Valuation Template (Thomson ONE SEC 10-Yr)

8/19/2019 Valuation Template (Thomson ONE SEC 10-Yr)

http://slidepdf.com/reader/full/valuation-template-thomson-one-sec-10-yr 1/59

Projections and ValuationEstimated price for most recent fiscal year 12/30/1899 = #D V/0!

Estimated price for tar"et date 3/1 /201$ = #D V/0!%ost &ecent Projected

12/30/99 12/30/00

ncome 'tatement () *+ousands,Sales $ 0 #DIV/0!Costs of goods sold (COGS) 0 #DIV/0!Sales, general and administrative ex ense (SG ) 0 #DIV/0!De re"iation 0 #DIV/0!O erating rofit $ 0 #DIV/0!Interest ex ense 0 0Interest in"ome 0 0

ono erating in"ome ( x ense) #DIV/0! #DIV/0!arnings %efore taxes ( &') #DIV/0! #DIV/0!

'ax ex ense #DIV/0! #DIV/0!et in"ome %efore extraordinar items #DIV/0! #DIV/0!

fter tax extraordinar in"ome ( x ense) #DIV/0! #DIV/0!-et income (- , #DIV/0! #DIV/0!

Dividends referred $ 0 $ 0Dividends "ommon $ 0 #DIV/0!

dditions to * #DIV/0! #DIV/0!

.alance '+eets () *+ousands, 12/30/99 12/30/00 ssets

Cas+ $ 0 #DIV/0!Inventor 0 #DIV/0! ""o nts re"eiva%le 0 #DIV/0!Ot+er s+ort term o erating assets 0 #DIV/0!S+ort term investments 0 #DIV/0!

*otal current assets $ 0 #DIV/0!et lant, ro ert , - e. i ment ( ) 0 #DIV/0!

Ot+er long term o erating assets 0 #DIV/0!ong term investments 0 #DIV/0!

*otal ssets $ 0 #DIV/0!

ia ilities and E uity ""o nts a a%le ( ) $ 0 #DIV/0! ""r als 0 #DIV/0!Ot+er o erating " rrent lia%ilities 0 #DIV/0!

ll s+ort term de%t 0 #DIV/0!*otal current lia ilities $ 0 #DIV/0!

ong term de%t 0 #DIV/0!Deferred taxes 0 #DIV/0!





6alculatin" Value6 CC #DIV/0! #DIV/0!

ss med long term ret rn on invested "a ital7ori8on val eVal e of o erations #DIV/0! #DIV/0!

#DIV/0! #DIV/0!Val e of investments 0 #DIV/0!'otal val e of firm #DIV/0! #DIV/0!

0 #DIV/0!Val e of e. it #DIV/0! #DIV/0!

m%er of s+ares 0 0Estimated price per s+are; end of fiscal year #D V/0! #D V/0!

Price per s+are on tar"et date3ost re"ent a"t al fis"al ear end 9:/;0/9<=='arget val ation date ;/9>/:09?3ost re"ent fis"al ear end rior to target date In"orre"t target val ation date in &90<

#V @ !Val e of o erations on target date # /Val e of investments on target date # /'otal val e of firm on target date # /

# /Val e of e. it on target date # /

m%er of s+ares on target date # /

Price per s+are; tar"et date #D V/0!

'elected Projected &atios and t+er Dataro2e"ted e"onomi" rofit ( ) #DIV/0! #DIV/0!ro2e"ted mar1et val e added (3V ) #DIV/0! #DIV/0!ri"e/earnings ratio ( / ratio) #DIV/0! #DIV/0!

3ar1et to %oo1 ratio #DIV/0! #DIV/0!Val e/ &I'D ratio #DIV/0! #DIV/0!Val e/Sales ratio #DIV/0! #DIV/0!'imes interest earned ratio # / # /

ong term de%t/val e of o erations #DIV/0!

'tatement of 6as+ 7lo:speratin" cti<itieset in"ome #DIV/0! #DIV/0!

De re"iation 0 #DIV/0!C+ange in deferred tax 0 #DIV/0!

C+ange in inventor 0 #DIV/0!

