Company nLINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 Cashflow 2021 2022 2023 2024 2025 2026
normal case 0.00 0.00 0.00 0.00 0.00 0.00
PV(10%) 0.00 0.00 0.00 0.00 0.00 0.00
INTRINSIC VALUE 0.00

Scenario 2 Cashflow 2021 2022 2023 2024 2025 2026

best case 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0 PV(10%) 0.00 0.00 0.00 0.00 0.00 0.00
Present value sum 0.00

Scenario 3 Cashflow 2021 2022 2023 2024 2025 2026

worst case 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0 PV(10%) 0.00 0.00 0.00 0.00 0.00 0.00
Present value sum 0.00

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 0.00 0.00
Scenario 2 (best case) 0.2 0.00 0.00
Scenario 3 (worst case) 0.2 0.00 0.00
Sum 0.00

Disclaimer: This is just for educational purposes and not for investing advice!

MADE BY STOCK MARKET RESEARCH PLATFORM

 Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
0.00 0.00 0.00 0.00 0.00 0% 5 to 10 years
0.00 0.00 0.00 0.00 0.00 10% Discount rate
7.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
0.00 0.00 0.00 0.00 0.00 0% 5 to 10 years
0.00 0.00 0.00 0.00 0.00 10% Discount rate
12.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
0.00 0.00 0.00 0.00 0.00 0% 5 to 10 years
0.00 0.00 0.00 0.00 0.00 10% Discount rate
9.0 Terminal multiple
 input cells
result cells

PV( %)
STOCK TICKER MKT CAP/Price 10% RETURN Ratio LINK to RESEARCH INTRINSIC
THIS IS JUST AN OVERVIEW, NOT INVESTMENT ADVICE! THIS IS JUST FOR EDUCATIONAL PURPOSES TO SHOW
Melco MLCO 10.34 7.50 0.73 https://sven-carlin-re MELCO (2)'!A1
BRK BRK.A 587.08 382.13 0.65 https://www.youtube.com/watch?v=W8uszym1Ex
BRK!A1
FRESENIUETR:FRE 20.22 13.29 0.66 https://svencarlin.com/fresenius-stock-analysis/
FRESENIUS!A1
FRE MED FMS 21.22 18.93 0.89 https://svencarlin.com/fresenius-stock-analysis/
FRE MED'!A1
Google GOOG 1381.48 1135.36 0.82 https://www.youtube.com/watch?v=QMk-F_XwoD
GOOGLE!A1
MSFT MSFT 1762.35 887.86 0.50 https://www.youtube.com/watch?v=QMk-F_XwoD
MSFT!A1
APPLE AAPL 2067.45 1327.13 0.64 https://svencarlin.com/apple-stock-analysis/
APPLE!A1
NIO NIO 70.86 46.09 0.65 https://www.youtube.com/watch?v=tCp3KK7kqHs
NIO!A1
S&P 500 SPY 394.88 145.26 0.37 https://www.youtube.com/watch?v=bNvT6z8BCH
S&P 500'!A1
Tencent TCEHY 602.54 868.61 1.44 https://sven-carlin-research-platform.teachable.co
TCEHY!A1
TSMC TSM 118.32 104.34 0.88 https://www.youtube.com/watch?v=_km6QOMFjn
TSMC!A1
Kroger KR 27.31 20.18 0.74 https://www.youtube.com/watch?v=4dpm_9rBT20
KROGER!A1
SFM SFM 2.93 2.19 0.75 https://www.youtube.com/watch?v=4dpm_9rBT20
SFM!A1
Norsk
Hydro NHY 108.38 100.32 0.93 https://sven-carlin-research-platform.teachable.co
NHY!A1
BABA BABA 621.38 1040.89 1.68 https://www.youtube.com/watch?v=yWjh8rVFMdU
BABA!A1
Tesla TSLA 678.09 83.58 0.12 https://www.youtube.com/watch?v=P5J-7AOXcnw
TSLA!A1
Amazon AMZN 1544.74 951.88 0.62 https://www.youtube.com/watch?v=pmw8LA-9PjE
AMZN!A1
AT&T T 211.88 193.64 0.91 https://www.youtube.com/watch?v=WHJEYsNsaz
AT&T'!A1
Ahold AD 30.31 26.52 0.88 https://www.youtube.com/watch?v=4dpm_9rBT20
AHOLD!A1
Wiener WIE 30.58 20.73 0.68 https://svencarlin.com/wienerberger-ag-ag-stock-
Wiener!A1
Nestle NESN 289.14 202.13 0.70 https://www.youtube.com/watch?v=P5J-7AOXcnw
NESN!A1
STOR STOR 9.15 8.61 0.94 https://www.youtube.com/watch?v=OzNo1qmB59
STOR!A1
Douglas DEI 5.91 5.87 0.99 https://www.youtube.com/watch?v=OzNo1qmB59
DEI!A1
SRU.UN SRU 27.29 30.65 1.12 https://www.youtube.com/watch?v=OzNo1qmB59
SRU.UN!A1
ABBVIE ABBV 110.05 125.03 1.14 https://www.youtube.com/watch?v=B-p5RNtt9-c
ABBVIE!A1
BMY BMY 61.28 46.42 0.76 https://www.youtube.com/watch?v=B-p5RNtt9-c
BMY!A1
Merck MRK 76.21 60.39 0.79 https://www.youtube.com/watch?v=B-p5RNtt9-c
MRK!A1
Verizon VZ 55.36 54.13 0.98 https://www.youtube.com/watch?v=gPCKmXwfEd
VZ!A1
Nutrien NTR 41.77 24.43 0.58 https://www.youtube.com/watch?v=F5qxns6MpP
NTR!A1
Chevron CVX 211.92 143.80 0.68 https://www.youtube.com/watch?v=R-Rx9t8ZKMA
CVX!A1
Lukoil LKOH 61.25 75.90 1.24 https://www.youtube.com/watch?v=R-Rx9t8ZKMA
LUKOIL!A1
Barrick GOLD 36.85 22.06 0.60 https://www.youtube.com/watch?v=QobvdBfY_To
GOLD!A1
Anglogold AU 9.55 10.42 1.09 https://www.youtube.com/watch?v=QobvdBfY_To
AU!A1
 UPDATED STATUS CURRENCY
L PURPOSES TO SHOW WHAT IS PRICED IN BY THE MARKET AND WHAT GROWTH OR DIVIDENDS SHOULD BE REACHED F
Feb-21 USD BILLION
Feb-21 USD BILLION
Mar-21 EUR BILLION
Mar-21 USD BILLION
Feb-21 USD BILLION
Feb-21 USD BILLION
Feb-21 USD BILLION
Feb-21 USD BILLION
Feb-21 points
Feb-21 USD BILLION
Feb-21 USD BILLION
Feb-21 USD BILLION
Feb-21 USD BILLION

Feb-21 NOK BILLION

Feb-21 USD BILLION
Feb-21 USD BILLION
Feb-21 USD BILLION
Feb-21 USD BILLION
Feb-21 EUR BILLION
Feb-21 EUR BILLIONS
Feb-21 CHF
Mar-21 USD BILLION
Mar-21 USD BILLION
Mar-21 CAD BILLION
Mar-21 USD
Mar-21 USD
Mar-21 USD
Mar-21 USD
Mar-21 USD BILLION
Mar-21 USD BILLION
Mar-21 USD BILLION
Mar-21 USD BILLION
Mar-21 USD BILLION
 Comment
PRICED IN BY THE MARKET AND WHAT GROWTH OR DIVIDENDS SHOULD BE REACHED FOR A IMMAGINARY RETURN - IN
EXPOSURE TO MACAO AND GLOBAL GAMBLING, BUT MOSTLY MACAO, PHILLIPINES AND CYPRUS
Berkshire is Berkshire - 4 great businesses alongside with many other gems - see how it fits you
Interesting exposure to aging and related secular trends
Interesting exposure to aging and related secular trends
Growth stock based on the internet - big moat and good future - think also YouTube
Good growth stock with a strong position.
Good growth stock with a strong position.
Risky EV growth stock in China
US index fund - good businesses but risky valuations
Asian metaverse play - plus also Prosus and Naspers and discount ownership opportunities
high expected growth on chips - likely priced in given the stock's performance
Strong position, scale
Interesting retail growth stock with specialized products - 10% growth expected

Interesting aluminum play from Norway, good business

internet retailer from China growing fast
Tesla is Tesla
Amazon - growth stock
Telco behemoth - slowing down
Dutch and US retailer - great position in NL
UR BILLIONS
Good business, lower returns
Great REIT, ok yield, see how it fits you. Even good return long term
Commercial REIT - Las Vegas focus - on the risky side
Retail REIT in Canada with interesting growth developments
Humira uncertainty keeps in cheap because the market doesn't like uncertainty, but if you like the worst case…
one drug expiring by 2022, but enormous cash flows by then.
Pipeline, drug growth.
Scale communication business in US - strong cash flows, growing dividend and EPS
Good potash fertilizer producer with great retail, good business for the long term
Seems like the dividend is fully priced. Or I am missing something in the oil future segment
As always, Russia is way cheaper than the competition.
Gold mining play - stable diversified production
ok miner, high costs, risky jurisdictions
 MAIN RISK & MARGIN OF SAFETY (MOS) REQUIREMENT FOR RISKS (MOS IS ALWAYS LOW PRICE - if BUY, ok)
ARY RETURN - IN THIS CASE 10%
CHINA REGULATION, LEISURE INDUSTRY, DEBT
USD and US economy
The debt is a concern and the business model based on growth is something to watch.
Less debt than parend company, less volatility and higher dividend, but less growth focus too.
risks are always there in the form of slower growth and competition, but Google should do good. We will see
As always: competition, slower than expected growth and valuation contraction based on higher interest rates
As always: competition, slower than expected growth and valuation contraction based on higher interest rates - iphone cycl
Chinese government stake, reaching profitability - it could all be just a promise.
US economy, interest rates, valuation, tech profitability etc. taxes
China and less than expected growth - profitability
the semis cycle
USD risk, margins, taxes, minimum wage
Margins and competition. Others have organic too now.

