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D  A @  D  A @)  D) }*X "P  @       "  # @# @#    [   j  [  [   @   {   @   8 ``i̜̙3f3333f3ffff333ff333f33f33BBB\`mv PerformanceCOMPANYH  Investing R0Rules>   (ZpO $"d %/LF@=d %/LFhz7xX;OAq7p"h6gTo &&EQ~A:GəٛsR[ܷvwv6p ۺ_+='o XxS6|v64/hW/ @f.he9zMÎBQ}SpCwwwg7 Cml%n?]9@ymn, O08NhNo=4o:l"~93 ;1(IL)ulً탧BBg'I<]z.6/e|kS@!,,h|Ta%ES@ h {RSFMg0 M5%\IMͮV33׉F#a4}Nfzcl'˰<0K9YffN33sef033VeCeO[ y3NqM[ez^ߣhEz7Ve<pS gLsSlT_<{?~o^q_xXGr]a##qaT3ĥֶ?t0s]Vύȸb/Pa8SK/)89zW$xa[$xr}3e7pKurQa:[d0ruuU1Ge3SޡH =]$C]Ǽb)8w$ `0zǼ 7vo麎A|)캎rɺ®8ɀ®1u®':~q&:~qI.)gʼBvFXgy|0"ߠlMe$@=ߠlMe$i]xXnA=ۉώ'qQ~"%DW?4qRP j B:*:.tsHH췳3zǶK=Z-sk/N^(\8D5t~a6 z'_hUVuChM>plzvЍK23Wm'q'cy*2ֺ/F"ʃ$&cy-RZueNkjG,e^khK$o5;v` ja1AS@M42*)5k3A3" -ױvRs؉尛~,koPӟE:kv!?ϷUmUg}~ 3~aѿۨ~:b,\'~7/3#Xe+c$6jTq+2Fs*ۂctD?ɦq1=g#he51 vϪmc2xW2݂~ q!.;g|ئYV&ΜE^ڗ Y`wH LyLY LE^:%5{e 0V,R) L3~:;`}ۮɦ6{q{l lwKm.'F}?`W, ]߉aކY{f\ڮmeU`u )v'Yf9/:~ a&Yv?0. ۮmuKP\:0:O9:" R_-*i@= R_-*iĠhxXNA]`06/2"h6gT+ihahR P-wܭxG.pO3>{>adp| }>Ǽdmw99>>ǽdmwWG3o]`ͪ=7|O!~ 컏8}!'$>~q&,>qIeμ?1ݿl_vyC3  @@/  NProduction Capacitybeginning cashof beg cash for fix eq beg cash / mach priceafford fix eq cost # machinesProduction & Sales% capacity of prev yrbeg fg inventory capacity @ # avail for sale# sold fg inventory COMPAGNIERatio Analysisin 000'saverage PROFIT RsCHANGEsales netinc/sales sale priceCGS EBIT/sales gross prof EBIT/assetsdepreciation exp/yr (accel)NI/OEoper exp (500+5%) Assets/SalesEBIT (oper prof)Dividend payout ratio"int inc (sh term inv of prev cash)int exp (7,11,12%) ACTIVITY Rsold equipment saleass T.O. (sales/ass)#times other exp AR collectdays inc bef taxinv T.O. (CGS/avg inv) inc tax (40%) fix ass turn sales/avg assNet Inc LEVERAGE RsEPS debt/assets#SHARES($1 face) days payableyearDividends (25% of eps)AP/CGStotal divs paid Debt/Equityrate of return (div+appr) EBIT/int exp Cash/Assets Assumptions:accelerated deprec rate assets/OEBankruptB:if there's no equity, creditors would liquidate at 75% of assets.#investment inc. rate (cash<20% ass)No Cash LIQUIDITY RsLBOK:Co is valued below total assets. Co is takeover candidate at 110% assets. BALANCE SHEETcurr ass/curr liab acid testCash and mark. securitiesAcc receivable GROWTH RsRaw Inventory (12.5% of CGS) sales growthcost of shares soldFin Goods Inventory (CGS*#left)Prep exp (10% of S exp) assets growthcost of shares heldduringat endothersustainable growthCurr ass# of shares available#buy# to Buy each time#sellFixed assets (PP&E) begin#shares acc deprecfix ass book value endEqual to fix ass?Total Total AssetsMotleyROI =>>>average annuallyBuy & Hold ROI=>>>borrow on receivables if -cashNotes pay (7%) if cash is lowacc pay (20% inv+10% op exp)accruals tax payable Curr liablong term debt (11%)subord notes (12%) def inc tax Total debt stockh eqret earnTotal Eq Total L+Edifference TA,L+E? CASH FLOW net income acc rec incrinv incr prep exp incr acc pay incr accr exp incrinc tax pay incr deprec expcfs from investing(PP&E) sht trm debt long trm debteq issuecash dividendscfs from financingCHANGE IN CASH Alternative CFcash in sales-acc recint incnew debt new equityTOTALcash outcgsoper exint ex-acc paytaxinventprep exfix ass investmdivs NET CASH flowFree Cash FlowEBITTax rate % (input)Cash tax(base) on EBITNOPLAT DepreciationGross CFX Chang in WCapIncr in Net Other AssGross investment Operating FCFCF fr nonoper invFCFTerm FCF fcf sum of prev. capacity per%changeminmax INT EX+DIVSPV, VALUATION of Co. NOW until various years 0(Sensitivity analysis of Stock Price in year 1.)VALUE UNTIL YEARWACC %real FCF growthaverage FCF growthg% OF FCF (60% of AVG) PV OF FCFTERMINAL VALUE AT YR XPV OF CFS TO YR X (NOT YR 0)PV OF TERM VALUECO VALUE NOW TO YR X PER SHAREPER SHARE RangeTO Company ValueValue Created (Value-Assets)WACCVALUATION SECTION PV of FCFs WACC SECTION'Weighted Average debt rate (7,11,12%)Terminal Value Tax Rate % PV of terminal val&Effective debt rate (debt %-tax shld) Total Company ValueInt paying Debt total#Shareslast fcfBeta  (input) RFRate (6%)"HYPOTHETICAL VALUATION SITUATIONS 1(Sensitivity Analysis of last FCF and FCF growth)Market risk prem % (stock)CAPM %FCF Growth r (g) %down 10% Equity totalLast FCF 'millionsup 10% Share ValueWACC-gYEARLY VALUATION ASSETS price rangetoSECTIONCo VALUE# of years of CFs=Last FCF (avg last 2 yrs CF or best per CF*last capac growth)"Terminal FCF Growth (g) 60% of Avg%Average actual FCF growth (or % wacc)(Total Co Value (FCFs or 110% of assets)AVERAGES% CHANGE of Share Value Equity/share %Change Eq/Sh dividends /shP/E Ratio (would be) EPS Growth"Motley Fool Ratio (buy<.5, sell>1)LBO ???!annual rate of return (divs+appr)Assets per shareValuation Method?X=> The Co uses the money instead of giving it to investors....Cap Expend (Machines)machines bought @ +sales price/piece TOTAL!cash left for operations this yr.$...or borrow more if needed for PP&E buy@ value Gain/ (Loss)Cost of Sharesunreal gain/loss Price/shareHMotley seems to be good in a down trend, when the company has problems& . % of salesto year X total returnto year X annual return Motley Fool Investment TechniqueYearsINPUT SECTION (first year) # of shares long t. debt INCOME ST.hThis spreadsheet calculates the production, sales, income and capital structure figures for each year. *"Compagnie simulation determinants.UThe results for the individual years depend on the actual figures of the year before.Gwhat percent of initial cash goes towards fixed (production) equipment.2The number on machines to be bought is calculated.IWith the machines available (bought+previous-obsolete) production begins.LCapacity per machines is set and the percentage of units sold is determined.)Units produced and revenue is calculated.INCOME STATEMENTDSales - CGS- Depreciation Expense based on accelerated depreciation.* -Operating Expense is $500 + 5% of sales.W - Interest expense of Notes payable, Long term debt and Subordinated debt (7%,11%,12%)' +Revenue from equipment salvage value. -Income taxes at 40%.