Spreadsheet: 875516d1722085966-calculating-accounts-receivables-excel-forum-sample
Sheet: Revenue,Cost,WC inputs

Comprehensive Assumptions
Sanad Credit Financial Model |  |  |  |  |  |  |  |  |  | Index!A1
Financial Model Currency: JOD
Income Tax |  | % p.a |  | 0.24 |  |  | Amount | Days | Fees | Weights
Sales tax |  | % p.a |  | 0.03 |  | Tawakal * | 158 | 7 | 0.05 | 0.1836355183635518 |  |  | 6163.072475958857 | 27803.21136282364 | 30857.06443845569 | 32625.13764767009 | 33139.5934732857 |  | Working Capital
Property tax |  | % p.a |  |  |  |  | 152 | 14 | 0.11 | 0.1610878661087866 |  |  | 11442.28076526779 | 51619.08314894777 | 57288.82732988439 | 60571.40921615886 | 61526.54125800712 |  | *% of revenue |  |  |  | 0.8290677312031597
 |  |  |  |  |  |  | 125 | 21 | 0.14 | 0.03068340306834031 |  |  | 2281.156452405859 | 10290.88579524477 | 11421.21756975367 | 12075.63979588494 | 12266.05686961864 |  | * based on 2024 results |  |  |  | Categories | probability of default
Macro Economics |  |  |  |  |  |  | 145 | 30 | 0.17 | 0.6245932124593212 |  |  | 65407.51995874392 | 295070.2120127401 | 327480.1758375445 | 346244.4016634333 | 351704.2238240691 |  | Loan Tenure |  |  |  | 7 | 0.2178173538748352
Currency |  |  |  |  |  | Refinance | 158 | 7 | 0.05 | 0.1836355183635518 |  |  | 4930.457980767087 | 22242.56909025892 | 24685.65155076455 | 26100.11011813608 | 26511.67477862856 |  | Loan extension historical % -(Derived by delayed payment) |  |  |  | 14 | 0.1505495533201264
Model Currency |  |  |  | JOD |  |  | 152 | 14 | 0.11 | 0.1610878661087866 |  |  | 9153.82461221423 | 41295.26651915823 | 45831.06186390752 | 48457.12737292709 | 49221.2330064057 |  | collection in the same period |  |  |  | 21 | 0.007797216913394017
 |  |  |  |  |  |  | 125 | 21 | 0.14 | 0.03068340306834031 |  |  | 1824.925161924687 | 8232.708636195819 | 9136.974055802935 | 9660.511836707952 | 9812.845495694915 |  |  |  |  |  | 30 | 0.6238358758916445
Local Currency |  |  |  | JOD |  |  | 145 | 30 | 0.17 | 0.6245932124593212 |  |  | 52326.01596699514 | 236056.1696101921 | 261984.1406700356 | 276995.5213307466 | 281363.3790592552 |  |  |  |  |  | 60 | 0.3
Actual Exchange Rate |  | JOD/JOD |  | 1 |  |  | 158 | 7 | 0.02 | 0.05 |  |  | 0 | 0 | 403.3371562762502 | 987.0136579485003 | 1775.055378154078 |  |  |  |  |  | 90 | 0.3
 |  |  |  |  |  |  | 152 | 14 | 0.04 | 0.05 |  |  | 0 | 0 | 776.0411108100002 | 1899.064253268001 | 3415.296423790125 |  |  |  |  |  | 120 | 0.3
Valuation |  |  |  |  |  |  | 125 | 21 | 0.06 | 0.05 |  |  | 0 | 0 | 957.2875544531253 | 2342.595707156251 | 4212.947891188477 |  |  |  |  |  | 150 | 0.3
Revenue(ARR) Multiples |  |  |  |  |  |  | 145 | 30 | 0.08 | 0.05 |  |  | 0 | 0 | 1480.604750887501 | 3623.214693735002 | 6516.026071704844 |  |  |  |  |  | 180 | 0.3
Fintech industry average |  |  |  | 6.3 |  | B2B | 300 | 60 | 0.11 | 0.1 |  |  | 0 | 0 | 8424.130479187503 | 20614.84222297501 | 37073.9414424586
Discount rate |  |  |  | 0.13 |  |  | 400 | 90 | 0.17 | 0.1 |  |  | 0 | 0 | 17358.81432075001 | 42479.06882310002 | 76394.78842688438
(TheGlobalEconomy.com)​. |  |  |  |  |  |  | 500 | 120 | 0.225 | 0.1 |  |  | 0 | 0 | 28718.62663359376 | 70277.87121468752 | 126388.4367356543
 |  |  |  |  |  |  | 500 | 150 | 0.27 | 0.1 |  |  | 0 | 0 | 34462.35196031251 | 84333.44545762504 | 151666.1240827852 |  | **Payables | 0.05 |  | of OPEX
WACC | Value (%) | [NAME] |  |  |  |  | 500 | 180 | 0.31 | 0.1 |  |  | 0 | 0 | 39567.88558406251 | 96827.28922912503 | 174135.1795024571 |  | Payment | 30
Debt-to-Total Capitalization |  | After recent capital increase |  |  |  | Aman** | 300 | 60 | 0.18 | 0.05 |  |  | 0 | 16437.6687825 | 27569.88156825001 | 42166.72272881251 | 60666.44963311407 |  | Avg | 45
Equity-to-Total Capitalization |  | After recent capital increase |  |  |  |  | 400 | 90 | 0.25 | 0.075 |  |  | 0 | 45660.19106249999 | 76583.00435625002 | 117129.7853578125 | 168517.915647539
 |  |  |  |  |  |  | 500 | 120 | 0.32 | 0.125 |  |  | 0 | 121760.5095 | 204221.3449500001 | 312346.0942875001 | 449381.1083934376
Cost of debt | 0.12 | 2023 Official Financials. |  |  |  |  | 500 | 150 | 0.3 | 0.25 |  |  | 0 | 228300.9553125 | 382915.0217812501 | 585648.9267890627 | 842589.5782376954
Tax rate |  | Jordan Income Tax Rate |  |  |  |  | 500 | 180 | 0.31 | 0.5 |  |  | 0 | 471821.9743125 | 791357.7116812501 | 1210341.115364063 | 1741351.795024571
Post-tax cost of debt
 |  |  |  |  |  | Scenario Analysis |  |  |  |  |  |  |  | R | Vc | FC
 |  |  |  |  |  | Best |  |  |  | Default |  |  |  | 1 | 1 | 1 | 1
 |  |  |  |  |  | Base |  |  |  |  |  |  |  | -0.5 | -0.47 | 1
 |  |  |  |  |  | Worst |  |  |  |  |  |  |  | -0.25 | -0.22 | 0.5