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{"sheet":"P&L","index":0,"n_rows":45,"n_cols":18,"rows_kept":45,"cut":false,"hidden":false,"merged":[[1,1,2,1]]}
[]
[null,"              < Reset",null,null,null,null,null,"P&L"]
[null,null,null,null,null,null,null,"SPOT US EQUITY"]
[]
[null,null,{"$f":"YEAR(TODAY())-4","v":2019},{"$f":"YEAR(TODAY())-3","v":2020},{"$f":"YEAR(TODAY())-2","v":2021},{"$f":"\"1Q\"&RIGHT(YEAR(TODAY())-1,2)","v":"1Q22"},{"$f":"\"2Q\"&RIGHT(YEAR(TODAY())-1,2)","v":"2Q22"},{"$f":"\"3Q\"&RIGHT(YEAR(TODAY())-1,2)","v":"3Q22"},{"$f":"\"4Q\"&RIGHT(YEAR(TODAY())-1,2)","v":"4Q22"},{"$f":"YEAR(TODAY())-1","v":2022},{"$f":"IF(MONTH(TODAY())/3>1,\"1Q\"&RIGHT(YEAR(TODAY()),2),\"1Q\"&RIGHT(YEAR(TODAY()),2)&\"E\")","v":"1Q23"},{"$f":"IF(MONTH(TODAY())/3>2,\"2Q\"&RIGHT(YEAR(TODAY()),2),\"2Q\"&RIGHT(YEAR(TODAY()),2)&\"E\")","v":"2Q23"},{"$f":"IF(MONTH(TODAY())/3>3,\"3Q\"&RIGHT(YEAR(TODAY()),2),\"3Q\"&RIGHT(YEAR(TODAY()),2)&\"E\")","v":"3Q23"},{"$f":"IF(MONTH(TODAY())/3>4,\"4Q\"&RIGHT(YEAR(TODAY()),2),\"4Q\"&RIGHT(YEAR(TODAY()),2)&\"E\")","v":"4Q23E"},{"$f":"YEAR(TODAY())&\"E\"","v":"2023E"},{"$f":"YEAR(TODAY())+1&\"E\"","v":"2024E"},{"$f":"YEAR(TODAY())+2&\"E\"","v":"2025E"}]
[null,"Total Revenue",6764,7880,9668,2661,2864,3036,3166,{"$f":"SUM(F6:I6)","v":11727},3042,3177,3337,3682,{"$f":"SUM(K6:N6)","v":13238},15829,17822]
[null,"YoY Growth",null,{"$f":"D6/C6-1","v":0.16499112950916617},{"$f":"E6/D6-1","v":0.2269035532994923},null,null,null,null,{"$f":"J6/E6-1","v":0.21297062474141493},0.14317925591882741,0.10928770949720668,9.9143610013175287E-2,0.16298168035375871,0.12884795770444279,{"$f":"P6/O6-1","v":0.19572442967215586},{"$f":"Q6/P6-1","v":0.12590814328131916}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"BEst"]
[]
[null,"Cost of Revenue",5042,5865,7077,1990,2160,2286,2365,{"$f":"SUM(F10:I10)","v":8801},2276,2411,2471,2706,{"$f":"SUM(K10:N10)","v":9864},11558,12872]
[null,"Gross Profit",{"$f":"C6-C10","v":1722},2015,2591,671,704,750,801,2926,766,766,866,976,3374,4271,4950]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"BEst"]
[null,"As % of sales",{"$f":"C11/C6","v":0.25458308693081017},{"$f":"D11/D6","v":0.25571065989847713},0.26799751758378154,0.25216084178880122,0.24581005586592178,0.24703557312252963,0.25300063171193937,0.2495096785196555,0.2518080210387903,0.24110796348756688,0.25951453401258617,0.265073329712113,0.25487233721105906,0.26982121422705163,0.27774660531926831]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"O12/O8","v":{"$error":"#DIV/0!"}},{"$f":"P12/P8","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},"BEst"]
[null,null,null,null,null,null,null," "]
[null,"Operating Expenses"]
[null,"    R&D",615,837,912,250,336,386,415,{"$f":"SUM(F17:I17)","v":1387},435,453,455,455,{"$f":"SUM(K17:N17)","v":1798},1773,1996]
[null,"    Sales & Marketing",826,1029,1135,296,391,432,453,1572,347,399,410,434,1590,1694,1871]
