NAME LINK TO RESEARCH

STOCK PRICE

COMPARATIVE TABLE'!A1
Scenario 1 input, per share or market 2022 2023 2024 2025 2026 2027
normal case 0.90 0.97 1.05 1.13 1.22 1.32 1.43
PV(10%) 0.88 0.87 0.85 0.84 0.82 0.81
INTRINSIC VALUE 18.55

Scenario 2 input, per share or market 2022 2023 2024 2025 2026 2027
best case 0.90 0.99 1.09 1.20 1.32 1.45 1.59
0 PV(10%) 0.90 0.90 0.90 0.90 0.90 0.90
Present value sum 33.55

Scenario 3 input, per share or market 2022 2023 2024 2025 2026 2027
worst case 0.90 0.94 0.97 1.01 1.05 1.09 1.14
MARGIN OF PV(10%) 0.85 0.80 0.76 0.72 0.68 0.64
SAFETY Present value sum 11.64

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 18.55 11.13
Scenario 2 (best case) 0.2 33.55 6.71
Scenario 3 (worst case) 0.2 11.64 2.33
STOCK PRICE NOW 0 Sum 20.17

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

MADE BY STOCK MARKET RESEARCH PLATFORM

 Terminal
Value Growth rate
2028 2029 2030 2031 2031 8% next 5 years
1.54 1.67 1.80 1.94 26.99 8% 5 to 10 years
0.79 0.78 0.76 0.75 10.40 10% Discount rate
15.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 10% next 5 years
1.75 1.93 2.12 2.33 63.66 10% 5 to 10 years
0.90 0.90 0.90 0.90 24.55 10% Discount rate
30.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 4% next 5 years
1.18 1.23 1.28 1.33 12.81 4% 5 to 10 years
0.61 0.57 0.54 0.51 4.94 10% Discount rate
10.0 Terminal multiple
 input cells
result cells

PV( %)
STOCK TICKER Stock Price/MKT Ca10% RETURN Ratio LINK to RESEARCH
THIS IS JUST AN OVERVIEW, NOT INVESTMENT ADVICE! THIS IS JUST FOR EDUCATIONAL PURPOSES TO SHOW
Berkshire BRK.B 681.00 392.83 0.58 https://www.youtube.
NEWMONT NEM 37.46 23.08 0.62 https://www.youtube.com/watch?v=
Unilever AMS:UNA 104.95 82.87 0.79 https://www.youtube.com/watch?v=
Domino's Pizza DPZ 12.26 10.29 0.84 https://www.youtube.com/watch?v=
Best Buy BBY 80.21 91.52 1.14 https://www.youtube.com/watch?v=
Disney DIS 86.88 107.73 1.24 https://www.youtube.com/watch?v=
Adobe ADBE 336.53 283.65 0.84 https://www.youtube.
Facebook META FB 185.26 171.93 0.93 https://www.youtube.
Foot Locker FL 37.79 25.45 0.67 https://www.youtube.
Verizon VZ 39.40 55.30 1.40 https://www.youtube.com/watch?v=
3M Company MMM 119.92 152.91 1.28 https://www.youtube.com/watch?v=
Starbucks SBUX 99.2 55.89 0.56 https://www.youtube.

Microsoft MSFT 1787.73 1306.39 0.73 https://www.youtube.c

Tesla TSLA 123.18 250.08 2.03 https://www.youtube.com/watch?v=
Google GOOGL 88.73 98.24 1.11 https://www.youtube
Amazon AMZN 856.94 1288.98 1.50 https://www.youtube.
PayPal PYPL 71.22 73.24 1.03 https://www.youtube.com/watch?v=
Apple AAPL 129.93 118.20 0.91 https://www.youtube.com/watch?v=
Netflix NFLX 131.23 105.00 0.80 https://studio.youtube.com/video/V
Berry BERY 60.43 70.93 1.17 https://svencarlin.com/bery-stock-a
XIAOMI HKG:1810 11.22 22.16 1.97 https://www.youtube.com/watch?v=
Markel MKL 17.72 11.26 0.64 https://www.youtube.com/watch?v=
Kinder Morgan KMI 18.08 21.78 1.20 https://sven-carlin-research-platform
DSM AMS: DSM 20.62 20.17 0.98 https://svencarlin.com/wp-admin/po
CTP NV AMS:CTP 5.05 8.83 1.75 https://sven-carlin-research-platform
Corbion AMS: CRBN 1.94 0.89 0.46 https://svencarlin.com/corbion-stoc
Coca-Cola Europacific CCEP 25.28 16.52 0.65 https://svencarlin.com/ccep-stock-a
Vipshop Holdingss VIPS 13.64 11.96 0.88 https://svencarlin.com/vipshop-hold
ArcelorMittal MT 22.26 16.91 0.76 https://svencarlin.com/arcelormittal
Beyond Meat BYND 0.78 3.61 4.60 https://www.youtube.com/watch?v=
Aperam AMS:APAM 30.73 30.01 0.98 https://sven-carlin-research-platfo
Alfen AMS:ALFEN 86.04 15.86 0.18 https://svencarlin.com/alfen-stock-a
Akzo Nobel AMS: AKZA 64.86 62.88 0.97 https://svencarlin.com/akzo-nobel-s
ASML ASML 526.2 261.19 0.50 https://www.youtube.com/watch?v=
Siemens SIEB 131.14 78.04 0.60 https://www.youtube.com/watch?v=
Adyen ADYEN 1328.2 569.39 0.43 https://svencarlin.com/adyen-stock
Deutsche Borse DB1 160.85 83.16 0.52 https://www.youtube.com/watch?v=
Aedifica EBR: AED 78.55 69.06 0.88 https://svencarlin.com/aedifica-stoc
American Express AXP 147.75 47.43 0.32 https://www.youtube.com/watch?v=
Amgen AMGN 262.64 134.95 0.51 https://www.youtube.com/watch?v=
Boeing BA 190.49 126.12 0.66 https://www.youtube.com/watch?v=
Caterpillar CAT 239.56 91.94 0.38 https://www.youtube.com/watch?v=
Cisco CSCO 47.64 34.88 0.73 https://sven-carlin-research-platfo
Coca-cola KO 63.61 33.70 0.53 https://www.youtube.com/watch?v=
Dow Dow 50.39 54.65 1.08 https://www.youtube.com/watch?v=
Goldman Sachs GS 343.38 152.24 0.44 https://www.youtube.com/watch?v=
Home Depot HD 315.86 187.52 0.59 https://www.youtube.com/watch?v=
Honeywell HON 214.3 97.88 0.46 https://www.youtube.com/watch?v=
IBM IBM 140.89 131.87 0.94 https://www.youtube.com/watch?v=
J&J JNJ 176.65 93.91 0.53 https://www.youtube.com/watch?v=
JP Morgan JPM 134.1 114.45 0.85 https://www.youtube.com/watch?v=
McDonalds MCD 263.53 109.07 0.41 https://www.youtube.com/watch?v=
Nike NKE 117.01 45.58 0.39 https://www.youtube.com/watch?v=
P&G PG 151.56 72.89 0.48 https://www.youtube.com/watch?v=
Salesforce CRM 132.59 192.09 1.45 https://www.youtube.com/watch?v=
Travelers TRV 187.49 73.42 0.39 https://www.youtube.com/watch?v=
United Health UNH 530.18 257.75 0.49 https://www.youtube.com/watch?v=
Visa V 207.76 159.85 0.77 https://www.youtube.com/watch?v=
Walgreens WBA 37.36 43.99 1.18 https://www.youtube.com/watch?v=
Walmart WMT 141.79 50.54 0.36 https://www.youtube.com/watch?v=
Fresenius ETR:FRE 15.11 13.29 0.88 https://svencarlin.com/fresenius-sto
Fresenius Medical FMS 8.86 18.93 2.14 https://svencarlin.com/fresenius-sto
Store Capital STOR 9.06 8.61 0.95 https://www.youtube.com/watch?v=
Douglas Emmett DEI 2.76 5.87 2.13 https://www.youtube.com/watch?v=
SmartCentres SRU 26.78 30.65 1.14 https://www.youtube.com/watch?v=
Abbvie ABBV 161.61 125.03 0.77 https://www.youtube.com/watch?v=
Bristol Myers BMY 71.95 46.42 0.65 https://www.youtube.com/watch?v=
Merck MRK 110.95 60.39 0.54 https://www.youtube.com/watch?v=
Nutrien NTR 51.45 24.43 0.47 https://www.youtube.com/watch?v=
Chevron CVX 347.07 143.80 0.41 https://www.youtube.com/watch?v=
Lukoil LKOH #N/A 75.90 #N/A https://www.youtube.com/watch?v=
Barrick GOLD 30.07 22.06 0.73 https://www.youtube.com/watch?v=
Anglogold AU 142.74 10.42 0.07 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 17.03 0.55 https://svencarlin.com/china-yangtz
NIO NIO 118.71 46.09 0.39 https://www.youtube.com/watch?v=
S&P 500 SPY 382.43 215.11 0.56 https://www.youtube.com/watch?v=
TSMC TSM 74.49 104.34 1.40 https://www.youtube.com/watch?v=
Kroger KR 31.91 20.18 0.63 https://www.youtube.com/watch?v=
Sprout Farmers Market SFM 3.43 2.19 0.64 https://www.youtube.com/watch?v=
Norsk Hydro NHY 153.29 100.32 0.65 https://sven-carlin-research-platform
Tesla TSLA 385.98 250.08 0.65 https://www.youtube.com/watch?v=
AT&T T 131.21 98.58 0.75 https://www.youtube.com/watch?v=
Ahold AD 27.03 20.23 0.75 https://www.youtube.com/watch?v=
Wiener WIE 23.02 20.73 0.90 https://svencarlin.com/wienerberge
Nestle NESN 299.37 202.13 0.68 https://www.youtube.com/watch?v=
 INTRINSIC UPDATED TYPE CURRENCY
PURPOSES TO SHOW WHAT IS PRICED IN BY THE MARKET AND WHAT GROWTH OR DIVIDENDS SHOULD BE REACHED FO
BRK!A1 Jan-23 HOLDING USD BILLION
NEM!A1 Jul-22 GOLD USD BILLION
UNILEVER!A1 Jun-22 Stalwarth EUR BILLION
DPZ!A1 Jun-22 Growth USD BILLION
BBY!A1 Jun-22 Cash Flow USD
DIS!A1 May-22 FAST GROWTH USD
ADBE!A1 May-22 Growth USD
FB!A1 May-22 FAST GROWTH USD
FL!A1 Mar-22 VALUE USD
VZ!A1 Mar-22 DIVIDEND USD
MMM!A1 Mar-22 SLOW GROWTHUSD
SBUX!A1 Mar-22 Growth USD

MSFT!A1 Feb-22 GROWTH USD BILLION

TSLA!A1 Feb-22 GROWTH USD
GOOGLE!A1 Feb-22 GROWTH USD
AMZN!A1 Feb-22 FAST GROWTH USD BILLION
PYPL!A1 Feb-22 GROWTH USD
APPLE!A1 Feb-22 STALWARTH USD
NFLX!A1 Feb-22 Growth Value USD
BERY!A1 Jan-22 Growth Value USD
XIAOMI!A1 Dec-21 Growth focus RMB
MARKEL!A1 Dec-21 Not that great USD
KMI!A1 Oct-21 Interesting play USD
DSM!A1 Oct-21 Good business EUR
CTPNV!A1 Sep-21 Fast Growth RE EUR
CRBL!A1 Sep-21 Slow Growth EUR
CCEP!A1 Sep-21 Slow Growth USD
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 FAST
Watch EUR
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
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
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
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
n-carlin-research-platform.teachable.com/courses/stock-market-investing/lectures/31784335
Mar-21
CYPC!A1 Mar-21 SLOW GROWTHUSD
NIO!A1 Feb-21 FAST GROWTH USD BILLION
S&P 500'!A1 Oct-21 INDEX points
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
TSLA!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%
Berkshire is Berkshire - 4 great businesses alongside with many other gems - see how it fits you
GOLD STRATEGY
Good brand but a bitsy too expensive!
Looks good, but a bit pricy
looks cheap, but also for a reason as it is hard to value no growth stocks
Became a streaming stock lately
Growth stock that was exuberant and now growth slowing down in line with tech slowdown
Turning into value, but there is a risk from competition
Value investment or value trap - declining business with management doing financial engineering
Scale communication business in US - strong cash flows, growing dividend and EPS
Great business, strong moat, strong cash flows, strong brand.
Growing with large presence globally offering 10% returns ahead most likely!

Good growth stock with a strong position.

Growth stock with a long expected runway priced in
Growth stock based on the internet - big moat and good future - think also YouTube
Amazon - growth stock
I am not sure about the long-term competitive advantage…
Good growth stock with a strong position.

An interesting packaging business growing on acquisitions with a PE ratio of 10

too risky for me
I feel an extra insurance risk, which makes it different than BRK.
interesting play, short term likely up, but with long-term risks.
Good business, going for specialty high margin acquisition strategy
interesting logistics play in Eastern Europe - borrowing in europe at low rates investing in higher eastern yields
An industrial business doing interesting things but at the mercy of price movements in the sectors.
A good but slow business where you can expect the 2% dividend and slow growth
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.
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.
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
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.
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
Risky EV growth stock in China
US index fund - good businesses but risky valuations
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
Tesla is Tesla
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%
USD and US economy

growth ahead - fast growth is still priced in

If the dividend is cut or not enough money for bubyacks and sales deteriorate more than expected…it can get ubly
Debt, competition & technology
slower than expected growth and valuations, economic recession - litigation
Customer preferences changing - … costs… but all manageable due to high margins.

