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[null,null,"Current Share Price",null,331,null,"Software and Services Growth %",null,{"$f":"AA10/1000","v":0.08},{"$f":"AB10/1000","v":0.08},0.08,7.4999999999999997E-2,0.08,0.08,0.08,null,"Law Suits"]
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[null,null,"Equity Value Per Share",null,{"$f":"'valuation sheet'!H44","v":441.06987734051205},null," Effective Tax Rate",null,{"$f":"IF(ISNUMBER(I14),I14,IF(ISNUMBER(I13),I13,I12))","v":0.24},0.24,0.24,0.24,0.24,0.24,0.24,null,null,null,null,null,null,null,null,null,null,null,380,370,370,370,370,370,360]
[null,null,"Valuation Assumptions",null,null,null,"1. Straight line (default)",null,0.24,0.24,0.24,0.24,0.24,0.24,0.24]
[null,null,"Valuation / deal date",null,{"$f":"E6","v":"2011-04-19"},null,"2. Override i. Use marginal tax rate"]
[null,null,"Long term growth rate",null,0.04,null,"3. Override ii. Absolute projection"]
[null,null,"Exit EV / EBITDA multiple",null,12,null,"Depreciation  Growth rate  %",null,0.38,0.38,0.38,0.38,0.38,0.38,0.38]
[null,null,"Prepetual growth = 1 Exit multiple = 2",null,1,null,"Dividend Pay out Ratio %",null,0,0,0,0,0,0,0]
[null,null,"Calculated Discount Rate ",null,{"$f":"'valuation sheet'!D9","v":0.11005717742899152}]
[null,null,"Over Riding Discount Rate"]
[null,null,"Discount Rate ",null,{"$f":"IF(ISNUMBER(E18),E18,E17)","v":0.11005717742899152}]
[null,null,"Exit Year",null,2017]
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[null,null,null,null,null,null,"Sensitivity Analysis of EPS with Key Variables"]
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[null,null,null,null,null,null,null,null,"iPhone Growth Rate",null,null,null,null,null,null,null,null,"Softwares and Services Growth Rate"]
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[null,null,null,null,null,"iPad Growth Rate",null,0.1,17.678209874653295,18.241277338460005,18.804344802366813,19.367412266273618,19.930479730180412,"IPhone Growth Rate",null,null,0.5,18.55663671265204,18.562390601527472,18.568144493995927,18.573898386464379,18.579652278932841]
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[null,null,null,null,null,null,null,0.2,17.789083558518808,18.352151022325529,18.915218486232327,19.478285950139135,20.041353414045929,null,null,null,0.7,19.682771640465639,19.688525529341074,19.694279421809533,19.700033314277988,19.705787206746439]
[null,null,null,null,null,null,null,0.25,17.844520400451575,18.407587864258289,18.970655328165083,19.533722792071892,20.096790255978686,null,null,null,0.8,20.24583910437244,20.251592993247883,20.257346885716334,20.263100778184793,20.268854670653241]
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[null,null,null,null,null,null,null,null,"iPhone Growth Rate",null,null,null,null,null,null,null,null,"Softwares and Services Growth Rate"]
[null,null,null,null,null,null,null,{"$f":"E8","v":21.501849202392005},0.4,0.5,0.6,0.7,0.8,null,null,null,{"$f":"E8","v":21.501849202392005},0.05,0.06,7.0000000000000007E-2,0.08,0.09]
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[null,null,null,null,null,"Other Sales Growth Rate",null,7.0000000000000007E-2,17.938118989361623,18.501186453168962,19.064253917075767,19.627321380982565,20.19038884488937,"iPad Growth Rate",null,null,0.1,21.151966473235728,21.15772036224628,21.163474254714739,21.16922814718319,21.174982039651645]
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[null,null,null,null,null,null,null,null,"Other Sales Growth Rate",null,null,null,null,null,null,null,null,"Softwares and Services Growth Rate"]
[null,null,null,null,null,null,null,{"$f":"E8","v":21.501849202392005},0.06,7.0000000000000007E-2,0.08,0.09,0.1,null,null,null,{"$f":"E8","v":21.501849202392005},0.05,0.06,7.0000000000000007E-2,0.08,0.09]
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[null,null,null,null,null,null,null,null,"Gross Profit Margin",null,null,null,null,null,null,null,null,"Gross Profit Margin"]
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[null,null,null,null,null,null,null,0.4,15.350991356198945,16.015951247151602,16.680911139686799,17.345871032222,18.010830924757204,null,null,null,0.05,17.993113444672328,18.773282909013858,19.553452375077658,20.333621841141451,21.113791307205247]
[null,null,null,null,null,"iPhone Growth Rate",null,0.5,15.830434471641782,16.516300447436048,17.202166427830559,17.888032408225072,18.573898388619579,"iPad Growth Rate",null,null,0.1,18.040317045903922,18.822544820428334,19.604772596663434,20.387000372898534,21.169228149133627]
[null,null,null,null,null,null,null,0.6,16.309877584289048,17.016649647720513,17.723421715974329,18.430193784228145,19.136965852481964,null,null,null,0.15,18.087520647151607,18.871806731842817,19.656092818249217,20.440378904655621,21.224664991062017]
[null,null,null,null,null,null,null,0.7,16.789320696936308,17.516998848004956,18.244677004118085,18.972355160231213,19.700033316344339,null,null,null,0.2,18.134724248399287,18.921068643257286,19.707413039834993,20.493757436412697,21.280101832990407]
[null,null,null,null,null,null,null,0.8,17.268763809583564,18.01734804828941,18.765932292261841,19.514516536234275,20.26310078020672,null,null,null,0.25,18.181927849646964,18.970330554671762,19.758733261420769,20.547135968169773,21.335538674918791]
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[null,null,null,null,null,null,null,null,"Gross Profit Margin",null,null,null,null,null,null,null,null,"Gross Profit Margin"]
[null,null,null,null,null,null,null,{"$f":"E8","v":21.501849202392005},0.34,0.35,0.36,0.37,0.38,null,null,null,{"$f":"E8","v":21.501849202392005},0.34,0.35,0.36,0.37,0.38]
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[null,null,null,null,null,"Other Sales Growth Rate",null,7.0000000000000007E-2,18.261625579788401,19.053503499498429,19.845381420939646,20.637259342380865,21.429137263822081,"Software and Services Growth",null,null,0.06,18.313739955044881,19.107890318921694,19.902040684537113,20.696191050152528,21.490341415767944]
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[null,null,null,null,null,null,"Sensitivity Analysis of Equity Value Per Share with Key Variables"]
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[null,null,null,null,null,null,null,null,"Growth Rate",null,null,null,null,null,null,null,null,null,null,"EV/EBITDA Multiple"]
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[null,null,"Income statement"]
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[null,null,"i-Pad",null,null,4958,6941.2,8676.5,10411.799999999999,11973.569999999998,13769.605499999996,15835.046324999994,18210.303273749993]
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[null,null,"Net Sales",{"$f":"SUM(D19:D22)","v":37491},{"$f":"SUM(E19:E22)","v":42905},65225,95697.82,120809.35520000002,140060.029056,157958.7729936,178312.144812288,{"$f":"SUM(L19:L22)","v":201451.28687335103},{"$f":"SUM(M19:M22)","v":227447.55589253298}]
[null,null,"Cost Of Saes",-24294,-25683,-39541,{"$f":"-G23*(1-G64)","v":-59332.648400000005},-76109.893776000012,-88237.818305280001,-99514.026985967997,-112336.65123174143,-126914.31073021115,-145566.43577122112]
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[null,null,"Operating Expenses"]
[null,null,"Research and Development",1109,1333,1782,{"$f":"G23*G65","v":2870.9346},3624.2806560000004,4201.8008716799995,4738.7631898079999,5349.3643443686396,6043.5386062005309,6823.4266767759891]
[null,null,"Selling, General and administrative",3761,4149,5517,{"$f":"G23*G66","v":7655.825600000001},9664.7484160000022,11204.802324480001,12636.701839488,14264.971584983039,16116.102949868082,18195.80447140264]
[null,null,"Total Operating Expenses",{"$f":"-(SUM(D27:D28))","v":-4870},{"$f":"-(SUM(E27:E28))","v":-5482},-7299,-10526.760200000001,-13289.029072000003,-15406.60319616,-17375.465029296,-19614.335929351677,{"$f":"-(SUM(L27:L28))","v":-22159.641556068615},{"$f":"-(SUM(M27:M28))","v":-25019.231148178631}]
