{"text_format":"3","workbook":"xlsx","n_sheets":11,"sheets":["Cover","DCF","Model Inputs","WACC","Working Capital","3 Statements","Historical Actuals","Model Checks","Source Audit","Data Queries","Query Setup"],"not_rendered":{"defined_names":10},"read":"whole","date_system":"1900"}

{"sheet":"Cover","index":0,"n_rows":37,"n_cols":3,"rows_kept":37,"merged":[[30,1,34,5]]}
[]
[null,"DCF Valuation Model"]
[null,"Isaiah Moragne, MBA"]
[null,"Equity Valuation via Discounted Cash Flow Analysis"]
[]
[null,"Contact"]
[null,"Website:","https://isaiahmba.com"]
[null,"Email:","isaiahmoragne12@gmail.com"]
[]
[null,"How to Use"]
[null,1,"Go to the 'DCF' tab — this is the main output."]
[null,2,"Enter the ticker symbol (e.g. AAPL, MSFT) in the Ticker input cell."]
[null,3,"Refresh data: Data ribbon → Refresh All. This pulls the latest financials, treasury yield, and shares outstanding."]
[null,4,"Review assumptions on 'Model Inputs' and 'WACC' tabs — adjust growth rates, margins, or discount rate as needed."]
[null,5,"Check 'Model Checks' tab to confirm the model ties out before relying on outputs."]
[null,6,"The DCF tab shows the implied share price and upside vs. current market price."]
[]
[null,"Workbook Tabs"]
[null,"DCF","Main valuation output and summary"]
[null,"Model Inputs","Forecast assumptions (growth, margins, capex, etc.)"]
[null,"WACC","Weighted Average Cost of Capital build"]
[null,"Working Capital","NWC schedule"]
[null,"3 Statements","Historical Income Statement, Balance Sheet, Cash Flows (from SEC EDGAR)"]
[null,"Historical Actuals","Historical financials used to anchor projections"]
[null,"Data Queries","Live data pulls (treasury, stock info, tax rate, shares, cost of debt)"]
[null,"Model Checks","Integrity checks and tie-outs"]
[null,"Source Audit","Citations and source references"]
[null,"Query Setup","Configuration for data queries"]
[]
[null,"Disclaimer"]
[null,"This model is provided for educational and informational purposes only. It does not constitute investment advice, a recommendation, or a solicitation to buy or sell any security. Outputs depend on third-party data sources and user-supplied assumptions, both of which may contain errors. Always conduct your own due diligence and consult a licensed financial advisor before making investment decisions. The author assumes no liability for any losses or damages arising from use of this model."]
[]
[]
[]
[]
[]
[null,"© 2026 Isaiah Moragne, MBA. All rights reserved."]

{"sheet":"DCF","index":1,"n_rows":82,"n_cols":7,"rows_kept":82,"merged":[[0,0,0,7],[6,0,6,7],[26,0,26,7],[38,0,38,7],[51,0,51,7],[64,0,64,7],[74,0,74,7]]}
["Dynamic DCF Valuation Model"]
["Ticker","Date"]
["AAPL",{"$f":"TODAY()","v":{"v":46141,"d":"4614100.00%"}}]
["Case (1=Bear, 2=Base, 3=Bull)",2]
["Selected Case",{"$f":"IFERROR(CHOOSE($B$4,\"Bear\",\"Base\",\"Bull\"),\"INVALID\")","v":"Base"}]
[]
["VALUATION SUMMARY"]
["Sum of PV of FCFs ($)",{"$f":"SUM(C58:G58)","v":{"v":645845380691.8281,"d":"$645,845,380,692"}}]
["(+) PV of Terminal Value ($)",{"$f":"B62","v":{"v":1906614152705.526,"d":"$1,906,614,152,706"}}]
["Enterprise Value ($)",{"$f":"B8+B9","v":{"v":2552459533397.354,"d":"$2,552,459,533,397"}}]
["(-) Net Debt / (Cash) ($)",{"$f":"B22","v":{"v":54744000000,"d":"$54,744,000,000"}}]
["Equity Value ($)",{"$f":"B10+B11","v":{"v":2607203533397.354,"d":"$2,607,203,533,397"}}]
["Diluted Shares Outstanding",{"$f":"B20","v":{"v":15004697000,"d":"15,004,697,000"}}]
["Implied Share Price",{"$f":"IFERROR(B12/B13,0)","v":{"v":173.7591591084681,"d":"$173.76"}}]
["Current Share Price",{"$f":"B19","v":{"v":270.71,"d":"$270.71"}}]
["Implied Upside / (Downside)",{"$f":"IFERROR(B14/B15-1,0)","v":{"v":-0.35813542496225437,"d":"(35.8%)"}}]
[]
[]
["Current Stock Price ($)",{"$f":"'Model Inputs'!B25","v":{"v":270.71,"d":"$270.71"}}]
["Diluted Shares Outstanding",{"$f":"'Model Inputs'!B26","v":{"v":15004697000,"d":"15,004,697,000"}}]
["Market Cap ($)",{"$f":"'Model Inputs'!B27","v":{"v":4000106520629.9995,"d":"$4,000,106,520,630"}}]
["Net Debt / (Cash) ($)",{"$f":"'Model Inputs'!B36","v":{"v":54744000000,"d":"$54,744,000,000"}}]
["Base Fiscal Year",{"$f":"'Model Inputs'!B39","v":2025}]
["Base Revenue Source",{"$f":"'Model Inputs'!D28","v":"OK"}]
["Current Shares Outstanding ",{"$f":"'Model Inputs'!B40","v":{"v":14776353000,"d":"14,776,353,000"}}]
[]
["SELECTED CASE ASSUMPTIONS"]
["Assumption","FY1","FY2","FY3","FY4","FY5"]
["Revenue Growth (%)",{"$f":"CHOOSE($B$4,'Model Inputs'!B45,'Model Inputs'!B55,'Model Inputs'!B65)","v":{"v":0.08,"d":"8.00%"}},{"$f":"CHOOSE($B$4,'Model Inputs'!C45,'Model Inputs'!C55,'Model Inputs'!C65)","v":{"v":0.1,"d":"10.00%"}},{"$f":"CHOOSE($B$4,'Model Inputs'!D45,'Model Inputs'!D55,'Model Inputs'!D65)","v":{"v":0.08,"d":"8.00%"}},{"$f":"CHOOSE($B$4,'Model Inputs'!E45,'Model Inputs'!E55,'Model Inputs'!E65)","v":{"v":0.06,"d":"6.00%"}},{"$f":"CHOOSE($B$4,'Model Inputs'!F45,'Model Inputs'!F55,'Model Inputs'!F65)","v":{"v":0.04,"d":"4.00%"}}]
["EBIT Margin (%)",{"$f":"CHOOSE($B$4,'Model Inputs'!B46,'Model Inputs'!B56,'Model Inputs'!B66)","v":{"v":0.33970799762591886,"d":"33.97%"}},{"$f":"CHOOSE($B$4,'Model Inputs'!C46,'Model Inputs'!C56,'Model Inputs'!C66)","v":{"v":0.3597079976259188,"d":"35.97%"}},{"$f":"CHOOSE($B$4,'Model Inputs'!D46,'Model Inputs'!D56,'Model Inputs'!D66)","v":{"v":0.37970799762591884,"d":"37.97%"}},{"$f":"CHOOSE($B$4,'Model Inputs'!E46,'Model Inputs'!E56,'Model Inputs'!E66)","v":{"v":0.38970799762591884,"d":"38.97%"}},{"$f":"CHOOSE($B$4,'Model Inputs'!F46,'Model Inputs'!F56,'Model Inputs'!F66)","v":{"v":0.39970799762591885,"d":"39.97%"}}]
["Tax Rate (%)",{"$f":"CHOOSE($B$4,'Model Inputs'!B47,'Model Inputs'!B57,'Model Inputs'!B67)","v":{"v":0.15610002335586043,"d":"15.61%"}},{"$f":"CHOOSE($B$4,'Model Inputs'!C47,'Model Inputs'!C57,'Model Inputs'!C67)","v":{"v":0.15610002335586043,"d":"15.61%"}},{"$f":"CHOOSE($B$4,'Model Inputs'!D47,'Model Inputs'!D57,'Model Inputs'!D67)","v":{"v":0.15610002335586043,"d":"15.61%"}},{"$f":"CHOOSE($B$4,'Model Inputs'!E47,'Model Inputs'!E57,'Model Inputs'!E67)","v":{"v":0.15610002335586043,"d":"15.61%"}},{"$f":"CHOOSE($B$4,'Model Inputs'!F47,'Model Inputs'!F57,'Model Inputs'!F67)","v":{"v":0.15610002335586043,"d":"15.61%"}}]
["D&A (% of Revenue)",{"$f":"CHOOSE($B$4,'Model Inputs'!B48,'Model Inputs'!B58,'Model Inputs'!B68)","v":{"v":0.028109313462818475,"d":"2.81%"}},{"$f":"CHOOSE($B$4,'Model Inputs'!C48,'Model Inputs'!C58,'Model Inputs'!C68)","v":{"v":0.028109313462818475,"d":"2.81%"}},{"$f":"CHOOSE($B$4,'Model Inputs'!D48,'Model Inputs'!D58,'Model Inputs'!D68)","v":{"v":0.028109313462818475,"d":"2.81%"}},{"$f":"CHOOSE($B$4,'Model Inputs'!E48,'Model Inputs'!E58,'Model Inputs'!E68)","v":{"v":0.028109313462818475,"d":"2.81%"}},{"$f":"CHOOSE($B$4,'Model Inputs'!F48,'Model Inputs'!F58,'Model Inputs'!F68)","v":{"v":0.028109313462818475,"d":"2.81%"}}]
["CapEx (% of Revenue)",{"$f":"CHOOSE($B$4,'Model Inputs'!B49,'Model Inputs'!B59,'Model Inputs'!B69)","v":{"v":0.030553079216937677,"d":"3.06%"}},{"$f":"CHOOSE($B$4,'Model Inputs'!C49,'Model Inputs'!C59,'Model Inputs'!C69)","v":{"v":0.030553079216937677,"d":"3.06%"}},{"$f":"CHOOSE($B$4,'Model Inputs'!D49,'Model Inputs'!D59,'Model Inputs'!D69)","v":{"v":0.030553079216937677,"d":"3.06%"}},{"$f":"CHOOSE($B$4,'Model Inputs'!E49,'Model Inputs'!E59,'Model Inputs'!E69)","v":{"v":0.030553079216937677,"d":"3.06%"}},{"$f":"CHOOSE($B$4,'Model Inputs'!F49,'Model Inputs'!F59,'Model Inputs'!F69)","v":{"v":0.030553079216937677,"d":"3.06%"}}]
["Change in NWC (% of Change in Revenue)",{"$f":"CHOOSE($B$4,'Model Inputs'!B50,'Model Inputs'!B60,'Model Inputs'!B70)","v":{"v":0.03,"d":"3.00%"}},{"$f":"CHOOSE($B$4,'Model Inputs'!C50,'Model Inputs'!C60,'Model Inputs'!C70)","v":{"v":0.03,"d":"3.00%"}},{"$f":"CHOOSE($B$4,'Model Inputs'!D50,'Model Inputs'!D60,'Model Inputs'!D70)","v":{"v":0.03,"d":"3.00%"}},{"$f":"CHOOSE($B$4,'Model Inputs'!E50,'Model Inputs'!E60,'Model Inputs'!E70)","v":{"v":0.03,"d":"3.00%"}},{"$f":"CHOOSE($B$4,'Model Inputs'!F50,'Model Inputs'!F60,'Model Inputs'!F70)","v":{"v":0.03,"d":"3.00%"}}]
["Terminal Growth Rate",{"$f":"CHOOSE($B$4,'Model Inputs'!B51,'Model Inputs'!B61,'Model Inputs'!B71)","v":{"v":0.03,"d":"3.00%"}}]
["WACC",{"$f":"CHOOSE($B$4,'Model Inputs'!B52,'Model Inputs'!B62,'Model Inputs'!B72)","v":{"v":0.09684463892079634,"d":"9.68%"}}]
[]
[]
["CASH FLOW PROJECTIONS ($)"]
["($)","LTM / Base FY","FY1E","FY2E","FY3E","FY4E","FY5E"]
["Revenue",{"$f":"'Model Inputs'!B28","v":{"v":416161000000,"d":"$416,161,000,000"}},{"$f":"B41*(1+B29)","v":{"v":449453880000,"d":"$449,453,880,000"}},{"$f":"C41*(1+C29)","v":{"v":494399268000.00006,"d":"$494,399,268,000"}},{"$f":"D41*(1+D29)","v":{"v":533951209440.0001,"d":"$533,951,209,440"}},{"$f":"E41*(1+E29)","v":{"v":565988282006.4001,"d":"$565,988,282,006"}},{"$f":"F41*(1+F29)","v":{"v":588627813286.6561,"d":"$588,627,813,287"}}]