[null,"    General & Administratiive",354,442,450,131,171,160,164,626,140,161,152,155,608,554,588]
[null,"Total Operating Expenses",{"$f":"SUM(C17:C19)","v":1795},{"$f":"SUM(D17:D19)","v":2308},{"$f":"SUM(E17:E19)","v":2497},{"$f":"SUM(F17:F19)","v":677},898,978,1032,3585,922,1013,1017,1044,3996,4021,4455]
[null,"As % of sales",{"$f":"C20/C$6","v":0.26537551744529864},0.29289340101522843,0.25827472072817542,0.25441563322059374,0.31354748603351956,0.32213438735177868,0.32596336070751736,0.30570478383218214,0.30309007232084156,0.31885426502990244,0.30476475876535808,0.28354155350353066,0.30185828675026438,0.25402741803019774,0.2499719447873415]
[null,"Operating Income/Loss",{"$f":"C11-C20","v":-73},-293,94,-6,-194,-228,-231,{"$f":"SUM(F22:I22)","v":-659},-156,-247,{"$f":"M11-M20","v":-151},{"$f":"N11-N20","v":-68},{"$f":"SUM(K22:N22)","v":-622},{"$f":"P11-P20","v":250},{"$f":"Q11-Q20","v":495}]
[null,"    Other Adjustments, Income (Expenses)",0,0,0,0,20,0,0,{"$f":"SUM(F23:I23)","v":20},44,135,0,0,{"$f":"SUM(K23:N23)","v":179},0,0]
[null,"Adj. Operating Income/Loss",{"$f":"SUM(C22:C23)","v":-73},{"$f":"SUM(D22:D23)","v":-293},94,-6,-174,-228,-231,{"$f":"SUM(J22:J23)","v":-639},-112,-112,-151,-68,{"$f":"SUM(O22:O23)","v":-443},250,495]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"BEst"]
[null,"As % of sales",{"$f":"C24/C$6","v":-1.0792430514488468E-2},{"$f":"D24/D$6","v":-3.7182741116751267E-2},{"$f":"E24/E$6","v":9.722796855606123E-3},{"$f":"F24/F$6","v":-2.2547914317925591E-3},{"$f":"G24/G$6","v":-6.0754189944134077E-2},{"$f":"H24/H$6","v":-7.5098814229249009E-2},{"$f":"I24/I$6","v":-7.2962728995578013E-2},{"$f":"J24/J$6","v":-5.4489639293937069E-2},{"$f":"K24/K$6","v":-3.6817882971729124E-2},{"$f":"L24/L$6","v":-3.5253383695310038E-2},{"$f":"M24/M$6","v":-4.5250224752771948E-2},{"$f":"N24/N$6","v":-1.8468223791417708E-2},{"$f":"O24/O$6","v":-3.3464269527118902E-2},{"$f":"P24/P$6","v":1.5793796196853876E-2},{"$f":"Q24/Q$6","v":2.7774660531926832E-2}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"O25/O$8","v":{"$error":"#DIV/0!"}},{"$f":"P25/P$8","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},"BEst"]
[]
[null,"Finance Income",275,94,246,175,118,102,26,{"$f":"SUM(F29:I29)","v":421},27,33,66.7,74,{"$f":"SUM(K29:N29)","v":200.7},277,312]
[null,"Finance Costs",-333,-510,-91,-14,-14,-18,-86,{"$f":"SUM(F30:I30)","v":-132},-77,-27,-18.2,-18,{"$f":"SUM(K30:N30)","v":-140.19999999999999},-147,-154]
[null,"Share in earnings of associate",0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(K31:N31)","v":0},0,0]
[null,"Finance Net Income (Costs)",{"$f":"SUM(C29:C31)","v":-58},{"$f":"SUM(D29:D31)","v":-416},155,161,104,84,-60,289,{"$f":"SUM(K29:K31)","v":-50},{"$f":"SUM(L29:L31)","v":6},{"$f":"SUM(M29:M31)","v":48.5},{"$f":"SUM(N29:N31)","v":56},{"$f":"SUM(O29:O31)","v":60.5},{"$f":"SUM(P29:P31)","v":130},{"$f":"SUM(Q29:Q31)","v":158}]
[]
