Spreadsheet: 883374d1732005310-sumifs-rows-test_sumif
Sheet: Simulation

 |  |  |  |  |  |  | PHASE 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | PHASE 2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | PHASE 3
 | Balance Sheet |  |  |  |  |  | Opportunity 1: Acquire customer |  |  |  |  |  | Opportunity 2: Leverage supplier discount |  |  |  |  |  | Opportunity 3: [NAME] |  |  |  |  |  | Opportunity 4: [NAME] poorly selling products |  |  |  |  |  | Opportunity 1: Pursue big box distribution |  |  |  |  |  | Opportunity 2: Expand online presence |  |  |  |  |  | Opportunity 3: Develop a private label product |  |  |  |  |  | Opportunity 1: Acquire a high risk customer |  |  |  |  | Opportunity 2: Renegotiate supplier credit terms |  |  |  |  | Opportunity 3: Adopt a global expansion strategy
 | (data in thousands of dollars) |  | Yr 0 | Yr 1 | Yr 2 |  | Incremental Balance Sheet ($ in thousands) | Yr 3 | Yr 4 | Yr 5 | Post Yr 5 |  |  | Yr 3 | Yr 4 | Yr 5 | Post Yr 5 |  |  | Yr 3 | Yr 4 | Yr 5 | Post Yr 5 |  |  | Yr 3 | Yr 4 | Yr 5 | Post Yr 5 |  |  | Yr 6 | Yr 7 | Yr 8 | Post Yr 8 |  |  | Yr 6 | Yr 7 | Yr 8 | Post Yr 8 |  |  | Yr 6 | Yr 7 | Yr 8 | Post Yr 8 |  |  | Yr 9 | Yr 10 | Yr 11 |  |  | Yr 9 | Yr 10 | Yr 11 |  |  | Yr 9 | Yr 10 | Yr 11
 | Minimum Cash Requirement |  | 300 | 300 | 300 |  |  |  |  |  |  |  | Incremental Balance Sheet ($ in thousands) |  |  |  |  |  | Incremental Balance Sheet ($ in thousands) |  |  |  |  |  | Incremental Balance Sheet ($ in thousands)
 | Cash & Equivalents (Shortfall)* |  | 0 | 0 | 0 |  | Cash |  |  |  |  |  | Cash |  |  |  |  |  | Cash |  |  |  |  |  | Cash |  |  |  |  |  | Cash |  |  |  |  |  | Cash |  |  |  |  |  | Cash |  |  |  |  |  | Cash |  |  |  |  | Cash |  |  |  |  | Cash
 | Accounts Receivable |  | 3123 | 3096 | 3014 |  | Accounts Receivable | 1205 | 1205 | 1205 | 1205 |  | Accounts Receivable | 603 | 603 | 603 | 603 |  | Accounts Receivable | -1096 | -1096 | -1096 | -1096 |  | Accounts Receivable | -301 | -301 | -301 | -301 |  | Change in Accounts Receivable | 332 | 474 | 579 | 579 |  | Change in Accounts Receivable | 14 | 29 | 33 | 33 |  | Change in Accounts Receivable | 141 | 212 | 266 | 266 |  | Change in Accounts Receivable | 1625 | 1625 | 1625 |  | Change in Accounts Receivable | 0 | 0 | 0 |  | Change in Accounts Receivable | 40 | 105 | 105
 | Inventories |  | 2357 | 2348 | 2305 |  | Inventories | 922 | 922 | 922 | 922 |  | Inventories | 452 | 452 | 452 | 452 |  | Inventories | -461 | -461 | -461 | -461 |  | Inventories | -323 | -323 | -323 | -323 |  | Change in Inventories | 391 | 582 | 687 | 687 |  | Change in Inventories | 152 | 236 | 289 | 289 |  | Change in Inventories | 116 | 181 | 232 | 232 |  | Change in Inventories | 790 | 790 | 790 |  | Change in Inventories | -59 | -59 | -59 |  | Change in Inventories | 114 | 261 | 261
 | Other CA |  | 0 | 0 | 0