[null,null,"Operating Income (EBIT)",{"$f":"SUM(D25,D29)","v":8327},{"$f":"SUM(E25,E29)","v":11740},18385,25838.411400000001,31410.432352000003,36415.607554559996,41069.280978335999,46361.157651194888,52377.334587071266,56861.888973133231]
[null,null,"Interest Income",653,407,311,{"$f":"G220","v":687.47545001241076},{"$f":"H220","v":917.9707774342196},1173.4254422303575,1463.1563700076447,1799.3085237470386,2191.5275335831798,2640.1608954679505]
[null,null,"Interest Expense"]
[null,null,"law suits expense",null,null,null,{"$f":"-(OFFSET(G279,$T$2,0))","v":-312}]
[null,null,"Other income (Expense)",-33,-81,-156,{"$f":"-(G23*G67)","v":-191.39564000000001},-241.61871040000005,-280.12005811199998,-315.91754598720001,-356.62428962457602,-402.90257374670205,-454.89511178506598]
[null,null,"Income Before Taxes (EBT)",{"$f":"SUM(D30,D31,D34)","v":8947},{"$f":"SUM(E30,E31,E34)","v":12066},{"$f":"SUM(F30,F31,F34)","v":18540},{"$f":"SUM(G30:G34)","v":26022.491210012413},{"$f":"SUM(H30:H34)","v":32086.784419034222},37308.912938678353,42216.519802356444,47803.84188531735,54165.959546907747,59047.154756816119]
[null,null,"Taxes",-2828,-3831,-4527,{"$f":"-(G68*G35)","v":-6245.3978904029791},-7700.8282605682134,-8954.1391052828039,-10131.964752565545,-11472.922052476164,-12999.830291257858,-14171.317141635867]
[null,null,"Net Income",{"$f":"SUM(D35:D36)","v":6119},{"$f":"SUM(E35:E36)","v":8235},14013,19777.093319609434,24385.956158466008,28354.773833395549,32084.555049790899,36330.919832841188,{"$f":"SUM(L35:L36)","v":41166.129255649888},{"$f":"SUM(M35:M36)","v":44875.837615180251}]
[null,null,"Common Dividends",0,0,0,{"$f":"G37*G70","v":0},0,0,0,0,0,0]
[]
[null,null,"Pro Forma EBITDA Reconciliation"]
[null,null,"EBIT",{"$f":"D30","v":8327},11740,18385,25838.411400000001,31410.432352000003,36415.607554559996,41069.280978335999,46361.157651194888,{"$f":"L30","v":52377.334587071266},{"$f":"M30","v":56861.888973133231}]
[null,null,"Depreciation & Amortization ",496,734,1027,{"$f":"G171+G163","v":1405.04},1898.4151999999999,2556.6929759999998,3492.4163068799994,4811.6945034943992,6633.6784148222705,9148.0162124547332]
[null,null,"EBITDA",{"$f":"SUM(D41:D42)","v":8823},{"$f":"SUM(E41:E42)","v":12474},19412,27243.451400000002,33308.847552000007,38972.300530559995,44561.697285215996,51172.852154689288,{"$f":"SUM(L41:L42)","v":59011.013001893538},{"$f":"SUM(M41:M42)","v":66009.905185587966}]
[]
[null,null,"Pro Forma Basic EPS Reconciliation"]
[null,null,"Net Income for Basic EPS ",{"$f":"D37","v":6119},{"$f":"E37","v":8235},14013,19777.093319609434,24385.956158466008,28354.773833395549,32084.555049790899,36330.919832841188,{"$f":"L37","v":41166.129255649888},{"$f":"M37","v":44875.837615180251}]
[null,null,"Basic Shares Outstanding ",881.59199999999998,893.01599999999996,909.46100000000001,{"$f":"G179","v":919.78569533495465},927.557086004864,935.32847667477336,943.09986734468271,950.87125801459206,958.64264868450141,966.41403935441076]
[null,null,"Basic EPS",{"$f":"D46/D47","v":6.9408524578262965},{"$f":"E46/E47","v":9.2215593001693144},15.408027392048696,21.501849202391966,26.290517884457334,30.315311188001921,34.020315515604544,38.208032398307758,{"$f":"L46/L47","v":42.942100804862129},{"$f":"M46/M47","v":46.435415658032511}]
[]
[null,null,"Pro forma Diluted EPS Reconconciliation"]
[null,null,"Adjustment to net income for diluted EPS calc."]
[null,null,"Net income for diluted EPS",{"$f":"D37","v":6119},{"$f":"E37","v":8235},14013,19777.093319609434,24385.956158466008,28354.773833395549,32084.555049790899,36330.919832841188,{"$f":"L37","v":41166.129255649888},{"$f":"M37","v":44875.837615180251}]
[null,null,"Stock options, restricted stock and converts",20.547000000000025,13.989000000000033,15.250999999999976,{"$f":"$F$53","v":15.250999999999976},{"$f":"$F$53","v":15.250999999999976},15.250999999999976,15.250999999999976,15.250999999999976,15.250999999999976,15.250999999999976]
[null,null,"Diluted shares outstanding",{"$f":"D47+D53","v":902.13900000000001},{"$f":"E47+E53","v":907.005},924.71199999999999,935.03669533495463,942.80808600486398,950.57947667477333,958.35086734468268,966.12225801459203,{"$f":"L47+L53","v":973.89364868450139},{"$f":"M47+M53","v":981.66503935441074}]
[null,null,"Diluted EPS",{"$f":"D52/D54","v":6.7827685090656757},{"$f":"E52/E54","v":9.0793325284866118},15.15390737872981,21.151141359778144,25.865238663576967,29.828935432714708,33.478923161710142,37.604888544336234,{"$f":"L52/L54","v":42.269635202216932},{"$f":"M52/M54","v":45.714002043602079}]
[null,null,"Firstcall consensus EPS",{"$f":"D9","v":6.78},{"$f":"D10","v":9.08},{"$f":"D11","v":15.15}]
[null,null,"Model variance from consensus",{"$f":"D55-D56","v":2.7685090656754952E-3},{"$f":"E55-E56","v":-6.674715133883069E-4},{"$f":"F55-F56","v":3.9073787298100626E-3}]
[]
[null,null,"Income statement Assumptions "]
[null,null,"i-Phone Growth %",0,{"$f":"E19/D19-1","v":0.93310590329279153},{"$f":"F19/E19-1","v":0.93194199340136574},{"$f":"OFFSET(G239,$T$3,0)","v":1.02},0.4,0.2,0.15,0.15,0.15,0.15]
[null,null,"i-Pad Growth %",null,null,null,{"$f":"OFFSET(G244,$T$3,0)","v":0.4},0.25,0.2,0.15,0.15,0.15,0.15]
[null,null,"Softwares and Services Growth %",null,{"$f":"E21/D21-1","v":9.1938405797101552E-2},{"$f":"F21/E21-1","v":6.7192036499377883E-2},{"$f":"OFFSET(G249,$T$3,0)","v":0.08},0.08,0.08,7.4999999999999997E-2,0.08,0.08]
[null,null,"Other Sales %",null,{"$f":"E22/D22-1","v":-3.7840299919414178E-2},{"$f":"F22/E22-1","v":0.18404282436910524},{"$f":"OFFSET(G254,$T$3,0)","v":0.08},0.08,0.08,0.08,0.08,0.08,0.08]
[null,null,"Gross Margin",{"$f":"D25/D23","v":0.35200448107545812},{"$f":"E25/E23","v":0.40139843841044165},{"$f":"F25/F23","v":0.39377539287083174},{"$f":"OFFSET(G259,$T$3,0)","v":0.38},0.37,0.37,0.37,0.37,0.37,{"$f":"OFFSET(M259,$T$3,0)","v":0.36}]
[null,null,"Research and Development %",{"$f":"D27/D23","v":2.9580432637166254E-2},{"$f":"E27/E23","v":3.1068640018645847E-2},{"$f":"F27/F23","v":2.7320812571866616E-2},{"$f":"OFFSET(G264,$T$3,0)","v":0.03},0.03,0.03,0.03,0.03,0.03,0.03]
[null,null,"Selling General & administration Expenses",{"$f":"D28/D23","v":0.10031740951161612},{"$f":"E28/E23","v":9.6702016082041722E-2},{"$f":"F28/F23","v":8.4584131851284022E-2},{"$f":"OFFSET(G269,$T$3,0)","v":0.08},0.08,0.08,0.08,0.08,0.08,0.08]
[null,null,"Other income (Expense) %",{"$f":"-(D34/D23)","v":8.8021125070016808E-4},{"$f":"-(E34/E23)","v":1.8878918540962593E-3},{"$f":"-(F34/F23)","v":2.3917209658873132E-3},{"$f":"'dash board'!I10","v":2E-3},{"$f":"'dash board'!J10","v":2E-3},{"$f":"'dash board'!K10","v":2E-3},{"$f":"'dash board'!L10","v":2E-3},{"$f":"'dash board'!M10","v":2E-3},{"$f":"'dash board'!N10","v":2E-3},{"$f":"'dash board'!O10","v":2E-3}]
[null,null,"Effective Tax Rate",{"$f":"-(D36/D35)","v":0.3160836034424947},{"$f":"-(E36/E35)","v":0.31750372948781702},{"$f":"-(F36/F35)","v":0.24417475728155341},{"$f":"'dash board'!I11","v":0.24},{"$f":"'dash board'!J11","v":0.24},{"$f":"'dash board'!K11","v":0.24},{"$f":"'dash board'!L11","v":0.24},{"$f":"'dash board'!M11","v":0.24},{"$f":"'dash board'!N11","v":0.24},{"$f":"'dash board'!O11","v":0.24}]
[null,null,"Depreciation  %",null,{"$f":"E42/D42-1","v":0.47983870967741926},{"$f":"F42/E42-1","v":0.39918256130790186},{"$f":"'dash board'!I15","v":0.38},{"$f":"'dash board'!J15","v":0.38},{"$f":"'dash board'!K15","v":0.38},{"$f":"'dash board'!L15","v":0.38},{"$f":"'dash board'!M15","v":0.38},{"$f":"'dash board'!N15","v":0.38},{"$f":"'dash board'!O15","v":0.38}]
[null,null,"Dividend Pay out Ratio ",{"$f":"D38/D37","v":0},{"$f":"E38/E37","v":0},{"$f":"F38/F37","v":0},{"$f":"'dash board'!I16","v":0},{"$f":"'dash board'!J16","v":0},{"$f":"'dash board'!K16","v":0},{"$f":"'dash board'!L16","v":0},{"$f":"'dash board'!M16","v":0},{"$f":"'dash board'!N16","v":0},{"$f":"'dash board'!O16","v":0}]
