# Excel Template for a Valuation Model Using Dcf - Excel

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"Excel Template for a Valuation Model Using Dcf - Excel"

```					04 S-Tough PNC Stock            PNC (Stock Valuation)--Tough Student Model                                  7/24/04

This model uses the CAPM, the discounted dividend approach, and the corporate valuation model to estimate
the value of common stocks under a variety of assumptions. It also shows the effects of exchange rates on
foreign investments. Tab 2 demonstrates that since most of a stock's value is derived from cash flows in the
first 50 years, the infinite life assumption in the standard DCF model is not a serious problem.
Most of the calculations can be done with a financial calculator, so you can check your Excel results with
those obtained with a calculator.
Note that most inputs are entered in blue type; generally speaking, these are the only cells you should
change. Also, some cells are blank and must be filled in. The cells to be filled in are shaded in light green. Until
those cells are filled in, the model will not produce valid results. You should start at the top and as you work
your way through the model, filling in the blank cells, the model will start to show "reasonable" results. When
you finish, the model should produce valid results.
Finally, note that we have an Excel Tutorial that provides explanations for most of the Excel functions used in
the case. Instructors have access to the Tutorial file and can provide it to students. The Tutorial can also be
obtained from the case website.
BASIC STOCK VALUATION EQUATION:

D1              +              D2              +           . . .          D oo
P0 =
(1+rs)                       ( 1 + r s )2                               ( 1 + r s ) oo

This equation is general in the sense that dividends can be constant, growing, or declining. The current
dividend can even be zero, provided dividends or other cash flows are eventually expected. With Excel, we can
deal with any of those cases without difficulty.

ESTIMATING THE REQUIRED CAPM RETURN ON PACIFIC, ARROW, AND PNC

r s = rRF + b(RPM)
Average of   rs based on
Murray                        Golden         3 rs        average
Finch      Smyth Larney       Sacks       estimates*      inputs*
Risk free rate:        4.60%         4.80%           5.00%
RPM :        4.50%         5.00%           5.50%
Pacific Beta:         1.05          1.20            1.35
Arrow Beta:          1.10          1.30            1.50
PNC Beta:           1.15          1.35            1.55
Required Return, Pacific rs:
Required Return, Arrow rs:
Required Return, PNC rs:
*
Ether average could be used. There is no theoretical reason to prefer one over the
other. We used both averages, partly to show that either can be used. Of course, the
calculated prices vary slightly depending on the average used.
Estimating the Fair Values of the 3 Stocks
Pacific:                 D0 =        \$2.00
g=                4.50%              = Constant growth
P0 =             \$20.00
Intrinsic                        D1                                     D0 (1+g)
=                                      =                                  =
value                        (rs-g)                                   (rs-g)
=
At a price of \$20, what does Pacific's expected growth rate have to be, given rs = 10.85%? Use
Goal Seek to find the g in D33 that causes the Intrinsic value to = \$20. Tools>Goal seek: D37 =
20 by changing D33. See the Tutorial, Tab 4, for instructions on using Goal Seek.
Growth rate to produce Price = \$20:
Pacific's Price Sensitivity
See Tutorial, Tab 3, Row 263 for information on constructing Data Tables such as the ones
shown below.
Price                                                                   Price
% Deviation         RPM                                                 % Deviation           Beta
-30%                                                                     -30%
-15%                                                                     -15%
0%                                                                       0%
15%                                                                      15%
30%                                                                      30%
Price Sensitivity: Pacific
Price                    \$45
Beta
% Deviation      Growth Rate
RPM
-30%             3.15%                                   \$40
Stock Price

-15%             3.83%                                                           g

0%             4.50%                                   \$35
15%             5.18%
30%             5.85%                                   \$30

Graphing is discussed in the Turorial,                       \$25
Tab 3, Row 531.                                                   -30%          -10%            10%             30%
% Deviation

Arrow:               D0 =     \$1.00
g1-3 =      30%     = Short-term growth rate, Years 1-3.
gL =      4.00%    = Long-run g; for Year 4 and thereafter.
P0 =     \$60.00
Year            2004            2005                    2006            2007              2008
0               1                       2               3                 4
g = growth rate
\$ Dividend

PV of dividends

= TV =     ------------------
= P0 = Intrinsic Value
The long-run g that would be consistent with the \$60 price, found with goal seek =
PNC:          Dividend end of year 3 =             \$0.50
Growth rates:      g1-3 =              N/A
g4 =            75.00%
g5 =            40.00%
gL =             7.50% = Growth in Year 6 and thereafter.