@Calculates net income. EPS. Dividends (If any) are 25% of EPS.AWith the money raised the company buys machines at a price set. 'J:PRODUCTION/SALESFCash balance = Cash last year + Cash from current Cash Flow statement.&Accounts receivable is a % of Sales. =Raw materials inventory is 12.5% of Cost of Goods Sold (CGS).@Finished goods inventory is CGS X number of units left for sale."Prepaid expenses are 10% of Sales.Current Assets2Fixed Assets if PPE -Depreciation (accelerated %).?Borrow Money if the cash is low (for 25% of receivables or moreBif equipment book value is low (equipment will need to be bought).=Accounts payable is 10% month plus 10% of operating expenses.9Long term debt is set for all the years. (I.e. long term)7Retained earnings + Initial Equity value = Total EquityCASH FLOW STATEMENTaThere s no  hockey stick projection of sales. It all depends on production capacity at the time. as usual& ALTERNATIVE CASH FLOW STATEMENTFThis calcuates cash flow differently than usual, (cash in , cash out).AThe two cash flow statements should end up with the same results& FREE CASH FLOW STATEMENTRThe sales figures are "actuals" from year to year as calculated by the parameters.CAPITALIZATIONKBased on the starting capitalization (debt+equity), the company determines &J1O +Interest income on short term investments. % depends on the amount invested.current actuals VALUATION$Price of product sold is determined.#The cash flow used for valuation. IUsing the free cash flows for each year, the company value is determined.TThe cash flows are discounted based on the Weighted Average Cost of Capital. (WACC)kThe value is based on discounting the actual FCFs and a Terminal Value at the end of the period forecasted. WEIGHTED AVERAGE COST OF CAPITAL2The cost of money that is invested in the company.WThis is the average of interests that investors are looking to earn, adjusted for risk.cIf the company value based on DCF is less than the asset value of the company, the assets would be RThe company value is divided by the number of shares to arrive at the share price.hEach year the actual forward looking cash flows are discounted as well as the terminal va<&lue at the end.aused for the valuation. (and the company would be a legitimate target for a leveraged buy out)..)This is the basic buy and hold technique.bMy trials show that the Motley technique only outperforms the buy and hold method when the company/is in a volatile earnings and cash flow period.@In an up-market the buy and holders win by a substantial margin.IThe rest of the cash flows go towards reinvestments in capital equipment.TThis is the amount that equity holders will earn in some form. (dividends and such.)Press the buttons !!!9:no cash in end balance. Company will borrow short term& uThe investing sheet automatically calculates the returns of an investor who would buy a number of shares in year one.iThe result is compared to the "Motley Fool" investment technique, that buys shares on weakness and sells `when the shares are thought to be overpriced. (Comparing the P/E ratio to the Earnings growth.)"each time there is an opportunity.CThe only adjustment in this section is the number of shares bought  Down Up*(The company with the exotic French name& )5The sheets are protected except for the variables in fields.INVESTING IN THE COMPAGNIE.JK ,_LLL($LM|M0qNNeWOOPÇQR4yRSDwBSTTKT,_UF LhU U |2Ve V aW X4 X c?Yr Z6NZZ[ŏ\œ]^_a@Mc|qd#f/hj om~ pTb#~be dT0bt00"fwBTzm00b E000bbb߿0bdbt0b,e?l !]< "? "Q@"000000\ #B #QC#000000\ $D $QE$000000\ *0\ -Z COMPAGNIE ++ ---$0@-Z1-$4@-Z1-$8@-Z1-$<@-Z1-$@@.Z1- $D@- Z1- $H@- Z1 - $L@- Z1 - $P@- Z1 - $T@. 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Total AssetsĠOA+ !L~  ,~B(<}AZmA}!A,$\!A.;SO"A J=8%A  w@e(A  i+,A  !D_)+A  ck.A  ~!һu,A DDW5!A LL&eA瑚AlgB Ap_ A  gU}@  ( =W@  0Dg@  ' @  y@ H0@D :b@-?Db@-?Lb@-?b@-?b@-?b@-?      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}b@-? bbb C 'G9XADG9XALG9XAG9XAG9XAG9XAG9XA GGG0{0@ L{4@{8@{<@{@@{D@ {H@ {L@  {P@  {T@  {X@  K 9[g)\(?u kLmQ?LmLrLsLr)\(?LmLrLsLsQ?LmLrLsg)\(?g)\(?g)\(?g)\(?g)\(? g)\(?  g)\(?  g)\(?  g)\(?  g)\(?  =%%}BA LLLd%gEAA%tκڙ@A%#ue@A%E<@A%=})U@A%YöyAA %%% 9g? Ldc?c?c?c?c? c?  c?  c?  c?  c?  '=% Ǩ1A"L LB8%f/N0A%kuW/A% ~.A%s&0/A%f/A%jj~0A %%% 7[&hL7A`?DDhL7A`? LLhL7A`?hL7A`?hL7A`?hL7A`? hL7A`?  hL7A`?  hL7A`?  hL7A`?  hL7A`?  =%%f43A LL%zL,7y2A%%d1A%~1A%~1A%n:2A%(~2A %%% 3[8 eA LjLoLp8 eA8 eA8 eA8 eA8 eA 8 eA  8 eA  8 eA  8 eA  8 eA  ==>@D>@L>@>@>@>@>@ >>>[ MȂ@Dö@L?I Ib@W(S@nKu@ƥ9@%$b@    [~ ?9? L9?9?9?9? 9?  9?  9?  9?  9?  9[~ @iQ? LiQ?iQ?iQ?iQ? iQ?  iQ?  iQ?  iQ?  iQ?  s ttt 9  9[㥛 ?i㥛 ? Li㥛 ?i㥛 ?i㥛 ?i㥛 ? i㥛 ?  i㥛 ?  i㥛 ?  i㥛 ?  i㥛 ?  7)h/$?DDDh/$? LLLh/$?h/$?h/$?h/$? h/$?  h/$?  h/$?  h/$?  h/$?  jkl;{@ DdlxizSo@ LL?l5d@l>,%N @lkA @l0@lOm>n@ u  3=8l-F@'DO  {Gz? $OB8(Ls@1 'Lp  {Gz? ,pB88s9A8 uNA8L,zA8Br4A 85C^A  8A  8g-"A  8lV"A  8SE^%A  mno5gP@ LoPm R@or1,S@o˜-U@oy,rz2X@o0lZ@oQ]@ u * h) r ss;T0X;bX; ;@J@0@;b ; ; ;z0 ; ;b4; ;4;X;4 ;4X;X;bE;X;X;eX;lX;X@;X;/X;T0X;X; ;T00;' 789@-?= 3LLLLLLLL9ye+?9R ?9 %?9VTgX=?9'k? 9Jtя?  9 ]G?  9GQ?  9>ʘ?  9x7!?  pqrhL%'@ LLrm$G)&@rkPA%@rSe6%@r)**%@rbɍ%@ru8=&@ rpqrrrrrrrr UzJiTg??DD{Gz? D?DDBKzD<?5DD{Gz?  $DDBzYO?? 5LL{Gz?  ,LLBzmר?zQTB?zoΩ? z9bq1ɫ?  z&?  z3^?  zAdC׮?  zik~U? pqrrrrrrrrzzzzzzzzzzz L \6ĠOA L[6(<}A6ZmA6}!A6,$\!A6.;SO"A 6J=8%A  6w@e(A  6i+,A  6!D_)+A  6ck.A T  D ASSETS@0@D w#vSe6%@ %B w#xhL%'@% %B L \!6f43A DD6l5*.A LL6c(A6i@B &A6K5'A6 Sٳ(A 6x )A  6P(A  6?W )A  6X|`u,A  6*8d0A d D Co VALUE J#&9XA % l,#&\%*@ % l,#&&@ % l,#&T_@ % l,#&D % l,#&mDB@ % l,# &o@N % l,# &<N % l,# &"XLN % l,# &oN % l,# &@4@N % l,@  ! $@ D D "@ D L  @ @ @ @ @  @  @  ?   @  WMȂ@AD D D DD D D BMȂ@  LMȂ@MȂ@MȂ@MȂ@ MȂ@  MȂ@  MȂ@  MȂ@  MȂ@ @  c[07?MD{Gz?D333333? D333333?D333333?B[07?^ TL{Gz?L333333? L333333?LLMbX?B[07?[07?[07?[07? [07?  [07?  [07?  [07?  [07? @  ML~Fٵ?7D D?D?BL~Fٵ? LL~Fٵ?L~Fٵ?L~Fٵ?L~Fٵ? L~Fٵ?  L~Fٵ?  L~Fٵ?  L~Fٵ?  L~Fٵ? @  "}BA DDII K|h#5DD  % of assets FCF valueB FCF value|#? 