Intrinsic Value Calculation Formula Sven Carlin

Company nLINK TO RESEARCH
COMPARATIVE TABLE'!A1
Scenario 1 Dividend 2021 2022 2023 2024 2025 2026
normal case 0.60 0.63 0.66 0.69 0.73 0.77 0.80
PV(10%) 0.57 0.55 0.52 0.50 0.48 0.45
INTRINSIC VALUE 13.66

best case 0.60 0.60 0.60 0.60 0.60 0.60 0.60
0 PV(10%) 0.55 0.50 0.45 0.41 0.37 0.34
Present value sum 6.46

worst case 0.60 0.60 0.60 0.60 0.60 0.60 0.60
0 PV(10%) 0.55 0.50 0.45 0.41 0.37 0.34
Scenario Probability PV Part

Scenario 1 (normal case) 0.6 13.66 8.20
Scenario 2 (best case) 0.2 6.46 1.29
Scenario 3 (worst case) 0.2 5.77 1.15
Sum 10.64
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 5% next 5 years
0.84 0.89 0.93 0.98 23.27 5% 5 to 10 years
0.43 0.41 0.39 0.38 8.97 10% Discount rate
25.0 Terminal multiple
Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
0.60 0.60 0.60 0.60 7.20 0% 5 to 10 years
0.31 0.28 0.25 0.23 2.78 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
0.60 0.60 0.60 0.60 5.40 0% 5 to 10 years
0.31 0.28 0.25 0.23 2.08 10% Discount rate
input cells
result cells
PV( %)
STOCK TICKER MKT CAP/Price 10% RETURN Ratio LINK to RESEARCH
THIS IS JUST AN OVERVIEW, NOT INVESTMENT ADVICE! THIS IS JUST FOR EDUCATIONAL PURPOSES TO SHOW
Vipshop Holdingss VIPS 18.97 11.96 0.63 https://svencarlin.com/vipshop-hold
ArcelorMittal MT 29.65 16.91 0.57 https://svencarlin.com/arcelormittal
Beyond Meat BYND 9.51 3.61 0.38 https://www.youtube.com/watch?v=
Aperam AMS:APAM 45.64 30.01 0.66 https://sven-carlin-research-platfo
Facebook FB 354.7 413.25 1.17 https://youtu.be/nbQtdJZgdJA
Alfen AMS:ALFEN 78.75 15.86 0.20 https://svencarlin.com/alfen-stock-a
Akzo Nobel AMS: AKZA 103.75 62.88 0.61 https://svencarlin.com/akzo-nobel-s
ASML ASML 583.3 261.19 0.45 https://www.youtube.com/watch?v=
Siemens SIEB 134.2 78.04 0.58 https://www.youtube.com/watch?v=
Adyen ADYEN 2079.5 569.39 0.27 https://svencarlin.com/adyen-stock
Deutsche Borse DB1 147.65 83.16 0.56 https://www.youtube.com/watch?v=
Aedifica EBR: AED 113.6 69.06 0.61 https://svencarlin.com/aedifica-stoc
Baidu HK:9888 BIDU 69.55 73.14 1.05 https://sven-carlin-research-platform
3M Company MMM 199.89 156.59 0.78 https://www.youtube.com/watch?v=
American Express AXP 168.50 47.43 0.28 https://www.youtube.com/watch?v=
Amgen AMGN 248.70 134.95 0.54 https://www.youtube.com/watch?v=
Boeing BA 236.68 126.12 0.53 https://www.youtube.com/watch?v=
Caterpillar CAT 217.76 91.94 0.42 https://www.youtube.com/watch?v=
Cisco CSCO 53.54 34.88 0.65 https://sven-carlin-research-platfo
Coca-cola KO 54.18 33.70 0.62 https://www.youtube.com/watch?v=
Dow Dow 63.51 54.65 0.86 https://www.youtube.com/watch?v=
Goldman Sachs GS 374.16 152.24 0.41 https://www.youtube.com/watch?v=
Home Depot HD 322.7 187.52 0.58 https://www.youtube.com/watch?v=
Honeywell HON 221.32 97.88 0.44 https://www.youtube.com/watch?v=
IBM IBM 140.02 131.87 0.94 https://www.youtube.com/watch?v=
J&J JNJ 168.98 93.91 0.56 https://www.youtube.com/watch?v=
JP Morgan JPM 156.03 114.45 0.73 https://www.youtube.com/watch?v=
McDonalds MCD 233.63 109.07 0.47 https://www.youtube.com/watch?v=
Nike NKE 159.74 45.58 0.29 https://www.youtube.com/watch?v=
P&G PG 135.9 72.89 0.54 https://www.youtube.com/watch?v=
Salesforce CRM 248.2 192.09 0.77 https://www.youtube.com/watch?v=
Travelers TRV 151.23 73.42 0.49 https://www.youtube.com/watch?v=
United Health UNH 409.36 257.75 0.63 https://www.youtube.com/watch?v=
Visa V 238.63 159.85 0.67 https://www.youtube.com/watch?v=
Walgreens WBA 48.17 43.85 0.91 https://www.youtube.com/watch?v=
Walmart WMT 140.11 50.54 0.36 https://www.youtube.com/watch?v=
Disney DIS 177.11 75.24 0.42 https://www.youtube.com/watch?v=
Fresenius ETR:FRE 24.81 13.29 0.54 https://svencarlin.com/fresenius-sto
Fresenius Medical FMS 19.94 18.93 0.95 https://svencarlin.com/fresenius-sto
Store Capital STOR 9.65 8.61 0.89 https://www.youtube.com/watch?v=
Douglas Emmett DEI 5.91 5.87 0.99 https://www.youtube.com/watch?v=
SmartCentres SRU 29.56 30.65 1.04 https://www.youtube.com/watch?v=
Abbvie ABBV 115.17 125.03 1.09 https://www.youtube.com/watch?v=
Bristol Myers BMY 66.95 46.42 0.69 https://www.youtube.com/watch?v=
Merck MRK 78.60 60.39 0.77 https://www.youtube.com/watch?v=
Verizon VZ 56.44 54.44 0.96 https://www.youtube.com/watch?v=
Nutrien NTR 42.76 24.43 0.57 https://www.youtube.com/watch?v=
Chevron CVX 204.51 143.80 0.70 https://www.youtube.com/watch?v=
Lukoil LKOH 0.88 75.90 86.13 https://www.youtube.com/watch?v=
Barrick GOLD 36.39 22.06 0.61 https://www.youtube.com/watch?v=
Anglogold AU 114.76 10.42 0.09 https://www.youtube.com/watch?v=
JOYY YY NO RELIABLE NUMBERS FOR VALUATION https://sven-carlin-research-platform
China Yangtze Power CYPC: LSE 31.00 18.20 0.59 https://svencarlin.com/china-yangtz
Melco MLCO 8.05 7.50 0.93 https://sven-carlin-re
Berkshire BRK.A 638.73 484.71 0.76 https://www.youtube.com/watch?v=
Google GOOG 1704.84 1419.20 0.83 https://www.youtube.com/watch?v=
Microsoft MSFT 2091.14 887.86 0.42 https://www.youtube.com/watch?v=
Apple AAPL 139.96 107.83 0.77 https://svencarlin.com/apple-stock-
NIO NIO 82.58 46.09 0.56 https://www.youtube.com/watch?v=
S&P 500 SPY 433.72 145.26 0.33 https://www.youtube.com/watch?v=
Tencent TCEHY 684.31 868.61 1.27 https://sven-carlin-research-platform
TSMC TSM 118.91 104.34 0.88 https://www.youtube.com/watch?v=
Kroger KR 28.67 20.18 0.70 https://www.youtube.com/watch?v=
Sprout Farmers Market SFM 3.01 2.19 0.73 https://www.youtube.com/watch?v=
Norsk Hydro NHY 115.15 100.32 0.87 https://sven-carlin-research-platform
Alibaba BABA 217.75 329.02 1.51 https://sven-carlin-research-platform
Tesla TSLA 654.01 83.58 0.13 https://www.youtube.com/watch?v=
Amazon AMZN 1770.67 1535.58 0.87 https://www.youtube.com/watch?v=
AT&T T 208.70 193.64 0.93 https://www.youtube.com/watch?v=
Ahold AD 26.45 20.23 0.76 https://www.youtube.com/watch?v=
Wiener WIE 33.00 20.73 0.63 https://svencarlin.com/wienerberge
Nestle NESN 331.83 202.13 0.61 https://www.youtube.com/watch?v=