As always: competition, slower than expected growth and valuation contraction based on higher interest rates
risk is slower than expected growth and automotive industry cyclicality
risks are always there in the form of slower growth and competition, but Google should do good. We will see
Slower growth
slower growth on increasing competition
As always: competition, slower than expected growth and valuation contraction based on higher interest rates - iphone cycl

Leverage

Main risk is debt and interest rates alongside change in demant for natural gas
valuation and overpaying for acquisitions

The debt is high and the margins are volatile where I don't see a real moat or advantage.
Change in consumer behaviour and interest rates - BIG RISKS

Priced for eternal perfection

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.
Pharma is always complex, non-linear, but the dividend is there and likely to remain. DEBT issue, but working on lowering.
Pharma is always complex, non-linear, but the dividend is there and likely to remain. DEBT issue, but working on lowering.
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
Chinese government stake, reaching profitability - it could all be just a promise.
US economy, interest rates, valuation, tech profitability etc. taxes
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
60% growth over the next 10 years per year is what is priced in.
debt issues and competition
USD, USD retail competition.

competition
Strategy

watch and hit when and if it fits your value

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

you never know

JUST FOR FUN, LET's START WITH ONE MILLION AND THEN FOLLOW THE INVESTMENTS OVER TIME - NOT REAL M
MY GOAL IS TO FOLLOW AND LEARN MORE ABOUT THE INVESTMENT, NOTHING ELSE, YOUR BENEFIT SHOULD BE
DISCLARIMER - THIS IS JUST FICTIVE, JUST FOR LEARNING PURPOSES TO FOLLOW 30 STOCKS AND LEARN MORE
START 5 JULY 2022 Amount $1,000,000 S&P 500 LEVEL at start (SPY)

PORFOLIO VALUE AT START $1,000,000

IBKR DEMO TRADING $1 million, where they do it for me!
TS OVER TIME - NOT REAL MONEY VIDEO WITH DISCLAIMER, IDEA, STRATEGY AND ALL!!!
YOUR BENEFIT SHOULD BE TO HAVE THE THESES ALL IN ONE PLACE
STOCKS AND LEARN MORE ABOUT INVESTING SVEN's LUMP SUM PORTFOLIO ON Research
374.71 SPY NOW 382.43 SPY BOUGHT 2,668.73

INTERACTIVE BROKERS LINK https://www.interactivebrokers.ie/mkt/?src=svencarlinphdw2&url=%2Fen%2Findex

LAST VIDEO ANALYSIS LI
WBD https://www.youtube.com/wa
META https://www.youtube.com/watch?v=cUDRMFsfSd
LON:DVO https://www.youtube.com/watch?v=nvVANpF7RH
EPA:RUI https://www.youtube.com/watch?v=nvVANpF7RH
BRK https://www.youtube.com/watch?v=IxSXlFAJDgg
NEM https://www.youtube.com/watch?v=Oqw7IRMVqS
ADM https://www.youtube.com/watch?v=toZesfTSfx4
AAPL https://www.youtube.com/watch?v=MsIkq0gh9xs

$0
 UPDATES
UM PORTFOLIO ON Research Platform - 03 Jul 2022 € 203,374.00
PORFOLIO VALUE IF ALL INVESTED IN SPY $1,020,603 $20,603

rlinphdw2&url=%2Fen%2Findex.php%3Ff%3D40071
THESIS
Spinoff value investment based on AT&T dividend shareholders dumping the stock due to uncertainty and no dividend!
If advertising doesn't decline, it is value, plus there is the Meta bet!
niche business, good div, growth ahead
it is cheap, boring 8% dividend, and growing!
GREAT BUSINESS, A BIT EXPENSIVE BUT GOOD TO FOLLOW!
Gold strategy from an all-weather perspective
Good business, a necessity, 91 years of dividends
Great business to watch!
 DIVIDENDS - added twice a year!

certainty and no dividend! DIVIDENDS - added twice a year!

KROGER 31911337154 ASML 526.2 1.055465
AHOLD 27029320758 Siemens 131.14
MELCO RESORT 5118521200 ADYEN 1328.2
BRK 308.9 Deutsche Borse 160.85
Fresenius 15110368817 Aedifica 78.55
FRE MED 8863858174 Akzo Nobel 64.86
Google 88.73 Alfen 86.04
MSFT 1787732009278 Facebook 185.26
APPLE 2066940615785 APAM 30.73
NIO 118705378883 BYND 784667862
S&P 500 382.43 ArcelorMittal 22258730087 22.25873009
Tencent 3305724033297 13.64
TSM 74.49 B&S 430542582
Kroger 31911337154 CCEP 25275038488 25.27503849
SFM 3426442074 CRBN 1939609371
Norsk Hydro 15365500000 CTP 5053863740 9.97641
BABA 88.09 KMI 18.08
Tesla 385980835556 DSM 20624748000
Amazon 856938600000 Berry 60.43
AT&T 131208105732 Bjs wholesale 66.16
Ahold 27029320758 41.95
Wiener 23.02 546.4
WBA 32216802502 546.4
Nestle 299365001678 546.4
STOR CAPITAL 9062907136 546.4
Douglas Emmet 2756368437 546.4
Smart Centres 26.78 546.4
Abbvie 161.61 546.4
BMY 71.95 ASML 546.4
Merck 110.95 ASML 546.4
VZ 39.4 ASML 546.4
Nutrien 51446620000 ASML 546.4
Chebron 347068695241 ASML 546.4
Lukoil #N/A #N/A ASML 546.4
Barrick Gold 30068470894 ASML 546.4
AngloGold 142744538304 ASML 546.4
CYCP data not available to goASML 546.4 73.138
USDCNY 6.91 ASML 546.4
baidu 284603901965 ASML 546.4
MMM 119.92 ASML 546.4
American Express 147.75 ASML 546.4
Amgen 262.64 ASML 546.4
Apple 129.93 ASML 546.4
Boeing 190.49 ASML 546.4
Caterpillar 239.56 ASML 546.4
Chevron 119.92 ASML 546.4
Cisco 47.64 ASML 546.4
Coca Cola 63.61 ASML 546.4
Dow 50.39 ASML 546.4
Goldman 343.38 ASML 546.4
Home De 315.86 ASML 546.4
Honeywell 214.3 ASML 546.4
Intel 26.43 ASML 546.4
IBM 140.89 ASML 546.4
J&J 176.65 ASML 546.4
JP Morgan 134.1 ASML 546.4
McDonalds 263.53 ASML 546.4
Merch 110.95
Microsoft 239.82 2E+12
Nike 117.01
P&G 151.56
Salesforce 132.59
Travelers 187.49
UnitedHealth 530.18
Verizon 39.4
Visa 207.76
Walgreens 37.36
Walmart 141.79
Walt Disney 86.88
Markel 17720754189
XIAOMI 11.22
netflix 131227676700
Paypal 71.22
Amazon 856938600000
Tesla 123.18
Starbucks 99.2
MMM 119.92
foot locker 37.79
adobe 336.53
ATVI 76.55 59909969103
best buy 80.21
WBD 9.48
Unilever 104952748410
DPZ 12262341551 EURUSD 1.055465
Meta Platform 120.34 EURCAD 1.442129325
Devro 309 EURHKD 8.24692855
rubis 25.15 EURRUB 77.19459917
NEWMOND 37464457805 EURGBP 0.8805638948
ADM 51005670346 USDGBP 0.83429
USDAUD 1.488394
 7.81355 423075814872 423.0758

153292527855

da
ADM LINK TO RESEARCH
Market cap Err:509

COMPARATIVE TABLE'!A1
Scenario 1 Value in Billions 2022 2023 2024 2025 2026 2027
normal case 2.50 2.63 2.76 2.89 3.04 3.19 3.35
PV(10%) 2.39 2.28 2.17 2.08 1.98 1.89
INTRINSIC VALUE 41.96

Scenario 2 Value in Billions 2022 2023 2024 2025 2026 2027

best case 2.50 2.68 2.86 3.06 3.28 3.51 3.75
0 PV(10%) 2.43 2.37 2.30 2.24 2.18 2.12
Present value sum 56.98

Scenario 3 Value in Billions 2022 2023 2024 2025 2026 2027

worst case 2.50 2.58 2.65 2.73 2.81 2.90 2.99
MARGIN OF PV(10%) 2.34 2.19 2.05 1.92 1.80 1.69
SAFETY Present value sum 32.82

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 41.96 25.18
Scenario 2 (best case) 0.2 56.98 11.40
Scenario 3 (worst case) 0.2 32.82 6.56
Market cap Err:509 Sum 43.13

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

MADE BY STOCK MARKET RESEARCH PLATFORM

 Terminal
Value Growth rate
2028 2029 2030 2031 2031 5% next 5 years
3.52 3.69 3.88 4.07 58.17 5% 5 to 10 years
1.81 1.72 1.64 1.57 22.43 10% Discount rate
15.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 7% next 5 years
4.01 4.30 4.60 4.92 91.92 7% 5 to 10 years
2.06 2.00 1.95 1.90 35.44 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 3% next 5 years
3.07 3.17 3.26 3.36 39.14 3% 5 to 10 years
1.58 1.48 1.38 1.30 15.09 10% Discount rate
12.0 Terminal multiple
 input cells
result cells

PV( %)
NEM LINK TO RESEARCH
market cap 37.46

COMPARATIVE TABLE'!A1
Scenario 1 CASH FLOWs billions 2022 2023 2024 2025 2026 2027
normal case 2.00 2.00 2.00 2.00 2.00 2.00 2.00
PV(10%) 1.82 1.65 1.50 1.37 1.24 1.13
INTRINSIC VALUE 20.00

Scenario 2 CASH FLOWs billions 2022 2023 2024 2025 2026 2027
best case 3.00 3.00 3.00 3.00 3.00 3.00 3.00
0 PV(10%) 2.73 2.48 2.25 2.05 1.86 1.69
Present value sum 41.57

Scenario 3 CASH FLOWs billions 2022 2023 2024 2025 2026 2027
worst case 1.50 1.50 1.50 1.50 1.50 1.50 1.50
MARGIN OF PV(10%) 1.36 1.24 1.13 1.02 0.93 0.85
SAFETY Present value sum 13.84

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 20.00 12.00
Scenario 2 (best case) 0.2 41.57 8.31
Scenario 3 (worst case) 0.2 13.84 2.77
market cap 37.4644578 Sum 23.08

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

MADE BY STOCK MARKET RESEARCH PLATFORM

 Terminal
Value Growth rate
2028 2029 2030 2031 2031 0% next 5 years
2.00 2.00 2.00 2.00 20.00 0% 5 to 10 years
1.03 0.93 0.85 0.77 7.71 10% Discount rate
10.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 0% next 5 years
3.00 3.00 3.00 3.00 60.00 0% 5 to 10 years
1.54 1.40 1.27 1.16 23.13 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 0% next 5 years
1.50 1.50 1.50 1.50 12.00 0% 5 to 10 years
0.77 0.70 0.64 0.58 4.63 10% Discount rate
8.0 Terminal multiple
 input cells
result cells

PV( %)
NAME LINK TO RESEARCH
STOCK PRICE

COMPARATIVE TABLE'!A1
Scenario 1 FCF TOTAL 2022 2023 2024 2025 2026 2027
normal case 6.00 6.24 6.49 6.75 7.02 7.30 7.59
PV(10%) 4.25 4.02 3.80 3.60 3.40 3.21
INTRINSIC VALUE 82.87

Scenario 2 FCF TOTAL 2022 2023 2024 2025 2026 2027

best case 6.00
0 PV(10%)
Present value sum 0.00

Scenario 3 FCF TOTAL 2022 2023 2024 2025 2026 2027

worst case 6.00
MARGIN OF PV(10%)
SAFETY Present value sum 0.00

Scenario Probability PV Part

Scenario 1 (normal case) 82.87 0.00
Scenario 2 (best case) 0.00 0.00
Scenario 3 (worst case) 0.00 0.00
STOCK PRICE NOW 0 Sum 0.00

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

MADE BY STOCK MARKET RESEARCH PLATFORM

 Terminal
Value Growth rate
2028 2029 2030 2031 2031 4% next 5 years
7.90 8.21 8.54 8.88 128.10 4% 5 to 10 years
3.04 2.87 2.72 2.57 49.39 10% Discount rate
15.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 10% next 5 years
10% 5 to 10 years
10% Discount rate
30.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 4% next 5 years
4% 5 to 10 years
10% Discount rate
10.0 Terminal multiple
 input cells
result cells

PV( %)
DPZ LINK TO RESEARCH
STOCK PRICE

COMPARATIVE TABLE'!A1
Scenario 1 FCF TOTAL 2022 2023 2024 2025 2026 2027
normal case 0.50 0.54 0.58 0.63 0.68 0.73 0.79
PV(10%) 0.49 0.48 0.47 0.46 0.46 0.45
INTRINSIC VALUE 10.31

Scenario 2 FCF TOTAL 2022 2023 2024 2025 2026 2027

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

Scenario 3 FCF TOTAL 2022 2023 2024 2025 2026 2027

worst case 0.50 0.52 0.54 0.56 0.58 0.61 0.63
MARGIN OF PV(10%) 0.47 0.45 0.42 0.40 0.38 0.36
SAFETY Present value sum 6.46

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 10.31 6.18
Scenario 2 (best case) 0.2 14.09 2.82
Scenario 3 (worst case) 0.2 6.46 1.29
STOCK PRICE NOW 0 Sum 10.29

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

MADE BY STOCK MARKET RESEARCH PLATFORM

 Terminal
Value Growth rate
2028 2029 2030 2031 2031 8% next 5 years
0.86 0.93 1.00 1.08 14.99 8% 5 to 10 years
0.44 0.43 0.42 0.42 5.78 10% Discount rate
15.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 10% next 5 years
0.97 1.07 1.18 1.30 23.58 10% 5 to 10 years
0.50 0.50 0.50 0.50 9.09 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 4% next 5 years
0.66 0.68 0.71 0.74 7.12 4% 5 to 10 years
0.34 0.32 0.30 0.29 2.74 10% Discount rate
10.0 Terminal multiple
 input cells
result cells

