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11How to Use Guide | Old School Value Spreadsheet
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Old School Value
How to Use Guide
22How to Use Guide | Old School Value Spreadsheet
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Table of Contents
DCF Valuation ........................................................................................................................................ 5Price vs Value Graph ............................................................................................................................. 5
................................................................................................................ 5EPV is based on Bruce Greenwald's book. ............................................................................................ 6Net Net .................................................................................................................................................. 6Piotroski F score .................................................................................................................................... 6Altman Z Score ...................................................................................................................................... 7Beneish M Score ................................................................................................................................... 7Competitor Tab ..................................................................................................................................... 8Charts .................................................................................................................................................... 8StockDB ................................................................................................................................................. 8
Stable Cash Generator: Johnson & Johnson (JNJ) ..................................................................................... 9Growth Company Valuation: Apple (AAPL) ............................................................................................ 12Company in a Downturn: American Eagle Outfitters (AEO) ................................................................... 13
Reverse DCF Overview ............................................................................................................................ 15Reverse DCF Valuation of Microsoft (MSFT) ........................................................................................... 16Reverse DCF Valuation of Cisco (CSCO) .................................................................................................. 16Reverse DCF as a Point of Reference ...................................................................................................... 17
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Benjamin Graham Formula Discussion ................................................................................................... 18Step 1
Adjust Earnings Per Share ..................................................................................................... 18Step 2
1. Reproducing the Assets of Microsoft .............................................................................................. 20Step 1
Calculate the Value of Assets ................................................................................................ 20Step 2
Add back Marketing, R&D and Value Increasing Expenses .................................................. 21Step 3
Non Interest Bearing Debt and Cash ..................................................................................... 222. Earnings Power Value Calculation .................................................................................................. 23Subtract Maintenance CAPEX and Divide by Discount Rate ............................................................... 23Step 6
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