Val e of o erations ad2 sted for +alf ear"onvention

Val e of all de%t, referred sto"1, and ot+ernono erating lia%ilities

m%er of da s from target to fis"al ear endrior to target

Val e of de%t, referred sto"1, and ot+ernono erating lia%ilities on target date



C+ange in a""o nts re"eiva%le 0 #DIV/0!C+ange in ot+er s+ort term o erating assets 0 #DIV/0!C+ange in a""o nts a a%le 0 #DIV/0!C+ange in a""r als 0 #DIV/0!C+ange in ot+er " rrent lia%ilities 0 #DIV/0!

-et cas+ from operatin" acti<ities #DIV/0! #DIV/0!

n<estin" cti<itiesInvestment in $ 0 #DIV/0!Investment in ot+er long term o erA assA 0 #DIV/0!

-et cas+ from in<estin" acti<ities $ 0 #DIV/0!

7inancin" cti<itiesC+ange in s+ort term investments $ 0 #DIV/0!C+ange in long term investments 0 #DIV/0!C+ange in s+ort term de%t 0 #DIV/0!C+ange in long term de%t 0 #DIV/0!

referred dividends 0 0C+ange in referred sto"1 0 #DIV/0!C+ange in ot+er long term lia%ilities 0 #DIV/0!C+ange in "ommon sto"1 ( ar B IC) #DIV/0! #DIV/0!Common dividends 0 #DIV/0!

-et cas+ from financin" acti<ities #DIV/0! #DIV/0!

-et cas+ flo: #DIV/0! #DIV/0!Starting "as+ 0 0

nding "as+ #DIV/0! #DIV/0!



Projected Projected Projected Projected Projected Projected 12/30/01 12/30/02 12/30/03 12/30/04 12/30/05 12/30/06

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

12/30/01 12/30/02 12/30/03 12/30/04 12/30/05 12/30/06

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!



#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!


#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#D V/0! #D V/0! #D V/0! #D V/0! #D V/0! #D V/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!


#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!







0 0 0 0 0 0#D V/0! #D V/0! #D V/0! #D V/0! #D V/0! #D V/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!















12/30/07 12/30/08 12/30/09 12/30/10 12/30/11 12/30/12



















0 0 0 0 0 0#D V/0! #D V/0! #D V/0! #D V/0! #D V/0! #D V/0!
















12/30/13 12/30/14 12/30/15 12/30/16 12/30/17 12/30/18



















0 0 0 0 0 0#D V/0! #D V/0! #D V/0! #D V/0! #D V/0! #D V/0!













Projected 12/30/19

#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!

#DIV/0!#DIV/0!#DIV/0!

12/30/19

#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!

#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!



#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!

#DIV/0!#DIV/0!


#DIV/0!#DIV/0!#D V/0!

#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!

#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!

#DIV/0!

#DIV/0!#DIV/0!#DIV/0!#DIV/0!





#DIV/0!#DIV/0!

0#D V/0!

#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!


#DIV/0!










nputs for Projections and Valuation

Enter inputs in yello: cells>ey utput of Valuation4

Projected & 6 at +ori?on = #D V/0!

Estimated price for ### = #D V/0!Estimated price for 3/1 /201$ = #D V/0!

nputsNumber of years historical data a aly!ed 10

<era"e *rend %ost &ecent "atios to calculate o#erati $ #rofit #DIV/0!Sales gro4t+ rate #DIV/0! #DIV/0! #DIV/0! #DIV/0! A00COGS / Sales #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!SG / Sales #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

De re"iation / et #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!"atios to calculate o#erati $ ca#ital Cas+ / Sales #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!Inventor / Sales #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

""tsA re"A / Sales #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!Ot+er s+ort term o erating assets/Sales #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

et / Sales #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!Ot+er long term o A A / Sales #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

""tsA a A/ Sales #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! ""r als / Sales #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!Ot+er " rrent lia%ilities / Sales #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!"atios to calculate o#erati $ ta%esDeferred taxes/ et #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

verage tax rate ('axes/ &') #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!3arginal tax rate #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!&i'ide d a d debt ratiosDividend oli" E gro4t+ rate # / # / # / #DIV/0! A00

ong term de%t / mar1et val e of firm # / # / #DIV/0! #DIV/0! #DIV/0!referred sto"1 / mar1et val e of firm # / # / # / #DIV/0! #DIV/0!