P0 =             \$21.00

2004           2005          2006           2007          2008           2009           2010
0              1             2              3             4              5              6
Growth rate
Dividends
P5 = D5(1+g)/(rs-g) =

Intrinsic Val.=
A slightly higher growth rate or a slightly lower rs would be required to be consistent with the \$21 price.

Q-9. CORPORATE VALUATION MODEL: PNC

Calculate the WACC based on the target capital structure:                    Tax Rate:       40%
Weight         A-T Cost         Product
Debt                                 15%                                      Cost from Background data
Preferred Stock                        2%                                      "
Common Equity                        83%                                      Cost from above calculation
100%          WACC =

Last Year's Free Cash Flow (FCF in 2004):                      From Background; equivalent to D0
Projected FCF in 2005:                                         Estimated by company
Projected FCF in 2006:                                             "
Projected FCF in 2007:                                             "
FCF growth rate, 2008-2010:                                        "
FCF growth rate, 2011 and thereafter:                              "
WACC                                                               "

2004           2005          2006           2007          2008           2009           2010
0              1             2              3             4              5              6
Growth rate
FCF
Horizon Value, 2011
Cash flows:
PV of FCF at 12/31/04:

Determining intrinsic value per share:
Value of operations
- BV of long-term debt                        From Background
- BV of preferred stock                           "
Value of common equity
÷ Number of shares                                  "
Intrinsic value per share
2007             2008         2009          2010
Projected FCF per share:
12. Exchange Rate Effects
Dollar appreciates, Real Dollar depreciates, Real
depreciates: Initially one appreciates: Initially one
Effects of Exchange Rates on Stock Returns                   real is worth \$0.35, drops real is worth \$0.35, rises
to \$0.29                   to \$0.42

Brazil Mining's stock price rises from BZD 20 to BZD 30

P0 = Cost of Brazil Mining stock                                           BZD 20.00                    BZD 20.00
P1 = Sale price of Brazil Mining stock                                     BZD 25.00                    BZD 25.00
% gain in reals. Not affected by exchange rates.

1 real will                 1 real will
Gain or loss for purchaser of Brazilian reals:               this many                    this many
many                        many
reals                        reals
dollars                     dollars
Initial exchange rate                                        BZD 2.8571        \$0.35      BZD 2.8571       \$0.35
Ending exchange rate                                         BZD 3.4483        \$0.29      BZD 2.3810       \$0.42
% gain or loss on purchase of reals

Gain/loss for U.S. investor who bought Brazil Mining:
# of dollars needed to buy Brazil Mining at BZD 20
# of dollars received from sale of Brazil Mining at BZD 25
% gain or loss in reals

Equivalent calculation: (1+stock gain)*(1+real gain)-1 =

Approximate gain: % stock gain + % real gain =
Error from approximation method:
2011
7

2011
VALUE OF CONSTANT GROWTH STOCK ASSUMING DIFFERENT LIVES
7/24/04
Do                    \$3.00
rs                     11%                                    % of Total
g                    4.00%                   Calculated          Value
Value         Accounted
% OF STOCK'S TOTAL VAL
Value = D1/(rs-g):                          \$44.57142857           -
Value 1-25                               \$35.82530585 80.3772888%
Value 1-50                               \$42.85520217 96.1494920%            100%
Value 1-100                              \$44.50534514 99.8517359%
Value 1-200                              \$44.57133059 99.9997802%

% of Theoretical Value
75%
Value 1-300
Value 1-400                              \$44.57142857 100.0000000%
Value 1-500                              \$44.57142857 100.0000000%            50%
Value 1-oo                               \$44.57142857 100.0000000%
Given the inputs above, we use the constant growth model to calculate the
stock's value, \$17.33. We also forecast the dividends at g = 4%, then find the 25%
PV of each dividend, and then find the sum of the PVs for different periods,
such as 1 to 25, 1 to 50, etc. Most of the value of a stock is accounted for by   0%
the dividends in the first 100 years.