PV( %)
BBY LINK TO RESEARCH
STOCK PRICE 80.21

COMPARATIVE TABLE'!A1
Scenario 1 FCF per share 2022 2023 2024 2025 2026 2027
normal case 8.50 8.50 8.50 8.50 8.50 8.50 8.50
PV(10%) 7.73 7.02 6.39 5.81 5.28 4.80
INTRINSIC VALUE 85.00

Scenario 2 FCF per share 2022 2023 2024 2025 2026 2027
best case 8.50 8.84 9.19 9.56 9.94 10.34 10.76
0 PV(10%) 8.04 7.60 7.18 6.79 6.42 6.07
Present value sum 133.22

Scenario 3 FCF per share 2022 2023 2024 2025 2026 2027
worst case 8.50 8.33 8.16 8.00 7.84 7.68 7.53
MARGIN OF PV(10%) 7.57 6.75 6.01 5.35 4.77 4.25
SAFETY Present value sum 69.41

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 85.00 51.00
Scenario 2 (best case) 0.2 133.22 26.64
Scenario 3 (worst case) 0.2 69.41 13.88
STOCK PRICE NOW 80.21 Sum 91.52

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

MADE BY STOCK MARKET RESEARCH PLATFORM

 Terminal
Value Growth rate
2028 2029 2030 2031 2031 0% next 5 years
8.50 8.50 8.50 8.50 85.00 0% 5 to 10 years
4.36 3.97 3.60 3.28 32.77 10% Discount rate
10.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 4% next 5 years
11.19 11.63 12.10 12.58 181.47 4% 5 to 10 years
5.74 5.43 5.13 4.85 69.97 10% Discount rate
15.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 -2% next 5 years
7.38 7.23 7.09 6.95 56.69 -2% 5 to 10 years
3.79 3.37 3.01 2.68 21.86 10% Discount rate
8.0 Terminal multiple
 input cells
result cells

PV( %)
ATVI LINK TO RESEARCH
STOCK PRICE 76.55

COMPARATIVE TABLE'!A1
Scenario 1 EPS 2022 2023 2024 2025 2026 2027
normal case 3.00 3.24 3.50 3.78 4.08 4.41 4.76
PV(10%) 0.47 0.46 0.45 0.45 0.44 0.43
INTRINSIC VALUE 39.03

Scenario 2 EPS 2022 2023 2024 2025 2026 2027

best case 3.00 3.36 3.76 4.21 4.72 5.29 5.92
0 PV(10%) 0.49 0.50 0.51 0.52 0.53 0.53
Present value sum 85.49

Scenario 3 EPS 2022 2023 2024 2025 2026 2027

worst case 3.00 3.12 3.24 3.37 3.51 3.65 3.80
MARGIN OF PV(10%) 0.45 0.43 0.41 0.38 0.36 0.34
SAFETY Present value sum 20.03

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 39.03 23.42
Scenario 2 (best case) 0.2 85.49 17.10
Scenario 3 (worst case) 0.2 20.03 4.01
STOCK PRICE NOW 76.55 Sum 44.52

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

MADE BY STOCK MARKET RESEARCH PLATFORM

 Terminal
Value Growth rate
2028 2029 2030 2031 2031 8% next 5 years
5.14 5.55 6.00 6.48 89.96 8% 5 to 10 years
0.42 0.41 0.41 0.40 34.68 10% Discount rate
15.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 12% next 5 years
6.63 7.43 8.32 9.32 207.98 12% 5 to 10 years
0.54 0.55 0.56 0.57 80.19 10% Discount rate
25.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 4% next 5 years
3.95 4.11 4.27 4.44 42.70 4% 5 to 10 years
0.32 0.31 0.29 0.27 16.46 10% Discount rate
10.0 Terminal multiple
 input cells
result cells

PV( %)
 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
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

IDEAS Topicus TOI seems to have Constellation Software DNA and is pretty small and is fishing in Europe
FROM Corsair gaming acquired many businesses in games, hardware, software and streaming in order to be the
NETWORK Constellation Software They get the best out of the businesses that they acquire and then benefit from
FairFax financials
Philip Morris acquiring related businesses and spawning
Yandex tech in Russia - Uber of russia, E-commerce, IoT
Sberbank conservative bank turning into tech
Softbank
IAC = multiple compagnies that they spin-off on the public market... they recently spin off Viemo, Match Group
Tesla Tesla solar, auto, mega, autonomous, robotaxy, insurance, air filtration, ELON M
Turkcell growing into fintec,cloud, big data, streaming
Groupe MTY
VSqtf Victory square Technology
Disney Disney+, marverl, 21Century…
Sea Limited from gaming into fintech and e-commerce
Schrodinger
Panasonic
sofi
PingAn
Xiaomi
Estee Lauder
IDT
Tinkoff bank
Shift Technologies
Sofina a Belgian company like Berkshire Hathaway
Codan (ASX - CDA) in email, search
Lotus Bakeries
Digital Turbine (APPS)
Transdigm Group (TDG) & Roper Tech (ROP)
Leonardo (LDO), Italian company focused of aerospace
Ackermans & Van Haaren Brederode, GIMV, Sofina
KE Holdings ($BEKE)
NICE Holdings in Korea
PSG group from South Africa
zepp health
Victory Square Technologies
Razer
Boston Omaha, Ticker: BOMN
opera ltd ($opra)
Apollo Global Management, Ticker: APO
ITOCHU Corporation
Investor AB, a Swedish mini Berkshire
Kinnevik, also Swedish company. The cash flow from their Tele2 holding is being invested in disr
Aptiv
Orkla ASA conglomerate
LVMH is my ultimate spawner
Sony
Wish
ServiceNow(NOW) is an emerging Spawner. They are a Saas/Paas company started as a leader in the ITSM niche of enterprise
$OZON is looking good
Fiverr
Nano Dimension
cinedigm (CIDM)
Samsung
Electronics
HAIER SMART
HOME
CHINA
EVERGRANDE
Intel Corp.
HALMA PLC
SoftBank
Danaher Corp.
THG PLC
Massive undervalued spawner could be Evonik Industries: -Leading in the manufacturing of 3d-printing materials. -Leading in m
Pershing bill ackman
OSTK

AGC/GRAB and CPNG both have APEX potential in my opinion.

U.S. Based:
DM... Very speculative, but exhibiting some spawning behavior.
TYL... Definitely 'adjacent' and 'embrionic' activities going on.
TSX: MTY Food Group
Renesas Corporation

I have covered the above, here are the new ideas:

Can you make an analysis on Gesco? It's a German Holding (Small Cap), who is buying niche small cap market leading compan
 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://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

pretty small and is fishing in Europe

ware and streaming in order to be the leader such thief products are all over the store and in needs for any type of environments which the new normal gam
hey acquire and then benefit from stable revenues : subscriptions with high switching costs for the clients

y spin off Viemo, Match Group

y, insurance, air filtration, ELON MUSK

Constellation Software has six operating segments:[8]

Volaris Group: focuses on acquiring software businesses serving vari

Harris Computer Systems: primarily serves the public sector, includin
Jonas Software: operates 70 companies, primarily in the hospitality an
Vela Software: operates 8 divisions, primarily focuses on the industria
Perseus Operating Group: operates in a variety of industries, includin
Total Specific Solutions: focuses on software companies in the UK an
They already are quite big but I have been watching them for a while
lding is being invested in disruptive technology in consumer services, food, financial services and healthcare service

eader in the ITSM niche of enterprise software. They are one of the first native cloud saas offerings, and currently the second largest pure Saas company(A

of 3d-printing materials. -Leading in mrna delivery-system. One of the leading companys in the field of nutritions for farm animals, for e.g. salmon breed
iche small cap market leading companies (sounds like a Spawner to me?)
m_campaign=is-berkshire-hathaway-stock-a-buy

nts which the new normal gaming and working from home or going back to office
https://www.valueinvestorsclub.com/idea/Constellation_Software_/9123562843

usinesses serving various areas, including agri-business, financial services, and education. It has approximately 45 c
public sector, including utilities, education, and healthcare.[10] It has 31 constituent businesses.
rily in the hospitality and construction sectors.[11]
cuses on the industrial sector, including oil and gas and manufacturing
of industries, including home building, pulp and paper, and real estate
ompanies in the UK and Europe. Total was acquired in December 2013 for $360 million.[5] In January 2021, this oper
hing them for a while now. Stock is a bit pricey but I think most spawners you describe have a higher valuation.
nd healthcare services

largest pure Saas company(After CRM). In recent years, in addition to their continued success in the

nimals, for e.g. salmon breeding. - making materials for the medicine, healthcare, cosmetics and automotive industry. - having patents for battery additives
s approximately 45 constituent software businesses.[9]

nuary 2021, this operating segment was spun-off to Topicus.com.

gher valuation.
patents for battery additives ( for e.g. a powder what makes batterys more efficient. -Heavily invested in Biotech Start ups -Heavily invested in China - ver
vily invested in China - very good selection of aqusitions in the past 5 years To name just a few things of it.
NAME LINK TO RESEARCH
STOCK PRICE 336.53

COMPARATIVE TABLE'!A1
Scenario 1 EPS 2022 2023 2024 2025 2026 2027
normal case 14.00 16.10 18.51 21.29 24.49 28.16 30.97
PV(10%)
INTRINSIC VALUE 238.43

Scenario 2 EPS 2022 2023 2024 2025 2026 2027

best case 14.00 16.80 20.16 24.19 29.03 34.84 40.06
0 PV(10%)
Present value sum 587.27

Scenario 3 EPS 2022 2023 2024 2025 2026 2027

worst case 14.00 15.12 16.33 17.64 19.05 20.57 21.60
MARGIN OF PV(10%)
SAFETY Present value sum 115.68

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 238.43 143.06
Scenario 2 (best case) 0.2 587.27 117.45
Scenario 3 (worst case) 0.2 115.68 23.14
STOCK PRICE NOW 336.53 Sum 283.65

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

MADE BY STOCK MARKET RESEARCH PLATFORM

 Terminal
Value Growth rate
2028 2029 2030 2031 2031 15% next 5 years
34.07 37.48 41.23 45.35 618.41 10% 5 to 10 years
238.43 10% Discount rate
15.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 20% next 5 years
46.07 52.98 60.93 70.07 1523.23 15% 5 to 10 years
587.27 10% Discount rate
25.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 8% next 5 years
22.68 23.81 25.00 26.25 300.04 5% 5 to 10 years
115.68 10% Discount rate
12.0 Terminal multiple
 input cells
result cells

PV( %)
NAME LINK TO RESEARCH
STOCK PRICE 37.79

COMPARATIVE TABLE'!A1
Scenario 1 EPS per share 2022 2023 2024 2025 2026 2027
normal case 4.40 3.96 3.56 3.21 2.89 2.60 2.47
PV(10%) 3.60 2.95 2.41 1.97 1.61 1.39
INTRINSIC VALUE 26.01

Scenario 2 EPS per share 2022 2023 2024 2025 2026 2027
best case 4.40 3.96 3.56 3.21 2.89 2.60 2.60
0 PV(10%) 3.60 2.95 2.41 1.97 1.61 1.47
Present value sum 33.68

Scenario 3 EPS per share 2022 2023 2024 2025 2026 2027
worst case 4.40 3.52 2.82 2.25 1.80 1.44 1.30
MARGIN OF PV(10%) 3.20 2.33 1.69 1.23 0.90 0.73
SAFETY Present value sum 15.54

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 26.01 15.60
Scenario 2 (best case) 0.2 33.68 6.74
Scenario 3 (worst case) 0.2 15.54 3.11
STOCK PRICE NOW 37.79 Sum 25.45

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

MADE BY STOCK MARKET RESEARCH PLATFORM

 Terminal
Value Growth rate
2028 2029 2030 2031 2031 -10% next 5 years
2.34 2.23 2.12 2.01 21.16 -5% 5 to 10 years
1.20 1.04 0.90 0.78 8.16 10% Discount rate
10.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 -10% next 5 years
2.60 2.60 2.60 2.60 38.97 0% 5 to 10 years
1.33 1.21 1.10 1.00 15.03 10% Discount rate
15.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 -20% next 5 years
1.17 1.05 0.95 0.85 9.46 -10% 5 to 10 years
0.60 0.49 0.40 0.33 3.65 10% Discount rate
10.0 Terminal multiple
 input cells
result cells

PV( %)
SBUX LINK TO RESEARCH
STOCK PRICE 99.2

COMPARATIVE TABLE'!A1
Scenario 1 EPS 2022 2023 2024 2025 2026 2027
normal case 3.70 3.96 4.24 4.53 4.85 5.19 5.55
PV(10%) 1.80 1.75 1.70 1.66 1.61 1.57
INTRINSIC VALUE 55.28

Scenario 2 EPS 2022 2023 2024 2025 2026 2027

best case 3.70 4.03 4.40 4.79 5.22 5.69 6.21
0 PV(10%) 1.83 1.82 1.80 1.78 1.77 1.75
Present value sum 79.56

Scenario 3 EPS 2022 2023 2024 2025 2026 2027

worst case 3.70 3.85 4.00 4.16 4.33 4.50 4.68
MARGIN OF PV(10%) 1.75 1.65 1.56 1.48 1.40 1.32
SAFETY Present value sum 34.07

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 55.28 33.17
Scenario 2 (best case) 0.2 79.56 15.91
Scenario 3 (worst case) 0.2 34.07 6.81
STOCK PRICE NOW 99.2 Sum 55.89

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

MADE BY STOCK MARKET RESEARCH PLATFORM

 Terminal
Value Growth rate
2028 2029 2030 2031 2031 7% next 5 years
5.94 6.36 6.80 7.28 102.03 7% 5 to 10 years
1.52 1.48 1.44 1.40 39.34 10% Discount rate
15.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 9% next 5 years
6.76 7.37 8.04 8.76 160.72 9% 5 to 10 years
1.74 1.72 1.70 1.69 61.96 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 4% next 5 years
4.87 5.06 5.27 5.48 52.66 4% 5 to 10 years
1.25 1.18 1.12 1.06 20.30 10% Discount rate
10.0 Terminal multiple
 input cells
result cells