Co on rate on referred sto"1 # / # / # / A00 A00ermanent "om onent of s+ort term de%t / ma # / # / # / #DIV/0! #DIV/0!

ono A in"A / Sales #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!xtrA in"A / Sales #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!ong term investments / Sales #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Ot+er long term lia%A / Sales #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!( terest ratesInterest rate on "as+ 0A00 0A00Interest rate on s+ort term investA 9A;0 A00Interest rate on all " rrent de%t ?A00 ?A00Interest rate on long term de%t ?A00 ?A00

Aistorical Values for &atios Bsed toProject 7inancial 'tatements

'tartin"rate

on"*erm rate

"atios to calculate rest of i comestateme t a d bala ce sheet

1895 1900

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00% S



)ost of )a#ital a d *+, "-() 6eig+ted verage Cost of Ca ital (6 CC) #DIV/0!

ong term ret rn on invested "a ital #DIV/0!

'arget val ation date ;/9>/:09?





1900 1901 1902 1903 1904 1905

Projected Projected Projected Projected Projected Projected

" r a p

+

1900 1901 1902 1903 190 190C

10 0.10 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!10 0.10 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!10 0.10 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

10 0.10 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

10 0.10 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!10 0.10 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!10 0.10 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!10 0.10 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!10 0.10 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!10 0.10 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!10 0.10 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!10 0.10 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!10 0.10 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

10 0.10 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!10 0.10 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!10 0.10 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

10 0.10 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!10 0.10 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!10 0.10 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!10 0.10 A0 A0 A0 A0 A0 A010 0.10 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

10 0.10 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!10 0.10 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!10 0.10 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!10 0.10 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

10 0.10 0A00 0A00 0A00 0A00 0A00 0A0010 0.10 9A;0 9A<? :A;? :A<: ;A:; ;A?010 0.10 ?A00 ?A00 ?A00 ?A00 ?A00 ?A0010 0.10 ?A00 ?A00 ?A00 ?A00 ?A00 ?A00

*ime untillon" term

(years, 7ade&ate

1905 1910 1915 1920 1925

les growth rate Historical

Sales gCGS

SGA

Depr

CashInvty

AcctRec

Othr STANet PPE

Othr LTA

Acct Pay

Accruals

Othr CL

De Ta!Avg Ta!

"arg Ta!

D#v gLTD$"%

P&S$"%

P&S Cpn

Per' STD

N(OP IncE! Inc

LT InvOthr LT L

Cash IntST#nv Int

Cur D Int

LT D Int







1906 1907 1908 1909 1910 1911 1912 1913 1914 1915

Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected

190$ 190 1908 1909 1910 1911 1912 1913 191 191C

#DIV/0! #DIV/0! #DIV/0! #DIV/0! A0 A0 A0 A0 A0 A0#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! A0 A0 A0 A0 A0 A0#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

A0 A0 A0 A0 A0 A0 A0 A0 A0 A0#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

0A00 0A00 0A00 0A00 0A00 0A00 0A00 0A00 0A00 0A00;A=> >A: >A : >AFF A00 A00 A00 A00 A00 A00?A00 ?A00 ?A00 ?A00 ?A00 ?A00 ?A00 ?A00 ?A00 ?A00?A00 ?A00 ?A00 ?A00 ?A00 ?A00 ?A00 ?A00 ?A00 ?A00







1916 1917 1918 1919

Projected Projected Projected Projected

191$ 191 1918 1919

A0 A0 A0 A0#DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0!

A0 A0 A0 A0#DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0!

A0 A0 A0 A0#DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0!