[null,"EBT",{"$f":"C32+C22","v":-131},-709,249,155,-90,-144,-291,{"$f":"SUM(F34:I34)","v":-370},{"$f":"K32+K22","v":-206},{"$f":"L32+L22","v":-241},{"$f":"M32+M22","v":-102.5},{"$f":"N32+N22","v":-12},{"$f":"O32+O22","v":-561.5},{"$f":"P32+P22","v":380},653]
[null,"Income Tax benefit (expense)",-55,128,-283,-24,-35,-22,21,{"$f":"SUM(F35:I35)","v":-60},-19,-61,-1.4,-9,{"$f":"SUM(K35:N35)","v":-90.4},-69,-117]
[null,"Tax Rate (%)",{"$f":"-C35/C34","v":-0.41984732824427479},0.18053596614950634,1.1365461847389557,0.15483870967741936,-0.3888888888888889,-0.15277777777777779,7.2164948453608241E-2,-0.16216216216216217,-9.2233009708737865E-2,-0.25311203319502074,-1.3658536585365854E-2,-0.75,-0.16099732858414961,0.18157894736842106,0.17917304747320062]
[null,"Net Income (loss) attributable to owners of parent",{"$f":"C35+C34","v":-186},{"$f":"D35+D34","v":-581},-34,131,-125,-166,-270,{"$f":"SUM(F37:I37)","v":-430},{"$f":"K35+K34","v":-225},-302,-103.9,-21,{"$f":"SUM(K37:N37)","v":-651.9},311,536]
[null,"Fair Value Movements on Convertible Notes"]
[null,"Net Income (loss) - Reported",{"$f":"SUM(C37:C38)","v":-186},{"$f":"SUM(D37:D38)","v":-581},-34,131,-125,-166,-270,-430,-225,-302,-103.9,-21,-651.9,311,536]
[null,"Other Adjustments",122,176,223,68,125,108,100,{"$f":"SUM(F40:I40)","v":401},149,232,110.4,99,{"$f":"SUM(K40:N40)","v":590.4},412,427.5]
[null,"Adj. Net Income (loss)",{"$f":"SUM(C39:C40)","v":-64},{"$f":"SUM(D39:D40)","v":-405},189,199,0,-58,-170,-29,-76,-70,6.5,78,-61.5,723,{"$f":"SUM(Q39:Q40)","v":963.5}]
[]
[null,"Diluted Shares (m)",181,187.6,193.9,197.1,195.9,196,193.2,{"$f":"AVERAGE(F43:I43)","v":195.55},193.6,194.4,195.1,195.8,{"$f":"AVERAGE(K43:N43)","v":194.72500000000002},194.7,194.56]
[null,"Dilluted EPS (€)",{"$f":"C39/C43","v":-1.0276243093922652},{"$f":"D39/D43","v":-3.0970149253731343},-0.17534811758638472,0.66463723997970581,-0.63808065339458908,{"$f":"H39/H43","v":-0.84693877551020413},-1.3975155279503106,{"$f":"SUM(F44:I44)","v":-2.2178977168753979},-1.1621900826446281,-1.5534979423868311,-0.53254741158380325,-0.10725229826353422,-3.3477981769161631,1.5973292244478685,2.7549342105263159]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"BEst"]

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[]
[null,null,null,null,null,null,"Discounted Cash Flow (DCF)",null,null,null,null,null,null,"Valuation by End of Year",null,2023]
[null,"                < Reset                    < Save Bloom Data",null,null,null,null,null,null,null,null,null,null,null,null,"Current Share Price",{"$f":"IF($F$28<>\"\",$F$28,\"\")","v":160}]
[null,null,null,null,null,null,{"$f":"'P&L'!H3","v":"SPOT US EQUITY"},null,null,null,null,null,null,null,"Equity Value Per Share",{"$f":"IF($C$35<>\"\",$C$35,\"\")","v":132.43457030746305}]
[null,null,null,null,null,null,null,null,null,null,null,null,"Currently Under(Over)valued by",null,null,{"$f":"IF(G30<>\"\",G30,\"\")","v":-0.17228393557835597}]
[]
[null,"(1) Calculating FCF",{"$f":"YEAR(TODAY())-1","v":2022},null,{"$f":"C7+1","v":2023},{"$f":"E7+1","v":2024},2025,2026,2027,2028,2029,2030,2031,2032,2033,"Terminal"]