5LL  % of assets FCF valueB FCF value| FCF value| FCF value|  FCF value|   FCF value |  FCF value |  FCF value |$#  % of assets |<  FCF value |" FCF value = >@ L9>@>@>@>@>@ >@  >@  >@  >@  >@ @ #r* @ % BC hL%'@-D? DDB Ϣ!@7 -L? LLB M O@ {z]I@ wr@ WDo@ vr@  bTKt@  K %UZ"@  t !@  y#@  !! '#UA % BDT)=ο.D DDDBT-ƿ8 .L LLLBT7يTz?T}E?  Tx?  T`3!)  TawE?  TW9K  T糆-? '#\X0 @ % B!(tj ? DD(DFi? LL(ϖO;?(e @(Hǻ8@(27@ (;Y @  (&%_@  (~H~@  (U8@  (-4v@  '#dn? % BTDTv?Q.D DDDBT[Rm?8 .L LLLBTq?T!-=ӰT(0V?  TP\?  T-QЃc?  o?  THAZ  T.H0@m-? #0? % Be? L5p_. ?O 64?Ѐ|?@w?  KM?  (L q?  :|=?    pMCkG?#mXæ4@ %  #c  % B8o0e/ LL2ϕ’Q5@ h"@b!@|)ܛ@2f#G c _e'@  G>zgu@  ke@5@  ;M@  sVP  hGPJ L1L1L1Sm?;)Z?сK?GOxMF~K 4E ?  nF?  ?  1r  8x"  %F¹?DDdoFpS? LLdK'?~?mhlY?  Gk:? ] H*?  ˳?  Ҿp  FE_?  << &DD  LBO ! Bx 0 &LL  LBO ! BP T X    @  $   `$ LBO !      4~ @@ L@@@  @   @  "@  $@  &@C  "#: l̿" LLL/L#;*=ÿ#(e?b/ @Pͩs"@M),@<8"rw@;?ȺK$@rR6+@iQ@BS&@p*@ d@VI(@:+@ÉG< @7+@B+@ Or @ .VV-@  cנX,@e rj  0@A@?UV]@ rj  0@A@?]@rj  0@A@?mn]@pld   s *@?bI] @  I&A Page &P"P??3 ץ3Gdd23 M  4 3QQQQ3_4E4D$% M 3O&Q4$% M 3O&Q4FA/ .3OB 3 bo43*4523  43" 44% Q 2@M03O$&Q  Net Income'44ee?e ld   s *@?%n] @  I&A Page &P"P??3 о3Gdd23 M  4 3QQQQ3_4E4D$% M 3O&Q4$% M 3O&Q4FA)A3O(p 3 bo43*4523  43" 44% I @M03O&Q  Cash level'44ee?e ld   s *,@?Un] @h  I&A Page &P"Ph??3 ~"3Gdd23 M , 4 3QQQQ3_4E4D$% M 3O&Q4$% M 3O&Q4FA/;\ 3O>5 8 3 bo43*4523  43" 44% GKe @M03O5&Q 2Fixed Assets book value'44ee?e ld   s *@?n&] @  I&A Page &P"P??3 $3Gdd23 M  4 3QQQQ3_4E4D$% M 3O&Q4$% M 3O&Q4FA} 3O Y 3 bo43*4523  43" 44% GGe @M03O&Q Assets'44ee?e ld  s *1@?%%]@  I&A Page &P"P??3 K3Gdd23 M 31 4 3QQQQ3_4E4D$% M 3O&Q4$% M 3O&Q4FA}_*3O 3 bo43*4523  43" 44% GLe @M03O(&Q "Free Cash Flows'44ee?e ld  s *@?.]@`  I&A Page &P"P`??3G 3Gdd23 M  4  3Q #REF!QQQ3_4E4  3Q #REF!QQQ3_4E4  3Q #REF!QQQ3_4E4D$% M 3O&Q4$% M 3O&Q4FA5W 3OIK. 3 bo43*4523  43"   3O % M3OQ4444% dS5@M03OC&Q  Value Created'44 eeL ' %A3333@^"A޹^r"A_vO@SgMm A$-G%A}6@ti uL#ARd:d A.Cۚ@b(NBA#@d|$CA`]BCA _up.B@ ) !A P=0"A wv@ {G{]"A  n#Ae `X  S A@?]`  I&A Page &P"P??3 3Gdd23 M NM4  3Q #REF!QQQ3_4E4  3Q #REF!QQQ3_4E4  3Q #REF!QQQ3_4E4D$% M 3O&Q4$% M 3O&Q4FA5 3OT 3 bo43*4523  43" ~  3O % M3OQ4444% S5@M03OR&Q $Per Share Values'44 eegaO;U@$i/P@@ A@⃁FQ@h}:?4X:@ 59@6Uc?Ǘn3?@S@;E܂?D|9@`Dt=@Iy?8@R@e@PE(J? ):@U@#b?7-o:<@`e@B#UA@ #`=@ ք4@ ꊳn-W@ Ÿ>@ q@ u4 @e ld  s *@?]@  I&A Page &P"P??3 Hs3Gdd23 M  4 3Q #REF!QQQ3_4E4 3Q #REF!QQQ3_4E4 3Q #REF!QQQ3_4E4D$% M 3O&Q4$% M 3O&Q4FA\O 3Os5 3 bo43*4523  43"  .D3OA +% M3OQ4444% GQ ]@M03O!(&Q $Per Share Values'44ee???e `X  S A@?]`P  I&A Page &P"PP??3пп3Gdd23 M NM4  3Q #REF!QQQ3_4E4  3Q #REF!QQQ3_4E4  3Q #REF!QQQ3_ 33 NM ] d4E4D$% M 3O&Q4$% M 3O&Q4FAG3OHa 3 bo43*4523  43" 3O% M3OQ443_ M NM ] d4444 ee#Ւ@嘠4@M-(\(=A@.j=@A@tm " 5@sy@ {^@oʱ 0@5 4@;]$ @-o-@|>?b/ @Pͩs"@M),@<8"rw@;?ȺK$@rR6+@iQ@BS&@p*@ d@VI(@:+@ÉG< @7+@B+@ Or @ .VV-@  cנX,@e rj  0@A@?UV]@rj  0@A@?]@rj  0@A@?mn]@Hld # s *@?.]#@  I&A Page &P"P??3G 3Gdd23 M  4  3Q #REF!QQQ3_4E4  3Q #REF!QQQ3_4E4  3Q #REF!QQQ3_4E4D$% M 3O&Q4$% M 3O&Q4FA5W 3OIK. 3 bo43*4523  43"   3O % M3OQ4444% dS5@M03OC&Q  Value Created'44 eeL ' %A3333@^"A޹^r"A_vO@SgMm A$-G%A}6@ti uL#ARd:d A.Cۚ@b(NBA#@d|$CA`]BCA _up.B@ ) !A P=0"A wv@ {G{]"A  n#Ae `X ' S A@?]'`  I&A Page &P"P??3 3Gdd23 M NM4  3Q #REF!QQQ3_4E4  3Q #REF!QQQ3_4E4  3Q #REF!QQQ3_4E4D$% M 3O&Q4$% M 3O&Q4FA5 3OT 3 bo43*4523  43" ~  3O % M3OQ4444% S5@M03OR&Q $Per Share Values'44 eegaO;U@$i/P@@ A@⃁FQ@h}:?4X:@ 59@6Uc?Ǘn3?@S@;E܂?D|9@`Dt=@Iy?8@R@e@PE(J? ):@U@#b?7-o:<@`e@B#UA@ #`=@ ք4@ ꊳn-W@ Ÿ>@ q@ u4 @e `X ( S A@? &](`8  I&A Page &P"P8??343Gdd23 M NM4 3Q ; (FCF Growth r (g) %Q+ ;QQ3_4E4 3Q ; (Last FCF 'millionsQ ;QQ3_4E4 3Q ;  Share ValueQ ;QQ3_ 33 NM ] d4E4D$% M 3O&Q4$% M 3O&Q4FA0P 3O@N 3 bo43*4523  43"  +f3O % M3OQ443_ M NM ] d4444eejb@>@zM,@ ,@Po@@k@n@'`B@{\2ô;@L0|#s @En-UD@u@x+VN@~ɏF@ACE@MO@ %]H@?@@(LK@*\@e rj ) 0@A@?0 1])@rj * 0@A@?I]*@rj + 0@A@?]+@0rj , 0@A@?)],@rj - 0@A@?UV]-@rj . 0@A@?].@(rj / 0@A@?mn]/@rj 0 0@A@?]0@xxp 6 6/ M?R ]6@  I&A Page &P"P ??3,3Gdd 23 M / 4  3Q:  Company ValueQ ; QQ3_4E4  3Q:  Total AssetsQ ; QQ3_4E4  3Q: <Value Created (Value-Assets)Qi ; QQ3_4E4D$% M 3O&Q4$% M 3O&Q4FA4 3O-e 0 3 bo43*4523  43"  3O F% M3O&>Q423 M /4444% vN8@M03OC&Q  Value Created'44 eef43AĠOAһu,Al5*.A(<}AW5!Ac(AZmA&eAi@B &A}!A瑚AK5'A,$\!AlgB A Sٳ(A.;SO"Ap_ Ax )AJ=8%AgU}@P(Aw@e(A( =W@ X.A i+,A 0Dg@ X|`u,A !D_)+A ' @ *8d0A ck.A y@e rj 7 0@A@?/ ]7@rj 8 0@A@?]8@p`X 9 S A@?]9`  I&A Page &P"P??3< 3Gdd23 M NM4  3Qi ; <PV OF CFS TO YR X (NOT YR 0)Q ; QQ3_4E4  3Qi ; $PV OF TERM VALUEQ ; QQ3_4E4  3Qi ; ,CO VALUE NOW TO YR XQ ; QQ3_4E4D$% M 3O&Q4$% M 3O&Q4FAa 3OC 3 bo43*4523  43"   O3O #*% M3O&Q423 M NM4444% U@M03O&Q @DCF Valuation to various years'44 ee1BƄ@k>0s@N@{@cJܟ@s7|@;f-@"@j̈́@E00g@EL@~&@2zA@*S@'DJ@V ('DJ@]<:An@~@ Vf Ae `X : S A@?o=]:`  I&A Page &P"P??3<Po3Gdd23 M NM4  3Qi ;  Share ValueQ+ ; QQ3_4E4  3Q ; $Assets per shareQ+ ; QQ3_4E4  3Q+ ;  Equity/shareQ+ ; QQ3_4E4D$% M 3O&Q4$% M 3O&Q4FAI - 3OY N 3 bo43*4523  43"  53O % M3OQ423 M /4444% RH@M03OR&Q $Per Share Values'44 eehL%'@ŶeW+ @tj ?Ϣ!@.@DFi?M O@?@ϖO;?{z]I@δ(W@e @wr@&́Ha@Hǻ8@WDo@.@27@vr@ @;Y @bTKt@wh&b@&%_@K %UZ"@/!6 @~H~@ t !@ z @ U8@ y#@ kل\"@ -4v@e `X < S A@?]U]<`h  I&A Page &P"Ph??3Y*3Gdd23 M NM4  3Q&:  NET CASH flowQ& ; QQ3_4E4  3Q:  Free Cash FlowQ& ; QQ3_4E4D$% M 3O&Q4$% M 3O&Q4FA; . 3OIq 3 bo43*4523  43"  t3O % M3OQ44444 ee@@-xh@rh@(_@Z++X@4X[@QS@!L@04z @ ^:8g4̼T@Z땵`d@6\@,o@Pd*@ H@  Q/@ fӽ* (G 1AddA V`@e rj = 0@A@?]=@rj > 0@A@?  ]>@~~ A <<– XPP? $ ]4A@<–` %!Ck}_U' O<PWhat percent of the initial capital raised goes towards production equipment. <XuNC O~~ B <– XPP? $~]4B@– &!Ck}_U' $<%The cost of one production machine. <X#C $@A~~ C <Ö XPP? $  n]4C@Ö '!Ck}_U' G<HHow many units one machine will produce annually. (Production capacity)<X^G@A~~ D <hÖ XPP? $ %]4D@hÖX (!Ck}_U' P<QPercentage of units that was sold during the year from the available inventory. <XP~~ E <Ö XPP? $ ]4E@Ö )!Ck}_U' $<%Cost of goods sold as a % of sales. <X$~~ F <0Ė XPP? $]4F@0Ė *!Ck}_U' /<0Fixed equipment accelerated depreciation in %. <X/~~ G <Ė XPP? $&=-]4G@Ė`4 0!Ck}_U' <If the cash is less than 20% of assets the cash is in money markets, otherwise it yields twice the money market rate. (Equity, Fixed inc. investment) <X~~ H <Ė XPP? $*b,]4H@Ė4 1!Ck}_U' -<.Percent of sales in receivables at any time. <X,C -xy.