#DIV/0!
INTRINSIC UPDATED TYPE CURRENCY
PURPOSES TO SHOW WHAT IS PRICED IN BY THE MARKET AND WHAT GROWTH OR DIVIDENDS SHOULD BE REACHED FO
VIPS!A1 Jul-21 Fast growth USD
MT!A1 Jun-21 Cyclical USD BILLION
BYND!A1 Jun-21 Fast growth USD BILLION
APAM!A1 31-May-21 Watch EUR
FB!A1 May-21 FAST
FAST GROWTH USD
ALFEN!A1 May-21 GROWTH EUR
AKZO!A1 May-21 CYCLIAL EUR
ASML!A1 May-21 FAST GROWTH EUR
SIEMENS!A1 May-21 SLOW GROWTHEUR
Adyen!A1 May-21 FAST GROWTH EUR
DB1'!A1 May-21 Growth EUR
EBR AED '!A1 May-21 REIT EUR
BIDU!A1 Apr-21 GROWTH USD BILLION
MMM!A1 Apr-21 SLOW GROWTHUSD
AXP!A1 Apr-21 SLOW GROWTHUSD
AMGN!A1 Apr-21 SLOW GROWTHUSD
BA!A1 Apr-21 CYCLIAL USD
CAT!A1 Apr-21 CYCLIAL USD
CSCO!A1 Apr-21 SLOW GROWTHUSD
KO!A1 Apr-21 SLOW GROWTHUSD
DOW!A1 Apr-21 CYCLIAL USD
GS!A1 Apr-21 Financial USD
HD!A1 Apr-21 SLOW GROWTHUSD
HON!A1 Apr-21 CYCLIAL USD
IBM!A1 Apr-21 SLOW GROWTHUSD
JNJ!A1 Apr-21 SLOW GROWTHUSD
JPM!A1 Apr-21 Financial USD
MCD!A1 Apr-21 SLOW GROWTHUSD
NKE!A1 Apr-21 GROWTH USD
PG!A1 Apr-21 SLOW GROWTHUSD
CRM!A1 Apr-21 FAST GROWTH USD
TRV!A1 Apr-21 SLOW GROWTHUSD
UNH!A1 Apr-21 FAST GROWTH USD
Visa!A1 Apr-21 FAST GROWTH USD
WBA!A1 Apr-21 SLOW GROWTHUSD
WMT!A1 Apr-21 SLOW GROWTHUSD
DIS!A1 Apr-21 FAST GROWTH USD
FRESENIUS!A1 Mar-21 HOLDING EUR BILLION
FRE MED'!A1 Mar-21 SLOW GROTH USD BILLION
STOR!A1 Mar-21 DIVIDEND USD BILLION
DEI!A1 Mar-21 DIVIDEND USD BILLION
SRU.UN!A1 Mar-21 DIVIDEND CAD BILLION
ABBVIE!A1 Mar-21 STALWARTH USD
BMY!A1 Mar-21 STALWARTH USD
MRK!A1 Mar-21 STALWARTH USD
VZ!A1 Mar-21 DIVIDEND USD
NTR!A1 Mar-21 CYCLIAL USD BILLION
CVX!A1 Mar-21 CYCLIAL USD BILLION
LUKOIL!A1 Mar-21 CYCLIAL USD BILLION
GOLD!A1 Mar-21 GOLD USD BILLION
AU!A1 Mar-21 GOLD USD BILLION
-carlin-research-platform.teachable.com/courses/stock-market-investing/lectures/31784335
Mar-21
CYPC!A1 Mar-21 SLOW GROWTHUSD
MELCO (2)'!A1 Feb-21 HOLDING USD BILLION
BRK!A1 Feb-21 HOLDING USD BILLION
GOOGLE!A1 Feb-21 GROWTH USD BILLION
MSFT!A1 Feb-21 GROWTH USD BILLION
APPLE!A1 Feb-21 STALWARTH USD
NIO!A1 Feb-21 FAST GROWTH USD BILLION
S&P 500'!A1 Feb-21 INDEX points
TCEHY!A1 Feb-21 GROWTH USD BILLION
TSMC!A1 Feb-21 GROWTH USD BILLION
KROGER!A1 Feb-21 SLOW GROWTHUSD BILLION
SFM!A1 Feb-21 GROWTH USD BILLION
NHY!A1 Feb-21 CYCLIAL NOK BILLION
BABA!A1 Feb-21 FAST GROWTH USD BILLION
TSLA!A1 Feb-21 FAST GROWTH USD BILLION
AMZN!A1 Feb-21 FAST GROWTH USD BILLION
AT&T'!A1 Feb-21 SLOW GROWTHUSD BILLION
AHOLD!A1 Feb-21 SLOW GROWTHEUR BILLION
Wiener!A1 Feb-21 CYCLIAL EUR BILLIONS
NESN!A1 Feb-21 STALWARTH CHF
Comment
MARKET AND WHAT GROWTH OR DIVIDENDS SHOULD BE REACHED FOR A IMMAGINARY RETURN - IN THIS CASE 10%
an ok business but nothing more, which leads to risks
Steel cyclical, watch when things look bad again with steel, likely low future debt gives a margin of safety.
Growth stock that needs a lot of growth and then also has to reach profitability to justify valuation - not for me
Steel cyclical, watch when things look bad again with steel, no debt gives a margin of safety.
Growth stock, moatish, huge growth ahead and opportunities.
Just an installing business, low net profit margin, expensive.
Buybacks will likely push the stock up
Priced for eternal perfection
Expensive for absolute returns
Great growth stock with great business model, but a bit expensive for my taste
Moat business in Germany - financials, trading, stock exchange, growth ahead,a bit expensive!
European Healthcare REIT in a strong trend catering to aging homes.
Search engine in China with 72% of market share, investing in AI, Autonomous, Cloud, Robotaxies
Great business, strong moat, strong cash flows, strong brand.
Good business, I am not so sure about the future due to disruption, 3m above seems better
Biosimilar risks, competition, pricing but on the other hand positive healthcare trends - watch the patent expiration
Cyclical and we will see whether the issues are in the rear view mirror.
Cyclical nature but still exposed to global growth - stable dividend
Interesting behemoth exposed to positive long-term trends.
Coca cola is coca cola - not at these valuations but you never know.
Cyclial chemical - but well positioned in the sector - should do ok - dividend is key.
Finance and banking - things look great while good, very ugly when things turn…
Covid tailwind work from home, high RE prices etc.
Fairly priced at the moment - see how this fits you.
IBM has its own issues - see how it fits you - you need to be a specialist on it to get it
JNJ Pharma - depends on drugs, regulation, pricing, success of new stories, environment and sentiment.
Finance and banking - things look great while good, very ugly when things turn…
McDonalds - cash cow now. Divs and buybacks hoping for some growth.
Nike is I feel wrongly perceived as an eternal growth stock which it isn't.. It can get ugly ahead.
Slow and steady, likely cash cow so watch valuations.
All depends on future growth
Insurance - thus all related things.
United Heatlh - regulation risk, but seems great business.
All depends on future growth
Stable position, all about valuation
Stable position, growth, potential, but also huge size
Became a streaming stock lately
Interesting exposure to aging and related secular trends
Interesting exposure to aging and related secular trends
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
There is a sum of parts valuation by investment banks, but I don't trust it. My analysis goes in line with Muddy Waters.
Largest Hydropower producer in the world on the Yangtze river - sustainable investment
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
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
MAIN RISK & MARGIN OF SAFETY (MOS) REQUIREMENT FOR RISKS (MOS IS ALWAYS LOW PRICE - if BUY, ok)
HIS CASE 10%
what will the business look like in 10years, will likely be great, but there is always a risk
Priced for eternal perfection
Profitability of those, China, China government, market share and growth