[null,"Sales",{"$f":"'P&L'!J6","v":11727},null,{"$f":"'P&L'!O6","v":13238},{"$f":"'P&L'!P6","v":15829},{"$f":"'P&L'!Q6","v":17822},{"$f":"G8*(1+H9)","v":20138.859999999997},{"$f":"H8*(1+I9)","v":22756.911799999994},25715.310333999991,28543.994470739992,31683.833862521395,35169.055587398754,39037.651702012619,43331.793389234008]
[null,"Growth (%)",{"$f":"'P&L'!J7","v":0.21297062474141493},null,{"$f":"'P&L'!O7","v":0.12884795770444279},{"$f":"'P&L'!P7","v":0.19572442967215586},{"$f":"'P&L'!Q7","v":0.12590814328131916},0.13,0.13,0.13,0.11,0.11,0.11,0.11,0.11]
[null,"Tax Rate",{"$f":"'P&L'!J36","v":-0.16216216216216217},null,{"$f":"'P&L'!O36","v":-0.16099732858414961},{"$f":"'P&L'!P36","v":0.18157894736842106},{"$f":"'P&L'!Q36","v":0.17917304747320062},{"$f":"G10","v":0.17917304747320062},{"$f":"H10","v":0.17917304747320062},0.17917304747320062,0.17917304747320062,0.17917304747320062,0.17917304747320062,0.17917304747320062,0.17917304747320062]
[null,"Operating Profit",{"$f":"'P&L'!J24","v":-639},null,{"$f":"'P&L'!O24","v":-443},{"$f":"'P&L'!P24","v":250},{"$f":"'P&L'!Q24","v":495},{"$f":"H8*H12","v":805.55439999999987},{"$f":"I8*I12","v":1365.4147079999996},1800.0717233799994,2568.9595023665993,3168.3833862521396,3868.5961146138629,5074.8947212616404,6499.7690083851012]
[null,"Operating Margin (as % of Sales)",{"$f":"C11/C8","v":-5.4489639293937069E-2},null,{"$f":"E11/E8","v":-3.3464269527118902E-2},1.5793796196853876E-2,2.7774660531926832E-2,0.04,0.06,7.0000000000000007E-2,0.09,0.1,0.11,0.13,0.15]
[null,"Net Operating Prof. After Tax (NOPAT)",{"$f":"IF(C11>0,C11*(1-C10),C11*(1+C10))","v":-535.37837837837833},null,{"$f":"IF(E11>0,E11*(1-E10),E11*(1+E10))","v":-371.67818343722172},204.60526315789474,406.3093415007657,661.22076324655427,1120.7691937029092,1477.5473870316687,2108.6711994923389,2600.6944793738849,3175.4479593155138,4165.6103684475329,5335.1855872808792]
["Balance Sheet"," + Depreciation (DA)",171,null,181,182,211,206,186.89,167.77999999999997,148.66999999999996,129.55999999999995,110.44999999999995,91.339999999999947,72.229999999999947]
[null," -  CapEx",25,null,14,11,12,19.55,27.1,34.65,42.199999999999996,49.749999999999993,57.29999999999999,64.849999999999994,72.399999999999991]
[null,"    As % of sales",{"$f":"C15/C8","v":2.1318325232369743E-3},null,{"$f":"E15/E8","v":1.0575615651911164E-3},6.9492703266157052E-4,6.7332510380428679E-4,9.7076001322815705E-4,1.1908469935714215E-3,1.3474463092201861E-3,1.4784195688959569E-3,1.5702013909007695E-3,1.6292732074537385E-3,1.6612167272514653E-3,1.6708286072920334E-3]
[null," -  Change in Working Capital",191,null,23,-178,-1,0,0,0,0,0,0,0,0]
[null," = Free Cash Flow (FCF)",{"$f":"C13+C14-C15-C17","v":-580.37837837837833},null,{"$f":"E13+E14-E15-E17","v":-227.67818343722172},553.6052631578948,606.30934150076564,847.67076324655432,1280.5591937029094,1610.6773870316686,2215.1411994923392,2680.5044793738848,3228.5979593155134,4192.1003684475327,5335.0155872808791,{"$f":"O18/N18*O18","v":6789.5300243182082}]