[]
[null,null,"Balance Sheet"]
[null,null,null,"Actual",null,null,"Projected"]
[null,null,null,{"$f":"E74-1","v":2008},{"$f":"F74-1","v":2009},{"$f":"YEAR(D4)","v":2010},{"$f":"F74+1","v":2011},2012,2013,2014,2015,2016,2017]
[null,null,null,{"$f":"DATE(YEAR(E75)-1,MONTH(E75),DAY(E75))","v":"2008-09-25"},{"$f":"DATE(YEAR(F75)-1,MONTH(F75),DAY(F75))","v":"2009-09-25"},{"$f":"D4","v":"2010-09-25"},{"$f":"DATE(YEAR(F75)+1,MONTH(F75),DAY(F75))","v":"2011-09-25"},"2012-09-25","2013-09-25","2014-09-25","2015-09-25","2016-09-25","2017-09-25"]
[null,null,"Current Assets "]
[null,null,"Cash & cash equivalent (incl investment securities)",11875,5263,11261,{"$f":"F77+G208","v":31868.479601287621},55671.358399740864,81794.345095973549,111304.40019431415,145530.21672838967,185446.29198501079,231089.51626467047]
[null,null,"Short-Term Marketable Securities",12615,18201,14359,14359,14359,14359,14359,14359,14359,14359]
[null,null,"Account Receiable ",2469,3413,5565,{"$f":"G122","v":8164.9424039862024},10307.459742246074,11949.928121067691,13477.0497770699,15213.600396786247,17187.833061712518,19405.835930118003]
[null,null,"Less Allownaces ",-47,-52,-55,{"$f":"G126","v":-80.695747029513228},-101.87067130701421,-118.10351242744348,-133.19635898272136,-150.35903357111295,{"$f":"L126","v":-169.87076700704193},{"$f":"M126","v":-191.79172976756334}]
[null,null,"Net receivables",{"$f":"SUM(D79:D80)","v":2422},{"$f":"SUM(E79:E80)","v":3361},{"$f":"SUM(F79:F80)","v":5510},8084.2466569566895,10205.589070939059,11831.824608640247,13343.853418087179,15063.241363215135,{"$f":"L127","v":17017.962294705474},{"$f":"M127","v":19214.044200350439}]
[null,null,"Inventories",509,455,1051,{"$f":"G132","v":1577.0621245896666},2023.0014000297417,2345.3617014958977,2645.0833909676635,2985.908814763417,3373.3830853405821,3869.1566727081622]
[null,null,"Deffered Tax Assets",1447,1135,1636,{"$f":"G141","v":1636},1636,1636,1636,1636,1636,1636]
[null,null,"Vendor Non-Trade Receivable",0,1696,4414,{"$f":"G137","v":6476.2004979685707},8175.5844208938306,9478.3437064497357,10689.613246358766,12066.995894234409,13632.901192165145,15392.158094436809]
[null,null,"Other Current Assets ",5822,1444,3447,{"$f":"G145","v":3447},3447,3447,3447,3447,3447,3447]
[null,null,"Total Current Assets ",{"$f":"SUM(D85,D84,D83,D82,D81,D78,D77,)","v":34690},31555,41678,67447.988880802543,95517.533291603497,124891.87511255943,157424.95024972776,195088.36280060263,{"$f":"SUM(L85,L84,L83,L82,L81,L78,L77,)","v":238912.538557222},{"$f":"SUM(M85,M84,M83,M82,M81,M78,M77,)","v":289006.87523216591}]
[null,null,"Non-Current Assets"]
[null,null,"Long Term Marketable Securities",0,10528,25391,25391,25391,25391,25391,25391,25391,25391]
[null,null,"Property, Plant and Equipment Net",2455,2954,4768,{"$f":"G172","v":9187.8292000000001},14611.975312000002,20497.884079360003,26500.994152096002,32405.028337338881,37875.427134917671,42391.264276014917]
[null,null,"Goodwill",207,206,741,741,741,741,741,741,741,741]
[null,null,"Acquired Intangible Assets Net",285,247,342,{"$f":"G164","v":259},185,146,128,111,94,77]
[null,null,"Other Assets",1935,2011,2263,2263,2263,2263,2263,2263,2263,2263]
[null,null,"Total Non-Current Assets",{"$f":"SUM(D88:D92)","v":4882},15946,33505,37841.8292,43191.975312000002,49038.884079360003,55023.994152095998,60911.028337338881,{"$f":"SUM(L88:L92)","v":66364.427134917671},{"$f":"SUM(M88:M92)","v":70863.264276014917}]
[null,null,"Total Assets",{"$f":"SUM(D86,D93)","v":39572},{"$f":"SUM(E86+E93)","v":47501},75183,105289.81808080254,138709.50860360349,173930.75919191944,212448.94440182374,255999.39113794151,{"$f":"SUM(L86+L93)","v":305276.9656921397},{"$f":"SUM(M86+M93)","v":359870.13950818084}]
[]
[null,null,"Current Liabilities"]
[null,null,"Account Payables",5520,5601,12015,{"$f":"G150","v":18028.926191193954},23126.89041042564,26812.103561820371,30238.512790177429,34134.818657832977,38564.412721567169,44232.081277439174]
[null,null,"Accrued Expenses",8572,3852,5723,{"$f":"G154","v":7941.6874947978986},10025.621748190686,11623.179935290747,13108.545337572925,14797.613264610829,16717.864270816575,18875.220045284997]
[null,null,"Deffered Revenue",0,2053,2984,{"$f":"G159","v":4378.1110752012264},5526.9469669114605,6407.6523833362044,7226.5079128080088,8157.661021385471,9216.2612499820534,10405.57312048016]
[null,null,"Total Current Liabilities",{"$f":"SUM(D97:D99)","v":14092},11506,20722,30348.72476119308,38679.459125527792,44842.935880447316,50573.566040558362,57090.092943829281,{"$f":"SUM(L97:L99)","v":64498.538242365801},{"$f":"SUM(M97:M99)","v":73512.874443204331}]
[null,null,"Non-Current Liabilities"]
[null,null,"Deffered Revenue Non-Current",0,853,1139,1139,1139,1139,1139,1139,1139,1139]
[null,null,"Other Non-Current Liabilities",4450,3502,5531,5531,5531,5531,5531,5531,5531,5531]
[null,null,"Total Non-Current Liabilities",{"$f":"SUM(D102:D103)","v":4450},4355,6670,6670,6670,6670,6670,6670,6670,6670]
[null,null,"Total Liabiliies",{"$f":"SUM(D104,D100)","v":18542},15861,27392,37018.72476119308,45349.459125527792,51512.935880447316,57243.566040558362,63760.092943829281,71168.538242365801,80182.874443204331]
[]
[null,null,"Commitments And Contingencies"]
[null,null,"Shareholders Equity"]
[null,null,"Common Stock",7177,8210,10668,{"$f":"F109+G175","v":11371},12074,12777,13480,14183,14886,15589]
[null,null,"Retained Earnings",13845,23353,37169,{"$f":"F110+G37-G38","v":56946.093319609434},81332.049478075438,109686.82331147099,141771.37836126189,178102.29819410306,219268.42744975295,264144.26506493322]
[null,null,"Accumulated other Comprehensive (Loss)/Income",8,77,-46,{"$f":"$F$111","v":-46},-46,-46,-46,-46,-46,-46]
[null,null,"Total Shareholders Equity ",{"$f":"SUM(D109:D111)","v":21030},31640,47791,68271.093319609441,93360.049478075438,122417.82331147099,155205.37836126189,192239.29819410306,{"$f":"SUM(L109:L111)","v":234108.42744975295},{"$f":"SUM(M109:M111)","v":279687.26506493322}]
[null,null,"Total Shareholders Equity and Liabilities",{"$f":"SUM(D112,D105)","v":39572},47501,75183,105289.81808080252,138709.50860360323,173930.7591919183,212448.94440182025,255999.39113793234,{"$f":"SUM(L112,L105)","v":305276.96569211874},{"$f":"SUM(M112,M105)","v":359870.13950813754}]
[null,null,"Check",{"$f":"D94-D113","v":0},0,0,0,2.6193447411060333E-10,1.1350493878126144E-9,3.4924596548080444E-9,9.1677065938711166E-9,2.0954757928848267E-8,4.3306499719619751E-8]
[null,null,"Supporting Schedules"]
[]
[null,null,"Working Capital"]
[]
[null,null,"1.Growth with Revenues",null,null,null,{"$f":"G23/F23-1","v":0.46719540053660413},0.26240446438591825,0.15934754244926208,0.12779337587059603,0.12885243049787842,0.129767616700601,0.1290449389659416]
[null,null,"2.Override i. Days of Revenues(Avg Collection Period)",null,{"$f":"(E75-D75)*E81/E23","v":28.59258827642466},{"$f":"(F75-E75)*F81/F23","v":30.834036029129933}]
[null,null,"3.Override ii. Absolute Projection"]
[null,null,"Account Receivables",{"$f":"D79","v":2469},{"$f":"E79","v":3413},{"$f":"F79","v":5565},{"$f":"IF(ISNUMBER(G121),G121,IF(ISNUMBER(G120),G120/(G16-F16)*G23,F122*(1+G119)))","v":8164.9424039862024},10307.459742246074,11949.928121067691,13477.0497770699,15213.600396786247,17187.833061712518,19405.835930118003]
[]
[null,null,"1.Growth with Revenues",null,null,null,{"$f":"G23/F23-1","v":0.46719540053660413},0.26240446438591825,0.15934754244926208,0.12779337587059603,0.12885243049787842,0.129767616700601,0.1290449389659416]
[null,null,"2.Absolute Projection enter in (-)"]
[null,null," Allowances",{"$f":"D80","v":-47},{"$f":"E80","v":-52},{"$f":"F80","v":-55},{"$f":"IF(ISNUMBER(G125),G125,F126*(1+G124))","v":-80.695747029513228},-101.87067130701421,-118.10351242744348,-133.19635898272136,-150.35903357111295,-169.87076700704193,-191.79172976756334]
