00% 0.00% 0.00% 0.00%
Non Revenue/Expense Related Working Capital
R Non-Revenue Assets Wo 0.00% 0.00% 0.00% 0.00%
R Non-Expense Liabilities Wo 0.00% 0.00% 0.00% 0.00%
Working Capital
Depreciation Tax and Other Income Depreciation Tax and Other Income
R Depreciation Rate De 0.00% 0.00% 0.00% 0.00%
R Rate of Return on Other Assets De 0.00% 0.00% 0.00% 0.00%
R Income Tax Rate De 0.00% 0.00% #VALUE! #VALUE!
R Interest Income Rate De 0.00% 0.00% 0.00% 0.00%
Financial Financial
R Interest Rate on New Debt Fi 0.00% 0.00% 0.00% 0.00%
Dividend Payments Financial
R Dividend Payout Ratio Fi 0.00% 0.00% #VALUE! #VALUE!
R Dividend Per Share Fi - - - -
Equity Issues Financial
R New Equity Issues Fi - - - -
R Share Price on New Issues Fi - - - -
Preferred Stock
R Dividend Rate on Preferred Fi - - - -
R Change in Preferred Issues - - - -
Minority Interest Financial
R Minority Interest on Income Stament Fi - - - -
R Minority Dividends Fi - - - -
R Minority Interest Increases Fi - - - -
Financial
Other Income Statement Inputs
R Projected Other Income (Optional) - - - -
R Projected Goodwill Writeoff/Amortization - - - -
R Projected Amortization of Deferred Debits - - - -
R Projected Amortization of Deferred Credits - - - -
Other Cash Flow Inputs

R Increase in Investments Input - - - -
R Projected Investments in Deferred Debits - - - -
R Projected Investments in Deferred Credits - - - -
R Future Change in Preferred Stock - - - -
Valuation Parameters Valuation Parameters

Multiples Valuation Parameters
R EV/EBITDA Multiple Va - - - -
R Price/Earnings Multiple Va - - - -
R Market/Book Multiple Va - - - -
R WACC for Valuation Valuation Parameters
R Growth Rate for Perpuitity Calculaiton Valuation Parameters
Valuation Parameters
Direct Plant Inputs
Depreciation Expense
Interest and Equity Capitalized
Input Plant Balance
Input CWIP Balance
Input Accumulated Depreciation
Switches Switches
Apply Net Operating Tax Loss in Calculations Sw 1
Use Direct Plant Balance Inputs Sw 0
Circularity Resolution Option Sw BEGINNING BALANCE
Dividend Payout Method Payout
2006 Final Forecast Year -------> 2006
10
2000 2001 2002 2003 2004 2005 2006

History History History History History History History
2 2 2 2 2 2 2
- - - - -
- - - - -
- - - - -
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 0.00%

- - - - - -
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-
-
Debt Schedule
Debt Outstanding in 2006
Issue
Number Issue Name
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Total ---->
Debt in Final Historic Year 00.0
Total Debt in Table 00.0
Difference
-
0
0
ding in 2006
Amount
Outstanding Interest Rate Maturity Check
Total
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
✘ Show Comments Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
- Less: Debt Repaid
- Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
Total ---->
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
2006 2007 2008 2009 2010 2011
$ - $ - $ - $ - $ - $ -
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$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
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0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
$ - 0% 0
$ - $ - $ - $ - $ - $ -
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2012 2013 2014 2015 2016 2017
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✘ Show Comments
Financial
Home Calculations free_cash_flow 1996
Summary 1
Begining Balance Sheet
Income Statement Base Year
cash_flow_statement 1
Assumptions Carried Over from Previous Sheets

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

Historic Other Investments (Base for Other Income) -
Historic Increase in Investments - Historic -
Increase in Investments Input -
Total Increase in Other Investments
Extraordinary Income -
Cumulative Accounting Change -
Total -
Hi 4. Deferred Items and Writeoffs

Histo Plant Write-offs
Histo Goodwill (From Account Classification)
Historic Historic Goodwill Writeoff/Amortization
Projected Goodwill Writeoff/Amortization -
Total Goodwill Writeoff/Amortization
Historic Goodwill Investment -
Histo Deferred Items

Historic Historic Amortization (Expense) of Deferred Debit Assets
Projected Amortization of Deferred Debits -
Total Amortization to Income Statement and CF
Historic Historic Amoritization (Income) of Deferred Credit Liabilities
Projected Amortization of Deferred Credits -
Total Amortization to Income Statement and CF
Historic Historic Investment in Deferred Debit Assets - Cash Flow -
Projected Investments in Deferred Debits -
Total Investment in Deferred Debits
Historic Historic Increase in Deferred Credit Liabilities - Cash Flow -
Projected Investments in Deferred Credits -
Total Investment in Deferred Debits
Hi 5. Income Taxes
Historic Computed/Projected Tax Rate
Historic Historic Income Taxes
Historic Projected Change in Deferred Tax
Increase in Deferred Taxes -
Hi 6. Minority Interest and Extraordinary Income
Histo Minority Interest
Historic Minority Share of Income
Historic an Minority Income Share - Account Classification
Historic an Minority Income Share - Equity Parameters
Historic an Total Minority Share of Income
Historic Change in Minority Interest -
Historic Minority Dividend
Histo Extraordinary Income and Foreign Exchange -
Hi 7. Fixed Debt Balance and Interest Expense
Histo Debt Maturities
Historic Historic Debt Maturities from Account Classification
Historic Future Debt Maturities from Debt Parameters #VALUE!
Historic an Total Debt Maturities to Cash Flow
Histo Debt Issues
Historic Historic Debt Issues
Historic New Debt Issues from Debt Parameters #VALUE!
Historic an Total New Debt Issues to Cash Flow #VALUE!
Histo Interest Expense
Historic Historic Interest Expense - Account Classification
Historic Interest Expense from Debt Schedule #VALUE!
Historic an Total Fixed Interest Expense to Income Statement -
Histo Debt Balance
Historic Ending Debt Balance From Debt Schedule #VALUE!
Historic Historic Debt Balance from Account Classification -
Historic an Total Debt Balance to Balance Sheet -
Histo Interest and Equity Capitalized
Historic Historic Interest and Equity Capitalized
Historic Projected Interest and Equity Input -
Historic an Total to Income Statement
Hi 8. Interest Rate of Short-term Debt and Mkt Securities
Histo Projected Rates
Historic an Interest Rate on Short-term Debt 0.0%
Historic an Projected Interest Rate on Marketable Securities 0.0%
Histo Historic Rates on Mkt Securities
Historic an Historic Interest Income -
Historic an Historic Interest Income Rate
Historic Cash Balance -
Historic Short-term Debt Balance -
Hi 9. Trade Working Capital
Histo Current Assets (Less Cash)
Historic Historic Current Revenue Related Assets Less Cash -
Historic Current Non-Revenue Related Assets Less Cash -
Historic Projected Current Assets/Revenues 0.00%
Historic Projected Current Assets Revenue Related Less Cash
Projected Non-Revenue From Operating Parameters -
Projected Current Assets Optional Direct Input
Total Current Assets to Balance Sheet -
Histo Current Liabilities (Less Short-term Debt)