PV( %)
PAYPAL LINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 EPS - non-gaap 2022 2023 2024 2025 2026 2027
normal case 4.70 4.70 5.17 5.69 6.26 6.88 7.36
PV(10%)
INTRINSIC VALUE 69.55

Scenario 2 EPS - non-gaap 2022 2023 2024 2025 2026 2027

best case 4.70 4.70 5.26 5.90 6.60 7.40 8.28
0 PV(10%)
Present value sum 134.60

Scenario 3 EPS - non-gaap 2022 2023 2024 2025 2026 2027

worst case 4.70 4.70 4.89 5.08 5.29 5.50 5.61
MARGIN OF PV(10%)
SAFETY Present value sum 22.95

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 69.55 41.73
Scenario 2 (best case) 0.2 134.60 26.92
Scenario 3 (worst case) 0.2 22.95 4.59
Sum 73.24

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

MADE BY STOCK MARKET RESEARCH PLATFORM

 Terminal
Value Growth rate
2028 2029 2030 2031 2031 10% next 5 years
7.88 8.43 9.02 9.65 180.40 7% 5 to 10 years
69.55 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 12% next 5 years
9.28 10.39 11.64 13.03 349.11 12% 5 to 10 years
134.60 10% Discount rate
30.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 4% next 5 years
5.72 5.83 5.95 6.07 59.52 2% 5 to 10 years
22.95 10% Discount rate
10.0 Terminal multiple
 input cells
result cells

PV( %)
NFLX LINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 FCF BILLION USD 2022 2023 2024 2025 2026 2027
normal case 5.00 5.50 6.05 6.66 7.32 8.05 8.86
PV(10%)
INTRINSIC VALUE 90.91

Scenario 2 FCF BILLION USD 2022 2023 2024 2025 2026 2027
best case 5.00 5.75 6.61 7.60 8.75 10.06 11.57
0 PV(10%)
Present value sum 203.44

Scenario 3 FCF BILLION USD 2022 2023 2024 2025 2026 2027
worst case 5.00 5.30 5.62 5.96 6.31 6.69 7.09
MARGIN OF PV(10%)
SAFETY Present value sum 48.85

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 90.91 54.55
Scenario 2 (best case) 0.2 203.44 40.69
Scenario 3 (worst case) 0.2 48.85 9.77
Sum 105.00

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 Terminal
Value Growth rate
2028 2029 2030 2031 2031 10% next 5 years
9.74 10.72 11.79 12.97 235.79 10% 5 to 10 years
90.91 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 15% next 5 years
13.30 15.30 17.59 20.23 527.68 15% 5 to 10 years
203.44 10% Discount rate
30.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 6% next 5 years
7.52 7.97 8.45 8.95 126.71 6% 5 to 10 years
48.85 10% Discount rate
15.0 Terminal multiple
 input cells
result cells

PV( %)
Berry LINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 EPS 2022 2023 2024 2025 2026 2027
normal case 7.50 7.88 8.27 8.68 9.12 9.57
PV(10%)
INTRINSIC VALUE 64.08

Scenario 2 EPS 2022 2023 2024 2025 2026 2027

best case 7.50 8.10 8.75 9.45 10.20 11.02
0 PV(10%)
Present value sum 107.04

Scenario 3 EPS 2022 2023 2024 2025 2026 2027

worst case 7.50 7.65 7.80 7.96 8.12 8.28
MARGIN OF PV(10%)
SAFETY Present value sum 33.88

Scenario Probability PV Part

Scenario 1 (normal case) 0.5 64.08 32.04
Scenario 2 (best case) 0.3 107.04 32.11
Scenario 3 (worst case) 0.2 33.88 6.78
Sum 70.93

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 Terminal
Value Growth rate
2028 2029 2030 2031 2031 5% next 5 years
10.05 10.55 11.08 11.63 166.21 5% 5 to 10 years
64.08 10% Discount rate
15.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 8% next 5 years
11.90 12.85 13.88 14.99 277.64 8% 5 to 10 years
107.04 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 2% next 5 years
8.45 8.62 8.79 8.96 87.87 2% 5 to 10 years
33.88 10% Discount rate
10.0 Terminal multiple
 input cells
result cells

PV( %)
XIAOMI LINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 EPS 2022 2023 2024 2025 2026 2027
normal case 1.00 1.15 1.32 1.52 1.75 2.01 2.21
PV(10%)
INTRINSIC VALUE 22.71

Scenario 2 EPS 2022 2023 2024 2025 2026 2027

best case 1.00 1.25 1.56 1.95 2.44 3.05 3.66
0 PV(10%)
Present value sum 60.99

Scenario 3 EPS 2022 2023 2024 2025 2026 2027

worst case 1.00 1.10 1.21 1.33 1.46 1.61 1.71
MARGIN OF PV(10%)
SAFETY Present value sum 11.76

Scenario Probability PV Part

Scenario 1 (normal case) 0.5 22.71 11.35
Scenario 2 (best case) 0.1 60.99 6.10
Scenario 3 (worst case) 0.4 11.76 4.70
Sum 22.16

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 Terminal
Value Growth rate
2028 2029 2030 2031 2031 15% next 5 years
2.43 2.68 2.94 3.24 58.90 10% 5 to 10 years
22.71 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 25% next 5 years
4.39 5.27 6.33 7.59 158.20 20% 5 to 10 years
60.99 10% Discount rate
25.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 10% next 5 years
1.81 1.92 2.03 2.16 30.50 6% 5 to 10 years
11.76 10% Discount rate
15.0 Terminal multiple
 input cells
result cells

PV( %)
MARKEL LINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 NET INCOME IN BILLIONS 2022 2023 2024 2025 2026 2027
normal case 0.80 0.86 0.93 1.01 1.09 1.18 1.27
PV(10%)
INTRINSIC VALUE 12.33

Scenario 2 NET INCOME IN BILLIONS 2022 2023 2024 2025 2026 2027
best case 0.80 0.88 0.97 1.06 1.17 1.29 1.42
0 PV(10%)
Present value sum 18.18

Scenario 3 NET INCOME IN BILLIONS 2022 2023 2024 2025 2026 2027
worst case 0.90 0.95 1.01 1.07 1.14 1.20 1.28
MARGIN OF PV(10%)
SAFETY Present value sum 7.03

Scenario Probability PV Part

Scenario 1 (normal case) 0.3 12.33 3.70
Scenario 2 (best case) 0.3 18.18 5.45
Scenario 3 (worst case) 0.3 7.03 2.11
Sum 11.26

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 Terminal
Value Growth rate
2028 2029 2030 2031 2031 8% next 5 years
1.37 1.48 1.60 1.73 31.98 8% 5 to 10 years
12.33 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 10% next 5 years
1.56 1.71 1.89 2.07 47.16 10% 5 to 10 years
18.18 10% Discount rate
25.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 6% next 5 years
1.35 1.43 1.52 1.61 18.25 6% 5 to 10 years
7.03 10% Discount rate
12.0 Terminal multiple
 input cells
result cells

PV( %)
Kinder Morgan

COMPARATIVE TABLE'!A1

Scenario 1 DIVIDEND PER SHARE 2022 2023 2024 2025 2026 2027
normal case 1.08 1.14 1.20 1.26 1.33 1.40 1.47
10%) 1.03 0.99 0.95 0.91 0.87 0.83
INTRINSIC VALUE 21.82

Scenario 2 DIVIDEND PER SHARE 2022 2023 2024 2025 2026 2027
best case 1.08 1.17 1.26 1.36 1.47 1.59 1.71
0 10%) 1.06 1.04 1.02 1.00 0.99 0.97
Present value sum 30.59

Scenario 3 DIVIDEND PER SHARE 2022 2023 2024 2025 2026 2027
worst case 1.08 1.08 1.08 1.08 1.08 1.08 1.08
0 10%) 0.98 0.89 0.81 0.74 0.67 0.61
Present value sum 12.88

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 21.82 13.09
Scenario 2 (best case) 0.2 30.59 6.12
Scenario 3 (worst case) 0.2 12.88 2.58
Sum 21.78

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 Terminal
Value Growth rate Comment
2028 2029 2030 2031 2031 5% next 5 years
1.55 1.63 1.72 1.81 34.38 5% 5 to 10 years
0.80 0.76 0.73 0.70 13.26 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 8% next 5 years
1.85 2.00 2.16 2.33 53.97 8% 5 to 10 years
0.95 0.93 0.92 0.90 20.81 10% Discount rate
25.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 0% next 5 years
1.08 1.08 1.08 1.08 16.20 0% 5 to 10 years
0.55 0.50 0.46 0.42 6.25 10% Discount rate
15.0 Terminal multiple
input cells
result cells

%)
DSM LINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 FCF billion EUR 2022 2023 2024 2025 2026 2027
normal case 0.90 0.97 1.05 1.13 1.22 1.32 1.43
PV(10%) 0.88 0.87 0.85 0.84 0.82 0.81
INTRINSIC VALUE 18.55

Scenario 2 FCF billion EUR 2022 2023 2024 2025 2026 2027
best case 0.90 0.99 1.09 1.20 1.32 1.45 1.59
0 PV(10%) 0.90 0.90 0.90 0.90 0.90 0.90
Present value sum 33.55

Scenario 3 FCF billion EUR 2022 2023 2024 2025 2026 2027
worst case 0.90 0.94 0.97 1.01 1.05 1.09 1.14
0 PV(10%) 0.85 0.80 0.76 0.72 0.68 0.64
Present value sum 11.64

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 18.55 11.13
Scenario 2 (best case) 0.2 33.55 6.71
Scenario 3 (worst case) 0.2 11.64 2.33
Sum 20.17

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 Terminal
Value Growth rate
2028 2029 2030 2031 2031 8% next 5 years
1.54 1.67 1.80 1.94 26.99 8% 5 to 10 years
0.79 0.78 0.76 0.75 10.40 10% Discount rate
15.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 10% next 5 years
1.75 1.93 2.12 2.33 63.66 10% 5 to 10 years
0.90 0.90 0.90 0.90 24.55 10% Discount rate
30.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 4% next 5 years
1.18 1.23 1.28 1.33 12.81 4% 5 to 10 years
0.61 0.57 0.54 0.51 4.94 10% Discount rate
10.0 Terminal multiple
 input cells
result cells

PV( %)
CTPNV LINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 INCOME 2021 2022 2023 2024 2025 2026
normal case 0.21 0.25 0.30 0.36 0.44 0.52 0.57
80% of net income PV 0.17 0.19 0.20 0.22 0.24 0.24
INTRINSIC VALUE 9.62

Scenario 2 INCOME 2021 2022 2023 2024 2025 2026

best case 0.21 0.25 0.30 0.36 0.44 0.52 0.57
0 80% of net income PV 0.17 0.19 0.20 0.22 0.24 0.24
Present value sum 11.10

Scenario 3 INCOME 2021 2022 2023 2024 2025 2026

worst case 0.21 0.24 0.28 0.32 0.37 0.42 0.45
0 80% of net income PV 0.16 0.17 0.18 0.19 0.20 0.19
Present value sum 4.21

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 9.62 5.77
Scenario 2 (best case) 0.2 11.10 2.22
Scenario 3 (worst case) 0.2 4.21 0.84
Sum 8.83

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 Terminal
Value Growth rate
2027 2028 2029 2030 2030 20% next 5 years
0.63 0.70 0.77 0.84 19.13 10% 5 to 10 years
0.24 0.24 0.24 0.24 7.37 10% Discount rate
25.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 20% next 5 years
0.63 0.70 0.77 0.84 22.95 10% 5 to 10 years
0.24 0.24 0.24 0.24 8.85 10% Discount rate
30.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 15% next 5 years
0.48 0.52 0.55 0.59 8.30 7% 5 to 10 years
0.19 0.18 0.18 0.17 2.40 10% Discount rate
15.0 Terminal multiple
 input cells
result cells

PV( %)
Corbion LINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 FCF 2021 2022 2023 2024 2025 2026
normal case 0.06 0.06 0.06 0.07 0.08 0.08 0.09
PV(10%) 0.03 0.03 0.03 0.03 0.03 0.02
INTRINSIC VALUE 0.89

Scenario 2 FCF 2021 2022 2023 2024 2025 2026

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

Scenario 3 FCF 2021 2022 2023 2024 2025 2026

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

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 0.89 0.54
Scenario 2 (best case) 0.2 0.00 0.00
Scenario 3 (worst case) 0.2 0.00 0.00
Sum 0.54

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 Terminal
Value Growth rate
2027 2028 2029 2030 2030 8% next 5 years
0.10 0.10 0.11 0.12 1.67 8% 5 to 10 years
0.02 0.02 0.02 0.02 0.64 10% Discount rate
15.0 Terminal multiple

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

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

PV( %)
CCEP LINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 Dividend in billions 2021 2022 2023 2024 2025 2026
normal case 0.50 0.52 0.53 0.55 0.56 0.58 0.60
PV(10%) 0.47 0.44 0.41 0.38 0.36 0.34
INTRINSIC VALUE 16.12

Scenario 2 Dividend in billions 2021 2022 2023 2024 2025 2026

best case 0.50 0.53 0.55 0.58 0.61 0.64 0.67
0 PV(10%) 0.48 0.46 0.43 0.42 0.40 0.38
Present value sum 26.33

Scenario 3 Dividend in billions 2021 2022 2023 2024 2025 2026

worst case 0.50 0.50 0.50 0.50 0.50 0.50 0.50
0 PV(10%) 0.45 0.41 0.38 0.34 0.31 0.28
Present value sum 7.89