[]
[]
[null,"(3) Terminal Value - Growth in Perpetuity Approach",null,null,"t+",{"$f":"IF(E7=$P$2,1,IF(E7<$P$2,0,1))","v":1},{"$f":"IF(F7=$P$2,1,IF(F7<$P$2,0,F21+1))","v":2},{"$f":"IF(G7=$P$2,1,IF(G7<$P$2,0,G21+1))","v":3},4,5,6,7,8,9,10]
[null,"LT Growth Rate (G)",0.02,null,"Discount Rate",{"$f":"(1+$L$36)^IF(F21<0,0,F21)","v":1.126173541827074},{"$f":"(1+$L$36)^IF(G21<0,0,G21)","v":1.2682668463113362},1.4282885662922908,1.6085007934525026,1.8114510355940636,2.0400082286012875,2.2974032921602872,2.5872748025373307,2.9137204280534093,3.2813548543548055,{"$f":"(1+$L$36)^(O7-$E$7+1)","v":3.6953750183202141}]
[null,"FCF*(1+G)",{"$f":"P18*(1+C22)","v":6925.3206248045726},null,"PV of FCF",{"$f":"F18/F22","v":491.58077560563208},478.06133485565215,593.48704684168388,796.11971527493245,889.16418682189135,1085.8491492512901,1166.7539994048502,1247.8759334529288,1438.7448871504052,1625.8575570394605]
[null,"Terminal Value (TV) in t+1",{"$f":"C23/(L36-C22)","v":65226.425582410317}]
[null,"PV of the TV",{"$f":"C24/P22","v":17650.827117422017},null,"Sum of PV",{"$f":"SUM(F23:O23)","v":9813.494585698727},null,null,null,"(2) Calculating the WACC",null,"FINAL","INPUT","BLOOM"]
[null,null,null,null,null,null,null,null,null,"Shareholder Equity (E)",null,{"$f":"IF(N26<>\"...\",N26,IF(M26<>\"\",M26,\"\"))","v":30178.323504969172},30178.323504969172,{"$f":"IFERROR(_xll.BDP($G$4,\"CUR_MKT_CAP\")/1000000,\"...\")","v":"..."},"CUR_MKT_CAP"]
[null," = Enterprise Value (EV)",{"$f":"C25+F25","v":27464.321703120746},null,null,"FINAL","INPUT","BLOOM",null,"Net Dept (D)",null,{"$f":"IF(N27<>\"...\",N27,IF(M27<>\"\",M27,\"\"))","v":1609},1609,{"$f":"IFERROR(-_xll.BDP($G$4,\"Net_Debt\"),\"...\")","v":"..."},"NET_DEPT"]
[null,"TV as % of EV",{"$f":"C25/C27","v":0.64268206978570197},null,"Share Price",{"$f":"IF(H28<>\"...\",H28,IF(G28<>\"\",G28,\"\"))","v":160},160,{"$f":"IFERROR(_xll.BDP(G4,\"PX_LAST\"),\"...\")","v":"..."},null,"Capital Employed (V) E+D",null,31787.323504969172,{"$f":"M26+M27","v":31787.323504969172},{"$f":"IFERROR(N26+N27,\"...\")","v":"..."}]
[null,null,null,null,null,null,null,null,null,"Weight of Equity (We) E/V",null,{"$f":"IF(M29<>\"...\",M29,IF(N29<>\"\",N29,\"\"))","v":0.94938233790748461},{"$f":"M26/M28","v":0.94938233790748461},{"$f":"IFERROR(_xll.BDP($G$4,\"WACC_WEIGHT_OF_EQUITY\")/100,\"…\")","v":"…"}]
["find on Bal. Sheet"," -  Net Debt",1673,null,"Upside / (Downside)",null,{"$f":"C35/F28-1","v":-0.17228393557835597},null,null,"Weight of Debt (Wd) D/V",null,{"$f":"IF(M30<>\"...\",M30,IF(N30<>\"\",N30,\"\"))","v":5.0617662092515343E-2},{"$f":"M27/M28","v":5.0617662092515343E-2},{"$f":"IFERROR(_xll.BDP($G$4,\"WACC_WEIGHT_OF_DEBT\")/100,\"…\")","v":"…"}]
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[null,null,null,null,{"$f":"YEAR(TODAY())+1","v":2024},{"$f":"'P&L'!P43","v":194.7}]
[null,null,null,null,{"$f":"YEAR(TODAY())+2","v":2025},{"$f":"'P&L'!Q43","v":194.56}]