Risks is China that is producing a lot of it with high subsidies keeping theprice low for its development
Risks - China, accounting, slower growth, regulation
60% growth over the next 10 years per year is what is priced in.
Slower growth
debt issues and competition
USD, USD retail competition.

competition
Risk are REITs and interest rates alongside USD and US economy
Risk are REITs and interest rates alongside USD and US economy
Risk are REITs and interest rates alongside CAD and Canada economy
Pharma is always complex, non-linear, but the dividend is there and likely to remain. DEBT issue, but working on lowering.
Pharma is always complex, non-linear, but the dividend is there and likely to remain. DEBT issue, but working on lowering.
Pharma is always complex, non-linear, but the dividend is there and likely to remain. DEBT issue, but working on lowering.
Debt, competition & technology
A cyclical, Jansen BHP decision risks - depends on food prices.
Oil prices - just a year those were negative, now it seems like all is forgotten.
Oil prices + Russia!
gold prices, demand for gold, inflation, interest rates
gold prices, demand for gold, inflation, interest rates
Strategy WOULD I BUY THIS AT A CERTAIN PRICE (what to think about deeper in such a case)
KROGER 27309516076 1.1926
AHOLD 30308580660
MELCO RESORT 10341107205
BRK 587083226000
Fresenius 20222172798
FRE MED 21220826359
Google 1381483833884
MSFT 1762351851002
APPLE 2067452875537
NIO 70856530900
S&P 500 394.88
Tencent 6025361279868
TSM 118.32
Kroger 27309516076
SFM 2927593424
Norsk Hydro 12807097738 8.46225
BABA 621376431083
Tesla 678088516791
Amazon 1544741083743
AT&T 211884701910
Ahold 30308580660
Wiener 30.58
WBA 47499821783
Nestle 289137161758
STOR CAPITAL 9149803738
Douglas Emmet 5907872558
Smart Centres 27.29
Abbvie 110.05
BMY 61.28
Merck 76.21
VZ 55.36
Nutrien 41771303508
Chebron 211920737885
Lukoil 4466905567614 61254090790
Barrick Gold 36849050678
AngloGold 9551620243
72.9242
108376862833
AngloGold LINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 Cashflow $1,700 2021 2022 2023 2024 2025 2026
normal case 1.00 1.00 1.00 1.00 1.00 1.00 1.00
PV(10%) 0.91 0.83 0.75 0.68 0.62 0.56
INTRINSIC VALUE 9.23

Scenario 2 Cashflow $2,000 2021 2022 2023 2024 2025 2026

best case 1.80 1.80 1.80 1.80 1.80 1.80 1.80
0 PV(10%) 1.64 1.49 1.35 1.23 1.12 1.02
Present value sum 19.39

Scenario 3 Cashflow $1,250 2021 2022 2023 2024 2025 2026

worst case 0.30 0.30 0.30 0.30 0.30 0.30 0.30
0 PV(10%) 0.27 0.25 0.23 0.20 0.19 0.17
Present value sum 2.88

Scenario Probability PV Part

Scenario 1 (normal case) 0.33 9.23 3.05
Scenario 2 (best case) 0.33 19.39 6.40
Scenario 3 (worst case) 0.34 2.88 0.98
Sum 10.42

Disclaimer: This is just for educational purposes and not for investing advice!

MADE BY STOCK MARKET RESEARCH PLATFORM

 Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
1.00 1.00 1.00 1.00 8.00 0% 5 to 10 years
0.51 0.47 0.42 0.39 3.08 10% Discount rate
8.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
1.80 1.80 1.80 1.80 21.60 0% 5 to 10 years
0.92 0.84 0.76 0.69 8.33 10% Discount rate
12.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
0.30 0.30 0.30 0.30 2.70 0% 5 to 10 years
0.15 0.14 0.13 0.12 1.04 10% Discount rate
9.0 Terminal multiple
 input cells
result cells

The valuation is simple, in case gold hits $1250, the company will be valued at 10 times FCF, which is then appro

PV( %)
0 times FCF, which is then approximately $3 billion, if gold stays at $1,700, the cash flows are around $1 billion per year, tim
e around $1 billion per year, times 9, we are at the current $9 billion. With gold at $1,900 the company will be valued at less
e company will be valued at less than 9 times FCF so we could say with cash flows of $1.8 billion, the stock could go to $12
llion, the stock could go to $12 billion. It all also depends on sentiment and how attractive gold stocks are. The current enviro
old stocks are. The current environment is very negative, so things might get interesting.
Barrick LINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 FCF GOLD $1,750 2021 2022 2023 2024 2025 2026
normal case 2.00 2.00 2.00 2.00 2.00 2.00 2.00
PV(10%) 1.82 1.65 1.50 1.37 1.24 1.13
INTRINSIC VALUE 21.54

Scenario 2 FCF gold $2,000 2021 2022 2023 2024 2025 2026
best case 3.00 3.00 3.00 3.00 3.00 3.00 3.00
0 PV(10%) 2.73 2.48 2.25 2.05 1.86 1.69
Present value sum 35.78

Scenario 3 FCF gold $1,200 2021 2022 2023 2024 2025 2026
worst case 1.00 1.00 1.00 1.00 1.00 1.00 1.00
0 PV(10%) 0.91 0.83 0.75 0.68 0.62 0.56
Present value sum 9.23

Scenario Probability PV Part

Scenario 1 (normal case) 0.33 21.54 7.11
Scenario 2 (best case) 0.33 35.78 11.81
Scenario 3 (worst case) 0.34 9.23 3.14
Sum 22.06

Disclaimer: This is just for educational purposes and not for investing advice!

MADE BY STOCK MARKET RESEARCH PLATFORM

 Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
2.00 2.00 2.00 2.00 24.00 0% 5 to 10 years
1.03 0.93 0.85 0.77 9.25 10% Discount rate
12.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
3.00 3.00 3.00 3.00 45.00 0% 5 to 10 years
1.54 1.40 1.27 1.16 17.35 10% Discount rate
15.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
1.00 1.00 1.00 1.00 8.00 0% 5 to 10 years
0.51 0.47 0.42 0.39 3.08 10% Discount rate
8.0 Terminal multiple
 input cells
result cells

PV( %)
Lukoil LINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 Dividend in billions 2021 2022 2023 2024 2025 2026
normal case 5.00 5.15 5.30 5.46 5.63 5.80 5.80
PV(10%) 4.68 4.38 4.10 3.84 3.60 3.27
INTRINSIC VALUE 78.95

Scenario 2 Dividend in billions 2021 2022 2023 2024 2025 2026

best case 5.00 5.25 5.51 5.79 6.08 6.38 6.57
0 PV(10%) 4.77 4.56 4.35 4.15 3.96 3.71
Present value sum 107.35

Scenario 3 Dividend in billions 2021 2022 2023 2024 2025 2026

worst case 5.00 4.75 4.51 4.29 4.07 3.87 3.68
0 PV(10%) 4.32 3.73 3.22 2.78 2.40 2.07
Present value sum 35.29

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 78.95 47.37
Scenario 2 (best case) 0.2 107.35 21.47
Scenario 3 (worst case) 0.2 35.29 7.06
Sum 75.90

Disclaimer: This is just for educational purposes and not for investing advice!

MADE BY STOCK MARKET RESEARCH PLATFORM

 Terminal
Value Growth rate
2027 2028 2029 2030 2030 3% next 5 years
5.80 5.80 5.80 5.80 115.93 0% 5 to 10 years
2.97 2.70 2.46 2.23 44.70 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
6.77 6.97 7.18 7.40 179.56 3% 5 to 10 years
3.47 3.25 3.05 2.85 69.23 10% Discount rate
25.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 -5% next 5 years
3.49 3.32 3.15 2.99 28.36 -5% 5 to 10 years
1.79 1.55 1.34 1.15 10.93 10% Discount rate
9.0 Terminal multiple
 input cells
result cells

PV( %)
Chevron LINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 Dividend in billions 2021 2022 2023 2024 2025 2026
normal case 10.00 10.30 10.61 10.93 11.26 11.59 11.59
PV(10%) 9.36 8.77 8.21 7.69 7.20 6.54
INTRINSIC VALUE 157.90

Scenario 2 Dividend in billions 2021 2022 2023 2024 2025 2026

best case 10.00 10.50 11.03 11.58 12.16 12.76 13.15
0 PV(10%) 9.55 9.11 8.70 8.30 7.92 7.42
Present value sum 214.71

Scenario 3 Dividend in billions 2021 2022 2023 2024 2025 2026

worst case 10.00 9.50 9.03 8.57 8.15 7.74 7.35
0 PV(10%) 8.64 7.46 6.44 5.56 4.80 4.15
Present value sum 73.01

Scenario Probability PV Part

Scenario 1 (normal case) 0.5 157.90 78.95
Scenario 2 (best case) 0.2 214.71 42.94
Scenario 3 (worst case) 0.3 73.01 21.90
Sum 143.80

Disclaimer: This is just for educational purposes and not for investing advice!

MADE BY STOCK MARKET RESEARCH PLATFORM

 Terminal
Value Growth rate
2027 2028 2029 2030 2030 3% next 5 years
11.59 11.59 11.59 11.59 231.85 0% 5 to 10 years
5.95 5.41 4.92 4.47 89.39 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
13.54 13.95 14.36 14.80 359.12 3% 5 to 10 years
6.95 6.51 6.09 5.70 138.45 10% Discount rate
25.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 -5% next 5 years
6.98 6.63 6.30 5.99 63.02 -5% 5 to 10 years
3.58 3.09 2.67 2.31 24.30 10% Discount rate
10.0 Terminal multiple
 input cells
result cells

PV( %)
Verizon LINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 Dividend 2021 2022 2023 2024 2025 2026
normal case 2.37 2.54 2.71 2.90 3.11 3.32 3.66
PV(10%) 2.31 2.24 2.18 2.12 2.06 2.06
INTRINSIC VALUE 58.76

Scenario 2 Dividend 2021 2022 2023 2024 2025 2026

best case 2.37 2.49 2.61 2.74 2.88 3.02 3.39
0 PV(10%) 2.26 2.16 2.06 1.97 1.88 1.91
Present value sum 66.12

Scenario 3 Dividend 2021 2022 2023 2024 2025 2026

worst case 2.37 2.37 2.37 2.37 2.37 2.37 2.37
0 PV(10%) 2.15 1.96 1.78 1.62 1.47 1.34
Present value sum 28.27

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 58.76 35.26
Scenario 2 (best case) 0.2 66.12 13.22
Scenario 3 (worst case) 0.2 28.27 5.65
Sum 54.13

Disclaimer: This is just for educational purposes and not for investing advice!