Historic Historic Current Liabilities Less Notes Payable -
Historic Current Non-Expense Related -
Historic Projected Current Liabilities/Expenses 0.00%
Historic Projected Current Liabilities Less Notes Payable
Projected Non-Expense Related from Operating Parameters -
Projected Non-Expense Related Optional Direct Input
Historic an Total Current Liabilities to Balance Sheet -
Hi 10. Other Assets and Liabilities

Histo Increase in Restricted Assets -
Histo Increased in Other Liabilities -
Histo Change in Share Premium -
Hi 11. Common and Preferred Equity
Histo Amount of New Common Equity Issues
Historic Historic Equity Issues
Historic New Equity Issues -
Histo Amount of Historic Common Equity Outstanding -
Histo Shares of Common Equity
Historic Historic Shares -
Historic Stock Price on New Equity Issues -
Histo Common Dividends
Historic Historic Dividends Paid -
Historic Method for Projected Dividends
Historic Projected Amounts
Historic an Dividend Payout Ratio -
Historic an Dividend Per Share -
Histo Preferred Stock
Historic Preferred Stock Balance -
Historic Future Change in Preferred Stock -
Historic Preferred Stock Dividend Rate -
Historic Historic Preferred Stock Dividends -
Historic Projected Preferred Dividends -
Historic an Total Preferred Stock to Income Statement -
Hi 12. Input Plant Balances
Historic Switch for Inputting Plant Balance and Depreciation 0.00%
Historic Input Plant Balance -
Historic Input CWIP Balance -
Historic Input Accumulated Depreciation -
Historic Historic Plant Balance -
Historic Historic CWIP Balance -
Income Statement
IncomRevenues
IncomOperating Expenses
IncomOther Income
Income EBITDA
IncomDepreciation
IncomPlant Write-offs
IncomGoodwill Writeoffs and Amortization
IncomDeferred Debit Amortization
IncomDeferred Credit Amortization (Income)
Income EBIT (Operating Income)
IncomInterest Expense and Income
Income Interest on New Debt
Income Interest on Existing Debt
Income Sta Total
Income Sta Interest Income
Income Sta Less: Capitalized Interest and Equity
Income EBT
IncomTaxes before NOL
Income Beginning NOL
Income Additions to NOL
Income Subtractions from NOL
Income Ending NOL
IncomRealized Taxes
IncomExtraordinary Income
IncomLess: Minority Interest
IncomPreferred Dividends
Income Net Income
Income Statement
Cash Flow Statement
Cash Net Income
Cash FloAdd: Depreciation
Cash FloAdd: Goodwill Writeoff
Cash FloAdd: Amortization of Deferred Debits
Cash FloLess: Amortization of Deferred Credits
Cash FloAdd: Plant Write-offs
Cash FloAdd: Deferred Taxes
Cash FloAdd: Minority Interest
Cash Working Capital from Operations
Cash FloLess: Change in Working Capital
Cash Cash Flow from Operations
Cash FloLess: Capital Expenditures
Cash FloLess: Increase in Other Investments
Cash FloLess: Acquisition of Goodwill
Cash FloLess: Increase in Deferred Debits
Cash FloPlus: Increase in Deferred Credits
Cash FloPlus: Increase in Other Liabilities
Cash Flow Total Capital Expense and Investments
Cash Cash Flow Before Financing
Cash FloPlus: Increase in Minority Interest
Cash FloLess: Minority Dividends
Cash FloLess: Restricted Assets Funding
Cash FloPlus: Debt Financing
Cash FloPlus: Equity Financing
Cash FloLess: Debt Maturity Payments
Cash FloLess: Change in Preferred Stock
Cash FloLess: Dividend Payments
Cash Flow Change in Cash or Notes Payable
Cash Flow Statement
Balance Sheet
BaAssets
Balan Current Assets
Balance Restricted Cash -
Balance Operating Cash and Temporary Investments -
Balance Other Current Assets -
Balance Sh Total Current Assets -
Balan Plant Property and Equipment
Balance Gross Plant Value -
Balance Construction Work in Progress -
Balance Accumulated Depreciation -
Balance Sh Net Plant -
Balance Sheet
Balan Other Assets
Balance Other Investments -
Balance Restricted Assets -
Balance Deferred Debits -
Balance Goodwill -
Balance Sh Total Other Assets -
Balan Total Assets -
Balance Sheet
BaLiabilities and Capital
Balan Current Liabilities
Balance Current Liabilities Excluding Short-term Debt -
Balance Short-term Debt -
Balance Sh Total Current Liabilities -
Balan Existing and Input Debt Issues #VALUE!
Balan Other Liabilities
Balance Other Liabilities -
Balance Deferred Credits -
Balance Deferred Taxes -
Balance Sh Total -
Balan Preferred and Minority
Balance Minority Interest -
Balance Preferred Stock -
Balance Sh Total Preferred and Minorities -
Balan Common Equity
Balance Opening Balance -
Balance Sh Add: Change in Share Premium
Balance Sh Add: Equity Issues
Balance Sh Add: Net Income -
Balance Sh Less: Dividends -
Balance Closing Common Equity -
Balan Total Liabilities and Capital #VALUE!
Balance Sheet
Balan Working Capital -
Balance Sheet
Balan Assets Less Liabilities #VALUE!
Balance Sheet
Balan Historic Assets/Liabilities -
Balan Difference #VALUE!
Balance Sheet
Balan Historic Common Equity -
Balan Modeled Common Equity -
Balance Difference -
Balance Sheet
Analysis of Short-Term Debt and Marketable Securities
AnActual Cash Balance -
AnActual Short-term Debt Balance -
An Accumulated Balance of Cash net of Short-term Debt
Analy Opening Balance
Analy Add: Change in Cash and STD from Cash Flow -
Analy Closing Balance of Cash Net of STD -
Analy Separation into Cash Balance and Notes
Analysis Cash and Marketable Securities -
Analysis Notes Payable -
Analy Interest Income on Cash Balance
Analysis Interest Rate on Temporary Securities 0.0%
Analysis Average Cash Balance -
Analysis Interest Income on Beginning Balance
Analysis Interest Income on Average Balance
Analysis Interest Income on Average Balance as Value
Analysis of Difference between Value and Computation
Analy Interest Expense on Short-term Debt
Analysis Interest Rate on Short-term Debt 0.00%
Analysis Average Notes Payable Balance
Analysis Interest Expense on Beginning Balance
Analysis Interest Expense on Average Balance
Analysis Interest Expense on Average Balance as Value
Analysis of Difference between Value and Computation
Share Balance
ShareBeginning Balance -
ShareAdd: New Shares -- Historic
ShareNew Shares Issued -
ShareTotal Shares -
Share Average Shares -
ShareEarnings Per Share
Earnings Per Share without Extraordinary