["  % growth",null,{"$f":"C41/B41-1","v":{"v":0.08000000000000007,"d":"8.00%"}},{"$f":"D41/C41-1","v":{"v":0.10000000000000009,"d":"10.00%"}},{"$f":"E41/D41-1","v":{"v":0.08000000000000007,"d":"8.00%"}},{"$f":"F41/E41-1","v":{"v":0.06000000000000005,"d":"6.00%"}},{"$f":"G41/F41-1","v":{"v":0.040000000000000036,"d":"4.00%"}}]
["EBIT",{"$f":"'Model Inputs'!B29","v":{"v":133050000000,"d":"$133,050,000,000"}},{"$f":"C41*B30","v":{"v":152683077600.00003,"d":"$152,683,077,600"}},{"$f":"D41*C30","v":{"v":177839370720.00003,"d":"$177,839,370,720"}},{"$f":"E41*D30","v":{"v":202745544566.40005,"d":"$202,745,544,566"}},{"$f":"F41*E30","v":{"v":220570160060.44806,"d":"$220,570,160,060"}},{"$f":"G41*F30","v":{"v":235279244595.73254,"d":"$235,279,244,596"}}]
["  % margin",{"$f":"B43/B41","v":{"v":0.31970799762591884,"d":"31.97%"}},{"v":0.33970799762591886,"d":"33.97%"},{"v":0.3597079976259188,"d":"35.97%"},{"v":0.37970799762591884,"d":"37.97%"},{"v":0.38970799762591884,"d":"38.97%"},{"v":0.39970799762591885,"d":"39.97%"}]
["(-) Taxes",null,{"$f":"-C43*B31","v":{"v":-23833831979.404655,"d":"($23,833,831,979)"}},{"$f":"-D43*C31","v":{"v":-27760729922.983524,"d":"($27,760,729,923)"}},{"$f":"-E43*D31","v":{"v":-31648584242.11169,"d":"($31,648,584,242)"}},{"$f":"-F43*E31","v":{"v":-34431007137.04182,"d":"($34,431,007,137)"}},{"$f":"-G43*F31","v":{"v":-36727095576.543045,"d":"($36,727,095,577)"}}]
["NOPAT",null,{"$f":"C43+C45","v":{"v":128849245620.59537,"d":"$128,849,245,621"}},{"$f":"D43+D45","v":{"v":150078640797.0165,"d":"$150,078,640,797"}},{"$f":"E43+E45","v":{"v":171096960324.28836,"d":"$171,096,960,324"}},{"$f":"F43+F45","v":{"v":186139152923.40625,"d":"$186,139,152,923"}},{"$f":"G43+G45","v":{"v":198552149019.1895,"d":"$198,552,149,019"}}]
["(+) D&A",null,{"$f":"C41*B32","v":{"v":12633840000,"d":"$12,633,840,000"}},{"$f":"D41*C32","v":{"v":13897224000,"d":"$13,897,224,000"}},{"$f":"E41*D32","v":{"v":15009001920.000002,"d":"$15,009,001,920"}},{"$f":"F41*E32","v":{"v":15909542035.200003,"d":"$15,909,542,035"}},{"$f":"G41*F32","v":{"v":16545923716.608002,"d":"$16,545,923,717"}}]
["(-) CapEx",null,{"$f":"-C41*B33","v":{"v":-13732200000,"d":"($13,732,200,000)"}},{"$f":"-D41*C33","v":{"v":-15105420000.000002,"d":"($15,105,420,000)"}},{"$f":"-E41*D33","v":{"v":-16313853600.000004,"d":"($16,313,853,600)"}},{"$f":"-F41*E33","v":{"v":-17292684816.000004,"d":"($17,292,684,816)"}},{"$f":"-G41*F33","v":{"v":-17984392208.640003,"d":"($17,984,392,209)"}}]
["(-) Change in NWC",null,{"$f":"-(C41-B41)*B34","v":{"v":-998786400,"d":"($998,786,400)"}},{"$f":"-(D41-C41)*C34","v":{"v":-1348361640.0000017,"d":"($1,348,361,640)"}},{"$f":"-(E41-D41)*D34","v":{"v":-1186558243.2000017,"d":"($1,186,558,243)"}},{"$f":"-(F41-E41)*E34","v":{"v":-961112176.9920007,"d":"($961,112,177)"}},{"$f":"-(G41-F41)*F34","v":{"v":-679185938.4076794,"d":"($679,185,938)"}}]
["Unlevered Free Cash Flow",null,{"$f":"C46+C47+C48+C49","v":{"v":126752099220.59537,"d":"$126,752,099,221"}},{"$f":"D46+D47+D48+D49","v":{"v":147522083157.0165,"d":"$147,522,083,157"}},{"$f":"E46+E47+E48+E49","v":{"v":168605550401.08835,"d":"$168,605,550,401"}},{"$f":"F46+F47+F48+F49","v":{"v":183794897965.61426,"d":"$183,794,897,966"}},{"$f":"G46+G47+G48+G49","v":{"v":196434494588.74982,"d":"$196,434,494,589"}}]
[]
["DISCOUNTING & TERMINAL VALUE"]
["WACC (from selected case)",{"$f":"B36","v":{"v":0.09684463892079634,"d":"9.68%"}}]
["Terminal Growth (from selected case)",{"$f":"B35","v":{"v":0.03,"d":"3.00%"}}]
["Terminal Value Discount Timing",{"$f":"'Model Inputs'!B22","v":"Year-End"}]
["Discount Period (mid-year)",null,{"$f":"0.5","v":0.5},{"$f":"1.5","v":1.5},{"$f":"2.5","v":2.5},{"$f":"3.5","v":3.5},{"$f":"4.5","v":4.5}]
["Discount Factor",null,{"$f":"1/(1+$B$53)^C56","v":{"v":0.9548330468502391,"d":"0.9548"}},{"$f":"1/(1+$B$53)^D56","v":{"v":0.8705271585132741,"d":"0.8705"}},{"$f":"1/(1+$B$53)^E56","v":{"v":0.7936649618580442,"d":"0.7937"}},{"$f":"1/(1+$B$53)^F56","v":{"v":0.7235892246680845,"d":"0.7236"}},{"$f":"1/(1+$B$53)^G56","v":{"v":0.6597007442914029,"d":"0.6597"}}]
["PV of Unlevered FCF",null,{"$f":"C50*C57","v":{"v":121027093093.46489,"d":"$121,027,093,093"}},{"$f":"D50*D57","v":{"v":128421979868.63652,"d":"$128,421,979,869"}},{"$f":"E50*E57","v":{"v":133816317728.13434,"d":"$133,816,317,728"}},{"$f":"F50*F57","v":{"v":132992007716.88852,"d":"$132,992,007,717"}},{"$f":"G50*G57","v":{"v":129587982284.70381,"d":"$129,587,982,285"}}]
[]
["Terminal FCF (FY5 x (1+g))",{"$f":"G50*(1+B54)","v":{"v":202327529426.41232,"d":"$202,327,529,426"}}]
["Terminal Value (Gordon Growth)",{"$f":"IF(B53<=B54,NA(),B60/(B53-B54))","v":{"v":3026832558197.353,"d":"$3,026,832,558,197"}}]
["PV of Terminal Value",{"$f":"IF('Model Inputs'!$B$22=\"Year-End\",B61/(1+B53)^5,B61*G57)","v":{"v":1906614152705.526,"d":"$1,906,614,152,706"}}]
[]
[]
["SENSITIVITY: IMPLIED SHARE PRICE - WACC vs TERMINAL GROWTH"]
[]
["WACC down / Terminal g across",{"$f":"$B$54-0.01","v":{"v":0.019999999999999997,"d":"2.00%"}},{"$f":"$B$54-0.005","v":{"v":0.024999999999999998,"d":"2.50%"}},{"$f":"$B$54","v":{"v":0.03,"d":"3.00%"}},{"$f":"$B$54+0.005","v":{"v":0.034999999999999996,"d":"3.50%"}},{"$f":"$B$54+0.01","v":{"v":0.04,"d":"4.00%"}}]
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[{"$f":"$B$53","v":{"v":0.09684463892079634,"d":"9.68%"}},{"$f":"IF($A70<=B$67,NA(),((SUMPRODUCT($C$50:$G$50,1/(1+$A70)^$C$56:$G$56)+($G$50*(1+B$67)/($A70-B$67))*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$A70)^5,1/(1+$A70)^$G$56))-$B$22)/$B$20)","v":{"v":148.853438350892,"d":"$148.85"}},{"$f":"IF($A70<=C$67,NA(),((SUMPRODUCT($C$50:$G$50,1/(1+$A70)^$C$56:$G$56)+($G$50*(1+C$67)/($A70-C$67))*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$A70)^5,1/(1+$A70)^$G$56))-$B$22)/$B$20)","v":{"v":157.0451021561469,"d":"$157.05"}},{"$f":"IF($A70<=D$67,NA(),((SUMPRODUCT($C$50:$G$50,1/(1+$A70)^$C$56:$G$56)+($G$50*(1+D$67)/($A70-D$67))*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$A70)^5,1/(1+$A70)^$G$56))-$B$22)/$B$20)","v":{"v":166.46224401581415,"d":"$166.46"}},{"$f":"IF($A70<=E$67,NA(),((SUMPRODUCT($C$50:$G$50,1/(1+$A70)^$C$56:$G$56)+($G$50*(1+E$67)/($A70-E$67))*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$A70)^5,1/(1+$A70)^$G$56))-$B$22)/$B$20)","v":{"v":177.40209536558402,"d":"$177.40"}},{"$f":"IF($A70<=F$67,NA(),((SUMPRODUCT($C$50:$G$50,1/(1+$A70)^$C$56:$G$56)+($G$50*(1+F$67)/($A70-F$67))*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$A70)^5,1/(1+$A70)^$G$56))-$B$22)/$B$20)","v":{"v":190.26646441085956,"d":"$190.27"}}]
[{"$f":"$B$53+0.005","v":{"v":0.10184463892079634,"d":"10.18%"}},{"$f":"IF($A71<=B$67,NA(),((SUMPRODUCT($C$50:$G$50,1/(1+$A71)^$C$56:$G$56)+($G$50*(1+B$67)/($A71-B$67))*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$A71)^5,1/(1+$A71)^$G$56))-$B$22)/$B$20)","v":{"v":139.36340470135636,"d":"$139.36"}},{"$f":"IF($A71<=C$67,NA(),((SUMPRODUCT($C$50:$G$50,1/(1+$A71)^$C$56:$G$56)+($G$50*(1+C$67)/($A71-C$67))*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$A71)^5,1/(1+$A71)^$G$56))-$B$22)/$B$20)","v":{"v":146.42455190444815,"d":"$146.42"}},{"$f":"IF($A71<=D$67,NA(),((SUMPRODUCT($C$50:$G$50,1/(1+$A71)^$C$56:$G$56)+($G$50*(1+D$67)/($A71-D$67))*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$A71)^5,1/(1+$A71)^$G$56))-$B$22)/$B$20)","v":{"v":154.4685347525039,"d":"$154.47"}},{"$f":"IF($A71<=E$67,NA(),((SUMPRODUCT($C$50:$G$50,1/(1+$A71)^$C$56:$G$56)+($G$50*(1+E$67)/($A71-E$67))*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$A71)^5,1/(1+$A71)^$G$56))-$B$22)/$B$20)","v":{"v":163.715902490945,"d":"$163.72"}},{"$f":"IF($A71<=F$67,NA(),((SUMPRODUCT($C$50:$G$50,1/(1+$A71)^$C$56:$G$56)+($G$50*(1+F$67)/($A71-F$67))*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$A71)^5,1/(1+$A71)^$G$56))-$B$22)/$B$20)","v":{"v":174.45852800755574,"d":"$174.46"}}]
[{"$f":"$B$53+0.01","v":{"v":0.10684463892079633,"d":"10.68%"}},{"$f":"IF($A72<=B$67,NA(),((SUMPRODUCT($C$50:$G$50,1/(1+$A72)^$C$56:$G$56)+($G$50*(1+B$67)/($A72-B$67))*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$A72)^5,1/(1+$A72)^$G$56))-$B$22)/$B$20)","v":{"v":130.97745064831145,"d":"$130.98"}},{"$f":"IF($A72<=C$67,NA(),((SUMPRODUCT($C$50:$G$50,1/(1+$A72)^$C$56:$G$56)+($G$50*(1+C$67)/($A72-C$67))*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$A72)^5,1/(1+$A72)^$G$56))-$B$22)/$B$20)","v":{"v":137.11338372127844,"d":"$137.11"}},{"$f":"IF($A72<=D$67,NA(),((SUMPRODUCT($C$50:$G$50,1/(1+$A72)^$C$56:$G$56)+($G$50*(1+D$67)/($A72-D$67))*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$A72)^5,1/(1+$A72)^$G$56))-$B$22)/$B$20)","v":{"v":144.0478023046389,"d":"$144.05"}},{"$f":"IF($A72<=E$67,NA(),((SUMPRODUCT($C$50:$G$50,1/(1+$A72)^$C$56:$G$56)+($G$50*(1+E$67)/($A72-E$67))*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$A72)^5,1/(1+$A72)^$G$56))-$B$22)/$B$20)","v":{"v":151.94741727391266,"d":"$151.95"}},{"$f":"IF($A72<=F$67,NA(),((SUMPRODUCT($C$50:$G$50,1/(1+$A72)^$C$56:$G$56)+($G$50*(1+F$67)/($A72-F$67))*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$A72)^5,1/(1+$A72)^$G$56))-$B$22)/$B$20)","v":{"v":161.02881960815887,"d":"$161.03"}}]
[]
[]
["SENSITIVITY: IMPLIED SHARE PRICE - REVENUE GROWTH SHIFT vs EBIT MARGIN SHIFT"]
[]
