{"text_format":"1","workbook":"xlsx","n_sheets":3,"sheets":[" _DCF"," _Comps","Option_Value"],"not_rendered":{"charts":0,"images":0,"macros":1,"external_links":2,"defined_names":45,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":" _DCF","index":0,"n_rows":140,"n_cols":17,"rows_kept":140,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Company Name"]
[null,"Ticker"," "]
[null,"Share Price"]
[null,"Valuation Date "]
[]
[null,{"$f":"C2&\" (\"&C3&\") DISCOUNTED CASH FLOWS MODEL\"","v":" ( ) DISCOUNTED CASH FLOWS MODEL"}]
[null,"Fiscal year ends in December USD in thousands except per share data."]
[]
["x","FORECASTING CASH FLOWS"]
[]
[null,null,null,null,null,"Historical",null,null,null,null,"Projected"]
[null,null,null,null,null,2014,{"$f":"F13+1","v":2015},2016,2017,2018,2019,2020,2021,2022,2023]
[]
[]
[null,"Gross Profit"]
[]
[]
[]
[null,"EBIT"]
[null,"Taxes"]
[null,"Tax-effected EBIT"]
[]
[null,"Depreciation and amortization"]
[null,"Capex"]
[null,"Change in Net Working Capital"]
[null,"Unlevered free cash flows"]
[]
[]
[null,null,null,null,null,"Historical",null,null,null,null,"Projected"]
[null,null,null,null,null,{"$f":"F13","v":2014},{"$f":"F31+1","v":2015},2016,2017,2018,2019,2020,2021,2022,2023]
[null,"Assumptions"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Step"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Step"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Step"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Step"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Step"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Step"]
[]
[]
["x","TERMINAL VALUE AND EQUITY VALUE PER SHARE"]
[]
[null,null,null,null,null,"Terminal Value - Perpetuity Growth",null,null,null,null,"Terminal Value - Exit Multiple",null,null,null,null,"Option Drag"]
[null,null,null,null,null,"WACC - for terminal value"]
[null,null,null,null,null,"Unlevered FCF in terminal year",null,null,null,null,"Terminal year EBITDA",null,null,null,null,"Implied Equity Value (Using TV)"]
[null,null,null,null,null,"Terminal growth rate",null,null,null,null,"Terminal year EBITDA multiple",null,null,null,null,"Basic Shares"]
[null,null,null,null,null,"Terminal value",null,null,null,null,"Terminal value",null,null,null,null,"Value of Options"]
[null,null,null,null,null,"WACC - current",null,null,null,null,"WACC - current",null,null,null,null,"Implied Equity Value per Share"]
[null,null,null,null,null,"PV of Terminal Value",null,null,null,null,"PV of Terminal Value"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Treasury Outstanding Options"]
[null,null,null,null,null,"PV of Unlevered Free Cash Flows",null,null,null,null,"PV of Unlevered Free Cash Flows",null,null,null,null,"Implied Equity Value"]
[null,null,null,null,null,"Total Enterprise Value",null,null,null,null,"Total Enterprise Value",null,null,null,null,"Diluted Shares Outstanding"]
[null,null,null,null,null,"Net debt + Preferred stock + NCI",null,null,null,null,"Net debt + Preferred stock + NCI",null,null,null,null,"Total Proceeds"]
[null,null,null,null,null,"Implied Equity Value",null,null,null,null,"Implied Equity Value",null,null,null,null,"Implied Equity Value per Share"]
[null,null,null,null,null,"Diluted Shares Outstanding",null,null,null,null,"Diluted Shares Outstanding"]
[null,null,null,null,null,"Implied Equity Value per Share",null,null,null,null,"Implied Equity Value per Share"]
[]
[]
[]
["x","WORKING CAPITAL SCHEDULE"]
[]
[]
[null,null,null,null,null,"Historical",null,null,null,null,"Projected"]
[null,null,null,null,null,{"$f":"F13","v":2014},{"$f":"F64+1","v":2015},2016,2017,2018,2019,2020,2021,2022,2023]
[null,"Total current assets"]
[]
[]
[null,"Total non-cash current assets"]
[]
[null,"Total current liabilities"]
[]
[]
[null,"Total non-debt current liabilities"]
[]
[null,"Non-cash Net Working Capital"]
[null,"Change in NWC"]
[]
[]
[null,null,null,null,null,"Historical",null,null,null,null,"Projected"]
[null,null,null,null,null,{"$f":"F64","v":2014},{"$f":"F80+1","v":2015},2016,2017,2018,2019,2020,2021,2022,2023]
[null,"Non-cash NWC as a % of Sale"]
[]
[]
["x","DILUTED SHARES"]
[]
[]
[null,null,null,null,null,"Treasury with a Twist- All Outstanding Options",null,null,null,null,"Treasury Method- All Outstanding Options"]
[null,null,null,null,null,"Basic share count",null,null,null,null,"Basic share count"]
[null,null,null,null,null,"Outstanding options",null,null,null,null,"Oustanding options"]
[null,null,null,null,null,"Exercise price",null,null,null,null,"Exercise price"]
[null,null,null,null,null,"Current share price",null,null,{"$f":"C4","v":0}]