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[]
[null,null,"            ^Reset^","^Save Bloom Data^"]
[null,null,"TICKER                              (Input)","SECURITY_NAME","Share Price","%YTD","Market Cap (B)",null,"EV/sales",null,"EV/EBITDA",null,"EV/EBIT",null,"P/E"]
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[]
[null,"PASTE VALUES","BILI US EQUITY","Bilibili Inc",13.31,-0.43816000000000005,5.5271294602699994,null,1.4729348865028966,1.2611027901605303,"",37.502671622226735,"","","",""]
[null,null,"136 HK EQUITY","China Ruyi Holdings Ltd",1.99,2.0513E-2,21.88681111455,null,"","","","","","","",""]
[null,null,"9899 HK EQUITY","Cloud Music Inc",85.75,0.106452,18.3263293045,null,1.0405726893997187,0.93755504921630395,20.751543536201908,11.031064219004994,"",12.551304945910733,25.036063537102713,18.853809168388906]
[null,null,"DIDIY US EQUITY","DiDi Global Inc",3.27,2.8302000000000001E-2,15.8906321004,null,0.40421499947879252,0.35218866254270059,466.07869509669797,13.654494218469093,"","","",""]
[null,null,"DEEZR FP EQUITY","Deezer SA",2.77,-5.1045E-2,0.33693517695999997,null,0.60519165030525024,0.53391593709156193,"","","","","",""]
[null,null,"002315 CH EQUITY","Focus Technology Co Ltd",32.4,0.79900099999999996,10.109049609599998,null,4.6369565669447104,3.8402502038508208,18.457323694290519,15.186621203008766,"",15.800560854100246,26.754748142031374,21.428571428571427]
[null,null,"300413 CH EQUITY","Mango Excellent Media Co Ltd",28.31,-5.6961999999999999E-2,52.960106272649995,null,2.6356606011676891,2.3259150071519725,5.9328881920188881,5.3584360330477683,"",14.813843383780217,22.521877486077962,18.923796791443849]
[null,null,"NFLX US EQUITY","Netflix Inc",376.9,0.27814699999999998,167.0220104519,null,5.1932636284697011,4.597373069733127,23.801493282228844,18.756064436053471,23.127240303071368,20.647692217655386,31.159060846560845,24.308287649145434]
[null,null,"SSTK US EQUITY","Shutterstock Inc",37.64,-0.28603899999999999,1.3580030208000002,null,1.5541514511357022,1.4778359018777565,5.7959992215464826,5.692145993174063,24.209591377558425,12.21159638293978,10.217155266015201,9.8948475289169284]
[null,null,"TME US EQUITY","Tencent Music Entertainment Gr",6.18,-0.25362299999999999,10.60535666649,null,2.0122010470650027,1.9757981800202078,9.2245727872445613,8.5367461368383388,9.726910071376027,9.3531593319381088,12.559632171465141,11.995116789290245]
[null,null,"UMG NA EQUITY","Universal Music Group NV",24.8,0.10173299999999999,45.1581489792,null,4.3689068239052506,4.0292244540098725,21.704558101607706,18.239312012990357,24.723943131434435,22.63588284272414,29.807692307692307,26.105263157894736]
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[null,null,null,"Industry Average",{"$f":"IFERROR(AVERAGE(F31:F50),\"...\")","v":2.2574454545454533E-2},null,null,null,{"$f":"IFERROR(AVERAGE(I31:I50),\"...\")","v":2.3924054344374719},2.1331159255654852,71.46838423897961,14.88417287497929,20.446921220860062,15.430577137006946,22.57946139384936,18.787098930521648]