slower than expected growth and valuations, economic recession
disruption
ESG is a risk for them too
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.
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.
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
Muddy Waters.
not much risk, owned by the government, financed and giving a steady dividend to outside investors, like all SOE (state own
CHINA REGULATION, LEISURE INDUSTRY, DEBT
USD and US economy
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
Strategy
short term catalysts as 25% drop due to margin sale

e owned enterprises)
WOULD I BUY THIS AT A CERTAIN PRICE (what to think about deeper in such a case)
due to margin sale

Name Ticker Spawning comment
Berkshire Hathaway BRK.B Buffett constantly enlarging his business portfolio
Restaurand Brands QSR Growing by doing acquisitions
Starbucks SBUX Growing and constantly adding adjacent businesses
Microsoft MSFT Still growing relatively fast
Alphabet GOOG Moonshots and Google Other
Brookfield Asset BAM Growth strategy
Amazon AMZN Spawning constantly into new ventures
Alibaba BABA Going Global
Tencent TCEHY Building an incredible metaverse
Baidu BIDU Old search engine spawning new tech
Facebook FB Incorporating new cool things into the network
Shinoken SHIOF Japanese stock owned by Pabrai
BYD BYD Spawning into automotive and new transportation
Pinduoduo PPD Looking to disrupt into many new areas
Link to analysis
https://svencarlin.com/is-berkshire-hathaway-stock-a-buy/?utm_source=rss&utm_medium=rss&utm_campaign=is-berkshire-
https://www.youtube.com/watch?v=NvUK53srVyU
https://www.youtube.com/watch?v=pmw8LA-9PjE
https://www.youtube.com/watch?v=yWjh8rVFMdU
https://sven-carlin-research-platform.teachable.com/courses/335443/lectures/30151996
https://www.youtube.com/watch?v=CMvfDofK0Xc
https://sven-carlin-research-platform.teachable.com/courses/335443/lectures/33155996
m_campaign=is-berkshire-hathaway-stock-a-buy
KROGER 28671525098 ASML 583.3 1.18634
AHOLD 26451588659 Siemens 134.2
MELCO RESORT 8052547941 ADYEN 2079.5
BRK 638733900000 Deutsche Borse 147.65
Fresenius 24810480119 Aedifica 113.6
FRE MED 19940156830 Akzo Nobel 103.75
Google 1704838681581 Alfen 78.75
MSFT 2091141752780 Facebook 354.7
APPLE 2335600806838 APAM 45.64
NIO 82581309700 BYND 9510600248
S&P 500 433.72 ArcelorMittal 29654533336 29.65453334
Tencent 5315744124000 18.97
TSM 118.91 687.54
Kroger 28671525098 687.54
SFM 3011179554 687.54
Norsk Hydro 13425170000 687.54 8.577305
BABA 217.75 687.54
Tesla 654005032078 687.54
Amazon 1770670063277 687.54
AT&T 208702196731 687.54
Ahold 26451588659 687.54
Wiener 33 687.54
WBA 41637871848 687.54
Nestle 331833465699 687.54
STOR CAPITAL 9648506216 687.54
Douglas Emmet 5911604273 687.54
Smart Centres 29.56 687.54
Abbvie 115.17 687.54
BMY 66.95 ASML 687.54
Merck 78.6 ASML 687.54
VZ 56.44 ASML 687.54
Nutrien 42760140000 ASML 687.54
Chebron 204509217541 ASML 687.54
Lukoil 64764800000 9E+08 ASML 687.54
Barrick Gold 36386701182 ASML 687.54
AngloGold 114757464638 ASML 687.54
CYCP data not available to goASML 687.54 73.4944
USDCNY 6.4632 ASML 687.54
baidu 69554122090 ASML 687.54
MMM 199.89 ASML 687.54
American Express 168.5 ASML 687.54
Amgen 248.7 ASML 687.54
Apple 139.96 ASML 687.54
Boeing 236.68 ASML 687.54
Caterpillar 217.76 ASML 687.54
Chevron 199.89 ASML 687.54
Cisco 53.54 ASML 687.54
Coca Cola 54.18 ASML 687.54
Dow 63.51 ASML 687.54
Goldman 374.16 ASML 687.54
Home De 322.7 ASML 687.54
Honeywell 221.32 ASML 687.54
Intel 56.76 ASML 687.54
IBM 140.02 ASML 687.54
J&J 168.98 ASML 687.54
JP Morgan 156.03 ASML 687.54
McDonalds 233.63 ASML 687.54
Merch 78.6
Microsoft 277.65
Nike 159.74
P&G 135.9
Salesforce 248.2
Travelers 151.23
UnitedHealth 409.36
Verizon 56.44
Visa 238.63
Walgreens 48.17
Walmart 140.11
Walt Disney 177.11
7.768045 684309131062 684.3091
115151777767
Vipshop LINK TO RESEARCH
VIPS
Scenario 1 EPS 2021 2022 2023 2024 2025 2026
normal case 1.00 1.10 1.21 1.33 1.46 1.61 1.72
PV(10%)
Scenario 2 EPS 2021 2022 2023 2024 2025 2026

best case 1.50 1.73 1.98 2.28 2.62 3.02 3.32
0 PV(10%)
Scenario 3 EPS 2021 2022 2023 2024 2025 2026

worst case 0.75 0.80 0.86 0.92 0.98 1.05 1.10
0 PV(10%)

Sum 11.96

Terminal
Value Growth rate
2027 2028 2029 2030 2030 10% next 5 years
1.84 1.97 2.11 2.26 25.33 7% 5 to 10 years
9.77 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 15% next 5 years
3.65 4.02 4.42 4.86 66.26 10% 5 to 10 years
Terminal
Value Growth rate
2027 2028 2029 2030 2030 7% next 5 years
1.16 1.22 1.28 1.34 12.79 5% 5 to 10 years
input cells
result cells
PV( %)
ArcelorMittal LINK
STOCK VALUE LIST'!A1

Scenario 1 FCF billion USD 2021 2022 2023 2024 2025 2026
normal case 2.50 2.63 2.76 2.89 3.04 3.19 3.35
10%) 0.24 0.23 0.22 0.21 0.20 0.19
best case 0.00 0.00 0.00 0.00 0.00 0.00
0 10%) 0.00 0.00 0.00 0.00 0.00 0.00
worst case 0.00 0.00 0.00 0.00 0.00 0.00
0 10%) 0.00 0.00 0.00 0.00 0.00 0.00

Sum 10.14

Terminal
Value Growth rate Comment
2027 2028 2029 2030 2030 5% next 5 years
3.52 3.69 3.88 4.07 38.78 5% 5 to 10 years
0.18 0.17 0.16 0.16 14.95 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 3% next 5 years
0.00 0.00 0.00 0.00 0.00 25% 5 to 10 years
0.00 0.00 0.00 0.00 0.00 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 1% next 5 years
0.00 0.00 0.00 0.00 0.00 15% 5 to 10 years
0.00 0.00 0.00 0.00 0.00 10% Discount rate
input cells
result cells
%)
BYND LINK TO RESEARCH
Scenario 1 Revenue in billions USD 2021 2022 2023 2024 2025 2026
normal case 0.40 0.52 0.68 0.88 1.14 1.49 1.93
PV(10%)
best case 0.40 0.54 0.73 0.98 1.33 1.79 2.42
0 PV(10%)
worst case 0.40 0.48 0.58 0.69 0.83 1.00 1.14
0 PV(10%)

Sum 3.61

Terminal
Value Growth rate
2027 2028 2029 2030 2030 30% next 5 years
2.51 3.26 4.24 5.51 8.48 30% 5 to 10 years
Terminal
Value Growth rate
2027 2028 2029 2030 2030 35% next 5 years
3.27 4.41 5.96 8.04 17.87 35% 5 to 10 years
Terminal
Value Growth rate
2027 2028 2029 2030 2030 20% next 5 years
1.32 1.51 1.74 2.00 3.48 15% 5 to 10 years
input cells
result cells
PV( %)
APERAM LINK

normal case 1.75 1.80 1.86 1.91 1.97 2.03 2.09
10%) 1.64 1.53 1.44 1.35 1.26 1.18

best case 0.00 0.00 0.00 0.00 0.00 0.00
0 10%) 0.00 0.00 0.00 0.00 0.00 0.00

worst case 0.00 0.00 0.00 0.00 0.00 0.00
0 10%) 0.00 0.00 0.00 0.00 0.00 0.00

Scenario 1 (normal case) 1 30.01 30.01
Scenario 2 (best case) 0 0.00 0.00
Scenario 3 (worst case) 0 0.00 0.00
Sum 30.01

Terminal
2027 2028 2029 2030 2030 3% next 5 years
2.15 2.22 2.28 2.35 45.67 3% 5 to 10 years
1.10 1.03 0.97 0.91 17.61 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 3% next 5 years
0.00 0.00 0.00 0.00 0.00 25% 5 to 10 years
0.00 0.00 0.00 0.00 0.00 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 1% next 5 years
0.00 0.00 0.00 0.00 0.00 15% 5 to 10 years
0.00 0.00 0.00 0.00 0.00 10% Discount rate
input cells
result cells
%)
FB LINK TO RESEARCH
Scenario 1 Earnings 2021 2022 2023 2024 2025 2026
normal case 12.80 15.36 18.43 22.12 26.54 31.85 36.63
PV(10%)

best case 12.80 16.00 20.00 25.00 31.25 39.06 44.92
0 PV(10%)

worst case 12.80 14.72 16.93 19.47 22.39 25.75 25.75
0 PV(10%)

Sum 413.25

Terminal
Value Growth rate
2027 2028 2029 2030 2030 20% next 5 years
42.12 48.44 55.71 64.06 1114.13 15% 5 to 10 years
Terminal
Value Growth rate
2027 2028 2029 2030 2030 25% next 5 years
51.66 59.41 68.32 78.57 1708.01 15% 5 to 10 years
Terminal
Value Growth rate
2027 2028 2029 2030 2030 15% next 5 years
25.75 25.75 25.75 25.75 308.94 0% 5 to 10 years
input cells
result cells
PV( %)
Alfen LINK TO RESEARCH
Scenario 1 EPS 2021 2022 2023 2024 2025 2026
normal case 0.56 0.70 0.88 1.09 1.37 1.71 1.88
PV(10%) not really organic growth
Scenario 2 EPS 2021 2022 2023 2024 2025 2026

best case 0.56 0.73 0.95 1.23 1.60 2.08 2.39
0 PV(10%)
Scenario 3 EPS 2021 2022 2023 2024 2025 2026

worst case 0.56 0.67 0.81 0.97 1.16 1.39 1.53
0 PV(10%)

Sum 15.86

Terminal
Value Growth rate
2027 2028 2029 2030 2030 25% next 5 years
2.07 2.27 2.50 2.75 37.53 10% 5 to 10 years
Terminal
Value Growth rate
2027 2028 2029 2030 2030 30% next 5 years
2.75 3.16 3.64 4.18 72.73 15% 5 to 10 years
Terminal
Value Growth rate
2027 2028 2029 2030 2030 20% next 5 years
1.69 1.85 2.04 2.24 20.40 10% 5 to 10 years
input cells
result cells
PV( %)
Akzo NobelLINK TO RESEARCH
Scenario 1 Dividends 2021 2022 2023 2024 2025 2026
normal case 2.00 2.16 2.33 2.52 2.72 2.94 3.17
PV(10%) 1.96 1.93 1.89 1.86 1.82 1.79

best case 2.00 2.20 2.42 2.66 2.93 3.22 3.54
0 PV(10%) 2.00 2.00 2.00 2.00 2.00 2.00

worst case 2.00 2.10 2.21 2.32 2.43 2.55 2.68
0 PV(10%) 1.91 1.82 1.74 1.66 1.58 1.51