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 16.12 9.67
Scenario 2 (best case) 0.2 26.33 5.27
Scenario 3 (worst case) 0.2 7.89 1.58
Sum 16.52

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 Terminal
Value Growth rate
2027 2028 2029 2030 2030 3% next 5 years
0.61 0.63 0.65 0.67 32.62 3% 5 to 10 years
0.32 0.30 0.28 0.26 12.58 10% Discount rate
50.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
0.70 0.74 0.78 0.81 58.17 5% 5 to 10 years
0.36 0.34 0.33 0.31 22.43 10% Discount rate
75.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
0.50 0.50 0.50 0.50 12.50 0% 5 to 10 years
0.26 0.23 0.21 0.19 4.82 10% Discount rate
25.0 Terminal multiple
 input cells
result cells

PV( %)
Vipshop LINK TO RESEARCH
VIPS

COMPARATIVE TABLE'!A1
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%)
INTRINSIC VALUE 9.77

Scenario 2 EPS 2021 2022 2023 2024 2025 2026

best case 1.50 1.72 1.98 2.28 2.62 3.02 3.32
0 PV(10%)
Present value sum 25.55

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%)
Present value sum 4.93

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 9.77 5.86
Scenario 2 (best case) 0.2 25.55 5.11
Scenario 3 (worst case) 0.2 4.93 0.99
Sum 11.96

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 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
12.0 Terminal multiple

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
25.55 10% Discount rate
15.0 Terminal multiple

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
4.93 10% Discount rate
10.0 Terminal multiple
 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
INTRINSIC VALUE 16.91

Scenario 2 FCF billion USD 2021 2022 2023 2024 2025 2026
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
Present value sum 0.00

Scenario 3 FCF billion USD 2021 2022 2023 2024 2025 2026
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
Present value sum 0.00

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 16.91 10.14
Scenario 2 (best case) 0.2 0.00 0.00
Scenario 3 (worst case) 0.2 0.00 0.00
Sum 10.14

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 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
10.0 Terminal multiple

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
25.0 Terminal multiple

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
15.0 Terminal multiple
input cells
result cells

%)
BYND LINK TO RESEARCH

COMPARATIVE TABLE'!A1
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%)
INTRINSIC VALUE 3.27

Scenario 2 Revenue in billions USD 2021 2022 2023 2024 2025 2026
best case 0.40 0.54 0.73 0.98 1.33 1.79 2.42
0 PV(10%)
Present value sum 6.89

Scenario 3 Revenue in billions USD 2021 2022 2023 2024 2025 2026
worst case 0.40 0.48 0.58 0.69 0.83 1.00 1.14
0 PV(10%)
Present value sum 1.34

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 3.27 1.96
Scenario 2 (best case) 0.2 6.89 1.38
Scenario 3 (worst case) 0.2 1.34 0.27
Sum 3.61

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 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
3.27 10% Discount rate
2.0 Terminal multiple

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
6.89 10% Discount rate
3.0 Terminal multiple

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
1.34 10% Discount rate
2.0 Terminal multiple
 input cells
result cells

PV( %)
APERAM LINK

COMPARATIVE TABLE'!A1

Scenario 1 Dividend 2021 2022 2023 2024 2025 2026

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
INTRINSIC VALUE 30.01

Scenario 2 Dividend 2021 2022 2023 2024 2025 2026

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
Present value sum 0.00

Scenario 3 Dividend 2021 2022 2023 2024 2025 2026

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
Present value sum 0.00

Scenario Probability PV Part

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

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 Terminal
Value Growth rate Comment
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
20.0 Terminal multiple

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
25.0 Terminal multiple

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
15.0 Terminal multiple
input cells
result cells

%)
FB LINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 Earnings 2022 2023 2024 2025 2026 2027
normal case 9.00 9.99 11.09 12.31 13.66 15.17 17.44
PV(10%)
INTRINSIC VALUE 204.53

Scenario 2 Earnings 2022 2023 2024 2025 2026 2027

best case 9.00 9.63 10.30 11.03 11.80 12.62 13.89
0 PV(10%)
Present value sum 178.13

Scenario 3 Earnings 2022 2023 2024 2025 2026 2027

worst case 9.00 9.27 9.55 9.83 10.13 10.43 10.75
0 PV(10%)
Present value sum 67.91

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 204.53 122.72
Scenario 2 (best case) 0.2 178.13 35.63
Scenario 3 (worst case) 0.2 67.91 13.58
Sum 171.93

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 Terminal
Value Growth rate
2028 2029 2030 2031 2031 11% next 5 years
20.06 23.06 26.52 30.50 530.49 15% 5 to 10 years
204.53 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 7% next 5 years
15.27 16.80 18.48 20.33 462.03 10% 5 to 10 years
178.13 10% Discount rate
25.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 3% next 5 years
11.07 11.40 11.74 12.10 176.14 3% 5 to 10 years
67.91 10% Discount rate
15.0 Terminal multiple
 input cells
result cells

PV( %)
Alfen LINK TO RESEARCH

COMPARATIVE TABLE'!A1
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
INTRINSIC VALUE 14.47

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%)
Present value sum 28.04

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%)
Present value sum 7.87

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 14.47 8.68
Scenario 2 (best case) 0.2 28.04 5.61
Scenario 3 (worst case) 0.2 7.87 1.57
Sum 15.86

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 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
14.47 10% Discount rate
15.0 Terminal multiple

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
28.04 10% Discount rate
20.0 Terminal multiple

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
7.87 10% Discount rate
10.0 Terminal multiple
 input cells
result cells

PV( %)
Akzo NobelLINK TO RESEARCH

COMPARATIVE TABLE'!A1
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
INTRINSIC VALUE 56.64

Scenario 2 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 110.91

Scenario 3 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 33.57

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 56.64 33.98
Scenario 2 (best case) 0.2 110.91 22.18
Scenario 3 (worst case) 0.2 33.57 6.71
Sum 62.88

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

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 Terminal
Value Growth rate
2027 2028 2029 2030 2030 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
25.0 Terminal multiple

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
50.0 Terminal multiple

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
15.0 Terminal multiple
 input cells
result cells

PV( %)
EBR: AED LINK TO RESEARCH
Aedifica

COMPARATIVE TABLE'!A1
Scenario 1 Dividends 2021 2022 2023 2024 2025 2026
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
INTRINSIC VALUE 68.29

Scenario 2 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 96.52

Scenario 3 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 43.91

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 68.29 40.98
Scenario 2 (best case) 0.2 96.52 19.30
Scenario 3 (worst case) 0.2 43.91 8.78
Sum 69.06

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

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 Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
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
25.0 Terminal multiple

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
30.0 Terminal multiple

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
15.0 Terminal multiple
 input cells
result cells

PV( %)
DEUTSCHELINK TO RESEARCH
DB1

COMPARATIVE TABLE'!A1
Scenario 1 Dividends 2021 2022 2023 2024 2025 2026
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
INTRINSIC VALUE 76.38

Scenario 2 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 138.00

Scenario 3 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 48.67

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 76.38 45.83
Scenario 2 (best case) 0.2 138.00 27.60
Scenario 3 (worst case) 0.2 48.67 9.73
Sum 83.16

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 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
25.0 Terminal multiple

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
50.0 Terminal multiple

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
15.0 Terminal multiple
 input cells
result cells

PV( %)
Adyen LINK TO RESEARCH

COMPARATIVE TABLE'!A1
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%)
INTRINSIC VALUE 512.34

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%)
Present value sum 1092.73

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%)
Present value sum 217.21

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 512.34 307.40
Scenario 2 (best case) 0.2 1092.73 218.55
Scenario 3 (worst case) 0.2 217.21 43.44
Sum 569.39

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 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
512.34 10% Discount rate
20.0 Terminal multiple

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
1092.73 10% Discount rate
30.0 Terminal multiple

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
217.21 10% Discount rate
15.0 Terminal multiple
 input cells
result cells

PV( %)
Siemens LINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 Dividends 2021 2022 2023 2024 2025 2026
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
INTRINSIC VALUE 69.21

Scenario 2 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 139.58

Scenario 3 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 42.99

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 69.21 41.53
Scenario 2 (best case) 0.2 139.58 27.92
Scenario 3 (worst case) 0.2 42.99 8.60
Sum 78.04

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 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
20.0 Terminal multiple

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
40.0 Terminal multiple

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
10.0 Terminal multiple
 input cells
result cells

PV( %)
ASML LINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 Dividends 2021 2022 2023 2024 2025 2026
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
INTRINSIC VALUE 210.38

Scenario 2 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 592.80

Scenario 3 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 82.02

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 210.38 126.23
Scenario 2 (best case) 0.2 592.80 118.56
Scenario 3 (worst case) 0.2 82.02 16.40
Sum 261.19

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 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
40.0 Terminal multiple

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
50.0 Terminal multiple

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
10.0 Terminal multiple
 input cells
result cells

PV( %)
Disney LINK TO RESEARCH
Stock Price 86.88

COMPARATIVE TABLE'!A1
Scenario 1 fCF per share 2022 2023 2024 2025 2026 2027
normal case 6.59 7.25 7.97 8.77 9.65 10.61 11.14
PV(10%) 3.30 3.30 3.30 3.30 3.30 3.15
INTRINSIC VALUE 105.44

Scenario 2 fCF per share 2022 2023 2024 2025 2026 2027
best case 6.59 7.38 8.27 9.26 10.37 11.61 12.43
0 PV(10%) 3.35 3.42 3.48 3.54 3.61 3.51
Present value sum 151.39

Scenario 3 fCF per share 2022 2023 2024 2025 2026 2027
worst case 6.59 6.92 7.27 7.63 8.01 8.41 8.75
0 PV(10%) 3.15 3.00 2.87 2.74 2.61 2.47
Present value sum 70.95

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 105.44 63.26
Scenario 2 (best case) 0.2 151.39 30.28
Scenario 3 (worst case) 0.2 70.95 14.19
Stock Price 86.88 Sum 107.73

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 Terminal
Value Growth rate
2028 2029 2030 2031 2031 10% next 5 years
11.70 12.29 12.90 13.55 193.51 5% 5 to 10 years
3.00 2.87 2.74 2.61 74.61 10% Discount rate
15.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 12% next 5 years
13.30 14.23 15.22 16.29 304.47 7% 5 to 10 years
3.41 3.32 3.23 3.14 117.39 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 5% next 5 years
9.10 9.46 9.84 10.23 118.07 4% 5 to 10 years
2.33 2.21 2.09 1.97 45.52 10% Discount rate
12.0 Terminal multiple
 input cells
result cells

PV( %)
Walmart LINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 Dividends 2021 2022 2023 2024 2025 2026
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
INTRINSIC VALUE 50.99

Scenario 2 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 66.93

Scenario 3 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 32.78

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 50.99 30.60
Scenario 2 (best case) 0.2 66.93 13.39
Scenario 3 (worst case) 0.2 32.78 6.56
Sum 50.54

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 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
25.0 Terminal multiple

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
30.0 Terminal multiple

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
15.0 Terminal multiple
 input cells
result cells

PV( %)
Walgreens LINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 Dividends 2021 2022 2023 2024 2025 2026
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
INTRINSIC VALUE 42.39

Scenario 2 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 60.87

Scenario 3 Dividends 2021 2022 2023 2024 2025 2026

worst case 1.86 1.92 1.97 2.03 2.09 2.16 2.22
0 PV(10%) 1.74 1.63 1.53 1.43 1.34 1.25
Present value sum 31.90

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 42.39 25.44
Scenario 2 (best case) 0.2 60.87 12.17
Scenario 3 (worst case) 0.2 31.90 6.38
Sum 43.99

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 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
20.0 Terminal multiple

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
25.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 3% next 5 years
2.29 2.36 2.43 2.50 48.54 3% 5 to 10 years
1.17 1.10 1.03 0.96 18.71 10% Discount rate
20.0 Terminal multiple
 input cells
result cells

PV( %)
Company nLINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 Earnings with 25% div 2021 2022 2023 2024 2025 2026
normal case 5.10 5.86 6.74 7.76 8.92 10.26 11.28
PV(10%) 1.33 1.39 1.46 1.52 1.59 1.59
INTRINSIC VALUE 160.02

Scenario 2 Earnings with 25% div 2021 2022 2023 2024 2025 2026
best case 5.10 5.86 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
Present value sum 223.93

Scenario 3 Earnings with 25% div 2021 2022 2023 2024 2025 2026
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
Present value sum 95.26

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 160.02 96.01
Scenario 2 (best case) 0.2 223.93 44.79
Scenario 3 (worst case) 0.2 95.26 19.05
Sum 159.85

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 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
25.0 Terminal multiple

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
30.0 Terminal multiple

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
20.0 Terminal multiple
 input cells
result cells

PV( %)
United HealLINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 Dividends 2021 2022 2023 2024 2025 2026
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
INTRINSIC VALUE 258.71

Scenario 2 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 398.49

Scenario 3 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 114.16

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 258.71 155.22
Scenario 2 (best case) 0.2 398.49 79.70
Scenario 3 (worst case) 0.2 114.16 22.83
Sum 257.75

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 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
30.0 Terminal multiple

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
40.0 Terminal multiple

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
15.0 Terminal multiple
 input cells
result cells

PV( %)
Company nLINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 Dividends 2021 2022 2023 2024 2025 2026
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
INTRINSIC VALUE 77.40

Scenario 2 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 94.33

Scenario 3 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 40.55

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 77.40 46.44
Scenario 2 (best case) 0.2 94.33 18.87
Scenario 3 (worst case) 0.2 40.55 8.11
Sum 73.42

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 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
25.0 Terminal multiple

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
30.0 Terminal multiple

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
15.0 Terminal multiple
 input cells
result cells

PV( %)
Salesforce LINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 Earnings 2021 2022 2023 2024 2025 2026
normal case 4.58 5.50 6.60 7.91 9.50 11.40 12.54
PV(10%)
INTRINSIC VALUE 160.83

