YEARS 0 1 2 3 4 5 6 7 8 9 10

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
SALES, COSTS and EBIT
Price
growth
Volume
growth
Sales
growth
Direct costs : variable costs
% sales
Direct costs : fixed Cost
Transfer cost to headquarters
Total cost
growth
EBITDA
growth
depreciation
EBIT
growth

INVESTMENTS
Investments
Investrments (intangible) : Patent
Depreciation
WORKING CAPITAL
Receivables
Payables
Inventories
TOTAL WORKING CAPITAL
as a % of sales
Change in working capital

FREE CASH FLOW TO THE FIRM

Implicit taxation
NOP(L)AT
Change in working capital
FCFF

VALUATION
YEARS 0 1 2 3 4 5 6 7 8 9 10
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
DISCOUNTED CF
Taxes paid
WACC
Cumul. discount factor
<> LT rate discount factor for comparison
DFCFF
Cumulated DCF value
TERMINAL VALUE

Terminal value

TOTAL VALUE
YEARS 0 1 2 3 4 5 6 7 8 9 10
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
SALES, COSTS and EBIT
Price
growth
Volume
growth
Sales
growth
Direct costs : variable costs
% sales
Direct costs : fixed Cost
Transfer cost to headquarters
Total cost
growth

INVESTMENTS
Investments (tangible)
Investrments (intangible) : Patent
Depreciation
WORKING CAPITAL
Receivables
Payables
Inventories
TOTAL WORKING CAPITAL
as a % of sales
Change in working capital
HYPOTHESES
Income & cost projections growth of…
For 4 years Then
Price 100 Euros 30% -20%
Volume 1.00 million 80% 0%

Direct costs as a % of sales 60% 45%

Fixed Cost 150 million 0%
Administrative contribution 75 million 0%

SWITCHING TO SIMPLIFIED SALES and WC

Sales Peak 100% 10-years -20%
WC as % of SALES 6%

Investment growth of…

Initial investment 500 million -25% a year up to 100 million
Patent 600 million
Depreciation Linear
Accelerated
WORKING CAPITAL
Receivables 30 days
Payables 60 days
Inventories 45 days

Economic and financial data

Taxation (_tax) 30%

New equity (_equ) 400 million at 12% WACC (wacc)

New debt (_deb) 700 million at 5% WACC (no tax)
Debt maturity 5 years
Debt Type
LABELING of INPUTS
ingrowth
inpri1 grpri1 grpri2
insal1 grsal1 grsal2

dircos1 dircos2
fcos fcgr1
admin1 gradmin1

ininv1 grinv1 ssinv1

_amo

_tax

_equ wacc1
_deb wacc2
dterm
Acelerated 1
Linear yes
Bank debt no
Bond
3
5
7
10
Depreciated
Not depreciated
LEGEND
DATA AND COMPUTATION
Either labels or data directly taken from another working sheet
Calculation
Data range: in a row, a formula is different in a given cell as compared to the rest of the row
Intermediate or secundary calculation generally directly linked to the previous line
Intermediate or secundary calculation generally directly linked to the previous line
Specific ad-hoc calculation added directly in the model

RESULTS
Important result. Sometimes result from the specific worksheet to be used elsewhere (ex. depreciation of investment and d
Subtotals in the calculation process

HYPOTHESES
Specific hypothesis derived from another sheet
Specific hypothesis input directly on this sheet / in this cell
Specific data taken from outside sources and used for the calculation

SPECIAL STUFF
Stuff in conditional formating for payback period
Attracting attention on a trap / specific point / change in the modeling during the modeling process
cell as compared to the rest of the row
ectly linked to the previous line
lly directly linked to the previous line

worksheet to be used elsewhere (ex. depreciation of investment and debt)

r the calculation

nge in the modeling during the modeling process