0           50
Years of Dividends
Year        Dividend        PV of Div      Sum of PVs     Cumulative %
of Total Value
1     \$3.12000000    \$2.81081081    \$2.81081081            6.31%
2     \$3.24480000    \$2.63355247    \$5.44436328          12.21%
3     \$3.37459200    \$2.46747259    \$7.91183587          17.75%
4     \$3.50957568    \$2.31186621   \$10.22370207          22.94%
5     \$3.64995871    \$2.16607284   \$12.38977492
6     \$3.79595706    \$2.02947365   \$14.41924857         32.35%
7     \$3.94779534    \$1.90148883   \$16.32073740         36.62%
8     \$4.10570715    \$1.78157512   \$18.10231252         40.61%
9     \$4.26993544    \$1.66922353   \$19.77153605         44.36%
10     \$4.44073285    \$1.56395719   \$21.33549324         47.87%
11     \$4.61836217    \$1.46532926   \$22.80082249         51.16%
12     \$4.80309666    \$1.37292110   \$24.17374360         54.24%
13     \$4.99522052    \$1.28634049   \$25.46008409         57.12%
14     \$5.19502934    \$1.20521992   \$26.66530401         59.83%
15     \$5.40283052    \$1.12921506   \$27.79451908         62.36%
16     \$5.61894374    \$1.05800330   \$28.85252238         64.73%
17     \$5.84370149    \$0.99128237   \$29.84380475         66.96%
18     \$6.07744955    \$0.92876907   \$30.77257382         69.04%
19     \$6.32054753    \$0.87019805   \$31.64277187         70.99%
20     \$6.57336943    \$0.81532069   \$32.45809256         72.82%
21     \$6.83630421    \$0.76390407   \$33.22199663         74.54%
22     \$7.10975637    \$0.71572994   \$33.93772658         76.14%
23     \$7.39414663    \$0.67059382   \$34.60832039         77.65%
24     \$7.68991249    \$0.62830412   \$35.23662451         79.06%
25     \$7.99750899    \$0.58868134   \$35.82530585         80.38%
26     \$8.31740935    \$0.55155729   \$36.37686314         81.61%
27     \$8.65010573    \$0.51677440   \$36.89363754         82.77%
28     \$8.99610996    \$0.48418502   \$37.37782256         83.86%
29     \$9.35595436    \$0.45365083   \$37.83147339         84.88%
30    \$9.73019253   \$0.42504222   \$38.25651561   85.83%
31   \$10.11940023   \$0.39823775   \$38.65475336   86.73%
32   \$10.52417624   \$0.37312366   \$39.02787702   87.56%
33   \$10.94514329   \$0.34959334   \$39.37747036   88.35%
34   \$11.38294902   \$0.32754691   \$39.70501728   89.08%
35   \$11.83826698   \$0.30689080   \$40.01190808   89.77%
36   \$12.31179766   \$0.28753733   \$40.29944541   90.42%
37   \$12.80426957   \$0.26940434   \$40.56884975   91.02%
38   \$13.31644035   \$0.25241488   \$40.82126463   91.59%
39   \$13.84909797   \$0.23649683   \$41.05776146   92.12%
40   \$14.40306188   \$0.22158261   \$41.27934407   92.61%
41   \$14.97918436   \$0.20760893   \$41.48695300   93.08%
42   \$15.57835173   \$0.19451648   \$41.68146948   93.52%
43   \$16.20148580   \$0.18224967   \$41.86371915   93.93%
44   \$16.84954523   \$0.17075645   \$42.03447560   94.31%
45   \$17.52352704   \$0.15998803   \$42.19446363   94.67%
46   \$18.22446813   \$0.14989869   \$42.34436232   95.00%
47   \$18.95344685   \$0.14044562   \$42.48480794   95.32%
48   \$19.71158473   \$0.13158869   \$42.61639662   95.61%
49   \$20.50004811   \$0.12329030   \$42.73968693   95.89%
50   \$21.32005004   \$0.11551524   \$42.85520217   96.15%
51   \$22.17285204   \$0.10823049   \$42.96343266   96.39%
52   \$23.05976612   \$0.10140515   \$43.06483781   96.62%
53   \$23.98215677   \$0.09501023   \$43.15984804   96.83%
54   \$24.94144304   \$0.08901859   \$43.24886663   97.03%
55   \$25.93910076   \$0.08340481   \$43.33227144   97.22%
56   \$26.97666479   \$0.07814504   \$43.41041648   97.40%