[null,null,"Net Receivables",{"$f":"D122+D126","v":2422},3361,5510,8084.2466569566895,10205.589070939059,11831.824608640247,13343.853418087179,15063.241363215135,{"$f":"L122+L126","v":17017.962294705474},{"$f":"M122+M126","v":19214.044200350439}]
[]
[null,null,"1. Growth with COGS(default)",null,null,null,{"$f":"G24/F24-1","v":0.50053484737361242},0.28276582671472328,0.15934754244926208,0.12779337587059603,0.12885243049787842,0.129767616700601,0.14696628720349625]
[null,null,"2. Override I. inventory days",null,{"$f":"-((E75-D75)*E82/E24)","v":6.4663396020714092},{"$f":"-((F75-E75)*F82/F24)","v":9.7017020308034692}]
[null,null,"3. overide ii. Absolute projections"]
[null,null,"Inventories",{"$f":"D82","v":509},{"$f":"E82","v":455},{"$f":"F82","v":1051},{"$f":"IF(ISNUMBER(G131),G131,IF(ISNUMBER(G130),G130/(G16-F16)*G24,F132*(1+G129)))","v":1577.0621245896666},2023.0014000297417,2345.3617014958977,2645.0833909676635,2985.908814763417,3373.3830853405821,3869.1566727081622]
[]
[null,null,"1.Growth with Revenues",null,null,null,{"$f":"G23/F23-1","v":0.46719540053660413},0.26240446438591825,0.15934754244926208,0.12779337587059603,0.12885243049787842,0.129767616700601,0.1290449389659416]
[null,null,"2.Override i. Days of Revenues(Avg Collection Period)",null,{"$f":"(E75-D75)*E84/E23","v":14.428155226663559},{"$f":"(F75-E75)*F84/F23","v":24.700804906094287}]
[null,null,"3.Override ii. Absolute Projection"]
[null,null,"Vebdor Trade Account Receivables",{"$f":"D84","v":0},{"$f":"E84","v":1696},{"$f":"F84","v":4414},{"$f":"IF(ISNUMBER(G136),G136,IF(ISNUMBER(G135),G135/(G16-F16)*G23,F137*(1+G134)))","v":6476.2004979685707},8175.5844208938306,9478.3437064497357,10689.613246358766,12066.995894234409,13632.901192165145,15392.158094436809]
[]
[null,null,"1. Growth with taxes (default)",null,null,null,{"$f":"G36/F36-(1)","v":0.37958866587209616},{"$f":"H36/G36-(1)","v":0.23304045566123621},0.16275013573956953,0.13153979778891789,0.13234918721673106,0.13308799901173796,9.0115549521120331E-2]
[null,null,"2. Overide: absolute projection",null,null,null,1636,1636,1636,1636,1636,1636,1636]
[null,null,"Deffered Tax Assets",{"$f":"D83","v":1447},{"$f":"E83","v":1135},{"$f":"F83","v":1636},{"$f":"IF(ISNUMBER(G140),G140,F141*(1+G139))","v":1636},1636,1636,1636,1636,1636,1636]
[]
[null,null,"1. straight line (default)"]
[null,null,"2. overide: absolute projections"]
[null,null,"Other current assets",{"$f":"D85","v":5822},{"$f":"E85","v":1444},{"$f":"F85","v":3447},{"$f":"IF(ISNUMBER(G144),G144,F145)","v":3447},3447,3447,3447,3447,3447,3447]
[]
[null,null,"1. Growth with COGS(default)",null,null,null,{"$f":"G24/F24-1","v":0.50053484737361242},0.28276582671472328,0.15934754244926208,0.12779337587059603,0.12885243049787842,0.129767616700601,0.14696628720349625]
[null,null,"2. Override I. payable payment period",null,{"$f":"-((E75-D75)*E97/E24)","v":79.599929914729586},{"$f":"-((F75-E75)*F97/F24)","v":110.90956222654965}]
[null,null,"3. overide ii. Absolute projections"]
[null,null,"Accounts payable",{"$f":"D97","v":5520},{"$f":"E97","v":5601},{"$f":"F97","v":12015},{"$f":"IF(ISNUMBER(G149),G149,IF(ISNUMBER(G148),G148/(F16-E16)*G23,F150*(1+G147)))","v":18028.926191193954},23126.89041042564,26812.103561820371,30238.512790177429,34134.818657832977,38564.412721567169,44232.081277439174]
[]
[null,null,"1. Growth with SG&A (default)",null,null,null,{"$f":"G28/F28-1","v":0.38767910096066727},{"$f":"H28/G28-1","v":0.26240446438591825},0.15934754244926208,0.1277933758705958,0.12885243049787842,0.129767616700601,0.1290449389659416]
[null,null,"2. Overide: absolute projection"]
[null,null,"Accrued expenses",{"$f":"D98","v":8572},{"$f":"E98","v":3852},{"$f":"F98","v":5723},{"$f":"IF(ISNUMBER(G153),G153,F154*(1+G152))","v":7941.6874947978986},10025.621748190686,11623.179935290747,13108.545337572925,14797.613264610829,16717.864270816575,18875.220045284997]
[]
[null,null,"Deffered Revenue"]
[null,null,"1.Growth with Revenues",null,null,null,{"$f":"G23/F23-1","v":0.46719540053660413},0.26240446438591825,0.15934754244926208,0.12779337587059603,0.12885243049787842,0.129767616700601,0.1290449389659416]
[null,null,"2.Override ii. Absolute Projection"]
[null,null,"Deffered Revenue",{"$f":"D99","v":0},{"$f":"E99","v":2053},{"$f":"F99","v":2984},{"$f":"IF(ISNUMBER(G158),G158,F159*(1+G157))","v":4378.1110752012264},5526.9469669114605,6407.6523833362044,7226.5079128080088,8157.661021385471,9216.2612499820534,10405.57312048016]
[]
[null,null,"Intangible assets"]
[null,null,"Purchase of intangible assets",null,null,166]
[null,null,"Amortization",null,null,69,83,74,39,18,17,17,17]
[null,null,"Intangible ",{"$f":"D91","v":285},{"$f":"E91","v":247},{"$f":"F91","v":342},{"$f":"SUM(F164,G162)-G163","v":259},185,146,128,111,94,77]
[]
[null,null,"PP&E"]
[null,null,"Capital expenditure",null,null,2600,{"$f":"G23*OFFSET(G274,$T$3,0)","v":5741.8692000000001},7248.5613120000007,8403.6017433599991,9477.5263796159998,10698.728688737279,12087.077212401062,13646.853353551978]
[null,null,"Recurring assets sale",null,null,null,0,0,0,0,0,0,0]
[null,null,"1.Straight Line ",null,null,null,{"$f":"($F$172+G167-G168)/$D$173","v":3503.2897333333335},{"$f":"($F$172+H167+G167-H168)/$D$173","v":5919.4768373333345},{"$f":"($F$172+G167+H167+I167)-I168/$D$173","v":26162.032255360002},{"$f":"($F$172+G167+H167+I167+J167-J168)/$D$173","v":11879.852878325333},{"$f":"($F$172+SUM(G167:K167)-K168)/$D$173","v":15446.095774571091},{"$f":"($F$172+SUM(G167:L167)-L168)/$D$173","v":19475.121512038113},{"$f":"($F$172+SUM(G167:M167)-M168)/$D$173","v":24024.072629888771}]
[null,null,"2.Over RideDepreciation Growth",null,null,null,{"$f":"G69","v":0.38},0.38,0.38,0.38,0.38,0.38,0.38]
[null,null,"Depreciation",null,null,958,{"$f":"IF(ISNUMBER(G170),F171*(1+G170),G169)","v":1322.04},{"$f":"IF(ISNUMBER(H170),G171*(1+H170),H169)","v":1824.4151999999999},2517.6929759999998,3474.4163068799994,4794.6945034943992,6616.6784148222705,9131.0162124547332]
[null,null,"Property, Plant and Equipment Net",{"$f":"D89","v":2455},{"$f":"E89","v":2954},{"$f":"F89","v":4768},{"$f":"F172+G167-G168-G171","v":9187.8292000000001},14611.975312000002,20497.884079360003,26500.994152096002,32405.028337338881,37875.427134917671,42391.264276014917]
[null,null,"Number of years ",3]
[null,null,"Weighted average basic shares outstanding"]
[null,null,"Values of shares issued ",null,null,703,703,703,703,703,703,703,703]
[null,null,"Expected average share price",null,null,43.49,90.46,90.46,90.46,90.46,90.46,90.46,90.46]
[null,null,"Shares issued",null,null,{"$f":"F175/F176","v":16.164635548401932},{"$f":"G175/G176","v":7.7713906699093531},7.7713906699093531,7.7713906699093531,7.7713906699093531,7.7713906699093531,7.7713906699093531,7.7713906699093531]
[null,null,"End of period basic shares outstanding",null,null,915.9,{"$f":"F178+G177","v":923.67139066990933},{"$f":"G178+H177","v":931.44278133981868},939.21417200972803,946.98556267963738,954.75695334954673,962.52834401945609,970.29973468936544]
[null,null,"Weighted average basic shares outstanding",null,{"$f":"E47","v":893.01599999999996},{"$f":"F47","v":909.46100000000001},{"$f":"AVERAGE(F178:G178)","v":919.78569533495465},927.557086004864,935.32847667477336,943.09986734468271,950.87125801459206,958.64264868450141,966.41403935441076]
[]
[null,null,"Cash Flow Statement"]
[]
[null,null,"Net Income ",null,null,null,{"$f":"G37","v":19777.093319609434},24385.956158466008,28354.773833395549,32084.555049790899,36330.919832841188,41166.129255649888,44875.837615180251]
[null,null,"Depreciation & Amortization",null,null,null,{"$f":"G42","v":1405.04},1898.4151999999999,2556.6929759999998,3492.4163068799994,4811.6945034943992,6633.6784148222705,9148.0162124547332]
[null,null,"Deffered Revenue Non-Current",null,null,null,{"$f":"G102-F102","v":0},0,0,0,0,0,0]