[null,null,null,"Median",{"$f":"IFERROR(MEDIAN(F31:F50),\"…\")","v":2.0513E-2},null,null,null,{"$f":"IFERROR(MEDIAN(I31:I50),\"…\")","v":1.7831762491003524},1.726817040948982,19.604433615246215,13.654494218469093,23.668415840314896,14.813843383780217,25.036063537102713,18.923796791443849]
[]
[]
[null,null,null,"Δ to Average",{"$f":"IFERROR(F51-E$53,\"\")","v":0.99870454545454557},null,null,null,{"$f":"IFERROR((I53-I$51)/I$51,\"\")","v":0.1441820391310244},0.19200584572354684,{"$f":"IFERROR((K53-K$51)/K$51,\"\")","v":""},{"$f":"IFERROR((L53-L$51)/L$51,\"\")","v":-0.81262328945969964},"",-0.93081213532472484,"",-0.91638067481019647]
[null,null,null,"Δ to Median",{"$f":"IFERROR((F51-E$54),\"\")","v":1.000766},null,null,null,-0.14718541955436373,-3.5037907393358332E-2,{"$f":"IFERROR((K54-K$51)/K$51,\"\")","v":""},-0.82810370235290287,"",-0.93357745583607432,"",-0.9157722475629948]
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[]
[null,null,null,"Up(Down)side to Average",{"$f":"AVERAGE(I57:J57)","v":0.16809394242728562}]
[null,null,null,"Up(Down)side to Median",{"$f":"AVERAGE(I58:J58)","v":-9.1111663473861029E-2}]
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[]
[null,null,"spot us equity"]

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[null,null,null,null,null,null,null,"Sum Of The Parts (SOTP)",null,null,null,null,"N° Of Shares",{"$f":"L32","v":1025}]
[null,null,null,null,null,"                  < Reset",null,null,null,null,null,null,"Current Market Price/Share",{"$f":"DCF!$P$3","v":160}]
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[]
[null,null,null,null,null,"(1) Operating Assets Valuation","EV/Sales",null,"EV/EBITDA",null,"EV/NOPAT",null,"Estimated Value"]
[null,null,null,null,null,null,{"$f":"YEAR(TODAY())","v":2023},{"$f":"G9+1","v":2024},{"$f":"YEAR(TODAY())","v":2023},{"$f":"I9+1","v":2024},{"$f":"YEAR(TODAY())","v":2023},{"$f":"K9+1","v":2024},"DCF/NAV","Per Share"]
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[null,null,null,null,null,"Havas",null,null,null,null,null,null,3393,3.3102439024390242]
[null,null,null,null,null,"Gameloft",null,null,null,null,null,null,267,0.26048780487804879]
[null,null,null,null,null,"Solidarity",null,null,null,null,null,null,-89,-8.6829268292682921E-2]
[null,null,null,null,null,"Village",null,null,null,null,null,null,404,0.39414634146341465]
[null,null,null,null,null,"New Initiatives",null,null,null,null,null,null,258,0.25170731707317073]
[null,null,null,null,null,"Prisma",null,null,null,null,null,null,295,0.28780487804878047]
[null,null,null,null,null,"x",null,null,null,null,null,null,55555,54.2]
[null,null,null,null,null,"x",null,null,null,null,null,null,55555,54.2]
[null,null,null,null,null,"x",null,null,null,null,null,null,55555,54.2]
[null,null,null,null,null,"x",null,null,null,null,null,null,27777.5,27.1]