57   \$28.05573138   \$0.07321698   \$43.48363346   97.56%
58   \$29.17796064   \$0.06859969   \$43.55223315   97.71%
59   \$30.34507906   \$0.06427359   \$43.61650674   97.86%
60   \$31.55888222   \$0.06022030   \$43.67672703   97.99%
61   \$32.82123751   \$0.05642262   \$43.73314965   98.12%
62   \$34.13408701   \$0.05286444   \$43.78601409   98.24%
63   \$35.49945049   \$0.04953064   \$43.83554473   98.35%
64   \$36.91942851   \$0.04640709   \$43.88195182   98.45%
65   \$38.39620565   \$0.04348052   \$43.92543234   98.55%
66   \$39.93205388   \$0.04073850   \$43.96617084   98.64%
67   \$41.52933604   \$0.03816941   \$44.00434024   98.73%
68   \$43.19050948   \$0.03576233   \$44.04010257   98.81%
69   \$44.91812986   \$0.03350705   \$44.07360962   98.88%
70   \$46.71485505   \$0.03139399   \$44.10500360   98.95%
71   \$48.58344925   \$0.02941419   \$44.13441779   99.02%
72   \$50.52678722   \$0.02755924   \$44.16197703   99.08%
73   \$52.54785871   \$0.02582127   \$44.18779830   99.14%
74   \$54.64977306   \$0.02419290   \$44.21199120   99.19%
75   \$56.83576398   \$0.02266722   \$44.23465842   99.24%
76   \$59.10919454   \$0.02123776   \$44.25589618   99.29%
77   \$61.47356232   \$0.01989844   \$44.27579462   99.34%
78   \$63.93250482   \$0.01864358   \$44.29443820   99.38%
79   \$66.48980501   \$0.01746786   \$44.31190606   99.42%
80   \$69.14939721   \$0.01636628   \$44.32827234   99.45%
81   \$71.91537310   \$0.01533418   \$44.34360652   99.49%
82    \$74.79198802   \$0.01436716   \$44.35797368   99.52%
83    \$77.78366754   \$0.01346112   \$44.37143480   99.55%
84    \$80.89501424   \$0.01261222   \$44.38404702   99.58%
85    \$84.13081481   \$0.01181685   \$44.39586387   99.61%
86    \$87.49604741   \$0.01107165   \$44.40693552   99.63%
87    \$90.99588930   \$0.01037344   \$44.41730896   99.65%
88    \$94.63572488   \$0.00971926   \$44.42702821   99.68%
89    \$98.42115387   \$0.00910633   \$44.43613454   99.70%
90   \$102.35800003   \$0.00853206   \$44.44466660   99.72%
91   \$106.45232003   \$0.00799400   \$44.45266059   99.73%
92   \$110.71041283   \$0.00748987   \$44.46015047   99.75%
93   \$115.13882934   \$0.00701754   \$44.46716800   99.77%
94   \$119.74438251   \$0.00657499   \$44.47374300   99.78%
95   \$124.53415781   \$0.00616035   \$44.47990335   99.79%
96   \$129.51552413   \$0.00577186   \$44.48567521   99.81%
97   \$134.69614509   \$0.00540787   \$44.49108308   99.82%
98   \$140.08399090   \$0.00506683   \$44.49614991   99.83%
99   \$145.68735053   \$0.00474730   \$44.50089721   99.84%
100            \$152   \$0.00444792   \$44.50534514   99.85%
101            \$158   \$0.00416742   \$44.50951256   99.86%
102            \$164   \$0.00390461   \$44.51341717   99.87%
103            \$170   \$0.00365838   \$44.51707555   99.88%
104            \$177   \$0.00342767   \$44.52050322   99.89%
105            \$184   \$0.00321151   \$44.52371473   99.89%
106            \$192   \$0.00300898   \$44.52672371   99.90%
107            \$199   \$0.00281923   \$44.52954293   99.91%
108            \$207   \$0.00264144   \$44.53218437   99.91%
109            \$216   \$0.00247486   \$44.53465923   99.92%
110            \$224   \$0.00231879   \$44.53697802   99.92%
111            \$233   \$0.00217256   \$44.53915057   99.93%
112            \$243   \$0.00203555   \$44.54118612   99.93%
113            \$252   \$0.00190718   \$44.54309331   99.94%
114            \$262   \$0.00178691   \$44.54488021   99.94%
115            \$273   \$0.00167422   \$44.54655443   99.94%
116            \$284   \$0.00156864   \$44.54812307   99.95%
117            \$295   \$0.00146972   \$44.54959279   99.95%
118            \$307   \$0.00137703   \$44.55096982   99.95%