[null,null,"Working Capital Changes"]
[null,null,"Net Receivables",null,null,null,{"$f":"-(G81-F81)","v":-2574.2466569566895},-2121.3424139823692,-1626.2355377011882,-1512.0288094469324,-1719.3879451279554,{"$f":"-(L81-K81)","v":-1954.7209314903394},-2196.0819056449654]
[null,null,"Inventories",null,null,null,-526.06212458966661,-445.93927544007511,-322.36030146615599,-299.72168947176579,-340.82542379575352,-387.47427057716504,-495.77358736758015]
[null,null,"Deferred Tax Assets",null,null,null,0,0,0,0,0,0,0]
[null,null,"Vendor Non-Trade Receivables",null,null,null,-2062.2004979685707,-1699.3839229252599,-1302.7592855559051,-1211.2695399090298,-1377.3826478756437,-1565.9052979307362,-1759.2569022716634]
[null,null,"Other Current Assets",null,null,null,0,0,0,0,0,0,0]
[null,null,"Account Payables",null,null,null,{"$f":"G97-F97","v":6013.9261911939539},5097.964219231686,3685.2131513947315,3426.4092283570571,3896.3058676555484,4429.5940637341919,5667.6685558720055]
[null,null,"Deffered Revenue",null,null,null,{"$f":"G99-F99","v":1394.1110752012264},1148.8358917102341,880.70541642474382,818.8555294718044,931.15310857746226,1058.6002285965824,1189.3118704981061]
[null,null,"Accrued Expenses",null,null,null,{"$f":"G98-F98","v":2218.6874947978986},2083.9342533927875,1597.5581871000613,1485.3654022821775,1689.0679270379042,1920.2510062057463,2157.3557744684222]
[null,null,"Operating Cash Flows",null,null,null,{"$f":"SUM(G183:G194)","v":25646.348801287586},{"$f":"SUM(H183:H194)","v":30348.440110453012},33823.588439591833,38284.581477954212,44221.545222807152,51300.152469010442,58587.077633189314]
[]
[null,null,"Long Term Marketable Securities",null,null,null,{"$f":"-(G88-F88)","v":0},0,0,0,0,0,0]
[null,null,"Payments For Acquistion of PP&E",null,null,null,{"$f":"-G167","v":-5741.8692000000001},-7248.5613120000007,-8403.6017433599991,-9477.5263796159998,-10698.728688737279,-12087.077212401062,-13646.853353551978]
[null,null,"Payments For Acquistion of Intangible Assets",null,null,null,{"$f":"-G162","v":0},0,0,0,0,0,0]
[null,null,"Proceeds From Sale of Fixed Assets ",null,null,null,{"$f":"G168","v":0},{"$f":"H168","v":0},0,0,0,0,0]
[null,null,"Purchase/proceeds from other long term assets",null,null,null,{"$f":"-(G92-F92)","v":0},0,0,0,0,0,0]
[null,null,"Investings Cash Flows",null,null,null,{"$f":"SUM(G197:G201)","v":-5741.8692000000001},-7248.5613120000007,-8403.6017433599991,-9477.5263796159998,-10698.728688737279,-12087.077212401062,-13646.853353551978]
[]
[null,null,"Proceeds From Issuance of Common Stock",null,null,null,{"$f":"G109-F109","v":703},703,703,703,703,703,703]
[null,null,"Accumulated other Comprehensive (Loss)/Income",null,null,null,{"$f":"G111-F111","v":0},0,0,0,0,0,0]
[null,null,"Financing Cash Flows",null,null,null,{"$f":"SUM(G204:G205)","v":703},703,703,703,703,703,703]
[]
[null,null,"Increase/(Decrease) In Cash and Cash Equivalents",null,null,null,{"$f":"SUM(G195,G202,G206)","v":20607.479601287585},23802.87879845301,26122.986696231834,29510.055098338213,34225.816534069876,39916.07525660938,45643.224279637332]
[null,null,"Cash and Cash Equivalents at  Beginning of The Year",null,null,null,{"$f":"F77","v":11261},31868.479601287621,55671.358399740864,81794.345095973549,111304.40019431415,145530.21672838967,185446.29198501079]
[null,null,"Cash and Cash Equivalents at End of The Year",null,null,null,{"$f":"SUM(G208:G209)","v":31868.479601287585},55671.358399740631,81794.345095972705,111304.40019431176,145530.21672838402,185446.29198499906,231089.51626464812]
[]
[null,null,"Investement Schedule"]
[null,null,null,{"$f":"D75","v":"2008-09-25"},"2009-09-25","2010-09-25","2011-09-25","2012-09-25","2013-09-25","2014-09-25","2015-09-25",{"$f":"L75","v":"2016-09-25"},{"$f":"M75","v":"2017-09-25"}]
[null,null,"Cash and CASH EQUIVALENT ",null,null,null,{"$f":"G77","v":31868.479601287621},{"$f":"H77","v":55671.358399740864},81794.345095973549,111304.40019431415,145530.21672838967,185446.29198501079,231089.51626467047]
[null,null,"Minimum Cash Balance (Not Available For Investemnt % of Total Sales",null,null,0.03,{"$f":"$F$215*G23","v":2870.9346},{"$f":"$F$215*H23","v":3624.2806560000004},4201.8008716799995,4738.7631898079999,5349.3643443686396,6043.5386062005309,6823.4266767759891]
[null,null,"Cash Avialabe For Investement",null,null,null,{"$f":"G214-G215","v":28997.545001287621},{"$f":"H214-H215","v":52047.077743740861},77592.544224293553,106565.63700450615,140180.85238402104,179402.75337881024,224266.08958789447]
[null,null,"Short Term Securities",null,null,null,{"$f":"G78","v":14359},{"$f":"H78","v":14359},14359,14359,14359,14359,14359]
[null,null,"Long Term Securities",null,null,null,{"$f":"G88","v":25391},{"$f":"H88","v":25391},25391,25391,25391,25391,25391]
[null,null,"Total Investemts",null,null,null,{"$f":"SUM(G216:G218)","v":68747.545001287624},{"$f":"SUM(H216:H218)","v":91797.077743740869},117342.54422429355,146315.63700450613,179930.85238402104,219152.75337881024,264016.0895878945]
[null,null,"Interest Income",null,null,null,{"$f":"G219*$F$221","v":687.47545001287631},917.97077743740874,1173.4254422429356,1463.1563700450613,1799.3085238402105,2191.5275337881026,2640.1608958789452]
[null,null,"Effective Interest Rate",null,null,0.01]
[]
[null,null,"Ratio Analysis"]
[]
[null,null,"Internal Liquidity"]
[null,null,"Current Ratio (Curr. Assets/Curr. Liab.)",null,null,null,{"$f":"G86/G100","v":2.222432389220133},2.4694640372714916,2.7850958609294696,3.1127911787647728,3.4172017024486072,3.7041543121405582,3.9313776997721828]
[null,null,"Cash Ratio (Cash/Current Liab.)",null,null,null,{"$f":"(G77+G78)/G100","v":1.5232099524787515},1.8105309635398183,2.1442250202422386,2.4847644734709071,2.8006473362322959,3.0978266706480007,3.3388507540172809]
[]
[null,null,"Dupont Analysis"]
[null,null,"Operating Profit Margin",null,null,{"$f":"F30/F23","v":0.28187044844768111},0.26999999999999996,0.26,0.25999999999999995,0.26,0.26000000000000006,{"$f":"L30/L23","v":0.26},{"$f":"M30/M23","v":0.24999999999999994}]
[null,null,"Asset Turnover (Sales/Assets)",null,null,{"$f":"F23/F94","v":0.86754984504475741},0.90889909152049875,0.87095222538234518,0.8052631386576905,0.74351404022435807,0.69653347228551465,0.65989678067131685,0.63202675332656344]
[null,null,"Interest (inc. interest income) / Sales",null,null,{"$f":"F32/F23","v":0},0,0,0,0,0,{"$f":"L32/L23","v":0},{"$f":"M32/M23","v":0}]
[null,null,"Equity multiplier (Assets/Equity)",null,null,{"$f":"F94/F112","v":1.573162310895357},1.5422313157911629,1.4857480194050012,1.4207960449466799,1.3688246286628005,1.3316704416984513,1.303998190144871,1.2866876131261538]
[null,null,"Tax Retention Rate",null,null,{"$f":"1-(-F36)/F35","v":0.75582524271844664},0.76,0.76,0.76,0.76,0.76,{"$f":"1-(-L36)/L35","v":0.76},{"$f":"1-(-M36)/M35","v":0.76}]
[null,null,"ROE",null,null,{"$f":"((F230-F232)*F231)*F233*F234","v":0.29076284420452891},0.2876355381049629,0.25569747146637983,0.22607706127112837,0.20110548921109944,0.1832844800511706,{"$f":"((L230-L232)*L231)*L233*L234","v":0.17003563143713804},{"$f":"((M230-M232)*M231)*M233*M234","v":0.15451198898722934}]
[]
[null,null,"Operating scenarios - sensitivity analysis"]
[]
[null,null,"iphone Growth Rate (%)"]
[null,null,"Strong case",null,null,1,{"$f":"G241+10%","v":1.1200000000000001},0.5,0.30000000000000004,0.25,0.25,0.25,0.25]
[null,null,"Base case",null,null,2,{"$f":"'dash board'!I3","v":1.02},{"$f":"'dash board'!J3","v":0.4},{"$f":"'dash board'!K3","v":0.2},{"$f":"'dash board'!L3","v":0.15},{"$f":"'dash board'!M3","v":0.15},{"$f":"'dash board'!N3","v":0.15},{"$f":"'dash board'!O3","v":0.15}]
[null,null,"Weak case",null,null,3,{"$f":"G241-10%","v":0.92},0.30000000000000004,0.1,4.9999999999999989E-2,4.9999999999999989E-2,4.9999999999999989E-2,4.9999999999999989E-2]
[]
[null,null,"ipad Growth rate (%)"]