0A00 0A00 0A00 0A00A00 A00 A00 A00

?A00 ?A00 ?A00 ?A00?A00 ?A00 ?A00 ?A00



Projection @ear Sales groSales gro

99:;>?F<=

90







7istori"al1899 1899 1899 1899 1899 1899 1899 1899 1899 1899# / #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

t+ rate9

Sales gro4t+ rate 9 Sales gro4t+ rateCOGS / Sales : COGS / SalesSG / Sales ; SG / SalesDe re"iation / et > De re"iation / et Cas+ / Sales ? Cas+ / SalesInventor / Sales F Inventor / Sales

""tsA re"A / Sales < ""tsA re"A / SalesOt+er s+ort term o erating assets = Ot+er s+ort term o erating assets/Sales

et / Sales 90 et / Sales



Ot+er long term o A A / Sales 99 Ot+er long term o A A / Sales ""tsA a A/ Sales 9: ""tsA a A/ Sales ""r als / Sales 9; ""r als / SalesOt+er " rrent lia%ilities / Sales 9> Ot+er " rrent lia%ilities / SalesDeferred taxes/ et 9? Deferred taxes/ et

verage tax rate ('axes/ &') 9F verage tax rate ('axes/ &')3arginal tax rate 9< 3arginal tax rateDividend oli" E gro4t+ rate :0 Dividend oli" E gro4t+ rate

ong term de%t / mar1et val e of :9 ong term de%t / mar1et val e of firmreferred sto"1 / mar1et val e of :: referred sto"1 / mar1et val e of firm

Co on rate on referred sto"1 :; Co on rate on referred sto"1ermanent "om onent of s+ort te :> ong term de%t / mar1et val e of firmono A in"A / Sales :? ono A in"A / SalesxtrA in"A / Sales :F xtrA in"A / Salesong term investments / Sales :< ong term investments / Sales

Ot+er long term lia%A / Sales := Ot+er long term lia%A / SalesInterest rate on "as+ ;0 %lan1

Interest rate on s+ort term investAInterest rate on all " rrent de%tInterest rate on long term de%t





1899 1900 1901 1902 1903 190 190C 190$ 190 1908

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!







1909 1910 1911 1912 1913 191 191C 191$ 191 1918

#DIV/0! A000 A000 A000 A000 A000 A000 A000 A000 A000







1919

A000





6ost of 6apitalEnter inputs in yello: cells>ey utput of Valuation4

Estimate of 66 =

Estimated price at end of most recent fiscal year=Estimated price at tar"et date=

nputs to Estimate 66 nput

Enter 6urrent %ar et Value for E uity

C rrent sto"1 ri"e #DIV/0!

m%er of s+ares "ommon sto"1 o tstanding 3ar1et val e of "ommon sto"1 #DIV/0!

Enter 6urrent %ar et Value for on"5*erm De tstimated val e of long term de%t $0

Enter 6urrent %ar et Value for '+ort5*erm De tstimated val e of s+ort term de%t $0

Enter 6urrent %ar et Value for Preferred 'toc

stimated val e of l referred sto"1 $0

Estimate Percent of 7irm t+at :ill e 7inanced y on"5term De

#DIV/0!

'arget er"ent finan"ed 4it+ long term de%t #DIV/0!

#DIV/0!

'arget er"ent finan"ed 4it+ referred sto"1 #DIV/0!

C rrent er"ent of firm finan"ed 4it+ long termde%t

Estimate Percent of 7irm t+at :ill e7inanced y Preferred 'tocC rrent er"ent of firm finan"ed 4it+ referredsto"1

Estimate Percent of 7irm t+at :ill e7inanced y '+ort5term De t



#DIV/0!

'arget er"ent finan"ed 4it+ s+ort term de%t #DIV/0!

Estimate 6ost of E uity

&eta 9

*is1 free rate A00

3ar1et ris1 remi m ?A00

Cost of e. it 11 00F

Estimate 6ost of on"5term De t

&ond rating for "om an Hs de%tS read for %ond rating 9A00

'ax rate #DIV/0!

