{ "fileType": "BalanceCheat.Model", "formatVersion": 4, "modelSchemaVersion": 1, "calculationVersion": 4, "metadata": { "id": "synthetic-next-monte-carlo-valuation", "name": "Example Company", "createdAt": "2026-01-01T00:00:00.000Z", "modifiedAt": "2026-01-01T00:00:00.000Z" }, "view": { "mode": "advanced", "scale": 1 }, "workspace": { "scenarioVersion": 2, "core": { "schemaVersion": 1, "modelType": "advanced", "revision": 0, "id": "company-1", "currency": "EUR", "calendar": { "calculation": "annual", "startYear": 2027, "actualYears": 0, "fiscalYearEnd": { "month": 12, "day": 31 } }, "policies": { "basis": "legacy-v1" }, "scope": { "version": 1, "rootEntityId": "entity-1" }, "instruments": {}, "legacy": { "name": "Synthetic NEXT Example", "currency": "EUR", "units": 1, "allowZero": true, "otherCARate": 0, "otherCLRate": 0, "calendar": { "startYear": 2027, "actualYears": 0 }, "opening": { "cash": 20, "debt": 100, "revolver": 0, "revenue": 0, "ar": 0, "inventory": 0, "otherCA": 0, "ppe": 100, "otherNCA": 0, "ap": 0, "otherCL": 0, "otherNCL": 0, "equity": 20 }, "years": [ { "revenue": 0, "growth": 0, "grossMargin": 100, "sga": 0, "da": 20, "capex": 20, "dso": 0, "dio": 0, "dpo": 0, "debt": 100, "interestRate": 0, "taxRate": 25, "payout": 0 }, { "revenue": 0, "growth": 0, "grossMargin": 100, "sga": 0, "da": 20, "capex": 20, "dso": 0, "dio": 0, "dpo": 0, "debt": 100, "interestRate": 0, "taxRate": 25, "payout": 0 }, { "revenue": 0, "growth": 0, "grossMargin": 100, "sga": 0, "da": 20, "capex": 20, "dso": 0, "dio": 0, "dpo": 0, "debt": 100, "interestRate": 0, "taxRate": 25, "payout": 0 }, { "revenue": 0, "growth": 0, "grossMargin": 100, "sga": 0, "da": 20, "capex": 20, "dso": 0, "dio": 0, "dpo": 0, "debt": 100, "interestRate": 0, "taxRate": 25, "payout": 0 }, { "revenue": 0, "growth": 0, "grossMargin": 100, "sga": 0, "da": 20, "capex": 20, "dso": 0, "dio": 0, "dpo": 0, "debt": 100, "interestRate": 0, "taxRate": 25, "payout": 0 } ] }, "objects": [ { "id": "obj-1", "entityId": "entity-1", "instrumentId": null, "name": "Synthetic Product", "description": "", "group": "revenue", "kind": "driver", "unit": "EUR", "active": true, "base": 0, "periods": { "2027-01-01": { "method": "priceVolume", "price": 10, "volume": 100 }, "2028-01-01": { "method": "priceVolume", "price": 10, "volume": 110 }, "2029-01-01": { "method": "priceVolume", "price": 10, "volume": 120 }, "2030-01-01": { "method": "priceVolume", "price": 10, "volume": 130 }, "2031-01-01": { "method": "priceVolume", "price": 10, "volume": 140 } }, "events": [], "source": "user", "rule": null }, { "id": "obj-2", "entityId": "entity-1", "instrumentId": null, "name": "Variable Cost", "description": "", "group": "cogs", "kind": "driver", "unit": "EUR", "active": true, "base": 0, "periods": { "2027-01-01": { "method": "perUnit", "ref": "obj-1:volume", "value": 5 }, "2028-01-01": { "method": "perUnit", "ref": "obj-1:volume", "value": 5 }, "2029-01-01": { "method": "perUnit", "ref": "obj-1:volume", "value": 5 }, "2030-01-01": { "method": "perUnit", "ref": "obj-1:volume", "value": 5 }, "2031-01-01": { "method": "perUnit", "ref": "obj-1:volume", "value": 5 } }, "events": [], "source": "user", "rule": null }, { "id": "obj-3", "entityId": "entity-1", "instrumentId": null, "name": "Fixed Opex", "description": "", "group": "sga", "kind": "driver", "unit": "EUR", "active": true, "base": 0, "periods": { "2027-01-01": { "method": "amount", "value": 300 }, "2028-01-01": { "method": "amount", "value": 300 }, "2029-01-01": { "method": "amount", "value": 300 }, "2030-01-01": { "method": "amount", "value": 300 }, "2031-01-01": { "method": "amount", "value": 300 } }, "events": [], "source": "user", "rule": null } ], "authority": { "revenue": "detail", "cogs": "detail", "sga": "detail" }, "nextId": 4, "tools": { "version": 1, "active": { "model.annual": true, "model.quarterly": false, "model.monthly": false, "model.weekly": false, "value.dcf": true, "value.comps": false, "value.precedents": false, "value.summary": false, "deals.lbo": false } }, "valuation": { "version": 1, "enabled": { "dcf": true, "comps": false, "precedents": false, "lbo": false, "summary": false }, "dcf": { "basis": "reported", "groups": null, "bridgePeriod": 2027, "bridge": { "cash": 20, "grossDebt": 100, "leases": 0, "minority": 0, "pension": 0, "nonOperatingAssets": 0, "investments": 0, "other": 0, "shares": null }, "start": 2027, "end": 2031, "terminalAfter": 2031, "terminalYear": 2031, "valuationDate": "2026-12-31", "convention": "year-end", "stub": false, "taxMode": "unlevered", "otherFCF": {}, "waccSources": { "taxRate": "input", "costDebt": "input", "capital": "input" }, "wacc": { "override": 10, "riskFree": null, "beta": null, "erp": null, "country": 0, "size": 0, "other": 0, "costDebt": null, "taxRate": null, "equityValue": null, "debtValue": null, "debtWeight": null }, "terminal": { "method": "pg", "growth": 2, "multiple": null, "metric": "ebitda", "fcf": null, "normalize": false, "revenueGrowth": null, "ebitMargin": null, "ebitdaMargin": null, "taxRate": null, "capexRate": null, "daRate": null, "nwcRate": null, "other": 0 }, "sensitivity": { "waccStep": 1, "growthStep": 0.5, "multipleStep": 1, "steps": 2 } }, "comps": { "basis": "reported", "groups": null, "bridgePeriod": 2027, "bridge": { "cash": null, "grossDebt": null, "leases": 0, "minority": 0, "pension": 0, "nonOperatingAssets": 0, "investments": 0, "other": 0, "shares": null }, "targetPeriod": 2027, "peerPeriod": "LTM", "metric": "ebitda", "statistic": "median", "override": null, "peers": {} }, "precedents": { "basis": "reported", "groups": null, "bridgePeriod": 2027, "bridge": { "cash": null, "grossDebt": null, "leases": 0, "minority": 0, "pension": 0, "nonOperatingAssets": 0, "investments": 0, "other": 0, "shares": null }, "targetPeriod": 2027, "metric": "ebitda", "statistic": "median", "override": null, "synergyAdjusted": false, "transactions": {} }, "lbo": { "basis": "reported", "groups": null, "bridgePeriod": 2027, "bridge": { "cash": null, "grossDebt": null, "leases": 0, "minority": 0, "pension": 0, "nonOperatingAssets": 0, "investments": 0, "other": 0, "shares": null }, "entryYear": 2027, "exitYear": 2031, "entryMode": "multiple", "entryEV": null, "entryEquity": null, "entryMultiple": null, "entryMetric": "ebitda", "exitMultiple": null, "exitMetric": "ebitda", "transactionFeeRate": 0, "transactionFees": null, "financingFeeRate": 0, "financingFees": null, "rollover": 0, "otherUses": 0, "otherSources": 0, "refinanceDebt": null, "minimumCash": 0, "sweep": 100, "exitFees": 0, "exitBridge": { "leases": null, "minority": null, "pension": null, "nonOperatingAssets": null, "investments": null, "other": null }, "managementOwnership": null, "ownershipConvention": "pro-rata-management-dilution", "otherSourcesTreatment": "non-participating", "taxPolicy": { "entryNOL": "inherit", "pikDeductible": true }, "tranches": {}, "distributions": {} }, "summary": { "basis": "ev", "outputs": { "dcf.pg": { "enabled": true, "label": "", "order": 0 }, "dcf.exit": { "enabled": true, "label": "", "order": 1 }, "comps.ebitda": { "enabled": true, "label": "", "order": 2 }, "precedents.ebitda": { "enabled": true, "label": "", "order": 3 } } } } }, "active": "base", "nextObject": 4, "nextScenario": 1, "nextOverride": 1, "whatIf": { "nextId": 1, "transactions": [] }, "scenarios": [ { "id": "base", "name": "Base", "overrides": [] }, { "id": "upside", "name": "Upside", "overrides": [] }, { "id": "downside", "name": "Downside", "overrides": [] } ], "presentation": { "stochastic": { "version": 1, "inputs": [ { "id": "model.input.price", "context": { "businessLineId": "obj-1", "entityId": "entity-1", "frequency": "annual", "method": "priceVolume", "periodId": "2027-01-01", "scenarioId": "base" }, "kind": "input", "enabled": true, "config": { "distribution": "uniform", "parameters": { "min": 9, "max": 11 }, "mode": "absolute", "bounds": {} } }, { "id": "model.input.price", "context": { "businessLineId": "obj-1", "entityId": "entity-1", "frequency": "annual", "method": "priceVolume", "periodId": "2028-01-01", "scenarioId": "base" }, "kind": "input", "enabled": true, "config": { "distribution": "uniform", "parameters": { "min": 9, "max": 11 }, "mode": "absolute", "bounds": {} } }, { "id": "model.input.price", "context": { "businessLineId": "obj-1", "entityId": "entity-1", "frequency": "annual", "method": "priceVolume", "periodId": "2029-01-01", "scenarioId": "base" }, "kind": "input", "enabled": true, "config": { "distribution": "uniform", "parameters": { "min": 9, "max": 11 }, "mode": "absolute", "bounds": {} } }, { "id": "model.input.price", "context": { "businessLineId": "obj-1", "entityId": "entity-1", "frequency": "annual", "method": "priceVolume", "periodId": "2030-01-01", "scenarioId": "base" }, "kind": "input", "enabled": true, "config": { "distribution": "uniform", "parameters": { "min": 9, "max": 11 }, "mode": "absolute", "bounds": {} } }, { "id": "model.input.price", "context": { "businessLineId": "obj-1", "entityId": "entity-1", "frequency": "annual", "method": "priceVolume", "periodId": "2031-01-01", "scenarioId": "base" }, "kind": "input", "enabled": true, "config": { "distribution": "uniform", "parameters": { "min": 9, "max": 11 }, "mode": "absolute", "bounds": {} } }, { "id": "valuation.input.dcf.wacc.override", "context": { "scenarioId": "base" }, "kind": "input", "enabled": true, "config": { "distribution": "triangular", "parameters": { "min": 8, "mode": 10, "max": 12 }, "mode": "absolute", "bounds": {} } } ], "settings": { "runs": 5000, "seed": "42", "method": "monte-carlo" }, "constraints": [], "target": { "id": "valuation.dcf.equity", "context": { "scenarioId": "base" } }, "threshold": { "operator": "<", "threshold": 2944.5567425136755 } } } }, "snapshot": { "version": 4, "calculationVersion": 4, "modelSchemaVersion": 1, "generatedAt": "2026-01-01T00:00:00.000Z", "scenarios": [ { "id": "base", "name": "Base", "currency": "EUR", "moneyScale": 1, "periods": [ { "id": "2027-01-01", "start": "2027-01-01", "end": "2028-01-01", "kind": "forecast", "frequency": "annual", "year": 2027, "months": 12, "days": 365, "durationDays": 365, "yearFraction": 1, "dayCountBasis": "ACT/ACT", "rateBasis": "annualized", "fiscalYear": 2027, "fiscalQuarter": 1, "fiscalStart": "2027-01-01", "fiscalEnd": "2028-01-01", "fiscalYearEnd": { "month": 12, "day": 31 }, "fiscalStartMonth": 1, "label": "2027E" }, { "id": "2028-01-01", "start": "2028-01-01", "end": "2029-01-01", "kind": "forecast", "frequency": "annual", "year": 2028, "months": 12, "days": 366, "durationDays": 366, "yearFraction": 1, "dayCountBasis": "ACT/ACT", "rateBasis": "annualized", "fiscalYear": 2028, "fiscalQuarter": 1, "fiscalStart": "2028-01-01", "fiscalEnd": "2029-01-01", "fiscalYearEnd": { "month": 12, "day": 31 }, "fiscalStartMonth": 1, "label": "2028E" }, { "id": "2029-01-01", "start": "2029-01-01", "end": "2030-01-01", "kind": "forecast", "frequency": "annual", "year": 2029, "months": 12, "days": 365, "durationDays": 365, "yearFraction": 1, "dayCountBasis": "ACT/ACT", "rateBasis": "annualized", "fiscalYear": 2029, "fiscalQuarter": 1, "fiscalStart": "2029-01-01", "fiscalEnd": "2030-01-01", "fiscalYearEnd": { "month": 12, "day": 31 }, "fiscalStartMonth": 1, "label": "2029E" }, { "id": "2030-01-01", "start": "2030-01-01", "end": "2031-01-01", "kind": "forecast", "frequency": "annual", "year": 2030, "months": 12, "days": 365, "durationDays": 365, "yearFraction": 1, "dayCountBasis": "ACT/ACT", "rateBasis": "annualized", "fiscalYear": 2030, "fiscalQuarter": 1, "fiscalStart": "2030-01-01", "fiscalEnd": "2031-01-01", "fiscalYearEnd": { "month": 12, "day": 31 }, "fiscalStartMonth": 1, "label": "2030E" }, { "id": "2031-01-01", "start": "2031-01-01", "end": "2032-01-01", "kind": "forecast", "frequency": "annual", "year": 2031, "months": 12, "days": 365, "durationDays": 365, "yearFraction": 1, "dayCountBasis": "ACT/ACT", "rateBasis": "annualized", "fiscalYear": 2031, "fiscalQuarter": 1, "fiscalStart": "2031-01-01", "fiscalEnd": "2032-01-01", "fiscalYearEnd": { "month": 12, "day": 31 }, "fiscalStartMonth": 1, "label": "2031E" } ], "opening": { "cash": 20, "debt": 100, "revolver": 0, "revenue": 0, "ar": 0, "inventory": 0, "otherCA": 0, "ppe": 100, "otherNCA": 0, "ap": 0, "otherCL": 0, "otherNCL": 0, "equity": 20 }, "breakdown": {}, "statements": { "2027-01-01": { "revenue": 1000, "growth": null, "grossMargin": 50, "sga": 0, "da": -20, "capex": 20, "dso": 0, "dio": 0, "dpo": 0, "debt": 100, "interestRate": 0, "taxRate": 25, "payout": 0, "cogs": -500, "grossProfit": 500, "otherOperatingIncome": 0, "sgaExpense": -300, "ebitda": 200, "ebit": 180, "interest": 0, "interestIncome": 0, "impairment": 0, "otherOperatingExpense": 0, "manualOtherNonCashExpense": 0, "ebt": 180, "tax": -45, "netIncome": 135, "ar": 0, "grossAR": 0, "impairmentAllowance": 0, "inventory": 0, "ap": 0, "otherCA": 0, "otherCL": 0, "nonCashProvision": 0, "changeAR": 0, "changeInventory": 0, "changeAP": 0, "changeOtherWC": 0, "daAddback": 20, "otherNonCash": 0, "operatingNonCash": 0, "nonOperatingReclassification": 0, "cfo": 155, "capexOut": -20, "disposalProceeds": 0, "otherOperatingCF": 0, "otherInvestingCF": 0, "otherFinancingCF": 0, "cfi": -20, "debtIssued": 0, "debtRepaid": 0, "revolver": 0, "fundingChange": 0, "dividendsOut": 0, "cff": 0, "cashChange": 135, "cash": 155, "ppe": 100, "otherNCA": 0, "otherNCL": 0, "currentAssets": 155, "assets": 255, "equity": 155, "shareCapital": 0, "retainedEarnings": 20, "currentYearNetIncome": 135, "dividends": 0, "liabilitiesEquity": 255, "fcf": 135, "totalCapex": 20, "collections": 1000, "suppliers": -500, "operatingPayments": -300, "interestPaid": 0, "taxPaid": -45, "taxExpense": 45, "cashTax": 45, "taxPayable": 0, "interestExpense": 0, "cashInterest": 0, "interestPayable": 0, "roic": 135, "roe": 154.2857142857143, "roa": null, "ebitMargin": 18, "ebitdaMargin": 20, "fcfMargin": 13.5, "netDebt": -55, "leverage": -0.275, "workingCapital": 155, "nwc": 0, "ccc": 0, "currentRatio": null, "quickRatio": null, "beginningCash": 20, "balanceCheck": 0, "investedCapital": 100, "purchases": 500, "equityIssued": 0, "buybacksOut": 0 }, "2028-01-01": { "revenue": 1100, "growth": 10.000000000000009, "grossMargin": 50, "sga": 0, "da": -20, "capex": 20, "dso": 0, "dio": 0, "dpo": 0, "debt": 100, "interestRate": 0, "taxRate": 25, "payout": 0, "cogs": -550, "grossProfit": 550, "otherOperatingIncome": 0, "sgaExpense": -300, "ebitda": 250, "ebit": 230, "interest": 0, "interestIncome": 0, "impairment": 0, "otherOperatingExpense": 0, "manualOtherNonCashExpense": 0, "ebt": 230, "tax": -57.5, "netIncome": 172.5, "ar": 0, "grossAR": 0, "impairmentAllowance": 0, "inventory": 0, "ap": 0, "otherCA": 0, "otherCL": 0, "nonCashProvision": 0, "changeAR": 