[null,null,"Strong case",null,null,1,{"$f":"G246+2%","v":0.42000000000000004},{"$f":"H246+0.05","v":0.3},0.25,0.2,0.2,0.2,0.2]
[null,null,"Base case",null,null,2,{"$f":"'dash board'!I4","v":0.4},{"$f":"'dash board'!J4","v":0.25},{"$f":"'dash board'!K4","v":0.2},{"$f":"'dash board'!L4","v":0.15},{"$f":"'dash board'!M4","v":0.15},{"$f":"'dash board'!N4","v":0.15},{"$f":"'dash board'!O4","v":0.15}]
[null,null,"Weak case",null,null,3,{"$f":"G246-2%","v":0.38},0.23,0.18000000000000002,0.13,0.13,0.13,0.13]
[]
[null,null,"Softwares and Services Growth rate (%)"]
[null,null,"Strong case",null,null,1,{"$f":"G251+1%","v":0.09},{"$f":"H251+1%","v":0.09},0.09,8.4999999999999992E-2,0.09,0.09,0.09]
[null,null,"Base case",null,null,2,{"$f":"'dash board'!I5","v":0.08},{"$f":"'dash board'!J5","v":0.08},{"$f":"'dash board'!K5","v":0.08},{"$f":"'dash board'!L5","v":7.4999999999999997E-2},{"$f":"'dash board'!M5","v":0.08},{"$f":"'dash board'!N5","v":0.08},{"$f":"'dash board'!O5","v":0.08}]
[null,null,"Weak case",null,null,3,{"$f":"G251-1%","v":7.0000000000000007E-2},{"$f":"H251-1%","v":7.0000000000000007E-2},7.0000000000000007E-2,6.5000000000000002E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[]
[null,null,"Other Sales Growth Rate (%)"]
[null,null,"Strong case",null,null,1,{"$f":"G256+0.01","v":0.09},0.09,0.09,0.09,0.09,0.09,0.09]
[null,null,"Base case",null,null,2,{"$f":"'dash board'!I6","v":0.08},{"$f":"'dash board'!J6","v":0.08},{"$f":"'dash board'!K6","v":0.08},{"$f":"'dash board'!L6","v":0.08},{"$f":"'dash board'!M6","v":0.08},{"$f":"'dash board'!N6","v":0.08},{"$f":"'dash board'!O6","v":0.08}]
[null,null,"Weak case",null,null,3,{"$f":"G256-0.01","v":7.0000000000000007E-2},7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[]
[null,null,"Gross Profit Margin (%)"]
[null,null,"Strong case",null,null,1,{"$f":"G261+1%","v":0.39},0.38,0.38,0.38,0.38,0.38,0.37]
[null,null,"Base case",null,null,2,{"$f":"'dash board'!I7","v":0.38},{"$f":"'dash board'!J7","v":0.37},{"$f":"'dash board'!K7","v":0.37},{"$f":"'dash board'!L7","v":0.37},{"$f":"'dash board'!M7","v":0.37},{"$f":"'dash board'!N7","v":0.37},{"$f":"'dash board'!O7","v":0.36}]
[null,null,"Weak case",null,null,3,{"$f":"G261-1%","v":0.37},0.36,0.36,0.36,0.36,0.36,0.35]
[]
[null,null,"Research and Development %"]
[null,null,"Strong case",null,null,1,{"$f":"G266-1%","v":1.9999999999999997E-2},1.9999999999999997E-2,1.9999999999999997E-2,1.9999999999999997E-2,1.9999999999999997E-2,1.9999999999999997E-2,1.9999999999999997E-2]
[null,null,"Base case",null,null,2,{"$f":"'dash board'!I8","v":0.03},{"$f":"'dash board'!J8","v":0.03},{"$f":"'dash board'!K8","v":0.03},{"$f":"'dash board'!L8","v":0.03},{"$f":"'dash board'!M8","v":0.03},{"$f":"'dash board'!N8","v":0.03},{"$f":"'dash board'!O8","v":0.03}]
[null,null,"Weak case",null,null,3,{"$f":"G266+1%","v":0.04},0.04,0.04,0.04,0.04,0.04,0.04]
[]
[null,null,"Selling General & administration Expenses % of Sales"]
[null,null,"Strong case",null,null,1,{"$f":"G271-1%","v":7.0000000000000007E-2},{"$f":"H271+-1%","v":7.0000000000000007E-2},{"$f":"I271-1%","v":7.0000000000000007E-2},{"$f":"J271-1%","v":7.0000000000000007E-2},{"$f":"K271-1%","v":7.0000000000000007E-2},{"$f":"L271-1%","v":7.0000000000000007E-2},{"$f":"M271-1%","v":7.0000000000000007E-2}]
[null,null,"Base case",null,null,2,{"$f":"'dash board'!I9","v":0.08},{"$f":"'dash board'!J9","v":0.08},{"$f":"'dash board'!K9","v":0.08},{"$f":"'dash board'!L9","v":0.08},{"$f":"'dash board'!M9","v":0.08},{"$f":"'dash board'!N9","v":0.08},{"$f":"'dash board'!O9","v":0.08}]
[null,null,"Weak case",null,null,3,{"$f":"G271+1%","v":0.09},0.09,0.09,0.09,0.09,0.09,0.09]
[]
[null,null,"Capex as a % of revenues"]
[null,null,"Strong case",null,null,1,{"$f":"G276+1%","v":6.9999999999999993E-2},{"$f":"H276+1%","v":6.9999999999999993E-2},6.9999999999999993E-2,6.9999999999999993E-2,6.9999999999999993E-2,6.9999999999999993E-2,6.9999999999999993E-2]
[null,null,"Base case",null,null,2,0.06,0.06,0.06,0.06,0.06,0.06,0.06]
[null,null,"Weak case",null,null,3,{"$f":"G276-1%","v":4.9999999999999996E-2},{"$f":"H276-1%","v":4.9999999999999996E-2},4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2]
[]
[null,null,"contigencies and commitments",null,null,null,624]
[null,null,"Strong case",null,null,1,{"$f":"0.1*G279","v":62.400000000000006}]
[null,null,"Base case",null,null,2,{"$f":"0.5*G279","v":312}]
[null,null,"Weak case",null,null,3,{"$f":"1*G279","v":624}]
[]
[null,null,"Dollar Duration of Investements"]
[null,null,"Fixed Investements",null,null,null,{"$f":"G219","v":68747.545001287624},{"$f":"H219","v":91797.077743740869},117342.54422429355,146315.63700450613,179930.85238402104,219152.75337881024,264016.0895878945]
[null,null,"Parallel Shift OF ",null,null,null,0.01]
[null,null,"Duration",null,null,null,1]
[null,null,"Dollar Duration",null,null,null,{"$f":"G285*$G$286*$G$287","v":687.47545001287631},{"$f":"H285*$G$286*$G$287","v":917.97077743740874},1173.4254422429356,1463.1563700450613,1799.3085238402105,2191.5275337881026,2640.1608958789452]

{"sheet":"valuation sheet","index":2,"n_rows":78,"n_cols":13,"rows_kept":78,"cut":false,"hidden":false,"merged":[]}
[null,null,{"$f":"\"Discounted Cash Flow Model for \"&'financial statements'!D3","v":"Discounted Cash Flow Model for APPLE"}]
[null,null,"All figures in millions, except per share data"]
[]
[null,null,"Operating scenario:",{"$f":"IF('financial statements'!T3=1,\"Strong Case\",IF('financial statements'!T3=\"3\",\"Worst Case\",\"Base Case\"))","v":"Base Case"}]
[null,null,"Last fiscal year end date:",{"$f":"'financial statements'!D4","v":"2010-09-25"}]
[null,null,"Valuation / deal date",{"$f":"'dash board'!E13","v":"2011-04-19"}]
[null,null,"Sub year fraction",{"$f":"1-(D6-D5)/365","v":0.43561643835616437}]
[null,null,"Weighted average cost of capital",{"$f":"IF(ISNUMBER('dash board'!E18),'dash board'!E18,D9)","v":0.11005717742899152}]
[null,null,"Discount Rate",{"$f":"J69","v":0.11005717742899152}]
[null,null,"Free cash flow buildup"]
[null,null,null,"Projected Annual Forecast"]
[null,null,null,{"$f":"YEAR(D5)+1","v":2011},{"$f":"D12+1","v":2012},2013,2014,2015,2016,2017]
[null,null,null,{"$f":"DATE(YEAR(D5)+1,MONTH(D5),DAY(D5))","v":"2011-09-25"},{"$f":"DATE(YEAR(D13)+1,MONTH(D13),DAY(D13))","v":"2012-09-25"},"2013-09-25","2014-09-25","2015-09-25","2016-09-25","2017-09-25"]
[null,null,"Total Revenues",{"$f":"'financial statements'!G23","v":95697.82},{"$f":"'financial statements'!H23","v":120809.35520000002},{"$f":"'financial statements'!I23","v":140060.029056},{"$f":"'financial statements'!J23","v":157958.7729936},{"$f":"'financial statements'!K23","v":178312.144812288},{"$f":"'financial statements'!L23","v":201451.28687335103},{"$f":"'financial statements'!M23","v":227447.55589253298}]
[null,null,"EBITDA",{"$f":"'financial statements'!G43","v":27243.451400000002},{"$f":"'financial statements'!H43","v":33308.847552000007},{"$f":"'financial statements'!I43","v":38972.300530559995},{"$f":"'financial statements'!J43","v":44561.697285215996},{"$f":"'financial statements'!K43","v":51172.852154689288},{"$f":"'financial statements'!L43","v":59011.013001893538},{"$f":"'financial statements'!M43","v":66009.905185587966}]
[null,null,"EBIT",{"$f":"'financial statements'!G41","v":25838.411400000001},{"$f":"'financial statements'!H41","v":31410.432352000003},{"$f":"'financial statements'!I41","v":36415.607554559996},{"$f":"'financial statements'!J41","v":41069.280978335999},{"$f":"'financial statements'!K41","v":46361.157651194888},{"$f":"'financial statements'!L41","v":52377.334587071266},{"$f":"'financial statements'!M41","v":56861.888973133231}]
[null,null,"Tax rate",{"$f":"'financial statements'!G68","v":0.24},{"$f":"'financial statements'!H68","v":0.24},{"$f":"'financial statements'!I68","v":0.24},{"$f":"'financial statements'!J68","v":0.24},{"$f":"'financial statements'!K68","v":0.24},{"$f":"'financial statements'!L68","v":0.24},{"$f":"'financial statements'!M68","v":0.24}]