Scenario 2 Earnings 2021 2022 2023 2024 2025 2026

best case 4.58 5.73 7.16 8.95 11.18 13.98 17.47
0 PV(10%)
Present value sum 394.68

Scenario 3 Earnings 2021 2022 2023 2024 2025 2026

worst case 4.58 5.04 5.54 6.10 6.71 7.38 8.11
0 PV(10%)
Present value sum 83.27

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 160.83 96.50
Scenario 2 (best case) 0.2 394.68 78.94
Scenario 3 (worst case) 0.2 83.27 16.65
Sum 192.09

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 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
160.83 10% Discount rate
25.0 Terminal multiple

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
394.68 10% Discount rate
30.0 Terminal multiple

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
83.27 10% Discount rate
20.0 Terminal multiple
 input cells
result cells

PV( %)
Nike LINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 Dividends 2021 2022 2023 2024 2025 2026
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
INTRINSIC VALUE 41.00

Scenario 2 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 73.84

Scenario 3 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 31.05

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 41.00 24.60
Scenario 2 (best case) 0.2 73.84 14.77
Scenario 3 (worst case) 0.2 31.05 6.21
Sum 45.58

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 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
30.0 Terminal multiple

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
40.0 Terminal multiple

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
25.0 Terminal multiple
 input cells
result cells

PV( %)
P&G LINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 Dividends 2021 2022 2023 2024 2025 2026
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
INTRINSIC VALUE 71.94

Scenario 2 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 94.42

Scenario 3 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 54.20

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 71.94 43.16
Scenario 2 (best case) 0.2 94.42 18.88
Scenario 3 (worst case) 0.2 54.20 10.84
Sum 72.89

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 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
25.0 Terminal multiple

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
30.0 Terminal multiple

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
20.0 Terminal multiple
 input cells
result cells

PV( %)
McDonaldsLINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 Dividends 2021 2022 2023 2024 2025 2026
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
INTRINSIC VALUE 107.00

Scenario 2 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 150.60

Scenario 3 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 73.77

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 107.00 64.20
Scenario 2 (best case) 0.2 150.60 30.12
Scenario 3 (worst case) 0.2 73.77 14.75
Sum 109.07

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 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
20.0 Terminal multiple

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
30.0 Terminal multiple

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
15.0 Terminal multiple
 input cells
result cells

PV( %)
JP MORGALINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 Dividends 2021 2022 2023 2024 2025 2026
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
INTRINSIC VALUE 117.82

Scenario 2 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 165.71

Scenario 3 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 53.08

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 117.82 70.69
Scenario 2 (best case) 0.2 165.71 33.14
Scenario 3 (worst case) 0.2 53.08 10.62
Sum 114.45

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 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
25.0 Terminal multiple

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
30.0 Terminal multiple

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
15.0 Terminal multiple
 input cells
result cells

PV( %)
J&J LINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 Dividends 2021 2022 2023 2024 2025 2026
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
INTRINSIC VALUE 97.46

Scenario 2 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 118.92

Scenario 3 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 58.25

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 97.46 58.48
Scenario 2 (best case) 0.2 118.92 23.78
Scenario 3 (worst case) 0.2 58.25 11.65
Sum 93.91

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 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
25.0 Terminal multiple

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
30.0 Terminal multiple

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
15.0 Terminal multiple
 input cells
result cells

PV( %)
IBM LINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 Dividends 2021 2022 2023 2024 2025 2026
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
INTRINSIC VALUE 128.93

Scenario 2 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 194.82

Scenario 3 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 77.77

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 128.93 77.36
Scenario 2 (best case) 0.2 194.82 38.96
Scenario 3 (worst case) 0.2 77.77 15.55
Sum 131.87

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 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
20.0 Terminal multiple

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
30.0 Terminal multiple

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
15.0 Terminal multiple
 input cells
result cells

PV( %)
Honeywell LINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 Dividends 2021 2022 2023 2024 2025 2026
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
INTRINSIC VALUE 94.10

Scenario 2 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 135.30

Scenario 3 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 71.78

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 94.10 56.46
Scenario 2 (best case) 0.2 135.30 27.06
Scenario 3 (worst case) 0.2 71.78 14.36
Sum 97.88

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 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
25.0 Terminal multiple

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
30.0 Terminal multiple

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
20.0 Terminal multiple
 input cells
result cells

PV( %)
Home DepoLINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 Dividends 2021 2022 2023 2024 2025 2026
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
INTRINSIC VALUE 186.29

Scenario 2 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 267.92

Scenario 3 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 110.77

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 186.29 111.78
Scenario 2 (best case) 0.2 267.92 53.58
Scenario 3 (worst case) 0.2 110.77 22.15
Sum 187.52

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 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
25.0 Terminal multiple

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
30.0 Terminal multiple

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
15.0 Terminal multiple
 input cells
result cells

PV( %)
Goldman LINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 Dividends 2021 2022 2023 2024 2025 2026
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
INTRINSIC VALUE 163.64

Scenario 2 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 186.36

Scenario 3 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 83.92

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 163.64 98.18
Scenario 2 (best case) 0.2 186.36 37.27
Scenario 3 (worst case) 0.2 83.92 16.78
Sum 152.24

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 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
25.0 Terminal multiple

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
30.0 Terminal multiple

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
15.0 Terminal multiple
 input cells
result cells

PV( %)
Company nLINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 Dividends 2021 2022 2023 2024 2025 2026
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
INTRINSIC VALUE 55.37

Scenario 2 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 73.74

Scenario 3 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 33.40

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 55.37 33.22
Scenario 2 (best case) 0.2 73.74 14.75
Scenario 3 (worst case) 0.2 33.40 6.68
Sum 54.65

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 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
20.0 Terminal multiple

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
25.0 Terminal multiple

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
15.0 Terminal multiple
 input cells
result cells

PV( %)
Coca Cola LINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 Dividends 2021 2022 2023 2024 2025 2026
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
INTRINSIC VALUE 33.22

Scenario 2 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 44.25

Scenario 3 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 24.59

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 33.22 19.93
Scenario 2 (best case) 0.2 44.25 8.85
Scenario 3 (worst case) 0.2 24.59 4.92
Sum 33.70

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 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
20.0 Terminal multiple

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
25.0 Terminal multiple

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
15.0 Terminal multiple
 input cells
result cells

PV( %)
Cisco LINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 Dividends 2021 2022 2023 2024 2025 2026
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
INTRINSIC VALUE 35.51

Scenario 2 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 46.65

Scenario 3 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 21.22

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 35.51 21.30
Scenario 2 (best case) 0.2 46.65 9.33
Scenario 3 (worst case) 0.2 21.22 4.24
Sum 34.88

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 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
25.0 Terminal multiple

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
30.0 Terminal multiple

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
15.0 Terminal multiple
 input cells
result cells

PV( %)
Caterpillar LINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 Dividends 2021 2022 2023 2024 2025 2026
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
INTRINSIC VALUE 91.06

Scenario 2 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 128.00

Scenario 3 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 58.54

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 91.06 54.63
Scenario 2 (best case) 0.2 128.00 25.60
Scenario 3 (worst case) 0.2 58.54 11.71
Sum 91.94

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 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
25.0 Terminal multiple

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
30.0 Terminal multiple

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
15.0 Terminal multiple
 input cells
result cells

PV( %)
Boeing LINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 Dividends 2021 2022 2023 2024 2025 2026
normal case 8.00 8.00 8.40 8.82
PV(10%) 0.00 0.00 0.00 5.46 5.22 4.98
INTRINSIC VALUE 131.82

Scenario 2 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 165.09

Scenario 3 Dividends 2021 2022 2023 2024 2025 2026

worst case 8.00 8.00 8.00
0 PV(10%) 0.00 0.00 0.00 0.00 4.97 4.52
Present value sum 70.06

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 131.82 79.09
Scenario 2 (best case) 0.2 165.09 33.02
Scenario 3 (worst case) 0.2 70.06 14.01
Sum 126.12

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 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
25.0 Terminal multiple

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
30.0 Terminal multiple

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
15.0 Terminal multiple
 input cells
result cells

PV( %)
Amgen LINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 Dividends 2021 2022 2023 2024 2025 2026
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
INTRINSIC VALUE 139.21

Scenario 2 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 181.31

Scenario 3 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 75.83

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 139.21 83.52
Scenario 2 (best case) 0.2 181.31 36.26
Scenario 3 (worst case) 0.2 75.83 15.17
Sum 134.95

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 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
20.0 Terminal multiple

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
30.0 Terminal multiple

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
12.0 Terminal multiple
 input cells
result cells

PV( %)
AXP LINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 Dividends 2021 2022 2023 2024 2025 2026
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
INTRINSIC VALUE 46.36

Scenario 2 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 67.09

Scenario 3 Dividends 2021 2022 2023 2024 2025 2026

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
Present value sum 30.97

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 46.36 27.82
Scenario 2 (best case) 0.2 67.09 13.42
Scenario 3 (worst case) 0.2 30.97 6.19
Sum 47.43

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 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
30.0 Terminal multiple

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
30.0 Terminal multiple

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
20.0 Terminal multiple
 input cells
result cells

PV( %)
3M LINK TO RESEARCH
stock price 119.92

COMPARATIVE TABLE'!A1
Scenario 1 Dividends 2022 2023 2024 2025 2026 2027
normal case 6.00 6.30 6.62 6.95 7.29 7.66 8.04
PV(10%) 5.73 5.47 5.22 4.98 4.75 4.54
INTRINSIC VALUE 154.53

Scenario 2 Dividends 2021 2022 2023 2024 2025 2026

best case 6.00 6.42 6.87 7.35 7.86 8.42 9.09
0 PV(10%) 5.84 5.68 5.52 5.37 5.23 5.13
Present value sum 198.03

Scenario 3 Dividends 2021 2022 2023 2024 2025 2026

worst case 6.00 6.18 6.37 6.56 6.75 6.96 7.16
0 PV(10%) 5.62 5.26 4.93 4.61 4.32 4.04
Present value sum 102.91

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 154.53 92.72
Scenario 2 (best case) 0.2 198.03 39.61
Scenario 3 (worst case) 0.2 102.91 20.58
Stock Price 119.92 Sum 152.91

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 Terminal
Value Growth rate
2028 2029 2030 2031 2031 5% next 5 years
8.44 8.86 9.31 9.77 279.24 5% 5 to 10 years
4.33 4.14 3.95 3.77 107.66 10% Discount rate
30.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 7% next 5 years
9.82 10.60 11.45 12.36 343.47 8% 5 to 10 years
5.04 4.95 4.86 4.77 145.66 10% Discount rate
30.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 3% next 5 years
7.38 7.60 7.83 8.06 156.57 3% 5 to 10 years
3.79 3.55 3.32 3.11 60.37 10% Discount rate
20.0 Terminal multiple
 input cells
result cells

PV( %)
Baidu

STOCK VALUE LIST'!A1

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%)
INTRINSIC VALUE 35.44

Scenario 2 Measure 2021 2022 2023 2024 2025 2026

best case 2.50 2.80 3.14 3.51 3.93 4.41 4.80
0 10%)
Present value sum 59.94

Scenario 3 Measure 2021 2022 2023 2024 2025 2026

worst case 2.50 2.50 2.50 2.50 2.50 2.50 2.50
0 10%)
Present value sum 14.46

Scenario Probability PV Part

Scenario 1 (normal case) 0.5 35.44 17.72
Scenario 2 (best case) 0.4 59.94 23.98
Scenario 3 (worst case) 0.1 14.46 1.45
Sum 43.14
PLUS 12 billion in cahs, plus 20 billion for other 73.14
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 Terminal
Value Growth rate Comment
2027 2028 2029 2030 2030 7% next 5 years
4.01 4.30 4.60 4.92 91.92 7% 5 to 10 years
35.44 10% Discount rate
20.0 Terminal multiple

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
59.94 10% Discount rate
25.0 Terminal multiple

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
14.46 10% Discount rate
15.0 Terminal multiple
input cells
result cells

%)
AngloGold LINK TO RESEARCH

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

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

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

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

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

Scenario Probability PV Part

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

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

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

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

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

PV( %)
times FCF, which is then approximately $3 billion, if gold stays at $1,700, the cash flows are around $1 billion per year, tim
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 t
company will be valued at less than 9 times FCF so we could say with cash flows of $1.8 billion, the stock could go to $12 bi
on, the stock could go to $12 billion. It all also depends on sentiment and how attractive gold stocks are. The current environ
stocks are. The current environment is very negative, so things might get interesting.
China Yangtze Power Corporation

COMPARATIVE TABLE'!A1
Scenario 1 Dividend 2021 2022 2023 2024 2025 2026
normal case 0.94 0.98 1.02 1.06 1.10 1.14 1.19
PV(10%) 0.89 0.84 0.79 0.75 0.71 0.67
INTRINSIC VALUE 17.32

Scenario 2 Dividend 2021 2022 2023 2024 2025 2026

best case 0.94 1.00 1.06 1.12 1.19 1.26 1.33
0 PV(10%) 0.91 0.87 0.84 0.81 0.78 0.75
Present value sum 23.03

Scenario 3 Dividend 2021 2022 2023 2024 2025 2026

worst case 0.94 0.94 0.94 0.94 0.94 0.94 0.94
0 PV(10%) 0.86 0.78 0.71 0.64 0.58 0.53
Present value sum 10.13

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 17.32 10.39
Scenario 2 (best case) 0.2 23.03 4.61
Scenario 3 (worst case) 0.2 10.13 2.03
Sum 17.03