["Growth shift down / Margin shift across",{"v":-0.02,"d":"-2.0%"},{"v":-0.01,"d":"-1.0%"},{"$f":"0","v":0},{"$f":"0.01","v":{"v":0.01,"d":"+1.0%"}},{"$f":"0.02","v":{"v":0.02,"d":"+2.0%"}}]
[{"v":-0.02,"d":"-2.0%"},{"$f":"_xlfn.LET(_xlpm.gShift,$A78,_xlpm.mShift,B$77,_xlpm.growth,$B$29:$F$29+_xlpm.gShift,_xlpm.margin,$B$30:$F$30+_xlpm.mShift,_xlpm.rev,_xlfn.SCAN($B$41,_xlpm.growth,_xlfn.LAMBDA(_xlpm.a,_xlpm.b,_xlpm.a*(1+_xlpm.b))),_xlpm.prior,_xlfn.HSTACK($B$41,_xlfn.DROP(_xlpm.rev,,-1)),_xlpm.fcf,_xlpm.rev*_xlpm.margin*(1-$B$31:$F$31)+_xlpm.rev*$B$32:$F$32-_xlpm.rev*$B$33:$F$33-(_xlpm.rev-_xlpm.prior)*$B$34:$F$34,_xlpm.pv,SUM(_xlpm.fcf/(1+$B$53)^$C$56:$G$56),_xlpm.tv,_xlfn.TAKE(_xlpm.fcf,,-1)*(1+$B$54)/($B$53-$B$54)*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$B$53)^5,1/(1+$B$53)^$G$56),IF($B$53<=$B$54,NA(),(_xlpm.pv+_xlpm.tv-$B$22)/$B$20))","v":{"v":144.88066150016715,"d":"$144.88"}},{"$f":"_xlfn.LET(_xlpm.gShift,$A78,_xlpm.mShift,C$77,_xlpm.growth,$B$29:$F$29+_xlpm.gShift,_xlpm.margin,$B$30:$F$30+_xlpm.mShift,_xlpm.rev,_xlfn.SCAN($B$41,_xlpm.growth,_xlfn.LAMBDA(_xlpm.a,_xlpm.b,_xlpm.a*(1+_xlpm.b))),_xlpm.prior,_xlfn.HSTACK($B$41,_xlfn.DROP(_xlpm.rev,,-1)),_xlpm.fcf,_xlpm.rev*_xlpm.margin*(1-$B$31:$F$31)+_xlpm.rev*$B$32:$F$32-_xlpm.rev*$B$33:$F$33-(_xlpm.rev-_xlpm.prior)*$B$34:$F$34,_xlpm.pv,SUM(_xlpm.fcf/(1+$B$53)^$C$56:$G$56),_xlpm.tv,_xlfn.TAKE(_xlpm.fcf,,-1)*(1+$B$54)/($B$53-$B$54)*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$B$53)^5,1/(1+$B$53)^$G$56),IF($B$53<=$B$54,NA(),(_xlpm.pv+_xlpm.tv-$B$22)/$B$20))","v":{"v":148.91316079534812,"d":"$148.91"}},{"$f":"_xlfn.LET(_xlpm.gShift,$A78,_xlpm.mShift,D$77,_xlpm.growth,$B$29:$F$29+_xlpm.gShift,_xlpm.margin,$B$30:$F$30+_xlpm.mShift,_xlpm.rev,_xlfn.SCAN($B$41,_xlpm.growth,_xlfn.LAMBDA(_xlpm.a,_xlpm.b,_xlpm.a*(1+_xlpm.b))),_xlpm.prior,_xlfn.HSTACK($B$41,_xlfn.DROP(_xlpm.rev,,-1)),_xlpm.fcf,_xlpm.rev*_xlpm.margin*(1-$B$31:$F$31)+_xlpm.rev*$B$32:$F$32-_xlpm.rev*$B$33:$F$33-(_xlpm.rev-_xlpm.prior)*$B$34:$F$34,_xlpm.pv,SUM(_xlpm.fcf/(1+$B$53)^$C$56:$G$56),_xlpm.tv,_xlfn.TAKE(_xlpm.fcf,,-1)*(1+$B$54)/($B$53-$B$54)*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$B$53)^5,1/(1+$B$53)^$G$56),IF($B$53<=$B$54,NA(),(_xlpm.pv+_xlpm.tv-$B$22)/$B$20))","v":{"v":152.94566009052912,"d":"$152.95"}},{"$f":"_xlfn.LET(_xlpm.gShift,$A78,_xlpm.mShift,E$77,_xlpm.growth,$B$29:$F$29+_xlpm.gShift,_xlpm.margin,$B$30:$F$30+_xlpm.mShift,_xlpm.rev,_xlfn.SCAN($B$41,_xlpm.growth,_xlfn.LAMBDA(_xlpm.a,_xlpm.b,_xlpm.a*(1+_xlpm.b))),_xlpm.prior,_xlfn.HSTACK($B$41,_xlfn.DROP(_xlpm.rev,,-1)),_xlpm.fcf,_xlpm.rev*_xlpm.margin*(1-$B$31:$F$31)+_xlpm.rev*$B$32:$F$32-_xlpm.rev*$B$33:$F$33-(_xlpm.rev-_xlpm.prior)*$B$34:$F$34,_xlpm.pv,SUM(_xlpm.fcf/(1+$B$53)^$C$56:$G$56),_xlpm.tv,_xlfn.TAKE(_xlpm.fcf,,-1)*(1+$B$54)/($B$53-$B$54)*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$B$53)^5,1/(1+$B$53)^$G$56),IF($B$53<=$B$54,NA(),(_xlpm.pv+_xlpm.tv-$B$22)/$B$20))","v":{"v":156.97815938571006,"d":"$156.98"}},{"$f":"_xlfn.LET(_xlpm.gShift,$A78,_xlpm.mShift,F$77,_xlpm.growth,$B$29:$F$29+_xlpm.gShift,_xlpm.margin,$B$30:$F$30+_xlpm.mShift,_xlpm.rev,_xlfn.SCAN($B$41,_xlpm.growth,_xlfn.LAMBDA(_xlpm.a,_xlpm.b,_xlpm.a*(1+_xlpm.b))),_xlpm.prior,_xlfn.HSTACK($B$41,_xlfn.DROP(_xlpm.rev,,-1)),_xlpm.fcf,_xlpm.rev*_xlpm.margin*(1-$B$31:$F$31)+_xlpm.rev*$B$32:$F$32-_xlpm.rev*$B$33:$F$33-(_xlpm.rev-_xlpm.prior)*$B$34:$F$34,_xlpm.pv,SUM(_xlpm.fcf/(1+$B$53)^$C$56:$G$56),_xlpm.tv,_xlfn.TAKE(_xlpm.fcf,,-1)*(1+$B$54)/($B$53-$B$54)*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$B$53)^5,1/(1+$B$53)^$G$56),IF($B$53<=$B$54,NA(),(_xlpm.pv+_xlpm.tv-$B$22)/$B$20))","v":{"v":161.01065868089103,"d":"$161.01"}}]
[{"v":-0.01,"d":"-1.0%"},{"$f":"_xlfn.LET(_xlpm.gShift,$A79,_xlpm.mShift,B$77,_xlpm.growth,$B$29:$F$29+_xlpm.gShift,_xlpm.margin,$B$30:$F$30+_xlpm.mShift,_xlpm.rev,_xlfn.SCAN($B$41,_xlpm.growth,_xlfn.LAMBDA(_xlpm.a,_xlpm.b,_xlpm.a*(1+_xlpm.b))),_xlpm.prior,_xlfn.HSTACK($B$41,_xlfn.DROP(_xlpm.rev,,-1)),_xlpm.fcf,_xlpm.rev*_xlpm.margin*(1-$B$31:$F$31)+_xlpm.rev*$B$32:$F$32-_xlpm.rev*$B$33:$F$33-(_xlpm.rev-_xlpm.prior)*$B$34:$F$34,_xlpm.pv,SUM(_xlpm.fcf/(1+$B$53)^$C$56:$G$56),_xlpm.tv,_xlfn.TAKE(_xlpm.fcf,,-1)*(1+$B$54)/($B$53-$B$54)*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$B$53)^5,1/(1+$B$53)^$G$56),IF($B$53<=$B$54,NA(),(_xlpm.pv+_xlpm.tv-$B$22)/$B$20))","v":{"v":151.17592965417336,"d":"$151.18"}},{"$f":"_xlfn.LET(_xlpm.gShift,$A79,_xlpm.mShift,C$77,_xlpm.growth,$B$29:$F$29+_xlpm.gShift,_xlpm.margin,$B$30:$F$30+_xlpm.mShift,_xlpm.rev,_xlfn.SCAN($B$41,_xlpm.growth,_xlfn.LAMBDA(_xlpm.a,_xlpm.b,_xlpm.a*(1+_xlpm.b))),_xlpm.prior,_xlfn.HSTACK($B$41,_xlfn.DROP(_xlpm.rev,,-1)),_xlpm.fcf,_xlpm.rev*_xlpm.margin*(1-$B$31:$F$31)+_xlpm.rev*$B$32:$F$32-_xlpm.rev*$B$33:$F$33-(_xlpm.rev-_xlpm.prior)*$B$34:$F$34,_xlpm.pv,SUM(_xlpm.fcf/(1+$B$53)^$C$56:$G$56),_xlpm.tv,_xlfn.TAKE(_xlpm.fcf,,-1)*(1+$B$54)/($B$53-$B$54)*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$B$53)^5,1/(1+$B$53)^$G$56),IF($B$53<=$B$54,NA(),(_xlpm.pv+_xlpm.tv-$B$22)/$B$20))","v":{"v":155.38097390317273,"d":"$155.38"}},{"$f":"_xlfn.LET(_xlpm.gShift,$A79,_xlpm.mShift,D$77,_xlpm.growth,$B$29:$F$29+_xlpm.gShift,_xlpm.margin,$B$30:$F$30+_xlpm.mShift,_xlpm.rev,_xlfn.SCAN($B$41,_xlpm.growth,_xlfn.LAMBDA(_xlpm.a,_xlpm.b,_xlpm.a*(1+_xlpm.b))),_xlpm.prior,_xlfn.HSTACK($B$41,_xlfn.DROP(_xlpm.rev,,-1)),_xlpm.fcf,_xlpm.rev*_xlpm.margin*(1-$B$31:$F$31)+_xlpm.rev*$B$32:$F$32-_xlpm.rev*$B$33:$F$33-(_xlpm.rev-_xlpm.prior)*$B$34:$F$34,_xlpm.pv,SUM(_xlpm.fcf/(1+$B$53)^$C$56:$G$56),_xlpm.tv,_xlfn.TAKE(_xlpm.fcf,,-1)*(1+$B$54)/($B$53-$B$54)*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$B$53)^5,1/(1+$B$53)^$G$56),IF($B$53<=$B$54,NA(),(_xlpm.pv+_xlpm.tv-$B$22)/$B$20))","v":{"v":159.58601815217213,"d":"$159.59"}},{"$f":"_xlfn.LET(_xlpm.gShift,$A79,_xlpm.mShift,E$77,_xlpm.growth,$B$29:$F$29+_xlpm.gShift,_xlpm.margin,$B$30:$F$30+_xlpm.mShift,_xlpm.rev,_xlfn.SCAN($B$41,_xlpm.growth,_xlfn.LAMBDA(_xlpm.a,_xlpm.b,_xlpm.a*(1+_xlpm.b))),_xlpm.prior,_xlfn.HSTACK($B$41,_xlfn.DROP(_xlpm.rev,,-1)),_xlpm.fcf,_xlpm.rev*_xlpm.margin*(1-$B$31:$F$31)+_xlpm.rev*$B$32:$F$32-_xlpm.rev*$B$33:$F$33-(_xlpm.rev-_xlpm.prior)*$B$34:$F$34,_xlpm.pv,SUM(_xlpm.fcf/(1+$B$53)^$C$56:$G$56),_xlpm.tv,_xlfn.TAKE(_xlpm.fcf,,-1)*(1+$B$54)/($B$53-$B$54)*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$B$53)^5,1/(1+$B$53)^$G$56),IF($B$53<=$B$54,NA(),(_xlpm.pv+_xlpm.tv-$B$22)/$B$20))","v":{"v":163.79106240117153,"d":"$163.79"}},{"$f":"_xlfn.LET(_xlpm.gShift,$A79,_xlpm.mShift,F$77,_xlpm.growth,$B$29:$F$29+_xlpm.gShift,_xlpm.margin,$B$30:$F$30+_xlpm.mShift,_xlpm.rev,_xlfn.SCAN($B$41,_xlpm.growth,_xlfn.LAMBDA(_xlpm.a,_xlpm.b,_xlpm.a*(1+_xlpm.b))),_xlpm.prior,_xlfn.HSTACK($B$41,_xlfn.DROP(_xlpm.rev,,-1)),_xlpm.fcf,_xlpm.rev*_xlpm.margin*(1-$B$31:$F$31)+_xlpm.rev*$B$32:$F$32-_xlpm.rev*$B$33:$F$33-(_xlpm.rev-_xlpm.prior)*$B$34:$F$34,_xlpm.pv,SUM(_xlpm.fcf/(1+$B$53)^$C$56:$G$56),_xlpm.tv,_xlfn.TAKE(_xlpm.fcf,,-1)*(1+$B$54)/($B$53-$B$54)*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$B$53)^5,1/(1+$B$53)^$G$56),IF($B$53<=$B$54,NA(),(_xlpm.pv+_xlpm.tv-$B$22)/$B$20))","v":{"v":167.99610665017093,"d":"$168.00"}}]
[{"$f":"0","v":0},{"$f":"_xlfn.LET(_xlpm.gShift,$A80,_xlpm.mShift,B$77,_xlpm.growth,$B$29:$F$29+_xlpm.gShift,_xlpm.margin,$B$30:$F$30+_xlpm.mShift,_xlpm.rev,_xlfn.SCAN($B$41,_xlpm.growth,_xlfn.LAMBDA(_xlpm.a,_xlpm.b,_xlpm.a*(1+_xlpm.b))),_xlpm.prior,_xlfn.HSTACK($B$41,_xlfn.DROP(_xlpm.rev,,-1)),_xlpm.fcf,_xlpm.rev*_xlpm.margin*(1-$B$31:$F$31)+_xlpm.rev*$B$32:$F$32-_xlpm.rev*$B$33:$F$33-(_xlpm.rev-_xlpm.prior)*$B$34:$F$34,_xlpm.pv,SUM(_xlpm.fcf/(1+$B$53)^$C$56:$G$56),_xlpm.tv,_xlfn.TAKE(_xlpm.fcf,,-1)*(1+$B$54)/($B$53-$B$54)*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$B$53)^5,1/(1+$B$53)^$G$56),IF($B$53<=$B$54,NA(),(_xlpm.pv+_xlpm.tv-$B$22)/$B$20))","v":{"v":157.69465729181724,"d":"$157.69"}},{"$f":"_xlfn.LET(_xlpm.gShift,$A80,_xlpm.mShift,C$77,_xlpm.growth,$B$29:$F$29+_xlpm.gShift,_xlpm.margin,$B$30:$F$30+_xlpm.mShift,_xlpm.rev,_xlfn.SCAN($B$41,_xlpm.growth,_xlfn.LAMBDA(_xlpm.a,_xlpm.b,_xlpm.a*(1+_xlpm.b))),_xlpm.prior,_xlfn.HSTACK($B$41,_xlfn.DROP(_xlpm.rev,,-1)),_xlpm.fcf,_xlpm.rev*_xlpm.margin*(1-$B$31:$F$31)+_xlpm.rev*$B$32:$F$32-_xlpm.rev*$B$33:$F$33-(_xlpm.rev-_xlpm.prior)*$B$34:$F$34,_xlpm.pv,SUM(_xlpm.fcf/(1+$B$53)^$C$56:$G$56),_xlpm.tv,_xlfn.TAKE(_xlpm.fcf,,-1)*(1+$B$54)/($B$53-$B$54)*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$B$53)^5,1/(1+$B$53)^$G$56),IF($B$53<=$B$54,NA(),(_xlpm.pv+_xlpm.tv-$B$22)/$B$20))","v":{"v":162.07845065381568,"d":"$162.08"}},{"$f":"_xlfn.LET(_xlpm.gShift,$A80,_xlpm.mShift,D$77,_xlpm.growth,$B$29:$F$29+_xlpm.gShift,_xlpm.margin,$B$30:$F$30+_xlpm.mShift,_xlpm.rev,_xlfn.SCAN($B$41,_xlpm.growth,_xlfn.LAMBDA(_xlpm.a,_xlpm.b,_xlpm.a*(1+_xlpm.b))),_xlpm.prior,_xlfn.HSTACK($B$41,_xlfn.DROP(_xlpm.rev,,-1)),_xlpm.fcf,_xlpm.rev*_xlpm.margin*(1-$B$31:$F$31)+_xlpm.rev*$B$32:$F$32-_xlpm.rev*$B$33:$F$33-(_xlpm.rev-_xlpm.prior)*$B$34:$F$34,_xlpm.pv,SUM(_xlpm.fcf/(1+$B$53)^$C$56:$G$56),_xlpm.tv,_xlfn.TAKE(_xlpm.fcf,,-1)*(1+$B$54)/($B$53-$B$54)*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$B$53)^5,1/(1+$B$53)^$G$56),IF($B$53<=$B$54,NA(),(_xlpm.pv+_xlpm.tv-$B$22)/$B$20))","v":{"v":166.4622440158141,"d":"$166.46"}},{"$f":"_xlfn.LET(_xlpm.gShift,$A80,_xlpm.mShift,E$77,_xlpm.growth,$B$29:$F$29+_xlpm.gShift,_xlpm.margin,$B$30:$F$30+_xlpm.mShift,_xlpm.rev,_xlfn.SCAN($B$41,_xlpm.growth,_xlfn.LAMBDA(_xlpm.a,_xlpm.b,_xlpm.a*(1+_xlpm.b))),_xlpm.prior,_xlfn.HSTACK($B$41,_xlfn.DROP(_xlpm.rev,,-1)),_xlpm.fcf,_xlpm.rev*_xlpm.margin*(1-$B$31:$F$31)+_xlpm.rev*$B$32:$F$32-_xlpm.rev*$B$33:$F$33-(_xlpm.rev-_xlpm.prior)*$B$34:$F$34,_xlpm.pv,SUM(_xlpm.fcf/(1+$B$53)^$C$56:$G$56),_xlpm.tv,_xlfn.TAKE(_xlpm.fcf,,-1)*(1+$B$54)/($B$53-$B$54)*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$B$53)^5,1/(1+$B$53)^$G$56),IF($B$53<=$B$54,NA(),(_xlpm.pv+_xlpm.tv-$B$22)/$B$20))","v":{"v":170.84603737781254,"d":"$170.85"}},{"$f":"_xlfn.LET(_xlpm.gShift,$A80,_xlpm.mShift,F$77,_xlpm.growth,$B$29:$F$29+_xlpm.gShift,_xlpm.margin,$B$30:$F$30+_xlpm.mShift,_xlpm.rev,_xlfn.SCAN($B$41,_xlpm.growth,_xlfn.LAMBDA(_xlpm.a,_xlpm.b,_xlpm.a*(1+_xlpm.b))),_xlpm.prior,_xlfn.HSTACK($B$41,_xlfn.DROP(_xlpm.rev,,-1)),_xlpm.fcf,_xlpm.rev*_xlpm.margin*(1-$B$31:$F$31)+_xlpm.rev*$B$32:$F$32-_xlpm.rev*$B$33:$F$33-(_xlpm.rev-_xlpm.prior)*$B$34:$F$34,_xlpm.pv,SUM(_xlpm.fcf/(1+$B$53)^$C$56:$G$56),_xlpm.tv,_xlfn.TAKE(_xlpm.fcf,,-1)*(1+$B$54)/($B$53-$B$54)*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$B$53)^5,1/(1+$B$53)^$G$56),IF($B$53<=$B$54,NA(),(_xlpm.pv+_xlpm.tv-$B$22)/$B$20))","v":{"v":175.22983073981098,"d":"$175.23"}}]
[{"$f":"0.01","v":{"v":0.01,"d":"+1.0%"}},{"$f":"_xlfn.LET(_xlpm.gShift,$A81,_xlpm.mShift,B$77,_xlpm.growth,$B$29:$F$29+_xlpm.gShift,_xlpm.margin,$B$30:$F$30+_xlpm.mShift,_xlpm.rev,_xlfn.SCAN($B$41,_xlpm.growth,_xlfn.LAMBDA(_xlpm.a,_xlpm.b,_xlpm.a*(1+_xlpm.b))),_xlpm.prior,_xlfn.HSTACK($B$41,_xlfn.DROP(_xlpm.rev,,-1)),_xlpm.fcf,_xlpm.rev*_xlpm.margin*(1-$B$31:$F$31)+_xlpm.rev*$B$32:$F$32-_xlpm.rev*$B$33:$F$33-(_xlpm.rev-_xlpm.prior)*$B$34:$F$34,_xlpm.pv,SUM(_xlpm.fcf/(1+$B$53)^$C$56:$G$56),_xlpm.tv,_xlfn.TAKE(_xlpm.fcf,,-1)*(1+$B$54)/($B$53-$B$54)*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$B$53)^5,1/(1+$B$53)^$G$56),IF($B$53<=$B$54,NA(),(_xlpm.pv+_xlpm.tv-$B$22)/$B$20))","v":{"v":164.44290655740315,"d":"$164.44"}},{"$f":"_xlfn.LET(_xlpm.gShift,$A81,_xlpm.mShift,C$77,_xlpm.growth,$B$29:$F$29+_xlpm.gShift,_xlpm.margin,$B$30:$F$30+_xlpm.mShift,_xlpm.rev,_xlfn.SCAN($B$41,_xlpm.growth,_xlfn.LAMBDA(_xlpm.a,_xlpm.b,_xlpm.a*(1+_xlpm.b))),_xlpm.prior,_xlfn.HSTACK($B$41,_xlfn.DROP(_xlpm.rev,,-1)),_xlpm.fcf,_xlpm.rev*_xlpm.margin*(1-$B$31:$F$31)+_xlpm.rev*$B$32:$F$32-_xlpm.rev*$B$33:$F$33-(_xlpm.rev-_xlpm.prior)*$B$34:$F$34,_xlpm.pv,SUM(_xlpm.fcf/(1+$B$53)^$C$56:$G$56),_xlpm.tv,_xlfn.TAKE(_xlpm.fcf,,-1)*(1+$B$54)/($B$53-$B$54)*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$B$53)^5,1/(1+$B$53)^$G$56),IF($B$53<=$B$54,NA(),(_xlpm.pv+_xlpm.tv-$B$22)/$B$20))","v":{"v":169.01182439697317,"d":"$169.01"}},{"$f":"_xlfn.LET(_xlpm.gShift,$A81,_xlpm.mShift,D$77,_xlpm.growth,$B$29:$F$29+_xlpm.gShift,_xlpm.margin,$B$30:$F$30+_xlpm.mShift,_xlpm.rev,_xlfn.SCAN($B$41,_xlpm.growth,_xlfn.LAMBDA(_xlpm.a,_xlpm.b,_xlpm.a*(1+_xlpm.b))),_xlpm.prior,_xlfn.HSTACK($B$41,_xlfn.DROP(_xlpm.rev,,-1)),_xlpm.fcf,_xlpm.rev*_xlpm.margin*(1-$B$31:$F$31)+_xlpm.rev*$B$32:$F$32-_xlpm.rev*$B$33:$F$33-(_xlpm.rev-_xlpm.prior)*$B$34:$F$34,_xlpm.pv,SUM(_xlpm.fcf/(1+$B$53)^$C$56:$G$56),_xlpm.tv,_xlfn.TAKE(_xlpm.fcf,,-1)*(1+$B$54)/($B$53-$B$54)*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$B$53)^5,1/(1+$B$53)^$G$56),IF($B$53<=$B$54,NA(),(_xlpm.pv+_xlpm.tv-$B$22)/$B$20))","v":{"v":173.58074223654322,"d":"$173.58"}},{"$f":"_xlfn.LET(_xlpm.gShift,$A81,_xlpm.mShift,E$77,_xlpm.growth,$B$29:$F$29+_xlpm.gShift,_xlpm.margin,$B$30:$F$30+_xlpm.mShift,_xlpm.rev,_xlfn.SCAN($B$41,_xlpm.growth,_xlfn.LAMBDA(_xlpm.a,_xlpm.b,_xlpm.a*(1+_xlpm.b))),_xlpm.prior,_xlfn.HSTACK($B$41,_xlfn.DROP(_xlpm.rev,,-1)),_xlpm.fcf,_xlpm.rev*_xlpm.margin*(1-$B$31:$F$31)+_xlpm.rev*$B$32:$F$32-_xlpm.rev*$B$33:$F$33-(_xlpm.rev-_xlpm.prior)*$B$34:$F$34,_xlpm.pv,SUM(_xlpm.fcf/(1+$B$53)^$C$56:$G$56),_xlpm.tv,_xlfn.TAKE(_xlpm.fcf,,-1)*(1+$B$54)/($B$53-$B$54)*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$B$53)^5,1/(1+$B$53)^$G$56),IF($B$53<=$B$54,NA(),(_xlpm.pv+_xlpm.tv-$B$22)/$B$20))","v":{"v":178.14966007611324,"d":"$178.15"}},{"$f":"_xlfn.LET(_xlpm.gShift,$A81,_xlpm.mShift,F$77,_xlpm.growth,$B$29:$F$29+_xlpm.gShift,_xlpm.margin,$B$30:$F$30+_xlpm.mShift,_xlpm.rev,_xlfn.SCAN($B$41,_xlpm.growth,_xlfn.LAMBDA(_xlpm.a,_xlpm.b,_xlpm.a*(1+_xlpm.b))),_xlpm.prior,_xlfn.HSTACK($B$41,_xlfn.DROP(_xlpm.rev,,-1)),_xlpm.fcf,_xlpm.rev*_xlpm.margin*(1-$B$31:$F$31)+_xlpm.rev*$B$32:$F$32-_xlpm.rev*$B$33:$F$33-(_xlpm.rev-_xlpm.prior)*$B$34:$F$34,_xlpm.pv,SUM(_xlpm.fcf/(1+$B$53)^$C$56:$G$56),_xlpm.tv,_xlfn.TAKE(_xlpm.fcf,,-1)*(1+$B$54)/($B$53-$B$54)*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$B$53)^5,1/(1+$B$53)^$G$56),IF($B$53<=$B$54,NA(),(_xlpm.pv+_xlpm.tv-$B$22)/$B$20))","v":{"v":182.71857791568328,"d":"$182.72"}}]
[{"$f":"0.02","v":{"v":0.02,"d":"+2.0%"}},{"$f":"_xlfn.LET(_xlpm.gShift,$A82,_xlpm.mShift,B$77,_xlpm.growth,$B$29:$F$29+_xlpm.gShift,_xlpm.margin,$B$30:$F$30+_xlpm.mShift,_xlpm.rev,_xlfn.SCAN($B$41,_xlpm.growth,_xlfn.LAMBDA(_xlpm.a,_xlpm.b,_xlpm.a*(1+_xlpm.b))),_xlpm.prior,_xlfn.HSTACK($B$41,_xlfn.DROP(_xlpm.rev,,-1)),_xlpm.fcf,_xlpm.rev*_xlpm.margin*(1-$B$31:$F$31)+_xlpm.rev*$B$32:$F$32-_xlpm.rev*$B$33:$F$33-(_xlpm.rev-_xlpm.prior)*$B$34:$F$34,_xlpm.pv,SUM(_xlpm.fcf/(1+$B$53)^$C$56:$G$56),_xlpm.tv,_xlfn.TAKE(_xlpm.fcf,,-1)*(1+$B$54)/($B$53-$B$54)*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$B$53)^5,1/(1+$B$53)^$G$56),IF($B$53<=$B$54,NA(),(_xlpm.pv+_xlpm.tv-$B$22)/$B$20))","v":{"v":171.4268495224674,"d":"$171.43"}},{"$f":"_xlfn.LET(_xlpm.gShift,$A82,_xlpm.mShift,C$77,_xlpm.growth,$B$29:$F$29+_xlpm.gShift,_xlpm.margin,$B$30:$F$30+_xlpm.mShift,_xlpm.rev,_xlfn.SCAN($B$41,_xlpm.growth,_xlfn.LAMBDA(_xlpm.a,_xlpm.b,_xlpm.a*(1+_xlpm.b))),_xlpm.prior,_xlfn.HSTACK($B$41,_xlfn.DROP(_xlpm.rev,,-1)),_xlpm.fcf,_xlpm.rev*_xlpm.margin*(1-$B$31:$F$31)+_xlpm.rev*$B$32:$F$32-_xlpm.rev*$B$33:$F$33-(_xlpm.rev-_xlpm.prior)*$B$34:$F$34,_xlpm.pv,SUM(_xlpm.fcf/(1+$B$53)^$C$56:$G$56),_xlpm.tv,_xlfn.TAKE(_xlpm.fcf,,-1)*(1+$B$54)/($B$53-$B$54)*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$B$53)^5,1/(1+$B$53)^$G$56),IF($B$53<=$B$54,NA(),(_xlpm.pv+_xlpm.tv-$B$22)/$B$20))","v":{"v":176.1874415712961,"d":"$176.19"}},{"$f":"_xlfn.LET(_xlpm.gShift,$A82,_xlpm.mShift,D$77,_xlpm.growth,$B$29:$F$29+_xlpm.gShift,_xlpm.margin,$B$30:$F$30+_xlpm.mShift,_xlpm.rev,_xlfn.SCAN($B$41,_xlpm.growth,_xlfn.LAMBDA(_xlpm.a,_xlpm.b,_xlpm.a*(1+_xlpm.b))),_xlpm.prior,_xlfn.HSTACK($B$41,_xlfn.DROP(_xlpm.rev,,-1)),_xlpm.fcf,_xlpm.rev*_xlpm.margin*(1-$B$31:$F$31)+_xlpm.rev*$B$32:$F$32-_xlpm.rev*$B$33:$F$33-(_xlpm.rev-_xlpm.prior)*$B$34:$F$34,_xlpm.pv,SUM(_xlpm.fcf/(1+$B$53)^$C$56:$G$56),_xlpm.tv,_xlfn.TAKE(_xlpm.fcf,,-1)*(1+$B$54)/($B$53-$B$54)*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$B$53)^5,1/(1+$B$53)^$G$56),IF($B$53<=$B$54,NA(),(_xlpm.pv+_xlpm.tv-$B$22)/$B$20))","v":{"v":180.94803362012476,"d":"$180.95"}},{"$f":"_xlfn.LET(_xlpm.gShift,$A82,_xlpm.mShift,E$77,_xlpm.growth,$B$29:$F$29+_xlpm.gShift,_xlpm.margin,$B$30:$F$30+_xlpm.mShift,_xlpm.rev,_xlfn.SCAN($B$41,_xlpm.growth,_xlfn.LAMBDA(_xlpm.a,_xlpm.b,_xlpm.a*(1+_xlpm.b))),_xlpm.prior,_xlfn.HSTACK($B$41,_xlfn.DROP(_xlpm.rev,,-1)),_xlpm.fcf,_xlpm.rev*_xlpm.margin*(1-$B$31:$F$31)+_xlpm.rev*$B$32:$F$32-_xlpm.rev*$B$33:$F$33-(_xlpm.rev-_xlpm.prior)*$B$34:$F$34,_xlpm.pv,SUM(_xlpm.fcf/(1+$B$53)^$C$56:$G$56),_xlpm.tv,_xlfn.TAKE(_xlpm.fcf,,-1)*(1+$B$54)/($B$53-$B$54)*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$B$53)^5,1/(1+$B$53)^$G$56),IF($B$53<=$B$54,NA(),(_xlpm.pv+_xlpm.tv-$B$22)/$B$20))","v":{"v":185.7086256689535,"d":"$185.71"}},{"$f":"_xlfn.LET(_xlpm.gShift,$A82,_xlpm.mShift,F$77,_xlpm.growth,$B$29:$F$29+_xlpm.gShift,_xlpm.margin,$B$30:$F$30+_xlpm.mShift,_xlpm.rev,_xlfn.SCAN($B$41,_xlpm.growth,_xlfn.LAMBDA(_xlpm.a,_xlpm.b,_xlpm.a*(1+_xlpm.b))),_xlpm.prior,_xlfn.HSTACK($B$41,_xlfn.DROP(_xlpm.rev,,-1)),_xlpm.fcf,_xlpm.rev*_xlpm.margin*(1-$B$31:$F$31)+_xlpm.rev*$B$32:$F$32-_xlpm.rev*$B$33:$F$33-(_xlpm.rev-_xlpm.prior)*$B$34:$F$34,_xlpm.pv,SUM(_xlpm.fcf/(1+$B$53)^$C$56:$G$56),_xlpm.tv,_xlfn.TAKE(_xlpm.fcf,,-1)*(1+$B$54)/($B$53-$B$54)*IF('Model Inputs'!$B$22=\"Year-End\",1/(1+$B$53)^5,1/(1+$B$53)^$G$56),IF($B$53<=$B$54,NA(),(_xlpm.pv+_xlpm.tv-$B$22)/$B$20))","v":{"v":190.46921771778221,"d":"$190.47"}}]

{"sheet":"Model Inputs","index":2,"n_rows":72,"n_cols":6,"rows_kept":72,"merged":[[0,0,0,5]]}
["Dynamic DCF Model Inputs & Controls"]
[]
["Ticker",{"$f":"DCF!A3","v":"AAPL"}]
["Valuation Date",{"$f":"DCF!B3","v":"2026-04-29"}]
[]
["Manual / Override Inputs"]
["Current Share Price ($)",0,{"$f":"IF(B7=0,FALSE,TRUE)","v":false},"Used when StockInformation Previous Close is blank or override is TRUE."]