0, "changeInventory": 0, "changeAP": 0, "changeOtherWC": 0, "daAddback": 20, "otherNonCash": 0, "operatingNonCash": 0, "nonOperatingReclassification": 0, "cfo": 192.5, "capexOut": -20, "disposalProceeds": 0, "otherOperatingCF": 0, "otherInvestingCF": 0, "otherFinancingCF": 0, "cfi": -20, "debtIssued": 0, "debtRepaid": 0, "revolver": 0, "fundingChange": 0, "dividendsOut": 0, "cff": 0, "cashChange": 172.5, "cash": 327.5, "ppe": 100, "otherNCA": 0, "otherNCL": 0, "currentAssets": 327.5, "assets": 427.5, "equity": 327.5, "shareCapital": 0, "retainedEarnings": 155, "currentYearNetIncome": 172.5, "dividends": 0, "liabilitiesEquity": 427.5, "fcf": 172.5, "totalCapex": 20, "collections": 1100, "suppliers": -550, "operatingPayments": -300, "interestPaid": 0, "taxPaid": -57.5, "taxExpense": 57.5, "cashTax": 57.5, "taxPayable": 0, "interestExpense": 0, "cashInterest": 0, "interestPayable": 0, "roic": 172.5, "roe": 71.50259067357513, "roa": 50.54945054945055, "ebitMargin": 20.909090909090907, "ebitdaMargin": 22.727272727272727, "fcfMargin": 15.681818181818183, "netDebt": -227.5, "leverage": -0.91, "workingCapital": 327.5, "nwc": 0, "ccc": 0, "currentRatio": null, "quickRatio": null, "beginningCash": 155, "balanceCheck": 0, "investedCapital": 100, "purchases": 550, "equityIssued": 0, "buybacksOut": 0 }, "2029-01-01": { "revenue": 1200, "growth": 9.090909090909083, "grossMargin": 50, "sga": 0, "da": -20, "capex": 20, "dso": 0, "dio": 0, "dpo": 0, "debt": 100, "interestRate": 0, "taxRate": 25, "payout": 0, "cogs": -600, "grossProfit": 600, "otherOperatingIncome": 0, "sgaExpense": -300, "ebitda": 300, "ebit": 280, "interest": 0, "interestIncome": 0, "impairment": 0, "otherOperatingExpense": 0, "manualOtherNonCashExpense": 0, "ebt": 280, "tax": -70, "netIncome": 210, "ar": 0, "grossAR": 0, "impairmentAllowance": 0, "inventory": 0, "ap": 0, "otherCA": 0, "otherCL": 0, "nonCashProvision": 0, "changeAR": 0, "changeInventory": 0, "changeAP": 0, "changeOtherWC": 0, "daAddback": 20, "otherNonCash": 0, "operatingNonCash": 0, "nonOperatingReclassification": 0, "cfo": 230, "capexOut": -20, "disposalProceeds": 0, "otherOperatingCF": 0, "otherInvestingCF": 0, "otherFinancingCF": 0, "cfi": -20, "debtIssued": 0, "debtRepaid": 0, "revolver": 0, "fundingChange": 0, "dividendsOut": 0, "cff": 0, "cashChange": 210, "cash": 537.5, "ppe": 100, "otherNCA": 0, "otherNCL": 0, "currentAssets": 537.5, "assets": 637.5, "equity": 537.5, "shareCapital": 0, "retainedEarnings": 327.5, "currentYearNetIncome": 210, "dividends": 0, "liabilitiesEquity": 637.5, "fcf": 210, "totalCapex": 20, "collections": 1200, "suppliers": -600, "operatingPayments": -300, "interestPaid": 0, "taxPaid": -70, "taxExpense": 70, "cashTax": 70, "taxPayable": 0, "interestExpense": 0, "cashInterest": 0, "interestPayable": 0, "roic": 210, "roe": 48.554913294797686, "roa": 39.436619718309856, "ebitMargin": 23.333333333333332, "ebitdaMargin": 25, "fcfMargin": 17.5, "netDebt": -437.5, "leverage": -1.4583333333333333, "workingCapital": 537.5, "nwc": 0, "ccc": 0, "currentRatio": null, "quickRatio": null, "beginningCash": 327.5, "balanceCheck": 0, "investedCapital": 100, "purchases": 600, "equityIssued": 0, "buybacksOut": 0 }, "2030-01-01": { "revenue": 1300, "growth": 8.333333333333325, "grossMargin": 50, "sga": 0, "da": -20, "capex": 20, "dso": 0, "dio": 0, "dpo": 0, "debt": 100, "interestRate": 0, "taxRate": 25, "payout": 0, "cogs": -650, "grossProfit": 650, "otherOperatingIncome": 0, "sgaExpense": -300, "ebitda": 350, "ebit": 330, "interest": 0, "interestIncome": 0, "impairment": 0, "otherOperatingExpense": 0, "manualOtherNonCashExpense": 0, "ebt": 330, "tax": -82.5, "netIncome": 247.5, "ar": 0, "grossAR": 0, "impairmentAllowance": 0, "inventory": 0, "ap": 0, "otherCA": 0, "otherCL": 0, "nonCashProvision": 0, "changeAR": 0, "changeInventory": 0, "changeAP": 0, "changeOtherWC": 0, "daAddback": 20, "otherNonCash": 0, "operatingNonCash": 0, "nonOperatingReclassification": 0, "cfo": 267.5, "capexOut": -20, "disposalProceeds": 0, "otherOperatingCF": 0, "otherInvestingCF": 0, "otherFinancingCF": 0, "cfi": -20, "debtIssued": 0, "debtRepaid": 0, "revolver": 0, "fundingChange": 0, "dividendsOut": 0, "cff": 0, "cashChange": 247.5, "cash": 785, "ppe": 100, "otherNCA": 0, "otherNCL": 0, "currentAssets": 785, "assets": 885, "equity": 785, "shareCapital": 0, "retainedEarnings": 537.5, "currentYearNetIncome": 247.5, "dividends": 0, "liabilitiesEquity": 885, "fcf": 247.5, "totalCapex": 20, "collections": 1300, "suppliers": -650, "operatingPayments": -300, "interestPaid": 0, "taxPaid": -82.5, "taxExpense": 82.5, "cashTax": 82.5, "taxPayable": 0, "interestExpense": 0, "cashInterest": 0, "interestPayable": 0, "roic": 247.5, "roe": 37.42911153119093, "roa": 32.51231527093596, "ebitMargin": 25.384615384615383, "ebitdaMargin": 26.923076923076923, "fcfMargin": 19.038461538461537, "netDebt": -685, "leverage": -1.957142857142857, "workingCapital": 785, "nwc": 0, "ccc": 0, "currentRatio": null, "quickRatio": null, "beginningCash": 537.5, "balanceCheck": 0, "investedCapital": 100, "purchases": 650, "equityIssued": 0, "buybacksOut": 0 }, "2031-01-01": { "revenue": 1400, "growth": 7.692307692307687, "grossMargin": 50, "sga": 0, "da": -20, "capex": 20, "dso": 0, "dio": 0, "dpo": 0, "debt": 100, "interestRate": 0, "taxRate": 25, "payout": 0, "cogs": -700, "grossProfit": 700, "otherOperatingIncome": 0, "sgaExpense": -300, "ebitda": 400, "ebit": 380, "interest": 0, "interestIncome": 0, "impairment": 0, "otherOperatingExpense": 0, "manualOtherNonCashExpense": 0, "ebt": 380, "tax": -95, "netIncome": 285, "ar": 0, "grossAR": 0, "impairmentAllowance": 0, "inventory": 0, "ap": 0, "otherCA": 0, "otherCL": 0, "nonCashProvision": 0, "changeAR": 0, "changeInventory": 0, "changeAP": 0, "changeOtherWC": 0, "daAddback": 20, "otherNonCash": 0, "operatingNonCash": 0, "nonOperatingReclassification": 0, "cfo": 305, "capexOut": -20, "disposalProceeds": 0, "otherOperatingCF": 0, "otherInvestingCF": 0, "otherFinancingCF": 0, "cfi": -20, "debtIssued": 0, "debtRepaid": 0, "revolver": 0, "fundingChange": 0, "dividendsOut": 0, "cff": 0, "cashChange": 285, "cash": 1070, "ppe": 100, "otherNCA": 0, "otherNCL": 0, "currentAssets": 1070, "assets": 1170, "equity": 1070, "shareCapital": 0, "retainedEarnings": 785, "currentYearNetIncome": 285, "dividends": 0, "liabilitiesEquity": 1170, "fcf": 285, "totalCapex": 20, "collections": 1400, "suppliers": -700, "operatingPayments": -300, "interestPaid": 0, "taxPaid": -95, "taxExpense": 95, "cashTax": 95, "taxPayable": 0, "interestExpense": 0, "cashInterest": 0, "interestPayable": 0, "roic": 285, "roe": 30.727762803234505, "roa": 27.73722627737226, "ebitMargin": 27.142857142857142, "ebitdaMargin": 28.57142857142857, "fcfMargin": 20.357142857142858, "netDebt": -970, "leverage": -2.425, "workingCapital": 1070, "nwc": 0, "ccc": 0, "currentRatio": null, "quickRatio": null, "beginningCash": 785, "balanceCheck": 0, "investedCapital": 100, "purchases": 700, "equityIssued": 0, "buybacksOut": 0 } }, "statementUnits": { "revenue": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "growth": { "unit": "percent", "kind": "rate", "sign": "signed", "aggregation": "weighted" }, "grossMargin": { "unit": "percent", "kind": "ratio", "sign": "signed", "aggregation": "recompute" }, "sga": { "unit": "percent", "kind": "rate", "sign": "signed", "aggregation": "weighted" }, "da": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "expense-negative", "aggregation": "sum" }, "capex": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "dso": { "unit": "days", "kind": "ratio", "sign": "signed", "aggregation": "recompute" }, "dio": { "unit": "days", "kind": "ratio", "sign": "signed", "aggregation": "recompute" }, "dpo": { "unit": "days", "kind": "ratio", "sign": "signed", "aggregation": "recompute" }, "debt": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "interestRate": { "unit": "percent", "kind": "rate", "sign": "signed", "aggregation": "weighted" }, "taxRate": { "unit": "percent", "kind": "rate", "sign": "signed", "aggregation": "weighted" }, "payout": { "unit": "percent", "kind": "rate", "sign": "signed", "aggregation": "weighted" }, "cogs": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "expense-negative", "aggregation": "sum" }, "grossProfit": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "otherOperatingIncome": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "sgaExpense": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "expense-negative", "aggregation": "sum" }, "ebitda": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "ebit": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "interest": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "expense-negative", "aggregation": "sum" }, "interestIncome": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "impairment": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "expense-negative", "aggregation": "sum" }, "otherOperatingExpense": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "expense-negative", "aggregation": "sum" }, "manualOtherNonCashExpense": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "expense-negative", "aggregation": "sum" }, "ebt": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "tax": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "expense-negative", "aggregation": "sum" }, "netIncome": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "ar": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "grossAR": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "impairmentAllowance": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "inventory": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "ap": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "otherCA": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "otherCL": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "nonCashProvision": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "changeAR": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "changeInventory": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "changeAP": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "changeOtherWC": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "daAddback": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "otherNonCash": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "operatingNonCash": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "nonOperatingReclassification": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "cfo": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "capexOut": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "expense-negative", "aggregation": "sum" }, "disposalProceeds": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "otherOperatingCF": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "otherInvestingCF": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "otherFinancingCF": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "cfi": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "debtIssued": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "debtRepaid": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "revolver": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "fundingChange": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "dividendsOut": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "expense-negative", "aggregation": "sum" }, "cff": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "cashChange": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "cash": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "ppe": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "otherNCA": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "otherNCL": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "currentAssets": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "assets": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "equity": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "shareCapital": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "retainedEarnings": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "currentYearNetIncome": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "dividends": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "liabilitiesEquity": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "fcf": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "totalCapex": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "collections": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "suppliers": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "operatingPayments": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "interestPaid": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "taxPaid": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "taxExpense": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "cashTax": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "taxPayable": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "interestExpense": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "cashInterest": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "interestPayable": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "roic": { "unit": "percent", "kind": "ratio", "sign": "signed", "aggregation": "recompute" }, "roe": { "unit": "percent", "kind": "ratio", "sign": "signed", "aggregation": "recompute" }, "roa": { "unit": "percent", "kind": "ratio", "sign": "signed", "aggregation": "recompute" }, "ebitMargin": { "unit": "percent", "kind": "ratio", "sign": "signed", "aggregation": "recompute" }, "ebitdaMargin": { "unit": "percent", "kind": "ratio", "sign": "signed", "aggregation": "recompute" }, "fcfMargin": { "unit": "percent", "kind": "ratio", "sign": "signed", "aggregation": "recompute" }, "netDebt": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "leverage": { "unit": "multiple", "kind": "multiple", "sign": "signed", "aggregation": "recompute" }, "workingCapital": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "nwc": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "ccc": { "unit": "days", "kind": "ratio", "sign": "signed", "aggregation": "recompute" }, "currentRatio": { "unit": "multiple", "kind": "multiple", "sign": "signed", "aggregation": "recompute" }, "quickRatio": { "unit": "multiple", "kind": "multiple", "sign": "signed", "aggregation": "recompute" }, "beginningCash": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "first" }, "balanceCheck": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "investedCapital": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "purchases": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "equityIssued": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "buybacksOut": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "expense-negative", "aggregation": "sum" } }, "objects": [ { "id": "obj-1", "name": "Synthetic Product", "group": "revenue", "kind": "driver", "active": true, "periods": { "2027-01-01": { "values": { "value": 1000, "driverValue": 1000, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } }, "2028-01-01": { "values": { "value": 1100, "driverValue": 1100, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } }, "2029-01-01": { "values": { "value": 1200, "driverValue": 1200, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } }, "2030-01-01": { "values": { "value": 1300, "driverValue": 1300, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } }, "2031-01-01": { "values": { "value": 1400, "driverValue": 1400, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } } } }, { "id": "obj-2", "name": "Variable Cost", "group": "cogs", "kind": "driver", "active": true, "periods": { "2027-01-01": { "values": { "value": 500, "driverValue": 500, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } }, "2028-01-01": { "values": { "value": 550, "driverValue": 550, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } }, "2029-01-01": { "values": { "value": 600, "driverValue": 600, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } }, "2030-01-01": { "values": { "value": 650, "driverValue": 650, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } }, "2031-01-01": { "values": { "value": 700, "driverValue": 700, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } } } }, { "id": "obj-3", "name": "Fixed Opex", "group": "sga", "kind": "driver", "active": true, "periods": { "2027-01-01": { "values": { "value": 300, "driverValue": 300, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } }, "2028-01-01": { "values": { "value": 300, "driverValue": 300, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } }, "2029-01-01": { "values": { "value": 300, "driverValue": 300, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } }, "2030-01-01": { "values": { "value": 300, "driverValue": 300, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } }, "2031-01-01": { "values": { "value": 300, "driverValue": 300, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } } } } ], "adjusted": { "basis": "adjusted", "groups": [], "statements": { "2027-01-01": { "revenue": 1000, "growth": null, "grossMargin": 50, "sga": 0, "da": -20, "capex": 20, "dso": 0, "dio": 0, "dpo": 0, "debt": 100, "interestRate": 0, "taxRate": 25, "payout": 0, "cogs": -500, "grossProfit": 500, "otherOperatingIncome": 0, "sgaExpense": -300, "ebitda": 200, "ebit": 180, "interest": 0, "interestIncome": 0, "impairment": 0, "otherOperatingExpense": 0, "manualOtherNonCashExpense": 0, "ebt": 180, "tax": -45, "netIncome": 135, "ar": 0, "grossAR": 0, "impairmentAllowance": 0, "inventory": 0, "ap": 0, "otherCA": 0, "otherCL": 0, "nonCashProvision": 0, "changeAR": 0, "changeInventory": 0, "changeAP": 0, "changeOtherWC": 0, "daAddback": 20, "otherNonCash": 0, "operatingNonCash": 0, "nonOperatingReclassification": 0, "cfo": 155, "capexOut": -20, "disposalProceeds": 0, "otherOperatingCF": 0, "otherInvestingCF": 0, "otherFinancingCF": 0, "cfi": -20, "debtIssued": 0, "debtRepaid": 0, "revolver": 0, "fundingChange": 0, "dividendsOut": 0, "cff": 0, "cashChange": 135, "cash": 155, "ppe": 100, "otherNCA": 0, "otherNCL": 0, "currentAssets": 155, "assets": 255, "equity": 155, "shareCapital": 0, "retainedEarnings": 20, "currentYearNetIncome": 135, "dividends": 0, "liabilitiesEquity": 255, "fcf": 135, "totalCapex": 20, "collections": 1000, "suppliers": -500, "operatingPayments": -300, "interestPaid": 0, "taxPaid": -45, "taxExpense": 45, "cashTax": 45, "taxPayable": 0, "interestExpense": 0, "cashInterest": 0, "interestPayable": 0, "roic": 135, "roe": 154.2857142857143, "roa": null, "ebitMargin": 18, "ebitdaMargin": 20, "fcfMargin": 13.5, "netDebt": -55, "leverage": -0.275, "workingCapital": 155, "nwc": 0, "ccc": 0, "currentRatio": null, "quickRatio": null, "beginningCash": 20, "balanceCheck": 0, "investedCapital": 100, "purchases": 500, "equityIssued": 0, "buybacksOut": 0 }, "2028-01-01": { "revenue": 1100, "growth": 10.000000000000009, "grossMargin": 50, "sga": 0, "da": -20, "capex": 20, "dso": 0, "dio": 0, "dpo": 0, "debt": 100, "interestRate": 0, "taxRate": 25, "payout": 0, "cogs": -550, "grossProfit": 550, "otherOperatingIncome": 0, "sgaExpense": -300, "ebitda": 250, "ebit": 230, "interest": 0, "interestIncome": 0, "impairment": 0, "otherOperatingExpense": 0, "manualOtherNonCashExpense": 0, "ebt": 230, "tax": -57.5, "netIncome": 172.5, "ar": 0, "grossAR": 0, "impairmentAllowance": 0, "inventory": 0, "ap": 0, "otherCA": 0, "otherCL": 0, "nonCashProvision": 0, "changeAR": 0, "changeInventory": 0, "changeAP": 0, "changeOtherWC": 0, "daAddback": 20, "otherNonCash": 0, "operatingNonCash": 0, "nonOperatingReclassification": 0, "cfo": 192.5, "capexOut": -20, "disposalProceeds": 0, "otherOperatingCF": 0, "otherInvestingCF": 0, "otherFinancingCF": 0, "cfi": -20, "debtIssued": 0, "debtRepaid": 0, "revolver": 0, "fundingChange": 0, "dividendsOut": 0, "cff": 0, "cashChange": 172.5, "cash": 327.5, "ppe": 100, "otherNCA": 0, "otherNCL": 0, "currentAssets": 327.5, "assets": 427.5, "equity": 327.5, "shareCapital": 0, "retainedEarnings": 155, "currentYearNetIncome": 172.5, "dividends": 0, "liabilitiesEquity": 427.5, "fcf": 172.5, "totalCapex": 20, "collections": 1100, "suppliers": -550, "operatingPayments": -300, "interestPaid": 0, "taxPaid": -57.5, "taxExpense": 57.5, "cashTax": 57.5, "taxPayable": 0, "interestExpense": 0, "cashInterest": 0, "interestPayable": 0, "roic": 172.5, "roe": 71.50259067357513, "roa": 50.54945054945055, "ebitMargin": 20.909090909090907, "ebitdaMargin": 22.727272727272727, "fcfMargin": 15.681818181818183, "netDebt": -227.5, "leverage": -0.91, "workingCapital": 327.5, "nwc": 0, "ccc": 0, "currentRatio": null, "quickRatio": null, "beginningCash": 155, "balanceCheck": 0, "investedCapital": 100, "purchases": 550, "equityIssued": 0, "buybacksOut": 0 }, "2029-01-01": { "revenue": 1200, "growth": 9.090909090909083, "grossMargin": 50, "sga": 0, "da": -20, "capex": 20, "dso": 0, "dio": 0, "dpo": 0, "debt": 100, "interestRate": 0, "taxRate": 25, "payout": 0, "cogs": -600, "grossProfit": 600, "otherOperatingIncome": 0, "sgaExpense": -300, "ebitda": 300, "ebit": 280, "interest": 0, "interestIncome": 0, "impairment": 0, "otherOperatingExpense": 0, "manualOtherNonCashExpense": 0, "ebt": 280, "tax": -70, "netIncome": 210, "ar": 0, "grossAR": 0, "impairmentAllowance": 0, "inventory": 0, "ap": 0, "otherCA": 0, "otherCL": 0, "nonCashProvision": 0, "changeAR": 0, "changeInventory": 0, "changeAP": 0, "changeOtherWC": 0, "daAddback": 20, "otherNonCash": 0, "operatingNonCash": 0, "nonOperatingReclassification": 0, "cfo": 230, "capexOut": -20, "disposalProceeds": 0, "otherOperatingCF": 0, "otherInvestingCF": 0, "otherFinancingCF": 0, "cfi": -20, "debtIssued": 0, "debtRepaid": 0, "revolver": 0, "fundingChange": 0, "dividendsOut": 0, "cff": 0, "cashChange": 210, "cash": 537.5, "ppe": 100, "otherNCA": 0, "otherNCL": 0, "currentAssets": 537.5, "assets": 637.5, "equity": 537.5, "shareCapital": 0, "retainedEarnings": 327.5, "currentYearNetIncome": 210, "dividends": 0, "liabilitiesEquity": 637.5, "fcf": 210, "totalCapex": 20, "collections": 1200, "suppliers": -600, "operatingPayments": -300, "interestPaid": 0, "taxPaid": -70, "taxExpense": 70, "cashTax": 70, "taxPayable": 0, "interestExpense": 0, "cashInterest": 0, "interestPayable": 0, "roic": 210, "roe": 48.554913294797686, "roa": 39.436619718309856, "ebitMargin": 23.333333333333332, "ebitdaMargin": 25, "fcfMargin": 17.5, "netDebt": -437.5, "leverage": -1.4583333333333333, "workingCapital": 537.5, "nwc": 0, "ccc": 0, "currentRatio": null, "quickRatio": null, "beginningCash": 327.5, "balanceCheck": 0, "investedCapital": 100, "purchases": 600, "equityIssued": 0, "buybacksOut": 0 }, "2030-01-01": { "revenue": 1300, "growth": 8.333333333333325, "grossMargin": 50, "sga": 0, "da": -20, "capex": 20, "dso": 0, "dio": 0, "dpo": 0, "debt": 100, "interestRate": 0, "taxRate": 25, "payout": 0, "cogs": -650, "grossProfit": 650, "otherOperatingIncome": 0, "sgaExpense": -300, "ebitda": 350, "ebit": 330, "interest": 0, "interestIncome": 0, "impairment": 0, "otherOperatingExpense": 0, "manualOtherNonCashExpense": 0, "ebt": 330, "tax": -82.5, "netIncome": 247.5, "ar": 0, "grossAR": 0, "impairmentAllowance": 0, "inventory": 0, "ap": 0, "otherCA": 0, "otherCL": 0, "nonCashProvision": 0, "changeAR": 0, "changeInventory": 0, "changeAP": 0, "changeOtherWC": 0, "daAddback": 20, "otherNonCash": 0, "operatingNonCash": 0, "nonOperatingReclassification": 0, "cfo": 267.5, "capexOut": -20, "disposalProceeds": 0, "otherOperatingCF": 0, "otherInvestingCF": 0, "otherFinancingCF": 0, "cfi": -20, "debtIssued": 0, "debtRepaid": 0, "revolver": 0, "fundingChange": 0, "dividendsOut": 0, "cff": 0, "cashChange": 247.5, "cash": 785, "ppe": 100, "otherNCA": 0, "otherNCL": 0, "currentAssets": 785, "assets": 885, "equity": 785, "shareCapital": 0, "retainedEarnings": 537.5, "currentYearNetIncome": 247.5, "dividends": 0, "liabilitiesEquity": 885, "fcf": 247.5, "totalCapex": 20, "collections": 1300, "suppliers": -650, "operatingPayments": -300, "interestPaid": 0, "taxPaid": -82.5, "taxExpense": 82.5, "cashTax": 82.5, "taxPayable": 0, "interestExpense": 0, "cashInterest": 0, "interestPayable": 0, "roic": 247.5, "roe": 37.42911153119093, "roa": 32.51231527093596, "ebitMargin": 25.384615384615383, "ebitdaMargin": 26.923076923076923, "fcfMargin": 19.038461538461537, "netDebt": -685, "leverage": -1.957142857142857, "workingCapital": 785, "nwc": 0, "ccc": 0, "currentRatio": null, "quickRatio": null, "beginningCash": 537.5, "balanceCheck": 0, "investedCapital": 100, "purchases": 650, "equityIssued": 0, "buybacksOut": 0 }, "2031-01-01": { "revenue": 1400, "growth": 7.692307692307687, "grossMargin": 50, "sga": 0, "da": -20, "capex": 20, "dso": 0, "dio": 0, "dpo": 0, "debt": 100, "interestRate": 0, "taxRate": 25, "payout": 0, "cogs": -700, "grossProfit": 700, "otherOperatingIncome": 0, "sgaExpense": -300, "ebitda": 400, "ebit": 380, "interest": 0, "interestIncome": 0, "impairment": 0, "otherOperatingExpense": 0, "manualOtherNonCashExpense": 0, "ebt": 380, "tax": -95, "netIncome": 285, "ar": 0, "grossAR": 0, "impairmentAllowance": 0, "inventory": 0, "ap": 0, "otherCA": 0, "otherCL": 0, "nonCashProvision": 0, "changeAR": 0, "changeInventory": 0, "changeAP": 0, "changeOtherWC": 0, "daAddback": 20, "otherNonCash": 0, "operatingNonCash": 0, "nonOperatingReclassification": 0, "cfo": 305, "capexOut": -20, "disposalProceeds": 0, "otherOperatingCF": 0, "otherInvestingCF": 0, "otherFinancingCF": 0, "cfi": -20, "debtIssued": 0, "debtRepaid": 0, "revolver": 0, "fundingChange": 0, "dividendsOut": 0, "cff": 0, "cashChange": 285, "cash": 1070, "ppe": 100, "otherNCA": 0, "otherNCL": 0, "currentAssets": 1070, "assets": 1170, "equity": 1070, "shareCapital": 0, "retainedEarnings": 785, "currentYearNetIncome": 285, "dividends": 0, "liabilitiesEquity": 1170, "fcf": 285, "totalCapex": 20, "collections": 1400, "suppliers": -700, "operatingPayments": -300, "interestPaid": 0, "taxPaid": -95, "taxExpense": 95, "cashTax": 95, "taxPayable": 0, "interestExpense": 0, "cashInterest": 0, "interestPayable": 0, "roic": 285, "roe": 30.727762803234505, "roa": 27.73722627737226, "ebitMargin": 27.142857142857142, "ebitdaMargin": 28.57142857142857, "fcfMargin": 20.357142857142858, "netDebt": -970, "leverage": -2.425, "workingCapital": 1070, "nwc": 0, "ccc": 0, "currentRatio": null, "quickRatio": null, "beginningCash": 785, "balanceCheck": 0, "investedCapital": 100, "purchases": 700, "equityIssued": 0, "buybacksOut": 0 } } }, "analysis": { "outputs": { "valuation.dcf.pg.ev": { "value": 3024.5567425136755, "unit": "currency", "dependencies": [ "dcf.assumptions", "model.periods", "adjustments.groups" ] }, "valuation.dcf.pg.equity": { "value": 2944.5567425136755, "unit": "currency", "dependencies": [ "dcf.assumptions", "model.periods", "adjustments.groups" ] }, "valuation.dcf.pg.perShare": { "value": null, "unit": "currency/share", "dependencies": [ "dcf.assumptions", "model.periods", "adjustments.groups" ] }, "valuation.dcf.exit.ev": { "value": null, "unit": "currency", "dependencies": [ "dcf.assumptions", "model.periods", "adjustments.groups" ] }, "valuation.dcf.exit.equity": { "value": null, "unit": "currency", "dependencies": [ "dcf.assumptions", "model.periods", "adjustments.groups" ] }, "valuation.dcf.exit.perShare": { "value": null, "unit": "currency/share", "dependencies": [ "dcf.assumptions", "model.periods", "adjustments.groups" ] }, "valuation.lbo.irr": { "value": null, "unit": "percent", "dependencies": [ "lbo.assumptions", "model.periods", "adjustments.groups" ] }, "valuation.lbo.moic": { "value": null, "unit": "multiple", "dependencies": [ "lbo.assumptions", "model.periods", "adjustments.groups" ] }, "valuation.lbo.sponsor": { "value": null, "unit": "currency", "dependencies": [ "lbo.assumptions", "model.periods", "adjustments.groups" ] }, "valuation.lbo.proceeds": { "value": null, "unit": "currency", "dependencies": [ "lbo.assumptions", "model.periods", "adjustments.groups" ] }, "valuation.lbo.entryEV": { "value": null, "unit": "currency", "dependencies": [ "lbo.assumptions", "model.periods", "adjustments.groups" ] }, "valuation.lbo.exitEV": { "value": null, "unit": "currency", "dependencies": [ "lbo.assumptions", "model.periods", "adjustments.groups" ] } }, "operators": { "dcf": { "domain": "value", "basis": "reported", "groups": null, "error": null, "outputs": [ { "id": "dcf.pg", "label": "DCF – Perpetuity growth", "low": { "ev": 2210.6992957876873, "equity": 2130.6992957876873, "perShare": null, "adjustment": -80, "items": { "cash": 20, "grossDebt": 100, "leases": 0, "minority": 0, "pension": 0, "nonOperatingAssets": 0, "investments": 0, "other": 0, "shares": null } }, "mid": { "ev": 3024.5567425136755, "equity": 2944.5567425136755, "perShare": null, "adjustment": -80, "items": { "cash": 20, "grossDebt": 100, "leases": 0, "minority": 0, "pension": 0, "nonOperatingAssets": 0, "investments": 0, "other": 0, "shares": null } }, "high": { "ev": 4810.171424617943, "equity": 4730.171424617943, "perShare": null, "adjustment": -80, "items": { "cash": 20, "grossDebt": 100, "leases": 0, "minority": 0, "pension": 0, "nonOperatingAssets": 0, "investments": 0, "other": 0, "shares": null } }, "dependencies": [ "dcf.assumptions", "model.periods", "adjustments.groups" ] }, { "id": "dcf.exit", "label": "DCF – Exit multiple", "low": null, "mid": null, "high": null, "dependencies": [ "dcf.assumptions", "model.periods", "adjustments.groups" ] } ], "rows": [ { "year": 2027, "ebit": 180, "taxes": 45, "nopat": 135, "da": 20, "capex": 20, "changeNWC": 0, "other": 0, "fcff": 135, "stub": 