Sum 62.88

Terminal
Value Growth rate
2027 2028 2029 2030 2030 8% next 5 years
3.43 3.70 4.00 4.32 99.95 8% 5 to 10 years
1.76 1.73 1.70 1.66 38.54 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 10% next 5 years
3.90 4.29 4.72 5.19 235.79 10% 5 to 10 years
2.00 2.00 2.00 2.00 90.91 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
2.81 2.95 3.10 3.26 46.54 5% 5 to 10 years
1.44 1.38 1.32 1.26 17.94 10% Discount rate
input cells
result cells
PV( %)
EBR: AED LINK TO RESEARCH
Aedifica
normal case 3.00 3.15 3.31 3.47 3.65 3.83 4.02
PV(10%) 2.86 2.73 2.61 2.49 2.38 2.27

best case 3.00 3.24 3.50 3.78 4.08 4.41 4.76
0 PV(10%) 2.95 2.89 2.84 2.79 2.74 2.69

worst case 3.00 3.09 3.18 3.28 3.38 3.48 3.58
0 PV(10%) 2.81 2.63 2.46 2.31 2.16 2.02

Sum 69.06

Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
4.22 4.43 4.65 4.89 116.35 5% 5 to 10 years
2.17 2.07 1.97 1.88 44.86 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 8% next 5 years
5.14 5.55 6.00 6.48 179.91 8% 5 to 10 years
2.64 2.59 2.54 2.50 69.36 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 3% next 5 years
3.69 3.80 3.91 4.03 58.71 3% 5 to 10 years
1.89 1.77 1.66 1.55 22.64 10% Discount rate
input cells
result cells
PV( %)
DEUTSCHELINK TO RESEARCH
DB1
normal case 2.90 3.10 3.32 3.55 3.80 4.07 4.35
PV(10%) 2.82 2.74 2.67 2.60 2.53 2.46

best case 2.90 3.13 3.38 3.65 3.95 4.26 4.60
0 PV(10%) 2.85 2.80 2.74 2.69 2.65 2.60

worst case 2.90 3.05 3.20 3.36 3.52 3.70 3.89
0 PV(10%) 2.77 2.64 2.52 2.41 2.30 2.19

Sum 83.16

Terminal
Value Growth rate
2027 2028 2029 2030 2030 7% next 5 years
4.66 4.98 5.33 5.70 133.29 7% 5 to 10 years
2.39 2.32 2.26 2.20 51.39 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 8% next 5 years
4.97 5.37 5.80 6.26 289.86 8% 5 to 10 years
2.55 2.50 2.46 2.41 111.75 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
4.08 4.28 4.50 4.72 67.48 5% 5 to 10 years
2.09 2.00 1.91 1.82 26.02 10% Discount rate
input cells
result cells
PV( %)
Adyen LINK TO RESEARCH
Scenario 1 EPS 2021 2022 2023 2024 2025 2026
normal case 8.63 11.22 14.58 18.96 24.65 32.04 38.45
PV(10%)
Scenario 2 EPS 2021 2022 2023 2024 2025 2026

best case 8.63 11.65 15.73 21.23 28.66 38.70 48.37
0 PV(10%)
Scenario 3 EPS 2021 2022 2023 2024 2025 2026

worst case 8.63 10.36 12.43 14.91 17.90 21.47 24.70
0 PV(10%)

Sum 569.39

Terminal
Value Growth rate
2027 2028 2029 2030 2030 30% next 5 years
46.14 55.37 66.44 79.73 1328.87 20% 5 to 10 years
Terminal
Value Growth rate
2027 2028 2029 2030 2030 35% next 5 years
60.46 75.58 94.48 118.09 2834.27 25% 5 to 10 years
Terminal
Value Growth rate
2027 2028 2029 2030 2030 20% next 5 years
28.40 32.66 37.56 43.19 563.38 15% 5 to 10 years
input cells
result cells
PV( %)
Siemens LINK TO RESEARCH
normal case 3.50 3.68 3.86 4.05 4.25 4.47 4.69
PV(10%) 3.34 3.19 3.04 2.91 2.77 2.65

best case 3.50 3.78 4.08 4.41 4.76 5.14 5.55
0 PV(10%) 3.44 3.37 3.31 3.25 3.19 3.14

worst case 3.50 3.68 3.86 4.05 4.25 4.47 4.47
0 PV(10%) 3.34 3.19 3.04 2.91 2.77 2.52

Sum 78.04

Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
4.92 5.17 5.43 5.70 108.59 5% 5 to 10 years
2.53 2.41 2.30 2.20 41.87 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 8% next 5 years
6.00 6.48 7.00 7.56 279.86 8% 5 to 10 years
3.08 3.02 2.97 2.91 107.90 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
4.47 4.47 4.47 4.47 44.67 0% 5 to 10 years
2.29 2.08 1.89 1.72 17.22 10% Discount rate
input cells
result cells
PV( %)
ASML LINK TO RESEARCH
normal case 2.55 3.06 3.67 4.41 5.29 6.35 7.30
PV(10%) 2.78 3.03 3.31 3.61 3.94 4.12

best case 2.55 3.32 4.31 5.60 7.28 9.47 12.31
0 PV(10%) 3.01 3.56 4.21 4.97 5.88 6.95

worst case 2.55 3.06 3.67 4.41 5.29 6.35 7.30
0 PV(10%) 2.78 3.03 3.31 3.61 3.94 4.12

Sum 261.19

Terminal
Value Growth rate
2027 2028 2029 2030 2030 20% next 5 years
8.39 9.65 11.10 12.76 443.91 15% 5 to 10 years
4.31 4.50 4.71 4.92 171.15 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 30% next 5 years
16.00 20.80 27.04 35.15 1352.07 30% 5 to 10 years
8.21 9.70 11.47 13.55 521.28 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 20% next 5 years
8.39 9.65 11.10 12.76 110.98 15% 5 to 10 years
4.31 4.50 4.71 4.92 42.79 10% Discount rate
input cells
result cells
PV( %)
Disney LINK TO RESEARCH
normal case 2.00 2.20 2.42 2.66 2.93 3.22 3.70
PV(10%) 2.00 2.00 2.00 2.00 2.00 2.09

best case 2.00 2.30 2.65 3.04 3.50 4.02 4.63
0 PV(10%) 2.09 2.19 2.29 2.39 2.50 2.61

worst case 2.00 2.10 2.21 2.32 2.43 2.55 2.73
0 PV(10%) 1.91 1.82 1.74 1.66 1.58 1.54

Sum 75.24

Terminal
Value Growth rate
2027 2028 2029 2030 2030 10% next 5 years
4.26 4.90 5.63 6.48 140.84 15% 5 to 10 years
2.19 2.29 2.39 2.50 54.30 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 15% next 5 years
5.32 6.12 7.04 8.09 211.07 15% 5 to 10 years
2.73 2.85 2.98 3.12 81.38 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
2.92 3.13 3.35 3.58 66.92 7% 5 to 10 years
1.50 1.46 1.42 1.38 25.80 10% Discount rate
input cells
result cells
PV( %)
Walmart LINK TO RESEARCH
normal case 2.24 2.35 2.47 2.59 2.72 2.86 3.00
PV(10%) 2.14 2.04 1.95 1.86 1.78 1.69

best case 2.24 2.40 2.56 2.74 2.94 3.14 3.36
0 PV(10%) 2.18 2.12 2.06 2.01 1.95 1.90

worst case 2.24 2.31 2.38 2.45 2.52 2.60 2.67
0 PV(10%) 2.10 1.96 1.84 1.72 1.61 1.51

Sum 50.54

Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
3.15 3.31 3.47 3.65 86.87 5% 5 to 10 years
1.62 1.54 1.47 1.41 33.49 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 7% next 5 years
3.60 3.85 4.12 4.41 123.54 7% 5 to 10 years
1.85 1.80 1.75 1.70 47.63 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 3% next 5 years
2.75 2.84 2.92 3.01 43.84 3% 5 to 10 years
1.41 1.32 1.24 1.16 16.90 10% Discount rate
input cells
result cells
PV( %)
Walgreens LINK TO RESEARCH
normal case 1.86 1.99 2.13 2.28 2.44 2.61 2.79
PV(10%) 1.81 1.76 1.71 1.67 1.62 1.58

best case 1.86 2.05 2.25 2.48 2.72 3.00 3.30
0 PV(10%) 1.86 1.86 1.86 1.86 1.86 1.86

worst case 1.86 1.95 2.05 2.15 2.26 2.37 2.49
0 PV(10%) 1.78 1.69 1.62 1.54 1.47 1.41

Sum 43.85

Terminal
Value Growth rate
2027 2028 2029 2030 2030 7% next 5 years
2.99 3.20 3.42 3.66 68.39 7% 5 to 10 years
1.53 1.49 1.45 1.41 26.37 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 10% next 5 years
3.62 3.99 4.39 4.82 109.64 10% 5 to 10 years
1.86 1.86 1.86 1.86 42.27 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
2.62 2.75 2.89 3.03 43.28 5% 5 to 10 years
1.34 1.28 1.22 1.17 16.69 10% Discount rate
input cells
result cells
PV( %)
Scenario 1 Earnings with 25% div 2021 2022 2023 2024 2025 2026
normal case 5.10 5.87 6.74 7.76 8.92 10.26 11.28
PV(10%) 1.33 1.39 1.46 1.52 1.59 1.59
best case 5.10 5.87 6.74 7.76 8.92 10.26 11.80
0 PV(10%) 1.33 1.39 1.46 1.52 1.59 1.66
worst case 5.10 5.61 6.17 6.79 7.47 8.21 8.79
0 PV(10%) 1.28 1.28 1.28 1.28 1.28 1.24