MADE BY STOCK MARKET RESEARCH PLATFORM

 Terminal
Value Growth rate
2027 2028 2029 2030 2030 7% next 5 years
4.02 4.42 4.87 5.35 97.33 10% 5 to 10 years
2.06 2.06 2.06 2.06 37.53 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
3.79 4.25 4.76 5.33 118.99 12% 5 to 10 years
1.95 1.98 2.02 2.06 45.88 10% Discount rate
25.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
2.37 2.37 2.37 2.37 35.55 0% 5 to 10 years
1.22 1.11 1.01 0.91 13.71 10% Discount rate
15.0 Terminal multiple
 input cells
result cells

PV( %)
Nutrien LINK

COMPARATIVE TABLE'!A1
Scenario 1 FCF - with 75% DIV paid ou 2021 2022 2023 2024 2025 2026
normal case 2.00 2.06 2.12 2.19 2.25 2.32 2.39
10%) 1.40 1.32 1.23 1.15 1.08 1.01
INTRINSIC VALUE 20.70

Scenario 2 FCF - with 75% DIV paid ou 2021 2022 2023 2024 2025 2026
best case 2.50 2.63 2.76 2.89 3.04 3.19 3.35
0 10%) 1.79 1.71 1.63 1.56 1.49 1.42
Present value sum 44.55

Scenario 3 FCF - with 75% DIV paid ou 2021 2022 2023 2024 2025 2026
worst case 1.50 1.55 1.59 1.64 1.69 1.74 1.79
0 10%) 1.05 0.99 0.92 0.86 0.81 0.76
Present value sum 15.52

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 20.70 12.42
Scenario 2 (best case) 0.2 44.55 8.91
Scenario 3 (worst case) 0.2 15.52 3.10
Sum 24.43

Disclaimer: This is just for educational purposes and not for investing advice!

MADE BY STOCK MARKET RESEARCH PLATFORM

 Terminal
Value Growth rate Comment
2027 2028 2029 2030 2030 3% next 5 years
2.46 2.53 2.61 2.69 26.10 3% 5 to 10 years
0.95 0.89 0.83 0.78 10.06 10% Discount rate
10.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
3.52 3.69 3.88 4.07 77.57 5% 5 to 10 years
1.35 1.29 1.23 1.18 29.91 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 3% next 5 years
1.84 1.90 1.96 2.02 19.57 3% 5 to 10 years
0.71 0.66 0.62 0.58 7.55 10% Discount rate
10.0 Terminal multiple
input cells
result cells

%)
SMARTCENTERS

Scenario 1 FFO 2021 2022 2023 2024 2025 2026

normal case 2.08 2.14 2.21 2.27 2.34 2.41 2.48
PV(10%) 1.95 1.82 1.71 1.60 1.50 1.40
INTRINSIC VALUE 30.44

Scenario 2 FFO 2021 2022 2023 2024 2025 2026

best case 2.08 2.18 2.29 2.41 2.53 2.65 2.79
in EUR PV(10%) 1.99 1.90 1.81 1.73 1.65 1.57
Present value sum 41.13

Scenario 3 FFO 2021 2022 2023 2024 2025 2026

worst case 2.08 2.08 2.08 2.08 2.08 2.08 2.08
in EUR PV(10%) 1.89 1.72 1.56 1.42 1.29 1.17
Present value sum 20.80

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 30.44 18.27
Scenario 2 (best case) 0.2 41.13 8.23
Scenario 3 (worst case) 0.2 20.80 4.16
Sum 30.65

Disclaimer: This is just for educational purposes and not for investing advice!

MADE BY STOCK MARKET RESEARCH PLATFORM

 Terminal
Value Growth rate
2027 2028 2029 2030 2030 3% next 5 years
2.56 2.63 2.71 2.80 40.71 3% 5 to 10 years
1.31 1.23 1.15 1.08 15.70 10% Discount rate
15.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
2.93 3.07 3.23 3.39 64.54 5% 5 to 10 years
1.50 1.43 1.37 1.31 24.88 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
2.08 2.08 2.08 2.08 20.80 0% 5 to 10 years
1.07 0.97 0.88 0.80 8.02 10% Discount rate
10.0 Terminal multiple
 input cells
result cells

PV( %)
ABBVIE LINK TO RESEARCH

Scenario 1 Dividend 2021 2022 2023 2024 2025 2026

normal case 5.20 5.72 6.29 6.92 7.61 8.37 8.79
PV(10%) 5.20 5.20 5.20 5.20 5.20 4.96
INTRINSIC VALUE 127.15

Scenario 2 Dividend 2021 2022 2023 2024 2025 2026

best case 5.20 5.72 6.29 6.92 7.61 8.37 9.21
0 PV(10%) 5.20 5.20 5.20 5.20 5.20 5.20
Present value sum 170.18

Scenario 3 Dividend 2021 2022 2023 2024 2025 2026

worst case 5.20 5.20 5.20 5.20 5.20 5.20 5.20
0 PV(10%) 4.73 4.30 3.91 3.55 3.23 2.94
Present value sum 52.00

Scenario Probability PV Part

Scenario 1 (normal case) 0.5 127.15 63.58
Scenario 2 (best case) 0.3 170.18 51.05
Scenario 3 (worst case) 0.2 52.00 10.40
Sum 125.03

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 Terminal
Value Growth rate
2027 2028 2029 2030 2030 10% next 5 years
9.23 9.69 10.18 10.69 203.59 5% 5 to 10 years
4.74 4.52 4.32 4.12 78.49 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 10% next 5 years
10.13 11.15 12.26 13.49 306.53 10% 5 to 10 years
5.20 5.20 5.20 5.20 118.18 10% Discount rate
25.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
5.20 5.20 5.20 5.20 52.00 0% 5 to 10 years
2.67 2.43 2.21 2.00 20.05 10% Discount rate
10.0 Terminal multiple
 input cells
result cells

PV( %)
BMY LINK TO RESEARCH

Scenario 1 Dividend 2021 2022 2023 2024 2025 2026

normal case 1.96 2.12 2.29 2.47 2.67 2.88 3.11
PV(10%) 1.92 1.89 1.86 1.82 1.79 1.76
INTRINSIC VALUE 47.95

Scenario 2 Dividend 2021 2022 2023 2024 2025 2026

best case 1.96 2.16 2.37 2.61 2.87 3.16 3.47
0 PV(10%) 1.96 1.96 1.96 1.96 1.96 1.96
Present value sum 64.15

Scenario 3 Dividend 2021 2022 2023 2024 2025 2026

worst case 1.96 2.06 2.16 2.27 2.38 2.50 2.50
0 PV(10%) 1.87 1.79 1.70 1.63 1.55 1.41
Present value sum 24.07

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 47.95 28.77
Scenario 2 (best case) 0.2 64.15 12.83
Scenario 3 (worst case) 0.2 24.07 4.81
Sum 46.42

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 Terminal
Value Growth rate
2027 2028 2029 2030 2030 8% next 5 years
3.36 3.63 3.92 4.23 78.36 8% 5 to 10 years
1.72 1.69 1.66 1.63 30.21 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 10% next 5 years
3.82 4.20 4.62 5.08 115.54 10% 5 to 10 years
1.96 1.96 1.96 1.96 44.55 10% Discount rate
25.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
2.50 2.50 2.50 2.50 25.02 0% 5 to 10 years
1.28 1.17 1.06 0.96 9.64 10% Discount rate
10.0 Terminal multiple
 input cells
result cells

PV( %)
Merck LINK TO RESEARCH

Scenario 1 Dividend 2021 2022 2023 2024 2025 2026

normal case 2.60 2.81 3.03 3.28 3.54 3.82 4.13
PV(10%) 2.55 2.51 2.46 2.42 2.37 2.33
INTRINSIC VALUE 63.61

Scenario 2 Dividend 2021 2022 2023 2024 2025 2026

best case 2.60 2.86 3.15 3.46 3.81 4.19 4.61
0 PV(10%) 2.60 2.60 2.60 2.60 2.60 2.60
Present value sum 85.09

Scenario 3 Dividend 2021 2022 2023 2024 2025 2026

worst case 2.60 2.60 2.60 2.60 2.60 2.60 2.60
0 PV(10%) 2.36 2.15 1.95 1.78 1.61 1.47
Present value sum 26.00

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 63.61 38.17
Scenario 2 (best case) 0.2 85.09 17.02
Scenario 3 (worst case) 0.2 26.00 5.20
Sum 60.39

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 Terminal
Value Growth rate
2027 2028 2029 2030 2030 8% next 5 years
4.46 4.81 5.20 5.61 103.95 8% 5 to 10 years
2.29 2.25 2.20 2.16 40.08 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 10% next 5 years
5.07 5.57 6.13 6.74 153.27 10% 5 to 10 years
2.60 2.60 2.60 2.60 59.09 10% Discount rate
25.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
2.60 2.60 2.60 2.60 26.00 0% 5 to 10 years
1.33 1.21 1.10 1.00 10.02 10% Discount rate
10.0 Terminal multiple
 input cells
result cells

PV( %)
Douglas Emmet

Scenario 1 FFO 2021 2022 2023 2024 2025 2026

normal case 0.37 0.38 0.40 0.42 0.44 0.47 0.49
PV(10%) 0.21 0.20 0.19 0.18 0.17 0.17
INTRINSIC VALUE 6.08

Scenario 2 FFO 2021 2022 2023 2024 2025 2026

best case 0.37 0.39 0.42 0.45 0.48 0.51 0.55
PV(10%) 0.21 0.21 0.20 0.20 0.19 0.19
Present value sum 8.35

Scenario 3 FFO 2021 2022 2023 2024 2025 2026

worst case 0.37 0.37 0.37 0.37 0.37 0.37 0.37
PV(10%) 0.20 0.18 0.16 0.15 0.14 0.12
Present value sum 2.75