[null,null,null,null,null,"In-the-money options"]
[null,null,null,null,null,"Total proceeds",null,null,null,null,"Total proceeds"]
[null,null,null,null,null,"Total shares repurchased"]
[null,null,null,null,null,"Diluted shares outstanding",null,null,null,null,"Diluted shares outstanding"]
[]
[]
["x","WACC"]
[]
[null,null,null,null,null,"Current"]
[null,"Percent of Capital"]
[null,"Total debt"]
[null,"Share price",null,null,null,{"$f":"C4","v":0}]
[null,"Shares outstanding"]
[null,"Market value of equity"]
[]
[null,"Weight of debt"]
[null,"Weight of equity"]
[]
[null,"Cost of debt"]
[null,"Pre-tax cost of debt"]
[null,"Marginal tax rate"]
[]
[null,"Cost of equity"]
[null,"Risk-free rate"]
[null,"Market risk premium (Rm - Rf)"]
[null,"Beta"]
[null,"Cost of equity"]
[]
[null,"Weighted average cost of capital"]
[]
["x","BOTTOM UP BETA"]
[]
[]
[null,null,null,null,"MV","Book Value","Debt/","Reg","Unlevered",null,"Marginal "]
[null,"Company","Ticker",null,"Equity","Debt","Equity","Beta","Beta",null,"Tax Rate"]
[]
[]
[]
[]
[]
[]
[]
[null,"Average unlevered beta"]
[null,"Average unlevered beta (Full industry)"]
[null,{"$f":"C3&\" Debt/Equity ratio\"","v":"  Debt/Equity ratio"}]
[null,{"$f":"C3&\" Tax Rate\"","v":"  Tax Rate"}]
[null,{"$f":"C3&\" Levered Beta\"","v":"  Levered Beta"}]
[]
["x","SENSITIVITY ANALYSIS"]

{"sheet":" _Comps","index":1,"n_rows":26,"n_cols":17,"rows_kept":26,"cut":false,"hidden":false,"merged":[]}
[]
[null,{"$f":"' _DCF'!C2&\"Valuation with Public Comparables\"","v":"Valuation with Public Comparables"}]
[null,{"$f":"' _DCF'!B8","v":"Fiscal year ends in December USD in thousands except per share data."}]
[null,"Valuation for period ended "]
[null,"Ticker",{"$f":"' _DCF'!C3","v":" "}]
[null,"Valuation Date"]
[null,"Company Name",{"$f":"' _DCF'!C2","v":0},null,null,null,null,"Enterprise Value Multiples",null,null,null,null,null,"Equity Value Multiples"]
[null,null,null,null,null,"Market Value","Enterprise",null,null,null,"Forward","5 year growth","BV","Forward","Forward","Price(Market)-","Cash/MS as "]
[null,"Company","Ticker","Share price",null,"of Equity","Value","EV/Sales","EV/EBIT","EV/EBITDA","EPS","rate","Equity","P/E","PEG","to-Book","% of TA"]
[null,{"$f":"' _DCF'!C2","v":0},{"$f":"C5","v":" "},{"$f":"' _DCF'!C4","v":0}]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,"High"]
[null,null,null,null,null,null,"Mean"]
[null,null,null,null,null,null,"Median"]
[null,null,null,null,null,null,"Low"]
[]
[]
[null,null,null,"Implied price per share","Diluted shares outstanding","Implied Equity Value","Implied Enterprise Value","Range of EV/Sales","Range of EV/EBIT","Range of EV/EBITDA",null,null,null,"Range of Forward P/E","Range of Forward PEG","Range of Price-to-Book","Excess Cash"]
[null,{"$f":"' _DCF'!C2","v":0}]

{"sheet":"Option_Value","index":2,"n_rows":30,"n_cols":7,"rows_kept":30,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Valuing Options or Warrants"]
[null,"Enter the current stock price ="]
[null,"Enter the strike price on the option ="]
[null,"Enter the expiration of the option ="]
[null,"Enter the standard deviation in stock prices =",null,null,null,"(volatility)"]
[null,"Enter the annualized dividend yield on stock ="]
[null,"Enter the treasury bond rate ="]
[null,"Enter the number of options outstanding ="]
[null,"Enter the number of shares outstanding ="]
[]
[null,"Circuit Breaker","OFF"]
[]
[null,"Do not input any numbers below this line"]
[null,"VALUING WARRANTS WHEN THERE IS DILUTION"]
[null,"Stock Price=",null,{"$f":"E3","v":0},"# Warrants issued=",null,{"$f":"E9","v":0}]
[null,"Strike Price=",null,{"$f":"E4","v":0},"# Shares outstanding=",null,{"$f":"E10","v":0}]
[null,"Adjusted S =",null,{"$f":"(D16*G17+D29*G16)/(G17+G16)","v":{"$error":"#DIV/0!"}},"T.Bond rate=",null,{"$f":"E8","v":0}]
[null,"Adjusted K =",null,{"$f":"D17","v":0},"Variance=",null,{"$f":"E6^2","v":0}]
[null,"Expiration (in years) =",null,{"$f":"E5","v":0},"Annualized dividend yield=",null,{"$f":"E7","v":0}]
[null,null,null,null,"Div. Adj. interest rate=",null,{"$f":"G18-G20","v":0}]
[]
[null,"d1 = ",{"$f":"(LN(D18/D19)+(G21+(G19/2))*D20)/(((G19)^(0.5))*(D20^0.5))","v":{"$error":"#DIV/0!"}}]
[null,"N (d1) =",{"$f":"NORMSDIST(C23)","v":{"$error":"#DIV/0!"}}]
[]
[null,"d2 = ",{"$f":"C23-((G19^0.5)*(D20^(0.5)))","v":{"$error":"#DIV/0!"}}]
[null,"N (d2) =",{"$f":"NORMSDIST(C26)","v":{"$error":"#DIV/0!"}}]
[]
[null,"Value per option = ",null,{"$f":"IF(C12=\"OFF\",((EXP((0-G20)*D20))*D18*C24-D19*(EXP((0-G18)*D20))*C27),0)","v":{"$error":"#DIV/0!"}}]
[null,"Value of all options outstanding =",null,null,{"$f":"D29*E9","v":{"$error":"#DIV/0!"}}]