Spreadsheet: 862952d1710511752-2-variable-sensitivities-with-dynamic-inputs-sensitivities-issue
Sheet: Sheet1

 | Master [NAME] | True | << Select
 | Special Sits Scenario | True | << Select
 | TF Scenario | False | << Select
 | DL | True | << Select
 | Financials Scenario | LOW | << Select
 | BASE = | Polus BP
 | LOW = | [NAME] 20m [NAME]
 | HIGH = | +5m last 2yrs vs BP
 | Period |  |  |  | 1 | 2 | 3 | 4 | 5
 | Year |  |  |  | 2023E | 2024E | 2025E | 2026E | 2027E
 | EBITDA |  |  | £m | 9.651 | 13.613 | 19.925 | 20 | 20
 | Fund 1 |  |  | £m |  | 2.622950819672131 | 2.622950819672131 | 2.622950819672131 | 2.622950819672131
 | Removal of fund 2 |  |  | £m |  | -0.819672131147541 | -0.819672131147541
 | DL |  |  | £m |  | -1.686138706676969 | 1.172702772036627 | 4.268586119180165 | 7.121067797677958
 | New investor Incremental MF EBITDA |  |  | £m
 | Total Management Fee EBITDA |  |  | £m
 | FY + 1 EBITDA Multiple |  |  | x |  | 11.88420889027044 | 10.58947259351362 | 9.294736296756813 | 8
 | Indicative Valuation debt free |  |  | £m | 127.19 | 163.1718516369311 | 242.5093155411766 | 249.949744461127 | 237.9521489388007
 | Net Debt |  |  |  | 14.51 | 17.59928149591572 | 22.75200232454199 | 28.80259813578376 | 35.49500232468753
 | Total EV |  |  |  | 141.7 | 180.7711331328468 | 265.2613178657186 | 278.7523425969108 | 273.4471512634883
 | valuation |  |  | £m | 141.7 | 180.7711331328468 | 265.2613178657186 | 278.7523425969108 | 273.4471512634883
 |  | dummy input cell for data table refers to another tab>> |  |  | 6 | 7 | 8 | 9 | 10
 | C1 |  |  | 0.0251015673457651 | 0.009688738664906637 | 0.01602501185858994 | 0.02487695135078149 | 0.0254669249238369 | 0.0251015673457651 | this table works in the model
 | C2 |  |  | 0.02923420475623762 | 0.00255086626668476 | 0.01139030741138589 | 0.02888114617938713 | 0.02971528711621416 | 0.02923420475623762
 | [NAME] |  |  | 0.03069346991319842 | 0 | 0.007433783984118638 | 0.02326528603156019 | 0.03135290498244719 | 0.03069346991319842
 | C4 |  |  | 0.06047288229585429 | 0 | 0.01545665871520443 | 0.05858492058477322 | 0.06217142425636606 | 0.06047288229585429
 | A |  |  | 0.5073241328553296 | 0.5933404317157764 | 0.5686997297183777 | 0.5136767983598164 | 0.5052559849226061 | 0.5073241328553296
 | A2 |  |  | 0.039357361494952 | 0.0450299303076111 | 0.04350264628627903 | 0.0398227782957123 | 0.03922070640781482 | 0.039357361494952
 | B |  |  | 0.1092247742418097 | 0.1277437253732503 | 0.1224386847916443 | 0.1105924766841438 | 0.1087795105998476 | 0.1092247742418097
 | B2 |  |  | 0.004529754319270313 | 0.005182626923136207 | 0.005006847319788843 | 0.00458332050570726 | 0.004514026283962628 | 0.004529754319270313
 | D |  |  | 0.1321259819400812 | 0.1545278099111328 | 0.1481104590771096 | 0.1337804511706166 | 0.1315873596694029 | 0.1321259819400812
 | D2 |  |  | 0.06193587083750171 | 0.0619358708375017 | 0.06193587083750171 | 0.06193587083750171 | 0.06193587083750171 | 0.06193587083750171
 | (A+A2+89 C1) |  |  |  | 0.6384600352493836 | 0.6123506940220667 | 0.5537298229814667 | 0.5447123981022827 | 0.5469138195888187
 | [NAME] |  |  |  | 0.1329263522963865 | 0.1274455321114331 | 0.1151757971898511 | 0.1132935368838103 | 0.11375452856108
 | D+D2 |  |  |  | 0.2164636807486345 | 0.2100463299146113 | 0.1957163220081183 | 0.1935232305069046 | 0.1940618527775829
 | C1 (hurdle 118.5, start diluting others after that) |  |  |  | 0.009599065438910724 | 0.01587669384117995 | 0.02464670502484351 | 0.02523121815197526 | 0.02486924210722797