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 6.08 3.65
Scenario 2 (best case) 0.2 8.35 1.67
Scenario 3 (worst case) 0.2 2.75 0.55
Sum 5.87

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 Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
0.51 0.54 0.57 0.59 11.32 5% 5 to 10 years
0.16 0.15 0.14 0.14 4.37 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 7% next 5 years
0.59 0.63 0.67 0.72 16.78 7% 5 to 10 years
0.18 0.18 0.17 0.17 6.47 10% Discount rate
25.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
0.37 0.37 0.37 0.37 3.65 0% 5 to 10 years
0.11 0.10 0.09 0.08 1.41 10% Discount rate
10.0 Terminal multiple
 input cells
result cells

PV( %)
STOR LINK TO RESEARCH

Scenario 1 FFO 2021 2022 2023 2024 2025 2026

normal case 0.50 0.52 0.53 0.55 0.56 0.58 0.60
USD PV(10%) 0.47 0.44 0.41 0.38 0.36 0.34
INTRINSIC VALUE 8.58

Scenario 2 FFO 2021 2022 2023 2024 2025 2026

best case 0.50 0.53 0.55 0.58 0.61 0.64 0.67
USD PV(10%) 0.48 0.46 0.43 0.42 0.40 0.38
Present value sum 11.38

Scenario 3 FFO 2021 2022 2023 2024 2025 2026

worst case 0.50 0.50 0.50 0.50 0.50 0.50 0.50
USD PV(10%) 0.45 0.41 0.38 0.34 0.31 0.28
Present value sum 5.96

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 8.58 5.15
Scenario 2 (best case) 0.2 11.38 2.28
Scenario 3 (worst case) 0.2 5.96 1.19
Sum 8.61

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 Terminal
Value Growth rate
2027 2028 2029 2030 2030 3% next 5 years
0.61 0.63 0.65 0.67 13.05 3% 5 to 10 years
0.32 0.30 0.28 0.26 5.03 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
0.70 0.74 0.78 0.81 19.39 5% 5 to 10 years
0.36 0.34 0.33 0.31 7.48 10% Discount rate
25.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
0.50 0.50 0.50 0.50 7.50 0% 5 to 10 years
0.26 0.23 0.21 0.19 2.89 10% Discount rate
15.0 Terminal multiple
 input cells
result cells

PV( %)
FRESENIUSLINK TO RESEARCH

Scenario 1 FCF in BILLION USD 2021 2022 2023 2024 2025 2026
normal case 1.80 1.87 1.95 2.02 2.11 2.19 2.28
USD PV(10%) 0.51 0.48 0.46 0.43 0.41 0.39
INTRINSIC VALUE 18.83

Scenario 2 FCF in BILLION USD 2021 2022 2023 2024 2025 2026
best case 1.80 1.91 2.02 2.14 2.27 2.41 2.55
USD PV(10%) 0.52 0.50 0.48 0.47 0.45 0.43
Present value sum 27.88

Scenario 3 FCF in BILLION USD 2021 2022 2023 2024 2025 2026
worst case 1.80 1.80 1.80 1.80 1.80 1.80 1.80
USD PV(10%) 0.49 0.45 0.41 0.37 0.34 0.30
Present value sum 10.26

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 18.83 11.30
Scenario 2 (best case) 0.2 27.88 5.58
Scenario 3 (worst case) 0.2 10.26 2.05
Sum 18.93
MARKET CAP IN USD
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 Terminal
Value Growth rate
2027 2028 2029 2030 2030 4% next 5 years
2.37 2.46 2.56 2.66 38.43 4% 5 to 10 years
0.36 0.34 0.33 0.31 14.82 10% Discount rate
15.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 6% next 5 years
2.71 2.87 3.04 3.22 60.82 6% 5 to 10 years
0.42 0.40 0.39 0.37 23.45 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
1.80 1.80 1.80 1.80 18.00 0% 5 to 10 years
0.28 0.25 0.23 0.21 6.94 10% Discount rate
10.0 Terminal multiple
 input cells
result cells

PV( %)
FRESENIUSLINK TO RESEARCH

Scenario 1 FCF IN EUR BILLION 2021 2022 2023 2024 2025 2026
normal case 1.20 1.26 1.32 1.39 1.46 1.53 1.61
EUR PV(10%) 0.29 0.27 0.26 0.25 0.24 0.23
INTRINSIC VALUE 13.11

Scenario 2 FCF IN EUR BILLION 2021 2022 2023 2024 2025 2026
best case 1.20 1.30 1.40 1.51 1.63 1.76 1.90
EUR PV(10%) 0.24 0.23 0.23 0.22 0.22 0.21
Present value sum 20.67

Scenario 3 FCF IN EUR BILLION 2021 2022 2023 2024 2025 2026
worst case 1.20 1.20 1.20 1.20 1.20 1.20 1.20
EUR PV(10%) 0.27 0.25 0.23 0.20 0.19 0.17
Present value sum 6.47

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 13.11 7.87
Scenario 2 (best case) 0.2 20.67 4.13
Scenario 3 (worst case) 0.2 6.47 1.29
Sum 13.29
MARKET CAP IN EUR
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 Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
1.69 1.77 1.86 1.95 27.92 5% 5 to 10 years
0.22 0.21 0.20 0.19 10.77 10% Discount rate
15.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 8% next 5 years
2.06 2.22 2.40 2.59 47.98 8% 5 to 10 years
0.21 0.21 0.20 0.20 18.50 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
1.20 1.20 1.20 1.20 12.00 0% 5 to 10 years
0.15 0.14 0.13 0.12 4.63 10% Discount rate
10.0 Terminal multiple
 input cells
result cells

PV( %)
MELCO LINK

STOCK VALUE LIST'!A1

Scenario 1 dividend 2021 2022 2023 2024 2025 2026
normal case 0.60 0.70 0.75 0.80
in USD dividend discounted value 0.30 0.30 0.30
INTRINSIC VALUE 7.78

Scenario 2 dividend 2021 2022 2023 2024 2025 2026

best case 0.60 0.66 0.73 0.80 0.88 0.97 1.06
in USD dividend discounted value 0.40 0.40 0.40
Present value sum 10.98

Scenario 3 dividend 2021 2022 2023 2024 2025 2026

worst case 0.60 0.57 0.54 0.51 0.49 0.46 0.46
in USD dividend discounted value 0.20 0.20 0.20
Present value sum 3.19

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 7.78 4.67
Scenario 2 (best case) 0.2 10.98 2.20
Scenario 3 (worst case) 0.2 3.19 0.64
Sum 7.50

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 Terminal
Value Growth rate Comment
2027 2028 2029 2030 2030 7% next 5 years
0.86 0.92 0.98 1.05 14.73 7% 5 to 10 years
0.30 0.30 0.30 0.30 5.68 10% Discount rate
15.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 10% next 5 years
1.17 1.29 1.41 1.56 21.22 10% 5 to 10 years
0.40 0.40 0.40 0.40 8.18 10% Discount rate
15.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 -5% next 5 years
0.46 0.46 0.46 0.46 4.64 0% 5 to 10 years
0.20 0.20 0.20 0.20 1.79 10% Discount rate
10.0 Terminal multiple
input cells
result cells

%)
BRK LINK TO RESEARCH

Scenario 1 Cashflow 2021 2022 2023 2024 2025 2026

normal case 32.00 33.60 35.28 37.04 38.90 40.84 42.88
PV(10%)
INTRINSIC VALUE 287.09

Scenario 2 Cashflow 2021 2022 2023 2024 2025 2026

best case 32.00 34.24 36.64 39.20 41.95 44.88 48.02
in EUR PV(10%) 31.13 30.28 29.45 28.65 27.87 27.11
Present value sum 729.36

Scenario 3 Cashflow 2021 2022 2023 2024 2025 2026

worst case 32.00 32.00 32.00 32.00 32.00 32.00 32.00
in EUR PV(10%) 29.09 26.45 24.04 21.86 19.87 18.06
Present value sum 320.00

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 287.09 172.25
Scenario 2 (best case) 0.2 729.36 145.87
Scenario 3 (worst case) 0.2 320.00 64.00
Sum 382.13

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 Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
45.03 47.28 49.64 52.12 744.64 5% 5 to 10 years
287.09 10% Discount rate
15.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 7% next 5 years
51.39 54.98 58.83 62.95 1176.61 7% 5 to 10 years
26.37 25.65 24.95 24.27 453.64 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
32.00 32.00 32.00 32.00 320.00 0% 5 to 10 years
16.42 14.93 13.57 12.34 123.37 10% Discount rate
10.0 Terminal multiple
 input cells
result cells

PV( %)
FACEBOOKLINK TO RESEARCH

Scenario 1 Cashflow 2021 2022 2023 2024 2025 2026

normal case 27.00 31.05 35.71 41.06 47.22 54.31 59.74
PV(10%)
INTRINSIC VALUE 919.64

Scenario 2 Cashflow 2021 2022 2023 2024 2025 2026

best case 27.00 27.00 27.00 27.00 27.00 27.00 27.00
in EUR PV(10%) 24.55 22.31 20.29 18.44 16.76 15.24
Present value sum 290.82

Scenario 3 Cashflow 2021 2022 2023 2024 2025 2026

worst case 27.00 27.00 27.00 27.00 27.00 27.00 27.00
in EUR PV(10%) 24.55 22.31 20.29 18.44 16.76 15.24
Present value sum 259.59

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 919.64 551.78
Scenario 2 (best case) 0.2 290.82 58.16
Scenario 3 (worst case) 0.2 259.59 51.92
Sum 661.87

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 Terminal
Value Growth rate
2027 2028 2029 2030 2030 15% next 5 years
65.71 72.28 79.51 87.46 2385.31 10% 5 to 10 years
919.64 10% Discount rate
30.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
27.00 27.00 27.00 27.00 324.00 0% 5 to 10 years
13.86 12.60 11.45 10.41 124.92 10% Discount rate
12.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
27.00 27.00 27.00 27.00 243.00 0% 5 to 10 years
13.86 12.60 11.45 10.41 93.69 10% Discount rate
9.0 Terminal multiple
 input cells
result cells

PV( %)
GOOGLE LINK TO RESEARCH

Scenario 1 Cashflow 2021 2022 2023 2024 2025 2026

normal case 40.00 46.00 52.90 60.84 69.96 80.45 88.50
PV(10%)
INTRINSIC VALUE 1135.36