~~ I <\Ŗ XPP? $49n]4I@\Ŗ4 2!Ck}_U' h<iIf the company runs out of cash, it can borrow on this percentage of receivables. Asset based lending. <XgC h~~ Q <Ŗ XPP? 1I]4Q@ŖX4 3!Ck}_U' X<YThe weighted average debt rate for Notes Payable, Long Term Debt and Subordinated notes.<XX~~ R <$Ɩ XPP? 1]4R@$Ɩ4 4!Ck}_U' =<>The Risk Free Rate for investments. (U.S. government bonds) <X-<C =~~ S <Ɩ XPP? ub]4S@Ɩ4 5!Ck}_U' <Relative risk of the company compared to the industry. Less volatile than Ind.<1 Same as its industry =1 Riskier than Industry >1<X i~~ T <Ɩ XPP? b]4T@ƖP4 6!Ck}_U' \<]What investors are looking to earn on top of the risk free rate as they invest in equities.LM <X[C \mul~~ U <Pǖ XPP? U b]4U@Pǖ4 7!Ck}_U' R<SCapital Asset Pricing Model Risk free rate + (Market Risk Premium X Beta) = CAPM <XRi~~ V <ǖ XPP? 1@]4V@ǖ4 z)8q "<#Weighted Average Cost of Capital. <X"~~ W <Ȗ XPP? U]4W@ȖH4 9!Ck}_U' W<XThe real cost of borrowing money as a %. Includes the tax shield of the debt payments. <XVC W @~~ X <|Ȗ XPP? z]4X@|Ȗ4 :!Ck}_U' <If the value of the company (based on PV of FCF) is more than the Current asset value, the FCF Value is given. If The assets are worth more (bankruptcy) it is bases on the assets. <Xo"~~ Y <Ȗ XPP? K]4Y@Ȗ4 ;!Ck}_U' <First year of the analysis. <X~~ Z <Dɖ XPP? <KAn]4Z@Dɖ@4 =!Ck}_U' <Subordinated notes : enter by hand the amount for any year. This is a last resort, expensive and likely unavailable form of financing. <XC ~~ [ <ɖ XPP? 6<%]4[@ɖ4 >!Ck}_U' <If last year's cash is less than what it takes to buy a new set of machines, borrow the difference plus 50% to make sure there is enough, in case the equipment becomes obsolete.<XZ3~~ \ < ʖ XPP? ;nu> ]4\@ ʖ 4 ?!Ck}_U' <<=Initially established when the capital structure is set up. <X ;C <~~ ^ <pʖ XPP? 7b;]4^@pʖ8 4 @!Ck}_U' Y<ZActual borrowing on Notes. Either the amount of % on receivables or money for PPE +50%. <XXC Y~~ f <ʖ XPP? b]4f@ʖ 4 bRH,: l<mWhen the Company is valued below Total Assets, a leveraged buyout (LBO) can be made at 110% of asset value. <X$kC lxx k 68˖XPP? c]4k@8˖ 4 z)8qX <Peter Gyulai: <|; C   ~~ l <˖ XPP? z]4l@˖0 4 z)8q <This matrix analyses the company value from year one to the individual years (as opposed to discounting the cash flows to year one) to test the model's consistency. This analysis does not effect the actual company valuation below. <X[C @A~~ m <̖ XPP? :]4m@̖ 4 z)8q <This little analysis tells how well "management" does its job in creating shareholder value. This is the difference between the asset value and the company value based on cash flows. <Xq@A~~ n <d̖ XPP? u]4n@d̖ 4 8!Ck}_U' x<yWeighted Average Cost of Capital. The average cost of debt and equity of the company in relation to its industry. ~Beta<XPx<~~ o <̖ XPP? ]4o@̖(4 z)8q< <Each year all the future (from that year forward) cash flows of the operation are discounted and summed up to get the value of the Co. at a certain year. This is the real deal, the number that gives the most accurate value based on the info available !!!! <XC @AA Peter GyulaiB Peter Gyulai C Peter GyulaiD Peter GyulaiY Peter GyulaiE Peter GyulaiF Peter Gyulai.G Peter Gyulai3H Peter GyulaiAI Peter GyulaiB[ Peter GyulaiC^ Peter GyulaiH\ Peter GyulaiIZ Peter Gyulaik Peter Gyulail Peter Gyulaim Peter Gyulain Peter GyulaiQ Peter GyulaiW Peter GyulaiS Peter GyulaiR Peter GyulaiT Peter GyulaiU Peter GyulaiV Peter Gyulaio Peter GyulaiX Peter Gyulaif Peter Gyulai>@GdA  Sheet2 I % -  dMbP?_*+%&A Page &P"P??thcU} $} I } } I} m }  } I }  } } } m} I } $ } I } I } $}  T0,bbh  b b : 4bbYb;h4hb0; J&,@Z&0@Z&4@Z&8@ Z &<@ Z &@@ Z &D@ Z &H@ Z  &L@Z &P@Z &T@Z &X@Z  %4~ ?@ L@@  @  @  @  @  "@$@&@(@ Ip Z%"Motley Fool Ratio (buy<.5, sell>1) =F¹?'Z  $:B=oFpS?'Z  $:B=K'?'Z  $:B= ~?'Z  $:B= ~? 'Z  $ :B= lY? 'Z  $ :B= Gk:? 'Z   $ : B= ] H*? 'Z   $ : B=˳? 'Z   $ : B=˳?'Z   $: B=FE_?'Z   $: B #L BL  Buy*L  Sell "BBuy#Buy#Buy    # Buy # Buy # Buy #Buy  E%#d@ /D? DZ BE׌@ /D? DZ BEԥ@ /D? DZ BE /D ? DZ BE /D ? DZ BE ,z@ /D ? DZ BE EP"@ /D ? DZ  BE Mü@ /D ? DZ  BE /D? DZ  BE /D? DZ  BE8Q@ /D? DZ  B   N ~    ,  "L  L B                          #   % > ?^D *   R ' %#d@ DD D  YO@    LLL Z`fʉ@   Z`fʉ@   Z`fʉ@   J\@   k@   އ@   އ@   އ@   ?^@  S T*  @Z X  Y @@ +  !L  , B @@  @@        @@   @@   @@       @@  ~ @@ Z  [~ + !L  , B            ]!@@ D D@@ LLLp@  p@  p@  @@  @  p@p@ p@X@  RSSS TUhL%'@ ZVϢ!@ZVM O@Z V{z]I@Z Vwr@ Z VWDo@ Z Vvr@ Z  VbTKt@ Z VK %UZ"@ Z Vt !@Z Vy#@Z WX *ZDD *z7ZDD *` mZDD * 4,WZD D * TmSκ ZD D * Sa/ ZD D * qeZ Z D D * H!6 Z D D *VF@ Z DD *p>@Z DD *x l" @Z DD = 'D  GainLossBGain  F$0D ZDD  BF$0D ZDD  BF$ 0D ZDD  BF $ 0D  ZD D  BF $ 0D  ZD D  BF $ 0D  ZD D  BF $ 0D  Z D D  BF $0D  Z D D  BF$0D Z DD  BF$0D Z DD  BF$0D Z DD  B# %>x l" @D  a!Zx l" @  DD S Dunreal gain/loss ^_ `c adob4v`m?YD #DDD D  (DD D MbP? B _e_  ca  dEDQ2{? D   ^_e ff4gA !Z ZZ  _e_  ca  d \.ƿ D  *[<$ EDD Motley Method WONMotley Fool lost !!BMotley Method WON    .!3 [..p.T0<(    ~  <\ 7 XPP?    ]4@\ 7t4 jRH,: +<,Motley fool ratio=> (P/E Ratio/EPS Growth) <S *C + ~~  < 7 XPP? Zx]4@ 74 iRH,: +<,Motley fool ratio=> (P/E Ratio/EPS Growth) <S *C +  Peter Gyulai Peter Gyulai>@  Sheet3 I V3<AE  dMbP?