 | C2 (hurdle 126.5, see above) |  |  |  | 0.00255086626668476 | 0.01139030741138589 | 0.02888114617938713 | 0.02971528711621416 | 0.02923420475623762
 | [NAME] (hurdle 145, see above) |  |  |  | 0 | 0.007433783984118638 | 0.02326528603156019 | 0.03135290498244719 | 0.03069346991319842
 | C4 (hurdle 163m, see above) |  |  |  | 0 | 0.01545665871520443 | 0.05858492058477322 | 0.06217142425636606 | 0.06047288229585429
 |  |  |  | Terminal EBITDA Multiple
 |  |  | 0.1575143545121878 | 6 | 7 | 8 | 9 | 10
 |  | Special Sits Scenario | True | 0.1089054439067219 | 0.1343141230667373 | 0.1575143545121878 | 0.1788993938824226 | 0.1987629165692721
 |  |  | False | 0.03046986523132289 | 0.05331429410177813 | 0.07423681256700987 | 0.09356951607510666 | 0.1115627031455679
 |  |  |  | Investor Share sensitivity to new initiative
 |  |  |  | 2024E | 2025E | 2026E | 2027E
 |  |  | Economics (A+A2+89 C1) | 0.6123506940220667 | 0.5537298229814667 | 0.5447123981022827 | 0.5469138195888187
 |  |  | Profits | 13.73013998184762 | 22.90098146056122 | 26.8915369388523 | 29.74401861735009
 |  |  | Pro rata
 |  | Special Sits Scenario | True | 8.407660746904517 | 12.68095641025841 | 14.64815357461835 | 16.26741483193587
 |  |  | False | 7.83400319934365 | 10.57918981882255 | 10.89424796204565 | 10.93827639177637
 |  |  | Delta | 0.5736575475608667 | 2.10176659143586 | 3.753905612572698 | 5.329138440159497
 |  |  | Delta % | 0.07322661645184533 | 0.1986699007608678 | 0.3445768469426148 | 0.4872009308675044
 |  |  |  | Firm sensitivity to new investor
 |  |  | Profits | 13.73013998184762 | 22.90098146056122 | 26.8915369388523 | 29.74401861735009
 |  | Special Sits Scenario | True | 13.73013998184762 | 22.90098146056122 | 26.8915369388523 | 29.74401861735009
 |  |  | False | 12.79332786885246 | 19.10532786885246 | 20 | 20
 |  |  | Delta | 0.9368121129951632 | 3.79565359170876 | 6.891536938852298 | 9.74401861735009
 |  |  | Delta % | 0.07322661645184536 | 0.1986699007608678 | 0.3445768469426149 | 0.4872009308675045
 | ISSUE |  |  | A+A2+89 C1 Share sensitivity to Firm Scenarios if new investor in
 |  |  |  |  |  |  |  | << these should be dynamic
 |  |  | LOW | 0.6123506940220667 | 0.5537298229814667 | 0.5447123981022827 | 0.5469138195888187
 |  |  | BASE | 0.6123506940220667 | 0.5537298229814667 | 0.5447123981022827 | 0.5469138195888187
 |  |  | HIGH | 0.6123506940220667 | 0.5537298229814667 | 0.5447123981022827 | 0.5469138195888187
 | ISSUE
 |  |  |  |  |  |  |  | << these should be dynamic
 |  |  | LOW | 110.6953288330541 | 146.8831025856149 | 151.8398570125924 | 149.5520259531958
 |  |  | BASE | 110.6953288330541 | 146.8831025856149 | 184.047111717403 | 205.4887853706634
 |  |  | HIGH | 110.6953288330541 | 146.8831025856149 | 146.3048422938095 | 140.9420238730903
 |  |  |  | A | B | D | C | ADIA | Tot
 | ISSUE |  |  |  |  |  |  |  | 1 | << these should be dynamic
 |  |  | 29.74401861735009 | 16.26741483193587 | 3.383516815328646 | 5.772179361933879 | 2.52220107129898 | 1.798706536852711
 |  | New Investor with new funds | True | 16.26741483193587 | 3.383516815328646 | 5.772179361933879 | 2.52220107129898 | 1.798706536852711 | 29.74401861735008
 |  |  | False | 10.93827639177637 | 2.275090571221599 | 3.881237055551658 | 1.69593833553328 | 1.209457645917086 | 20
 |  |  | Delta | 5.329138440159497 | 1.108426244107046 | 1.89094230638222 | 0.8262627357657002 | 0.5892488909356248 | 9.744018617350083
 |  |  | Delta % | 0.4872009308675044 | 0.4872009308675047 | 0.4872009308675045 | 0.4872009308675044 | 0.4872009308675045 | 0.4872009308675042