 | Total Current Assets |  |  |  |  |  | Total Current Assets |  |  |  |  |  | Total Current Assets |  |  |  |  |  | Total Current Assets |  |  |  |  |  | Total Current Assets |  |  |  |  |  | Total Current Assets
 | Net PP&E |  | 40 | 40 | 40
 | Other FA |  | 0 | 0 | 0
 | Total Assets |  |  |  |  |  | Total Assets |  |  |  |  |  | Total Assets |  |  |  |  |  | Total Assets |  |  |  |  |  | Total Assets |  |  |  |  |  | Total Assets |  |  |  |  |  | Total Assets |  |  |  |  |  | Total Assets |  |  |  |  |  | Total Assets |  |  |  |  | Total Assets |  |  |  |  | Total Assets
 | Accounts Payable |  | 1021 | 1055 | 1050 |  | Accounts Payable | 420 | 420 | 420 | 420 |  | Accounts Payable | 151 | 151 | 151 | 151 |  | Accounts Payable | -210 | -210 | -210 | -210 |  | Accounts Payable | -105 | -105 | -105 | -105 |  | Change in Accounts Payable | 189 | 281 | 332 | 332 |  | Change in Accounts Payable | 74 | 114 | 139 | 139 |  | Change in Accounts Payable | 20 | 50 | 74 | 74 |  | Change in Accounts Payable | 371 | 371 | 371 |  | Change in Accounts Payable | 975 | 975 | 975 |  | Change in Accounts Payable | 38 | 91 | 91
 | Accrued Expenses |  | 0 | 0 | 0
 | Total Current Liabilities |  |  |  |  |  | Total Current Liabilities |  |  |  |  |  | Total Current Liabilities |  |  |  |  |  | Total Current Liabilities |  |  |  |  |  | Total Current Liabilities |  |  |  |  |  | Total Current Liabilities |  |  |  |  |  | Total Current Liabilities |  |  |  |  |  | Total Current Liabilities |  |  |  |  |  | Total Current Liabilities |  |  |  |  | Total Current Liabilities
 | Amount Borrowed from Credit Line |  | 3332 | 3200 | 2844 |  | Borrowings |  |  |  |  |  | Borrowings |  |  |  |  |  | Borrowings |  |  |  |  |  | Borrowings |  |  |  |  |  | Borrowings |  |  |  |  |  | Borrowings |  |  |  |  |  | Borrowings |  |  |  |  |  | Borrowings |  |  |  |  | Borrowings |  |  |  |  | Borrowings
 | Total Liabilities |  |  |  |  |  | Total Liabilities |  |  |  |  |  | Total Liabilities |  |  |  |  |  | Total Liabilities |  |  |  |  |  | Total Liabilities |  |  |  |  |  | Total Liabilities |  |  |  |  |  | Total Liabilities |  |  |  |  |  | Total Liabilities |  |  |  |  |  | Total Liabilities |  |  |  |  | Total Liabilities |  |  |  |  | Total Liabilities
 | Common Stock |  | 200 | 200 | 200
 | [NAME] |  | 1267 | 1329 | 1565 |  | [NAME] |  |  |  |  |  | [NAME] |  |  |  |  |  | [NAME] |  |  |  |  |  | [NAME] |  |  |  |  |  | [NAME] |  |  |  |  |  | [NAME] |  |  |  |  |  | [NAME] |  |  |  |  |  | [NAME] |  |  |  |  | [NAME] |  |  |  |  | [NAME]
 | Total Stockholder's Equity |  |  |  |  |  | Total Stockholder's Equity |  |  |  |  |  | Total Stockholder's Equity |  |  |  |  |  | Total Stockholder's Equity |  |  |  |  |  | Total Stockholder's Equity |  |  |  |  |  | Total Stockholder's Equity |  |  |  |  |  | Total Stockholder's Equity |  |  |  |  |  | Total Stockholder's Equity |  |  |  |  |  | Total Stockholder's Equity |  |  |  |  | Total Stockholder's Equity |  |  |  |  | Total Stockholder's Equity