119            \$319   \$0.00129019   \$44.55226001   99.96%
120            \$332   \$0.00120883   \$44.55346884   99.96%
121            \$345   \$0.00113260   \$44.55460144   99.96%
122            \$359   \$0.00106117   \$44.55566261   99.96%
123            \$373   \$0.00099425   \$44.55665686   99.97%
124            \$388   \$0.00093155   \$44.55758841   99.97%
125            \$404   \$0.00087280   \$44.55846121   99.97%
126            \$420   \$0.00081776   \$44.55927897   99.97%
127            \$437   \$0.00076619   \$44.56004516   99.97%
128            \$454   \$0.00071787   \$44.56076304   99.98%
129            \$473   \$0.00067260   \$44.56143564   99.98%
130            \$491   \$0.00063019   \$44.56206582   99.98%
131            \$511   \$0.00059044   \$44.56265627   99.98%
132            \$532   \$0.00055321   \$44.56320947   99.98%
133            \$553   \$0.00051832   \$44.56372780   99.98%
134     \$575   \$0.00048563   \$44.56421343    99.98%
135     \$598   \$0.00045501   \$44.56466844    99.98%
136     \$622   \$0.00042631   \$44.56509475    99.99%
137     \$647   \$0.00039943   \$44.56549418    99.99%
138     \$673   \$0.00037424   \$44.56586842    99.99%
139     \$699   \$0.00035064   \$44.56621906    99.99%
140     \$727   \$0.00032853   \$44.56654759    99.99%
141     \$757   \$0.00030781   \$44.56685540    99.99%
142     \$787   \$0.00028840   \$44.56714380    99.99%
143     \$818   \$0.00027021   \$44.56741401    99.99%
144     \$851   \$0.00025317   \$44.56766718    99.99%
145     \$885   \$0.00023720   \$44.56790439    99.99%
146     \$920   \$0.00022225   \$44.56812663    99.99%
147     \$957   \$0.00020823   \$44.56833486    99.99%
148     \$996   \$0.00019510   \$44.56852996    99.99%
149   \$1,035   \$0.00018280   \$44.56871276    99.99%
150   \$1,077   \$0.00017127   \$44.56888402    99.99%
151   \$1,120   \$0.00016047   \$44.56904449    99.99%
152   \$1,165   \$0.00015035   \$44.56919484    99.99%
153   \$1,211   \$0.00014087   \$44.56933570   100.00%
154   \$1,260   \$0.00013198   \$44.56946769   100.00%
155   \$1,310   \$0.00012366   \$44.56959135   100.00%
156   \$1,362   \$0.00011586   \$44.56970721   100.00%
157   \$1,417   \$0.00010855   \$44.56981576   100.00%
158   \$1,474   \$0.00010171   \$44.56991747   100.00%
159   \$1,533   \$0.00009529   \$44.57001277   100.00%
160   \$1,594   \$0.00008929   \$44.57010205   100.00%
161   \$1,658   \$0.00008365   \$44.57018570   100.00%
162   \$1,724   \$0.00007838   \$44.57026408   100.00%
163   \$1,793   \$0.00007344   \$44.57033752   100.00%
164   \$1,865   \$0.00006881   \$44.57040632   100.00%
165   \$1,939   \$0.00006447   \$44.57047079   100.00%
166   \$2,017   \$0.00006040   \$44.57053119   100.00%
167   \$2,097   \$0.00005659   \$44.57058778   100.00%
168   \$2,181   \$0.00005302   \$44.57064081   100.00%
169   \$2,269   \$0.00004968   \$44.57069048   100.00%
170   \$2,359   \$0.00004655   \$44.57073703   100.00%
171   \$2,454   \$0.00004361   \$44.57078064   100.00%
172   \$2,552   \$0.00004086   \$44.57082150   100.00%
173   \$2,654   \$0.00003828   \$44.57085979   100.00%
174   \$2,760   \$0.00003587   \$44.57089565   100.00%
175   \$2,870   \$0.00003361   \$44.57092926   100.00%
176   \$2,985   \$0.00003149   \$44.57096075   100.00%
177   \$3,105   \$0.00002950   \$44.57099025   100.00%
178   \$3,229   \$0.00002764   \$44.57101789   100.00%
179   \$3,358   \$0.00002590   \$44.57104379   100.00%
180   \$3,492   \$0.00002427   \$44.57106806   100.00%
181   \$3,632   \$0.00002274   \$44.57109079   100.00%
182   \$3,777   \$0.00002130   \$44.57111209   100.00%
183   \$3,928   \$0.00001996   \$44.57113205   100.00%