1997 1998 1999 2000 2001 2002
2 3 4 5 6 7
History History History History History History

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0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
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0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
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#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
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#VALUE!
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

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0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

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2003 2004 2005 2006 2007 2008
8 9 10 11 12 13
History History History History

2 2 2 2 5 5
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0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
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0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

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0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
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0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
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0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
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0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
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Payout Payout
#VALUE! #VALUE! #VALUE! #VALUE! - -

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- - - - - #VALUE!
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

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2009 2010 2011 2012 2013 2014
14 15 16 17 18 19
5 5 5 5 5 5
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0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
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0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
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0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

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0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
- - - - - -
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
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0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
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0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
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Payout Payout Payout Payout Payout Payout
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0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

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0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

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2015 2016 2017
20 21 22
5 5 5
- - -
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0.0% 0.0% 0.0%
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- - -
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0.0% 0.0% 0.0%

0.0% 0.0% 0.0%
- - -
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#VALUE! #VALUE! #VALUE!

- - -
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0.0% 0.0% 0.0%

0.0% 0.0% 0.0%
- - -
0.0% 0.0% 0.0%
- - -
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0.00% 0.00% 0.00%
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0.00% 0.00% 0.00%
- - -
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Payout Payout Payout
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0.00% 0.00% 0.00%

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0.0% 0.0% 0.0%

0.00% 0.00% 0.00%

- - -
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Financial Ratios Graph Periods 10
1997
Free Cash Flow

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

Adjusted Return on Average Equity 0.00%
Return on Invested Capital (ROIC)

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

Less: Goodwill - -
Adjusted Invested Capital #VALUE! #VALUE!
Average Invested Capital w/o Goodwill #VALUE!
Adjusted ROIC without Goodwill #VALUE!
Return on Capital Employed

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

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

EBIT/Interest
EBIT -
Interest Expense -
Financial EBIT/Interest -
Debt/Capital
Debt
Long and Short term Debt #VALUE!
Captial
Equity -
Long and Short term Debt #VALUE!
FinanciDebt/Capital #VALUE!
Debt Service Coverage Ratio

Net Income -
Plus Interest Expense -
Debt MTotal Debt Service #VALUE!
Financial Debt Service Coverage Ratio #VALUE!
Debt/EBITDA
Fixed Debt #VALUE!
Short-term Debt #VALUE!
EBITDA -
Financial Debt/EBITDA -
Financial Ratios
Other Ratios
Average Interest Rate
Total Debt #VALUE! #VALUE!
Interest Expense - -
FinanciAverage Interest Rate #VALUE!
Histor Historic Average Interest Rate #VALUE!

Histor Interest Rate on LTD 0.0%
Operating Ratios
Histor Capacity -
Histor Volume -
FinanciAverage Revenue Realization -

FinanciOperating Cost/Unit
FinanciNet Plant/Capacity
FinanciCap Exp/Chg Capacity
FinanciOperating Expense/Volume -
Period for compounding -

Sales -
Periods 10.00
Initial Sales -
Compound Growth
This Period Growth
EPS -
Growth
Initial Earnings -
Compound Growth
1 1997
2
3 EBITDA -
4
5 EBITDA Margin
6 Base Case 0.0%
7 Current Case 0.0%
8
9 Return on Equity
### Adjusted for Extraordinary 0.00%
11 Unadjusted 0.00%
###
### Return on Invested Capital
### Base Case 0.00%
### Current Case #VALUE!
###
### Interest Expense/Debt
### Base Case 0.00%
###
### Debt/Capital
### Base Case 0%
###
### Interest Coverage Ratio
### Base Case -
### Current Case -
###
### Debt/Cash Flow
### Base Case -
### Current Case -
###
### Earnings Per Share
### Unadjusted -
### Adjusted for Acc Change -
###
### Dividend Payout Ratio
### Base Case 0.00%
### Current Case 0.00%
###
### Book Value/Share
### Base Case -
### Current Case -
###
### Dividend/Share
### Base Case -
### Current Case -
###
### Revenues
### Base Case -
### Current Case -
###
### Expenses
### Base Case 0
### Current Case -
###
### Capital Expenditures
### Base Case 0
### Current Case -
###
### Capacity
### Base Case -
### Current Case -
###
### Volume
### Base Case -
### Current Case -
###
### Revenue Realization
### Base Case -
### Current Case -
###
### Net Plant/Capacity
### Base Case -
### Current Case
###
### Cap Exp/Chg Capacity
### Base Case -
### Current Case
###
### Operating Cost/Volume
### Base Case -
### Current Case -
###
### Debt/EBITDA
### Base Case -
### Current Case -
###
### Debt Service Coverage
### Base Case -
###
### Depreciation
### Base Case -
### Current Case -
Stock Price -
10
1998 1999 2000 2001 2002 2003
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0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
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1.00 2.00 3.00 4.00 5.00 6.00

- - - - - -
9.00 8.00 7.00 6.00 5.00 4.00
- - - - - -
- - - - - -
- - - - - -
1998 1999 2000 2001 2002 2003
- - - - - -
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0% 0% 0% 0% 0% 0%
- - - - - -
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0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

- - - - - -
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0 0 0 0 0 0
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0 0 0 0 0 0
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2004 2005 2006 2007 2008 2009
- - - - - -
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#VALUE! #VALUE! #VALUE! - - -
- - - - - -

#VALUE! #VALUE! #VALUE! - #VALUE! #VALUE!