 | Total Liabilities & Equity |  |  |  |  |  | Total Liabilities & Equity |  |  |  |  |  | Total Liabilities & Equity |  |  |  |  |  | Total Liabilities & Equity |  |  |  |  |  | Total Liabilities & Equity |  |  |  |  |  | Total Liabilities & Equity |  |  |  |  |  | Total Liabilities & Equity |  |  |  |  |  | Total Liabilities & Equity |  |  |  |  |  | Total Liabilities & Equity |  |  |  |  | Total Liabilities & Equity |  |  |  |  | Total Liabilities & Equity
 | Check
 | Income Statement |  |  |  |  |  | Incremental Summary Income Statement ($ in thousands) |  |  |  |  |  | Incremental Summary Income Statement ($ in thousands) |  |  |  |  |  | Incremental Summary Income Statement ($ in thousands) |  |  |  |  |  | Incremental Summary Income Statement ($ in thousands)
 | (data in thousands of dollars) |  | Yr 0 | Yr 1 | Yr 2 |  |  | Yr 3 | Yr 4 | Yr 5 | Post Yr 5 |  |  | Yr 3 | Yr 4 | Yr 5 | Post Yr 5 |  |  | Yr 3 | Yr 4 | Yr 5 | Post Yr 5 |  |  | Yr 3 | Yr 4 | Yr 5 | Post Yr 5
 | Sales |  | 10000 | 10000 | 10000 |  | Sales | 4000 | 4000 | 4000 | 4000 |  | Sales | 2000 | 2000 | 2000 | 2000 |  | Sales | -2000 | -2000 | -2000 | -2000 |  | Sales | -1000 | -1000 | -1000 | -1000 |  | Change in Sales | 1750 | 2625 | 3106 | 3106 |  | Change in Sales | 700 | 1085 | 1328 | 1328 |  | Change in Sales | 350 | 644 | 873 | 873 |  | Change in Sales | 3692 | 3692 | 3692 |  | Change in Sales | 0 | 0 | 0 |  | Change in Sales | 369 | 876 | 876
 | Cost of Sales |  | 9560 | 9630 | 9350 |  | Cost of Sales | 3740 | 3740 | 3740 | 3740 |  | Cost of Sales | 1833 | 1833 | 1833 | 1833 |  | Cost of Sales | -1870 | -1870 | -1870 | -1870 |  | Cost of Sales | -935 | -935 | -935 | -935 |  | Change in Cost of Sales | 1680 | 2503 | 2955 | 2955 |  | Change in Cost of Sales | 655 | 1014 | 1241 | 1241 |  | Change in Cost of Sales | 180 | 449 | 659 | 659 |  | Change in Cost of Sales | 3300 | 3300 | 3300 |  | Change in Cost of Sales | -246 | -246 | -246 |  | Change in Cost of Sales | 342 | 812 | 812
 | EBIT |  |  |  |  |  | EBIT | 260 | 260 | 260 | 260 |  | EBIT | 167 | 167 | 167 | 167 |  | EBIT | -130 | -130 | -130 | -130 |  | EBIT | -65 | -65 | -65 | -65 |  | Change in EBIT |  |  |  |  |  | Change in EBIT |  |  |  |  |  | Change in EBIT |  |  |  |  |  | Change in EBIT |  |  |  |  | Change in EBIT |  |  |  |  | Change in EBIT
 | Interest Expense |  | 180 | 267 | 256 |  | Interest Expense |  |  |  |  |  | Interest Expense |  |  |  |  |  | Interest Expense |  |  |  |  |  | Interest Expense |  |  |  |  |  | Interest Expense |  |  |  |  |  | Interest Expense |  |  |  |  |  | Interest Expense |  |  |  |  |  | Interest Expense |  |  |  |  | Interest Expense |  |  |  |  | Interest Expense
 | Pre-Tax Income |  |  |  |  |  | Pre-Tax Income |  |  |  |  |  | Pre-Tax Income |  |  |  |  |  | Pre-Tax Income |  |  |  |  |  | Pre-Tax Income |  |  |  |  |  | Pre-Tax Income |  |  |  |  |  | Pre-Tax Income |  |  |  |  |  | Pre-Tax Income |  |  |  |  |  | Pre-Tax Income |  |  |  |  | Pre-Tax Income |  |  |  |  | Pre-Tax Income