1, "time": 1.0027397260273974, "discountFactor": 0.9088535548268737, "cashFlow": 135, "pv": 122.69522990162795 }, { "year": 2028, "ebit": 230, "taxes": 57.5, "nopat": 172.5, "da": 20, "capex": 20, "changeNWC": 0, "other": 0, "fcff": 172.5, "stub": 1, "time": 2.0027397260273974, "discountFactor": 0.826230504388067, "cashFlow": 172.5, "pv": 142.52476200694156 }, { "year": 2029, "ebit": 280, "taxes": 70, "nopat": 210, "da": 20, "capex": 20, "changeNWC": 0, "other": 0, "fcff": 210, "stub": 1, "time": 3.0027397260273974, "discountFactor": 0.7511186403527881, "cashFlow": 210, "pv": 157.73491447408549 }, { "year": 2030, "ebit": 330, "taxes": 82.5, "nopat": 247.5, "da": 20, "capex": 20, "changeNWC": 0, "other": 0, "fcff": 247.5, "stub": 1, "time": 4.002739726027397, "discountFactor": 0.6828351275934437, "cashFlow": 247.5, "pv": 169.0016940793773 }, { "year": 2031, "ebit": 380, "taxes": 95, "nopat": 285, "da": 20, "capex": 20, "changeNWC": 0, "other": 0, "fcff": 285, "stub": 1, "time": 5.002739726027397, "discountFactor": 0.6207592069031306, "cashFlow": 285, "pv": 176.91637396739222 } ], "values": { "terminalMetric": 400, "pvFCFF": 768.8729744294245, "pgTV": 3633.75, "exitTV": null, "terminalTime": 5.002739726027397, "impliedMultiple": 9.084375, "impliedGrowth": null } } }, "summary": null }, "tools": { "version": 1, "active": { "model.annual": true, "model.quarterly": false, "model.monthly": false, "model.weekly": false, "value.dcf": true, "value.comps": false, "value.precedents": false, "value.summary": false, "deals.lbo": false } }, "resolution": { "version": 1, "branches": {} } }, { "id": "upside", "name": "Upside", "currency": "EUR", "moneyScale": 1, "periods": [ { "id": "2027-01-01", "start": "2027-01-01", "end": "2028-01-01", "kind": "forecast", "frequency": "annual", "year": 2027, "months": 12, "days": 365, "durationDays": 365, "yearFraction": 1, "dayCountBasis": "ACT/ACT", "rateBasis": "annualized", "fiscalYear": 2027, "fiscalQuarter": 1, "fiscalStart": "2027-01-01", "fiscalEnd": "2028-01-01", "fiscalYearEnd": { "month": 12, "day": 31 }, "fiscalStartMonth": 1, "label": "2027E" }, { "id": "2028-01-01", "start": "2028-01-01", "end": "2029-01-01", "kind": "forecast", "frequency": "annual", "year": 2028, "months": 12, "days": 366, "durationDays": 366, "yearFraction": 1, "dayCountBasis": "ACT/ACT", "rateBasis": "annualized", "fiscalYear": 2028, "fiscalQuarter": 1, "fiscalStart": "2028-01-01", "fiscalEnd": "2029-01-01", "fiscalYearEnd": { "month": 12, "day": 31 }, "fiscalStartMonth": 1, "label": "2028E" }, { "id": "2029-01-01", "start": "2029-01-01", "end": "2030-01-01", "kind": "forecast", "frequency": "annual", "year": 2029, "months": 12, "days": 365, "durationDays": 365, "yearFraction": 1, "dayCountBasis": "ACT/ACT", "rateBasis": "annualized", "fiscalYear": 2029, "fiscalQuarter": 1, "fiscalStart": "2029-01-01", "fiscalEnd": "2030-01-01", "fiscalYearEnd": { "month": 12, "day": 31 }, "fiscalStartMonth": 1, "label": "2029E" }, { "id": "2030-01-01", "start": "2030-01-01", "end": "2031-01-01", "kind": "forecast", "frequency": "annual", "year": 2030, "months": 12, "days": 365, "durationDays": 365, "yearFraction": 1, "dayCountBasis": "ACT/ACT", "rateBasis": "annualized", "fiscalYear": 2030, "fiscalQuarter": 1, "fiscalStart": "2030-01-01", "fiscalEnd": "2031-01-01", "fiscalYearEnd": { "month": 12, "day": 31 }, "fiscalStartMonth": 1, "label": "2030E" }, { "id": "2031-01-01", "start": "2031-01-01", "end": "2032-01-01", "kind": "forecast", "frequency": "annual", "year": 2031, "months": 12, "days": 365, "durationDays": 365, "yearFraction": 1, "dayCountBasis": "ACT/ACT", "rateBasis": "annualized", "fiscalYear": 2031, "fiscalQuarter": 1, "fiscalStart": "2031-01-01", "fiscalEnd": "2032-01-01", "fiscalYearEnd": { "month": 12, "day": 31 }, "fiscalStartMonth": 1, "label": "2031E" } ], "opening": { "cash": 20, "debt": 100, "revolver": 0, "revenue": 0, "ar": 0, "inventory": 0, "otherCA": 0, "ppe": 100, "otherNCA": 0, "ap": 0, "otherCL": 0, "otherNCL": 0, "equity": 20 }, "breakdown": {}, "statements": { "2027-01-01": { "revenue": 1000, "growth": null, "grossMargin": 50, "sga": 0, "da": -20, "capex": 20, "dso": 0, "dio": 0, "dpo": 0, "debt": 100, "interestRate": 0, "taxRate": 25, "payout": 0, "cogs": -500, "grossProfit": 500, "otherOperatingIncome": 0, "sgaExpense": -300, "ebitda": 200, "ebit": 180, "interest": 0, "interestIncome": 0, "impairment": 0, "otherOperatingExpense": 0, "manualOtherNonCashExpense": 0, "ebt": 180, "tax": -45, "netIncome": 135, "ar": 0, "grossAR": 0, "impairmentAllowance": 0, "inventory": 0, "ap": 0, "otherCA": 0, "otherCL": 0, "nonCashProvision": 0, "changeAR": 0, "changeInventory": 0, "changeAP": 0, "changeOtherWC": 0, "daAddback": 20, "otherNonCash": 0, "operatingNonCash": 0, "nonOperatingReclassification": 0, "cfo": 155, "capexOut": -20, "disposalProceeds": 0, "otherOperatingCF": 0, "otherInvestingCF": 0, "otherFinancingCF": 0, "cfi": -20, "debtIssued": 0, "debtRepaid": 0, "revolver": 0, "fundingChange": 0, "dividendsOut": 0, "cff": 0, "cashChange": 135, "cash": 155, "ppe": 100, "otherNCA": 0, "otherNCL": 0, "currentAssets": 155, "assets": 255, "equity": 155, "shareCapital": 0, "retainedEarnings": 20, "currentYearNetIncome": 135, "dividends": 0, "liabilitiesEquity": 255, "fcf": 135, "totalCapex": 20, "collections": 1000, "suppliers": -500, "operatingPayments": -300, "interestPaid": 0, "taxPaid": -45, "taxExpense": 45, "cashTax": 45, "taxPayable": 0, "interestExpense": 0, "cashInterest": 0, "interestPayable": 0, "roic": 135, "roe": 154.2857142857143, "roa": null, "ebitMargin": 18, "ebitdaMargin": 20, "fcfMargin": 13.5, "netDebt": -55, "leverage": -0.275, "workingCapital": 155, "nwc": 0, "ccc": 0, "currentRatio": null, "quickRatio": null, "beginningCash": 20, "balanceCheck": 0, "investedCapital": 100, "purchases": 500, "equityIssued": 0, "buybacksOut": 0 }, "2028-01-01": { "revenue": 1100, "growth": 10.000000000000009, "grossMargin": 50, "sga": 0, "da": -20, "capex": 20, "dso": 0, "dio": 0, "dpo": 0, "debt": 100, "interestRate": 0, "taxRate": 25, "payout": 0, "cogs": -550, "grossProfit": 550, "otherOperatingIncome": 0, "sgaExpense": -300, "ebitda": 250, "ebit": 230, "interest": 0, "interestIncome": 0, "impairment": 0, "otherOperatingExpense": 0, "manualOtherNonCashExpense": 0, "ebt": 230, "tax": -57.5, "netIncome": 172.5, "ar": 0, "grossAR": 0, "impairmentAllowance": 0, "inventory": 0, "ap": 0, "otherCA": 0, "otherCL": 0, "nonCashProvision": 0, "changeAR": 0, "changeInventory": 0, "changeAP": 0, "changeOtherWC": 0, "daAddback": 20, "otherNonCash": 0, "operatingNonCash": 0, "nonOperatingReclassification": 0, "cfo": 192.5, "capexOut": -20, "disposalProceeds": 0, "otherOperatingCF": 0, "otherInvestingCF": 0, "otherFinancingCF": 0, "cfi": -20, "debtIssued": 0, "debtRepaid": 0, "revolver": 0, "fundingChange": 0, "dividendsOut": 0, "cff": 0, "cashChange": 172.5, "cash": 327.5, "ppe": 100, "otherNCA": 0, "otherNCL": 0, "currentAssets": 327.5, "assets": 427.5, "equity": 327.5, "shareCapital": 0, "retainedEarnings": 155, "currentYearNetIncome": 172.5, "dividends": 0, "liabilitiesEquity": 427.5, "fcf": 172.5, "totalCapex": 20, "collections": 1100, "suppliers": -550, "operatingPayments": -300, "interestPaid": 0, "taxPaid": -57.5, "taxExpense": 57.5, "cashTax": 57.5, "taxPayable": 0, "interestExpense": 0, "cashInterest": 0, "interestPayable": 0, "roic": 172.5, "roe": 71.50259067357513, "roa": 50.54945054945055, "ebitMargin": 20.909090909090907, "ebitdaMargin": 22.727272727272727, "fcfMargin": 15.681818181818183, "netDebt": -227.5, "leverage": -0.91, "workingCapital": 327.5, "nwc": 0, "ccc": 0, "currentRatio": null, "quickRatio": null, "beginningCash": 155, "balanceCheck": 0, "investedCapital": 100, "purchases": 550, "equityIssued": 0, "buybacksOut": 0 }, "2029-01-01": { "revenue": 1200, "growth": 9.090909090909083, "grossMargin": 50, "sga": 0, "da": -20, "capex": 20, "dso": 0, "dio": 0, "dpo": 0, "debt": 100, "interestRate": 0, "taxRate": 25, "payout": 0, "cogs": -600, "grossProfit": 600, "otherOperatingIncome": 0, "sgaExpense": -300, "ebitda": 300, "ebit": 280, "interest": 0, "interestIncome": 0, "impairment": 0, "otherOperatingExpense": 0, "manualOtherNonCashExpense": 0, "ebt": 280, "tax": -70, "netIncome": 210, "ar": 0, "grossAR": 0, "impairmentAllowance": 0, "inventory": 0, "ap": 0, "otherCA": 0, "otherCL": 0, "nonCashProvision": 0, "changeAR": 0, "changeInventory": 0, "changeAP": 0, "changeOtherWC": 0, "daAddback": 20, "otherNonCash": 0, "operatingNonCash": 0, "nonOperatingReclassification": 0, "cfo": 230, "capexOut": -20, "disposalProceeds": 0, "otherOperatingCF": 0, "otherInvestingCF": 0, "otherFinancingCF": 0, "cfi": -20, "debtIssued": 0, "debtRepaid": 0, "revolver": 0, "fundingChange": 0, "dividendsOut": 0, "cff": 0, "cashChange": 210, "cash": 537.5, "ppe": 100, "otherNCA": 0, "otherNCL": 0, "currentAssets": 537.5, "assets": 637.5, "equity": 537.5, "shareCapital": 0, "retainedEarnings": 327.5, "currentYearNetIncome": 210, "dividends": 0, "liabilitiesEquity": 637.5, "fcf": 210, "totalCapex": 20, "collections": 1200, "suppliers": -600, "operatingPayments": -300, "interestPaid": 0, "taxPaid": -70, "taxExpense": 70, "cashTax": 70, "taxPayable": 0, "interestExpense": 0, "cashInterest": 0, "interestPayable": 0, "roic": 210, "roe": 48.554913294797686, "roa": 39.436619718309856, "ebitMargin": 23.333333333333332, "ebitdaMargin": 25, "fcfMargin": 17.5, "netDebt": -437.5, "leverage": -1.4583333333333333, "workingCapital": 537.5, "nwc": 0, "ccc": 0, "currentRatio": null, "quickRatio": null, "beginningCash": 327.5, "balanceCheck": 0, "investedCapital": 100, "purchases": 600, "equityIssued": 0, "buybacksOut": 0 }, "2030-01-01": { "revenue": 1300, "growth": 8.333333333333325, "grossMargin": 50, "sga": 0, "da": -20, "capex": 20, "dso": 0, "dio": 0, "dpo": 0, "debt": 100, "interestRate": 0, "taxRate": 25, "payout": 0, "cogs": -650, "grossProfit": 650, "otherOperatingIncome": 0, "sgaExpense": -300, "ebitda": 350, "ebit": 330, "interest": 0, "interestIncome": 0, "impairment": 0, "otherOperatingExpense": 0, "manualOtherNonCashExpense": 0, "ebt": 330, "tax": -82.5, "netIncome": 247.5, "ar": 0, "grossAR": 0, "impairmentAllowance": 0, "inventory": 0, "ap": 0, "otherCA": 0, "otherCL": 0, "nonCashProvision": 0, "changeAR": 0, "changeInventory": 0, "changeAP": 0, "changeOtherWC": 0, "daAddback": 20, "otherNonCash": 0, "operatingNonCash": 0, "nonOperatingReclassification": 0, "cfo": 267.5, "capexOut": -20, "disposalProceeds": 0, "otherOperatingCF": 0, "otherInvestingCF": 0, "otherFinancingCF": 0, "cfi": -20, "debtIssued": 0, "debtRepaid": 0, "revolver": 0, "fundingChange": 0, "dividendsOut": 0, "cff": 0, "cashChange": 247.5, "cash": 785, "ppe": 100, "otherNCA": 0, "otherNCL": 0, "currentAssets": 785, "assets": 885, "equity": 785, "shareCapital": 0, "retainedEarnings": 537.5, "currentYearNetIncome": 247.5, "dividends": 0, "liabilitiesEquity": 885, "fcf": 247.5, "totalCapex": 20, "collections": 1300, "suppliers": -650, "operatingPayments": -300, "interestPaid": 0, "taxPaid": -82.5, "taxExpense": 82.5, "cashTax": 82.5, "taxPayable": 0, "interestExpense": 0, "cashInterest": 0, "interestPayable": 0, "roic": 247.5, "roe": 37.42911153119093, "roa": 32.51231527093596, "ebitMargin": 25.384615384615383, "ebitdaMargin": 26.923076923076923, "fcfMargin": 19.038461538461537, "netDebt": -685, "leverage": -1.957142857142857, "workingCapital": 785, "nwc": 0, "ccc": 0, "currentRatio": null, "quickRatio": null, "beginningCash": 537.5, "balanceCheck": 0, "investedCapital": 100, "purchases": 650, "equityIssued": 0, "buybacksOut": 0 }, "2031-01-01": { "revenue": 1400, "growth": 7.692307692307687, "grossMargin": 50, "sga": 0, "da": -20, "capex": 20, "dso": 0, "dio": 0, "dpo": 0, "debt": 100, "interestRate": 0, "taxRate": 25, "payout": 0, "cogs": -700, "grossProfit": 700, "otherOperatingIncome": 0, "sgaExpense": -300, "ebitda": 400, "ebit": 380, "interest": 0, "interestIncome": 0, "impairment": 0, "otherOperatingExpense": 0, "manualOtherNonCashExpense": 0, "ebt": 380, "tax": -95, "netIncome": 285, "ar": 0, "grossAR": 0, "impairmentAllowance": 0, "inventory": 0, "ap": 0, "otherCA": 0, "otherCL": 0, "nonCashProvision": 0, "changeAR": 0, "changeInventory": 0, "changeAP": 0, "changeOtherWC": 0, "daAddback": 20, "otherNonCash": 0, "operatingNonCash": 0, "nonOperatingReclassification": 0, "cfo": 305, "capexOut": -20, "disposalProceeds": 0, "otherOperatingCF": 0, "otherInvestingCF": 0, "otherFinancingCF": 0, "cfi": -20, "debtIssued": 0, "debtRepaid": 0, "revolver": 0, "fundingChange": 0, "dividendsOut": 0, "cff": 0, "cashChange": 285, "cash": 1070, "ppe": 100, "otherNCA": 0, "otherNCL": 0, "currentAssets": 1070, "assets": 1170, "equity": 1070, "shareCapital": 0, "retainedEarnings": 785, "currentYearNetIncome": 285, "dividends": 0, "liabilitiesEquity": 1170, "fcf": 285, "totalCapex": 20, "collections": 1400, "suppliers": -700, "operatingPayments": -300, "interestPaid": 0, "taxPaid": -95, "taxExpense": 95, "cashTax": 95, "taxPayable": 0, "interestExpense": 0, "cashInterest": 0, "interestPayable": 0, "roic": 285, "roe": 30.727762803234505, "roa": 27.73722627737226, "ebitMargin": 27.142857142857142, "ebitdaMargin": 28.57142857142857, "fcfMargin": 20.357142857142858, "netDebt": -970, "leverage": -2.425, "workingCapital": 1070, "nwc": 0, "ccc": 0, "currentRatio": null, "quickRatio": null, "beginningCash": 785, "balanceCheck": 0, "investedCapital": 100, "purchases": 700, "equityIssued": 0, "buybacksOut": 0 } }, "statementUnits": { "revenue": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "growth": { "unit": "percent", "kind": "rate", "sign": "signed", "aggregation": "weighted" }, "grossMargin": { "unit": "percent", "kind": "ratio", "sign": "signed", "aggregation": "recompute" }, "sga": { "unit": "percent", "kind": "rate", "sign": "signed", "aggregation": "weighted" }, "da": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "expense-negative", "aggregation": "sum" }, "capex": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "dso": { "unit": "days", "kind": "ratio", "sign": "signed", "aggregation": "recompute" }, "dio": { "unit": "days", "kind": "ratio", "sign": "signed", "aggregation": "recompute" }, "dpo": { "unit": "days", "kind": "ratio", "sign": "signed", "aggregation": "recompute" }, "debt": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "interestRate": { "unit": "percent", "kind": "rate", "sign": "signed", "aggregation": "weighted" }, "taxRate": { "unit": "percent", "kind": "rate", "sign": "signed", "aggregation": "weighted" }, "payout": { "unit": "percent", "kind": "rate", "sign": "signed", "aggregation": "weighted" }, "cogs": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "expense-negative", "aggregation": "sum" }, "grossProfit": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "otherOperatingIncome": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "sgaExpense": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "expense-negative", "aggregation": "sum" }, "ebitda": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "ebit": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "interest": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "expense-negative", "aggregation": "sum" }, "interestIncome": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "impairment": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "expense-negative", "aggregation": "sum" }, "otherOperatingExpense": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "expense-negative", "aggregation": "sum" }, "manualOtherNonCashExpense": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "expense-negative", "aggregation": "sum" }, "ebt": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "tax": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "expense-negative", "aggregation": "sum" }, "netIncome": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "ar": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "grossAR": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "impairmentAllowance": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "inventory": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "ap": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "otherCA": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "otherCL": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "nonCashProvision": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "changeAR": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "changeInventory": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "changeAP": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "changeOtherWC": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "daAddback": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "otherNonCash": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "operatingNonCash": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "nonOperatingReclassification": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "cfo": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "capexOut": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "expense-negative", "aggregation": "sum" }, "disposalProceeds": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "otherOperatingCF": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "otherInvestingCF": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "otherFinancingCF": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "cfi": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "debtIssued": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "debtRepaid": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "revolver": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "fundingChange": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "dividendsOut": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "expense-negative", "aggregation": "sum" }, "cff": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "cashChange": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "cash": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "ppe": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "otherNCA": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "otherNCL": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "currentAssets": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "assets": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "equity": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "shareCapital": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "retainedEarnings": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "currentYearNetIncome": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "dividends": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "liabilitiesEquity": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "fcf": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "totalCapex": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "collections": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "suppliers": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "operatingPayments": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "interestPaid": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "taxPaid": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "taxExpense": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "cashTax": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "taxPayable": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "interestExpense": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "cashInterest": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "interestPayable": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "roic": { "unit": "percent", "kind": "ratio", "sign": "signed", "aggregation": "recompute" }, "roe": { "unit": "percent", "kind": "ratio", "sign": "signed", "aggregation": "recompute" }, "roa": { "unit": "percent", "kind": "ratio", "sign": "signed", "aggregation": "recompute" }, "ebitMargin": { "unit": "percent", "kind": "ratio", "sign": "signed", "aggregation": "recompute" }, "ebitdaMargin": { "unit": "percent", "kind": "ratio", "sign": "signed", "aggregation": "recompute" }, "fcfMargin": { "unit": "percent", "kind": "ratio", "sign": "signed", "aggregation": "recompute" }, "netDebt": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "leverage": { "unit": "multiple", "kind": "multiple", "sign": "signed", "aggregation": "recompute" }, "workingCapital": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "nwc": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "ccc": { "unit": "days", "kind": "ratio", "sign": "signed", "aggregation": "recompute" }, "currentRatio": { "unit": "multiple", "kind": "multiple", "sign": "signed", "aggregation": "recompute" }, "quickRatio": { "unit": "multiple", "kind": "multiple", "sign": "signed", "aggregation": "recompute" }, "beginningCash": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "first" }, "balanceCheck": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "investedCapital": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "purchases": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "equityIssued": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "buybacksOut": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "expense-negative", "aggregation": "sum" } }, "objects": [ { "id": "obj-1", "name": "Synthetic Product", "group": "revenue", "kind": "driver", "active": true, "periods": { "2027-01-01": { "values": { "value": 1000, "driverValue": 1000, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } }, "2028-01-01": { "values": { "value": 1100, "driverValue": 1100, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } }, "2029-01-01": { "values": { "value": 1200, "driverValue": 1200, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } }, "2030-01-01": { "values": { "value": 1300, "driverValue": 1300, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } }, "2031-01-01": { "values": { "value": 1400, "driverValue": 1400, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } } } }, { "id": "obj-2", "name": "Variable Cost", "group": "cogs", "kind": "driver", "active": true, "periods": { "2027-01-01": { "values": { "value": 500, "driverValue": 500, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } }, "2028-01-01": { "values": { "value": 550, "driverValue": 550, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } }, "2029-01-01": { "values": { "value": 600, "driverValue": 600, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } }, "2030-01-01": { "values": { "value": 650, "driverValue": 650, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } }, "2031-01-01": { "values": { "value": 700, "driverValue": 700, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } } } }, { "id": "obj-3", "name": "Fixed Opex", "group": "sga", "kind": "driver", "active": true, "periods": { "2027-01-01": { "values": { "value": 300, "driverValue": 300, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } }, "2028-01-01": { "values": { "value": 300, "driverValue": 300, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } }, "2029-01-01": { "values": { "value": 300, "driverValue": 300, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } }, "2030-01-01": { "values": { "value": 300, "driverValue": 300, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } }, "2031-01-01": { "values": { "value": 300, "driverValue": 300, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } } } } ], "adjusted": { "basis": "adjusted", "groups": [], "statements": { "2027-01-01": { "revenue": 1000, "growth": null, "grossMargin": 50, "sga": 0, "da": -20, "capex": 20, "dso": 0, "dio": 0, "dpo": 0, "debt": 100, "interestRate": 0, "taxRate": 25, "payout": 0, "cogs": -500, "grossProfit": 500, "otherOperatingIncome": 0, "sgaExpense": -300, "ebitda": 200, "ebit": 180, "interest": 0, "interestIncome": 0, "impairment": 0, "otherOperatingExpense": 0, "manualOtherNonCashExpense": 0, "ebt": 180, "tax": -45, "netIncome": 135, "ar": 0, "grossAR": 0, "impairmentAllowance": 0, "inventory": 0, "ap": 0, "otherCA": 0, "otherCL": 0, "nonCashProvision": 0, "changeAR": 0, "changeInventory": 0, "changeAP": 0, "changeOtherWC": 0, "daAddback": 20, "otherNonCash": 0, "operatingNonCash": 0, "nonOperatingReclassification": 0, "cfo": 155, "capexOut": -20, "disposalProceeds": 0, "otherOperatingCF": 0, "otherInvestingCF": 0, "otherFinancingCF": 0, "cfi": -20, "debtIssued": 0, "debtRepaid": 0, "revolver": 0, "fundingChange": 0, "dividendsOut": 0, "cff": 0, "cashChange": 135, "cash": 155, "ppe": 100, "otherNCA": 0, "otherNCL": 0, "currentAssets": 155, "assets": 255, "equity": 155, "shareCapital": 0, "retainedEarnings": 20, "currentYearNetIncome": 135, "dividends": 0, "liabilitiesEquity": 255, "fcf": 135, "totalCapex": 20, "collections": 1000, "suppliers": -500, "operatingPayments": -300, "interestPaid": 0, "taxPaid": -45, "taxExpense": 45, "cashTax": 45, "taxPayable": 0, "interestExpense": 0, "cashInterest": 0, "interestPayable": 0, "roic": 135, "roe": 154.2857142857143, "roa": null, "ebitMargin": 18, "ebitdaMargin": 20, "fcfMargin": 13.5, "netDebt": -55, "leverage": -0.275, "workingCapital": 155, "nwc": 0, "ccc": 0, "currentRatio": null, "quickRatio": null, "beginningCash": 20, "balanceCheck": 0, "investedCapital": 100, "purchases": 500, "equityIssued": 0, "buybacksOut": 0 }, "2028-01-01": { "revenue": 1100, "growth": 10.000000000000009, "grossMargin": 50, "sga": 0, "da": -20, "capex": 20, "dso": 0, "dio": 0, "dpo": 0, "debt": 100, "interestRate": 0, "taxRate": 25, "payout": 0, "cogs": -550, "grossProfit": 550, "otherOperatingIncome": 0, "sgaExpense": -300, "ebitda": 250, "ebit": 230, "interest": 0, "interestIncome": 0, "impairment": 0, "otherOperatingExpense": 0, "manualOtherNonCashExpense": 0, "ebt": 230, "tax": -57.5, "netIncome": 172.5, "ar": 0, "grossAR": 0, "impairmentAllowance": 0, "inventory": 0, "ap": 0, "otherCA": 0, "otherCL": 0, "nonCashProvision": 0, "changeAR": 0, "changeInventory": 0, "changeAP": 0, "changeOtherWC": 0, "daAddback": 20, "otherNonCash": 0, "operatingNonCash": 0, "nonOperatingReclassification": 0, "cfo": 192.5, "capexOut": -20, "disposalProceeds": 0, "otherOperatingCF": 0, "otherInvestingCF": 0, "otherFinancingCF": 0, "cfi": -20, "debtIssued": 0, "debtRepaid": 0, "revolver": 0, "fundingChange": 0, "dividendsOut": 0, "cff": 0, "cashChange": 172.5, "cash": 327.5, "ppe": 100, "otherNCA": 0, "otherNCL": 0, "currentAssets": 327.5, "assets": 427.5, "equity": 327.5, "shareCapital": 0, "retainedEarnings": 155, "currentYearNetIncome": 172.5, "dividends": 0, "liabilitiesEquity": 427.5, "fcf": 172.5, "totalCapex": 20, "collections": 1100, "suppliers": -550, "operatingPayments": -300, "interestPaid": 0, "taxPaid": -57.5, "taxExpense": 57.5, "cashTax": 57.5, "taxPayable": 0, "interestExpense": 0, "cashInterest": 0, "interestPayable": 0, "roic": 172.5, "roe": 71.50259067357513, "roa": 50.54945054945055, "ebitMargin": 20.909090909090907, "ebitdaMargin": 22.727272727272727, "fcfMargin": 15.681818181818183, "netDebt": -227.5, "leverage": -0.91, "workingCapital": 327.5, "nwc": 0, "ccc": 0, "currentRatio": null, "quickRatio": null, "beginningCash": 155, "balanceCheck": 0, "investedCapital": 100, "purchases": 550, "equityIssued": 0, "buybacksOut": 0 }, "2029-01-01": { "revenue": 1200, "growth": 9.090909090909083, "grossMargin": 50, "sga": 0, "da": -20, "capex": 20, "dso": 0, "dio": 0, "dpo": 0, "debt": 100, "interestRate": 0, "taxRate": 25, "payout": 0, "cogs": -600, "grossProfit": 600, "otherOperatingIncome": 0, "sgaExpense": -300, "ebitda": 300, "ebit": 280, "interest": 0, "interestIncome": 0, "impairment": 0, "otherOperatingExpense": 0, "manualOtherNonCashExpense": 0, "ebt": 280, "tax": -70, "netIncome": 210, "ar": 0, "grossAR": 0, "impairmentAllowance": 0, "inventory": 0, "ap": 0, "otherCA": 0, "otherCL": 0, "nonCashProvision": 0, "changeAR": 0, "changeInventory": 0, "changeAP": 0, "changeOtherWC": 0, "daAddback": 20, "otherNonCash": 0, "operatingNonCash": 0, "nonOperatingReclassification": 0, "cfo": 230, "capexOut": -20, "disposalProceeds": 0, "otherOperatingCF": 0, "otherInvestingCF": 0, "otherFinancingCF": 0, "cfi": -20, "debtIssued": 0, "debtRepaid": 0, "revolver": 0, "fundingChange": 0, "dividendsOut": 0, "cff": 0, "cashChange": 210, "cash": 537.5, "ppe": 100, "otherNCA": 0, "otherNCL": 0, "currentAssets": 537.5, "assets": 637.5, "equity": 537.5, "shareCapital": 0, "retainedEarnings": 327.5, "currentYearNetIncome": 210, "dividends": 0, "liabilitiesEquity": 637.5, "fcf": 210, "totalCapex": 20, "collections": 1200, "suppliers": -600, "operatingPayments": -300, "interestPaid": 0, "taxPaid": -70, "taxExpense": 70, "cashTax": 70, "taxPayable": 0, "interestExpense": 0, "cashInterest": 0, "interestPayable": 0, "roic": 210, "roe": 48.554913294797686, "roa": 39.436619718309856, "ebitMargin": 23.333333333333332, "ebitdaMargin": 25, "fcfMargin": 17.5, "netDebt": -437.5, "leverage": -1.4583333333333333, "workingCapital": 537.5, "nwc": 0, "ccc": 0, "currentRatio": null, "quickRatio": null, "beginningCash": 327.5, "balanceCheck": 0, "investedCapital": 100, "purchases": 600, "equityIssued": 0, "buybacksOut": 0 }, "2030-01-01": { "revenue": 1300, "growth": 8.333333333333325, "grossMargin": 50, "sga": 0, "da": -20, "capex": 20, "dso": 0, "dio": 0, "dpo": 0, "debt": 100, "interestRate": 0, "taxRate": 25, "payout": 0, "cogs": -650, "grossProfit": 650, "otherOperatingIncome": 0, "sgaExpense": -300, "ebitda": 350, "ebit": 330, "interest": 0, "interestIncome": 0, "impairment": 0, "otherOperatingExpense": 0, "manualOtherNonCashExpense": 0, "ebt": 