Scenario 2 Cashflow 2021 2022 2023 2024 2025 2026

best case 0.00 0.00 0.00 0.00 0.00 0.00
in EUR PV(10%) 0.00 0.00 0.00 0.00 0.00 0.00
Present value sum 0.00

Scenario 3 Cashflow 2021 2022 2023 2024 2025 2026

worst case 0.00 0.00 0.00 0.00 0.00 0.00 0.00
in EUR PV(10%) 0.00 0.00 0.00 0.00 0.00 0.00
Present value sum 0.00

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 1135.36 681.22
Scenario 2 (best case) 0.2 0.00 0.00
Scenario 3 (worst case) 0.2 0.00 0.00
Sum 681.22

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 Terminal
Value Growth rate
2027 2028 2029 2030 2030 15% next 5 years
97.35 107.08 117.79 129.57 2944.83 10% 5 to 10 years
1135.36 10% Discount rate
25.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
0.00 0.00 0.00 0.00 0.00 0% 5 to 10 years
0.00 0.00 0.00 0.00 0.00 10% Discount rate
12.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
0.00 0.00 0.00 0.00 0.00 0% 5 to 10 years
0.00 0.00 0.00 0.00 0.00 10% Discount rate
9.0 Terminal multiple
 input cells
result cells

PV( %)
MICROSOFLINK TO RESEARCH

Scenario 1 Cashflow 2021 2022 2023 2024 2025 2026

normal case 50.00 55.00 60.50 66.55 73.21 80.53 84.55
PV(10%)
INTRINSIC VALUE 754.73

Scenario 2 Cashflow 2021 2022 2023 2024 2025 2026

best case 50.00 56.00 62.72 70.25 78.68 88.12 94.29
in EUR PV(10%)
Present value sum 1335.95

Scenario 3 Cashflow 2021 2022 2023 2024 2025 2026

worst case 50.00 52.50 55.13 57.88 60.78 63.81 67.00
in EUR PV(10%) 47.73 45.56 43.49 41.51 39.62 37.82
Present value sum 839.17

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 754.73 452.84
Scenario 2 (best case) 0.2 1335.95 267.19
Scenario 3 (worst case) 0.2 839.17 167.83
Sum 887.86

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 Terminal
Value Growth rate
2027 2028 2029 2030 2030 10% next 5 years
88.78 93.22 97.88 102.77 1957.58 5% 5 to 10 years
754.73 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 12% next 5 years
100.89 107.95 115.50 123.59 3465.11 7% 5 to 10 years
1335.95 10% Discount rate
30.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
70.36 73.87 77.57 81.44 1163.50 5% 5 to 10 years
36.10 34.46 32.90 31.40 448.58 10% Discount rate
15.0 Terminal multiple
 input cells
result cells

PV( %)
APPLE LINK TO RESEARCH

Scenario 1 Cashflow 2021 2022 2023 2024 2025 2026

normal case 80.00 86.40 93.31 100.78 108.84 117.55 126.95
PV(10%)
INTRINSIC VALUE 1233.12

Scenario 2 Cashflow 2021 2022 2023 2024 2025 2026

best case 80.00 89.60 100.35 112.39 125.88 140.99 152.27
in EUR PV(10%)
Present value sum 2218.55

Scenario 3 Cashflow 2021 2022 2023 2024 2025 2026

worst case 80.00 84.00 88.20 92.61 97.24 102.10 107.21
in EUR PV(10%)
Present value sum 717.73

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 1233.12 739.87
Scenario 2 (best case) 0.2 2218.55 443.71
Scenario 3 (worst case) 0.2 717.73 143.55
Sum 1327.13

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 Terminal
Value Growth rate
2027 2028 2029 2030 2030 8% next 5 years
137.11 148.07 159.92 172.71 3198.41 8% 5 to 10 years
1233.12 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 12% next 5 years
164.45 177.60 191.81 207.16 5754.35 8% 5 to 10 years
2218.55 10% Discount rate
30.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
112.57 118.20 124.11 130.31 1861.59 5% 5 to 10 years
717.73 10% Discount rate
15.0 Terminal multiple
 input cells
result cells

PV( %)
NIO LINK TO RESEARCH https://www.youtube.com/watch?v=tCp3KK7kqHs

Scenario 1 Cashflow 2021 2022 2023 2024 2025 2026

normal case 0.00 0.00 0.00 0.00 2.50 2.88
in USD PV(10%)
INTRINSIC VALUE 25.29

Scenario 2 Cashflow 2021 2022 2023 2024 2025 2026

best case 0.00 0.00 0.00 0.00 0.00 5.00 6.00
in USD PV(10%)
Present value sum 119.92

Scenario 3 Cashflow 2021 2022 2023 2024 2025 2026

worst case 0.00 0.00 0.00 0.00 0.00 0.00 0.00
in USD PV(10%) 0.00 0.00 0.00 0.00 0.00 0.00
Present value sum 0.00

Scenario Probability PV Part

Scenario 1 (normal case) 0.4 25.29 10.11
Scenario 2 (best case) 0.3 119.92 35.98
Scenario 3 (worst case) 0.3 0.00 0.00
Sum 46.09

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 Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
3.31 3.80 4.37 5.03 65.59 15% 5 to 10 years
25.29 10% Discount rate
15.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
7.20 8.64 10.37 12.44 311.04 20% 5 to 10 years
119.92 10% Discount rate
30.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
0.00 0.00 0.00 0.00 0.00 0% 5 to 10 years
0.00 0.00 0.00 0.00 0.00 10% Discount rate
9.0 Terminal multiple
 input cells
result cells

PV( %)
NIO https://www.youtube.com/watch?v=tCp3KK7kqHs

Scenario 1 EPS 2021 2022 2023 2024 2025 2026

normal case 0.00 0.00 0.00 0.00 1.00 1.15
PV(5%) 0.00 0.00 0.00 0.00 0.78 0.86
INTRINSIC VALUE 59.66

Scenario 2 EPS 2021 2022 2023 2024 2025 2026

best case 0.00 0.00 0.00 0.00 0.00 2.00 2.40
in EUR PV(5%) 0.00 0.00 0.00 0.00 1.57 1.79
Present value sum 115.31

Scenario 3 EPS 2021 2022 2023 2024 2025 2026

worst case 0.00 0.00 0.00 0.00 0.00 0.00 0.00
in EUR PV(5%) 0.00 0.00 0.00 0.00 0.00 0.00
Present value sum 0.00

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 59.66 35.80
Scenario 2 (best case) 0.2 115.31 23.06
Scenario 3 (worst case) 0.2 0.00 0.00
Sum 58.86

Disclaimer: This is just for educational purposes and not for investing advice!

MADE BY STOCK MARKET RESEARCH PLATFORM

 Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
1.32 1.52 1.75 2.01 87.45 15% 5 to 10 years
0.94 1.03 1.13 1.23 53.69 5% Discount rate
50.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
2.88 3.46 4.15 4.98 165.89 20% 5 to 10 years
2.05 2.34 2.67 3.06 101.84 5% Discount rate
40.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
0.00 0.00 0.00 0.00 0.00 0% 5 to 10 years
0.00 0.00 0.00 0.00 0.00 5% Discount rate
9.0 Terminal multiple
 input cells
result cells

PV( %)
S&P 500 https://svencarlin.com/index-fund-investing-explained/
EARNINGS 140 - half paid out as dividends

Scenario 1 DIVIDENDS 2021 2022 2023 2024 2025 2026

normal case 57.00 59.85 62.84 65.98 69.28 72.75 76.39
in points PV(10%) 54.41 51.94 49.58 47.32 45.17 43.12
INTRINSIC VALUE 1468.03

Scenario 2 DIVIDENDS 2021 2022 2023 2024 2025 2026

best case 57.00 59.85 62.84 65.98 69.28 72.75 76.39
in points PV(10%) 54.41 51.94 49.58 47.32 45.17 43.12
Present value sum 1808.95

Scenario 3 DIVIDENDS 2021 2022 2023 2024 2025 2026

worst case 57.00 59.28 61.65 64.12 66.68 69.35 72.12
in points PV(10%) 53.89 50.95 48.17 45.54 43.06 40.71
Present value sum 1049.72

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 1468.03 880.82
Scenario 2 (best case) 0.2 1808.95 361.79
Scenario 3 (worst case) 0.2 1049.72 209.94
Sum 1452.55

Disclaimer: This is just for educational purposes and not for investing advice!

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 Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
80.20 84.21 88.43 92.85 2652.77 5% 5 to 10 years
41.16 39.29 37.50 35.80 1022.76 10% Discount rate
30.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
80.20 84.21 88.43 92.85 3537.03 5% 5 to 10 years
41.16 39.29 37.50 35.80 1363.68 10% Discount rate
40.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 4% next 5 years
75.01 78.01 81.13 84.37 1622.58 4% 5 to 10 years
38.49 36.39 34.41 32.53 625.57 10% Discount rate
20.0 Terminal multiple
 input cells
result cells

PV( %)
TENCENT https://sven-carlin-research-platform.teachable.com/courses/stock-market-research-platform/lectures/30

Scenario 1 Cashflow 2021 2022 2023 2024 2025 2026

normal case 14.71 18.38 22.98 28.72 35.90 44.88 51.61
PV(10%)
INTRINSIC VALUE 907.88

Scenario 2 Cashflow 2021 2022 2023 2024 2025 2026

best case 14.71 19.12 24.85 32.31 42.00 54.60 65.52
in EUR PV(10%)
Present value sum 1309.57

Scenario 3 Cashflow 2021 2022 2023 2024 2025 2026

worst case 14.71 17.65 21.18 25.41 30.49 36.59 40.25
in EUR PV(10%)
Present value sum 309.84

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 907.88 544.73
Scenario 2 (best case) 0.2 1309.57 261.91
Scenario 3 (worst case) 0.2 309.84 61.97
Sum 868.61

Disclaimer: This is just for educational purposes and not for investing advice!