_*+%&A Page &PMHP LaserJet 4000TW*.XXs p    d(Untitled)*"d??U} } $ }  } I V  wT0 b@ b  ; ; ; ;b ;b : ;4 ;4b ;b4  ;4b ; ;4 ;44 ;b ;0 ; 4b ; ;l ;e ;b ;bE ; ;b ;  ;  J  K   L   \       $  *  . B+  eAZ D Z long t. debt  , @ Z  Z # of shares    ? Z p Zof beg cash for fix eq   B   L@ Z  Zmachines bought @          @ Z  X Z  capacity @  0 q= ףp? Z = Z # sold    &@ Z   Z  sale price B ? Z ̬ ZCGS   Q? Z  Zdepreciation exp/yr (accel)    -         BF  Dl*erz yrmq ]  ;T0! ;b" ;b# ;$ ;% ;& ;' ;b( ;b) ;:* ;4+ ;4b, ;b4- ;. ;4b/ 0;41;442b3;04;5;4b67;l8;e9;b;bE<;=;b   333333? Z3 34 Z3Acc receivable ! ! " " # #$ $ % %& &b' ( () ) * *  + +! , ,"-. /B#0 0%1 2B& 3 3' 4 4(5 6B) 7 71 8 8A 9 9@ ;B5 < <6 = =7>'0u    @T0A;bB;bC;D;E;F;G;bH;bI;:J;4K;4bLb4M;N;4bO;P ;4Q ;44R ;bS ;0T ;U ;4b @B/ A A2 B B3 C C4 D D:E F F8 G G; H H9IJK LBML M MD N N< O OEP PF Q QHQ @@ Z Q HQ Z # to Buy each timeR RG S S=T T> U U?0  y>@ Sheet5 VBA {KKSheet1 G__SRP_2 %__SRP_31m;YAh8h@HLPSLSSc6"<<<N0{00020820-0000-0000-C000-000000000046}6*\R8003*#70$*\Rffff*1436a7b534($ $ $$$$$ $*%h<`<@*``|+e,<@i @HP*#404@*1D 8D@hhX($X$h0X0ME" lphAttribute VB_Name = "She@et1" Bast0{00020820- C$0046} |CreatablFalse PredeclaIdTru "ExposeTemplate`Deriv$eCustomizdControlpinButton2, 9, MSForms8, S t 1, 10, 3, 1"4 P{! 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Sheet1Sheet2Sheet3Sheet4Sheet5 ThisWorkbook VBAProjectF=C:\PROGRAM FILES\COMMON FILES\MICROSOFT SHARED\VBA\VBA332.DLLVBA i PF 3C:\Program Files\Microsoft Office\Office\EXCEL8.OLBExcel `0FC:\WINDOWS\SYSTEM\StdOle2.Tlbstdole  p$ MC:\WINDOWS\SYSTEM\MSForms.TWDMSForms yY.E .`M  M $C:\WINDOWS\TEMP\Excel8.0\MSForms.EXD YL-[DR 2C:\PROGRAM FILES\MICROSOFT OFFICE\OFFICE\MSO97.DLLOffice YF?.m;Y F?.m;Yoym'v SpinButton1oym'v SpinButton2 SpinButton3DF Worksheetoym'vSpinButton2_Change $$X<4D4<DKrU~~~y  Q 1 SpinButton2  ( SpinButton1 SpinButton3\Sheet1Sheet1Sheet2Sheet2Sheet3Sheet3Sheet5Sheet5ThisWorkbookThisWorkbookID="{1D2E3F86-B117-11D2-80A6-D76D3B8D5917}" Document=Sheet1/&H00000000 Document=Sheet2/&H00000000 Document=Sheet3/&H00000000 Document=Sheet5/&H00000000 Document=ThisWorkbook/&H00000000 Name="VBAProject" HelpContextID="0" CMG="82804FDDDBE1DBE1DBE1DBPROJECTwm}PROJECTxBook _VBA_PROJECT"܇K"܇KE1" DPB="1210DF4D6E4E6E4E6E" GC="A2A06FFDFEFEFEFE01" [Host Extender Info] &H00000001={3832D640-CF90-11CF-8E43-00A0C911005A};VBE;&H00000000 &H00000002={00020818-0000-0000-C000-000000000046};Excel8.0;&H00000000 [Workspace] Sheet1=22, 22, 332, 302, C Sheet2=0, 0, 0, 0, C Sheet3=0, 0, 0, 0, C Sheet4=0, 0, 0, 0, C Sheet5=0, 0, 0, 0, C ThisWorkbook=0, 0, 0, 0, C a] k*\G{000204F3-0000-0000-C000-000000000046}#1.0#9#C:\WINDOWS\SYSTEM\VBAEN32.OLB#Visual Basic For Applicationsdd8(* #,##0.000_);_(* \(#,##0.000\);_(* "-"??_);_(@_)85_(* #,##0.0000_);_(* \(#,##0.0000\);_(* "-"??_);_(@_):7_(* #,##0.00000_);_(* \(#,##0.00000\);_(* "-"??_);_(@_)<9_(* #,##0.000000_);_(* \(#,##0.000000\);_(* "-"??_);_(@_)>;_(* #,##0.0000000_);_(* \(#,##0.0000000\);_(* "-"??_);_(@_)@=_(* #,##0.00000000_);_(* \(#,##0.00000000\);_(* "-"??_);_(@_)B?_(* #,##0.000000000_);_(* \(#,##0.000000000\);_(* "-"??_);_(@_)DA_(* #,##0.0000000000_);_(* \(#,##0.0000000000\);_(* "-"??_);_(@_)FC_(* #,##0.00000000000_);_(* \(#,##0.00000000000\);_(* "-"??_);_(@_)HE_(* #,##0.000000000000_);_(* \(#,##0.000000000000\);_(* "-"??_);_(@_)JG_(* #,##0.0000000000000_);_(* \(#,##0.0000000000000\);_(* "-"??_);_(@_) 0.0000% 0.00000% 0.00000000#,##0.0_);[Red]\(#,##0.0\)                + ) , *         & &       #         # #               A  #     &         +                 \p Peter Gyulai [Bb= 8[@"1Arial1Arial1Arial1Arial1Arial1Arial1 Arial1 Arial1 Arial1Arial1 Arial1-Arial1Arial1 Arial1Arial11Arial1Arial1 Arial1 Arial1Arial1Arial1Arial1Arial1 Arial12Arial1Arial1 Arial1Arial1"Arial1Arial1'Arial13Arial13Arial1Arial1 Arial1 Arial14Arial15Arial11Arial11Arial10Arial1Arial1Arial13Arial13Arial10Arial1 Arial18Arial1 Arial1 Arial1 Arial1-Arial1 Arial1-Arial15Arial1 Arial13Arial1=Arial1 Arial1 Arial10Arial1Arial1 Arial15Arial1Arial1Arial1QTahoma10Arial1Arial18Arial1 Arial13Arial1!Arial12Arial1 Arial18Arial18Arial1>Arial1>Arial1>Arial18Arial12Arial1QTahoma1Arial1Arial1Arial1Arial1QTahoma1@Arial1Arial1 Arial18Arial18Arial1Arial1Arial1Arial1Arial1Arial1Arial18Arial12Arial10Arial1@Arial1 Arial1Arial15Arial1h2Arial12Arial1Arial1Arial1@Arial1@Arial12Arial1Arial1Arial13Arial18Arial1Arial1Arial1Arial1!Arial1Arial18Arial1QTahoma1h8Arial1@5Arial1?Arial1Arial1Arial"$"#,##0_);\("$"#,##0\)"$"#,##0_);[Red]\("$"#,##0\) "$"#,##0.00_);\("$"#,##0.00\)%""$"#,##0.00_);[Red]\("$"#,##0.00\)5*2_("$"* #,##0_);_("$"* \(#,##0\);_("$"* "-"_);_(@_),))_(* #,##0_);_(* \(#,##0\);_(* "-"_);_(@_)=,:_("$"* #,##0.00_);_("$"* \(#,##0.00\);_("$"* "-"??_);_(@_)4+1_(* #,##0.00_);_(* \(#,##0.00\);_(* "-"??_);_(@_)2/_(* #,##0.0_);_(* \(#,##0.0\);_(* "-"??_);_(@_).+_(* #,##0_);_(* \(#,##0\);_(* "-"??_);_(@_) 0.00000 0.00000.0000.0% 0.0000000 0.000000 0.000%0.0# "$"#,##0.0_);[Red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x/ A @ &x/ A &x/ AA   H/ + H/  H/   D/ A#T/ A D/ A#\/ #P/  L/ #T/  #T/  A#P/  H/  H/  #\/ E H+ >  F   @ "8  A  @ "0 &"<  @ &"8  $  `/  d/  $  $ @A (  @@ @ @@ G H/ + H/ G+ H/ E , @ , l/ @ , l/  ` -"|/ ,#|/ @ #t/ #x/ @ #p+ #p+ @ H l+ H#|+ I h E#x @ G h+ A `+ A#4 !4 K"< "X/   L/  + L/ > > > > >  0& F H F  E 4  L  N  O  P  O& M H/ F& L/ ,& -  -& 4& E  E& J   L JA 0 A  Q A L /  / L D H D L .   A L J J!  A    J# 7 F# R  R L/ R J" 0 L/ 0  L/ I l #8 T  U  " #  H* /"X+  H+ V"\+ Y  Y# Z H+ \  ]  ] ]& ^ L/ _ A"X- `  a# `A G! U! b H/  A  d  H  e  G  f   H/ g&X/ h"X W H) i H1 3 H j ( k ( l  m"X" n  c  o  p  U H+ Z ( @Z ( q ( q+#< q+ , Z , Z ( @ Z  n , E#X  @+ r  s ( @s ( t#8 t ( t A , s#8 W A!8 s  W#8 W A , F 0 H F& h H* b  b & M  u v L/ w A"X- E  L/ E v+ L/ w A"X E L/ x  y   H z  F# {# E A  W H+ "  @*  D e" ~ H* ! D  A @  D  A @)  D) }*[ "S  @    " # @# @#   [  j [ [  @  {   @   8 ``i̜̙3f3333f3ffff333ff333f33f33BBB4 PerformanceuCOMPANYǬ Investing Rules  O7Cw|  dMbP?_*+%&APage &PMHP LaserJet 4000T,b!]eW6N\e`T0`T0V*.XXs p    d(Untitled)*"d?? COMPANYcU} I} I } }  }  }   OT0.bb@@ b@ b @\@\@Tb@@;@b }year).,@Z).0@*Z).4@Z).8@Z).<@Z).@@ Z) .D@ Z) .H@ Z ) .L@ Z ) .P@Z ) .T@Z ).X@Z (((((((((((((- Z@(-` Z@(-\ Z@(-< Z@(- Z@(- Z@( - Z@( - # Z@ ( -" Z@ ( -  Z@ ( -( Z@ (- Z@ (+@ ZQ(+ZQ(+ ZQ(+ ZQ(+, ZQ(+XZQ( +TZQ( +(  ZQ ( +  ZQ ( + ZQ ( +# ZQ (+|# ZQ ,(, Z(, Z(, Z(,Z(,Z( , Z( ,P Z ( ,L Z ( ,H  Z LBO !