- - - - - -
#VALUE! #VALUE! #VALUE! 0.00% 0.00% 0.00%

- - - - - -
- - - - - -
- - - #VALUE! #VALUE! #VALUE!

- - - - - -

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0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
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7.00 8.00 9.00 10.00 10.00 10.00

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2004 2005 2006 2007 2008 2009
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0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0% 0% 0% 0% 0% 0%
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0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

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2010 2011 2012 2013 2014 2015 2016
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10.00 10.00 10.00 10.00 10.00 10.00 10.00

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2010 2011 2012 2013 2014 2015 2016
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0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0% 0% 0% 0% 0% 0% 0%
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0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

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Columns 10 10
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-
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Valuation Parameters
Valuation Parameters Company Name
Valuation Input
EV/EBITDA For DCF Terminal and For Multiple Method
Price/Earnings Ratio for Multiple and Residual Value Calculation
Market/Book Ratio for Multiple and Residual Value Calculation
Switch for Computing Discount Rate Using Capital Asset Pricing Model
Unlevered (WACC) Cost of Capital In Valuation
Equity Cost of Capital In Valuation
Debt/Capital for CAPM Calculation
Beta
Rf
Rm
Growth Rate for Perpuitity Calculaiton
Replacement Cost/Unit for Residual Value Calculation
Q Ratio For Replacement Cost Calculation
Switch for Average Balcance Calculation of Interest
Switch for Resolving Calculation w/o Circularity
Mid Year Discounting of Cash Flows
Switch for Allowing Negative Taxes
#VALUE!
Valuation Presented
Valuation
ompany Name
Amount Cash Flow

11.00 EBITDA
ulation 16.00 -
ation 2.00 Cash Flow
Pricing Model 0 Perpuitity
8.0% 33 - 800%
9.0% Cash/PE 9
50% -
0.9 Discounted
5% Earnings
8% -
3.0%
0
2.2
0
0
1
0
3
Cash Flow Valuation, Residual EBITDA (EV Multiple 11.0)
Cash Flow Valuation, Residual Perpuitity (Growth 3.0%)
Cash Flow Valuation, Residual P/E Ratio (Multiple 16.0)
Cash Flow Valuation, Residual Replacment Value
BITDA (EV Multiple 11.0)
erpuitity (Growth 3.0%)
/E Ratio (Multiple 16.0)
Replacment Value
Valuation
DCF Summary - Method Cash Flow Valuation, Residual P/E Ratio (Multiple 16.0)
Present Value
at 8.0%
Free Cash Flow #VALUE! #VALUE! Terminal Value Multiples
Terminal Value - EV/EBITDA For Residual
Enterprise Value #VALUE! Price/Earnings Ratio
Less: Net Debt - Market/Book Ratio
Equity Value #VALUE! Unlevered (WACC) Cost of Capital
Shares - Equity Cost of Capital
Equity Value per Share - Growth in Cash Flow post 2006
Weighted Average Cost of Capital

Earnings per
Weighted
Percent Cost AT Cost Cost 12
Debt 60% 6.00% 4.3% 2.59%

10
Equity 40% 9.0% 9.0% 3.60%
Total 8.00% 8
Transaction Year 2006 4

Terminal Year 2006
2
Projected Data From Financial Calculations Used in Various Valuation Formulas
Year 1997 1998

Time Period Code 2 2
Free Cash Flow - #VALUE!

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

Step 1: Compute Present Value of Free Cash Flow
Switch to Use Cash Flow in Valuation 0 0
Free Cash Flow over Projected Horizon - -
Step 2: Discount Rates for Free Cash Flow

Year of Forecast Horizon Used For Discounting - -
Year after Adjusting for Mid-Year Convention - -
Discount Rate applied to Free Cash Flow 8.00% 8.00%
PV Factor for Residual 1.000 1.000
PV Factor Applied to Free Cash Flow - -
PV of Free Cash Flow - #VALUE!
Sum of PV of Free Cash Over Forecast Period #VALUE! #VALUE!
Step 3: Add Residual Value - Perpuitity Method
Switch for Final Year of Forecast 0 0
Free Cash Flow - -
Capitalization Rate (1/(WACC-g)) 20.00 20.00
Nominal Value (FCF x (1+g))xCap Rate) - -
Present Value of Residual - -
Enterprise Value - Perpituity Method #VALUE!
Step 4: Determine Value of Equity per Share - Perpuitity Method
Switch for Transaction Date 0 0
Debt Outstanding - -
Cash - -
Equity Value #VALUE!
Shares Outstanding - -
Equity Value per Share #VALUE!
Valuation from Free Cash Flow and EBITDA Multiple

Sum of PV of Free Cash Over Forecast Period #VALUE!
Step 2: Add Residual Value - EBITDA Multiple
EBITDA - -
EBITDA Multiple 11.00 11.00
Nominal Value of Company in Residual Year - -
Present Value of Terminal Value - -
Enterprise Value - EBITDA Multiple #VALUE!
Step 3: Value of Equity Per Share
Equity Value/Share #VALUE!
Valuation from Free Cash Flow and P/E Ratio

Step 2: Add Residual Value - P/E Multiple
Net Income - -
P/E Multiple 16.00 16.00
Equity Value in Terminal Year - -
Debt Value in Terminal Year - -
Nominal Value of Residual - -
Enterprise Value #VALUE!
Equity Value/Share #VALUE!
Valuation from Free Cash Flow and Repalcement Cost

Step 2: Add Residual Value - Replacement Cost
Capacity - -
Value of Capacity - -
Q Ratio - Value/Replacement Cost 2.20 2.20
Enterprise Value #VALUE!
Equity Value/Share -
Section 2: Valuation from Equity Income and Dividends

Valuation from EPS and Growth
Step 1: Compute Present Value of EPS over Horizon
Equity Discount Rate 9.00% 9.00%
Earnings per Share - -
PV Factor - Equity Discount Rate - -
PV of EPS - -
Sum of EPS PV -
Step 2: Compute Residual Value of Equity
Terminal EPS - -
EPS Growth 3%
Capitalization Rate (1/(k-g)) 16.67
Nominal Terminal Value -
PV of Terminal Value - -
Step 3: Total Equity Value -
Valuation from DPS and Growth
Step 1: Compute Present Value of DPS over Horizon
Dividends per Share - -
PV of DPS - -
Sum of DPS PV -
Step 2: Compute Book Residual Value
Book Value per Share - -
Book Value Multiple 2.00 2.00
Step 3: Total Equity Value -
Six Valuation Methods Using the Financial Projections
Residual in Free Cash Flow Analysis
Residual
Component in
Parameter Component Terminal Year
EBITDA (EV Multipl 11 EBITDA #VALUE!