Cost of long term de%t ?A00 fter tax "ost of long term de%t #DIV/0!

nputs to Estimate 6ost of Preferred 'tocield on referred sto"1 A00

0A00

Cost of referred sto"1 A00

nputs to Estimate 6ost of '+ort5term De t

rime rate ?A00 d2 stment to rime 0A00

Cost of s+ort term de%t ?A00

C rrent er"ent of firm finan"ed 4it+ s+ort termde%t

C rrent "o on rate ( referreddividend/ referred sto"1)



fter tax "ost of s+ort term de%t #DIV/0!

Estimated 66 #D V/0!



#D V/0!#D V/0!#D V/0!

'u""ested 'ources

(9) 444At+omsonfnA"om nter ti"1er s m%ol, get . oteA(:) finan"eA a+ooA"om, enter ti"1er s m%ol, get . ote, t+en sele"tJe Statisti"sA

(9) 444At+omsonfnA"om, enter ti"1er s m%ol, get . ote, t+ensele"t 'i S+eetA(:) finan"eA a+ooA"om, enter ti"1er s m%ol, get . oteA

K dgment, %ased on +istori"al ratios in 7ist nal s s+eet andmar1et "onditionsA In o r ex erien"e, virt all all solvent firmss+o ld %e finan"ed 4it+ at least 9 de%t, 4it+ stronger"om anies +aving at least :0 and to >0 A

K dgment, %ased on +istori"al ratios in 7ist nal s s+eet andmar1et "onditionsA 6e s all "+oose t+e defa lt val e, 4+i"+ ist+e " rrent val eA



444A%ondsonlineA"om,

a+ooAfinan"eA"om

K dgment, %ased on ield on referred and/or " rrent "o on rateA

K dgment, %ased on ris1 of "om an A

K dgment, %ased on +istori"al ratios in 7ist nal s s+eet andmar1et "onditionsA 6e s all "+oose t+e defa lt val e, 4+i"+ ist+e " rrent val e ( nless t+e " rrent s m of s+or term de%t andlong term de%t rod "es a ratio greater t+an >0 , in 4+i"+ "ase4e "+oose s ffi"ient s+ort term de%t so t+e total is >0 )A

(9) 444At+omsonfinA"omA(:) 444A%loom%ergA"omA(;) a+oofinan"eA"omA

ield to mat rit on long term 'reas r se" ritiesA(9) 444AfederalreserveAgov, *esear"+ and Data, Statisti"s,Sele"ted Interest *ates(:) 444A%loom%ergA"om, @ASA 'reas ries(;) %ondsA a+ooA"om/ratesA+tml

to F for @ASAL to4ard t+e lo4 end 4+en t+e sto"1 mar1et is+ig+, to4ard t+e er end 4+en t+e mar1et is lo4A See dis" ssionin C+ 99A

(9) 444Amood sA"omA(:) 444A%ondsonlineA"omA

6e s all loo1 at t+e most re"ent val e and average val e fromt+e 7ist nal s 4or1s+eetA If %ot+ are %et4een ;? and >0 , 4e

s all "+oose a val e similar to t+e average rateA

"t al "o on rate as s+o4n in footnotes to finan"ial statementsor as s+o4n at finan"eA a+ooA"omA

(9) 444AfederalreserveAgov, *esear"+ and Data, Statisti"s,Sele"ted Interest *ates(:) 444A%loom%ergA"om, 3ar1ets, Je *ates



K dgment, %ased on ield on referred and/or " rrent "o on rateA









;0==0= 0;Axls



;0==0= 0;Axls

6o @.e

n

SalCoSalDeOIntInt

oar

'axet

ft

DivDiv

.alss

CaInv

""Ot+S+

etOt+

on

ia "" ""Ot+

ll

onDe

reOt+

ar*et

'tap

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

2930

31

32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

58

59



;0==0= 0;Axls

6ompre+ensi<e 'tatements7or all yello: cells; fill in lin s to t+e ctual or s+eet or ot+er in.e sure to select t+e entire *+omson &esearc+ spreads+ee 12/30/1899 12/30/1899

ncome 'tatement'otal net reven es Cost of goods sold ex ense Cost of servi"es or o erations ex enseDe re"iation ex ense (for tangi%le assets, if re orted se aratel )

morti8ation ex ense (for good4ill and Intangi%le, if re orted se aratel )De re"iation and amorti8ation ex ense (if re orted "om%ined) *esear"+ - develo ment ex ense Sales - mar1eting ex enses (if not in"l ded in SG )General - administrative ex enses (if not in"l ded in SG )Selling, genA - adminA ex ense Nif re orted as a single item 3inorit interest ex ense (if s+o4n as re tax o erating ex ense)3erger and restr "t ring "osts

sset im airment losses or 4rite do4nsxtraordinar "+arges or ex enses (if s+o4n on re tax %asis)xtraordinar "redit or in"ome (if s+o4n on a re tax %asis)