184   \$4,086   \$0.00001870   \$44.57115075   100.00%
185   \$4,249   \$0.00001752   \$44.57116827   100.00%
186    \$4,419   \$0.00001642   \$44.57118469   100.00%
187    \$4,596   \$0.00001538   \$44.57120007   100.00%
188    \$4,780   \$0.00001441   \$44.57121448   100.00%
189    \$4,971   \$0.00001350   \$44.57122798   100.00%
190    \$5,170   \$0.00001265   \$44.57124063   100.00%
191    \$5,376   \$0.00001185   \$44.57125248   100.00%
192    \$5,591   \$0.00001110   \$44.57126359   100.00%
193    \$5,815   \$0.00001040   \$44.57127399   100.00%
194    \$6,048   \$0.00000975   \$44.57128374   100.00%
195    \$6,290   \$0.00000913   \$44.57129287   100.00%
196    \$6,541   \$0.00000856   \$44.57130143   100.00%
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293     \$293,690   \$0.00000002   \$44.57142834   100.00%
294     \$305,438   \$0.00000001   \$44.57142836   100.00%
295     \$317,655   \$0.00000001   \$44.57142837   100.00%
296     \$330,362   \$0.00000001   \$44.57142838   100.00%
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299     \$371,612   \$0.00000001   \$44.57142842   100.00%
300     \$386,476   \$0.00000001   \$44.57142843   100.00%
301     \$401,936   \$0.00000001   \$44.57142844   100.00%
302     \$418,013   \$0.00000001   \$44.57142844   100.00%
303     \$434,733   \$0.00000001   \$44.57142845   100.00%
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305     \$470,208   \$0.00000001   \$44.57142847   100.00%
306     \$489,016   \$0.00000001   \$44.57142847   100.00%
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309     \$550,077   \$0.00000001   \$44.57142849   100.00%
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471   316,099,686   \$0.00000000   \$44.57142857   100.00%
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473   341,893,420   \$0.00000000   \$44.57142857   100.00%
474   355,569,157   \$0.00000000   \$44.57142857   100.00%
475   369,791,923   \$0.00000000   \$44.57142857   100.00%
476   384,583,600   \$0.00000000   \$44.57142857   100.00%
477   399,966,944   \$0.00000000   \$44.57142857   100.00%
478   415,965,622   \$0.00000000   \$44.57142857   100.00%
479   432,604,247   \$0.00000000   \$44.57142857   100.00%
480   449,908,417   \$0.00000000   \$44.57142857   100.00%
481   467,904,754   \$0.00000000   \$44.57142857   100.00%
482   486,620,944   \$0.00000000   \$44.57142857   100.00%
483   506,085,782   \$0.00000000   \$44.57142857   100.00%
484   526,329,213   \$0.00000000   \$44.57142857   100.00%
485   547,382,381   \$0.00000000   \$44.57142857   100.00%
486   569,277,677   \$0.00000000   \$44.57142857   100.00%
487   592,048,784   \$0.00000000   \$44.57142857   100.00%
488   615,730,735   \$0.00000000   \$44.57142857   100.00%
489   640,359,964   \$0.00000000   \$44.57142857   100.00%
490   665,974,363   \$0.00000000   \$44.57142857   100.00%
491   692,613,338   \$0.00000000   \$44.57142857   100.00%
492   720,317,871   \$0.00000000   \$44.57142857   100.00%
493   749,130,586   \$0.00000000   \$44.57142857   100.00%
494   779,095,809   \$0.00000000   \$44.57142857   100.00%
495   810,259,642   \$0.00000000   \$44.57142857   100.00%
496   842,670,027   \$0.00000000   \$44.57142857   100.00%
497   876,376,828   \$0.00000000   \$44.57142857   100.00%
498   911,431,902   \$0.00000000 \$44.57142857   100.00%
499   947,889,178   \$0.00000000 \$44.57142857   100.00%
500   985,804,745   \$0.00000000 \$44.57142857   100.00%
OF STOCK'S TOTAL VALUE

100   150
Years of Dividends

```
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Description: Excel Template for a Valuation Model Using Dcf document sample