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earch-platform/lectures/30151996

Terminal
Value Growth rate
2027 2028 2029 2030 2030 25% next 5 years
59.35 68.26 78.49 90.27 2354.80 15% 5 to 10 years
907.88 10% Discount rate
30.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 30% next 5 years
78.63 94.35 113.22 135.87 3396.68 20% 5 to 10 years
1309.57 10% Discount rate
30.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 20% next 5 years
44.28 48.71 53.58 58.93 803.64 10% 5 to 10 years
309.84 10% Discount rate
15.0 Terminal multiple
 input cells
result cells

PV( %)
TSMC https://sven-carlin-research-platform.teachable.com/courses/stock-market-research-platform/lectures/30

Scenario 1 DIVIDEND 2021 2022 2023 2024 2025 2026

normal case 1.79 1.96 2.16 2.38 2.61 2.88 3.45
PV(5%) 1.87 1.96 2.05 2.15 2.25 2.58
INTRINSIC VALUE 137.24

Scenario 2 DIVIDEND 2021 2022 2023 2024 2025 2026

best case 1.79 1.96 2.16 2.38 2.61 2.88 3.45
in EUR PV(5%) 1.87 1.96 2.05 2.15 2.25 2.58
Present value sum 265.37

Scenario 3 DIVIDEND 2021 2022 2023 2024 2025 2026

worst case 1.79 1.87 1.97 2.07 2.17 2.28 2.51
in EUR PV(5%) 1.79 1.79 1.79 1.79 1.79 1.87
Present value sum 39.70

Scenario Probability PV Part

Scenario 1 (normal case) 0.2 137.24 27.45
Scenario 2 (best case) 0.2 265.37 53.07
Scenario 3 (worst case) 0.6 39.70 23.82
Sum 104.34

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earch-platform/lectures/30043678

Terminal
Value Growth rate
2027 2028 2029 2030 2030 10% next 5 years
4.14 4.97 5.96 7.16 178.90 20% 5 to 10 years
2.94 3.36 3.84 4.39 109.83 5% Discount rate
30.0 Terminal multiple
45 - implies dividend yield of 2.22%
Terminal
Value Growth rate
2027 2028 2029 2030 2030 10% next 5 years
4.14 4.97 5.96 7.16 387.62 20% 5 to 10 years
2.94 3.36 3.84 4.39 237.97 5% Discount rate
65.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
2.76 3.03 3.34 3.67 33.37 10% 5 to 10 years
1.96 2.05 2.15 2.25 20.48 5% Discount rate
10.0 Terminal multiple
4% div yield
 input cells
result cells

PV( %)
A2 Milk

Scenario 1 EPS 2021 2022 2023 2024 2025 2026

normal case 0.50 0.52 0.53 0.55 0.56 0.58 0.58
PV(10%) 0.47 0.44 0.41 0.38 0.36 0.33
INTRINSIC VALUE 6.11

Scenario 2 EPS 2021 2022 2023 2024 2025 2026

best case 0.50 0.55 0.61 0.67 0.73 0.81 0.89
in EUR PV(10%) 0.50 0.50 0.50 0.50 0.50 0.50
Present value sum 14.09

Scenario 3 EPS 2021 2022 2023 2024 2025 2026

worst case 0.50 0.50 0.50 0.50 0.50 0.50 0.48
in EUR PV(10%) 0.45 0.41 0.38 0.34 0.31 0.27
Present value sum 4.17

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 6.11 3.66
Scenario 2 (best case) 0.2 14.09 2.82
Scenario 3 (worst case) 0.2 4.17 0.83
Sum 7.32

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 Terminal
Value Growth rate
2027 2028 2029 2030 2030 3% next 5 years
0.58 0.58 0.58 0.58 6.96 0% 5 to 10 years
0.30 0.27 0.25 0.22 2.68 10% Discount rate
12.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 10% next 5 years
0.97 1.07 1.18 1.30 23.58 10% 5 to 10 years
0.50 0.50 0.50 0.50 9.09 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
0.45 0.43 0.41 0.39 3.26 -5% 5 to 10 years
0.23 0.20 0.17 0.15 1.26 10% Discount rate
8.0 Terminal multiple
 input cells
result cells

PV( %)
Wienerberger stock analysis LINK TO ARTICLE
COMPARATIVE TABLE'!A1

Scenario 1 Dividend 2021 2022 2023 2024 2025 2026

normal case 0.60 0.64 0.67 0.71 0.76 0.80 0.85
in EUR PV(7%) 0.59 0.59 0.58 0.58 0.57 0.57
Present value sum 18.58

Scenario 2 Dividend 2021 2022 2023 2024 2025 2026

best case 0.60 0.67 0.75 0.84 0.94 1.06 1.18
in EUR PV(7%) 0.63 0.66 0.69 0.72 0.75 0.79
Present value sum 33.15

Scenario 3 Dividend 2021 2022 2023 2024 2025 2026

worst case 0.60 0.61 0.62 0.64 0.65 0.66 0.68
in EUR PV(7%) 0.57 0.55 0.52 0.50 0.47 0.45
Present value sum 14.73

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 18.58 11.15
Scenario 2 (best case) 0.2 33.15 6.63
Scenario 3 (worst case) 0.2 14.73 2.95
Sum 20.73

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 Terminal
Value Growth rate
2027 2028 2029 2030 2030 6% next 5 years
0.90 0.96 1.01 1.07 25.34 6% 5 to 10 years
0.56 0.56 0.55 0.55 12.88 7% Discount rate
25.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 12% next 5 years
1.33 1.49 1.66 1.86 49.92 12% 5 to 10 years
0.83 0.86 0.91 0.95 25.37 7% Discount rate
30.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 2% next 5 years
0.76 0.85 0.95 1.06 18.99 2% 5 to 10 years
0.47 0.49 0.52 0.54 9.65 7% Discount rate
20.0 Terminal multiple
 input cells
result cells

PV( %)
AHOLD LINK TO RESEARCH https://sven-carlin-research-platform.teachable.com/courses/

COMPARATIVE TABLE'!A1
Scenario 1 Cashflow 2021 2022 2023 2024 2025 2026
normal case 1.70 1.73 1.77 1.80 1.84 1.88 1.90
PV(6%) 1.64 1.57 1.51 1.46 1.40 1.34
INTRINSIC VALUE 26.75

Scenario 2 Cashflow 2021 2022 2023 2024 2025 2026

best case 1.70 1.75 1.80 1.86 1.91 1.97 2.03
in EUR PV(6%) 1.65 1.61 1.56 1.52 1.47 1.43
Present value sum 33.14

Scenario 3 Cashflow 2021 2022 2023 2024 2025 2026

worst case 1.70 1.70 1.70 1.70 1.70 1.70 1.67
in EUR PV(6%) 1.60 1.51 1.43 1.35 1.27 1.17
Present value sum 19.22

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 26.75 16.05
Scenario 2 (best case) 0.2 33.14 6.63
Scenario 3 (worst case) 0.2 19.22 3.84
Sum 26.52

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.teachable.com/courses/335443/lectures/29567905

Terminal
Value Growth rate terminal multiple makes things trick
2027 2028 2029 2030 2030 2% next 5 years growth will be slow at best
1.91 1.93 1.95 1.97 23.44 1% 5 to 10 years Hard discounters hit margins hard a
1.27 1.21 1.16 1.10 13.09 6% Discount rate
12.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 3% next 5 years
2.09 2.15 2.22 2.28 33.27 3% 5 to 10 years
1.39 1.35 1.31 1.28 18.58 6% Discount rate
15.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
1.63 1.60 1.57 1.54 12.54 -2% 5 to 10 years
1.09 1.00 0.93 0.86 7.00 6% Discount rate
8.0 Terminal multiple
 input cells
result cells

minal multiple makes things tricky - I excpect a 5% required dividend yield ao PE 10

owth will be slow at best
ard discounters hit margins hard and will keep doing so

PV( %)
 KROGER LINK TO RESEARCH
arlin-research-platform.teachable.com/courses/335443/lectures/29567905

Scenario 1 Cashflow 2021 2022 2023 2024 2025 2026

normal case 1.50 1.53 1.56 1.59 1.62 1.66 1.69
PV(10%) 1.39 1.29 1.20 1.11 1.03 0.95
INTRINSIC VALUE 20.50

Scenario 2 Cashflow 2021 2022 2023 2024 2025 2026

best case 1.50 1.55 1.59 1.64 1.69 1.74 1.77
in EUR PV(10%) 1.40 1.32 1.23 1.15 1.08 1.00
Present value sum 25.03

Scenario 3 Cashflow 2021 2022 2023 2024 2025 2026

worst case 1.50 1.50 1.50 1.50 1.50 1.50 1.47
in EUR PV(10%) 1.36 1.24 1.13 1.02 0.93 0.83
Present value sum 14.36

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 20.50 12.30
Scenario 2 (best case) 0.2 25.03 5.01
Scenario 3 (worst case) 0.2 14.36 2.87
Sum 20.18

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 Terminal
Value Growth rate
2027 2028 2029 2030 2030 2% next 5 years
1.72 1.76 1.79 1.83 26.89 2% 5 to 10 years
0.88 0.82 0.76 0.70 10.37 10% Discount rate
15.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 3% next 5 years
1.81 1.85 1.88 1.92 37.65 2% 5 to 10 years
0.93 0.86 0.80 0.74 14.51 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
1.44 1.41 1.38 1.36 13.84 -2% 5 to 10 years
0.74 0.66 0.59 0.52 5.33 10% Discount rate
10.0 Terminal multiple
 input cells
result cells

PV( %)
Sprouts Farmers Market NASDAQ: SFM https://sven-carlin-research-platform.teachable.com/courses/

Scenario 1 Cashflow 2021 2022 2023 2024 2025 2026

normal case 100.00 107.00 114.49 122.50 131.08 140.26 182.00
PV(10%) 97.27 94.62 92.04 89.53 87.09 102.73
INTRINSIC VALUE 2446.38
FCF PAYOUT - 50% 50% 50% 50% 50% 75%

Scenario 2 Cashflow 2021 2022 2023 2024 2025 2026

best case 100.00 110.00 121.00 133.10 146.41 161.05 177.16
in EUR PV(10%) 100.00 100.00 100.00 100.00 100.00 100.00
Present value sum 3272.73

Scenario 3 Cashflow 2021 2022 2023 2024 2025 2026

worst case 100.00 104.00 108.16 112.49 116.99 121.67 122.88
in EUR PV(10%) 94.55 89.39 84.51 79.90 75.54 69.36
Present value sum 1304.16