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 Terminal
Value Growth rate
2027 2028 2029 2030 2030 4% next 5 years
1.24 1.29 1.34 1.39 26.78 4% 5 to 10 years
0.64 0.60 0.57 0.54 10.32 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 6% next 5 years
1.41 1.50 1.59 1.68 39.73 6% 5 to 10 years
0.73 0.70 0.67 0.65 15.32 10% Discount rate
25.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
0.94 0.94 0.94 0.94 11.29 0% 5 to 10 years
0.48 0.44 0.40 0.36 4.35 10% Discount rate
12.0 Terminal multiple
 input cells
result cells

PV( %)
Barrick LINK TO RESEARCH

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

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

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

Scenario Probability PV Part

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

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

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

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

PV( %)
Lukoil LINK TO RESEARCH

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

Scenario 2 Dividend in billions 2021 2022 2023 2024 2025 2026

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

Scenario 3 Dividend in billions 2021 2022 2023 2024 2025 2026

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

Scenario Probability PV Part

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

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

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

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

PV( %)
Chevron LINK TO RESEARCH

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

Scenario 2 Dividend in billions 2021 2022 2023 2024 2025 2026

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

Scenario 3 Dividend in billions 2021 2022 2023 2024 2025 2026

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

Scenario Probability PV Part

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

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

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

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

PV( %)
Verizon LINK TO RESEARCH
Stock Price 39.4

COMPARATIVE TABLE'!A1
Scenario 1 Dividend per share 2022 2023 2024 2025 2026 2027
normal case 2.56 2.69 2.82 2.96 3.11 3.27 3.59
PV(10%) 2.44 2.33 2.23 2.13 2.03 2.03
INTRINSIC VALUE 58.19

Scenario 2 Dividend per share 2022 2023 2024 2025 2026 2027
best case 2.56 2.69 2.82 2.96 3.11 3.27 3.66
0 PV(10%) 2.44 2.33 2.23 2.13 2.03 2.07
Present value sum 71.42

Scenario 3 Dividend per share 2022 2023 2024 2025 2026 2027
worst case 2.56 2.56 2.56 2.56 2.56 2.56 2.56
0 PV(10%) 2.33 2.12 1.92 1.75 1.59 1.45
Present value sum 30.53

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 58.19 34.91
Scenario 2 (best case) 0.2 71.42 14.28
Scenario 3 (worst case) 0.2 30.53 6.11
Stock price 39.4 Sum 55.30

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 Terminal
Value Growth rate
2028 2029 2030 2031 2031 5% next 5 years
3.95 4.35 4.78 5.26 95.67 10% 5 to 10 years
2.03 2.03 2.03 2.03 36.89 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 5% next 5 years
4.10 4.59 5.14 5.76 128.53 12% 5 to 10 years
2.10 2.14 2.18 2.22 49.55 10% Discount rate
25.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 0% next 5 years
2.56 2.56 2.56 2.56 38.40 0% 5 to 10 years
1.31 1.19 1.09 0.99 14.80 10% Discount rate
15.0 Terminal multiple
 input cells
result cells

PV( %)
Nutrien LINK

COMPARATIVE TABLE'!A1

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

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

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

Scenario Probability PV Part

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

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

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

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

%)
SMARTCENTERS

Scenario 1 FFO 2021 2022 2023 2024 2025 2026

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

Scenario 2 FFO 2021 2022 2023 2024 2025 2026

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

Scenario 3 FFO 2021 2022 2023 2024 2025 2026

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

Scenario Probability PV Part

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

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

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

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

PV( %)
ABBVIE LINK TO RESEARCH

Scenario 1 Dividend 2021 2022 2023 2024 2025 2026

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

Scenario 2 Dividend 2021 2022 2023 2024 2025 2026

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

Scenario 3 Dividend 2021 2022 2023 2024 2025 2026

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

Scenario Probability PV Part

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

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

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

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

PV( %)
BMY LINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 Dividend 2021 2022 2023 2024 2025 2026
normal case 1.96 2.12 2.29 2.47 2.67 2.88 3.11
PV(10%) 1.92 1.89 1.86 1.82 1.79 1.76
INTRINSIC VALUE 47.95

Scenario 2 Dividend 2021 2022 2023 2024 2025 2026

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

Scenario 3 Dividend 2021 2022 2023 2024 2025 2026

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

Scenario Probability PV Part

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

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

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

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

PV( %)
Merck LINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 Dividend 2021 2022 2023 2024 2025 2026
normal case 2.60 2.81 3.03 3.28 3.54 3.82 4.13
PV(10%) 2.55 2.51 2.46 2.42 2.37 2.33
INTRINSIC VALUE 63.61

Scenario 2 Dividend 2021 2022 2023 2024 2025 2026

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

Scenario 3 Dividend 2021 2022 2023 2024 2025 2026

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

Scenario Probability PV Part

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

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

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

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

PV( %)
Douglas Emmet

Scenario 1 FFO 2021 2022 2023 2024 2025 2026

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

Scenario 2 FFO 2021 2022 2023 2024 2025 2026

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

Scenario 3 FFO 2021 2022 2023 2024 2025 2026

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

Scenario Probability PV Part

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

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

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

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

PV( %)
STOR LINK TO RESEARCH

Scenario 1 FFO 2021 2022 2023 2024 2025 2026

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

Scenario 2 FFO 2021 2022 2023 2024 2025 2026

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

Scenario 3 FFO 2021 2022 2023 2024 2025 2026

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

Scenario Probability PV Part

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

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

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

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

PV( %)
FRESENIUSLINK TO RESEARCH

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

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

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

Scenario Probability PV Part

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

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

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

PV( %)
FRESENIUSLINK TO RESEARCH

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

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

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

Scenario Probability PV Part

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

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

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

PV( %)
MELCO LINK

STOCK VALUE LIST'!A1

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

Scenario 2 dividend 2021 2022 2023 2024 2025 2026

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

Scenario 3 dividend 2021 2022 2023 2024 2025 2026

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

Scenario Probability PV Part

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

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

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

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

%)
BRK LINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 BRK INCOME IN BILLIONS 2023 2024 2025 2026 2027 2028
normal case 36.00 38.16 40.45 42.88 45.45 48.18 51.07
PV(10%)
INTRINSIC VALUE 351.74

Scenario 2 BRK INCOME IN BILLIONS 2023 2024 2025 2026 2027 2028
best case 36.00 38.88 41.99 45.35 48.98 52.90 57.13
PV(10%)
Present value sum 693.63

Scenario 3 BRK INCOME IN BILLIONS 2023 2024 2025 2026 2027 2028
worst case 36.00 37.80 39.69 41.67 43.76 45.95 48.24
PV(10%)
Present value sum 215.32

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 351.74 211.04
Scenario 2 (best case) 0.2 693.63 138.73
Scenario 3 (worst case) 0.2 215.32 43.06
Stock Price Sum 392.83

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 Terminal
Value Growth rate
2029 2030 2031 2032 2032 6% next 5 years
54.13 57.38 60.82 64.47 912.32 6% 5 to 10 years
351.74 10% Discount rate
15.0 Terminal multiple

Terminal
Value Growth rate
2029 2030 2031 2032 2032 8% next 5 years
61.70 66.63 71.96 77.72 1799.10 8% 5 to 10 years
693.63 10% Discount rate
25.0 Terminal multiple

Terminal
Value Growth rate
2029 2030 2031 2032 2032 5% next 5 years
50.66 53.19 55.85 58.64 558.48 5% 5 to 10 years
215.32 10% Discount rate
10.0 Terminal multiple
 input cells
result cells

PV( %)
FACEBOOKLINK TO RESEARCH

Scenario 1 Cashflow 2021 2022 2023 2024 2025 2026

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

Scenario 2 Cashflow 2021 2022 2023 2024 2025 2026

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

Scenario 3 Cashflow 2021 2022 2023 2024 2025 2026

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

Scenario Probability PV Part

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

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

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

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

PV( %)
GOOGLE LINK TO RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 EPS 2023 2024 2025 2026 2027 2028
normal case 5.28 5.81 6.39 7.03 7.73 8.50 9.35
PV(10%)
INTRINSIC VALUE 96.00 Stock price 88.73

Scenario 2 EPS 2023 2024 2025 2026 2027 2028

best case 5.28 6.07 6.98 8.03 9.23 10.62 11.68
PV(10%)
Present value sum 149.87

Scenario 3 EPS 2023 2024 2025 2026 2027 2028

worst case 5.28 5.54 5.82 6.11 6.42 6.74 7.21
PV(10%)
Present value sum 51.08

Scenario Probability PV Part

Scenario 1 (normal case) 0.5 96.00 48.00
Scenario 2 (best case) 0.25 149.87 37.47
Scenario 3 (worst case) 0.25 51.08 12.77
Sum 98.24

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 Terminal
Value Growth rate
2029 2030 2031 2032 2032 10% next 5 years
10.29 11.32 12.45 13.69 249.00 10% 5 to 10 years
96.00 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2029 2030 2031 2032 2032 15% next 5 years
12.85 14.14 15.55 17.10 388.72 10% 5 to 10 years
149.87 10% Discount rate
25.0 Terminal multiple

Terminal
Value Growth rate
2029 2030 2031 2032 2032 5% next 5 years
7.72 8.26 8.83 9.45 132.50 7% 5 to 10 years
51.08 10% Discount rate
15.0 Terminal multiple
 input cells
result cells

PV( %)
MICROSOFLINK TO RESEARCH
MARKET CAPITALIZATION 1.7877E+12 1787.73 IN BILLIONS

COMPARATIVE TABLE'!A1
Scenario 1 Cashflow IN BILLIONS 2021 2022 2023 2024 2025 2026
normal case 60.00 67.80 76.61 86.57 97.83 110.55 121.60
PV(10%)
INTRINSIC VALUE 1248.01

Scenario 2 Cashflow IN BILLIONS 2021 2022 2023 2024 2025 2026

best case 60.00 69.00 79.35 91.25 104.94 120.68 135.16
in EUR PV(10%)
Present value sum 2196.38

Scenario 3 Cashflow IN BILLIONS 2021 2022 2023 2024 2025 2026

worst case 60.00 64.20 68.69 73.50 78.65 84.15 88.36
in EUR PV(10%)
Present value sum 591.55

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 1248.01 748.80
Scenario 2 (best case) 0.2 2196.38 439.28
Scenario 3 (worst case) 0.2 591.55 118.31
Sum 1306.39

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 Terminal
Value Growth rate
2027 2028 2029 2030 2030 13% next 5 years
133.76 147.14 161.85 178.04 3237.01 10% 5 to 10 years
1248.01 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 15% next 5 years
151.38 169.55 189.89 212.68 5696.84 12% 5 to 10 years
2196.38 10% Discount rate
30.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 7% next 5 years
92.78 97.42 102.29 107.40 1534.33 5% 5 to 10 years
591.55 10% Discount rate
15.0 Terminal multiple
 input cells
result cells

PV( %)
APPLE LINK TO RESEARCH
STOCK PRICE 129.93 FCF YIELD 4.63%

COMPARATIVE TABLE'!A1
Scenario 1 Cashflow per share 2022 2023 2024 2025 2026 2027
normal case 6.02 6.50 7.02 7.58 8.19 8.85 9.55
PV(7%) 0.79 0.80 0.80 0.81 0.82 0.83
INTRINSIC VALUE 130.59

Scenario 2 Cashflow per share 2022 2023 2024 2025 2026 2027
best case 6.02 6.62 7.28 8.01 8.81 9.70 10.47
in EUR PV(7%) 0.80 0.83 0.85 0.87 0.90 0.91
Present value sum 142.98

Scenario 3 Cashflow per share 2022 2023 2024 2025 2026 2027
worst case 6.02 6.26 6.51 6.77 7.04 7.32 7.62
PV(7%) 0.76 0.74 0.72 0.70 0.68 0.66
Present value sum 56.27

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 130.59 78.35
Scenario 2 (best case) 0.2 142.98 28.60
Scenario 3 (worst case) 0.2 56.27 11.25
Sum 118.20

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 Terminal
Value Growth rate
2028 2029 2030 2031 2031 8% next 5 years
10.32 11.14 12.03 13.00 240.68 8% 5 to 10 years
0.84 0.84 0.85 0.86 122.35 7% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 10% next 5 years
11.31 12.21 13.19 14.25 263.81 8% 5 to 10 years
0.92 0.92 0.93 0.94 134.11 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 4% next 5 years
7.92 8.24 8.57 8.91 128.53 4% 5 to 10 years
0.64 0.62 0.61 0.59 49.55 10% Discount rate
15.0 Terminal multiple
 input cells
result cells

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

COMPARATIVE TABLE'!A1
Scenario 1 Cashflow 2021 2022 2023 2024 2025 2026
normal case 0.00 0.00 0.00 0.00 2.50 2.88
in USD PV(10%)
INTRINSIC VALUE 25.29

Scenario 2 Cashflow 2021 2022 2023 2024 2025 2026

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

Scenario 3 Cashflow 2021 2022 2023 2024 2025 2026

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

Scenario Probability PV Part

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

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

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

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

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

Scenario 1 EPS 2021 2022 2023 2024 2025 2026

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

Scenario 2 EPS 2021 2022 2023 2024 2025 2026

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

Scenario 3 EPS 2021 2022 2023 2024 2025 2026

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

Scenario Probability PV Part

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

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

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

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

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

COMPARATIVE TABLE'!A1
Scenario 1 DIVIDENDS 2022 2023 2024 2025 2026 2027
normal case 59.40 62.37 65.49 68.76 72.20 75.81 79.60
in points PV(7%) 58.29 57.20 56.13 55.08 54.05 53.04
INTRINSIC VALUE 1707.33

Scenario 2 DIVIDENDS 2022 2023 2024 2025 2026 2027

best case 59.40 62.37 65.49 68.76 72.20 75.81 79.60
in points PV(7%) 58.29 57.20 56.13 55.08 54.05 53.04
Present value sum 4049.52

Scenario 3 DIVIDENDS 2022 2023 2024 2025 2026 2027

worst case 59.40 61.78 64.25 66.82 69.49 72.27 75.16
in points PV(7%) 57.73 56.12 54.54 53.01 51.53 50.08
Present value sum 1584.15

