READ ME: Spread

To best use this spreadsheet, make a copy each time y

template). Fill out each page in order from start to finish
cells that are WHITE. Editing other cel

The spreadsheet is set up to work in 2018/2019, w

formulas used in the value matrix and buy zone calcu
been entered (Sales, EPS, FCF, E
NOT MICROSOFT EXCEL COMPATIBLE. YOU WILL NEED A GOOGLE A
to http://drive.google.com/ & create an account if you don't have one alr
open, click FILE > MAKE A COPY, and save a co
 ME: Spreadsheet Guide
make a copy each time you analyse a new business (so not to edit the
rder from start to finish while you are researching a business. ONLY edit
WHITE. Editing other cells may affect the formulas.

work in 2018/2019, where the LATEST annual report is 2018. The

rix and buy zone calculations will only work when 10 years of raw data has
ered (Sales, EPS, FCF, Equity from 2009-2018)
BLE. YOU WILL NEED A GOOGLE ACCOUNT TO COPY AND EDIT THE SPREADSHEET. Go
e an account if you don't have one already. Then once you are logged in, with this spreadsheet
ck FILE > MAKE A COPY, and save a copy to your own Google Drive.
 FINANCIAL YEAR 2009 2010 2011 2012
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
2013 2014 2015 2016 2017 2018
GROWTH 1YR 3 YR 5YR 7YR
SALES ($m.) 10.00% 10.00% 10.00% 10.00%
EPS 10.00% 10.00% 10.00% 10.00%
EQUITY ($m.) 10.00% 10.00% 10.00% 10.00%
FCF ($m.) 10.00% 10.00% 10.00% 10.00%

0.12

0.1

0.08

SALES ($m.)
0.06 EPS
EQUITY ($m.)
FCF ($m.)
0.04

0.02

0
1YR 3 YR 5YR 7YR 9YR
9YR
10.00%
10.00%
10.00%
10.00%
 ANNUAL RETURN
Growth/PE 0 0 0 0
2.50% Err:502 Err:502 Err:502 Err:502
5.00% Err:502 Err:502 Err:502 Err:502
10.00% Err:502 Err:502 Err:502 Err:502
12.50% Err:502 Err:502 Err:502 Err:502
15.00% Err:502 Err:502 Err:502 Err:502

STOCK PRICE IN 0 YEARS

Growth/PE 0 0 0 0
2.50% $0.00 $0.00 $0.00 $0.00
5.00% $0.00 $0.00 $0.00 $0.00
10.00% $0.00 $0.00 $0.00 $0.00
12.50% $0.00 $0.00 $0.00 $0.00
15.00% $0.00 $0.00 $0.00 $0.00
 INPUT INFO
0 EPS (TTM)
Err:502 TIME FRAME (Yrs)
Err:502 Price
Err:502
Err:502
Err:502

0
$0.00
$0.00
$0.00
$0.00
$0.00
 INPUT INFO AUTO: BUY ZONE CALC
EPS (TTM) Growth Estimate 0.1
TIME FRAME (Yrs) FAIR VALUE $0.00
STOCK PRICE BUY PRICE $0.00
MARGIN OF SAFETY 50% SELL PRICE $0.00
REQURED RATE OF RETURN 15% DECISION #NAME?

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.
 Manual: BUY ZONE CALC Payback Time
Growth Estimate 5% Free Cash Flow ($m.)
FAIR VALUE $0.00 Market Cap ($m.)
BUY PRICE $0.00 Growth Estimate
SELL PRICE $0.00 Payback Time
DECISION #NAME? BUY
Payback Time
$0.00

#DIV/0!
#DIV/0!
 GROWTH Y0 Y1 Y2
MODEL 1 0.00% $100.0 $100 $100
MODEL 2 0.00% $100.0 $100 $100
MODEL 3 5.00% $100.0 $105 $110
MODEL 4 5.00% $100.0 $105 $110
MODEL 5 5.00% $100.0 $105 $110

Risk-Free Rate 3% GROWTH

Required Rate Of Return 22% MODEL 1 0.00%
MODEL 2 0.00%
MODEL 3 5.00%
MODEL 4 5.00%
MODEL 5 5.00%
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.
Y3 Y4 Y5 Y6 Y7
$100 $100 $100 $100 $100
$100 $100 $100 $100 $100
$116 $122 $128 $134 $141
$116 $122 $128 $134 $141
$116 $122 $128 $134 $141

Starting Cash Flow Intrinsic Value Buy Price

$100.0 $1,575.44 $504.53
$100.0 $1,575.44 $504.53
$100.0 $2,290.01 $662.70
$100.0 $2,290.01 $662.70
$100.0 $2,290.01 $662.70
Y8 Y9 Y10 Terminal Value
$100 $100 $100 $1,000
$100 $100 $100 $1,000
$148 $155 $163 $1,629
$148 $155 $163 $1,629
$148 $155 $163 $1,629
Asset Value
Cash $5.00
Stock 1 $5.00
Stock 2 $5.00
Property $5.00 20%
Bonds $5.00

Total $25.00
20%

20%
 20%

Asset
Cash
Stock 1
Stock 2
Property
Bonds

20%

20%