READ ME: Spreadsheet Guide

To best use this spreadsheet, make a copy each time you analyse a new business (so not to edit the
template). Fill out each page in order from start to finish while you are researching a business. ONLY
edit cells that are WHITE. Editing other cells may affect the formulas.

The spreadsheet is set up to work in 2018, where the LATEST annual report is 2017. The formulas
used in the value matrix and buy zone calculations will only work when 10 years of raw data has
been entered (Sales, EPS, FCF, Equity from 2008-2017)
NOT MICROSOFT EXCEL COMPATIBLE. YOU WILL NEED A GOOGLE ACCOUNT TO COPY AND EDIT THE SPREADSHEET. Go to http://drive.
google.com/ & create an account if you don't have one already. Then once you are logged in, with this spreadsheet open, click FILE > MAKE A
COPY, and save a copy to your own Google Drive.

Can't Edit The Spreadsheet Or Are You Trying To Request Access To Edit?
Click File, then Make A Copy, and you will be able to edit the copy. If you are still having trouble
then click the red text above and skip to 2:19 in the video for a tutorial
 FINANCIAL YEAR 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
SALES ($m.)
EPS
EQUITY ($m.)
FCF ($m.)
CURRENT ASSETS
CURRENT LIABILITIES
TOTAL LIABILITIES

PRICE/EARNINGS RATIO
5 YR LOW
5 YR HIGH
5 YR AVERAGE

DEBT RATIOS
Current Ratio #DIV/0!
Debt-to-Equity Ratio #DIV/0!

Return on Invested Capital

1 YR AVERAGE
5 YR AVERAGE
GROWTH 1YR 3 YR 5YR 7YR 9YR
SALES ($m.) #NUM! #NUM! #NUM! #NUM! #NUM!
EPS #NUM! #NUM! #NUM! #NUM! #NUM!
EQUITY ($m.) #NUM! #NUM! #NUM! #NUM! #NUM!
FCF ($m.) #NUM! #NUM! #NUM! #NUM! #NUM!
 ANNUAL RETURN INPUT INFO
Growth/PE 0 0 EPS (TTM)
#NUM! #NUM! #NUM! #NUM! #NUM! #NUM! TIME FRAME (Yrs)
#NUM! #NUM! #NUM! #NUM! #NUM! #NUM! Price
#NUM! #NUM! #NUM! #NUM! #NUM! #NUM!
#NUM! #NUM! #NUM! #NUM! #NUM! #NUM!
#NUM! #NUM! #NUM! #NUM! #NUM! #NUM!

STOCK PRICE IN YEARS

Growth/PE 0 0
#NUM! #NUM! #NUM! #NUM! #NUM! #NUM!
#NUM! #NUM! #NUM! #NUM! #NUM! #NUM!
#NUM! #NUM! #NUM! #NUM! #NUM! #NUM!
#NUM! #NUM! #NUM! #NUM! #NUM! #NUM!
#NUM! #NUM! #NUM! #NUM! #NUM! #NUM!
 INPUT INFO AUTO: BUY ZONE CALC Manual: BUY ZONE CALC Payback Time
EPS (TTM) Growth Estimate #NUM! Growth Estimate Free Cash Flow ($m.)
TIME FRAME (Yrs) FAIR VALUE #NUM! FAIR VALUE $0.00 Market Cap ($m.)
STOCK PRICE BUY PRICE #NUM! BUY PRICE $0.00 Growth Estimate
MARGIN OF SAFETY 50% SELL PRICE #NUM! SELL PRICE $0.00 Payback Time #DIV/0!
REQURED RATE OF RETURN 15% DECISION #NUM! DECISION #N/A BUY #DIV/0!

How to: Buy Zone Calc

The AUTO Buy Zone Calc automatically
estimates a growth rate based on previous
entries. You can use the Manual Buy Zone
Calc if you wish to pick your own growth
estimate.
 GROWTH Y0 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Terminal Value
MODEL 1 5.00% $100.0 $105 $110 $116 $122 $128 $134 $141 $148 $155 $163 $1,629
MODEL 2 5.00% $100.0 $105 $110 $116 $122 $128 $134 $141 $148 $155 $163 $1,629
MODEL 3 5.00% $100.0 $105 $110 $116 $122 $128 $134 $141 $148 $155 $163 $1,629
MODEL 4 5.00% $100.0 $105 $110 $116 $122 $128 $134 $141 $148 $155 $163 $1,629
MODEL 5 5.00% $100.0 $105 $110 $116 $122 $128 $134 $141 $148 $155 $163 $1,629

Risk-Free Rate 3% GROWTH Starting Cash Flow Intrinsic Value Buy Price
Required Rate Of Return 22% MODEL 1 5.00% $100.0 $2,290.01 $662.70
MODEL 2 5.00% $100.0 $2,290.01 $662.70
MODEL 3 5.00% $100.0 $2,290.01 $662.70
MODEL 4 5.00% $100.0 $2,290.01 $662.70
MODEL 5 5.00% $100.0 $2,290.01 $662.70

How to: DCF

Enter the estimated future growth rate
in the white cells, as well as the current
Owner's Earnings or Free Cash Flow
figure. Enter the current 10 Year US
Treasury Yield in 'Risk-Free Rate, and
your personal desired return below it.
Asset Value
Cash $5.00
Stock 1 $5.00
Stock 2 $5.00
Property $5.00
Bonds $5.00

Total $25.00