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 1707.33 1024.40
Scenario 2 (best case) 0.2 4049.52 809.90
Scenario 3 (worst case) 0.2 1584.15 316.83
Sum 2151.13

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 Terminal
Value Growth rate
2028 2029 2030 2031 2031 5% next 5 years
83.58 87.76 92.15 96.76 2303.72 5% 5 to 10 years
52.05 51.08 50.12 49.19 1171.10 7% Discount rate
25.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 5% next 5 years
83.58 87.76 92.15 96.76 6911.17 5% 5 to 10 years
52.05 51.08 50.12 49.19 3513.29 7% Discount rate
75.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 4% next 5 years
78.17 81.29 84.54 87.93 2113.62 4% 5 to 10 years
48.68 47.31 45.99 44.70 1074.46 7% Discount rate
25.0 Terminal multiple
 input cells
result cells

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

COMPARATIVE TABLE'!A1
Scenario 1 Cashflow 2021 2022 2023 2024 2025 2026
normal case 14.71 18.38 22.98 28.72 35.90 44.88 51.61
PV(10%)
INTRINSIC VALUE 907.88

Scenario 2 Cashflow 2021 2022 2023 2024 2025 2026

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

Scenario 3 Cashflow 2021 2022 2023 2024 2025 2026

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

Scenario Probability PV Part

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

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

MADE BY STOCK MARKET RESEARCH PLATFORM

earch-platform/lectures/30151996

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

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

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

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

Scenario 1 DIVIDEND 2021 2022 2023 2024 2025 2026

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

Scenario 2 DIVIDEND 2021 2022 2023 2024 2025 2026

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

Scenario 3 DIVIDEND 2021 2022 2023 2024 2025 2026

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

Scenario Probability PV Part

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

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earch-platform/lectures/30043678

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

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

PV( %)
A2 Milk

Scenario 1 EPS 2021 2022 2023 2024 2025 2026

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

Scenario 2 EPS 2021 2022 2023 2024 2025 2026

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

Scenario 3 EPS 2021 2022 2023 2024 2025 2026

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

Scenario Probability PV Part

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

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

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

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

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

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

Scenario 1 Dividend 2021 2022 2023 2024 2025 2026

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

Scenario 2 Dividend 2021 2022 2023 2024 2025 2026

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

Scenario 3 Dividend 2021 2022 2023 2024 2025 2026

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

Scenario Probability PV Part

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

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

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

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

PV( %)
AHOLD LINK TO RESEARCH https://sven-carlin-research-platform.teachable.com/courses/3

COMPARATIVE TABLE'!A1
Scenario 1 Cashflow 2021 2022 2023 2024 2025 2026
normal case 1.70 1.73 1.77 1.80 1.84 1.88 1.90
PV(10%) 1.58 1.46 1.36 1.26 1.17 1.07
INTRINSIC VALUE 20.40

Scenario 2 Cashflow 2021 2022 2023 2024 2025 2026

best case 1.70 1.75 1.80 1.86 1.91 1.97 2.03
in EUR PV(10%) 1.59 1.49 1.40 1.31 1.22 1.15
Present value sum 24.88

Scenario 3 Cashflow 2021 2022 2023 2024 2025 2026

worst case 1.70 1.70 1.70 1.70 1.70 1.70 1.67
in EUR PV(10%) 1.55 1.40 1.28 1.16 1.06 0.94
Present value sum 15.06

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 20.40 12.24
Scenario 2 (best case) 0.2 24.88 4.98
Scenario 3 (worst case) 0.2 15.06 3.01
Sum 20.23

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

Terminal
Value Growth rate terminal multiple makes things trick
2027 2028 2029 2030 2030 2% next 5 years growth will be slow at best
1.91 1.93 1.95 1.97 23.44 1% 5 to 10 years Hard discounters hit margins hard a
0.98 0.90 0.83 0.76 9.04 10% Discount rate
12.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 3% next 5 years
2.09 2.15 2.22 2.28 33.27 3% 5 to 10 years
1.07 1.00 0.94 0.88 12.83 10% Discount rate
15.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
1.63 1.60 1.57 1.54 12.54 -2% 5 to 10 years
0.84 0.75 0.66 0.59 4.84 10% Discount rate
8.0 Terminal multiple
 input cells
result cells

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

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

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

Scenario 1 Cashflow 2021 2022 2023 2024 2025 2026

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

Scenario 2 Cashflow 2021 2022 2023 2024 2025 2026

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

Scenario 3 Cashflow 2021 2022 2023 2024 2025 2026

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

Scenario Probability PV Part

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

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

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

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

PV( %)
Sprouts Farmers Market NASDAQ: SFM https://sven-carlin-research-platform.teachable.com/courses/3

Scenario 1 Cashflow 2021 2022 2023 2024 2025 2026

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

Scenario 2 Cashflow 2021 2022 2023 2024 2025 2026

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

Scenario 3 Cashflow 2021 2022 2023 2024 2025 2026

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

Scenario Probability PV Part

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

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

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

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

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

Scenario 1 Dividend 2021 2022 2023 2024 2025 2026

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

Scenario 2 Dividend 2021 2022 2023 2024 2025 2026

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

Scenario 3 Dividend 2021 2022 2023 2024 2025 2026

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

Scenario Probability PV Part

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

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

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

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

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

Scenario 1 Cashflow NOK 2021 2022 2023 2024 2025 2026

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

Scenario 2 Cashflow NOK 2021 2022 2023 2024 2025 2026

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

Scenario 3 Cashflow NOK 2021 2022 2023 2024 2025 2026

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

Scenario Probability PV Part

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

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

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

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

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

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

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

Scenario 1 Cashflow 2021 2022 2023 2024 2025 2026

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

Scenario 2 Cashflow 2021 2022 2023 2024 2025 2026

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

Scenario 3 Cashflow 2021 2022 2023 2024 2025 2026

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

Scenario Probability PV Part

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

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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
25.0 Terminal multiple

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

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

PV( %)
ALIBABA VIDEO ANALYSIS RESEARCH

COMPARATIVE TABLE'!A1
Scenario 1 Cash Flow in Billions 2022 2023 2024 2025 2026 2027
normal case 27.00 32.40 38.88 46.66 55.99 67.18 77.26
PV(10%)
INTRINSIC VALUE 906.08

Scenario 2 Cash Flow in Billions 2022 2023 2024 2025 2026 2027
best case 27.00 33.75 42.19 52.73 65.92 82.40 94.76
PV(10%)
Present value sum 1666.86

Scenario 3 Cash Flow in Billions 2022 2023 2024 2025 2026 2027
worst case 27.00 31.05 35.71 41.06 47.22 54.31 58.65
PV(10%)
Present value sum 427.28

Scenario Probability PV Part

Scenario 1 (normal case) 0.6 906.08 543.65
Scenario 2 (best case) 0.2 1666.86 333.37
Scenario 3 (worst case) 0.2 427.28 85.46
Sum 962.47

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

MADE BY STOCK MARKET RESEARCH PLATFORM

 Terminal
Value Growth rate
2028 2029 2030 2031 2031 20% next 5 years
88.85 102.18 117.51 135.13 2350.13 15% 5 to 10 years
906.08 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 25% next 5 years
108.97 125.32 144.11 165.73 4323.41 15% 5 to 10 years
1666.86 10% Discount rate
30.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 15% next 5 years
63.34 68.41 73.88 79.79 1108.25 8% 5 to 10 years
427.28 10% Discount rate
15.0 Terminal multiple
 input cells
result cells

PV( %)
Tesla VIDEO LINK

COMPARATIVE TABLE'!A1
Scenario 1 FCF 2022 2023 2024 2025 2026 2027
normal case 6.00 7.20 8.64 10.37 12.44 14.93 16.42
PV(10%)
INTRINSIC VALUE 126.41 STOCK PRICE 123.18 fcf YIELD

Scenario 2 FCF 2022 2023 2024 2025 2026 2027

best case 10.57 15.86 23.78 35.67 53.51 80.27 100.33
PV(10%)
Present value sum 1511.03

Scenario 3 FCF 2021 2022 2023 2024 2025 2026

worst case 10.57 12.16 13.98 16.08 18.49 21.26 21.26
PV(10%)
Present value sum 89.42

Scenario Probability PV Part

Scenario 1 (normal case) 0.5 126.41 63.21
Scenario 2 (best case) 0.1 1511.03 151.10
Scenario 3 (worst case) 0.4 89.42 35.77
Sum 250.08

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

MADE BY STOCK MARKET RESEARCH PLATFORM

 Terminal
Value Growth rate
2028 2029 2030 2031 2031 20% next 5 years
18.07 19.87 21.86 24.04 327.88 10% 5 to 10 years
126.41 10% Discount rate
fcf YIELD 4.87% 15.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 50% next 5 years
125.42 156.77 195.96 244.95 3919.24 25% 5 to 10 years
1511.03 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2031 15% next 5 years
21.26 21.26 21.26 21.26 255.12 0% 5 to 10 years
89.42 10% Discount rate
12.0 Terminal multiple
 input cells
result cells

PV( %)
Nestle VIDEO LINK ARTICLE

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

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

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

Scenario Probability PV Part

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

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

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

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

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

PV( %)
Kroger

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

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

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

Scenario Probability PV Part

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

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 2% next 5 years
1.72 1.76 1.79 1.83 26.89 2% 5 to 10 years
0.88 0.82 0.76 0.70 10.37 10% Discount rate
15.0 Terminal multiple

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

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

PV( %)
UNILEVER PLC VIDEO ARTICLE

Scenario 1 dividend in EUR 2021 2022 2023 2024 2025 2026

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

Scenario 2 dividend in EUR 2021 2022 2023 2024 2025 2026

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

Scenario 3 dividend in EUR 2021 2022 2023 2024 2025 2026

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

Scenario Probability PV Part

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

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 2% next 5 years
1.90 1.93 1.97 2.01 39.44 2% 5 to 10 years
1.35 1.31 1.27 1.23 24.21 5% Discount rate
20.0 Terminal multiple

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

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

PV( %)
Lumen LINK TO FULL ANALYSIS

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

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

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

Scenario Probability PV Part

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

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

MADE BY STOCK MARKET RESEARCH PLATFORM

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

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

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

PV( %)
AMZN VIDEO
8.56939E+11 856.9386 MARKET CAP IN BILLIONS

COMPARATIVE TABLE'!A1
Scenario 1 Cashflow 2020 billions 2022 2023 2024 2025 2026 2027
Normal case 46.00 53.36 61.90 71.80 83.29 96.62 108.21
PV(10%)
INTRINSIC VALUE 1172.26 MARKET CAP 856.939

Scenario 2 Cashflow 2020 billions 2022 2023 2024 2025 2026 2027
Best Case 46.00 57.50 71.88 89.84 112.30 140.38 161.44
PV(10%)
Present value sum 2366.53

Scenario 3 Cashflow 2020 billions 2022 2023 2024 2025 2026 2027
Worst case 46.00 50.60 55.66 61.23 67.35 74.08 79.27
PV(10%)
Present value sum 561.59

Scenario Probability PV Part

Scenario 1 (worst case) 0.6 1172.26 703.35
Scenario 2 (best case) 0.2 2366.53 473.31
Scenario 3 (normal case) 0.2 561.59 112.32
Sum 1288.98

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

MADE BY STOCK MARKET RESEARCH PLATFORM

 Terminal
Value Growth rate
2028 2029 2030 2031 2031 16% next 5 years
121.19 135.74 152.03 170.27 3040.53 12% 5 to 10 years
1172.26 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 25% next 5 years
185.65 213.50 245.53 282.36 6138.18 15% 5 to 10 years
2366.53 10% Discount rate
25.0 Terminal multiple

Terminal
Value Growth rate
2028 2029 2030 2031 2031 10% next 5 years
84.82 90.76 97.11 103.91 1456.62 7% 5 to 10 years
561.59 10% Discount rate
15.0 Terminal multiple
 input cells
result cells

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

Scenario 1 Dividend 2021 2022 2023 2024 2025 2026

worst case 8.00 8.00 8.00 8.00 8.00 8.00 8.00
in EUR PV(10%) 7.27 6.61 6.01 5.46 4.97 4.52
INTRINSIC VALUE 110.84

Scenario 2 Dividend 2021 2022 2023 2024 2025 2026

best case 8.00 8.40 8.82 9.26 9.72 10.21 10.72
in EUR PV(10%) 7.64 7.29 6.96 6.64 6.34 6.05
Present value sum 182.12

Scenario 3 Dividend 2021 2022 2023 2024 2025 2026

normal case 8.00 8.08 8.16 8.24 8.32 8.41 8.49
in EUR PV(10%) 7.35 6.74 6.19 5.69 5.22 4.79
Present value sum 78.53

Scenario Probability PV Part

Scenario 1 (worst case) 0.3 110.84 33.25
Scenario 2 (best case) 0.1 182.12 18.21
Scenario 3 (normal case) 0.6 78.53 47.12
Sum 98.58

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

MADE BY STOCK MARKET RESEARCH PLATFORM

 Terminal
Value Growth rate
2027 2028 2029 2030 2030 0% next 5 years
8.00 8.00 8.00 8.00 160.00 0% 5 to 10 years
4.11 3.73 3.39 3.08 61.69 10% Discount rate
20.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 5% next 5 years
11.26 11.82 12.41 13.03 310.27 5% 5 to 10 years
5.78 5.51 5.26 5.02 119.62 10% Discount rate
25.0 Terminal multiple

Terminal
Value Growth rate
2027 2028 2029 2030 2030 1% next 5 years
8.58 8.66 8.75 8.84 70.00 1% 5 to 10 years
4.40 4.04 3.71 3.41 26.99 10% Discount rate
8.0 Terminal multiple
 input cells
result cells

PV( %)