 | Income Taxes |  | 104 | 41 | 157 |  | Income Taxes |  |  |  |  |  | Income Taxes |  |  |  |  |  | Income Taxes |  |  |  |  |  | Income Taxes |  |  |  |  |  | Income Taxes |  |  |  |  |  | Income Taxes |  |  |  |  |  | Income Taxes |  |  |  |  |  | Income Taxes |  |  |  |  | Income Taxes |  |  |  |  | Income Taxes
 | Net Income |  |  |  |  |  | Net Income |  |  |  |  |  | Net Income |  |  |  |  |  | Net Income |  |  |  |  |  | Net Income |  |  |  |  |  | Net Income |  |  |  |  |  | Net Income |  |  |  |  |  | Net Income |  |  |  |  |  | Net Income |  |  |  |  | Net Income |  |  |  |  | Net Income
 | Free cash flow |  | Yr 0 | Yr 1 | Yr 2 |  | Free cash flow |  |  |  |  |  | Free cash flow |  |  |  |  |  | Free cash flow |  |  |  |  |  | Free cash flow |  |  |  |  |  | Free cash flow |  |  |  |  |  | Free cash flow |  |  |  |  |  | Free cash flow |  |  |  |  |  | Free cash flow |  |  |  |  | Free cash flow |  |  |  |  | Free cash flow
 | NOPAT |  |  |  |  |  | NOPAT |  |  |  |  |  | NOPAT |  |  |  |  |  | NOPAT |  |  |  |  |  | NOPAT |  |  |  |  |  | NOPAT |  |  |  |  |  | NOPAT |  |  |  |  |  | NOPAT |  |  |  |  |  | NOPAT |  |  |  |  | NOPAT |  |  |  |  | NOPAT
 | + Depreciation |  |  |  |  |  | + Depreciation |  |  |  |  |  | + Depreciation |  |  |  |  |  | + Depreciation |  |  |  |  |  | + Depreciation |  |  |  |  |  | + Depreciation |  |  |  |  |  | + Depreciation |  |  |  |  |  | + Depreciation |  |  |  |  |  | + Depreciation |  |  |  |  | + Depreciation |  |  |  |  | + Depreciation
 | - CAPEX |  |  |  |  |  | - CAPEX |  |  |  |  |  | - CAPEX |  |  |  |  |  | - CAPEX |  |  |  |  |  | - CAPEX |  |  |  |  |  | - CAPEX |  |  |  |  |  | - CAPEX |  |  |  |  |  | - CAPEX |  |  |  |  |  | - CAPEX |  |  |  |  | - CAPEX |  |  |  |  | - CAPEX
 | (Increase) decrease in NWC |  |  |  |  |  | (Increase) decrease in NWC |  |  |  |  |  | (Increase) decrease in NWC |  |  |  |  |  | (Increase) decrease in NWC |  |  |  |  |  | (Increase) decrease in NWC |  |  |  |  |  | (Increase) decrease in NWC |  |  |  |  |  | (Increase) decrease in NWC |  |  |  |  |  | (Increase) decrease in NWC |  |  |  |  |  | (Increase) decrease in NWC |  |  |  |  | (Increase) decrease in NWC |  |  |  |  | (Increase) decrease in NWC
 |  |  |  |  |  |  | Free cash flow |  |  |  |  |  | Free cash flow |  |  |  |  |  | Free cash flow |  |  |  |  |  | Free cash flow |  |  |  |  |  | Free cash flow |  |  |  |  |  | Free cash flow |  |  |  |  |  | Free cash flow |  |  |  |  |  | Free cash flow |  |  |  |  | Free cash flow | -767 |  |  |  | Free cash flow
 | Cash Flow
 | (data in thousands of dollars) |  | Yr 0 | Yr 1 | Yr 2
 | Net Income |  | 156 | 62 | 236
 | Depreciation |  | 0 | 0 | 0
 | Change in Account Receivable |  | 0 | 27 | 82
 | Change in Inventories |  | 0 | 9 | 43
 | Change in Other CA |  | 0 | 0 | 0
 | Change in Account Payable |  | 0 | 34 | -5