Sum 159.85

Terminal
Value Growth rate
2027 2028 2029 2030 2030 15% next 5 years
12.41 13.65 15.02 16.52 375.47 10% 5 to 10 years
1.59 1.59 1.59 1.59 144.76 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 15% next 5 years
13.57 15.60 17.94 20.63 538.24 15% 5 to 10 years
1.74 1.82 1.90 1.99 207.51 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 10% next 5 years
9.40 10.06 10.77 11.52 215.33 7% 5 to 10 years
1.21 1.17 1.14 1.11 83.02 10% Discount rate
input cells
result cells
PV( %)
United HealLINK TO RESEARCH
normal case 4.83 5.55 6.39 7.35 8.45 9.71 11.17
PV(10%) 5.05 5.28 5.52 5.77 6.03 6.31

best case 4.83 5.80 6.96 8.35 10.02 12.02 13.82
0 PV(10%) 5.27 5.75 6.27 6.84 7.46 7.80

worst case 4.83 5.31 5.84 6.43 7.07 7.78 8.56
0 PV(10%) 4.83 4.83 4.83 4.83 4.83 4.83

Sum 257.75

Terminal
Value Growth rate
2027 2028 2029 2030 2030 15% next 5 years
12.85 14.78 16.99 19.54 509.74 15% 5 to 10 years
6.59 6.89 7.21 7.53 196.53 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 20% next 5 years
15.89 18.28 21.02 24.17 840.82 15% 5 to 10 years
8.16 8.53 8.91 9.32 324.17 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 10% next 5 years
9.41 10.35 11.39 12.53 170.83 10% 5 to 10 years
4.83 4.83 4.83 4.83 65.86 10% Discount rate
input cells
result cells
PV( %)
normal case 3.40 3.57 3.75 3.94 4.13 4.34 4.56
PV(10%) 3.25 3.10 2.96 2.82 2.69 2.57

best case 3.40 3.60 3.82 4.05 4.29 4.55 4.82
0 PV(10%) 3.28 3.16 3.04 2.93 2.83 2.72

worst case 3.40 3.40 3.40 3.40 3.40 3.40 3.40
0 PV(10%) 3.09 2.81 2.55 2.32 2.11 1.92

Sum 73.42

Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
4.78 5.02 5.27 5.54 131.86 5% 5 to 10 years
2.46 2.34 2.24 2.14 50.84 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 6% next 5 years
5.11 5.42 5.74 6.09 172.33 6% 5 to 10 years
2.62 2.53 2.44 2.35 66.44 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
3.40 3.40 3.40 3.40 51.00 0% 5 to 10 years
1.74 1.59 1.44 1.31 19.66 10% Discount rate
input cells
result cells
PV( %)
Salesforce LINK TO RESEARCH
normal case 4.58 5.50 6.60 7.91 9.50 11.40 12.54
PV(10%)

best case 4.58 5.73 7.16 8.95 11.18 13.98 17.47
0 PV(10%)

worst case 4.58 5.04 5.54 6.10 6.71 7.38 8.11
0 PV(10%)

Sum 192.09

Terminal
Value Growth rate
2027 2028 2029 2030 2030 20% next 5 years
13.79 15.17 16.69 18.35 417.14 10% 5 to 10 years
Terminal
Value Growth rate
2027 2028 2029 2030 2030 25% next 5 years
21.84 27.30 34.12 42.65 1023.71 25% 5 to 10 years
Terminal
Value Growth rate
2027 2028 2029 2030 2030 10% next 5 years
8.93 9.82 10.80 11.88 215.99 10% 5 to 10 years
input cells
result cells
PV( %)
Nike LINK TO RESEARCH
normal case 1.10 1.21 1.33 1.46 1.61 1.77 1.95
PV(10%) 1.10 1.10 1.10 1.10 1.10 1.10

best case 1.10 1.27 1.45 1.67 1.92 2.21 2.54
0 PV(10%) 1.15 1.20 1.26 1.31 1.37 1.44

worst case 1.10 1.21 1.33 1.46 1.61 1.77 1.86
0 PV(10%) 1.10 1.10 1.10 1.10 1.10 1.05

Sum 45.58

Terminal
Value Growth rate
2027 2028 2029 2030 2030 10% next 5 years
2.14 2.36 2.59 2.85 77.81 10% 5 to 10 years
1.10 1.10 1.10 1.10 30.00 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 15% next 5 years
2.93 3.36 3.87 4.45 154.79 15% 5 to 10 years
1.50 1.57 1.64 1.72 59.68 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 10% next 5 years
1.95 2.05 2.15 2.26 53.83 5% 5 to 10 years
1.00 0.96 0.91 0.87 20.76 10% Discount rate
input cells
result cells
PV( %)
P&G LINK TO RESEARCH
normal case 3.16 3.32 3.48 3.66 3.84 4.03 4.23
PV(10%) 3.02 2.88 2.75 2.62 2.50 2.39

best case 3.16 3.38 3.62 3.87 4.14 4.43 4.74
0 PV(10%) 3.07 2.99 2.91 2.83 2.75 2.68

worst case 3.16 3.25 3.35 3.45 3.56 3.66 3.77
0 PV(10%) 2.96 2.77 2.59 2.43 2.27 2.13

Sum 72.89

Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
4.45 4.67 4.90 5.15 122.55 5% 5 to 10 years
2.28 2.18 2.08 1.98 47.25 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 7% next 5 years
5.07 5.43 5.81 6.22 174.29 7% 5 to 10 years
2.60 2.53 2.46 2.40 67.19 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 3% next 5 years
3.89 4.00 4.12 4.25 82.46 3% 5 to 10 years
1.99 1.87 1.75 1.64 31.79 10% Discount rate
input cells
result cells
PV( %)
McDonaldsLINK TO RESEARCH
normal case 5.04 5.34 5.66 6.00 6.36 6.74 7.15
PV(10%) 4.86 4.68 4.51 4.35 4.19 4.04

best case 5.04 5.39 5.77 6.17 6.61 7.07 7.56
0 PV(10%) 4.90 4.77 4.64 4.51 4.39 4.27

worst case 5.04 5.19 5.35 5.51 5.67 5.84 6.02
0 PV(10%) 4.72 4.42 4.14 3.87 3.63 3.40

Sum 109.07

Terminal
Value Growth rate
2027 2028 2029 2030 2030 6% next 5 years
7.58 8.03 8.51 9.03 170.30 6% 5 to 10 years
3.89 3.75 3.61 3.48 65.66 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 7% next 5 years
8.09 8.66 9.27 9.91 277.98 7% 5 to 10 years
4.15 4.04 3.93 3.82 107.17 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 3% next 5 years
6.20 6.38 6.58 6.77 98.64 3% 5 to 10 years
3.18 2.98 2.79 2.61 38.03 10% Discount rate
input cells
result cells
PV( %)
JP MORGALINK TO RESEARCH
normal case 3.60 3.96 4.36 4.79 5.27 5.80 6.38
PV(10%) 3.60 3.60 3.60 3.60 3.60 3.60

best case 3.60 4.14 4.76 5.48 6.30 7.24 7.96
0 PV(10%) 3.76 3.93 4.11 4.30 4.50 4.50

worst case 3.60 3.78 3.97 4.17 4.38 4.59 4.59
0 PV(10%) 3.44 3.28 3.13 2.99 2.85 2.59

Sum 114.45

Terminal
Value Growth rate
2027 2028 2029 2030 2030 10% next 5 years
7.02 7.72 8.49 9.34 212.22 10% 5 to 10 years
3.60 3.60 3.60 3.60 81.82 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 15% next 5 years
8.76 9.64 10.60 11.66 318.04 10% 5 to 10 years
4.50 4.50 4.50 4.50 122.62 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
4.59 4.59 4.59 4.59 68.92 0% 5 to 10 years
2.36 2.14 1.95 1.77 26.57 10% Discount rate
input cells
result cells
PV( %)
J&J LINK TO RESEARCH
normal case 3.98 4.22 4.47 4.74 5.02 5.33 5.65
PV(10%) 3.84 3.70 3.56 3.43 3.31 3.19

best case 3.98 4.26 4.56 4.88 5.22 5.58 5.97
0 PV(10%) 3.87 3.77 3.66 3.56 3.47 3.37

worst case 3.98 4.10 4.22 4.35 4.48 4.61 4.75
0 PV(10%) 3.73 3.49 3.27 3.06 2.86 2.68

Sum 93.91

Terminal
Value Growth rate
2027 2028 2029 2030 2030 6% next 5 years
5.98 6.34 6.72 7.13 168.10 6% 5 to 10 years
3.07 2.96 2.85 2.75 64.81 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 7% next 5 years
6.39 6.84 7.32 7.83 219.51 7% 5 to 10 years
3.28 3.19 3.10 3.02 84.63 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 3% next 5 years
4.89 5.04 5.19 5.35 77.89 3% 5 to 10 years
2.51 2.35 2.20 2.06 30.03 10% Discount rate
input cells
result cells
PV( %)
IBM LINK TO RESEARCH
normal case 6.52 6.85 7.19 7.55 7.93 8.32 8.74
PV(10%) 6.22 5.94 5.67 5.41 5.17 4.93

best case 6.52 6.98 7.46 7.99 8.55 9.14 9.78
0 PV(10%) 6.34 6.17 6.00 5.84 5.68 5.52

worst case 6.52 6.52 6.52 6.52 6.52 6.52 6.52
0 PV(10%) 5.93 5.39 4.90 4.45 4.05 3.68