["Diluted Shares",0,{"$f":"IF(B8=0,FALSE,TRUE)","v":false},"Fallback to latest diluted weighted average shares or EDGAR shares outstanding."]
["Base Revenue ($)",0,false,"Fallback if revenue query is blank; current AMD FY2025 revenue inferred from SEC filing."]
["Base EBIT / Operating Income ($)",0,false,"Fallback if Operating Income query is blank."]
["D&A (% Revenue)",{"v":0,"d":"0%"},false,"Fallback because current query often returns stale D&A. Edit after adding a clean cash flow query."]
["CapEx ($)",0,false,"Fallback if CapEx query is blank or stale."]
["Cash & Equivalents ($)",0,false,"Fallback if balance sheet cash query is blank."]
["Gross Debt ($)",0,false,"Override is TRUE because the current query appears to miss current debt."]
["Normalized Cash Tax Rate",{"v":0,"d":"0%"},false,"Fallback if actual tax is negative/unusual."]
["Beta",0,false,"Manual beta fallback if market-data beta is unavailable."]
["Risk-Free Rate",{"v":0,"d":"0%"},false,"Fallback if 10Y Treasury query is blank."]
["Equity Risk Premium",{"v":0.05,"d":"5%"},true,"Manual market assumption."]
["Pre-Tax Cost of Debt",{"v":0,"d":"0%"},false,"Fallback if debt cost query is negative or implausibly high."]
["NWC (% of Change in Revenue)",{"$f":"0.03","v":{"v":0.03,"d":"3.00%"}},"Manual operating working capital assumption."]
["Terminal Growth",{"$f":"0.03","v":{"v":0.03,"d":"3.00%"}},"Manual long-term nominal growth assumption."]
["Terminal Value Discount Timing","Year-End","Manual","Use Mid-Year or Year-End; terminal value and sensitivities follow this setting."]
["NWC Forecast Method","Manual % of Revenue Change","Manual","Working Capital sheet provides actual operating NWC cross-check."]
["Controlled Model Outputs"]
["Current Share Price ($)",{"$f":"_xlfn.LET(_xlpm.raw,IFERROR('Data Queries'!E2,0),_xlpm.q,IFERROR(_xlfn.NUMBERVALUE(_xlpm.raw),0),IF(AND($C$7,B7<>0),B7,IF(_xlpm.q>0,_xlpm.q,B7)))","v":{"v":270.71,"d":"$270.71"}},"StockInformation Previous Close, else manual B7",{"$f":"IF(B25>0,\"OK\",\"MISSING\")","v":"OK"}]
["Diluted Shares",{"$f":"_xlfn.LET(_xlpm.dil,IFERROR(_xlfn.XLOOKUP(\"*Shares*Diluted*\",EDGAR_IncomeStatement[Line Item],EDGAR_IncomeStatement[Value],0,2),0),_xlpm.so,IFERROR(INDEX(EDGAR_SharesOutstanding[Shares Outstanding],1),0),IF(AND($C$8,B8<>0),B8,IF(_xlpm.dil>0,_xlpm.dil,IF(_xlpm.so>0,_xlpm.so,B8))))","v":{"v":15004697000,"d":"15,004,697,000"}},"Diluted weighted average shares, then EDGAR shares outstanding, then manual B8",{"$f":"IF(B26>0,\"OK\",\"MISSING\")","v":"OK"}]
["Market Cap ($)",{"$f":"B25*IF(B40>0,B40,B26)","v":{"v":4000106520629.9995,"d":"$4,000,106,520,630"}},"Price x current shares outstanding; falls back to diluted shares if needed",{"$f":"IF(B27>0,\"OK\",\"MISSING\")","v":"OK"}]
["Base Revenue ($)",{"$f":"_xlfn.LET(_xlpm.rev,IFERROR(_xlfn.XLOOKUP(\"Total Revenue\",EDGAR_IncomeStatement[Line Item],EDGAR_IncomeStatement[Value],0,0),0),_xlpm.gross,IFERROR(_xlfn.XLOOKUP(\"Gross Profit\",EDGAR_IncomeStatement[Line Item],EDGAR_IncomeStatement[Value],0,0),0),_xlpm.cogs,IFERROR(_xlfn.XLOOKUP(\"Cost of Goods & Services Sold\",EDGAR_IncomeStatement[Line Item],EDGAR_IncomeStatement[Value],0,0),0),_xlpm.costrev,IFERROR(_xlfn.XLOOKUP(\"Cost of Revenue\",EDGAR_IncomeStatement[Line Item],EDGAR_IncomeStatement[Value],0,0),0),_xlpm.alt,_xlpm.gross+MAX(_xlpm.cogs,_xlpm.costrev),IF(AND($C$9,B9<>0),B9,IF(_xlpm.rev>0,_xlpm.rev,IF(_xlpm.alt>0,_xlpm.alt,B9))))","v":{"v":416161000000,"d":"$416,161,000,000"}},"Total Revenue, or Gross Profit + Cost of Revenue, else manual B9",{"$f":"_xlfn.LET(_xlpm.rev,IFERROR(_xlfn.XLOOKUP(\"Total Revenue\",EDGAR_IncomeStatement[Line Item],EDGAR_IncomeStatement[Value],0,0),0),_xlpm.gross,IFERROR(_xlfn.XLOOKUP(\"Gross Profit\",EDGAR_IncomeStatement[Line Item],EDGAR_IncomeStatement[Value],0,0),0),_xlpm.cogs,IFERROR(_xlfn.XLOOKUP(\"Cost of Goods & Services Sold\",EDGAR_IncomeStatement[Line Item],EDGAR_IncomeStatement[Value],0,0),0),_xlpm.costrev,IFERROR(_xlfn.XLOOKUP(\"Cost of Revenue\",EDGAR_IncomeStatement[Line Item],EDGAR_IncomeStatement[Value],0,0),0),_xlpm.alt,_xlpm.gross+MAX(_xlpm.cogs,_xlpm.costrev),IF(AND($C$9,B9<>\"\"),\"OVERRIDE\",IF(_xlpm.rev>0,\"OK\",IF(_xlpm.alt>0,\"INFERRED\",\"FALLBACK\"))))","v":"OK"}]
["Base EBIT / Operating Income ($)",{"$f":"_xlfn.LET(_xlpm.q,IFERROR(_xlfn.XLOOKUP(\"Operating Income (Loss)\",EDGAR_IncomeStatement[Line Item],EDGAR_IncomeStatement[Value],0,0),0),IF(AND($C$10,B10<>0),B10,IF(_xlpm.q<>0,_xlpm.q,B10)))","v":{"v":133050000000,"d":"$133,050,000,000"}},"Operating Income (Loss), else manual B10",{"$f":"IF(B29<>0,\"OK\",\"MISSING\")","v":"OK"}]
["Base EBIT Margin",{"$f":"IFERROR(B29/B28,0)","v":{"v":0.31970799762591884,"d":"31.97%"}},"Operating income / revenue",{"$f":"IF(B30>0,\"OK\",\"CHECK\")","v":"OK"}]
["Normalized Cash Tax Rate",{"$f":"_xlfn.LET(_xlpm.pbt,IFERROR(_xlfn.XLOOKUP(\"Income Before Tax\",EDGAR_IncomeStatement[Line Item],EDGAR_IncomeStatement[Value],0,0),0),_xlpm.tax,IFERROR(_xlfn.XLOOKUP(\"Income Tax Expense (Benefit)\",EDGAR_IncomeStatement[Line Item],EDGAR_IncomeStatement[Value],0,0),0),IF(AND($C$15,B15<>0),B15,IF(AND(_xlpm.pbt>0,_xlpm.tax>0,_xlpm.tax/_xlpm.pbt<0.4),_xlpm.tax/_xlpm.pbt,B15)))","v":{"v":0.15610002335586043,"d":"15.61%"}},"Actual tax/PBT if normal, else manual B15",{"$f":"IF(AND(B31>0,B31<0.4),\"OK\",\"CHECK\")","v":"OK"}]
["D&A (% Revenue)",{"$f":"_xlfn.LET(_xlpm.val,IFERROR(_xlfn.XLOOKUP(\"*Depreciation*\",EDGAR_StatementOfCashFlows[Line Item],EDGAR_StatementOfCashFlows[Value (USD)],0,2),0),_xlpm.fy,IFERROR(_xlfn.XLOOKUP(\"*Depreciation*\",EDGAR_StatementOfCashFlows[Line Item],EDGAR_StatementOfCashFlows[FY],0,2),0),_xlpm.manual,B11,IF(AND($C$11,_xlpm.manual<>0),_xlpm.manual,IF(AND(_xlpm.val>0,_xlpm.fy=$B$39,$B$28>0),_xlpm.val/$B$28,_xlpm.manual)))","v":{"v":0.028109313462818475,"d":"2.81%"}},"Current-year D&A if fresh; otherwise manual B11",{"$f":"IF(AND(B32>0,B32<0.3),\"OK\",\"CHECK\")","v":"OK"}]
["CapEx (% Revenue)",{"$f":"_xlfn.LET(_xlpm.val,IFERROR(_xlfn.XLOOKUP(\"Capital Expenditures\",EDGAR_StatementOfCashFlows[Line Item],EDGAR_StatementOfCashFlows[Value (USD)],0,0),0),_xlpm.fy,IFERROR(_xlfn.XLOOKUP(\"Capital Expenditures\",EDGAR_StatementOfCashFlows[Line Item],EDGAR_StatementOfCashFlows[FY],0,0),0),_xlpm.manual,IFERROR(B12/$B$28,0),IF(AND($C$12,B12<>0),_xlpm.manual,IF(AND(_xlpm.val<>0,_xlpm.fy=$B$39,$B$28>0),ABS(_xlpm.val)/$B$28,_xlpm.manual)))","v":{"v":0.030553079216937677,"d":"3.06%"}},"Current-year CapEx / revenue, else manual B12 / revenue",{"$f":"IF(AND(B33>0,B33<0.3),\"OK\",\"CHECK\")","v":"OK"}]
["Cash & Equivalents ($)",{"$f":"_xlfn.LET(_xlpm.q,IFERROR(_xlfn.XLOOKUP(\"Cash & Equivalents\",EDGAR_BalanceSheet[Line Item],EDGAR_BalanceSheet[Value (USD)],0,0),0),IF(AND($C$13,B13<>0),B13,IF(_xlpm.q>0,_xlpm.q,B13)))","v":{"v":35934000000,"d":"$35,934,000,000"}},"Balance sheet cash, else manual B13",{"$f":"IF(B34>=0,\"OK\",\"CHECK\")","v":"OK"}]
["Gross Debt ($)",{"$f":"_xlfn.LET(_xlpm.st,IFERROR(_xlfn.XLOOKUP(\"Short-Term Debt\",EDGAR_BalanceSheet[Line Item],EDGAR_BalanceSheet[Value (USD)],0,0),0),_xlpm.lt,IFERROR(_xlfn.XLOOKUP(\"Long-Term Debt\",EDGAR_BalanceSheet[Line Item],EDGAR_BalanceSheet[Value (USD)],0,0),0),_xlpm.q,_xlpm.st+_xlpm.lt,IF(AND($C$14,B14<>0),B14,IF(_xlpm.q>=0,_xlpm.q,B14)))","v":{"v":90678000000,"d":"$90,678,000,000"}},"Short-term + long-term debt, or manual B14",{"$f":"IF(B35>=0,\"OK\",\"CHECK\")","v":"OK"}]
["Net Debt / (Cash) ($)",{"$f":"B35-B34","v":{"v":54744000000,"d":"$54,744,000,000"}},"Gross debt - cash",{"$f":"IF(ISNUMBER(B36),\"OK\",\"CHECK\")","v":"OK"}]
["NWC (% of Change in Revenue)",{"$f":"B20","v":{"v":0.03,"d":"3.00%"}},"Manual operating assumption",{"$f":"IF(AND(B37>=-0.2,B37<=0.3),\"OK\",\"CHECK\")","v":"OK"}]
["Terminal Growth",{"$f":"B21","v":{"v":0.03,"d":"3.00%"}},"Manual long-term assumption",{"$f":"IF(B38<WACC!$B$22,\"OK\",\"INVALID: g >= WACC\")","v":"OK"}]
["Base Fiscal Year",{"$f":"MAX(IFERROR(MAX(EDGAR_IncomeStatement[FY]),0),IFERROR(MAX(EDGAR_BalanceSheet[FY]),0),IFERROR(MAX(EDGAR_StatementOfCashFlows[FY]),0))","v":2025},"Max FY across query tables",{"$f":"IF(B39>0,\"OK\",\"MISSING\")","v":"OK"}]
["Current Shares Outstanding",{"$f":"_xlfn.LET(_xlpm.so,IFERROR(INDEX(EDGAR_SharesOutstanding[Shares Outstanding],1),0),IF(_xlpm.so>0,_xlpm.so,B26))","v":{"v":14776353000,"d":"14,776,353,000"}},"EDGAR shares outstanding, else diluted shares fallback",{"$f":"IF(B40>0,\"OK\",\"MISSING\")","v":"OK"}]
[]
["Scenario Assumptions"]
[]
["BEAR CASE"]
["Revenue Growth (%)",{"$f":"0.03","v":{"v":0.03,"d":"3.00%"}},{"$f":"0.02","v":{"v":0.02,"d":"2.00%"}},{"$f":"0.02","v":{"v":0.02,"d":"2.00%"}},{"$f":"0.02","v":{"v":0.02,"d":"2.00%"}},{"$f":"0.02","v":{"v":0.02,"d":"2.00%"}}]
["EBIT Margin (%)",{"$f":"MIN(MAX($B$30+-0.02,0),0.55)","v":{"v":0.2997079976259188,"d":"29.97%"}},{"$f":"MIN(MAX($B$30+-0.01,0),0.55)","v":{"v":0.30970799762591883,"d":"30.97%"}},{"$f":"MIN(MAX($B$30+0,0),0.55)","v":{"v":0.31970799762591884,"d":"31.97%"}},{"$f":"MIN(MAX($B$30+0.01,0),0.55)","v":{"v":0.32970799762591885,"d":"32.97%"}},{"$f":"MIN(MAX($B$30+0.02,0),0.55)","v":{"v":0.33970799762591886,"d":"33.97%"}}]
["Tax Rate (%)",{"$f":"$B$31","v":{"v":0.15610002335586043,"d":"15.61%"}},{"$f":"$B$31","v":{"v":0.15610002335586043,"d":"15.61%"}},{"$f":"$B$31","v":{"v":0.15610002335586043,"d":"15.61%"}},{"$f":"$B$31","v":{"v":0.15610002335586043,"d":"15.61%"}},{"$f":"$B$31","v":{"v":0.15610002335586043,"d":"15.61%"}}]