( ,H Z (,D Z  \\\ Press the buttons !!!" INPUT SECTION (first year)  sale price~ &@  long t. debt~  eA  # of shares~ @  Down Up[& @,"XX516243 !hT0.",b#,b$,*;+h-;.b/b01\23\4T5b67b89b:0<=i>?l!] Assumptions:"BankruptJ"QB:if there's no equity, creditors would liquidate at 75% of assets."000000\ #No CashA#Q9:no cash in end balance. Company will borrow short term#000000\  $LBOS$QK:Co is valued below total assets. Co is takeover candidate at 110% assets.$000000\ (*0\ -Z COMPAGNIE+Ratio Analysis+ - PROFIT Rs-(-$0@-Z1(-$4@-Z1(-$8@-Z1(-$<@-Z1(-$@@.Z1(- $D@- Z1(- $H@- Z1 (- $L@- Z1 (- $P@- Z1 (- $T@. Z1 -)CHANGE. netinc/sales.;.ɯt?.%Z%Z;.#9?.%Z%Z;.BII?.%Z%Z;.>*?/%Z%Z;.oXR.%Z%Z;. ZXI?. %Z%Z;. V=h?. %Z% Z ;. "Bj?. %Z% Z ;. \}rҏR?/ %Z% Z ;. 牏Ǎ.%Z% Z .,%&3h?7 ..3 LL/ EBIT/sales/;/{_I?/%ZZ;/bx?/%ZZ;/f;?/%ZZ;/tb{!?/%ZZ;/^]|6/%ZZ;/ kȦ?/ %ZZ;/ ʹ*npz?/ %Z Z ;/ zkp ?2%Z?Z;2.?2 %Z? Z ;2 &b n?3 %Z? Z 2, Bd̪3.3Dividend payout ratio3;3?3%Z)Z';3?3%Z)Z';3?3%Z)Z';3?3%Z)Z';33%Z)Z';3 ?3 %Z)Z';3 ?3 %Z) Z' ;3 ?3 %Z) Z' ;3 ?3 %Z) Z' ;3 6 %Z) Z' 3,6.4##########5! ACTIVITY Rs5##########6ass T.O. (sales/ass)6#times;6+巚ź?6%ZZ?;6+oB?6%ZZ?;6+uyI?6%ZZ?;6+`I~?6%ZZ?;6+> o?6%ZZ?;6 +$?6 %ZZ?;6 +[+6?6 %Z Z? ;6 +M^"?6 %Z Z? ;6 +g]?6 %Z Z? ;6 +ѻ˞?7 %Z Z? 6-X?7 D6 D67 AR collect 7}days@7+`K@7*Z3Zm@7+_K@7*Z3Zm@7+`K@7*Z3Zm@7+`K@7*Z3Zm@7+`K@7*Z3Zm@7 +`K@- *Z3Zm@7 +`K@7 *Z3 Z m@7 +`K@7 *Z3 Z m@7 +`K@7 *Z3 Z m@7 +`K@8 *Z3 Z m7-8 D7 D78inv T.O. 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L~Fٵ? @ Terminal Value }BA DDIIValuation MethodG|h#1DD  % of assets FCF valueB FCF value|#; 1LL  % of assets FCF valueB FCF value| FCF value| FCF value|  FCF value|   FCF value |  FCF value |  FCF value |$#  % of assets |<  FCF value |" FCF value=#SharesAVERAGES>@ L9>@>@>@>@>@ >@  >@  >@  >@  >@ @ Share Value!r* @ % B@ hL%'@*D? DDB Ϣ!@4 *L? LLB M O@ {z]I@ wr@ WDo@ vr@  bTKt@  K %UZ"@  t !@  y#@  !!'% CHANGE of Share Value!UA % B@T)=ο*D DDDBT-ƿ4 *L LLLBT7يTz?T}E?  Tx?  T`3!)  TawE?  TW9K  T糆-?' Equity/share!\X0 @ % B(tj ? DD(DFi? LL(ϖO;?(e @(Hǻ8@(27@ (;Y @  (&%_@  (~H~@  (U8@  (-4v@ ' %Change Eq/Sh!dn? % BT@Tv?Q*D DDDBT[Rm?4 *L LLLBTq?T!-=ӰT(0V?  TP\?  T-QЃc?  o?  THAZ  T.H0@m-? dividends /sh!0? % Be? L5p_. ?O 64?Ѐ|?@w?  KM?  (L q?  :|=?    pMCkG?!mXæ4@ % P/E Ratio (would be)!c  % B8o0e/ LL2ϕ’Q5@ h"@b!@|)ܛ@2f#G c _e'@  G>zgu@  ke@5@  ;M@  sVP  EPS GrowthhGPJ L1L1L1Sm?;)Z?сK?GOxMF~K 4E ?  nF?  ?  1r  8x" *"Motley Fool Ratio (buy<.5, sell>1)#F¹? DDdoFpS? LLdK'?~?mhlY?  Gk:? ] H*?  ˳?  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BP T X    @  $   `$ LBO !    year~ @@ L@@@  @   @  "@  $@  &@C)!annual rate of return (divs+appr) "#: l̿ LLL/L#;*=ÿ#(e A@, \  &APage &P"Pag??3пп3Gd23   4  3Q #REF!QQ34E4  3Q #REF!QQ34E4  3Q #REF!QQ3 3   ]  4E4D FAG3OHa 3 43*4523  43" 3O%3OQ44$%3O&Q43   ]  4444  #Ւ@ 嘠4@ M-(\(=A@ .j=@ A@ tm " 5@ sy@  {^@ oʱ 0@ 5 4@ ;]$ @ -o-@|>?b/ @Pͩs"@M),@<8"rw@;?ȺK$@rR6+@iQ@BS&@p*@ d@VI(@:+@ÉG< @7+@B+@Or @.VV-@ cנX,@ ],UVA@@],A@@],mnA@@]> bI @d|\  &APage &P"Pag??3 ץ3Gd23   4 3QQQ34E4D FA/ .3OB 3 43*4523  43" $%3O&Q444%Q 23O$&Q  Net Income'44 ? ]> %n @\  &APage &P"Pag??3 о3Gd23   4 3QQQ34E4D FA)A3O(p 3 43*4523  43" $%3O&Q444%I 3O&Q  Cash level'44 ? ]> Un ,@ \\  &APage &P"Pag??3 ~"3Gd23   4 3QQQ34E4D FA/;\ 3O>5 8 3 43*4523  43" $%3O&Q444%GKe 3O5&Q Fixed Assets book value'44 ? ]> n& @ \  &APage &P"Pag??3 $3Gd23   4 3QQQ34E4D FA} 3O Y 3 43*4523  43" $%3O&Q444%GGe 3O&Q  Assets'44 ? ]> %% 1@<\  &APage &P"Pag??3 K3Gd23   4 3QQQ34E4D FA}_*3O 3 43*4523  43" $%3O&Q444%GLe 3O(&Q Free Cash Flows'44 ? ]> . @ \  &APage &P"Pag.??3G 3Gd23   4  3Q #REF!QQ34E4  3Q #REF!QQ34E4  3Q #REF!QQ34E4D FA5W 3OIK. 3 43*4523  43"   3O %3OQ44$%3O&Q444%dS53OC&Q  Value Created'44     L ' %A 3333@ ^"A޹^r"A_vO@SgMm A$-G%A}6@ti uL#ARd:d A.Cۚ@b(NBA#@d| c A@t\  &APage &P"Pag??34  3Gd23   4  3Q #REF!QQ34E4  3Q #REF!QQ34E4  3Q #REF!QQ34E4D FA5j 3OC/ 3 43*4523  43"   3O %3OQ44$%3O&Q444%S53O&Q !DCF Valuation to various years'44  'GJ4@ i0A 0|1A ʼn%&)@ 9"A ~#A RChYh@ +T"A 8ًd#AJtC@F ?D7%AZȨ%AE@yV~#A+Ķ$A#d`ɷ@ ~x%A k<G&AG/@M&!A5[b%"AGWFo@|و AmYVA@>$CA`]BCA_up.B@) !AP=0"Awv@{G{]"A n#A ]> A@\  &APage &P"Pag??3 3Gd23   4  3Q #REF!QQ34E4  3Q #REF!QQ34E4  3Q #REF!QQ34E4D FA5 3OT 3 43*4523  43" ~  3O %3OQ44$%3O&Q444%S53OR&Q Per Share Values'44   gaO;U@   $i/P@@  A@ ⃁FQ@ h}:?4X:@ 59@6Uc?Ǘn3?@S@;E܂?D|9@`Dt=@Iy?8@R@e@PE(J? ):@U@#b?7-o:<@`e@B#UA@#`=@ք4@ꊳn-W@Ÿ>@q@u4 @ ]> @A\  &APage &P"Pag??3 Hs3Gd23   4 3Q #REF!QQ34E4 3Q #REF!QQ34E4 3Q #REF!QQ34E4D FA\O 3Os5 3 43*4523  43"  .D3OA +%3OQ44$%3O&Q444%GQ ]3O!(&Q Per Share Values'44 ??? ]> A@dhB\  &APage &P"Pag??3пп3Gd23   4  3Q #REF!QQ34E4  3Q #REF!QQ34E4  3Q #REF!QQ3 3   ]  4E4D FAG3OHa 3 43*452      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKNOP3  43" 3O%3OQ44$%3O&Q43   ]  4444  #Ւ@ 嘠4@ M-(\(=A@ .j=@ A@ tm " 5@ sy@  {^@ oʱ 0@ 5 4@ ;]$ @ -o-@|>?b/ @Pͩs"@M),@<8"rw@;?ȺK$@rR6+@iQ@BS&@p*@ d@VI(@:+@ÉG< @7+@B+@Or @.VV-@ cנX,@ ],UVA@@],A@@],mnA@@]>#. @@B\  &APage &P"Pag.??3G 3Gd23   4  3Q #REF!QQ34E4  3Q #REF!QQ34E4  3Q #REF!QQ34E4D FA5W 3OIK. 3 43*4523  43"   3O %3OQ44$%3O&Q444%dS53OC&Q  Value Created'44     L ' %A 3333@ ^"A޹^r"A_vO@SgMm A$-G%A}6@ti uL#ARd:d A.Cۚ@b(NBA#@d|&c A@HC\  &APage &P"Pag??34  3Gd23   4  3Q #REF!QQ34E4  3Q #REF!QQ34E4  3Q #REF!QQ34E4D FA5j 3OC/ 3 43*4523  43"   3O %3OQ44$%3O&Q444%S53O&Q !DCF Valuation to various years'44  'GJ4@ i0A 0|1A ʼn%&)@ 9"A ~#A RChYh@ +T"A 8ًd#AJtC@F ?D7%AZȨ%AE@yV~#A+Ķ$A#d`ɷ@ ~x%A k<G&AG/@M&!A5[b%"AGWFo@|و AmYVA@>$CA`]BCA_up.B@) !AP=0"Awv@{G{]"A n#A ]>' A@pC\  &APage &P"Pag??3 3Gd23   4  3Q #REF!QQ34E4  3Q #REF!QQ34E4  3Q #REF!QQ34E4D FA5 3OT 3 43*4523  43" ~  3O %3OQ44$%3O&Q444%S53OR&Q Per Share Values'44   gaO;U@   $i/P@@  A@ ⃁FQ@ h}:?4X:@ 59@6Uc?Ǘn3?@S@;E܂?D|9@`Dt=@Iy?8@R@e@PE(J? ):@U@#b?7-o:<@`e@B#UA@#`=@ք4@ꊳn-W@Ÿ>@q@u4 @ ]>( & A@`pD\  &APage &P"Pag ??343Gd23   4 3Q; FCF Growth r (g) %Q+;Q34E4 3Q; Last FCF 'millionsQ;Q34E4 3Q;  Share ValueQ;Q3 3   ]  4E4D FA0P 3O@N 3 43*4523  43"  +f3O %3OQ44$%3O&Q43   ]  4444 jb@>@zM,@ ,@Po@@k@ n@ '`B@ {\2ô;@ L0|#s @ En-UD@ u@ x+VN@ ~ɏF@ ACE@ MO@  %]H@ ?