Perpuitity (Growth) 3% Cash Flow -
P/E Ratio (Multiple) 16.00 Net Income -
Replacment Value - Capacity
Residual in Other Approaches

EPS (Growth) 0% EPS -
BV Per Share BV -
Three Multiple Approaches with Projected Financial Data
Next Year Next Yr + 1

EBITDA Multiple
EBITDA - -
EBITDA Multiple 11 - -
Less: Debt - -
Equity Value - -
Shares - -
Equity Value/Share - -
Average EPS - -
P/E Ratio 16.00 - -
EPS Growth 0% 0% 0%
Book Value/Share - -
Multiple 2.00 - -
Graph Titles
PV of Free Cash Flow at 8.00%
Cash Flow Valuation, Residual EBITDA (EV Multiple 11.0) -

Cash Flow Valuation, Residual Perpuitity (Growth 3.0%) -
Cash Flow Valuation, Residual P/E Ratio (Multiple 16.0) -
Cash Flow Valuation, Residual Replacment Value -
Discounted Earnings - (Growth Rate 3.0%) -

Discounted Dividends -
P/E Multiple 16.0 -
EBITDA Multiple 11.00 -
Book Value Multiple 2.0 -
ltiple 16.0)
Terminal Value Multiples

EBITDA For Residual 11.00
e/Earnings Ratio 16.00
ket/Book Ratio 2.00
evered (WACC) Cost of Capital 8.00%
ity Cost of Capital 9.00%
wth in Cash Flow post 2006 3.00%
Earnings per Share: Company Name

Headline Actual
1999 2000 2001 2002 2003

2 2 2 2 2

- - - - -
- - - - -
- - - - -
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0 0 0 0 0
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- - - - -
8.00% 8.00% 8.00% 8.00% 8.00%
1.000 1.000 1.000 1.000 1.000
- - - - -
#VALUE! #VALUE! - - -
0 0 0 0 0
- - - - -
20.00 20.00 20.00 20.00 20.00
- - - - -
- - - - -
0 0 0 0 0
- - - - -
- - - - -
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- - - - -
11.00 11.00 11.00 11.00 11.00
- - - - -
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16.00 16.00 16.00 16.00 16.00
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
2.20 2.20 2.20 2.20 2.20
- - - - -
- - - - -
9.00% 9.00% 9.00% 9.00% 9.00%
- - - - -
- - - - -
- - - - -
- - - - -
16.67 16.67 16.67 16.67 16.67

- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
2.00 2.00 2.00 2.00 2.00
- - - - -
- - - - -
Adjustment to
Nomial Value Nominal Total Value of PV Factor to Apply to
of Residual Residual Residual Residual PV of Residual
#VALUE! - #VALUE! - -
- - - -
- - - -
- - - -
- - - -
- - - -
Next Yr + 2 Next Yr + 3 Average
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
0% 0% 0%
- - -
- - -
Control Control/100
800% 8.0%
900% 9.0%
3 3.0%
2004 2005 2006 2007 2008

2 2 2 5 5
#VALUE! #VALUE! #VALUE! - -

- - - - -
- - - - -
- - - - -
- - - - -
- - - #VALUE! #VALUE!
- - - - -
- - - - -
- - - - -
0 0 1 0 0
- - - - -
- - - 1.00 2.00
- - (0.50) 1.00 2.00
8.00% 8.00% 8.00% 8.00% 8.00%
1.000 1.000 1.039 0.926 0.857
- - - 0.926 0.857
- - - - -
0 0 0 0 0
- - - - -
20.00 20.00 20.00 20.00 20.00
- - - - -
- - - - -
0 1 0 0 0
- - - - -
- - - - -
- - - - -
- - - - -
11.00 11.00 11.00 11.00 11.00
- - - - -
- - - - -
- - - - -
16.00 16.00 16.00 16.00 16.00
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
2.20 2.20 2.20 2.20 2.20
- - - - -
- - - - -
9.00% 9.00% 9.00% 9.00% 9.00%
- - - - -
- - - 0.917 0.842
- - - - -
- - - - -
16.67 16.67 16.67 16.67 16.67

- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
2.00 2.00 2.00 2.00 2.00
- - - - -
- - - - -
PV of Flows over Total Enterprise

forecast period Value Net Debt Value Equity Value Shares
#VALUE! #VALUE! - #VALUE! -

- - -
- - -
2009 2010 2011 2012 2013
5 5 5 5 5
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
0 0 0 0 0
- - - - -
3.00 4.00 5.00 6.00 7.00

3.00 4.00 5.00 6.00 7.00
8.00% 8.00% 8.00% 8.00% 8.00%
0.794 0.735 0.681 0.630 0.583
0.794 0.735 0.681 0.630 0.583
- - - - -
0 0 0 0 0
- - - - -
20.00 20.00 20.00 20.00 20.00
- - - - -
- - - - -
0 0 0 0 0
- - - - -
- - - - -
- - - - -
- - - - -
11.00 11.00 11.00 11.00 11.00
- - - - -
- - - - -
- - - - -
16.00 16.00 16.00 16.00 16.00
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
2.20 2.20 2.20 2.20 2.20
- - - - -
- - - - -
9.00% 9.00% 9.00% 9.00% 9.00%
- - - - -
0.772 0.708 0.650 0.596 0.547
- - - - -
- - - - -
16.67 16.67 16.67 16.67 16.67

- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
2.00 2.00 2.00 2.00 2.00
- - - - -
- - - - -
Value per Share
-
-
-
-
-
-
2014 2015 2016 2017
5 5 5 5
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
0 0 0 0
- - - -
8.00 9.00 10.00 11.00