 | Change in Accrued Expenses |  | 0 | 0 | 0
 | Cash Flow from Operations
 | CAPEX |  | 0 | 0 | 0
 | Cash Flow from Investments
 | Change in Credit Line |  | 0 | -132 | -356
 | Equity Issuance |  | 0 | 0 | 0
 | Dividends |  | 0 | 0 | 0
 | Cash Flow from Financing
 | Net Cash Flow
 | Beginning Excess Cash and Cash Equivalents |  | 0
 | Ending Cash and Equivalents |  | 0
 | Cash Cycle
 |  |  | Yr 0 | Yr 1 | Yr 2 |  |  | Yr 3 | Yr 4 | Yr 5 | Post Yr 5 |  |  | Yr 3 | Yr 4 | Yr 5 | Post Yr 5 |  |  | Yr 3 | Yr 4 | Yr 5 | Post Yr 5 |  |  | Yr 3 | Yr 4 | Yr 5 | Post Yr 5
 | Accounts Receivables (days) | AR/Sales x 365 |  |  |  |  | Accounts Receivables (days) |  |  |  |  |  | Accounts Receivables (days) |  |  |  |  |  | Accounts Receivables (days) |  |  |  |  |  | Accounts Receivables (days) |  |  |  |  |  | Accounts Receivables (days) |  |  |  |  |  | Accounts Receivables (days) |  |  |  |  |  | Accounts Receivables (days) |  |  |  |  |  | Accounts Receivables (days) |  |  |  |  | Accounts Receivables (days) |  |  |  |  | Accounts Receivables (days)
 | Inventories (days) | Inv/ COGS x 365 |  |  |  |  | Inventories (days) |  |  |  |  |  | Inventories (days) |  |  |  |  |  | Inventories (days) |  |  |  |  |  | Inventories (days) |  |  |  |  |  | Inventories (days) |  |  |  |  |  | Inventories (days) |  |  |  |  |  | Inventories (days) |  |  |  |  |  | Inventories (days) |  |  |  |  | Inventories (days) |  |  |  |  | Inventories (days)
 | Accounts Payables (days) | [NAME] 365 |  |  |  |  | Accounts Payables (days) |  |  |  |  |  | Accounts Payables (days) |  |  |  |  |  | Accounts Payables (days) |  |  |  |  |  | Accounts Payables (days) |  |  |  |  |  | Accounts Payables (days) |  |  |  |  |  | Accounts Payables (days) |  |  |  |  |  | Accounts Payables (days) |  |  |  |  |  | Accounts Payables (days) |  |  |  |  | Accounts Payables (days) |  |  |  |  | Accounts Payables (days)
 | Cash Cycle (days) | DSO+DIO-DPO |  |  |  |  | Cash Cycle (days) |  |  |  |  |  | Cash Cycle (days) |  |  |  |  |  | Cash Cycle (days) |  |  |  |  |  | Cash Cycle (days) |  |  |  |  |  | Cash Cycle (days) |  |  |  |  |  | Cash Cycle (days) |  |  |  |  |  | Cash Cycle (days) |  |  |  |  |  | Cash Cycle (days) |  |  |  |  | Cash Cycle (days) |  |  |  |  | Cash Cycle (days)
 | Cash Cycle (months) |  | 6 | 5 | 5
 | Profitability ratios
 |  |  | Yr 0 | Yr 1 | Yr 2 |  |  | Yr 3 | Yr 4 | Yr 5 | Post Yr 5 |  |  | Yr 3 | Yr 4 | Yr 5 | Post Yr 5 |  |  | Yr 3 | Yr 4 | Yr 5 | Post Yr 5 |  |  | Yr 3 | Yr 4 | Yr 5 | Post Yr 5
 | GM | GP/Sales |  |  |  |  | GM |  |  |  |  |  | GM |  |  |  |  |  | GM |  |  |  |  |  | GM |  |  |  |  |  | GM |  |  |  |  |  | GM |  |  |  |  |  | GM |  |  |  |  |  | GM |  |  |  |  | GM |  |  |  |  | GM
 | Operating Margin | Operating profit/Sales |  |  |  |  | Operating Margin |  |  |  |  |  | Operating Margin |  |  |  |  |  | Operating Margin |  |  |  |  |  | Operating Margin |  |  |  |  |  | Operating Margin |  |  |  |  |  | Operating Margin |  |  |  |  |  | Operating Margin |  |  |  |  |  | Operating Margin |  |  |  |  | Operating Margin |  |  |  |  | Operating Margin