Ot+er o erating ex enses (In"ome)Interest ex ense (In"ome) Interest "a itali8edInterest in"ome*eserve ex ense (in"ome) (in"rease in reserves is ex ense, de"rease is in"ome)Investment in"ome ( x ense) (if s+o4n on re tax %asis)Gain (loss) on sale of assets or dis"ontin ed o eration (if s+o4n on re tax %asis)*emitted in"ome ( x ense) or e. it earnings ( osses) in affiliates@nremitted in"ome ( x ense) or e. it earnings ( osses) in affiliates3inorit interest ex ense (if s+o4n as re tax nono erating ex ense)

osses on e. it investees and ot+er (if s+o4n on re tax %asis)Ot+er nono erating in"ome ( x ense) (if s+o4n on re tax %a S e"ial nonre" rring items in"ome ( x ense) (if s+o4n on re tax %asis)

rovision for in"ome tax ex ense (*e%ate) 3inorit interest ex ense (if s+o4n on after tax %asis)

. it in earnings ex ense (if s+o4n on after tax %asis)xtraordinar items (if s+o4n on after tax %asis)

Dis"ontin ed o erations (if s+o4n on after tax %asis)xtraordinar items and dis"ontin ed o erations (if s+o4n on a

Investment gains ( osses) (if s+o4n on after tax %asis) ll ot+er in"ome ( osses) (if s+o4n on after tax %asis)

C m lative effe"t of a""o nting "+anges-et income from ctual '+eet

6alculated net income from 6ompre+ensi<e '+eet ee if calculated net income is consistent :it+ ctual s+eet > >

.alance '+eetssets

Cas+ and e. ivalents 3ar1eta%le se" rities

otes re"eiva%leS+ort term investments or investment se" rities

""o nts re"eiva%le 'ax ref nd re"eiva%le

rogress a mentsre aid ex enses

C rrent deferred tax asset

A B C

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

4142

43

44

45

46

47

48

49

50

51

52

53

54

5556

57





;0==0= 0;Axls "t al &alan"e S+eet

3i"+ael CA +r+ardt age < 0;/9>/:09?

3a1e s re o r " rsor is on "ell 9 %efore astingA

C t and aste t+e S C 90J 7istor for t+e &alan"eS+eets from '+omson O into "ell 9A&e s re to sele"t t+e entire '+omson *esear"+s reads+eet %efore " ttingA

@se t+e dit, *e la"e feat re in x"el to re la"e allentries of 4it+ 8ero %efore asting into t+e "t al4or1s+eetA

6+en asting, se t+e dit, aste S e"ial, asteVal es feat reA If o aste dire"tl , x"el ma "ras+,%e"a se t+e original data +as s e"ial 4e% feat resA



;0==0= 0;Axls "t al Stmt C5

3a1e s re o r " rsor is on "ell 9 %efore astingA

C t and aste t+e S C 90J 7istor for t+e Statement ofCas+ 5lo4s from '+omson O into "ell 9A&e s re to sele"t t+e entire '+omson *esear"+s reads+eet %efore " ttingA

@se t+e dit, *e la"e feat re in x"el to re la"e all entriesof 4it+ 8ero %efore asting into t+e "t al 4or1s+eetA

6+en asting, se t+e dit, aste S e"ial, aste Val esfeat reA If o aste dire"tl , x"el ma "ras+, %e"a se t+eoriginal data +as s e"ial 4e% feat resA

Documents

Valuation Template (Thomson ONE SEC 10-Yr)