[null,null,"EBIAT",{"$f":"D16*(1-D17)","v":19637.192664000002},23871.928587520004,27675.861741465596,31212.653543535358,35234.479814908118,39806.774286174164,43215.035619581256]
[null,null,"Depreciation & Amortization",{"$f":"'financial statements'!G42","v":1405.04},{"$f":"'financial statements'!H42","v":1898.4151999999999},{"$f":"'financial statements'!I42","v":2556.6929759999998},{"$f":"'financial statements'!J42","v":3492.4163068799994},{"$f":"'financial statements'!K42","v":4811.6945034943992},{"$f":"'financial statements'!L42","v":6633.6784148222705},{"$f":"'financial statements'!M42","v":9148.0162124547332}]
[null,null,"Deffered Revenue Non-Current",{"$f":"'financial statements'!G185","v":0},{"$f":"'financial statements'!H185","v":0},{"$f":"'financial statements'!I185","v":0},{"$f":"'financial statements'!J185","v":0},{"$f":"'financial statements'!K185","v":0},{"$f":"'financial statements'!L185","v":0},{"$f":"'financial statements'!M185","v":0}]
[null,null,"Net Receivables",{"$f":"'financial statements'!G187","v":-2574.2466569566895},{"$f":"'financial statements'!H187","v":-2121.3424139823692},{"$f":"'financial statements'!I187","v":-1626.2355377011882},{"$f":"'financial statements'!J187","v":-1512.0288094469324},{"$f":"'financial statements'!K187","v":-1719.3879451279554},{"$f":"'financial statements'!L187","v":-1954.7209314903394},{"$f":"'financial statements'!M187","v":-2196.0819056449654}]
[null,null,"Inventories",{"$f":"'financial statements'!G188","v":-526.06212458966661},{"$f":"'financial statements'!H188","v":-445.93927544007511},{"$f":"'financial statements'!I188","v":-322.36030146615599},{"$f":"'financial statements'!J188","v":-299.72168947176579},{"$f":"'financial statements'!K188","v":-340.82542379575352},{"$f":"'financial statements'!L188","v":-387.47427057716504},{"$f":"'financial statements'!M188","v":-495.77358736758015}]
[null,null,"Deferred Tax Assets",{"$f":"'financial statements'!G189","v":0},{"$f":"'financial statements'!H189","v":0},{"$f":"'financial statements'!I189","v":0},{"$f":"'financial statements'!J189","v":0},{"$f":"'financial statements'!K189","v":0},{"$f":"'financial statements'!L189","v":0},{"$f":"'financial statements'!M189","v":0}]
[null,null,"Vendor Non-Trade Receivables",{"$f":"'financial statements'!G190","v":-2062.2004979685707},{"$f":"'financial statements'!H190","v":-1699.3839229252599},{"$f":"'financial statements'!I190","v":-1302.7592855559051},{"$f":"'financial statements'!J190","v":-1211.2695399090298},{"$f":"'financial statements'!K190","v":-1377.3826478756437},{"$f":"'financial statements'!L190","v":-1565.9052979307362},{"$f":"'financial statements'!M190","v":-1759.2569022716634}]
[null,null,"Other Current Assets",{"$f":"'financial statements'!G191","v":0},{"$f":"'financial statements'!H191","v":0},{"$f":"'financial statements'!I191","v":0},{"$f":"'financial statements'!J191","v":0},{"$f":"'financial statements'!K191","v":0},{"$f":"'financial statements'!L191","v":0},{"$f":"'financial statements'!M191","v":0}]
[null,null,"Account Payables",{"$f":"'financial statements'!G192","v":6013.9261911939539},{"$f":"'financial statements'!H192","v":5097.964219231686},{"$f":"'financial statements'!I192","v":3685.2131513947315},{"$f":"'financial statements'!J192","v":3426.4092283570571},{"$f":"'financial statements'!K192","v":3896.3058676555484},{"$f":"'financial statements'!L192","v":4429.5940637341919},{"$f":"'financial statements'!M192","v":5667.6685558720055}]
[null,null,"Deffered Revenue",{"$f":"'financial statements'!G193","v":1394.1110752012264},{"$f":"'financial statements'!H193","v":1148.8358917102341},{"$f":"'financial statements'!I193","v":880.70541642474382},{"$f":"'financial statements'!J193","v":818.8555294718044},{"$f":"'financial statements'!K193","v":931.15310857746226},{"$f":"'financial statements'!L193","v":1058.6002285965824},{"$f":"'financial statements'!M193","v":1189.3118704981061}]
[null,null,"Accrued Expenses",{"$f":"'financial statements'!G194","v":2218.6874947978986},{"$f":"'financial statements'!H194","v":2083.9342533927875},{"$f":"'financial statements'!I194","v":1597.5581871000613},{"$f":"'financial statements'!J194","v":1485.3654022821775},{"$f":"'financial statements'!K194","v":1689.0679270379042},{"$f":"'financial statements'!L194","v":1920.2510062057463},{"$f":"'financial statements'!M194","v":2157.3557744684222}]
[null,null,"Working Capital Cash",{"$f":"SUM(D21:D28)","v":4464.2154816781522},4064.0687519870035,2912.1216301962877,2707.6101212833109,3078.9308864715622,3500.34479853828,4563.2238055543248]
[null,null,"Capital expenditures ",{"$f":"SUM('financial statements'!G198:G199)","v":-5741.8692000000001},{"$f":"SUM('financial statements'!H198:H199)","v":-7248.5613120000007},{"$f":"SUM('financial statements'!I198:I199)","v":-8403.6017433599991},{"$f":"SUM('financial statements'!J198:J199)","v":-9477.5263796159998},{"$f":"SUM('financial statements'!K198:K199)","v":-10698.728688737279},{"$f":"SUM('financial statements'!L198:L199)","v":-12087.077212401062},{"$f":"SUM('financial statements'!M198:M199)","v":-13646.853353551978}]
[null,null,"Unlevered free cash flows",{"$f":"D18+D19+D29+D30","v":19764.578945678153},22585.851227507006,24741.074604301881,27935.153592082665,32426.376516136803,37853.720287133656,43279.422284038345]
[null,null,"Discount factor",{"$f":"1/((1+$D$8)^D7)","v":0.95553548656553633},{"$f":"1/((1+$D$8)^((E12-$D$12)+$D$7))","v":0.86079843993140637},0.77545414545681834,0.69857135400254899,0.62931114559388124,0.56691777539912991,0.51071042728823279]
[null,null,"Midyear adustment factor",{"$f":"((1+$D$8)^(D7/2))","v":1.0230022520294348},{"$f":"((1+$D$8)^(0.5))","v":1.0535925101427932},1.0535925101427932,1.0535925101427932,1.0535925101427932,1.0535925101427932,1.0535925101427932]
[null,null,"Present value of free cash flows",{"$f":"D31*D32*D33","v":19320.171491772497},20483.803875226658,20213.771658953054,20560.539723291629,21499.903928895725,22610.039317437691,23287.821017730294]
[null,null,"Sum of present values of FCFs",{"$f":"SUM(D34:H34+I34+J34)","v":65218.031826940482}]
[]
[null,null,"Terminal value",null,"Equity value calculations",null,null,null,"Shares Outstanding"]
[]
[null,null,"Growth in prepetuity method",null,"Enterprise value",null,null,{"$f":"D56","v":410926.13408366812},"Basic Shares Outstanding",null,null,{"$f":"'financial statements'!F178","v":915.9}]
[null,null,"Long term growth rate",{"$f":"'dash board'!E14","v":0.04},"DEBT",null,null,0,"Current Share Price",null,null,{"$f":"'financial statements'!D5","v":331}]
[null,null,"Free cash flow (t+1)",{"$f":"OFFSET(D31,0,(exit-'valuation sheet'!D12))*(1+'valuation sheet'!D40)","v":45010.599175399882},null,null,null,null,"Options/Warrants Data"]
[null,null,"Terminal value",{"$f":"D41/($D$8-D40)","v":642483.76579290093},"Equity value",null,null,{"$f":"H39-H40","v":410926.13408366812},null,"# of options","$ strike","# In-the-$"]
[null,null,"Midyear adjusted terminal value",{"$f":"D42*J33","v":676916.08352773695},"Shares outstanding",null,null,{"$f":"L56","v":931.65766966767364},"Batch 1",17.791,77.739999999999995,{"$f":"IF($L$40>K43,J43,0)","v":17.791}]
[null,null,"Present value of terminal value",{"$f":"D43*J32","v":345708.10225672764},"Equity value / share",null,null,{"$f":"H42/H43","v":441.06987734051205},"Batch 2",3.88,148,3.88]
[null,null,"Enterprise value",{"$f":"D44+D35","v":410926.13408366812},null,null,null,null,"Batch 3",null,null,0]
[null,null,null,null,null,null,null,null,"Batch 4",null,null,0]
[null,null,"Exit multiple method",null,null,null,null,null,"Batch 5",null,null,0]
[null,null,"Exit EV / EBITDA multiple",{"$f":"'dash board'!E15","v":12},null,null,null,null,"Batch 6",null,null,0]