Sum 131.87

Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
9.17 9.63 10.11 10.62 202.29 5% 5 to 10 years
4.71 4.49 4.29 4.09 77.99 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 7% next 5 years
10.47 11.20 11.99 12.83 359.60 7% 5 to 10 years
5.37 5.23 5.08 4.94 138.64 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
6.52 6.52 6.52 6.52 97.80 0% 5 to 10 years
3.35 3.04 2.77 2.51 37.71 10% Discount rate
input cells
result cells
PV( %)
Honeywell LINK TO RESEARCH
normal case 3.63 3.92 4.23 4.57 4.94 5.33 5.60
PV(10%) 3.56 3.50 3.44 3.37 3.31 3.16

best case 3.63 3.99 4.39 4.83 5.31 5.85 6.43
0 PV(10%) 3.63 3.63 3.63 3.63 3.63 3.63

worst case 3.63 3.81 4.00 4.20 4.41 4.63 4.86
0 PV(10%) 3.47 3.31 3.16 3.01 2.88 2.75

Sum 97.88

Terminal
Value Growth rate
2027 2028 2029 2030 2030 8% next 5 years
5.88 6.17 6.48 6.81 162.08 5% 5 to 10 years
3.02 2.88 2.75 2.62 62.49 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 10% next 5 years
7.07 7.78 8.56 9.42 256.78 10% 5 to 10 years
3.63 3.63 3.63 3.63 99.00 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
5.11 5.36 5.63 5.91 112.63 5% 5 to 10 years
2.62 2.50 2.39 2.28 43.42 10% Discount rate
input cells
result cells
PV( %)
Home DepoLINK TO RESEARCH
normal case 6.60 7.26 7.99 8.78 9.66 10.63 11.16
PV(10%) 6.60 6.60 6.60 6.60 6.60 6.30

best case 6.60 7.39 8.28 9.27 10.39 11.63 12.79
0 PV(10%) 6.72 6.84 6.97 7.09 7.22 7.22

worst case 6.60 6.93 7.28 7.64 8.02 8.42 8.84
0 PV(10%) 6.30 6.01 5.74 5.48 5.23 4.99

Sum 187.52

Terminal
Value Growth rate
2027 2028 2029 2030 2030 10% next 5 years
11.72 12.30 12.92 13.57 323.00 5% 5 to 10 years
6.01 5.74 5.48 5.23 124.53 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 12% next 5 years
14.07 15.48 17.03 18.73 510.89 10% 5 to 10 years
7.22 7.22 7.22 7.22 196.97 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
9.29 9.75 10.24 10.75 153.58 5% 5 to 10 years
4.77 4.55 4.34 4.14 59.21 10% Discount rate
input cells
result cells
PV( %)
Goldman LINK TO RESEARCH
normal case 5.00 5.50 6.05 6.66 7.32 8.05 8.86
PV(10%) 5.00 5.00 5.00 5.00 5.00 5.00

best case 5.00 5.50 6.05 6.66 7.32 8.05 8.86
0 PV(10%) 5.00 5.00 5.00 5.00 5.00 5.00

worst case 5.00 5.25 5.51 5.79 6.08 6.38 6.70
0 PV(10%) 4.77 4.56 4.35 4.15 3.96 3.78

Sum 152.24

Terminal
Value Growth rate
2027 2028 2029 2030 2030 10% next 5 years
9.74 10.72 11.79 12.97 294.74 10% 5 to 10 years
5.00 5.00 5.00 5.00 113.64 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 10% next 5 years
9.74 10.72 11.79 12.97 353.69 10% 5 to 10 years
5.00 5.00 5.00 5.00 136.36 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
7.04 7.39 7.76 8.14 116.35 5% 5 to 10 years
3.61 3.45 3.29 3.14 44.86 10% Discount rate
input cells
result cells
PV( %)
normal case 2.80 2.94 3.09 3.24 3.40 3.57 3.75
PV(10%) 2.67 2.55 2.44 2.32 2.22 2.12

best case 2.80 3.00 3.21 3.43 3.67 3.93 4.20
0 PV(10%) 2.72 2.65 2.58 2.51 2.44 2.37

worst case 2.80 2.80 2.80 2.80 2.80 2.80 2.80
0 PV(10%) 2.55 2.31 2.10 1.91 1.74 1.58

Sum 54.65

Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
3.94 4.14 4.34 4.56 86.87 5% 5 to 10 years
2.02 1.93 1.84 1.76 33.49 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 7% next 5 years
4.50 4.81 5.15 5.51 128.69 7% 5 to 10 years
2.31 2.24 2.18 2.12 49.62 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
2.80 2.80 2.80 2.80 42.00 0% 5 to 10 years
1.44 1.31 1.19 1.08 16.19 10% Discount rate
input cells
result cells
PV( %)
Coca Cola LINK TO RESEARCH
normal case 1.68 1.76 1.85 1.94 2.04 2.14 2.25
PV(10%) 1.60 1.53 1.46 1.39 1.33 1.27

best case 1.68 1.80 1.92 2.06 2.20 2.36 2.52
0 PV(10%) 1.63 1.59 1.55 1.50 1.46 1.42

worst case 1.68 1.73 1.78 1.84 1.89 1.95 2.01
0 PV(10%) 1.57 1.47 1.38 1.29 1.21 1.13

Sum 33.70

Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
2.36 2.48 2.61 2.74 52.12 5% 5 to 10 years
1.21 1.16 1.11 1.06 20.10 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 7% next 5 years
2.70 2.89 3.09 3.30 77.22 7% 5 to 10 years
1.38 1.35 1.31 1.27 29.77 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 3% next 5 years
2.07 2.13 2.19 2.26 32.88 3% 5 to 10 years
1.06 0.99 0.93 0.87 12.68 10% Discount rate
input cells
result cells
PV( %)
Cisco LINK TO RESEARCH
normal case 1.45 1.54 1.63 1.73 1.83 1.94 2.06
PV(10%) 1.40 1.35 1.30 1.25 1.20 1.16

best case 1.45 1.57 1.69 1.83 1.97 2.13 2.30
0 PV(10%) 1.42 1.40 1.37 1.35 1.32 1.30

worst case 1.45 1.49 1.54 1.58 1.63 1.68 1.73
0 PV(10%) 1.36 1.27 1.19 1.11 1.04 0.98

Sum 34.88

Terminal
Value Growth rate
2027 2028 2029 2030 2030 6% next 5 years
2.18 2.31 2.45 2.60 61.24 6% 5 to 10 years
1.12 1.08 1.04 1.00 23.61 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 8% next 5 years
2.49 2.68 2.90 3.13 86.96 8% 5 to 10 years
1.28 1.25 1.23 1.21 33.53 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 3% next 5 years
1.78 1.84 1.89 1.95 28.38 3% 5 to 10 years
0.92 0.86 0.80 0.75 10.94 10% Discount rate
input cells
result cells
PV( %)
Caterpillar LINK TO RESEARCH
normal case 4.00 4.20 4.41 4.63 4.86 5.11 5.36
PV(10%) 3.82 3.64 3.48 3.32 3.17 3.03

best case 4.00 4.40 4.84 5.32 5.86 6.44 6.76
0 PV(10%) 4.00 4.00 4.00 4.00 4.00 3.82

worst case 4.00 4.12 4.24 4.37 4.50 4.64 4.78
0 PV(10%) 3.75 3.51 3.28 3.07 2.88 2.70

Sum 91.94

Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
5.63 5.91 6.21 6.52 155.13 5% 5 to 10 years
2.89 2.76 2.63 2.51 59.81 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 10% next 5 years
7.10 7.46 7.83 8.22 234.91 5% 5 to 10 years
3.64 3.48 3.32 3.17 90.57 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 3% next 5 years
4.92 5.07 5.22 5.38 78.29 3% 5 to 10 years
2.52 2.36 2.21 2.07 30.18 10% Discount rate
input cells
result cells
PV( %)
Boeing LINK TO RESEARCH
normal case 8.00 8.00 8.40 8.82
PV(10%) 0.00 0.00 0.00 5.46 5.22 4.98

best case 8.00 0.00 8.00 8.40 8.82 9.26
0 PV(10%) 0.00 0.00 6.01 5.74 5.48 5.23

worst case 8.00 8.00 8.00
0 PV(10%) 0.00 0.00 0.00 0.00 4.97 4.52

Sum 126.12

Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
9.26 9.72 10.21 10.72 255.26 5% 5 to 10 years
4.75 4.54 4.33 4.13 98.41 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
9.72 10.21 10.72 11.26 321.62 5% 5 to 10 years
4.99 4.76 4.55 4.34 124.00 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
8.00 8.00 8.00 8.00 120.00 0% 5 to 10 years
4.11 3.73 3.39 3.08 46.27 10% Discount rate
input cells
result cells
PV( %)
Amgen LINK TO RESEARCH
normal case 7.04 7.39 7.76 8.15 8.56 8.99 9.43
PV(10%) 6.72 6.41 6.12 5.84 5.58 5.33

best case 7.04 7.39 7.76 8.15 8.56 8.99 9.43
0 PV(10%) 6.72 6.41 6.12 5.84 5.58 5.33

worst case 7.04 7.04 7.04 7.04 7.04 7.04 7.04
0 PV(10%) 6.40 5.82 5.29 4.81 4.37 3.97

