BUSINESS VALUATION - BLANK MODEL SET: THE BOOK'S OWN INPUTS

Type these back into the blank files and the book's results come back. Cell references are sheet!cell.

The_Three_Values_Blank.xlsx

   Inputs!B7                         48000000
   Inputs!B8                         0.175
   Inputs!B9                         1600000
   Inputs!B10                        0.25
   Inputs!B11                        1900000
   Inputs!B12                        400000
   Inputs!B13                        11200000
   Inputs!B14                        4000000
   Inputs!B19                        0.09
   Inputs!B20                        0.02
   Inputs!B22                        0.06
   Inputs!B23                        0.055
   Inputs!B24                        0.05
   Inputs!B25                        0.045
   Inputs!B26                        0.04
   The Three Values!B29              7.4
   The Three Values!B30              8
   The Three Values!B31              8.2
   The Three Values!B32              8.9
   The Three Values!B33              9.6
   The Three Values!B41              9.1
   The Three Values!B42              10
   The Three Values!B43              10.4
   The Three Values!B44              11.2
   The Three Values!B45              12.3

   Result: 73,060,585 (DCF), 68,880,000 and 87,360,000; implied growth 1.44, 2.00 and 3.41 per cent.

The_Discounted_Cash_Flow_Blank.xlsx

   Inputs!B7                         48000000
   Inputs!B8                         0.175
   Inputs!B9                         1600000
   Inputs!B10                        0.25
   Inputs!B11                        1900000
   Inputs!B12                        400000
   Inputs!B13                        11200000
   Inputs!B14                        4000000
   Inputs!B19                        0.09
   Inputs!B20                        0.02
   Inputs!B22                        0.06
   Inputs!B23                        0.055
   Inputs!B24                        0.05
   Inputs!B25                        0.045
   Inputs!B26                        0.04
   Cost of Capital!B5                0.032
   Cost of Capital!B6                0.06
   Cost of Capital!B7                1.2
   Cost of Capital!B9                0.064
   Cost of Capital!B11               0.75

   Result: enterprise value 73,060,585, terminal value 72.78 per cent of it; the cost of capital build-up returns 9.00 per cent.

Multiples_and_the_Premium_Blank.xlsx

   Inputs!B7                         48000000
   Inputs!B8                         0.175
   Inputs!B9                         1600000
   Inputs!B10                        0.25
   Inputs!B11                        1900000
   Inputs!B12                        400000
   Inputs!B13                        11200000
   Inputs!B14                        4000000
   Inputs!B19                        0.09
   Inputs!B20                        0.02
   Inputs!B22                        0.06
   Inputs!B23                        0.055
   Inputs!B24                        0.05
   Inputs!B25                        0.045
   Inputs!B26                        0.04
   Multiples!B8                      7.4
   Multiples!B9                      8
   Multiples!B10                     8.2
   Multiples!B11                     8.9
   Multiples!B12                     9.6
   Multiples!B20                     9.1
   Multiples!B21                     10
   Multiples!B22                     10.4
   Multiples!B23                     11.2
   Multiples!B24                     12.3

   Result: medians 8.20x and 10.40x; the premium of 18,480,000 requires 1,724,800 a year before tax.

Backing_Out_the_Assumption_Blank.xlsx

   Inputs!B7                         48000000
   Inputs!B8                         0.175
   Inputs!B9                         1600000
   Inputs!B10                        0.25
   Inputs!B11                        1900000
   Inputs!B12                        400000
   Inputs!B13                        11200000
   Inputs!B14                        4000000
   Inputs!B19                        0.09
   Inputs!B20                        0.02
   Inputs!B22                        0.06
   Inputs!B23                        0.055
   Inputs!B24                        0.05
   Inputs!B25                        0.045
   Inputs!B26                        0.04
   Inputs!B30                        0.02
   Inputs!B31                        22000000
   Inputs!B32                        0.2
   Inputs!B37                        7.4
   Inputs!B38                        8
   Inputs!B39                        8.2
   Inputs!B40                        8.9
   Inputs!B41                        9.6
   Inputs!B44                        9.1
   Inputs!B45                        10
   Inputs!B46                        10.4
   Inputs!B47                        11.2
   Inputs!B48                        12.3
   Backing Out!B21                   80000000

   Result: implied growth 1.44 and 3.41 per cent; net proceeds 64,109,440. Backing Out B21 is your own value (80,000,000 in the book's file).