[null,null,"LTM EBITDA at end of projection",{"$f":"OFFSET(D15,0,(exit-'valuation sheet'!D12))","v":66009.905185587966},null,null,null,null,null,null,"Total in-the-$ options:",{"$f":"SUM(L43:L48)","v":21.670999999999999}]
[null,null,"Terminal value",{"$f":"D49*D48","v":792118.86222705559},null,null,null,null,null,null,"Total $ proceeds:",{"$f":"SUMPRODUCT(K43:K48,L43:L48)","v":1957.3123399999999}]
[null,null,"Present value of terminal value",{"$f":"D50*J32","v":404543.36259104835},null,null,null,null,null,null,"Total shares repurchased:",{"$f":"L50/L40","v":5.913330332326284}]
[null,null,"Enterprise value",{"$f":"D51+D35","v":469761.39441798883},null,null,null,null,null,null,"Basic shares outstanding",{"$f":"L39","v":915.9}]
[null,null,null,null,null,null,null,null,null,null,"New shares from options:",{"$f":"L49-L51","v":15.757669667673715}]
[null,null,"Select a terminal value method"]
[null,null,"Prepetual growth = 1 Exit multiple = 2",{"$f":"'dash board'!E16","v":1}]
[null,null,"Enterprise value",{"$f":"IF(D55=1,D45,D52)","v":410926.13408366812},null,null,null,null,null,null,"Total Shares Outstanding",{"$f":"SUM(L52:L54)","v":931.65766966767364}]
[null,null,"Terminal value as a percent of total value",{"$f":"IF(D55=1,D44, D51)/D56","v":0.84129013363345362}]
[]
[null,null,"Analysis of WACC"]
[]
[null,null,"Cost of debt",null,null,"Capital Structure"]
[null,null,"Cost of debt",{"$f":"D67+0.005","v":4.6899999999999997E-2},null,null,"Current capital structure",null,"Target capital structure"]
[null,null,"Marginal tax rate",{"$f":"'financial statements'!G68","v":0.24},null,null,"Market value","% Weights","override","% Weight"]
[null,null,"Cost of debt after tax shield",{"$f":"D62*(1-D63)","v":3.5643999999999995E-2},null," debt",{"$f":"H49","v":0},{"$f":"G64/G66","v":0},null,{"$f":"IF(I64,I64,H64)","v":0}]
[null,null,null,null,null,"Equity",{"$f":"G74","v":308378.68865999999},{"$f":"G65/G66","v":1},null,{"$f":"IF(I65,I65,H65)","v":1}]
[null,null,"Cost of equity",null,null,"Total",{"$f":"G64+G65","v":308378.68865999999}]
[null,null,"Risk-free rate (rf)",4.19E-2]
[null,null,"Market Risk Premium (rm - rf)",0.06,null,"Weight average cost of capital"]
[null,null,"Raw (observed) beta",1.35,null,"Weight average cost of capital",null,null,null,{"$f":"(J64*D64)+(J65*D70)","v":0.11005717742899152}]
[null,null,"Cost of equity using relevered industry beta",{"$f":"D67+(D68*M78)","v":0.11005717742899152}]
[]
[null,null,"Industry beta calculation"]
[null,null,"Comps","Raw beta","Share price","Shares","Market","Debt (In Million)","D/E","Tax rate","Unl. Beta","Weigh. Beta","Relev. Beta"]
[null,null,{"$f":"'financial statements'!D3","v":"APPLE"},{"$f":"D69","v":1.35},{"$f":"'financial statements'!D5","v":331},{"$f":"L56","v":931.65766966767364},{"$f":"E74*F74","v":308378.68865999999},0,{"$f":"H74/G74","v":0},{"$f":"D63","v":0.24},{"$f":"D74/(1+(I74*(1-J74)))","v":1.35},{"$f":"G74/$G$78*K74","v":0.62548237058914435}]
[null,null,"Dell Inc.",1.39,13.66,1930.29,{"$f":"E75*F75","v":26367.761399999999},6000,{"$f":"H75/G75","v":0.22755060275992942},0.29199999999999998,{"$f":"D75/(1+(I75*(1-J75)))","v":1.197134634907365},{"$f":"G75/$G$78*K75","v":4.7425640354872393E-2}]
[null,null,"Hewlett-Packard",1.03,42.26,2190.42,{"$f":"E76*F76","v":92567.1492},22300,{"$f":"H76/G76","v":0.24090619828659474},0.20169999999999999,{"$f":"D76/(1+(I76*(1-J76)))","v":0.86386537016194265},{"$f":"G76/$G$78*K76","v":0.12014339536101552}]
[null,null,"Microsoft Corp.",0.99,27.85,8555.5,{"$f":"E77*F77","v":238270.67500000002},10660,{"$f":"H77/G77","v":4.4739034713356982E-2},0.25,{"$f":"D77/(1+(I77*(1-J77)))","v":0.95785971085901422},{"$f":"G77/$G$78*K77","v":0.34290155084482626}]
[null,null,null,null,null,null,{"$f":"SUM(G74:G77)","v":665584.27425999998},null,null,"Average:",{"$f":"AVERAGE(K74:K77)","v":1.0922149289820804},{"$f":"SUM(L74:L77)","v":1.1359529571498586},{"$f":"L78*(1+(1-J74)*I74)","v":1.1359529571498586}]

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[null,2011,{"$f":"B1+1","v":2012},{"$f":"C1+1","v":2013},2014,2015,2016,2017,null," "]
["Basic EPS",{"$f":"'financial statements'!G48","v":21.501849202391966},{"$f":"'financial statements'!H48","v":26.290517884457334},{"$f":"'financial statements'!I48","v":30.315311188001921},{"$f":"'financial statements'!J48","v":34.020315515604544},{"$f":"'financial statements'!K48","v":38.208032398307758},{"$f":"'financial statements'!L48","v":42.942100804862129},{"$f":"'financial statements'!M48","v":46.435415658032511}]
["Diluted EPS",{"$f":"'financial statements'!G55","v":21.151141359778144},{"$f":"'financial statements'!H55","v":25.865238663576967},{"$f":"'financial statements'!I55","v":29.828935432714708},{"$f":"'financial statements'!J55","v":33.478923161710142},{"$f":"'financial statements'!K55","v":37.604888544336234},{"$f":"'financial statements'!L55","v":42.269635202216932},{"$f":"'financial statements'!M55","v":45.714002043602079}]
["FCFF Per Share",{"$f":"'valuation sheet'!D31/'financial statements'!G54","v":21.137757527898906},{"$f":"'valuation sheet'!E31/'financial statements'!H54","v":23.955937123125697},{"$f":"'valuation sheet'!F31/'financial statements'!I54","v":26.0273603747987},{"$f":"'valuation sheet'!G31/'financial statements'!J54","v":29.149192163286731},{"$f":"'valuation sheet'!H31/'financial statements'!K54","v":33.563429728628655},{"$f":"'valuation sheet'!I31/'financial statements'!L54","v":38.868433260926409},{"$f":"'valuation sheet'!J31/'financial statements'!M54","v":44.087769808427666}]
[]
[]
[]
[]
[null,"FY11","FY12","FY13","FY14","FY15","FY16","FY17"]
["Return On Equity",{"$f":"'financial statements'!G235","v":0.2876355381049629},{"$f":"'financial statements'!H235","v":0.25569747146637983},{"$f":"'financial statements'!I235","v":0.22607706127112837},{"$f":"'financial statements'!J235","v":0.20110548921109944},{"$f":"'financial statements'!K235","v":0.1832844800511706},{"$f":"'financial statements'!L235","v":0.17003563143713804},{"$f":"'financial statements'!M235","v":0.15451198898722934}]
["Operating Profit Margin",{"$f":"'financial statements'!G230","v":0.26999999999999996},{"$f":"'financial statements'!H230","v":0.26},{"$f":"'financial statements'!I230","v":0.25999999999999995},{"$f":"'financial statements'!J230","v":0.26},{"$f":"'financial statements'!K230","v":0.26000000000000006},{"$f":"'financial statements'!L230","v":0.26},{"$f":"'financial statements'!M230","v":0.24999999999999994}]
[]
[" ","FY11","FY12","FY13","FY14","FY15","FY16","FY17"," "]
["Asset Turnover ",{"$f":"'financial statements'!G231","v":0.90889909152049875},{"$f":"'financial statements'!H231","v":0.87095222538234518},{"$f":"'financial statements'!I231","v":0.8052631386576905},{"$f":"'financial statements'!J231","v":0.74351404022435807},{"$f":"'financial statements'!K231","v":0.69653347228551465},{"$f":"'financial statements'!L231","v":0.65989678067131685},{"$f":"'financial statements'!M231","v":0.63202675332656344}]
["Equity multiplier",{"$f":"'financial statements'!G233","v":1.5422313157911629},{"$f":"'financial statements'!H233","v":1.4857480194050012},{"$f":"'financial statements'!I233","v":1.4207960449466799},{"$f":"'financial statements'!J233","v":1.3688246286628005},{"$f":"'financial statements'!K233","v":1.3316704416984513},{"$f":"'financial statements'!L233","v":1.303998190144871},{"$f":"'financial statements'!M233","v":1.2866876131261538}]
["Current Ratio ",{"$f":"'financial statements'!G226","v":2.222432389220133},{"$f":"'financial statements'!H226","v":2.4694640372714916},{"$f":"'financial statements'!I226","v":2.7850958609294696},{"$f":"'financial statements'!J226","v":3.1127911787647728},{"$f":"'financial statements'!K226","v":3.4172017024486072},{"$f":"'financial statements'!L226","v":3.7041543121405582},{"$f":"'financial statements'!M226","v":3.9313776997721828}," "]