8.00 9.00 10.00 11.00
8.00% 8.00% 8.00% 8.00%
0.540 0.500 0.463 0.429
0.540 0.500 0.463 0.429
- - - -
0 0 0 0
- - - -
20.00 20.00 20.00 20.00
- - - -
- - - -
0 0 0 0
- - - -
- - - -
- - - -
- - - -
11.00 11.00 11.00 11.00
- - - -
- - - -
- - - -
16.00 16.00 16.00 16.00
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
2.20 2.20 2.20 2.20
- - - -
- - - -
9.00% 9.00% 9.00% 9.00%
- - - -
0.502 0.460 0.422 0.388
- - - -
- - - -
16.67 16.67 16.67 16.67

- - - -
- - - -
- - - -
- - - -
- - - -
2.00 2.00 2.00 2.00
- - - -
- - - -
EBITDA Margin:Company Name
EBITDA/Sales
12 EBITDA includes other income but it does not include extraordinary items
and it does not include interest income or expense. The ratio is
documented in financial ratio sheet.
10
2
1.00
0
Return on Invested Capital:Company Name
12
10
0
Revenues: Company Name
12 12
Growth Rate
Revenue
10 10
8 8
6 6
4 4
2 2
0 0
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Compound Growth From Initial Year Sales Level

Capital Expenditures and Depreciation
12
10
Capital Expenditures
Depreciation
8
0
Return on Equity:Company Name
12
10
0
Stock Price
12
10
0
Earnings per Share: Company Name
12
10
0
Multiples : Company Name
12
10
0
PE Ratio EV EBITDA EV NOPLAT
Earnings Growth Rate Annual Growth
Compound Growth
12
10
0
Debt Service Coverage Ratio:Company Name
12
10
0
Interest Coverage:Company Name
12
10
0
Debt to Capital:Company Name
12
10
0
Debt/EBITDA:Company Name
12
10
0
Net Plant/Sales and Capital Expenditures
12 12
Net Plant/Sales
Captial Expenditure
10 10
8 8
6 6
4 4
2 2
1
0 0
Depreciation Rate: Company Name
12
10
0
Depreciation Rate Projected
Dividend Payout Ratio
12
10
0
Interest Income Rate
100.0%
90.0%
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
1 2 3 4 5 6 7 8 9 10 11 12 13
Income Tax Rate: Company Name
12
10
0
Book Value per Share: Company Name
12
10
0
Other Income Rate of Return
12
10
0
Current Assets/Revenues: Company Name
12
10
0
Current Liabilities/Expenses: Company Name
12
10
0
Interest Expense/Debt
12
10
Current Case
4 Adjusted for
Extraordinary
0
Revenue Realization Company Name
12
10
0
Revenue/Unit Cost/Unit
Operating Expenses
12
10
0
Volumes
12
Current
Case
10
0
Debt Balance:Company Name
12
New Debt
10
Existing and Input
0
PV of Free Cash Flow at 8.00%
12
Value of Cash Flow
10
0
Valuation Components Using Free Cash Flow
1
Value of Cash Flow
1 Value of Residual
Current Value of Debt
0 Total Equity Value
-
- - - - - - -
11 0.03 16 0
EBITDA (EV Perpuitity (Growth) P/E Ratio (Multiple) Replacment Value
Multiple)
Value per Share Discount Rate 8.0%:Company Name
Book Value Multiple 2.0

-
EBITDA Multiple 11.00

-
P/E Multiple 16.0

-
Discounted Dividends
-
Discounted Earnings - (Growth Rate 3.0%)

-
Cash Flow Valuation, Residual Replacment Value

-
Cash Flow Valuation, Residual P/E Ratio (Multiple 16.0)

-
Cash Flow Valuation, Residual Perpuitity (Growth 3.0%)

-
Cash Flow Valuation, Residual EBITDA (EV Multiple 11.0)