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 2446.38 1467.83
Scenario 2 (best case) 0.1 3272.73 327.27
Scenario 3 (worst case) 0.3 1304.16 391.25
Sum 2186.35

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.teachable.com/courses/335443/lectures/29567905

Terminal
Value Growth rate
2027 2028 2029 2030 2030 7% next 5 years
187.46 193.08 198.88 204.84 3977.53 3% 5 to 10 years
96.20 90.08 84.34 78.98 1533.51 10% Discount rate
20.0 Terminal multiple
75% 75% 75% 75%
Terminal
Value Growth rate
2027 2028 2029 2030 2030 10% next 5 years
194.87 214.36 235.79 259.37 5894.87 10% 5 to 10 years
100.00 100.00 100.00 100.00 2272.73 10% Discount rate
25.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 4% next 5 years
124.11 125.35 126.61 127.87 1519.26 1% 5 to 10 years
63.69 58.48 53.69 49.30 585.74 10% Discount rate
12.0 Terminal multiple
 input cells
result cells

PV( %)
VOESTALPINE https://svencarlin.com/voestalpine-ag-stock-analysis/

Scenario 1 Dividend 2021 2022 2023 2024 2025 2026

normal case 1.20 1.22 1.25 1.27 1.30 1.32 1.35
PV(5%) 1.17 1.13 1.10 1.07 1.04 1.01
INTRINSIC VALUE 32.28

Scenario 2 Dividend 2021 2022 2023 2024 2025 2026

best case 1.20 1.25 1.30 1.35 1.40 1.46 1.52
in EUR PV(5%) 1.19 1.18 1.17 1.15 1.14 1.13
Present value sum 42.85

Scenario 3 Dividend 2021 2022 2023 2024 2025 2026

worst case 1.20 1.21 1.22 1.24 1.25 1.26 1.27
in EUR PV(5%) 1.15 1.11 1.07 1.03 0.99 0.95
Present value sum 21.84

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 32.28 19.37
Scenario 2 (best case) 0.2 42.85 8.57
Scenario 3 (worst case) 0.2 21.84 4.37
Sum 32.30

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 Terminal
Value Growth rate
2027 2028 2029 2030 2030 2% next 5 years
1.38 1.41 1.43 1.46 35.85 2% 5 to 10 years
0.98 0.95 0.92 0.90 22.01 5% Discount rate
25.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 4% next 5 years
1.58 1.64 1.71 1.78 51.24 4% 5 to 10 years
1.12 1.11 1.10 1.09 31.46 5% Discount rate
30.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 1% next 5 years
1.29 1.30 1.31 1.33 19.69 1% 5 to 10 years
0.91 0.88 0.85 0.81 12.09 5% Discount rate
15.0 Terminal multiple
 input cells
result cells

PV( %)
NORSK HYDRO https://sven-carlin-research-platform.teachable.com/courses/

Scenario 1 Cashflow NOK 2021 2022 2023 2024 2025 2026

normal case 3.00 3.06 3.12 3.18 3.25 3.31 6.00
PV(10%) 2.78 2.58 2.39 2.22 2.06 3.39
INTRINSIC VALUE 100.32

Scenario 2 Cashflow NOK 2021 2022 2023 2024 2025 2026

best case 3.00 3.09 3.18 3.28 3.38 3.48 9.00
in EUR PV(10%) 2.81 2.63 2.46 2.31 2.16 5.08
Present value sum 107.98

Scenario 3 Cashflow NOK 2021 2022 2023 2024 2025 2026

worst case 3.00 3.03 3.06 3.09 3.12 3.15 4.00
in EUR PV(10%) 2.75 2.53 2.32 2.13 1.96 2.26
Present value sum 53.06

Scenario Probability PV Part

Scenario 1 (normal case) 0.7 100.32 70.22
Scenario 2 (best case) 0.2 107.98 21.60
Scenario 3 (worst case) 0.1 53.06 5.31
Sum 97.12

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.teachable.com/courses/stock-market-research-platform/lectures/28046800

Terminal
Value Growth rate
2027 2028 2029 2030 2030 2% next 5 years
6.12 6.24 6.37 6.49 191.02 2% 5 to 10 years
3.14 2.91 2.70 2.50 73.65 10% Discount rate
30.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 3% next 5 years
9.18 9.36 9.55 9.74 191.02 2% 5 to 10 years
4.71 4.37 4.05 3.76 73.65 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 1% next 5 years
4.04 4.08 4.12 4.16 82.42 1% 5 to 10 years
2.07 1.90 1.75 1.60 31.78 10% Discount rate
20.0 Terminal multiple
 input cells
result cells

PV( %)
KAIZER ALUMINUM https://sven-carlin-research-platform.teachable.com/courses/stock-market-

Scenario 1 Cashflow 2021 2022 2023 2024 2025 2026

normal case 80.00 83.20 86.53 89.99 93.59 97.33 101.23
PV(10%) 75.64 71.51 67.61 63.92 60.44 57.14
INTRINSIC VALUE 1692.80

Scenario 2 Cashflow 2021 2022 2023 2024 2025 2026

best case 80.00 84.80 89.89 95.28 101.00 107.06 111.34
PV(10%) 77.09 74.29 71.59 68.98 66.47 62.85
Present value sum 2088.80

Scenario 3 Cashflow 2021 2022 2023 2024 2025 2026

worst case 80.00 80.80 81.61 82.42 83.25 84.08 84.92
PV(10%) 73.45 67.44 61.93 56.86 52.21 47.94
Present value sum 1021.43

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 1692.80 1015.68
Scenario 2 (best case) 0.3 2088.80 626.64
Scenario 3 (worst case) 0.1 1021.43 102.14
Sum 1744.46

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m/courses/stock-market-research-platform/lectures/28046800

Terminal
Value Growth rate
2027 2028 2029 2030 2030 4% next 5 years
105.27 109.49 113.86 118.42 2846.62 4% 5 to 10 years
54.02 51.08 48.29 45.66 1097.50 10% Discount rate
25.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 6% next 5 years
115.79 120.43 125.24 130.25 3757.28 4% 5 to 10 years
59.42 56.18 53.12 50.22 1448.60 10% Discount rate
30.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 1% next 5 years
85.77 86.63 87.49 88.37 1312.42 1% 5 to 10 years
44.01 40.41 37.11 34.07 506.00 10% Discount rate
15.0 Terminal multiple
 input cells
result cells

PV( %)
ALIBABA VIDEO ANALYSIS

Scenario 1 Cashflow 2021 2022 2023 2024 2025 2026

normal case 25.00 30.00 36.00 43.20 51.84 62.21 71.54
in EUR PV(10%)
INTRINSIC VALUE 838.96

Scenario 2 Cashflow 2021 2022 2023 2024 2025 2026

best case 25.00 31.25 39.06 48.83 61.04 76.29 87.74
in EUR PV(10%) 28.41 32.28 36.69 41.69 47.37 49.53
Present value sum 2001.02

Scenario 3 Cashflow 2021 2022 2023 2024 2025 2026

worst case 25.00 28.75 33.06 38.02 43.73 50.28 54.31
in EUR PV(10%) 26.14 27.32 28.57 29.86 31.22 30.65
Present value sum 686.54

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 838.96 503.38
Scenario 2 (best case) 0.2 2001.02 400.20
Scenario 3 (worst case) 0.2 686.54 137.31
Sum 1040.89

Disclaimer: This is just for educational purposes and not for investing advice!

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 Terminal
Value Growth rate
2027 2028 2029 2030 2030 20% next 5 years
82.27 94.61 108.80 125.12 2176.04 15% 5 to 10 years
838.96 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 25% next 5 years
100.90 116.03 133.44 153.45 4003.16 15% 5 to 10 years
51.78 54.13 56.59 59.16 1543.39 10% Discount rate
30.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 15% next 5 years
58.65 63.34 68.41 73.88 1026.16 8% 5 to 10 years
30.10 29.55 29.01 28.49 395.63 10% Discount rate
15.0 Terminal multiple
 input cells
result cells

PV( %)
Tesla VIDEO LINK

Scenario 1 Cashflow 2020 billions 2021 2022 2023 2024 2025 2026
normal case 2.00 2.40 2.88 3.46 4.15 4.98 5.97
in EUR PV(10%) 2.18 2.38 2.60 2.83 3.09 3.37
INTRINSIC VALUE 73.08

Scenario 2 Cashflow 2020 billions 2021 2022 2023 2024 2025 2026
best case 2.00 2.50 3.13 3.91 4.88 6.10 7.32
in EUR PV(10%) 2.27 2.58 2.93 3.34 3.79 4.13
Present value sum 137.29

Scenario 3 Cashflow 2020 billions 2021 2022 2023 2024 2025 2026
worst case 2.00 2.20 2.42 2.66 2.93 3.22 3.38
in EUR PV(10%) 2.00 2.00 2.00 2.00 2.00 1.91
Present value sum 29.28

Scenario Probability PV Part

Scenario 1 (normal case) 0.5 73.08 36.54
Scenario 2 (best case) 0.3 137.29 41.19
Scenario 3 (worst case) 0.2 29.28 5.86
Sum 83.58

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 Terminal
Value Growth rate
2027 2028 2029 2030 2030 20% next 5 years
7.17 8.60 10.32 12.38 103.20 20% 5 to 10 years
3.68 4.01 4.38 4.77 39.79 10% Discount rate
10.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 25% next 5 years
8.79 10.55 12.66 15.19 253.13 20% 5 to 10 years
4.51 4.92 5.37 5.86 97.59 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 10% next 5 years
3.55 3.73 3.92 4.11 27.41 5% 5 to 10 years
1.82 1.74 1.66 1.58 10.57 10% Discount rate
7.0 Terminal multiple
 input cells
result cells

PV( %)
Nestle VIDEO LINK ARTICLE

COMPARATIVE TABLE'!A1
Scenario 1 Cashflow 2020 billions 2021 2022 2023 2024 2025 2026
normal case 11.00 11.22 11.44 11.67 11.91 12.14 12.39
in EUR PV(10%) 10.20 9.46 8.77 8.13 7.54 6.99
INTRINSIC VALUE 201.04

