Standard worksheet

This is the standard worksheet that I used for my company analysis and valuation.  There are 3 parts to the worksheet

• Input items - these are the cells which are not coloured

• Standard analysis - these are the brown coloured cells. Each cell has a formula that is linked to the uncoloured cells

• Standard charts. Some of the charts are linked directly to the input items while the others are linked to the brown coloured cells.

The standard worksheet would probably cover about 80% of the fundamental analysis for any company. Then if there are special analysis eg breakeven analysis or 2-stage valuation, I do them separately.

You will noticed that there are 2 levels of analysis

• An overview. This is looking at the performance from the group perspective

• Segment analysis. Depending on the company, this could be an analysis by product categories, regions or business segments. The goal is to gain insights into the group performance.

Valuation

There is a standard model. I used this to carry out a "what-if" analysis to help understand the drivers of the business.  

In the worksheet, the cells under column C to M are basic input items for the analysis. The rest of the columns are mainly for valuation. The key valuation cells are those under the "Base" column.

When it comes to estimating intrinsic values, the inputs for the model are based on what I have found out during the company analysis stage.