@ @ (LK@ *\@ ],)0 1A@@],*IA@@],+A@@],,)A@@],-UVA@@],.A@@], /mnA@@],!0A@@]>"6R  /@๖\  &APage &P"PagR??3,3Gd23   4  3Q:  Company ValueQ; Q34E4  3Q:  Total AssetsQ; Q34E4  3Q: Value Created (Value-Assets)Qi; Q34E4D FA4 3O-e 0 3 43*4523  43"  3O F%3O&>Q423  44$%3O&Q444%vN83OC&Q  Value Created'44     f43A ĠOA һu,Al5*.A(<}AW5!Ac(AZmA&eAi@B &A}!A瑚AK5'A,$\!AlgB A Sٳ(A.;SO"Ap_ Ax )AJ=8%AgU}@P(Aw@e(A( =W@X.Ai+,A0Dg@X|`u,A!D_)+A' @*8d0Ack.Ay@ ],#7/ A@@],$8A@@]>%9 A@dl\  &APage &P"Pag??3< 3Gd23   4  3Qi; PV OF CFS TO YR X (NOT YR 0)Q; Q34E4  3Qi; PV OF TERM VALUEQ; Q34E4  3Qi; CO VALUE NOW TO YR XQ; Q34E4D FAa 3OC 3 43*4523  43"   O3O #*%3O&Q423  44$%3O&Q444%U3O&Q !DCF Valuation to various years'44  1BƄ@ k>0s@ N@{@ cJܟ@ s7|@ ;f-@ "@ j̈́@ E00g@EL@~&@2zA@*S@'DJ@V ('DJ@]<:An@~@Vf A ]>&:o= A@\  &APage &P"Pago??3<Po3Gd23   4  3Qi;  Share ValueQ+; Q34E4  3Q; Assets per shareQ+; Q34E4  3Q+;  Equity/shareQ+; Q34E4D FAI - 3OY N 3 43*4523  43"  53O %3OQ423  44$%3O&Q444%RH3OR&Q Per Share Values'44  hL%'@ ŶeW+ @ tj ? Ϣ!@ .@ DFi? M O@ ?@ ϖO;?{z]I@δ(W@e @wr@&́Ha@Hǻ8@WDo@.@27@vr@ @;Y @bTKt@wh&b@&%_@K %UZ"@/!6 @~H~@t !@z @U8@y#@kل\"@-4v@ ]>'<]U A@L\  &APage &P"Pag??3Y*3Gd23   4  3Q&:  NET CASH flowQ&; Q34E4  3Q: Free Cash FlowQ&; Q34E4D FA; . 3OIq 3 43*4523  43"  t3O %3OQ44$%3O&Q4444  @@ - xh@ rh@(_@Z++X@4X[@QS@!L@04z @ ^:8g4̼T@Z땵`d@6\@,o@Pd*@H@ Q/@fӽ*(G1AddAV`@ ],(=A@@],)>  A@@UOWhat percent of the initial capital raised goes towards production equipment. *$The cost of one production machine. M GHow many units one machine will produce annually. (Production capacity)VPPercentage of units that was sold during the year from the available inventory. "First year of the analysis. *$Cost of goods sold as a % of sales. 5/Fixed equipment accelerated depreciation in %. .If the cash is less than 20% of assets the cash is in money markets, otherwise it yields twice the money market rate. (Equity, Fixed inc. investment) 33-Percent of sales in receivables at any time. nAhIf the company runs out of cash, it can borrow on this percentage of receivables. Asset based lending. BIf last year's cash is less than what it takes to buy a new set of machines, borrow the difference plus 50% to make sure there is enough, in case the equipment becomes obsolete._CYActual borrowing on Notes. Either the amount of % on receivables or money for PPE +50%. BH<Initially established when the capital structure is set up. ISubordinated notes : enter by hand the amount for any year. This is a last resort, expensive and likely unavailable form of financing. Peter Gyulai: This matrix analyses the company value from year one to the individual years (as opposed to discounting the cash flows to year one) to test the model's consistency. This analysis does not effect the actual company valuation below. This little analysis tells how well "management" does its job in creating shareholder value. This is the difference between the asset value and the company value based on cash flows. ~xWeighted Average Cost of Capital. The average cost of debt and equity of the company in relation to its industry. ~Beta^XThe weighted average debt rate for Notes Payable, Long Term Debt and Subordinated notes.]WThe real cost of borrowing money as a %. Includes the tax shield of the debt payments. Relative risk of the company compared to the industry. Less volatile than Ind.<1 Same as its industry =1 Riskier than Industry >1C=The Risk Free Rate for investments. (U.S. government bonds) b\What investors are looking to earn on top of the risk free rate as they invest in equities. XRCapital Asset Pricing Model Risk free rate + (Market Risk Premium X Beta) = CAPM ("Weighted Average Cost of Capital. Each year all the future (from that year forward) cash flows of the operation are discounted and summed up to get the value of the Co. at a certain year. This is the real deal, the number that gives the most accurate value based on the info available !!!! If the value of the company (based on PV of FCF) is more than the Current asset value, the FCF Value is given. If The assets are worth more (bankruptcy) it is bases on the assets. rlWhen the Company is valued below Total Assets, a leveraged buyout (LBO) can be made at 110% of asset value. = 8[> GdA "     dMbP?_*+%&APage &P"Pag?? b Performance COMPANYcU} $nc} I nc} nc} Inc} m nc}  nc} I nc}  nc} nc} nc} mnc} I nc} $ nc} I nc} I nc} $nc}  nc T0,bbh  b b  TbbY;b;0hbXhb0;(J Motley Fool Investment Technique(&,@Z(&0@Z(&4@Z(&8@ Z( &<@ Z( &@@ Z( &D@ Z( &H@ Z ( &L@Z (&P@Z (&T@Z (&X@Z  %year~ ?@ L@@  @  @  @  @  "@$@&@(@ (Ip Z$"Motley Fool Ratio (buy<.5, sell>1) RF¹?<Z $:#BRoFpS?<Z $:#BRK'?<Z $:#BR ~?<Z $:#BR ~? <Z $ :#BR lY? <Z $ :#BR Gk:? <Z  $ :# BR ] H*? <Z  $ :# BR˳? <Z  $ :# BR˳?<Z  $:# BRFE_?<Z  $:# B #H >L  Buy(L  Sell "BBuy#Buy#Buy    # Buy # Buy # Buy #Buy  buy@ valueN%#d@ 8D? DZ BN׌@ 8D? DZ BNԥ@ 8D? DZ BN 8D ? DZ BN 8D ? DZ BN ,z@ 8D ? DZ BN EP"@ 8D ? DZ  BN Mü@ 8D ? DZ  BN 8D? DZ  BN 8D? DZ  BN8Q@ 8D? DZ  BCost of Shares  cost of shares sold ~    *  L  L B                          !   % > ?^D *   cost of shares held $ %#d@ DD D  YO@    LLL Z`fʉ@   Z`fʉ@   Z`fʉ@   J\@   k@   އ@   އ@   އ@   ?^@  during at end* ( @Z # of shares available  #buy @@ )  L , B @@  @@        @@   @@   @@       @@  ~ @@# to Buy each time  #sell~ ) L , B           #shares@@ D D@@ LLLp@  p@  p@  @@  @  p@p@ p@X@  RSSST Price/share(UhL%'@ Z(VϢ!@Z(VM O@Z( V{z]I@Z( Vwr@ Z( VWDo@ Z( Vvr@ Z ( VbTKt@ Z (VK %UZ"@ Z (Vt !@Z (Vy#@Z WXunreal gain/loss3ZDD 3z7ZDD 3` mZDD 3 4,WZD D 3 TmSκ ZD D 3 Sa/ ZD D 3 qeZ Z D D 3 H!6 Z D D 3VF@ Z DD 3p>@Z DD 3x l" @Z DD : $D  Gain LossBGain  Gain/ (Loss)N$8D !Z DD  BN$8D !Z DD  BN$ 8D !Z DD  BN $ 8D  !Z D D  BN $ 8D  !Z D D  BN $ 8D  !Z D D  BN $ 8D  !Z  D D  BN $8D  !Z  D D  BN$8D !Z  DD  BN$8D !Z  DD  BN$8D !Z  DD  B! %>x l" @D  TotalZx l" @  DDduring Dunreal gain/loss ^_`MotleyaROI =>>>gb4v`m?QD DDD D  %DD D MbP? B_average annually_  cTotal dEDQ2{? D   ^_efBuy & Hold ROI=>>>UgA !?Z ZZ) _average annually_  cTotal d \.