Scenario 2 Cashflow 2020 billions 2021 2022 2023 2024 2025 2026
best case 11.00 11.44 11.90 12.37 12.87 13.38 13.78
in EUR PV(10%) 10.40 9.83 9.30 8.79 8.31 7.78
Present value sum 255.11

Scenario 3 Cashflow 2020 billions 2021 2022 2023 2024 2025 2026
worst case 11.00 11.00 11.00 11.00 11.00 11.00 11.00
in EUR PV(10%) 10.00 9.09 8.26 7.51 6.83 6.21
Present value sum 152.41

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 201.04 120.63
Scenario 2 (best case) 0.2 255.11 51.02
Scenario 3 (worst case) 0.2 152.41 30.48
Sum 202.13

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MADE BY STOCK MARKET RESEARCH PLATFORM

 Terminal
Value Growth rate
2027 2028 2029 2030 2030 2% next 5 years
12.64 12.89 13.15 13.41 328.65 2% 5 to 10 years
6.48 6.01 5.58 5.17 126.71 10% Discount rate
25.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 4% next 5 years
14.20 14.62 15.06 15.51 451.89 3% 5 to 10 years
7.29 6.82 6.39 5.98 174.22 10% Discount rate
30.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
11.00 11.00 11.00 11.00 220.00 0% 5 to 10 years
5.64 5.13 4.67 4.24 84.82 10% Discount rate
20.0 Terminal multiple
 input cells
result cells

PV( %)
Kroger

Scenario 1 Cashflow 2020 billions 2021 2022 2023 2024 2025 2026
normal case 1.50 1.53 1.56 1.59 1.62 1.66 1.69
in EUR PV(10%) 1.39 1.29 1.20 1.11 1.03 0.95
INTRINSIC VALUE 20.50

Scenario 2 Cashflow 2020 billions 2021 2022 2023 2024 2025 2026
best case 1.50 1.55 1.59 1.64 1.69 1.74 1.79
in EUR PV(10%) 1.40 1.32 1.23 1.15 1.08 1.01
Present value sum 29.50

Scenario 3 Cashflow 2020 billions 2021 2022 2023 2024 2025 2026
worst case 1.50 1.50 1.50 1.50 1.50 1.50 1.47
in EUR PV(10%) 1.36 1.24 1.13 1.02 0.93 0.83
Present value sum 13.29

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 20.50 12.30
Scenario 2 (best case) 0.3 29.50 8.85
Scenario 3 (worst case) 0.1 13.29 1.33
Sum 22.48

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 Terminal
Value Growth rate
2027 2028 2029 2030 2030 2% next 5 years
1.72 1.76 1.79 1.83 26.89 2% 5 to 10 years
0.88 0.82 0.76 0.70 10.37 10% Discount rate
15.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 3% next 5 years
1.84 1.90 1.96 2.02 48.93 3% 5 to 10 years
0.95 0.89 0.83 0.78 18.86 10% Discount rate
25.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
1.44 1.41 1.38 1.36 11.07 -2% 5 to 10 years
0.74 0.66 0.59 0.52 4.27 10% Discount rate
8.0 Terminal multiple
 input cells
result cells

PV( %)
UNILEVER PLC VIDEO ARTICLE

Scenario 1 dividend in EUR 2021 2022 2023 2024 2025 2026

normal case 1.65 1.68 1.72 1.75 1.79 1.82 1.86
in EUR PV(5%) 1.60 1.56 1.51 1.47 1.43 1.39
INTRINSIC VALUE 38.33

Scenario 2 dividend in EUR 2021 2022 2023 2024 2025 2026

best case 1.65 1.73 1.82 1.91 2.01 2.11 2.21
in EUR PV(5%) 1.65 1.65 1.65 1.65 1.65 1.65
Present value sum 55.79

Scenario 3 dividend in EUR 2021 2022 2023 2024 2025 2026

worst case 1.65 1.62 1.58 1.55 1.52 1.49 1.46
in EUR PV(5%) 1.54 1.44 1.34 1.25 1.17 1.09
Present value sum 24.18

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 38.33 23.00
Scenario 2 (best case) 0.1 55.79 5.58
Scenario 3 (worst case) 0.3 24.18 7.25
Sum 35.83

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 Terminal
Value Growth rate
2027 2028 2029 2030 2030 2% next 5 years
1.90 1.93 1.97 2.01 39.44 2% 5 to 10 years
1.35 1.31 1.27 1.23 24.21 5% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
2.32 2.44 2.56 2.69 63.99 5% 5 to 10 years
1.65 1.65 1.65 1.65 39.29 5% Discount rate
25.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 -2% next 5 years
1.43 1.40 1.38 1.35 20.64 -2% 5 to 10 years
1.02 0.95 0.89 0.83 12.67 5% Discount rate
15.0 Terminal multiple
 input cells
result cells

PV( %)
Lumen LINK TO FULL ANALYSIS

I am taking the dividends as cash flows because the rest is needed to pay down debt - and paying down over the next
Scenario 1 Cashflow 2020 billions 2021 2022 2023 2024 2025 2026
normal case 1.10 1.10 1.10 1.10 1.10 1.10 1.10
in EUR PV(10%) 1.00 0.91 0.83 0.75 0.68 0.62
INTRINSIC VALUE 11.00
market cap in billions

Scenario 2 Cashflow 2020 billions 2021 2022 2023 2024 2025 2026
best case 1.10 1.13 1.17 1.20 1.24 1.28 1.30
in EUR PV(10%) 1.03 0.96 0.90 0.85 0.79 0.73
Present value sum 14.63

Scenario 3 Cashflow 2020 billions 2021 2022 2023 2024 2025 2026
worst case 1.10 1.07 1.03 1.00 0.97 0.94 0.90
in EUR PV(10%) 0.97 0.86 0.75 0.67 0.59 0.51
Present value sum 7.84

Scenario Probability PV Part

Scenario 1 (normal case) 0.5 11.00 5.50
Scenario 2 (best case) 0.1 14.63 1.46
Scenario 3 (worst case) 0.4 7.84 3.14
Sum 10.10

Disclaimer: This is just for educational purposes and not for investing advice!

MADE BY STOCK MARKET RESEARCH PLATFORM

 Terminal
aying down over the next 20 years! Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
1.10 1.10 1.10 1.10 11.00 0% 5 to 10 years
0.56 0.51 0.47 0.42 4.24 10% Discount rate
10.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 3% next 5 years
1.33 1.35 1.38 1.41 17.94 2% 5 to 10 years
0.68 0.63 0.59 0.54 6.92 10% Discount rate
13.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 -3% next 5 years
0.85 0.81 0.77 0.73 5.39 -5% 5 to 10 years
0.44 0.38 0.33 0.28 2.08 10% Discount rate
7.0 Terminal multiple
 input cells
result cells

PV( %)
AMZN VIDEO

COMPARATIVE TABLE'!A1
Scenario 1 Cashflow 2020 billions 2021 2022 2023 2024 2025 2026
worst case 34.15 42.69 53.36 66.70 83.37 104.22 114.64
in EUR PV(10%)
INTRINSIC VALUE 1176.56

Scenario 2 Cashflow 2020 billions 2021 2022 2023 2024 2025 2026
best case 34.15 42.69 53.36 66.70 83.37 104.22 125.06
in EUR PV(10%)
Present value sum 2499.54

Scenario 3 Cashflow 2020 billions 2021 2022 2023 2024 2025 2026
normal case 34.15 39.27 45.16 51.94 59.73 68.69 75.56
in EUR PV(10%)
Present value sum 581.59

Scenario Probability PV Part

Scenario 1 (worst case) 0.3 1176.56 352.97
Scenario 2 (best case) 0.1 2499.54 249.95
Scenario 3 (normal case) 0.6 581.59 348.95
Sum 951.88

Disclaimer: This is just for educational purposes and not for investing advice!

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 Terminal
Value Growth rate
2027 2028 2029 2030 2030 25% next 5 years
126.10 138.71 152.58 167.84 3051.70 10% 5 to 10 years
1176.56 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 25% next 5 years
150.07 180.09 216.11 259.33 6483.16 20% 5 to 10 years
2499.54 10% Discount rate
30.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 15% next 5 years
83.11 91.42 100.57 110.62 1508.49 10% 5 to 10 years
581.59 10% Discount rate
15.0 Terminal multiple
 input cells
result cells

PV( %)
 AT&T LINK TO AT&T STOCK ANALYSIS
COMPARATIVE TABLE'!A1

Scenario 1 Cashflow 2020 billions 2021 2022 2023 2024 2025 2026
worst case 28.00 26.60 25.27 24.01 22.81 21.67 19.50
in EUR PV(10%) 14.51 12.53 10.82 9.35 8.07 6.60
INTRINSIC VALUE 133.09

Scenario 2 Cashflow 2020 billions 2021 2022 2023 2024 2025 2026
best case 28.00 28.84 29.71 30.60 31.51 32.46 33.11
in EUR PV(10%) 15.73 14.73 13.79 12.91 12.09 11.21
Present value sum 320.94

Scenario 3 Cashflow 2020 billions 2021 2022 2023 2024 2025 2026
normal case 28.00 28.28 28.56 28.85 29.14 29.43 29.72
in EUR PV(10%) 15.43 14.16 13.00 11.94 10.96 10.07
Present value sum 202.69

Scenario Probability PV Part

Scenario 1 (worst case) 0.3 133.09 39.93
Scenario 2 (best case) 0.1 320.94 32.09
Scenario 3 (normal case) 0.6 202.69 121.62
Sum 193.64

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 Terminal
Value Growth rate
2027 2028 2029 2030 2030 -5% next 5 years
17.55 15.79 14.21 12.79 142.15 -10% 5 to 10 years
5.40 4.42 3.62 2.96 54.80 10% Discount rate
10.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 3% next 5 years
33.77 34.45 35.14 35.84 527.03 2% 5 to 10 years
10.40 9.64 8.94 8.29 203.19 10% Discount rate
15.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 1% next 5 years
30.02 30.32 30.62 30.93 244.99 1% 5 to 10 years
9.24 8.49 7.79 7.15 94.45 10% Discount rate
8.0 Terminal multiple
 input cells
result cells

PV( %)