-
- 0.100 0.200 0.300 0.400 0.500 0.600 0.700 0.800 0.900 1.000
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_eq_cost_i =Valuation!$O$10
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_ev_noplat =OFFSET('Financial Ratios'!$G$94,0,0,1,'Financial Ratios'!$H$1)
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_roi1 =OFFSET('Financial Ratios'!$G$59,0,0,1,'Financial Ratios'!$G$1)
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_wacc_inpu=Valuation!$O$9
average_c ='Financial Calculations'!$G$306:$W$306
average_st='Financial Calculations'!$G$314:$W$314
avg_bal_sw='Valuation Parameters'!$L$21
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book_shar ='Financial Ratios'!$G$200
bs_1 ='Account Classification'!$C$13:$AF$19
bv_share =OFFSET('Financial Ratios'!$G$201,0,0,1,'Financial Ratios'!$AB$1)
ca_revenu =OFFSET('Financial Calculations'!$H$123,0,0,1,'Financial Ratios'!$G$1)
cap_chg ='Financial Ratios'!$G$237:$X$237
cap_chg_1 ='Financial Ratios'!$G$236
cap_exp =OFFSET('Financial Ratios'!$G$9,0,0,1,'Financial Ratios'!$H$1)
cap_exp_c =OFFSET('Financial Ratios'!$G$237,0,0,1,'Financial Ratios'!$H$1)
capacity =OFFSET('Financial Ratios'!$G$221,0,0,1,'Financial Ratios'!$H$1)
capm_swit ='Valuation Parameters'!$L$11
cexp ='Financial Ratios'!$G$217:$X$217
cexp1 ='Financial Ratios'!$G$216
circularity_ ='Valuation Parameters'!$L$22
cl_rev =OFFSET('Financial Calculations'!$H$128,0,0,1,'Financial Ratios'!$G$1)
cost =OFFSET('Financial Ratios'!$G$241,0,0,1,'Financial Ratios'!$H$1)
cost_unit ='Financial Ratios'!$G$241:$X$241
cost_unit_ ='Financial Ratios'!$G$240
cpac ='Financial Ratios'!$G$221:$X$221
cpac_1 ='Financial Ratios'!$G$220
dbt_ebit ='Financial Ratios'!$G$245:$X$245
dbt_ebit_1 ='Financial Ratios'!$G$244
debt_balan=OFFSET('Financial Calculations'!$H$258,0,0,1,'Financial Ratios'!$AB$1)
debt_balan=OFFSET('Financial Calculations'!$H$260,0,0,1,'Financial Ratios'!$AB$1)
debt_cap ='Financial Ratios'!$G$181:$X$181
debt_cap_ ='Financial Ratios'!$G$180
debt_capita=OFFSET('Financial Ratios'!$G$181,0,0,1,'Financial Ratios'!$G$1)
debt_capit =OFFSET('Financial Ratios'!$G$180,0,0,1,'Financial Ratios'!$G$1)
debt_cash =OFFSET('Financial Ratios'!$G$189,0,0,1,'Financial Ratios'!$G$1)
debt_cash =OFFSET('Financial Ratios'!$G$188,0,0,1,'Financial Ratios'!$G$1)
debt_csh ='Financial Ratios'!$G$189:$X$189
debt_csh_ ='Financial Ratios'!$G$188
debt_mat ='Debt Parameters'!$F$9:$F$18
dep_exp =OFFSET('Financial Ratios'!$G$253,0,0,1,'Financial Ratios'!$H$1)
dep_rate_e=OFFSET('Financial Calculations'!$H$26,0,0,1,'Financial Ratios'!$AB$1)
dep_rate_p=OFFSET('Financial Calculations'!$H$27,0,0,1,'Financial Ratios'!$AB$1)
depr ='Financial Ratios'!$G$253:$X$253
depr_1 ='Financial Ratios'!$G$252
div_payout ='Financial Ratios'!$G$197:$X$197
div_payout ='Financial Ratios'!$G$196
div_share ='Financial Ratios'!$G$205:$X$205
div_share_ ='Financial Ratios'!$G$204
dividend_p =OFFSET('Financial Ratios'!$G$197,0,0,1,'Financial Ratios'!$AB$1)
ds_cr ='Financial Ratios'!$G$249:$X$249
ds_cr_1 ='Financial Ratios'!$G$248
dscr =OFFSET('Financial Ratios'!$G$249,0,0,1,'Financial Ratios'!$G$1)
dscr_base =OFFSET('Financial Ratios'!$G$248,0,0,1,'Financial Ratios'!$G$1)
earn_ps ='Financial Ratios'!$G$193:$X$193
earn_ps_1 ='Financial Ratios'!$G$192
ebit_margi ='Financial Ratios'!$G$165:$X$165
ebit_margi ='Financial Ratios'!$G$164
ebitda_mar=OFFSET('Financial Ratios'!$G$165,0,0,1,'Financial Ratios'!$G$1)
ebitda_mar=OFFSET('Financial Ratios'!$G$164,0,0,1,'Financial Ratios'!$G$1)
EBITDA_Mul ='Valuation Parameters'!$L$8
eps =OFFSET('Financial Ratios'!$G$193,0,0,1,'Financial Ratios'!$G$1)
eps_base =OFFSET('Financial Ratios'!$G$192,0,0,1,'Financial Ratios'!$G$1)
equity_mino='Equity Parameters'!$E$9:$L$22
expen ='Financial Ratios'!$G$213:$W$213
expen_1 ='Financial Ratios'!$G$212
expenses =OFFSET('Financial Ratios'!$G$213,0,0,1,'Financial Ratios'!$H$1)
final_forec ='Settings and Checks'!$C$5
final_histo ='Settings and Checks'!$C$4
growth_rat ='Valuation Parameters'!$L$18
hist_assets='Account Classification'!$C$17:$T$27
hist_div ='Account Classification'!$C$70:$T$70
hist_inc_st ='Account Classification'!$C$50:$T$64
hist_incom ='Account Classification'!$C$17:$T$27
hist_liab ='Account Classification'!$C$32:$T$39
hist_share ='Account Classification'!$C$71:$T$71
hist_vol ='Account Classification'!$C$73:$T$74
historic_ta ='Account Classification'!$B$11:$AE$168
initial_year ='Settings and Checks'!$C$3
int_cov ='Financial Ratios'!$G$185:$X$185
int_cov_1 ='Financial Ratios'!$G$184
int_rat ='Financial Ratios'!$G$177:$X$177
int_rat1 ='Financial Ratios'!$G$176
int_rate =OFFSET('Financial Ratios'!$G$177,0,0,1,'Financial Ratios'!$G$1)
int_rate_b =OFFSET('Financial Ratios'!$G$176,0,0,1,'Financial Ratios'!$G$1)
interest_c =OFFSET('Financial Ratios'!$G$185,0,0,1,'Financial Ratios'!$G$1)
interest_c =OFFSET('Financial Ratios'!$G$184,0,0,1,'Financial Ratios'!$G$1)
interest_e ='Financial Calculations'!$G$317:$W$317
interest_i ='Financial Calculations'!$G$308:$W$308
interest_i ='Financial Calculations'!$G$309:$W$309
interest_ra ='Financial Calculations'!$G$305:$W$305
interest_ra ='Financial Calculations'!$G$313:$W$313
interest_sc ='Debt Schedule'!$I$3:$AJ$11
is_1 ='Account Classification'!$C$50:$AF$64
market_to_='Valuation Parameters'!$L$10
mid_year ='Valuation Parameters'!$L$23
oper_parm ='Operating Parameters'!$F$9:$J$18
operating_ ='Operating Parameters'!$E$9:$J$18
operating_ ='Operating Parameters'!$E$9:$J$22
oth_inc_rat=OFFSET('Financial Calculations'!$H$34,0,0,1,'Financial Ratios'!$AB$1)
other_inv_r='Financial Inputs'!$J$10
p_e_multip ='Valuation Parameters'!$L$9
plt_cap ='Financial Ratios'!$G$233:$X$233
plt_cap_1 ='Financial Ratios'!$G$232
prc ='Financial Ratios'!$G$229:$X$229
prc_1 ='Financial Ratios'!$G$228
price =OFFSET('Financial Ratios'!$G$229,0,0,1,'Financial Ratios'!$H$1)
pv_cash =OFFSET(Valuation!$G$59,0,0,1,'Financial Ratios'!$AB$1)
q_ratio ='Valuation Parameters'!$L$20
replacemen='Valuation Parameters'!$L$19
ret_eq ='Financial Ratios'!$G$169:$X$169
reven ='Financial Ratios'!$G$209:$X$209
reven_1 ='Financial Ratios'!$G$208
revenues =OFFSET('Financial Ratios'!$G$209,0,0,1,'Financial Ratios'!$H$1)
roe =OFFSET('Financial Ratios'!$G$169,0,0,1,'Financial Ratios'!$G$1)
roe_1 ='Financial Ratios'!$G$168
roe_base =OFFSET('Financial Ratios'!$G$168,0,0,1,'Financial Ratios'!$G$1)
roi =OFFSET('Financial Ratios'!$G$173,0,0,1,'Financial Ratios'!$G$1)
roi_base =OFFSET('Financial Ratios'!$G$172,0,0,1,'Financial Ratios'!$G$1)
roic ='Financial Ratios'!$G$173:$X$173
roic_1 ='Financial Ratios'!$G$172
scenarios ='Financial Ratios'!$D$159:$AA$253
tax_rate =OFFSET('Financial Calculations'!$H$71,0,0,1,'Financial Ratios'!$AB$1)
test =Sheet1!$C$22
test4 =Sheet1!$F$12
title =Instructions!$G$20
total_debt_='Debt Schedule'!$I$3:$AJ$9
transactio ='Settings and Checks'!$C$6
val_1 ='Account Classification'!$C$81:$AF$85
val_2 ='Account Classification'!$C$148:$AF$148
val_scenar ='Valuation Parameters'!$K$30
value_nam ='Valuation Parameters'!$AA$7:$AA$10
value_trans=Valuation!$D$30:$AA$44
var_28 ="F37"
var_29 ="F38"
var_30 ="F39"
var_31 ="F40"
var_32 ="F41"
var_33 ="F42"
var_34 ="F43"
var_35 ="F44"
var_36 ="F45"
var_37 ="F46"
var_38 ="F47"
var_39 ="F48"
var_40 ="F49"
var_41 ="F50"
var_42 ="F51"
var_43 ="F52"
vol_1 ='Financial Ratios'!$G$224
volum ='Financial Ratios'!$G$225:$X$225
volum_1 ='Financial Ratios'!$R$224
volumes =OFFSET('Financial Ratios'!$G$225,0,0,1,'Financial Ratios'!$H$1)
x_range =OFFSET('Financial Ratios'!$G$159,0,0,1,'Financial Ratios'!$AB$1)
year_code ='Financial Calculations'!$G$5:$W$5
General Inputs
Miscellaneous Parameters
Projected Depreciation Rate