Sum 134.95

Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
9.91 10.40 10.92 11.47 218.43 5% 5 to 10 years
5.08 4.85 4.63 4.42 84.21 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
9.91 10.40 10.92 11.47 327.64 5% 5 to 10 years
5.08 4.85 4.63 4.42 126.32 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
7.04 7.04 7.04 7.04 84.48 0% 5 to 10 years
3.61 3.28 2.99 2.71 32.57 10% Discount rate
input cells
result cells
PV( %)
AXP LINK TO RESEARCH
normal case 1.80 1.89 1.98 2.08 2.19 2.30 2.41
PV(10%) 1.72 1.64 1.57 1.49 1.43 1.36

best case 1.80 1.98 2.18 2.40 2.64 2.90 3.19
0 PV(10%) 1.80 1.80 1.80 1.80 1.80 1.80

worst case 1.80 1.89 1.98 2.08 2.19 2.30 2.30
0 PV(10%) 1.72 1.64 1.57 1.49 1.43 1.30

Sum 47.43

Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
2.53 2.66 2.79 2.93 83.77 5% 5 to 10 years
1.30 1.24 1.18 1.13 32.30 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 10% next 5 years
3.51 3.86 4.24 4.67 127.33 10% 5 to 10 years
1.80 1.80 1.80 1.80 49.09 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
2.30 2.30 2.30 2.30 45.95 0% 5 to 10 years
1.18 1.07 0.97 0.89 17.71 10% Discount rate
input cells
result cells
PV( %)
3M LINK TO RESEARCH
normal case 6.00 6.42 6.87 7.35 7.86 8.42 8.67
PV(10%) 5.84 5.68 5.52 5.37 5.23 4.89

best case 6.00 6.60 7.26 7.99 8.78 9.66 10.63
0 PV(10%) 6.00 6.00 6.00 6.00 6.00 6.00

worst case 6.00 6.00 6.00 6.00 6.00 6.00 6.00
0 PV(10%) 5.45 4.96 4.51 4.10 3.73 3.39

Sum 156.59

Terminal
Value Growth rate
2027 2028 2029 2030 2030 7% next 5 years
8.93 9.20 9.47 9.76 284.15 3% 5 to 10 years
4.58 4.29 4.02 3.76 109.55 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 10% next 5 years
11.69 12.86 14.15 15.56 424.43 10% 5 to 10 years
6.00 6.00 6.00 6.00 163.64 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
6.00 6.00 6.00 6.00 120.00 0% 5 to 10 years
3.08 2.80 2.54 2.31 46.27 10% Discount rate
input cells
result cells
PV( %)
Baidu

Scenario 1 Measure 2021 2022 2023 2024 2025 2026
normal case 2.50 2.68 2.86 3.06 3.28 3.51 3.75
10%)

best case 2.50 2.80 3.14 3.51 3.93 4.41 4.80
0 10%)

worst case 2.50 2.50 2.50 2.50 2.50 2.50 2.50
0 10%)

Sum 43.14
PLUS 12 billion in cahs, plus 20 billion for other 73.14

Terminal
2027 2028 2029 2030 2030 7% next 5 years
4.01 4.30 4.60 4.92 91.92 7% 5 to 10 years
Terminal
Value Growth rate
2027 2028 2029 2030 2030 12% next 5 years
5.23 5.71 6.22 6.78 155.48 9% 5 to 10 years
Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
2.50 2.50 2.50 2.50 37.50 0% 5 to 10 years
input cells
result cells
%)
AngloGold LINK TO RESEARCH
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

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

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

Sum 10.42

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
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
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
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( %)
times FCF, which is then approximately $3 billion, if gold stays at $1,700, the cash flows are around $1 billion per year, time
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 th
ompany 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 bil
on, the stock could go to $12 billion. It all also depends on sentiment and how attractive gold stocks are. The current environm
stocks are. The current environment is very negative, so things might get interesting.
China Yangtze Power Corporation
normal case 1.01 1.05 1.09 1.13 1.18 1.22 1.27
PV(10%) 0.95 0.90 0.85 0.80 0.76 0.72

best case 1.01 1.07 1.13 1.20 1.27 1.35 1.43
0 PV(10%) 0.97 0.93 0.90 0.87 0.84 0.81

worst case 1.01 1.01 1.01 1.01 1.01 1.01 1.01
0 PV(10%) 0.91 0.83 0.76 0.69 0.62 0.57

Sum 18.20

Terminal
Value Growth rate
2027 2028 2029 2030 2030 4% next 5 years
1.32 1.38 1.43 1.49 28.63 4% 5 to 10 years
0.68 0.64 0.61 0.57 11.04 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 6% next 5 years
1.51 1.60 1.70 1.80 42.48 6% 5 to 10 years
0.78 0.75 0.72 0.69 16.38 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
1.01 1.01 1.01 1.01 12.07 0% 5 to 10 years
0.52 0.47 0.43 0.39 4.65 10% Discount rate
input cells
result cells
PV( %)
Barrick LINK TO RESEARCH
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
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
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

Sum 22.06

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
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
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
input cells
result cells
PV( %)
Lukoil LINK TO RESEARCH
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

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

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

Sum 75.90

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
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
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
input cells
result cells
PV( %)
Chevron LINK TO RESEARCH
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

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

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

Sum 143.80

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
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
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
input cells
result cells
PV( %)
Verizon LINK TO RESEARCH
normal case 2.52 2.65 2.78 2.92 3.06 3.22 3.54
PV(10%) 2.41 2.30 2.19 2.09 2.00 2.00

best case 2.52 2.65 2.78 2.92 3.06 3.22 3.60
0 PV(10%) 2.41 2.30 2.19 2.09 2.00 2.03

worst case 2.52 2.52 2.52 2.52 2.52 2.52 2.52
0 PV(10%) 2.29 2.08 1.89 1.72 1.56 1.42

Sum 54.44

Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
3.89 4.28 4.71 5.18 94.18 10% 5 to 10 years
2.00 2.00 2.00 2.00 36.31 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
4.03 4.52 5.06 5.67 126.52 12% 5 to 10 years
2.07 2.11 2.15 2.19 48.78 10% Discount rate
Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
2.52 2.52 2.52 2.52 37.80 0% 5 to 10 years
1.29 1.18 1.07 0.97 14.57 10% Discount rate
input cells
result cells
PV( %)
Nutrien LINK
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
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
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

Sum 24.43

Terminal
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
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
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
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
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
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

Sum 30.65

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
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
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
input cells
result cells
PV( %)
ABBVIE LINK TO RESEARCH

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

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

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

Sum 125.03

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
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
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
input cells
result cells
PV( %)
BMY LINK TO RESEARCH
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

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

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

Sum 46.42

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
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
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
input cells
result cells
PV( %)
Merck LINK TO RESEARCH
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

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

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

Sum 60.39

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
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
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
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
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
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

Sum 5.87

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
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
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
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
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
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

Sum 8.61

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
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
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
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
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
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

Sum 18.93
MARKET CAP IN USD

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
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
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
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
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
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

Sum 13.29
MARKET CAP IN EUR

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
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
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
input cells
result cells
PV( %)
MELCO LINK

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

best case 0.60 0.66 0.73 0.80 0.88 0.97 1.06

worst case 0.60 0.57 0.54 0.51 0.49 0.46 0.46

Sum 7.50

Terminal
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
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
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
input cells
result cells
%)
BRK LINK TO RESEARCH
Scenario 1 Cashflow 2021 2022 2023 2024 2025 2026
normal case 36.00 38.16 40.45 42.88 45.45 48.18 51.07
PV(10%)

best case 36.00 38.88 41.99 45.35 48.98 52.90 57.13
in EUR PV(10%)

worst case 36.00 37.80 39.69 41.67 43.76 45.95 48.24
in EUR PV(10%)

Sum 484.71

Terminal
Value Growth rate
2027 2028 2029 2030 2030 6% next 5 years
54.13 57.38 60.82 64.47 1216.42 6% 5 to 10 years
Terminal
Value Growth rate
2027 2028 2029 2030 2030 8% next 5 years
61.70 66.63 71.96 77.72 1799.10 8% 5 to 10 years
Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
50.66 53.19 55.85 58.64 837.72 5% 5 to 10 years
input cells
result cells
PV( %)
FACEBOOKLINK TO RESEARCH

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

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

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

Sum 661.87

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
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
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
input cells
result cells
PV( %)
GOOGLE LINK TO RESEARCH
normal case 50.00 57.50 66.13 76.04 87.45 100.57 110.62
PV(10%)

best case 40.00 48.00 57.60 69.12 82.94 99.53 114.46
in EUR PV(10%)

worst case 40.00 44.00 48.40 53.24 58.56 64.42 70.86
in EUR PV(10%)

Sum 1394.79

Terminal
Value Growth rate
2027 2028 2029 2030 2030 15% next 5 years
121.69 133.86 147.24 161.97 3681.04 10% 5 to 10 years
Terminal
Value Growth rate
2027 2028 2029 2030 2030 20% next 5 years
131.63 151.38 174.08 200.20 5222.50 15% 5 to 10 years
Terminal
Value Growth rate
2027 2028 2029 2030 2030 10% next 5 years
77.95 85.74 94.32 103.75 1886.36 10% 5 to 10 years
input cells
result cells
PV( %)
MICROSOFLINK TO RESEARCH
normal case 50.00 55.00 60.50 66.55 73.21 80.53 84.55
PV(10%)