330, "tax": -82.5, "netIncome": 247.5, "ar": 0, "grossAR": 0, "impairmentAllowance": 0, "inventory": 0, "ap": 0, "otherCA": 0, "otherCL": 0, "nonCashProvision": 0, "changeAR": 0, "changeInventory": 0, "changeAP": 0, "changeOtherWC": 0, "daAddback": 20, "otherNonCash": 0, "operatingNonCash": 0, "nonOperatingReclassification": 0, "cfo": 267.5, "capexOut": -20, "disposalProceeds": 0, "otherOperatingCF": 0, "otherInvestingCF": 0, "otherFinancingCF": 0, "cfi": -20, "debtIssued": 0, "debtRepaid": 0, "revolver": 0, "fundingChange": 0, "dividendsOut": 0, "cff": 0, "cashChange": 247.5, "cash": 785, "ppe": 100, "otherNCA": 0, "otherNCL": 0, "currentAssets": 785, "assets": 885, "equity": 785, "shareCapital": 0, "retainedEarnings": 537.5, "currentYearNetIncome": 247.5, "dividends": 0, "liabilitiesEquity": 885, "fcf": 247.5, "totalCapex": 20, "collections": 1300, "suppliers": -650, "operatingPayments": -300, "interestPaid": 0, "taxPaid": -82.5, "taxExpense": 82.5, "cashTax": 82.5, "taxPayable": 0, "interestExpense": 0, "cashInterest": 0, "interestPayable": 0, "roic": 247.5, "roe": 37.42911153119093, "roa": 32.51231527093596, "ebitMargin": 25.384615384615383, "ebitdaMargin": 26.923076923076923, "fcfMargin": 19.038461538461537, "netDebt": -685, "leverage": -1.957142857142857, "workingCapital": 785, "nwc": 0, "ccc": 0, "currentRatio": null, "quickRatio": null, "beginningCash": 537.5, "balanceCheck": 0, "investedCapital": 100, "purchases": 650, "equityIssued": 0, "buybacksOut": 0 }, "2031-01-01": { "revenue": 1400, "growth": 7.692307692307687, "grossMargin": 50, "sga": 0, "da": -20, "capex": 20, "dso": 0, "dio": 0, "dpo": 0, "debt": 100, "interestRate": 0, "taxRate": 25, "payout": 0, "cogs": -700, "grossProfit": 700, "otherOperatingIncome": 0, "sgaExpense": -300, "ebitda": 400, "ebit": 380, "interest": 0, "interestIncome": 0, "impairment": 0, "otherOperatingExpense": 0, "manualOtherNonCashExpense": 0, "ebt": 380, "tax": -95, "netIncome": 285, "ar": 0, "grossAR": 0, "impairmentAllowance": 0, "inventory": 0, "ap": 0, "otherCA": 0, "otherCL": 0, "nonCashProvision": 0, "changeAR": 0, "changeInventory": 0, "changeAP": 0, "changeOtherWC": 0, "daAddback": 20, "otherNonCash": 0, "operatingNonCash": 0, "nonOperatingReclassification": 0, "cfo": 305, "capexOut": -20, "disposalProceeds": 0, "otherOperatingCF": 0, "otherInvestingCF": 0, "otherFinancingCF": 0, "cfi": -20, "debtIssued": 0, "debtRepaid": 0, "revolver": 0, "fundingChange": 0, "dividendsOut": 0, "cff": 0, "cashChange": 285, "cash": 1070, "ppe": 100, "otherNCA": 0, "otherNCL": 0, "currentAssets": 1070, "assets": 1170, "equity": 1070, "shareCapital": 0, "retainedEarnings": 785, "currentYearNetIncome": 285, "dividends": 0, "liabilitiesEquity": 1170, "fcf": 285, "totalCapex": 20, "collections": 1400, "suppliers": -700, "operatingPayments": -300, "interestPaid": 0, "taxPaid": -95, "taxExpense": 95, "cashTax": 95, "taxPayable": 0, "interestExpense": 0, "cashInterest": 0, "interestPayable": 0, "roic": 285, "roe": 30.727762803234505, "roa": 27.73722627737226, "ebitMargin": 27.142857142857142, "ebitdaMargin": 28.57142857142857, "fcfMargin": 20.357142857142858, "netDebt": -970, "leverage": -2.425, "workingCapital": 1070, "nwc": 0, "ccc": 0, "currentRatio": null, "quickRatio": null, "beginningCash": 785, "balanceCheck": 0, "investedCapital": 100, "purchases": 700, "equityIssued": 0, "buybacksOut": 0 } } }, "analysis": { "outputs": { "valuation.dcf.pg.ev": { "value": 3024.5567425136755, "unit": "currency", "dependencies": [ "dcf.assumptions", "model.periods", "adjustments.groups" ] }, "valuation.dcf.pg.equity": { "value": 2944.5567425136755, "unit": "currency", "dependencies": [ "dcf.assumptions", "model.periods", "adjustments.groups" ] }, "valuation.dcf.pg.perShare": { "value": null, "unit": "currency/share", "dependencies": [ "dcf.assumptions", "model.periods", "adjustments.groups" ] }, "valuation.dcf.exit.ev": { "value": null, "unit": "currency", "dependencies": [ "dcf.assumptions", "model.periods", "adjustments.groups" ] }, "valuation.dcf.exit.equity": { "value": null, "unit": "currency", "dependencies": [ "dcf.assumptions", "model.periods", "adjustments.groups" ] }, "valuation.dcf.exit.perShare": { "value": null, "unit": "currency/share", "dependencies": [ "dcf.assumptions", "model.periods", "adjustments.groups" ] }, "valuation.lbo.irr": { "value": null, "unit": "percent", "dependencies": [ "lbo.assumptions", "model.periods", "adjustments.groups" ] }, "valuation.lbo.moic": { "value": null, "unit": "multiple", "dependencies": [ "lbo.assumptions", "model.periods", "adjustments.groups" ] }, "valuation.lbo.sponsor": { "value": null, "unit": "currency", "dependencies": [ "lbo.assumptions", "model.periods", "adjustments.groups" ] }, "valuation.lbo.proceeds": { "value": null, "unit": "currency", "dependencies": [ "lbo.assumptions", "model.periods", "adjustments.groups" ] }, "valuation.lbo.entryEV": { "value": null, "unit": "currency", "dependencies": [ "lbo.assumptions", "model.periods", "adjustments.groups" ] }, "valuation.lbo.exitEV": { "value": null, "unit": "currency", "dependencies": [ "lbo.assumptions", "model.periods", "adjustments.groups" ] } }, "operators": { "dcf": { "domain": "value", "basis": "reported", "groups": null, "error": null, "outputs": [ { "id": "dcf.pg", "label": "DCF – Perpetuity growth", "low": { "ev": 2210.6992957876873, "equity": 2130.6992957876873, "perShare": null, "adjustment": -80, "items": { "cash": 20, "grossDebt": 100, "leases": 0, "minority": 0, "pension": 0, "nonOperatingAssets": 0, "investments": 0, "other": 0, "shares": null } }, "mid": { "ev": 3024.5567425136755, "equity": 2944.5567425136755, "perShare": null, "adjustment": -80, "items": { "cash": 20, "grossDebt": 100, "leases": 0, "minority": 0, "pension": 0, "nonOperatingAssets": 0, "investments": 0, "other": 0, "shares": null } }, "high": { "ev": 4810.171424617943, "equity": 4730.171424617943, "perShare": null, "adjustment": -80, "items": { "cash": 20, "grossDebt": 100, "leases": 0, "minority": 0, "pension": 0, "nonOperatingAssets": 0, "investments": 0, "other": 0, "shares": null } }, "dependencies": [ "dcf.assumptions", "model.periods", "adjustments.groups" ] }, { "id": "dcf.exit", "label": "DCF – Exit multiple", "low": null, "mid": null, "high": null, "dependencies": [ "dcf.assumptions", "model.periods", "adjustments.groups" ] } ], "rows": [ { "year": 2027, "ebit": 180, "taxes": 45, "nopat": 135, "da": 20, "capex": 20, "changeNWC": 0, "other": 0, "fcff": 135, "stub": 1, "time": 1.0027397260273974, "discountFactor": 0.9088535548268737, "cashFlow": 135, "pv": 122.69522990162795 }, { "year": 2028, "ebit": 230, "taxes": 57.5, "nopat": 172.5, "da": 20, "capex": 20, "changeNWC": 0, "other": 0, "fcff": 172.5, "stub": 1, "time": 2.0027397260273974, "discountFactor": 0.826230504388067, "cashFlow": 172.5, "pv": 142.52476200694156 }, { "year": 2029, "ebit": 280, "taxes": 70, "nopat": 210, "da": 20, "capex": 20, "changeNWC": 0, "other": 0, "fcff": 210, "stub": 1, "time": 3.0027397260273974, "discountFactor": 0.7511186403527881, "cashFlow": 210, "pv": 157.73491447408549 }, { "year": 2030, "ebit": 330, "taxes": 82.5, "nopat": 247.5, "da": 20, "capex": 20, "changeNWC": 0, "other": 0, "fcff": 247.5, "stub": 1, "time": 4.002739726027397, "discountFactor": 0.6828351275934437, "cashFlow": 247.5, "pv": 169.0016940793773 }, { "year": 2031, "ebit": 380, "taxes": 95, "nopat": 285, "da": 20, "capex": 20, "changeNWC": 0, "other": 0, "fcff": 285, "stub": 1, "time": 5.002739726027397, "discountFactor": 0.6207592069031306, "cashFlow": 285, "pv": 176.91637396739222 } ], "values": { "terminalMetric": 400, "pvFCFF": 768.8729744294245, "pgTV": 3633.75, "exitTV": null, "terminalTime": 5.002739726027397, "impliedMultiple": 9.084375, "impliedGrowth": null } } }, "summary": null }, "tools": { "version": 1, "active": { "model.annual": true, "model.quarterly": false, "model.monthly": false, "model.weekly": false, "value.dcf": true, "value.comps": false, "value.precedents": false, "value.summary": false, "deals.lbo": false } }, "resolution": { "version": 1, "branches": {} } }, { "id": "downside", "name": "Downside", "currency": "EUR", "moneyScale": 1, "periods": [ { "id": "2027-01-01", "start": "2027-01-01", "end": "2028-01-01", "kind": "forecast", "frequency": "annual", "year": 2027, "months": 12, "days": 365, "durationDays": 365, "yearFraction": 1, "dayCountBasis": "ACT/ACT", "rateBasis": "annualized", "fiscalYear": 2027, "fiscalQuarter": 1, "fiscalStart": "2027-01-01", "fiscalEnd": "2028-01-01", "fiscalYearEnd": { "month": 12, "day": 31 }, "fiscalStartMonth": 1, "label": "2027E" }, { "id": "2028-01-01", "start": "2028-01-01", "end": "2029-01-01", "kind": "forecast", "frequency": "annual", "year": 2028, "months": 12, "days": 366, "durationDays": 366, "yearFraction": 1, "dayCountBasis": "ACT/ACT", "rateBasis": "annualized", "fiscalYear": 2028, "fiscalQuarter": 1, "fiscalStart": "2028-01-01", "fiscalEnd": "2029-01-01", "fiscalYearEnd": { "month": 12, "day": 31 }, "fiscalStartMonth": 1, "label": "2028E" }, { "id": "2029-01-01", "start": "2029-01-01", "end": "2030-01-01", "kind": "forecast", "frequency": "annual", "year": 2029, "months": 12, "days": 365, "durationDays": 365, "yearFraction": 1, "dayCountBasis": "ACT/ACT", "rateBasis": "annualized", "fiscalYear": 2029, "fiscalQuarter": 1, "fiscalStart": "2029-01-01", "fiscalEnd": "2030-01-01", "fiscalYearEnd": { "month": 12, "day": 31 }, "fiscalStartMonth": 1, "label": "2029E" }, { "id": "2030-01-01", "start": "2030-01-01", "end": "2031-01-01", "kind": "forecast", "frequency": "annual", "year": 2030, "months": 12, "days": 365, "durationDays": 365, "yearFraction": 1, "dayCountBasis": "ACT/ACT", "rateBasis": "annualized", "fiscalYear": 2030, "fiscalQuarter": 1, "fiscalStart": "2030-01-01", "fiscalEnd": "2031-01-01", "fiscalYearEnd": { "month": 12, "day": 31 }, "fiscalStartMonth": 1, "label": "2030E" }, { "id": "2031-01-01", "start": "2031-01-01", "end": "2032-01-01", "kind": "forecast", "frequency": "annual", "year": 2031, "months": 12, "days": 365, "durationDays": 365, "yearFraction": 1, "dayCountBasis": "ACT/ACT", "rateBasis": "annualized", "fiscalYear": 2031, "fiscalQuarter": 1, "fiscalStart": "2031-01-01", "fiscalEnd": "2032-01-01", "fiscalYearEnd": { "month": 12, "day": 31 }, "fiscalStartMonth": 1, "label": "2031E" } ], "opening": { "cash": 20, "debt": 100, "revolver": 0, "revenue": 0, "ar": 0, "inventory": 0, "otherCA": 0, "ppe": 100, "otherNCA": 0, "ap": 0, "otherCL": 0, "otherNCL": 0, "equity": 20 }, "breakdown": {}, "statements": { "2027-01-01": { "revenue": 1000, "growth": null, "grossMargin": 50, "sga": 0, "da": -20, "capex": 20, "dso": 0, "dio": 0, "dpo": 0, "debt": 100, "interestRate": 0, "taxRate": 25, "payout": 0, "cogs": -500, "grossProfit": 500, "otherOperatingIncome": 0, "sgaExpense": -300, "ebitda": 200, "ebit": 180, "interest": 0, "interestIncome": 0, "impairment": 0, "otherOperatingExpense": 0, "manualOtherNonCashExpense": 0, "ebt": 180, "tax": -45, "netIncome": 135, "ar": 0, "grossAR": 0, "impairmentAllowance": 0, "inventory": 0, "ap": 0, "otherCA": 0, "otherCL": 0, "nonCashProvision": 0, "changeAR": 0, "changeInventory": 0, "changeAP": 0, "changeOtherWC": 0, "daAddback": 20, "otherNonCash": 0, "operatingNonCash": 0, "nonOperatingReclassification": 0, "cfo": 155, "capexOut": -20, "disposalProceeds": 0, "otherOperatingCF": 0, "otherInvestingCF": 0, "otherFinancingCF": 0, "cfi": -20, "debtIssued": 0, "debtRepaid": 0, "revolver": 0, "fundingChange": 0, "dividendsOut": 0, "cff": 0, "cashChange": 135, "cash": 155, "ppe": 100, "otherNCA": 0, "otherNCL": 0, "currentAssets": 155, "assets": 255, "equity": 155, "shareCapital": 0, "retainedEarnings": 20, "currentYearNetIncome": 135, "dividends": 0, "liabilitiesEquity": 255, "fcf": 135, "totalCapex": 20, "collections": 1000, "suppliers": -500, "operatingPayments": -300, "interestPaid": 0, "taxPaid": -45, "taxExpense": 45, "cashTax": 45, "taxPayable": 0, "interestExpense": 0, "cashInterest": 0, "interestPayable": 0, "roic": 135, "roe": 154.2857142857143, "roa": null, "ebitMargin": 18, "ebitdaMargin": 20, "fcfMargin": 13.5, "netDebt": -55, "leverage": -0.275, "workingCapital": 155, "nwc": 0, "ccc": 0, "currentRatio": null, "quickRatio": null, "beginningCash": 20, "balanceCheck": 0, "investedCapital": 100, "purchases": 500, "equityIssued": 0, "buybacksOut": 0 }, "2028-01-01": { "revenue": 1100, "growth": 10.000000000000009, "grossMargin": 50, "sga": 0, "da": -20, "capex": 20, "dso": 0, "dio": 0, "dpo": 0, "debt": 100, "interestRate": 0, "taxRate": 25, "payout": 0, "cogs": -550, "grossProfit": 550, "otherOperatingIncome": 0, "sgaExpense": -300, "ebitda": 250, "ebit": 230, "interest": 0, "interestIncome": 0, "impairment": 0, "otherOperatingExpense": 0, "manualOtherNonCashExpense": 0, "ebt": 230, "tax": -57.5, "netIncome": 172.5, "ar": 0, "grossAR": 0, "impairmentAllowance": 0, "inventory": 0, "ap": 0, "otherCA": 0, "otherCL": 0, "nonCashProvision": 0, "changeAR": 0, "changeInventory": 0, "changeAP": 0, "changeOtherWC": 0, "daAddback": 20, "otherNonCash": 0, "operatingNonCash": 0, "nonOperatingReclassification": 0, "cfo": 192.5, "capexOut": -20, "disposalProceeds": 0, "otherOperatingCF": 0, "otherInvestingCF": 0, "otherFinancingCF": 0, "cfi": -20, "debtIssued": 0, "debtRepaid": 0, "revolver": 0, "fundingChange": 0, "dividendsOut": 0, "cff": 0, "cashChange": 172.5, "cash": 327.5, "ppe": 100, "otherNCA": 0, "otherNCL": 0, "currentAssets": 327.5, "assets": 427.5, "equity": 327.5, "shareCapital": 0, "retainedEarnings": 155, "currentYearNetIncome": 172.5, "dividends": 0, "liabilitiesEquity": 427.5, "fcf": 172.5, "totalCapex": 20, "collections": 1100, "suppliers": -550, "operatingPayments": -300, "interestPaid": 0, "taxPaid": -57.5, "taxExpense": 57.5, "cashTax": 57.5, "taxPayable": 0, "interestExpense": 0, "cashInterest": 0, "interestPayable": 0, "roic": 172.5, "roe": 71.50259067357513, "roa": 50.54945054945055, "ebitMargin": 20.909090909090907, "ebitdaMargin": 22.727272727272727, "fcfMargin": 15.681818181818183, "netDebt": -227.5, "leverage": -0.91, "workingCapital": 327.5, "nwc": 0, "ccc": 0, "currentRatio": null, "quickRatio": null, "beginningCash": 155, "balanceCheck": 0, "investedCapital": 100, "purchases": 550, "equityIssued": 0, "buybacksOut": 0 }, "2029-01-01": { "revenue": 1200, "growth": 9.090909090909083, "grossMargin": 50, "sga": 0, "da": -20, "capex": 20, "dso": 0, "dio": 0, "dpo": 0, "debt": 100, "interestRate": 0, "taxRate": 25, "payout": 0, "cogs": -600, "grossProfit": 600, "otherOperatingIncome": 0, "sgaExpense": -300, "ebitda": 300, "ebit": 280, "interest": 0, "interestIncome": 0, "impairment": 0, "otherOperatingExpense": 0, "manualOtherNonCashExpense": 0, "ebt": 280, "tax": -70, "netIncome": 210, "ar": 0, "grossAR": 0, "impairmentAllowance": 