["D&A (% of Revenue)",{"$f":"$B$32","v":{"v":0.028109313462818475,"d":"2.81%"}},{"$f":"$B$32","v":{"v":0.028109313462818475,"d":"2.81%"}},{"$f":"$B$32","v":{"v":0.028109313462818475,"d":"2.81%"}},{"$f":"$B$32","v":{"v":0.028109313462818475,"d":"2.81%"}},{"$f":"$B$32","v":{"v":0.028109313462818475,"d":"2.81%"}}]
["CapEx (% of Revenue)",{"$f":"$B$33","v":{"v":0.030553079216937677,"d":"3.06%"}},{"$f":"$B$33","v":{"v":0.030553079216937677,"d":"3.06%"}},{"$f":"$B$33","v":{"v":0.030553079216937677,"d":"3.06%"}},{"$f":"$B$33","v":{"v":0.030553079216937677,"d":"3.06%"}},{"$f":"$B$33","v":{"v":0.030553079216937677,"d":"3.06%"}}]
["Change in NWC (% of Change in Revenue)",{"$f":"$B$37","v":{"v":0.03,"d":"3.00%"}},{"$f":"$B$37","v":{"v":0.03,"d":"3.00%"}},{"$f":"$B$37","v":{"v":0.03,"d":"3.00%"}},{"$f":"$B$37","v":{"v":0.03,"d":"3.00%"}},{"$f":"$B$37","v":{"v":0.03,"d":"3.00%"}}]
["Terminal Growth Rate",{"$f":"MAX($B$38-0.01,0)","v":{"v":0.019999999999999997,"d":"2.00%"}}]
["WACC",{"$f":"WACC!$B$22+0.01","v":{"v":0.10684463892079633,"d":"10.68%"}}]
[]
["BASE CASE"]
["Revenue Growth (%)",{"v":0.08,"d":"8.00%"},{"$f":"0.1","v":{"v":0.1,"d":"10.00%"}},{"$f":"0.08","v":{"v":0.08,"d":"8.00%"}},{"$f":"0.06","v":{"v":0.06,"d":"6.00%"}},{"$f":"0.04","v":{"v":0.04,"d":"4.00%"}}]
["EBIT Margin (%)",{"$f":"MIN(MAX($B$30+0.02,0),0.55)","v":{"v":0.33970799762591886,"d":"33.97%"}},{"$f":"MIN(MAX($B$30+0.04,0),0.55)","v":{"v":0.3597079976259188,"d":"35.97%"}},{"$f":"MIN(MAX($B$30+0.06,0),0.55)","v":{"v":0.37970799762591884,"d":"37.97%"}},{"$f":"MIN(MAX($B$30+0.07,0),0.55)","v":{"v":0.38970799762591884,"d":"38.97%"}},{"$f":"MIN(MAX($B$30+0.08,0),0.55)","v":{"v":0.39970799762591885,"d":"39.97%"}}]
["Tax Rate (%)",{"$f":"$B$31","v":{"v":0.15610002335586043,"d":"15.61%"}},{"$f":"$B$31","v":{"v":0.15610002335586043,"d":"15.61%"}},{"$f":"$B$31","v":{"v":0.15610002335586043,"d":"15.61%"}},{"$f":"$B$31","v":{"v":0.15610002335586043,"d":"15.61%"}},{"$f":"$B$31","v":{"v":0.15610002335586043,"d":"15.61%"}}]
["D&A (% of Revenue)",{"$f":"$B$32","v":{"v":0.028109313462818475,"d":"2.81%"}},{"$f":"$B$32","v":{"v":0.028109313462818475,"d":"2.81%"}},{"$f":"$B$32","v":{"v":0.028109313462818475,"d":"2.81%"}},{"$f":"$B$32","v":{"v":0.028109313462818475,"d":"2.81%"}},{"$f":"$B$32","v":{"v":0.028109313462818475,"d":"2.81%"}}]
["CapEx (% of Revenue)",{"$f":"$B$33","v":{"v":0.030553079216937677,"d":"3.06%"}},{"$f":"$B$33","v":{"v":0.030553079216937677,"d":"3.06%"}},{"$f":"$B$33","v":{"v":0.030553079216937677,"d":"3.06%"}},{"$f":"$B$33","v":{"v":0.030553079216937677,"d":"3.06%"}},{"$f":"$B$33","v":{"v":0.030553079216937677,"d":"3.06%"}}]
["Change in NWC (% of Change in Revenue)",{"$f":"$B$37","v":{"v":0.03,"d":"3.00%"}},{"$f":"$B$37","v":{"v":0.03,"d":"3.00%"}},{"$f":"$B$37","v":{"v":0.03,"d":"3.00%"}},{"$f":"$B$37","v":{"v":0.03,"d":"3.00%"}},{"$f":"$B$37","v":{"v":0.03,"d":"3.00%"}}]
["Terminal Growth Rate",{"$f":"$B$38","v":{"v":0.03,"d":"3.00%"}}]
["WACC",{"$f":"WACC!$B$22","v":{"v":0.09684463892079634,"d":"9.68%"}}]
[]
["BULL CASE"]
["Revenue Growth (%)",{"v":0.13,"d":"13.00%"},{"$f":"0.15","v":{"v":0.15,"d":"15.00%"}},{"$f":"0.12","v":{"v":0.12,"d":"12.00%"}},{"$f":"0.1","v":{"v":0.1,"d":"10.00%"}},{"$f":"0.08","v":{"v":0.08,"d":"8.00%"}}]
["EBIT Margin (%)",{"$f":"MIN(MAX($B$30+0.06,0),0.55)","v":{"v":0.37970799762591884,"d":"37.97%"}},{"$f":"MIN(MAX($B$30+0.09,0),0.55)","v":{"v":0.4097079976259188,"d":"40.97%"}},{"$f":"MIN(MAX($B$30+0.12,0),0.55)","v":{"v":0.43970799762591883,"d":"43.97%"}},{"$f":"MIN(MAX($B$30+0.14,0),0.55)","v":{"v":0.45970799762591885,"d":"45.97%"}},{"$f":"MIN(MAX($B$30+0.16,0),0.55)","v":{"v":0.47970799762591887,"d":"47.97%"}}]
["Tax Rate (%)",{"$f":"$B$31","v":{"v":0.15610002335586043,"d":"15.61%"}},{"$f":"$B$31","v":{"v":0.15610002335586043,"d":"15.61%"}},{"$f":"$B$31","v":{"v":0.15610002335586043,"d":"15.61%"}},{"$f":"$B$31","v":{"v":0.15610002335586043,"d":"15.61%"}},{"$f":"$B$31","v":{"v":0.15610002335586043,"d":"15.61%"}}]
["D&A (% of Revenue)",{"$f":"$B$32","v":{"v":0.028109313462818475,"d":"2.81%"}},{"$f":"$B$32","v":{"v":0.028109313462818475,"d":"2.81%"}},{"$f":"$B$32","v":{"v":0.028109313462818475,"d":"2.81%"}},{"$f":"$B$32","v":{"v":0.028109313462818475,"d":"2.81%"}},{"$f":"$B$32","v":{"v":0.028109313462818475,"d":"2.81%"}}]
["CapEx (% of Revenue)",{"$f":"$B$33","v":{"v":0.030553079216937677,"d":"3.06%"}},{"$f":"$B$33","v":{"v":0.030553079216937677,"d":"3.06%"}},{"$f":"$B$33","v":{"v":0.030553079216937677,"d":"3.06%"}},{"$f":"$B$33","v":{"v":0.030553079216937677,"d":"3.06%"}},{"$f":"$B$33","v":{"v":0.030553079216937677,"d":"3.06%"}}]
["Change in NWC (% of Change in Revenue)",{"$f":"$B$37","v":{"v":0.03,"d":"3.00%"}},{"$f":"$B$37","v":{"v":0.03,"d":"3.00%"}},{"$f":"$B$37","v":{"v":0.03,"d":"3.00%"}},{"$f":"$B$37","v":{"v":0.03,"d":"3.00%"}},{"$f":"$B$37","v":{"v":0.03,"d":"3.00%"}}]
["Terminal Growth Rate",{"$f":"MIN($B$38+0.005,WACC!$B$22-0.005)","v":{"v":0.034999999999999996,"d":"3.50%"}}]
["WACC",{"$f":"MAX(WACC!$B$22-0.01,$B$71+0.005)","v":{"v":0.08684463892079634,"d":"8.68%"}}]

{"sheet":"WACC","index":3,"n_rows":22,"n_cols":3,"rows_kept":22,"merged":[[0,0,0,2],[2,0,2,2],[8,0,8,2],[13,0,13,2]]}
["WACC Calculation"]
[]
["COST OF EQUITY (CAP"]
["Risk-Free Rate",{"$f":"_xlfn.LET(_xlpm.raw,IFERROR('Data Queries'!B2,\"\"),_xlpm.q,IFERROR(IF(ISNUMBER(_xlpm.raw),_xlpm.raw,_xlfn.NUMBERVALUE(SUBSTITUTE(_xlpm.raw,\"%\",\"\"))/100),0),IF(AND('Model Inputs'!$C$17,'Model Inputs'!$B$17<>0),'Model Inputs'!$B$17,IF(_xlpm.q>0,_xlpm.q,'Model Inputs'!$B$17)))","v":{"v":0.04354,"d":"4.35%"}},"10Y Treasury query, else Model Inputs B17"]
["Equity Risk Premium",{"$f":"'Model Inputs'!B18","v":{"v":0.05,"d":"5.00%"}},"Manual ERP"]
["Beta",{"$f":"_xlfn.LET(_xlpm.raw,IFERROR('Data Queries'!E11,0),_xlpm.q,IFERROR(_xlfn.NUMBERVALUE(_xlpm.raw),0),_xlpm.manual,'Model Inputs'!$B$16,IF(AND('Model Inputs'!$C$16,_xlpm.manual<>0),_xlpm.manual,IF(_xlpm.q>0,_xlpm.q,_xlpm.manual)))","v":{"v":1.11,"d":"1.110"}},"StockInformation beta, else Model Inputs B16"]
["Cost of Equity",{"$f":"B4+B6*B5","v":{"v":0.09904000000000002,"d":"9.90%"}},"Rf + beta x ERP"]
[]
["COST OF DEBT"]
["Pre-Tax Cost of Debt",{"$f":"_xlfn.LET(_xlpm.q,ABS(IFERROR(INDEX(Cost_of_Debt[Pre-Tax Cost of Debt],1),0)),_xlpm.fy,IFERROR(INDEX(Cost_of_Debt[FY],1),0),IF(AND('Model Inputs'!$C$19,'Model Inputs'!$B$19<>0),'Model Inputs'!$B$19,IF(AND(_xlpm.fy='Model Inputs'!$B$39,_xlpm.q>0,_xlpm.q<0.3),_xlpm.q,'Model Inputs'!$B$19)))","v":{"v":0,"d":"0.00%"}},"Positive query result when plausible; else manual B19"]
["Tax Rate",{"$f":"'Model Inputs'!B31","v":{"v":0.15610002335586043,"d":"15.61%"}},"Normalized tax rate"]
["After-Tax Cost of Debt",{"$f":"B10*(1-B11)","v":{"v":0,"d":"0.00%"}},"Pre-tax cost x (1-tax rate)"]
[]
["CAPITAL STRUCTURE ($)"]
["Market Cap",{"$f":"'Model Inputs'!B27","v":{"v":4000106520629.9995,"d":"$4,000,106,520,630"}},{"$f":"_xlfn.FORMULATEXT(B15)","v":"='Model Inputs'!B27"}]
["Gross Debt",{"$f":"'Model Inputs'!B35","v":{"v":90678000000,"d":"$90,678,000,000"}},"='Model Inputs'!B35"]
["Cash & Equivalents",{"$f":"'Model Inputs'!B34","v":{"v":35934000000,"d":"$35,934,000,000"}},"='Model Inputs'!B34"]
["Net Debt / (Cash)",{"$f":"'Model Inputs'!B36","v":{"v":54744000000,"d":"$54,744,000,000"}},"='Model Inputs'!B36"]
["Capital Base for Weights",{"$f":"B15+B16","v":{"v":4090784520629.9995,"d":"$4,090,784,520,630"}},"=B15+B16"]
["Equity Weight",{"$f":"IFERROR(B15/B19,0)","v":{"v":0.9778335916881696,"d":"97.78%"}},"=IFERROR(B15/B19,0)"]
["Debt Weight",{"$f":"IFERROR(B16/B19,0)","v":{"v":0.02216640831183041,"d":"2.22%"}},"=IFERROR(B16/B19,0)"]
["WACC",{"$f":"B7*B20+B12*B21","v":{"v":0.09684463892079634,"d":"9.68%"}},{"$f":"_xlfn.FORMULATEXT(B22)","v":"=B7*B20+B12*B21"}]

{"sheet":"Working Capital","index":4,"n_rows":15,"n_cols":2,"rows_kept":15,"merged":[[0,0,0,1]]}
["Working Capital Cross-Check"]
[]
["Item","Current Value ($)"]
["Accounts Receivable",{"$f":"_xlfn.XLOOKUP(\"Accounts Receivable, Net\",EDGAR_BalanceSheet[Line Item],EDGAR_BalanceSheet[Value (USD)],0,0)","v":{"v":39777000000,"d":"$39,777,000,000"}}]
["Inventory",{"$f":"_xlfn.XLOOKUP(\"Inventory\",EDGAR_BalanceSheet[Line Item],EDGAR_BalanceSheet[Value (USD)],0,0)","v":{"v":5718000000,"d":"$5,718,000,000"}}]
["Other Current Assets",{"$f":"_xlfn.XLOOKUP(\"Other Current Assets\",EDGAR_BalanceSheet[Line Item],EDGAR_BalanceSheet[Value (USD)],0,0)","v":{"v":47765000000,"d":"$47,765,000,000"}}]
["Accounts Payable",{"$f":"_xlfn.XLOOKUP(\"Accounts Payable\",EDGAR_BalanceSheet[Line Item],EDGAR_BalanceSheet[Value (USD)],0,0)","v":{"v":69860000000,"d":"$69,860,000,000"}}]
["Accrued Liabilities",{"$f":"_xlfn.XLOOKUP(\"Accrued Liabilities\",EDGAR_BalanceSheet[Line Item],EDGAR_BalanceSheet[Value (USD)],0,0)","v":{"v":13016000000,"d":"$13,016,000,000"}}]
["Other Current Liabilities",{"$f":"_xlfn.XLOOKUP(\"Other Current Liabilities\",EDGAR_BalanceSheet[Line Item],EDGAR_BalanceSheet[Value (USD)],0,0)","v":{"v":70405000000,"d":"$70,405,000,000"}}]
["Operating NWC",{"$f":"B4+B5+B6-B7-B8-B9","v":{"v":-60021000000,"d":"($60,021,000,000)"}}]
["Revenue",{"$f":"_xlfn.XLOOKUP(\"Total Revenue\",EDGAR_IncomeStatement[Line Item],EDGAR_IncomeStatement[Value],0,0)","v":{"v":416161000000,"d":"$416,161,000,000"}}]
["Operating NWC % Revenue",{"$f":"IFERROR(B10/B11,0)","v":{"v":-0.14422543198425608,"d":"-14.42%"}}]
["DCF NWC Assumption",{"$f":"DCF!B34","v":{"v":0.03,"d":"3.00%"}}]
[]
["Note","This is a cross-check only. The DCF still uses the explicit NWC % of revenue-change assumption unless you choose to replace it."]