ƿ D  *W<$ ADD Motley Method WONMotley Fool lost !!BMotley Method WON P HMotley seems to be good in a down trend, when the company has problems. .%,$...1+Motley fool ratio=> (P/E Ratio/EPS Growth) 1+Motley fool ratio=> (P/E Ratio/EPS Growth) = 8[>  "  VJ  dMbP?_*+%&APage &PMHP LaserJet 4000Ttio=> (P/E RatW problems.Bost !!*.XXs p    d(Untitled)*"d?? Performance COMPANY InvestingU} gc} $ gc}  gc} I gc V  wT0 b@ b  ; ; ; ;b ;b  ;T ; ;bb Y ; ;b ;;0 ;bX ; ;bE ;b b ;e ;l ;E ; ;/ ;T0T ; ;b T0 ;*"Compagnie simulation determinants.2*(The company with the exotic French name)= 5The sheets are protected except for the variables in   fields.   \   *phThis spreadsheet calculates the production, sales, income and capital structure figures for each year.  *]UThe results for the individual years depend on the actual figures of the year before. *iaTheres no hockey stick projection of sales. It all depends on production capacity at the time. *ZRThe sales figures are "actuals" from year to year as calculated by the parameters. current actuals BCAPITALIZATION)  eAZATZ) D Z long t. debt *X KBased on the starting capitalization (debt+equity), the company determines &J1) @ Z)  Z # of shares O Gwhat percent of initial cash goes towards fixed (production) equipment.) ? Z) p Zof beg cash for fix eq   BPRODUCTION/SALES *NAWith the money raised the company buys machines at a price set. 'J:) L@ Z)  Zmachines bought @  *:2The number on machines to be bought is calculated. *QIWith the machines available (bought+previous-obsolete) production begins. *TLCapacity per machines is set and the percentage of units sold is determined.) @ Z ) X Z  capacity @  *,$Price of product sold is determined.) q= ףp? Z) = Z# sold *1)Units produced and revenue is calculated.) &@ Z )  Z  sale priceBINCOME STATEMENT) ? Z) ̬ ZCGS  *LDSales - CGS- Depreciation Expense based on accelerated depreciation.) Q? Z)  Zdepreciation exp/yr (accel) *2* -Operating Expense is $500 + 5% of sales. *WO +Interest income on short term investments. % depends on the amount invested. *_W - Interest expense of Notes payable, Long term debt and Subordinated debt (7%,11%,12%) */' +Revenue from equipment salvage value. * -Income taxes at 40%. *H@Calculates net income. EPS. Dividends (If any) are 25% of EPS.B BALANCE SHEET *NFCash balance = Cash last year + Cash from current Cash Flow statement.D#ldbnzk% Kb Chp@/Y  ;T0! ;b" ;b# ;$ ;% ;& ;' ;b( ;b) ;* ;T+ ;, ;bb- ;Y. ;/ b0;;01;bX23;bE4;b5;b6e7;l8;E9;;/<;T0T=; *. &Accounts receivable is a % of Sales. ) 333333? Z3) 34 Z3Acc receivable !*E!=Raw materials inventory is 12.5% of Cost of Goods Sold (CGS). "*H"@Finished goods inventory is CGS X number of units left for sale. #**#"Prepaid expenses are 10% of Sales.$$Current Assets %*:%2Fixed Assets if PPE -Depreciation (accelerated %).&& Total Assets' (*G(?Borrow Money if the cash is low (for 25% of receivables or more)J)Bif equipment book value is low (equipment will need to be bought). **E*=Accounts payable is 10% month plus 10% of operating expenses. +*A+9Long term debt is set for all the years. (I.e. long term) ,*?,7Retained earnings + Initial Equity value = Total Equity-./BCASH FLOW STATEMENT00 as usual1'2BALTERNATIVE CASH FLOW STATEMENT 3*N3FThis calcuates cash flow differently than usual, (cash in , cash out). 4*I4AThe two cash flow statements should end up with the same results5 6BFREE CASH FLOW STATEMENT 7*+7#The cash flow used for valuation.  8*\8TThis is the amount that equity holders will earn in some form. (dividends and such.) 9*Q9IThe rest of the cash flows go towards reinvestments in capital equipment.(;B WEIGHTED AVERAGE COST OF CAPITAL <*:<2The cost of money that is invested in the company. =*_=WThis is the average of interests that investors are looking to earn, adjusted for risk.>~ 0VY;$K" XXVRP  +_Z $<mb,K@T0A;bB;bC;D;E;F;G;bH;bI;J;TK;LbbM;YN;O;bP ;;0Q ;bXR ;S ;bET ;bU ;b@B VALUATION A*QAIUsing the free cash flows for each year, the company value is determined. B*\BTThe cash flows are discounted based on the Weighted Average Cost of Capital. (WACC) C*sCkThe value is based on discounting the actual FCFs and a Terminal Value at the end of the period forecasted. D*pDhEach year the actual forward looking cash flows are discounted as well as the terminal value at the end.E F*kFcIf the company value based on DCF is less than the asset value of the company, the assets would be  G*iGaused for the valuation. (and the company would be a legitimate target for a leveraged buy out).. H*ZHRThe company value is divided by the number of shares to arrive at the share price.IJK#LBINVESTING IN THE COMPAGNIE.L M*}MuThe investing sheet automatically calculates the returns of an investor who would buy a number of shares in year one. N*1N)This is the basic buy and hold technique. O*qOiThe result is compared to the "Motley Fool" investment technique, that buys shares on weakness and sells PhP`when the shares are thought to be overpriced. (Comparing the P/E ratio to the Earnings growth.) Q*KQCThe only adjustment in this section is the number of shares bought )Q @@ Z)Q HQ Z# to Buy each timeR*R"each time there is an opportunity. S*jSbMy trials show that the Motley technique only outperforms the buy and hold method when the companyT7T/is in a volatile earnings and cash flow period. U*HU@In an up-market the buy and holders win by a substantial margin.0B bm |zk 1Bv8{E= 8[> " ~ dirSummaryInformation(DocumentSummaryInformation8CompObjf>*\G{00020813-0000-0000-C000-000000000046}#1.0#409#xl5en32.olb#\*\G{00020430-0000-0000-C000-000000000046}#2.0#0#C:\WINDOWS\SYSTEM\StdOle2.Tlb#OLE Automation*\G{2DF8D04C-5BFA-101B-BDE5-00AA0044DE52}#2.0#0#C:\PROGRAM FILES\MICROSOFT OFFICE\OFFICE\MSO97.DLL#Microsoft Office 8.0 Object LibraryQ 6* 4+ `u (VBAExcelVBAProjectstdole\GOffice< *  Oh+'08@\t Preferred Customer Peter GyulaitomMicrosoft Excel@՜.+,00 8@ H   PerformanceCOMPANY InvestingRules  Worksheets FMicrosoft Excel WorksheetBiff8Excel.Sheet.59q