Income Tax Rate
Projected Other Income (excl interest)
Revenue Related Current Assets/Revenues (Pct)
Other Non Revenue Related Current Assets (Amount)
Expense Related Current Liabilities/Expenses
Other Current Liabilities (Amount)
Apply Net Operating Tax Loss in Calculations

Use Direct Plant Balance Inputs
Circularity Resolution Option BEGINNING BALANCE
Enter the data in the
blue cells.
Use historic analysis
meters to derive the
assumptions.
The macros allow you

to examine historic
data to construct
1 assumptions.
100.00%
0.00%
BEGINNING BALANCE 1.00
Equity Parameters
Equity and Minority Interest Parameters Company Name
Minority
Stock Price Interest
Dividend on New New Eqty Income
Year per Share Payout Ratio Issues Financing Statement
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
eters Company Name Div Method
Payout
Payout
Change in
Minority Minority
Interest Dividend 1 Debt/Cap
10
33
###
20
Debt Parameters
Debt Parameters Company Name
Debt Interest Rate Interest Rate New Debt

Year Maturities LTD STD Financing
2007 - 0.0%
2008 - 0.0% 0.00% 0.00%
2009 - 0.0% 0.00% 0.00%
2010 - 0.0% 0.00% 0.00%
2011 - 0.0% 0.00% 0.00%
2012 - 0.0% 0.00% 0.00%
2013 - 0.0% 0.00% 0.00%
2014 - 0.0% 0.00% 0.00%
2015 - 0.0% 0.00% 0.00%
2016 - 0.0% 0.00% 0.00%
2017 - 0.0% 0.00% 0.00%
2018 - 0.0% 0.00% 0.00%
2019 - 0.0% 0.00% 0.00%
2020 - 0.0% 0.00% 0.00%
mpany Name
Rate
Earned on Preferred
Securities Rate 1 ROE
5.00% 10
5.00%
5.00% ###
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00% 20
5.00%
5.00%
5.00%
5.00%
#VALUE!
Operating ParametersFinal Forecast Year 2006
Primary Operating Parameters Company Name
Year Revenues Expenses Capital Exp Capacity

0 0 2007
0 0 2008
0 0 2009
0 0 2010
0 0 2011
0 0 2012
0 2013
0 2014
0 2015
0 2016
0 2017
0 2018
0 2019
0 2020
ompany Name
Volume 1 ROIC
10 ###
33 ###
### ###
###
###
###
###
###
###
20 ###
###
#N/A
#VALUE!

Corporate Model Template

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Corporate Model Template

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Corporate Model Template

Initial Balance Sheet Year 1996

Title for Graphs and Reports Company Name

Section 1. Inputs for Summary Balance Sheet from Raw Financi

Section 2. Summary Income Statement from Financial Data

Section 4. Computions of Miscellaneous Change in Balance Sheet Account

Increase in Other Investments on the Balance Sheet

Change in Deferred Debits on Balance Sheet

Increase in Deferred Taxes

Section 5. Reconciliation of Historical Plant Accounts and Capital Expenditure

Depreciation and Amortization on Income Statement -

Change in Plant Assets on the Balance Sheet

Capital Expenditures in Cash Flow Statement

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

Common Equity on Balance Sheet -

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

Total Debt on Balance Sheet -

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

Actual Net Income

Actual Total Assets -

Actual Total Liabilities and Capital -

Actual Cash and Marketable Securities

Final Historic Year Index 11

ance Sheet from Raw Financial Data

1997 1998 1999 2000 2001 2002

1997 1998 1999 2000 2001 2002

ge in Balance Sheet Accounts -- DO NOT INPUT

1997 1998 1999 2000 2001 2002

unts and Capital Expenditures from Balance Sheet

1997 1998 1999 2000 2001 2002

nd Dividends from Balance Sheet and Dividends

1997 1998 1999 2000 2001 2002

Maturities from Balance Sheet - DO NOT INPUT

1997 1998 1999 2000 2001 2002

d Modeled Historic Data - DO NOT INPUT

2003 2004 2005 2006

2003 2004 2005 2006

2003 2004 2005 2006

2003 2004 2005 2006

2003 2004 2005 2006

Working Capital Working Capital

Other Cash Flow Inputs

Valuation Parameters Valuation Parameters

2000 2001 2002 2003 2004 2005 2006

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 0.00%

Assumptions Carried Over from Previous Sheets

Histo Balance Sheet and Cash Flow Other Investments

Hi 4. Deferred Items and Writeoffs

Histo Deferred Items

Histo Current Liabilities (Less Short-term Debt)

Hi 10. Other Assets and Liabilities

ShareEarnings Per Share

Earnings Per Share without Extraordinary

History History History History History History

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.0% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%