{"sheet":"3 Statements","index":5,"n_rows":1,"n_cols":18,"rows_kept":1,"merged":[[0,1,0,6],[0,9,0,14],[0,17,0,22]]}
[null,"Balance Sheet",{"$nulls":7},"Income Statement",{"$nulls":7},"Statement of Cash Flows"]

{"sheet":"Historical Actuals","index":6,"n_rows":11,"n_cols":4,"rows_kept":11,"merged":[[0,0,0,3]]}
["Historical / Base Actuals"]
[]
["Metric","FY","Value","Source"]
["Revenue",{"$f":"'Model Inputs'!B39","v":2025},{"$f":"_xlfn.XLOOKUP(\"Total Revenue\",EDGAR_IncomeStatement[Line Item],EDGAR_IncomeStatement[Value],0,0)","v":{"v":416161000000,"d":"$416,161,000,000"}},"EDGAR_IncomeStatement"]
["EBIT",{"$f":"'Model Inputs'!B39","v":2025},{"$f":"_xlfn.XLOOKUP(\"Operating Income (Loss)\",EDGAR_IncomeStatement[Line Item],EDGAR_IncomeStatement[Value],0,0)","v":{"v":133050000000,"d":"$133,050,000,000"}},"EDGAR_IncomeStatement"]
["EBIT Margin",{"$f":"'Model Inputs'!B39","v":2025},{"$f":"IFERROR(C5/C4,0)","v":{"v":0.31970799762591884,"d":"31.97%"}},"Derived"]
["D&A",{"$f":"'Model Inputs'!B39","v":2025},{"$f":"_xlfn.XLOOKUP(\"Depreciation, Depletion & Amortization\",EDGAR_StatementOfCashFlows[Line Item],EDGAR_StatementOfCashFlows[Value (USD)],0,0)","v":{"v":11698000000,"d":"$11,698,000,000"}},"EDGAR_StatementOfCashFlows"]
["CapEx",{"$f":"'Model Inputs'!B39","v":2025},{"$f":"_xlfn.XLOOKUP(\"Capital Expenditures\",EDGAR_StatementOfCashFlows[Line Item],EDGAR_StatementOfCashFlows[Value (USD)],0,0)","v":{"v":12715000000,"d":"$12,715,000,000"}},"EDGAR_StatementOfCashFlows"]
["Cash",{"$f":"'Model Inputs'!B39","v":2025},{"$f":"_xlfn.XLOOKUP(\"Cash & Equivalents\",EDGAR_BalanceSheet[Line Item],EDGAR_BalanceSheet[Value (USD)],0,0)","v":{"v":35934000000,"d":"$35,934,000,000"}},"EDGAR_BalanceSheet"]
["Gross Debt",{"$f":"'Model Inputs'!B39","v":2025},{"$f":"'Model Inputs'!B35","v":{"v":90678000000,"d":"$90,678,000,000"}},"Derived from BS debt lines"]
["Diluted Shares",{"$f":"'Model Inputs'!B39","v":2025},{"$f":"'Model Inputs'!B26","v":{"v":15004697000,"d":"15,004,697,000.00"}},"EDGAR_IncomeStatement"]

{"sheet":"Model Checks","index":7,"n_rows":40,"n_cols":5,"rows_kept":40}
["Model Checks"]
[{"$f":"IF(COUNTIF(D4:D48,\"FAIL\")>0,\"FAIL\",IF(COUNTIF(D4:D48,\"WARN\")>0,\"WARN\",\"PASS\"))","v":"FAIL"}]
["Check","Value","Target / Tolerance","Status","Notes"]
["Workbook visible errors",{"$f":"SUMPRODUCT(--ISERROR(DCF!A1:L82))+SUMPRODUCT(--ISERROR(WACC!A1:C22))+SUMPRODUCT(--ISERROR('Model Inputs'!A1:F72))+SUMPRODUCT(--ISERROR('Data Queries'!A1:N60))+SUMPRODUCT(--ISERROR('3 Statements'!B1:W45))","v":0},0,{"$f":"IF(B4=0,\"PASS\",\"FAIL\")","v":"PASS"},"No visible Excel error values in core ranges."]
["Scenario selector valid",{"$f":"DCF!B4","v":2},"1, 2, or 3",{"$f":"IF(OR(B5=1,B5=2,B5=3),\"PASS\",\"FAIL\")","v":"PASS"},"DCF!B4 must select Bear, Base, or Bull."]
["Selected case resolves",{"$f":"DCF!B5","v":"Base"},"Bear / Base / Bull",{"$f":"IF(OR(B6=\"Bear\",B6=\"Base\",B6=\"Bull\"),\"PASS\",\"FAIL\")","v":"PASS"},"Prevents invalid scenario from cascading through CHOOSE formulas."]
["Current share price available",{"$f":"'Model Inputs'!B25","v":270.71},"> 0",{"$f":"IF(B7>0,\"PASS\",\"FAIL\")","v":"PASS"},"Required for market cap and implied upside/downside."]
["Diluted shares available",{"$f":"'Model Inputs'!B26","v":{"v":15004697000,"d":"15,004,697,000"}},"> 0",{"$f":"IF(B8>0,\"PASS\",\"FAIL\")","v":"PASS"},"Required for implied value per share."]
["Current shares available",{"$f":"'Model Inputs'!B40","v":{"v":14776353000,"d":"14,776,353,000"}},"> 0",{"$f":"IF(B9>0,\"PASS\",\"FAIL\")","v":"PASS"},"Required for market cap and WACC capital structure."]
["Market cap recomputes",{"$f":"'Model Inputs'!B27-('Model Inputs'!B25*'Model Inputs'!B40)","v":0},0,{"$f":"IF(ABS(B10)<1,\"PASS\",\"FAIL\")","v":"PASS"},"Market cap must equal price x current shares."]
["Base revenue available",{"$f":"'Model Inputs'!B28","v":416161000000},"> 0",{"$f":"IF(B11>0,\"PASS\",\"FAIL\")","v":"PASS"},"Revenue is the top-line projection driver."]
["Revenue source status",{"$f":"'Model Inputs'!D28","v":"OK"},"OK preferred",{"$f":"IF(B12=\"OK\",\"PASS\",IF(B12=\"INFERRED\",\"WARN\",\"FAIL\"))","v":"PASS"},"Inferred revenue can be usable but should be reviewed."]
["Base EBIT available",{"$f":"'Model Inputs'!B29","v":133050000000},"Non-zero",{"$f":"IF(B13<>0,\"PASS\",\"FAIL\")","v":"PASS"},"EBIT is required for NOPAT and free cash flow."]
["Base EBIT status",{"$f":"'Model Inputs'!D29","v":"OK"},"OK",{"$f":"IF(B14=\"OK\",\"PASS\",\"FAIL\")","v":"PASS"},"Missing EBIT must hard fail."]
["EBIT margin sane",{"$f":"'Model Inputs'!B30","v":{"v":0.31970799762591884,"d":"31.97%"}},"0% to 75%",{"$f":"IF(AND(B15>0,B15<0.75),\"PASS\",\"FAIL\")","v":"PASS"},"Detects missing EBIT, stale revenue, or non-operating company mismatch."]
["Tax rate sane",{"$f":"'Model Inputs'!B31","v":{"v":0.15610002335586043,"d":"15.61%"}},"0% to 40%",{"$f":"IF(AND(B16>0,B16<0.4),\"PASS\",\"WARN\")","v":"PASS"},"Actual tax rates outside this range need normalization review."]
["D&A percent sane",{"$f":"'Model Inputs'!B32","v":{"v":0.028109313462818475,"d":"2.81%"}},"0% to 30%",{"$f":"IF(AND(B17>0,B17<0.3),\"PASS\",\"WARN\")","v":"PASS"},"Guardrail for stale or missing D&A."]
["CapEx percent sane",{"$f":"'Model Inputs'!B33","v":{"v":0.030553079216937677,"d":"3.06%"}},"0% to 50%",{"$f":"IF(AND(B18>0,B18<0.5),\"PASS\",\"WARN\")","v":"PASS"},"Guardrail for stale or missing CapEx."]
["Cash available",{"$f":"'Model Inputs'!B34","v":35934000000},"> 0",{"$f":"IF(B19>=0,\"PASS\",\"FAIL\")","v":"PASS"},"Required for net debt bridge."]
["Debt available",{"$f":"'Model Inputs'!B35","v":90678000000},"> 0",{"$f":"IF(B20>=0,\"PASS\",\"FAIL\")","v":"PASS"},"Required for net debt and WACC weights."]
["Net debt numeric",{"$f":"'Model Inputs'!B36","v":54744000000},"Number",{"$f":"IF(ISNUMBER(B21),\"PASS\",\"FAIL\")","v":"PASS"},"Equity value bridge requires numeric net debt/cash."]
["WACC positive",{"$f":"WACC!B22","v":{"v":0.09684463892079634,"d":"9.68%"}},"0% to 30%",{"$f":"IF(AND(B22>0,B22<0.3),\"PASS\",\"FAIL\")","v":"PASS"},"Discount rate must be positive and plausible."]
["WACC > terminal growth",{"$f":"WACC!B22-'Model Inputs'!B38","v":{"v":0.06684463892079634,"d":"6.68%"}},"> 0",{"$f":"IF(B23>0,\"PASS\",\"FAIL\")","v":"PASS"},"Terminal growth must stay below WACC."]
["Terminal timing valid",{"$f":"'Model Inputs'!B22","v":"Year-End"},"Mid-Year / Year-End",{"$f":"IF(OR(B24=\"Mid-Year\",B24=\"Year-End\"),\"PASS\",\"FAIL\")","v":"PASS"},"Terminal value discount convention must be explicit."]
["Terminal growth status",{"$f":"'Model Inputs'!D38","v":"OK"},"OK",{"$f":"IF(B25=\"OK\",\"PASS\",\"FAIL\")","v":"PASS"},"Terminal growth guardrail from Model Inputs."]
["Cost of debt source/fallback",{"$f":"IFERROR(INDEX(Cost_of_Debt[FY],1)&\" / \"&IF(INDEX(Cost_of_Debt[Pre-Tax Cost of Debt],1)>0,TEXT(INDEX(Cost_of_Debt[Pre-Tax Cost of Debt],1),\"0.00%\"),\"n/a\"),\"missing\")","v":"2025 / n/a"},"Current FY or valid manual fallback",{"$f":"IF(AND(IFERROR(INDEX(Cost_of_Debt[FY],1),0)='Model Inputs'!B39,IFERROR(INDEX(Cost_of_Debt[Pre-Tax Cost of Debt],1),0)>0),\"PASS\",IF(AND('Model Inputs'!B19>0,'Model Inputs'!B19<0.3),\"WARN\",\"FAIL\"))","v":"FAIL"},"WARN means WACC uses manual debt-cost fallback."]