 | Net income/revenue | Net income/Sales |  |  |  |  | Net income/revenue |  |  |  |  |  | Net income/revenue |  |  |  |  |  | Net income/revenue |  |  |  |  |  | Net income/revenue |  |  |  |  |  | Net income/revenue |  |  |  |  |  | Net income/revenue |  |  |  |  |  | Net income/revenue |  |  |  |  |  | Net income/revenue |  |  |  |  | Net income/revenue |  |  |  |  | Net income/revenue
 | ROA | Net income/Assets |  |  |  |  | ROA |  |  |  |  |  | ROA |  |  |  |  |  | ROA |  |  |  |  |  | ROA |  |  |  |  |  | ROA |  |  |  |  |  | ROA |  |  |  |  |  | ROA |  |  |  |  |  | ROA |  |  |  |  | ROA |  |  |  |  | ROA
 | ROE | Net income/Equity |  |  |  |  | ROE |  |  |  |  |  | ROE |  |  |  |  |  | ROE |  |  |  |  |  | ROE |  |  |  |  |  | ROE |  |  |  |  |  | ROE |  |  |  |  |  | ROE |  |  |  |  |  | ROE |  |  |  |  | ROE |  |  |  |  | ROE
 | Net profit margin |  |  |  |  |  | Net profit margin |  |  |  |  |  | Net profit margin |  |  |  |  |  | Net profit margin |  |  |  |  |  | Net profit margin |  |  |  |  |  | Net profit margin |  |  |  |  |  | Net profit margin |  |  |  |  |  | Net profit margin |  |  |  |  |  | Net profit margin |  |  |  |  | Net profit margin |  |  |  |  | Net profit margin
 | Asset Turnover |  |  |  |  |  | Asset Turnover |  |  |  |  |  | Asset Turnover |  |  |  |  |  | Asset Turnover |  |  |  |  |  | Asset Turnover |  |  |  |  |  | Asset Turnover |  |  |  |  |  | Asset Turnover |  |  |  |  |  | Asset Turnover |  |  |  |  |  | Asset Turnover |  |  |  |  | Asset Turnover |  |  |  |  | Asset Turnover
 | Equity Multiplier |  |  |  |  |  | Equity Multiplier |  |  |  |  |  | Equity Multiplier |  |  |  |  |  | Equity Multiplier |  |  |  |  |  | Equity Multiplier |  |  |  |  |  | Equity Multiplier |  |  |  |  |  | Equity Multiplier |  |  |  |  |  | Equity Multiplier |  |  |  |  |  | Equity Multiplier |  |  |  |  | Equity Multiplier |  |  |  |  | Equity Multiplier
 | SGR % |  |  |  |  |  | SGR % |  |  |  |  |  | SGR % |  |  |  |  |  | SGR % |  |  |  |  |  | SGR % |  |  |  |  |  | SGR % |  |  |  |  |  | SGR % |  |  |  |  |  | SGR % |  |  |  |  |  | SGR % |  |  |  |  | SGR % |  |  |  |  | SGR %
 | ROC | ROC = Net Profit(NIAT) / Total Capital |  |  |  |  | ROC |  |  |  |  |  | ROC |  |  |  |  |  | ROC |  |  |  |  |  | ROC |  |  |  |  |  | ROC |  |  |  |  |  | ROC |  |  |  |  |  | ROC |  |  |  |  |  | ROC |  |  |  |  | ROC |  |  |  |  | ROC
 | LEV | [NAME] = Total Capital / Net Worth(Equity) |  |  |  |  | LEV |  |  |  |  |  | LEV |  |  |  |  |  | LEV |  |  |  |  |  | LEV |  |  |  |  |  | LEV |  |  |  |  |  | LEV |  |  |  |  |  | LEV |  |  |  |  |  | LEV |  |  |  |  | LEV |  |  |  |  | LEV