0, "inventory": 0, "ap": 0, "otherCA": 0, "otherCL": 0, "nonCashProvision": 0, "changeAR": 0, "changeInventory": 0, "changeAP": 0, "changeOtherWC": 0, "daAddback": 20, "otherNonCash": 0, "operatingNonCash": 0, "nonOperatingReclassification": 0, "cfo": 230, "capexOut": -20, "disposalProceeds": 0, "otherOperatingCF": 0, "otherInvestingCF": 0, "otherFinancingCF": 0, "cfi": -20, "debtIssued": 0, "debtRepaid": 0, "revolver": 0, "fundingChange": 0, "dividendsOut": 0, "cff": 0, "cashChange": 210, "cash": 537.5, "ppe": 100, "otherNCA": 0, "otherNCL": 0, "currentAssets": 537.5, "assets": 637.5, "equity": 537.5, "shareCapital": 0, "retainedEarnings": 327.5, "currentYearNetIncome": 210, "dividends": 0, "liabilitiesEquity": 637.5, "fcf": 210, "totalCapex": 20, "collections": 1200, "suppliers": -600, "operatingPayments": -300, "interestPaid": 0, "taxPaid": -70, "taxExpense": 70, "cashTax": 70, "taxPayable": 0, "interestExpense": 0, "cashInterest": 0, "interestPayable": 0, "roic": 210, "roe": 48.554913294797686, "roa": 39.436619718309856, "ebitMargin": 23.333333333333332, "ebitdaMargin": 25, "fcfMargin": 17.5, "netDebt": -437.5, "leverage": -1.4583333333333333, "workingCapital": 537.5, "nwc": 0, "ccc": 0, "currentRatio": null, "quickRatio": null, "beginningCash": 327.5, "balanceCheck": 0, "investedCapital": 100, "purchases": 600, "equityIssued": 0, "buybacksOut": 0 }, "2030-01-01": { "revenue": 1300, "growth": 8.333333333333325, "grossMargin": 50, "sga": 0, "da": -20, "capex": 20, "dso": 0, "dio": 0, "dpo": 0, "debt": 100, "interestRate": 0, "taxRate": 25, "payout": 0, "cogs": -650, "grossProfit": 650, "otherOperatingIncome": 0, "sgaExpense": -300, "ebitda": 350, "ebit": 330, "interest": 0, "interestIncome": 0, "impairment": 0, "otherOperatingExpense": 0, "manualOtherNonCashExpense": 0, "ebt": 330, "tax": -82.5, "netIncome": 247.5, "ar": 0, "grossAR": 0, "impairmentAllowance": 0, "inventory": 0, "ap": 0, "otherCA": 0, "otherCL": 0, "nonCashProvision": 0, "changeAR": 0, "changeInventory": 0, "changeAP": 0, "changeOtherWC": 0, "daAddback": 20, "otherNonCash": 0, "operatingNonCash": 0, "nonOperatingReclassification": 0, "cfo": 267.5, "capexOut": -20, "disposalProceeds": 0, "otherOperatingCF": 0, "otherInvestingCF": 0, "otherFinancingCF": 0, "cfi": -20, "debtIssued": 0, "debtRepaid": 0, "revolver": 0, "fundingChange": 0, "dividendsOut": 0, "cff": 0, "cashChange": 247.5, "cash": 785, "ppe": 100, "otherNCA": 0, "otherNCL": 0, "currentAssets": 785, "assets": 885, "equity": 785, "shareCapital": 0, "retainedEarnings": 537.5, "currentYearNetIncome": 247.5, "dividends": 0, "liabilitiesEquity": 885, "fcf": 247.5, "totalCapex": 20, "collections": 1300, "suppliers": -650, "operatingPayments": -300, "interestPaid": 0, "taxPaid": -82.5, "taxExpense": 82.5, "cashTax": 82.5, "taxPayable": 0, "interestExpense": 0, "cashInterest": 0, "interestPayable": 0, "roic": 247.5, "roe": 37.42911153119093, "roa": 32.51231527093596, "ebitMargin": 25.384615384615383, "ebitdaMargin": 26.923076923076923, "fcfMargin": 19.038461538461537, "netDebt": -685, "leverage": -1.957142857142857, "workingCapital": 785, "nwc": 0, "ccc": 0, "currentRatio": null, "quickRatio": null, "beginningCash": 537.5, "balanceCheck": 0, "investedCapital": 100, "purchases": 650, "equityIssued": 0, "buybacksOut": 0 }, "2031-01-01": { "revenue": 1400, "growth": 7.692307692307687, "grossMargin": 50, "sga": 0, "da": -20, "capex": 20, "dso": 0, "dio": 0, "dpo": 0, "debt": 100, "interestRate": 0, "taxRate": 25, "payout": 0, "cogs": -700, "grossProfit": 700, "otherOperatingIncome": 0, "sgaExpense": -300, "ebitda": 400, "ebit": 380, "interest": 0, "interestIncome": 0, "impairment": 0, "otherOperatingExpense": 0, "manualOtherNonCashExpense": 0, "ebt": 380, "tax": -95, "netIncome": 285, "ar": 0, "grossAR": 0, "impairmentAllowance": 0, "inventory": 0, "ap": 0, "otherCA": 0, "otherCL": 0, "nonCashProvision": 0, "changeAR": 0, "changeInventory": 0, "changeAP": 0, "changeOtherWC": 0, "daAddback": 20, "otherNonCash": 0, "operatingNonCash": 0, "nonOperatingReclassification": 0, "cfo": 305, "capexOut": -20, "disposalProceeds": 0, "otherOperatingCF": 0, "otherInvestingCF": 0, "otherFinancingCF": 0, "cfi": -20, "debtIssued": 0, "debtRepaid": 0, "revolver": 0, "fundingChange": 0, "dividendsOut": 0, "cff": 0, "cashChange": 285, "cash": 1070, "ppe": 100, "otherNCA": 0, "otherNCL": 0, "currentAssets": 1070, "assets": 1170, "equity": 1070, "shareCapital": 0, "retainedEarnings": 785, "currentYearNetIncome": 285, "dividends": 0, "liabilitiesEquity": 1170, "fcf": 285, "totalCapex": 20, "collections": 1400, "suppliers": -700, "operatingPayments": -300, "interestPaid": 0, "taxPaid": -95, "taxExpense": 95, "cashTax": 95, "taxPayable": 0, "interestExpense": 0, "cashInterest": 0, "interestPayable": 0, "roic": 285, "roe": 30.727762803234505, "roa": 27.73722627737226, "ebitMargin": 27.142857142857142, "ebitdaMargin": 28.57142857142857, "fcfMargin": 20.357142857142858, "netDebt": -970, "leverage": -2.425, "workingCapital": 1070, "nwc": 0, "ccc": 0, "currentRatio": null, "quickRatio": null, "beginningCash": 785, "balanceCheck": 0, "investedCapital": 100, "purchases": 700, "equityIssued": 0, "buybacksOut": 0 } }, "statementUnits": { "revenue": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "growth": { "unit": "percent", "kind": "rate", "sign": "signed", "aggregation": "weighted" }, "grossMargin": { "unit": "percent", "kind": "ratio", "sign": "signed", "aggregation": "recompute" }, "sga": { "unit": "percent", "kind": "rate", "sign": "signed", "aggregation": "weighted" }, "da": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "expense-negative", "aggregation": "sum" }, "capex": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "dso": { "unit": "days", "kind": "ratio", "sign": "signed", "aggregation": "recompute" }, "dio": { "unit": "days", "kind": "ratio", "sign": "signed", "aggregation": "recompute" }, "dpo": { "unit": "days", "kind": "ratio", "sign": "signed", "aggregation": "recompute" }, "debt": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "interestRate": { "unit": "percent", "kind": "rate", "sign": "signed", "aggregation": "weighted" }, "taxRate": { "unit": "percent", "kind": "rate", "sign": "signed", "aggregation": "weighted" }, "payout": { "unit": "percent", "kind": "rate", "sign": "signed", "aggregation": "weighted" }, "cogs": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "expense-negative", "aggregation": "sum" }, "grossProfit": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "otherOperatingIncome": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "sgaExpense": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "expense-negative", "aggregation": "sum" }, "ebitda": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "ebit": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "interest": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "expense-negative", "aggregation": "sum" }, "interestIncome": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "impairment": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "expense-negative", "aggregation": "sum" }, "otherOperatingExpense": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "expense-negative", "aggregation": "sum" }, "manualOtherNonCashExpense": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "expense-negative", "aggregation": "sum" }, "ebt": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "tax": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "expense-negative", "aggregation": "sum" }, "netIncome": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "ar": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "grossAR": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "impairmentAllowance": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "inventory": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "ap": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "otherCA": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "otherCL": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "nonCashProvision": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "changeAR": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "changeInventory": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "changeAP": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "changeOtherWC": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "daAddback": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "otherNonCash": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "operatingNonCash": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "nonOperatingReclassification": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "cfo": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "capexOut": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "expense-negative", "aggregation": "sum" }, "disposalProceeds": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "otherOperatingCF": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "otherInvestingCF": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "otherFinancingCF": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "cfi": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "debtIssued": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "debtRepaid": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "revolver": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "fundingChange": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "dividendsOut": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "expense-negative", "aggregation": "sum" }, "cff": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "cashChange": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "cash": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "ppe": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "otherNCA": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "otherNCL": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "currentAssets": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "assets": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "equity": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "shareCapital": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "retainedEarnings": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "currentYearNetIncome": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "dividends": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "liabilitiesEquity": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "fcf": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "totalCapex": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "collections": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "suppliers": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "operatingPayments": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "interestPaid": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "taxPaid": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "taxExpense": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "cashTax": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "taxPayable": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "interestExpense": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "cashInterest": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "interestPayable": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "roic": { "unit": "percent", "kind": "ratio", "sign": "signed", "aggregation": "recompute" }, "roe": { "unit": "percent", "kind": "ratio", "sign": "signed", "aggregation": "recompute" }, "roa": { "unit": "percent", "kind": "ratio", "sign": "signed", "aggregation": "recompute" }, "ebitMargin": { "unit": "percent", "kind": "ratio", "sign": "signed", "aggregation": "recompute" }, "ebitdaMargin": { "unit": "percent", "kind": "ratio", "sign": "signed", "aggregation": "recompute" }, "fcfMargin": { "unit": "percent", "kind": "ratio", "sign": "signed", "aggregation": "recompute" }, "netDebt": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "leverage": { "unit": "multiple", "kind": "multiple", "sign": "signed", "aggregation": "recompute" }, "workingCapital": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "nwc": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "ccc": { "unit": "days", "kind": "ratio", "sign": "signed", "aggregation": "recompute" }, "currentRatio": { "unit": "multiple", "kind": "multiple", "sign": "signed", "aggregation": "recompute" }, "quickRatio": { "unit": "multiple", "kind": "multiple", "sign": "signed", "aggregation": "recompute" }, "beginningCash": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "first" }, "balanceCheck": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "investedCapital": { "unit": "currency", "scale": 1, "kind": "stock", "sign": "signed", "aggregation": "last" }, "purchases": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "equityIssued": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "signed", "aggregation": "sum" }, "buybacksOut": { "unit": "currency", "scale": 1, "kind": "flow", "sign": "expense-negative", "aggregation": "sum" } }, "objects": [ { "id": "obj-1", "name": "Synthetic Product", "group": "revenue", "kind": "driver", "active": true, "periods": { "2027-01-01": { "values": { "value": 1000, "driverValue": 1000, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } }, "2028-01-01": { "values": { "value": 1100, "driverValue": 1100, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } }, "2029-01-01": { "values": { "value": 1200, "driverValue": 1200, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } }, "2030-01-01": { "values": { "value": 1300, "driverValue": 1300, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } }, "2031-01-01": { "values": { "value": 1400, "driverValue": 1400, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } } } }, { "id": "obj-2", "name": "Variable Cost", "group": "cogs", "kind": "driver", "active": true, "periods": { "2027-01-01": { "values": { "value": 500, "driverValue": 500, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } }, "2028-01-01": { "values": { "value": 550, "driverValue": 550, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } }, "2029-01-01": { "values": { "value": 600, "driverValue": 600, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } }, "2030-01-01": { "values": { "value": 650, "driverValue": 650, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } }, "2031-01-01": { "values": { "value": 700, "driverValue": 700, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } } } }, { "id": "obj-3", "name": "Fixed Opex", "group": "sga", "kind": "driver", "active": true, "periods": { "2027-01-01": { "values": { "value": 300, "driverValue": 300, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } }, "2028-01-01": { "values": { "value": 300, "driverValue": 300, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } }, "2029-01-01": { "values": { "value": 300, "driverValue": 300, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } }, "2030-01-01": { "values": { "value": 300, "driverValue": 300, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } }, "2031-01-01": { "values": { "value": 300, "driverValue": 300, "operatingFactor": 1 }, "units": { "value": { "unit": "currency", "scale": 1 }, "driverValue": { "unit": "currency", "scale": 1 }, "operatingFactor": { "unit": "fraction" } } } } } ], "adjusted": { "basis": "adjusted", "groups": [], "statements": { "2027-01-01": { "revenue": 1000, "growth": null, "grossMargin": 50, "sga": 0, "da": -20, "capex": 20, "dso": 0, "dio": 0, "dpo": 0, "debt": 100, "interestRate": 0, "taxRate": 25, "payout": 0, "cogs": -500, "grossProfit": 500, "otherOperatingIncome": 0, "sgaExpense": -300, "ebitda": 200, "ebit": 180, "interest": 0, "interestIncome": 0, "impairment": 0, "otherOperatingExpense": 0, "manualOtherNonCashExpense": 0, "ebt": 180, "tax": -45, "netIncome": 135, "ar": 0, "grossAR": 0, "impairmentAllowance": 0, "inventory": 0, "ap": 0, "otherCA": 0, "otherCL": 0, "nonCashProvision": 0, "changeAR": 0, "changeInventory": 0, "changeAP": 0, "changeOtherWC": 0, "daAddback": 20, "otherNonCash": 0, "operatingNonCash": 0, "nonOperatingReclassification": 0, "cfo": 155, "capexOut": -20, "disposalProceeds": 0, "otherOperatingCF": 0, "otherInvestingCF": 0, "otherFinancingCF": 0, "cfi": -20, "debtIssued": 0, "debtRepaid": 0, "revolver": 0, "fundingChange": 0, "dividendsOut": 0, "cff": 0, "cashChange": 135, "cash": 155, "ppe": 100, "otherNCA": 0, "otherNCL": 0, "currentAssets": 155, "assets": 255, "equity": 155, "shareCapital": 0, "retainedEarnings": 20, "currentYearNetIncome": 135, "dividends": 0, "liabilitiesEquity": 255, "fcf": 135, "totalCapex": 20, "collections": 1000, "suppliers": -500, "operatingPayments": -300, "interestPaid": 0, "taxPaid": -45, "taxExpense": 45, "cashTax": 45, "taxPayable": 0, "interestExpense": 0, "cashInterest": 0, "interestPayable": 0, "roic": 135, "roe": 154.2857142857143, "roa": null, "ebitMargin": 18, "ebitdaMargin": 20, "fcfMargin": 13.5, "netDebt": -55, "leverage": -0.275, "workingCapital": 155, "nwc": 0, "ccc": 0, "currentRatio": null, "quickRatio": null, "beginningCash": 20, "balanceCheck": 0, "investedCapital": 100, "purchases": 500, "equityIssued": 0, "buybacksOut": 0 }, "2028-01-01": { "revenue": 1100, "growth": 10.000000000000009, "grossMargin": 50, "sga": 0, "da": -20, "capex": 20, "dso": 0, "dio": 0, "dpo": 0, "debt": 100, "interestRate": 0, "taxRate": 25, "payout": 0, "cogs": -550, "grossProfit": 550, "otherOperatingIncome": 0, "sgaExpense": -300, "ebitda": 250, "ebit": 230, "interest": 0, "interestIncome": 0, "impairment": 0, "otherOperatingExpense": 0, "manualOtherNonCashExpense": 0, "ebt": 230, "tax": -57.5, "netIncome": 172.5, "ar": 0, "grossAR": 0, "impairmentAllowance": 0, "inventory": 0, "ap": 0, "otherCA": 0, "otherCL": 0, "nonCashProvision": 0, "changeAR": 0, "changeInventory": 0, "changeAP": 0, "changeOtherWC": 0, "daAddback": 20, "otherNonCash": 0, "operatingNonCash": 0, "nonOperatingReclassification": 0, "cfo": 192.5, "capexOut": -20, "disposalProceeds": 0, "otherOperatingCF": 0, "otherInvestingCF": 0, "otherFinancingCF": 0, "cfi": -20, "debtIssued": 0, "debtRepaid": 0, "revolver": 0, "fundingChange": 0, "dividendsOut": 0, "cff": 0, "cashChange": 172.5, "cash": 327.5, "ppe": 100, "otherNCA": 0, "otherNCL": 0, "currentAssets": 327.5, "assets": 427.5, "equity": 327.5, "shareCapital": 0, "retainedEarnings": 155, "currentYearNetIncome": 172.5, "dividends": 0, "liabilitiesEquity": 427.5, "fcf": 172.5, "totalCapex": 20, "collections": 1100, "suppliers": -550, "operatingPayments": -300, "interestPaid": 0, "taxPaid": -57.5, "taxExpense": 57.5, "cashTax": 57.5, "taxPayable": 0, "interestExpense": 0, "cashInterest": 0, "interestPayable": 0, "roic": 172.5, "roe": 71.50259067357513, "roa": 50.54945054945055, "ebitMargin": 20.909090909090907, "ebitdaMargin": 22.727272727272727, "fcfMargin": 15.681818181818183, "netDebt": -227.5, "leverage": -0.91, "workingCapital": 327.5, "nwc": 0, "ccc": 0, "currentRatio": null, "quickRatio": null, "beginningCash": 155, "balanceCheck": 0, "investedCapital": 100, "purchases": 550, "equityIssued": 0, "buybacksOut": 0 }, "2029-01-01": { "revenue": 1200, "growth": 9.090909090909083, "grossMargin": 50, "sga": 0, "da": -20, "capex": 20, "dso": 0, "dio": 0, "dpo": 0, "debt": 100, "interestRate": 0, "taxRate": 25, "payout": 0, "cogs": -600, "grossProfit": 600, "otherOperatingIncome": 0, "sgaExpense": -300, "ebitda": 300, "ebit": 280, "interest": 0, "interestIncome": 0, "impairment": 0, "otherOperatingExpense": 0, "manualOtherNonCashExpense": 0, "ebt": 280, "tax": -70, "netIncome": 210, "ar": 0, "grossAR": 0, "impairmentAllowance": 0, "inventory": 0, "ap": 0, "otherCA": 0, "otherCL": 0, "nonCashProvision": 0, "changeAR": 0, "changeInventory": 0, "changeAP": 0, "changeOtherWC": 0, "daAddback": 20, "otherNonCash": 0, "operatingNonCash": 0, "nonOperatingReclassification": 0, "cfo": 230, "capexOut": -20, "disposalProceeds": 0, "otherOperatingCF": 0, "otherInvestingCF": 0, "otherFinancingCF": 0, "cfi": -20, "debtIssued": 0, "debtRepaid": 0, "revolver": 0, "fundingChange": 0, "dividendsOut": 0, "cff": 0, "cashChange": 210, "cash": 537.5, "ppe": 100, "otherNCA": 0, "otherNCL": 0, "currentAssets": 537.5, "assets": 637.5, "equity": 537.5, "shareCapital": 0, "retainedEarnings": 327.5, "currentYearNetIncome": 210, "dividends": 0, "liabilitiesEquity": 637.5, "fcf": 210, "totalCapex": 20, "collections": 1200, "suppliers": -600, "operatingPayments": -300, "interestPaid": 0, "taxPaid": -70, "taxExpense": 70, "cashTax": 70, "taxPayable": 0, "interestExpense": 0, "cashInterest": 0, "interestPayable": 0, "roic": 210, "roe": 48.554913294797686, "roa": 39.436619718309856, "ebitMargin": 23.333333333333332, "ebitdaMargin": 25, "fcfMargin": 17.5, "netDebt": -437.5, "leverage": -1.4583333333333333, "workingCapital": 537.5, "nwc": 0, "ccc": 0, "currentRatio": null, "quickRatio": null, "beginningCash": 327.5, "balanceCheck": 0, "investedCapital": 100, "purchases": 600, "equityIssued": 0, "buybacksOut": 0 }, "2030-01-01": { "revenue": 1300, "growth": 8.333333333333325, "grossMargin": 50, "sga": 0, "da": -20, "capex": 20, "dso": 0, "dio": 0, "dpo": 0, "debt": 100, "interestRate": 0, "taxRate": 25, "payout": 0, "cogs": -650, "grossProfit": 650, "otherOperatingIncome": 0, "sgaExpense": -300, "ebitda": 350, "ebit": 330, "interest": 0, "interestIncome": 0, "impairment": 0, "otherOperatingExpense": 0, "manualOtherNonCashExpense": 0, "ebt": 330, "tax": -82.5, "netIncome": 247.5, "ar": 0, "grossAR": 0, "impairmentAllowance": 0, "inventory": 0, "ap": 0, "otherCA": 0, "otherCL": 0, "nonCashProvision": 0, "changeAR": 0, "changeInventory": 0, "changeAP": 0, "changeOtherWC": 0, "daAddback": 20, "otherNonCash": 0, "operatingNonCash": 0, "nonOperatingReclassification": 0, "cfo": 267.5, "capexOut": -20, "disposalProceeds": 0, "otherOperatingCF": 0, "otherInvestingCF": 0, "otherFinancingCF": 0, "cfi": -20, "debtIssued": 0, "debtRepaid": 0, "revolver": 0, "fundingChange": 0, "dividendsOut": 0, "cff": 0, "cashChange": 247.5, "cash": 785, "ppe": 100, "otherNCA": 0, "otherNCL": 0, "currentAssets": 785, "assets": 885, "equity": 785, "shareCapital": 0, "retainedEarnings": 537.5, "currentYearNetIncome": 247.5, "dividends": 0, "liabilitiesEquity": 885, "fcf": 247.5, "totalCapex": 20, "collections": 1300, "suppliers": -650, "operatingPayments": -300, "interestPaid": 0, "taxPaid": -82.5, "taxExpense": 82.5, "cashTax": 82.5, "taxPayable": 0, "interestExpense": 0, "cashInterest": 0, "interestPayable": 0, "roic": 247.5, "roe": 37.42911153119093, "roa": 32.51231527093596, "ebitMargin": 25.384615384615383, "ebitdaMargin": 26.923076923076923, "fcfMargin": 19.038461538461537, "netDebt": -685, "leverage": -1.957142857142857, "workingCapital": 785, "nwc": 0, "ccc": 0, "currentRatio": null, "quickRatio": null, "beginningCash": 537.5, "balanceCheck": 0, "investedCapital": 100, "purchases": 650, "equityIssued": 0, "buybacksOut": 0 }, "2031-01-01": { "revenue": 1400, "growth": 7.692307692307687, "grossMargin": 50, "sga": 0, "da": -20, "capex": 20, "dso": 0, "dio": 0, "dpo": 0, "debt": 100, "interestRate": 0, "taxRate": 25, "payout": 0, "cogs": -700, "grossProfit": 700, "otherOperatingIncome": 0, "sgaExpense": -300, "ebitda": 400, "ebit": 380, "interest": 0, "interestIncome": 0, "impairment": 0, "otherOperatingExpense": 0, "manualOtherNonCashExpense": 0, "ebt": 380, "tax": -95, "netIncome": 285, "ar": 0, "grossAR": 0, "impairmentAllowance": 0, "inventory": 0, "ap": 0, "otherCA": 0, "otherCL": 0, "nonCashProvision": 0, "changeAR": 0, "changeInventory": 0, "changeAP": 0, "changeOtherWC": 0, "daAddback": 20, "otherNonCash": 0, "operatingNonCash": 0, "nonOperatingReclassification": 0, "cfo": 305, "capexOut": -20, "disposalProceeds": 0, "otherOperatingCF": 0, "otherInvestingCF": 0, "otherFinancingCF": 0, "cfi": -20, "debtIssued": 0, "debtRepaid": 0, "revolver": 0, "fundingChange": 0, "dividendsOut": 0, "cff": 0, "cashChange": 285, "cash": 1070, "ppe": 100, "otherNCA": 0, "otherNCL": 0, "currentAssets": 1070, "assets": 1170, "equity": 1070, "shareCapital": 0, "retainedEarnings": 785, "currentYearNetIncome": 285, "dividends": 0, "liabilitiesEquity": 1170, "fcf": 285, "totalCapex": 20, "collections": 1400, "suppliers": -700, "operatingPayments": -300, "interestPaid": 0, "taxPaid": -95, "taxExpense": 95, "cashTax": 95, "taxPayable": 0, "interestExpense": 0, "cashInterest": 0, "interestPayable": 0, "roic": 285, "roe": 30.727762803234505, "roa": 27.73722627737226, "ebitMargin": 27.142857142857142, "ebitdaMargin": 28.57142857142857, "fcfMargin": 20.357142857142858, "netDebt": -970, "leverage": -2.425, "workingCapital": 1070, "nwc": 0, "ccc": 0, "currentRatio": null, "quickRatio": null, "beginningCash": 785, "balanceCheck": 0, "investedCapital": 100, "purchases": 700, "equityIssued": 0, "buybacksOut": 0 } } }, "analysis": { "outputs": { "valuation.dcf.pg.ev": { "value": 3024.5567425136755, "unit": "currency", "dependencies": [ "dcf.assumptions", "model.periods", "adjustments.groups" ] }, "valuation.dcf.pg.equity": { "value": 2944.5567425136755, "unit": "currency", "dependencies": [ "dcf.assumptions", "model.periods", "adjustments.groups" ] }, "valuation.dcf.pg.perShare": { "value": null, "unit": "currency/share", "dependencies": [ "dcf.assumptions", "model.periods", "adjustments.groups" ] }, "valuation.dcf.exit.ev": { "value": null, "unit": "currency", "dependencies": [ "dcf.assumptions", "model.periods", "adjustments.groups" ] }, "valuation.dcf.exit.equity": { "value": null, "unit": "currency", "dependencies": [ "dcf.assumptions", "model.periods", "adjustments.groups" ] }, "valuation.dcf.exit.perShare": { "value": null, "unit": "currency/share", "dependencies": [ "dcf.assumptions", "model.periods", "adjustments.groups" ] }, "valuation.lbo.irr": { "value": null, "unit": "percent", "dependencies": [ "lbo.assumptions", "model.periods", "adjustments.groups" ] }, "valuation.lbo.moic": { "value": null, "unit": "multiple", "dependencies": [ "lbo.assumptions", "model.periods", "adjustments.groups" ] }, "valuation.lbo.sponsor": { "value": null, "unit": "currency", "dependencies": [ "lbo.assumptions", "model.periods", "adjustments.groups" ] }, "valuation.lbo.proceeds": { "value": null, "unit": "currency", "dependencies": [ "lbo.assumptions", "model.periods", "adjustments.groups" ] }, "valuation.lbo.entryEV": { "value": null, "unit": "currency", "dependencies": [ "lbo.assumptions", "model.periods", "adjustments.groups" ] }, "valuation.lbo.exitEV": { "value": null, "unit": "currency", "dependencies": [ "lbo.assumptions", "model.periods", "adjustments.groups" ] } }, "operators": { "dcf": { "domain": "value", "basis": "reported", "groups": null, "error": null, "outputs": [ { "id": "dcf.pg", "label": "DCF – Perpetuity growth", "low": { "ev": 2210.6992957876873, "equity": 2130.6992957876873, "perShare": null, "adjustment": -80, "items": { "cash": 20, "grossDebt": 100, "leases": 0, "minority": 0, "pension": 0, "nonOperatingAssets": 0, "investments": 0, "other": 0, "shares": null } }, "mid": { "ev": 3024.5567425136755, "equity": 2944.5567425136755, "perShare": null, "adjustment": -80, "items": { "cash": 20, "grossDebt": 100, "leases": 0, "minority": 0, "pension": 0, "nonOperatingAssets": 0, "investments": 0, "other": 0, "shares": null } }, "high": { "ev": 4810.171424617943, "equity": 4730.171424617943, "perShare": null, "adjustment": -80, "items": { "cash": 20, "grossDebt": 100, "leases": 0, "minority": 0, "pension": 0, "nonOperatingAssets": 0, "investments": 0, "other": 0, "shares": null } }, "dependencies": [ "dcf.assumptions", "model.periods", "adjustments.groups" ] }, { "id": "dcf.exit", "label": "DCF – Exit multiple", "low": null, "mid": null, "high": null, "dependencies": [ "dcf.assumptions", "model.periods", "adjustments.groups" ] } ], "rows": [ { "year": 2027, "ebit": 180, "taxes": 45, "nopat": 135, "da": 20, "capex": 20, "changeNWC": 0, "other": 0, "fcff": 135, "stub": 1, "time": 1.0027397260273974, "discountFactor": 0.9088535548268737, "cashFlow": 135, "pv": 122.69522990162795 }, { "year": 2028, "ebit": 230, "taxes": 57.5, "nopat": 172.5, "da": 20, "capex": 20, "changeNWC": 0, "other": 0, "fcff": 172.5, "stub": 1, "time": 2.0027397260273974, "discountFactor": 0.826230504388067, "cashFlow": 172.5, "pv": 142.52476200694156 }, { "year": 2029, "ebit": 280, "taxes": 70, "nopat": 210, "da": 20, "capex": 20, "changeNWC": 0, "other": 0, "fcff": 210, "stub": 1, "time": 3.0027397260273974, "discountFactor": 0.7511186403527881, "cashFlow": 210, "pv": 157.73491447408549 }, { "year": 2030, "ebit": 330, "taxes": 82.5, "nopat": 247.5, "da": 20, "capex": 20, "changeNWC": 0, "other": 0, "fcff": 247.5, "stub": 1, "time": 4.002739726027397, "discountFactor": 0.6828351275934437, "cashFlow": 247.5, "pv": 169.0016940793773 }, { "year": 2031, "ebit": 380, "taxes": 95, "nopat": 285, "da": 20, "capex": 20, "changeNWC": 0, "other": 0, "fcff": 285, "stub": 1, "time": 5.002739726027397, "discountFactor": 0.6207592069031306, "cashFlow": 285, "pv": 176.91637396739222 } ], "values": { "terminalMetric": 400, "pvFCFF": 768.8729744294245, "pgTV": 3633.75, "exitTV": null, "terminalTime": 5.002739726027397, "impliedMultiple": 9.084375, "impliedGrowth": null } } }, "summary": null }, "tools": { "version": 1, "active": { "model.annual": true, "model.quarterly": false, "model.monthly": false, "model.weekly": false, "value.dcf": true, "value.comps": false, "value.precedents": false, "value.summary": false, "deals.lbo": false } }, "resolution": { "version": 1, "branches": {} } } ] } }