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

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

Sum 887.86

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
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
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
input cells
result cells
PV( %)
APPLE LINK TO RESEARCH
normal case 6.50 7.02 7.58 8.19 8.84 9.55 10.31
PV(10%)

best case 6.50 7.28 8.15 9.13 10.23 11.46 12.37
in EUR PV(10%)

worst case 6.50 6.83 7.17 7.52 7.90 8.30 8.71
in EUR PV(10%)

Sum 107.83

Terminal
Value Growth rate
2027 2028 2029 2030 2030 8% next 5 years
11.14 12.03 12.99 14.03 259.87 8% 5 to 10 years
Terminal
Value Growth rate
2027 2028 2029 2030 2030 12% next 5 years
13.36 14.43 15.58 16.83 467.54 8% 5 to 10 years
Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
9.15 9.60 10.08 10.59 151.25 5% 5 to 10 years
input cells
result cells
PV( %)
NIO LINK TO RESEARCH https://www.youtube.com/watch?v=tCp3KK7kqHs
normal case 0.00 0.00 0.00 0.00 2.50 2.88
in USD PV(10%)

best case 0.00 0.00 0.00 0.00 0.00 5.00 6.00
in USD PV(10%)

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

Sum 46.09

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
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
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
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
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
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

Sum 58.86

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
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
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
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

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

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

Sum 1452.55

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
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
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
input cells
result cells
PV( %)
TENCENT https://sven-carlin-research-platform.teachable.com/courses/stock-market-research-platform/lectures/30
normal case 14.71 18.38 22.98 28.72 35.90 44.88 51.61
PV(10%)

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

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

Sum 868.61

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
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
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
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

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

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

Sum 104.34

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
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
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
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
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
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

Sum 7.32

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
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
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
input cells
result cells
PV( %)
Wienerberger stock analysis LINK TO ARTICLE

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

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

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

Sum 20.73

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
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
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
input cells
result cells
PV( %)
AHOLD LINK TO RESEARCH https://sven-carlin-research-platform.teachable.com/courses/
normal case 1.70 1.73 1.77 1.80 1.84 1.88 1.90
PV(10%) 1.58 1.46 1.36 1.26 1.17 1.07

best case 1.70 1.75 1.80 1.86 1.91 1.97 2.03
in EUR PV(10%) 1.59 1.49 1.40 1.31 1.22 1.15

worst case 1.70 1.70 1.70 1.70 1.70 1.70 1.67
in EUR PV(10%) 1.55 1.40 1.28 1.16 1.06 0.94

Sum 20.23

.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
0.98 0.90 0.83 0.76 9.04 10% Discount rate
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
1.07 1.00 0.94 0.88 12.83 10% Discount rate
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
0.84 0.75 0.66 0.59 4.84 10% Discount rate
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

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

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

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

Sum 20.18

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

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
FCF PAYOUT - 50% 50% 50% 50% 50% 75%

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

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

Sum 2186.35

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

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

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

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

Sum 32.30

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
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
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
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

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

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

Sum 97.12

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

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

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

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

Sum 1744.46

om/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
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
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
input cells
result cells
PV( %)
ALIBABA VIDEO ANALYSIS RESEARCH
Scenario 1 Cashflow per share 2021 2022 2023 2024 2025 2026
normal case 9.23 11.08 13.29 15.95 19.14 22.97 26.41
in EUR PV(10%)
best case 9.23 11.54 14.42 18.03 22.53 28.17 32.39
in EUR PV(10%)
worst case 9.23 10.61 12.21 14.04 16.14 18.56 20.05
in EUR PV(10%)

Sum 329.02

Terminal
Value Growth rate
2027 2028 2029 2030 2030 20% next 5 years
30.37 34.93 40.17 46.20 803.40 15% 5 to 10 years
Terminal
Value Growth rate
2027 2028 2029 2030 2030 25% next 5 years
37.25 42.84 49.27 56.66 1477.97 15% 5 to 10 years
Terminal
Value Growth rate
2027 2028 2029 2030 2030 15% next 5 years
21.65 23.39 25.26 27.28 378.86 8% 5 to 10 years
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
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
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

Sum 83.58

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
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
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
input cells
result cells
PV( %)
Nestle VIDEO LINK ARTICLE
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
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
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

Sum 202.13

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
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
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
input cells
result cells
PV( %)
Kroger
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
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
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

Sum 22.48

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
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
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
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

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

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

Sum 35.83

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
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
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
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
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
market cap in billions
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
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

Sum 10.10

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
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
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
input cells
result cells
PV( %)
AMZN VIDEO
Normal case 40.00 50.00 62.50 78.13 97.66 122.07 140.38
PV(10%)
INTRINSIC VALUE 1646.28 MARKET CAP
Best Case 40.00 50.00 62.50 78.13 97.66 122.07 140.38
PV(10%)
Worst case 40.00 46.00 52.90 60.84 69.96 80.45 88.50
PV(10%)

Sum 1535.58

Terminal
Value Growth rate
2027 2028 2029 2030 2030 25% next 5 years
161.44 185.65 213.50 245.53 4270.03 15% 5 to 10 years
Terminal
Value Growth rate
2027 2028 2029 2030 2030 25% next 5 years
161.44 185.65 213.50 245.53 5337.54 15% 5 to 10 years
Terminal
Value Growth rate
2027 2028 2029 2030 2030 15% next 5 years
97.35 107.08 117.79 129.57 1766.90 10% 5 to 10 years
input cells
result cells
PV( %)
AT&T LINK TO AT&T STOCK ANALYSIS
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
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
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

Sum 193.64

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
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
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
input cells
result cells
PV( %)

Intrinsic Value Calculation Formula Sven Carlin

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Intrinsic Value Calculation Formula Sven Carlin

Uploaded by

Copyright:

Available Formats

Company nLINK TO RESEARCH

Scenario 2 Dividend 2021 2022 2023 2024 2025 2026

Scenario 3 Dividend 2021 2022 2023 2024 2025 2026

Scenario Probability PV Part

MADE BY STOCK MARKET RESEARCH PLATFORM

Priced for eternal perfection

Profitability of those, China, China government, market share and growth

ESG is a risk for them too

short term catalysts as 25% drop due to margin sale

due to margin sale

Scenario 2 EPS 2021 2022 2023 2024 2025 2026

Scenario 3 EPS 2021 2022 2023 2024 2025 2026

Scenario Probability PV Part

MADE BY STOCK MARKET RESEARCH PLATFORM

STOCK VALUE LIST'!A1

Scenario Probability PV Part

MADE BY STOCK MARKET RESEARCH PLATFORM

Scenario Probability PV Part

MADE BY STOCK MARKET RESEARCH PLATFORM

Scenario 1 Dividend 2021 2022 2023 2024 2025 2026

Scenario 2 Dividend 2021 2022 2023 2024 2025 2026

Scenario 3 Dividend 2021 2022 2023 2024 2025 2026

Scenario Probability PV Part

MADE BY STOCK MARKET RESEARCH PLATFORM

Scenario 2 Earnings 2021 2022 2023 2024 2025 2026

Scenario 3 Earnings 2021 2022 2023 2024 2025 2026

Scenario Probability PV Part

MADE BY STOCK MARKET RESEARCH PLATFORM

Scenario 2 EPS 2021 2022 2023 2024 2025 2026

Scenario 3 EPS 2021 2022 2023 2024 2025 2026

Scenario Probability PV Part

MADE BY STOCK MARKET RESEARCH PLATFORM

Scenario 2 Dividends 2021 2022 2023 2024 2025 2026

Scenario 3 Dividends 2021 2022 2023 2024 2025 2026

Scenario Probability PV Part

MADE BY STOCK MARKET RESEARCH PLATFORM

Scenario 2 Dividends 2021 2022 2023 2024 2025 2026

Scenario 3 Dividends 2021 2022 2023 2024 2025 2026

Scenario Probability PV Part

MADE BY STOCK MARKET RESEARCH PLATFORM

Scenario 2 Dividends 2021 2022 2023 2024 2025 2026

Scenario 3 Dividends 2021 2022 2023 2024 2025 2026

Scenario Probability PV Part

MADE BY STOCK MARKET RESEARCH PLATFORM

Scenario 2 EPS 2021 2022 2023 2024 2025 2026

Scenario 3 EPS 2021 2022 2023 2024 2025 2026

Scenario Probability PV Part

MADE BY STOCK MARKET RESEARCH PLATFORM

Scenario 2 Dividends 2021 2022 2023 2024 2025 2026

Scenario 3 Dividends 2021 2022 2023 2024 2025 2026

Scenario Probability PV Part

MADE BY STOCK MARKET RESEARCH PLATFORM

Scenario 2 Dividends 2021 2022 2023 2024 2025 2026

Scenario 3 Dividends 2021 2022 2023 2024 2025 2026

Scenario Probability PV Part

MADE BY STOCK MARKET RESEARCH PLATFORM

Scenario 2 Dividends 2021 2022 2023 2024 2025 2026

Scenario 3 Dividends 2021 2022 2023 2024 2025 2026

Scenario Probability PV Part

MADE BY STOCK MARKET RESEARCH PLATFORM

Scenario 2 Dividends 2021 2022 2023 2024 2025 2026

Scenario 3 Dividends 2021 2022 2023 2024 2025 2026

Scenario Probability PV Part