[null,null,null,null,null,null,null,null,null,null,null,null,null,""]
[null,null,null,null,null,null,null,null,null,null,null,null,null,""]
[null,null,null,null,null,"Corporate",null,null,null,null,null,null,-1088,-1.0614634146341464]
[null,null,null,null,null,"EV of Operating Assets",null,null,null,null,null,null,{"$f":"SUM(M10:M23)","v":203413.5},{"$f":"SUM(N10:N23)","v":198.45219512195123}]
[]
[null,null,null,null,null,"(2) Stakes Valuation","DCF/NAV","Per Share",null,"(3) Total EV"]
[null,null,null,null,null,"Telefonica",223,{"$f":"IF(G27<>\"\",G27/$L$32,\"\")","v":0.2175609756097561},null,"(+) Net Dept",null,-1116,{"$f":"IF(L27<>\"\",L27/$L$32,\"\")","v":-1.0887804878048781}]
[null,null,null,null,null,"UMG",5645,5.5073170731707313,null,"(+) Other Liabilities",null,-1881,{"$f":"IF(L28<>\"\",L28/$L$32,\"\")","v":-1.8351219512195123}]
[null,null,null,null,null,"Mediaset",351,0.34243902439024393,null,"Equity Value (Pre-Discount)",null,{"$f":"SUM(M24,G43,L27:L28)","v":211269.5},{"$f":"IF(L29<>\"\",L29/$L$32,\"\")","v":206.11658536585367}]
[null,null,null,null,null,"Telecom italia",1143,1.1151219512195123,null,"Holdco Discount",null,0.2]
[null,null,null,null,null,"Banijay",732,0.7141463414634146,null,"Equity Value",null,{"$f":"L29-L30*L29","v":169015.6},{"$f":"IF(L31<>\"\",L31/$L$32,\"\")","v":164.89326829268293}]
[null,null,null,null,null,"Lagardere",1644,1.6039024390243903,null,"N° of Shares",null,1025]
[null,null,null,null,null,"Multichoice / Other",428,0.41756097560975608,null,"Equity Per Share",null,{"$f":"L31/L32","v":164.89326829268293}]
[null,null,null,null,null,"Prisa",37,3.6097560975609753E-2]
[null,null,null,null,null,"Editis",650,0.63414634146341464]
[null,null,null,null,null,null,null,""]
[null,null,null,null,null,null,null,""]
[null,null,null,null,null,null,null,""]
[null,null,null,null,null,null,null,""]
[null,null,null,null,null,null,null,""]
[null,null,null,null,null,null,null,""]
[null,null,null,null,null,null,null,""]
[null,null,null,null,null,"Value of Stakes",{"$f":"SUM(G27:G42)","v":10853},10.588292682926829]

{"sheet":"FINAL","index":4,"n_rows":15,"n_cols":6,"rows_kept":15,"cut":false,"hidden":false,"merged":[[8,2,8,3]]}
[]
[]
[]
[]
[]
[]
[]
[null,"Final Valuation"]
[null,"Method","Ratio / Weight",null,"Equity Value Per Share","Upside / (Downside"]
[null,"Market Cap",null,null,{"$f":"DCF!$P$3","v":160}]
[]
[null,"(1) Discouted Cash Flows (DCF)",75,{"$f":"C12/SUM($C$12:$C$14)","v":0.75},{"$f":"DCF!$P$4","v":132.43457030746305},{"$f":"DCF!$P$5","v":-0.17228393557835597}]
[null,"(2) Relative Value (RV)",15,{"$f":"C13/SUM($C$12:$C$14)","v":0.15},{"$f":"DCF!$P$3+DCF!$P$3*RV!P3","v":145.42213384418224},{"$f":"RV!$P$3","v":-9.1111663473861029E-2}]
[null,"(3) Sum Of The Parts (SOTP)",10,0.1,{"$f":"SOTP!$N$4","v":164.89326829268293},{"$f":"SOTP!$N$5","v":3.0582926829268331E-2}]
[null,"Final Value",null,1,{"$f":"$D$12*E12+$D$13*E13+$D$14*E14","v":137.62857463649291},{"$f":"$D$12*F12+$D$13*F13+$D$14*F14","v":-0.13982140852191929}]