["Cost of debt used sane",{"$f":"WACC!B10","v":{"v":0,"d":"0.00%"}},"0% to 30%",{"$f":"IF(AND(B27>0,B27<0.3),\"PASS\",\"FAIL\")","v":"FAIL"},"WACC cannot rely on zero or implausible debt cost."]
["Debt/equity weights tie",{"$f":"WACC!B20+WACC!B21","v":{"v":1,"d":"100.00%"}},{"v":1,"d":"100%"},{"$f":"IF(ABS(B28-1)<0.0001,\"PASS\",\"FAIL\")","v":"PASS"},"Capital structure weights must sum to 100%."]
["Balance sheet balances",{"$f":"_xlfn.XLOOKUP(\"Total Assets\",EDGAR_BalanceSheet[Line Item],EDGAR_BalanceSheet[Value (USD)],0,0)-_xlfn.XLOOKUP(\"Total Liabilities & Equity\",EDGAR_BalanceSheet[Line Item],EDGAR_BalanceSheet[Value (USD)],0,0)","v":0},"+/- $1,000",{"$f":"IF(ABS(B29)<=1000,\"PASS\",\"FAIL\")","v":"PASS"},"Assets should equal liabilities plus equity."]
["Cash bridge ties",{"$f":"_xlfn.XLOOKUP(\"Cash & Equivalents\",EDGAR_BalanceSheet[Line Item],EDGAR_BalanceSheet[Value (USD)],0,0)-(_xlfn.XLOOKUP(\"Cash & Equivalents - Beginning\",EDGAR_StatementOfCashFlows[Line Item],EDGAR_StatementOfCashFlows[Value (USD)],0,0)+_xlfn.XLOOKUP(\"Net Change in Cash\",EDGAR_StatementOfCashFlows[Line Item],EDGAR_StatementOfCashFlows[Value (USD)],0,0))","v":0},"+/- $1,000",{"$f":"IF(ABS(B30)<=1000,\"PASS\",\"FAIL\")","v":"PASS"},"Ending cash should equal beginning cash plus net change."]
["IS/CF net income ties",{"$f":"_xlfn.XLOOKUP(\"Net Income\",EDGAR_IncomeStatement[Line Item],EDGAR_IncomeStatement[Value],0,0)-_xlfn.XLOOKUP(\"Net Income\",EDGAR_StatementOfCashFlows[Line Item],EDGAR_StatementOfCashFlows[Value (USD)],0,0)","v":0},"+/- $1,000",{"$f":"IF(ABS(B31)<=1000,\"PASS\",\"FAIL\")","v":"PASS"},"Net income should match between income statement and cash flow."]
["Base FY all statements match",{"$f":"MIN(MAX(EDGAR_IncomeStatement[FY]),MAX(EDGAR_BalanceSheet[FY]),MAX(EDGAR_StatementOfCashFlows[FY]))","v":2025},"Base FY",{"$f":"IF(B32='Model Inputs'!B39,\"PASS\",\"FAIL\")","v":"PASS"},"All three financial statements should refresh to same fiscal year."]
["DCF center sensitivity ties",{"$f":"DCF!B14-DCF!D70","v":7.296915092653961},0,{"$f":"IF(ABS(B33)<0.01,\"PASS\",\"FAIL\")","v":"FAIL"},"WACC/g sensitivity center should equal headline price."]
["Growth/margin sensitivity ties",{"$f":"DCF!B14-DCF!D80","v":7.296915092654018},0,{"$f":"IF(ABS(B34)<0.01,\"PASS\",\"FAIL\")","v":"FAIL"},"Growth/margin sensitivity center should equal headline price."]
["Implied share price positive",{"$f":"DCF!B14","v":173.7591591084681},"> 0",{"$f":"IF(B35>0,\"PASS\",\"FAIL\")","v":"PASS"},"Final output must be economically usable."]
["Manual operating overrides active",{"$f":"COUNTIF('Model Inputs'!C7:C17,TRUE)+COUNTIF('Model Inputs'!C19,TRUE)","v":0},0,{"$f":"IF(B36=0,\"PASS\",\"WARN\")","v":"PASS"},"Excludes ERP; manual overrides should be deliberate."]
["Operating company applicability",{"$f":"IF('Model Inputs'!D29=\"OK\",\"Operating EBIT available\",\"Missing EBIT / nonstandard operating model\")","v":"Operating EBIT available"},"Operating EBIT available",{"$f":"IF(B37=\"Operating EBIT available\",\"PASS\",\"FAIL\")","v":"PASS"},"DCF is not durable for nonstandard financials without EBIT mapping."]
["Source Audit aggregate",{"$f":"IF(COUNTIF('Source Audit'!E4:E30,\"FAIL\")>0,\"FAIL\",IF(COUNTIF('Source Audit'!E4:E30,\"WARN\")>0,\"WARN\",\"PASS\"))","v":"WARN"},"PASS / WARN",{"$f":"IF(B38=\"FAIL\",\"FAIL\",IF(B38=\"WARN\",\"WARN\",\"PASS\"))","v":"WARN"},"Mirrors source quality dashboard."]
["StockInformation core fields",{"$f":"COUNTIF('Data Queries'!E2:E13,\"n/a\")+COUNTIF('Data Queries'!E2:E13,\"\")","v":0},0,{"$f":"IF(B39=0,\"PASS\",\"WARN\")","v":"PASS"},"Warn if quote fields needed for review are missing."]
["Raw unit integrity",{"$f":"SUMPRODUCT(--ISNUMBER(SEARCH(\"1000\"&\"000\",_xlfn.FORMULATEXT(DCF!A1:L82))))+SUMPRODUCT(--ISNUMBER(SEARCH(\"1000\"&\"000\",_xlfn.FORMULATEXT(WACC!A1:C22))))+SUMPRODUCT(--ISNUMBER(SEARCH(\"1000\"&\"000\",_xlfn.FORMULATEXT('Model Inputs'!A1:F72))))","v":0},0,{"$f":"IF(B40=0,\"PASS\",\"FAIL\")","v":"PASS"},"No model formulas should scale raw values down to millions."]

{"sheet":"Source Audit","index":8,"n_rows":28,"n_cols":6,"rows_kept":28,"merged":[[0,0,0,5]]}
["Source Audit & Data Quality"]
[]
["Source","Key Field","Observed","Expected / Fallback","Status","Notes"]
["Income Statement","FY",{"$f":"MAX(EDGAR_IncomeStatement[FY])","v":2025},{"$f":"'Model Inputs'!B39","v":2025},{"$f":"IF(C4=D4,\"PASS\",\"FAIL\")","v":"PASS"},"Latest annual income statement year."]
["Balance Sheet","FY",{"$f":"MAX(EDGAR_BalanceSheet[FY])","v":2025},{"$f":"'Model Inputs'!B39","v":2025},{"$f":"IF(C5=D5,\"PASS\",\"FAIL\")","v":"PASS"},"Latest annual balance sheet year."]
["Cash Flow","FY",{"$f":"MAX(EDGAR_StatementOfCashFlows[FY])","v":2025},{"$f":"'Model Inputs'!B39","v":2025},{"$f":"IF(C6=D6,\"PASS\",\"FAIL\")","v":"PASS"},"Latest annual cash flow year."]
["Shares Outstanding","Shares",{"$f":"IFERROR(INDEX(EDGAR_SharesOutstanding[Shares Outstanding],1),\"\")","v":14776353000},"> 0",{"$f":"IF(C7>0,\"PASS\",\"FAIL\")","v":"PASS"},"Current shares for market cap."]
["Cost of Debt","FY / Rate",{"$f":"IFERROR(INDEX(Cost_of_Debt[FY],1)&\" / \"&IF(INDEX(Cost_of_Debt[Pre-Tax Cost of Debt],1)>0,TEXT(INDEX(Cost_of_Debt[Pre-Tax Cost of Debt],1),\"0.00%\"),\"n/a\"),\"\")","v":"2025 / n/a"},"Base FY with nonblank rate",{"$f":"IF(AND(IFERROR(INDEX(Cost_of_Debt[FY],1),0)='Model Inputs'!B39,IFERROR(INDEX(Cost_of_Debt[Pre-Tax Cost of Debt],1),0)>0),\"PASS\",\"WARN\")","v":"WARN"},"WARN means WACC uses manual B19 fallback."]
["Stock Price","Previous Close",{"$f":"'Data Queries'!E2","v":"270.71"},"> 0",{"$f":"IF(IFERROR(_xlfn.NUMBERVALUE(C9),0)>0,\"PASS\",\"FAIL\")","v":"PASS"},"Yahoo chart JSON, not HTML scrape."]
["Beta","Market beta",{"$f":"'Data Queries'!E11","v":"1.11"},"Manual beta B16",{"$f":"IF(IFERROR(_xlfn.NUMBERVALUE(C10),0)>0,\"PASS\",\"WARN\")","v":"PASS"},"WARN is acceptable when using manual beta fallback."]
["10Y Treasury","Yield",{"$f":"'Data Queries'!B2","v":"4.354%"},"> 0",{"$f":"IF(IFERROR(_xlfn.NUMBERVALUE(SUBSTITUTE(C11,\"%\",\"\")),0)>0,\"PASS\",\"FAIL\")","v":"PASS"},"Risk-free rate source."]
["Tax Rate","Actual tax / PBT",{"$f":"'Model Inputs'!B31","v":{"v":0.15610002335586043,"d":"15.61%"}},"0%-40%",{"$f":"IF(AND(C12>0,C12<0.4),\"PASS\",\"WARN\")","v":"PASS"},"Normalized tax rate control."]
["Terminal Value","Discount timing",{"$f":"'Model Inputs'!B22","v":"Year-End"},"Mid-Year / Year-End",{"$f":"IF(OR(C13=\"Mid-Year\",C13=\"Year-End\"),\"PASS\",\"FAIL\")","v":"PASS"},"Controls headline and sensitivity terminal discounting."]
[]
[]
["Refresh Diagnostics"]
[]
["Diagnostic","Observed","Expected","Status","Notes","Formula / Source"]
["Last workbook calculation",{"$f":"NOW()","v":"2026-04-29T10:25:49.170"},"Timestamp",{"$f":"IF(B19<>\"\",\"PASS\",\"FAIL\")","v":"PASS"},"Volatile timestamp for review after Refresh All.",{"$f":"NOW()","v":"2026-04-29T10:25:49.170"}]
["Ticker",{"$f":"DCF!A3","v":"AAPL"},"Nonblank",{"$f":"IF(B20<>\"\",\"PASS\",\"FAIL\")","v":"PASS"},"Ticker driving all queries.",{"$f":"DCF!A3","v":"AAPL"}]
["Model Checks summary",{"$f":"'Model Checks'!A2","v":"FAIL"},"PASS / WARN",{"$f":"IF(B21=\"FAIL\",\"FAIL\",IF(B21=\"WARN\",\"WARN\",\"PASS\"))","v":"FAIL"},"Overall hardening status.",{"$f":"'Model Checks'!A2","v":"FAIL"}]
["Income statement rows",{"$f":"ROWS(EDGAR_IncomeStatement[Line Item])","v":18},">= 10",{"$f":"IF(B22>=10,\"PASS\",\"FAIL\")","v":"PASS"},"Detects empty/failed income-statement query.",{"$f":"ROWS(EDGAR_IncomeStatement[Line Item])","v":18}]
["Balance sheet rows",{"$f":"ROWS(EDGAR_BalanceSheet[Line Item])","v":27},">= 20",{"$f":"IF(B23>=20,\"PASS\",\"FAIL\")","v":"PASS"},"Detects empty/failed balance-sheet query.",{"$f":"ROWS(EDGAR_BalanceSheet[Line Item])","v":27}]
["Cash flow rows",{"$f":"ROWS(EDGAR_StatementOfCashFlows[Line Item])","v":24},">= 15",{"$f":"IF(B24>=15,\"PASS\",\"FAIL\")","v":"PASS"},"Detects empty/failed cash-flow query.",{"$f":"ROWS(EDGAR_StatementOfCashFlows[Line Item])","v":24}]
["Stock info rows",{"$f":"ROWS(StockInformation[Metric])","v":16},">= 16",{"$f":"IF(B25>=16,\"PASS\",\"WARN\")","v":"PASS"},"Detects quote table shape change.",{"$f":"ROWS(StockInformation[Metric])","v":16}]
["Unavailable stock fields",{"$f":"COUNTIF(StockInformation[Value],\"n/a\")+COUNTIF(StockInformation[Value],\"--\")","v":0},"0 preferred",{"$f":"IF(B26=0,\"PASS\",\"WARN\")","v":"PASS"},"Some fields can be naturally unavailable, but should be visible.",{"$f":"COUNTIF(StockInformation[Value],\"n/a\")+COUNTIF(StockInformation[Value],\"--\")","v":0}]
["Core output hard fails",{"$f":"COUNTIF('Model Inputs'!D25:D40,\"MISSING\")+COUNTIF('Model Inputs'!D25:D40,\"INVALID*\")","v":0},0,{"$f":"IF(B27=0,\"PASS\",\"FAIL\")","v":"PASS"},"Missing or invalid controlled outputs must fail before relying on valuation."]
["Controlled output review flags",{"$f":"COUNTIF('Model Inputs'!D25:D40,\"CHECK\")","v":0},"0 preferred",{"$f":"IF(B28=0,\"PASS\",\"WARN\")","v":"PASS"},"CHECK items should be normalized or manually confirmed."]

{"sheet":"Data Queries","index":9,"n_rows":0,"n_cols":0,"rows_kept":0}

{"sheet":"Query Setup","index":10,"n_rows":10,"n_cols":3,"rows_kept":10,"merged":[[0,0,1,2]]}
["Manual Query Setup & Overrides"]
[]
["Area","When to use","Instruction"]
["Refresh","Every model update","Use Data > Refresh All, then confirm Model Checks shows PASS or only expected WARN items."]
["Stock price","If Source Audit stock price FAILs","Enter price in Model Inputs B7 and set C7 TRUE until the query refreshes cleanly."]
["Beta","If Source Audit beta WARNs","Review/update Model Inputs B16. This is expected when Yahoo chart JSON does not provide beta."]
["Cost of debt","If Source Audit Cost of Debt WARNs","Update Model Inputs B19 and leave C19 FALSE unless you intentionally override; WACC rejects stale query years."]
["Terminal value","To change discount convention","Set Model Inputs B22 to Mid-Year or Year-End."]
["NWC","To override working capital behavior","Update Model Inputs B20; use Working Capital sheet as a reasonableness check."]
["Validation","Before relying on valuation","Check Model Checks, Source Audit, and DCF sensitivity center values."]