 | Retention rate | [NAME] = (NIAT – Dividends, if any/ NIAT) |  |  |  |  | Retention rate |  |  |  |  |  | Retention rate |  |  |  |  |  | Retention rate |  |  |  |  |  | Retention rate |  |  |  |  |  | Retention rate |  |  |  |  |  | Retention rate |  |  |  |  |  | Retention rate |  |  |  |  |  | Retention rate |  |  |  |  | Retention rate |  |  |  |  | Retention rate
 | Sustainable Growth | ROC x LEV x [NAME] |  |  |  |  | Sustainable Growth |  |  |  |  |  | Sustainable Growth |  |  |  |  |  | Sustainable Growth |  |  |  |  |  | Sustainable Growth |  |  |  |  |  | Sustainable Growth |  |  |  |  |  | Sustainable Growth |  |  |  |  |  | Sustainable Growth |  |  |  |  |  | Sustainable Growth |  |  |  |  | Sustainable Growth |  |  |  |  | Sustainable Growth
 | Check |  |  |  |  |  | Check |  |  |  |  |  | Check |  |  |  |  |  | Check |  |  |  |  |  | Check |  |  |  |  |  | Check |  |  |  |  |  | Check |  |  |  |  |  | Check |  |  |  |  |  | Check |  |  |  |  | Check |  |  |  |  | Check
 | Economic Profit (EVA) | (ROC - Cost of Capital) x Total Capital |  |  |  |  | Economic Profit (EVA) |  |  |  |  |  | Economic Profit (EVA) |  |  |  |  |  | Economic Profit (EVA) |  |  |  |  |  | Economic Profit (EVA) |  |  |  |  |  | Economic Profit (EVA) |  |  |  |  |  | Economic Profit (EVA) |  |  |  |  |  | Economic Profit (EVA) |  |  |  |  |  | Economic Profit (EVA) |  |  |  |  | Economic Profit (EVA) |  |  |  |  | Economic Profit (EVA)
 | NOPAT | EBIT x (1-40% tax) |  |  |  |  | NOPAT |  |  |  |  |  | NOPAT |  |  |  |  |  | NOPAT |  |  |  |  |  | NOPAT |  |  |  |  |  | NOPAT |  |  |  |  |  | NOPAT |  |  |  |  |  | NOPAT |  |  |  |  |  | NOPAT |  |  |  |  | NOPAT |  |  |  |  | NOPAT
 | Cost of capital of 12% |  | 0.12 | 0.12 | 0.12 |  | Cost of capital of 12% | 0.12 | 0.12 | 0.12 |  |  | Cost of capital of 12% | 0.12 | 0.12 | 0.12 |  |  | Cost of capital of 12% | 0.12 | 0.12 | 0.12 |  |  | Cost of capital of 12% | 0.12 | 0.12 | 0.12 |  |  | Cost of capital of 12% | 0.12 | 0.12 | 0.12 |  |  | Cost of capital of 12% | 0.12 | 0.12 | 0.12 |  |  | Cost of capital of 12% | 0.12 | 0.12 | 0.12 |  |  | Cost of capital of 12% | 0.12 | 0.12 |  |  | Cost of capital of 12% | 0.12 | 0.12 |  |  | Cost of capital of 12% | 0.12 | 0.12
 | Growth |  |  |  |  |  | Growth |  |  |  |  |  | Growth |  |  |  |  |  | Growth |  |  |  |  |  | Growth |  |  |  |  |  | Growth |  |  |  |  |  | Growth |  |  |  |  |  | Growth |  |  |  |  |  | Growth |  |  |  |  | Growth |  |  |  |  | Growth
 | Firm Value | NOPAT 2013/WACC-g |  |  |  |  | Firm Value |  |  |  |  |  | Firm Value |  |  |  |  |  | Firm Value |  |  |  |  |  | Firm Value |  |  |  |  |  | Firm Value |  |  |  |  |  | Firm Value |  |  |  |  |  | Firm Value |  |  |  |  |  | Firm Value |  |  |  |  | Firm Value |  |  |  |  | Firm Value
 | Equity value | Firm value - debt |  |  |  |  | Equity value |  |  |  |  |  | Equity value |  |  |  |  |  | Equity value |  |  |  |  |  | Equity value |  |  |  |  |  | Equity value |  |  |  |  |  | Equity value |  |  |  |  |  | Equity value |  |  |  |  |  | Equity value |  |  |  |  | Equity value |  |  |  |  | Equity value