WACC Workout Full.xlsx

365055740.xlsx Welcome

WACC

This document is fo taining !u!oses onl". #inancial $dge acce!ts no es!onsi%ilit" o lia%ilit" fo an" othe !u!ose o usage. © 2017 #inancial $dge Taining Taining

© 2016

Page 1 of 29

365055740.xlsx &nfo

WACC Workout Information Informati on Features

Model Details

' (alcula)ng W*(( ' $sta%lish cost of de%t

(om!an" name

*+( &nco!oated

,ate

31-,ec-15

' $sta%lish cost of euit"

(uenc"

/,

' elee %eta

/nits

illions

*nal"st ame

#istname astname

(icula itch

0.0

Tab Structure

Formang

Woout &n!ut 8ad coded #omulas

365055740.xlsx &nfo

WACC Workout Information Informati on Features

Model Details

' (alcula)ng W*(( ' $sta%lish cost of de%t

(om!an" name

*+( &nco!oated

,ate

31-,ec-15

' $sta%lish cost of euit"

(uenc"

/,

' elee %eta

/nits

illions

*nal"st ame

#istname astname

(icula itch

0.0

Tab Structure

Formang

Woout &n!ut 8ad coded #omulas

© 2016

Page 2 of 29

365055740.xlsx Woout

Valuation WACC Workout 1 (alculate W*(( fo the %elo com!an". (ost of euit" (ost of de%t

10.0 5.0

Tax ate

25.0

$uit" alue

250.0

,e%t alue

500.0

,e%t : de%t and euit"

66.7

$uit" : de%t and euit"

33.3

W*((

5.;

Workout 2 (alculate W*(( fo the %elo com!an". (ost of euit" (ost of de%t

;.0 4.0

Tax ate

32.0

Po!o)on of euit" to de%t

40.0



Valuation WACC Workout 1 (alculate W*(( fo the %elo com!an". (ost of euit" (ost of de%t

10.0 5.0

Tax ate

25.0

$uit" alue

250.0

,e%t alue

500.0


66.7


33.3

W*((

5.;

Workout 2 (alculate W*(( fo the %elo com!an". (ost of euit"

;.0

(ost of de%t

4.0

Tax ate

32.0

Po!o)on of euit" to de%t

40.0


71.4


2;.6

W*((

4.2

© 2016

Page 3 of 29


Workout 3 (ost of de%t Tax ate

6.0 35.0

(ost of euit"

9.0

(uent de%t

;0.0

(uent cash

10.0

aet ca!itali
150.0

ong tem de%t !ecentage of =nancing

25.0

ong tem euit" !ecentage of =nancing

75.0

W*((

7.7

Workout 4 (alculate the cost of euit" fo the %elo com!an". +eta

1.5

is fee inteest ate

1.5

aet is !emium

7.0

Tax ate

2;.0

eeage a)o

150.0

(ost of euit"

12.0

Workout 5 (alculate the W*(( fo the %elo com!an". Ten "ea goenment %ond $s)mated euit" is !emium

2.0


Workout 3 (ost of de%t Tax ate

6.0 35.0

(ost of euit"

9.0

(uent de%t

;0.0

(uent cash

10.0

aet ca!itali
150.0

ong tem de%t !ecentage of =nancing

25.0

ong tem euit" !ecentage of =nancing

75.0

W*((

7.7

Workout 4 (alculate the cost of euit" fo the %elo com!an". +eta is fee inteest ate aet is !emium Tax ate

1.5 1.5 7.0 2;.0

eeage a)o

150.0

(ost of euit"

12.0

Workout 5 (alculate the W*(( fo the %elo com!an". Ten "ea goenment %ond

2.0

$s)mated euit" is !emium

6.0

+eta (ost of de%t Tax ate

1.1 5.0 25.0

© 2016

Page 4 of 29


Pecentage euit" in taget ca!ital stuctue

70.0

Pecentage de%t in taget c a!ital stuctue

30.0

(ost of euit"

;.6

(ost of de%t a>e tax

3.;

Weighted aeage cost of ca!ital

7.1

Workout 6 /sing the folloing infoma)on calculate the com!an"?s eighted aeage cost of c a!ital. Ten "ea goenment %ond

2.0


7.0

+eta $xis)ng cost of de%t (ost of de%t ith taget ca!ital stuctue

1.7 7.0 5.0

Tax ate

25.0

Pecentage euit" in exis)ng ca!ital stuctue

40.0

Pecentage de%t in exis)ng ca!ital stuctue

60.0


60.0


40.0

/nleeed %eta eleeed %eta (ost of de%t a>e tax in taget ca!. stuctue (ost of euit" in taget ca!ital stuctue Weighted aeage cost of ca!ital

0.; 1.2 3.; 10.4



70.0


30.0

(ost of euit"

;.6

(ost of de%t a>e tax

3.;


7.1

Workout 6 /sing the folloing infoma)on calculate the com!an"?s eighted aeage cost of c a!ital. Ten "ea goenment %ond

2.0


7.0

+eta

1.7

$xis)ng cost of de%t

7.0

(ost of de%t ith taget ca!ital stuctue

5.0

Tax ate

25.0

Pecentage euit" in exis)ng ca!ital stuctue

40.0

Pecentage de%t in exis)ng ca!ital stuctue

60.0


60.0


40.0

/nleeed %eta

0.;

eleeed %eta

1.2

(ost of de%t a>e tax in taget ca!. stuctue

3.;

(ost of euit" in taget ca!ital stuctue

10.4


7.7

Workout 7 (alculate W*(( fo the %elo com!an".

© 2016

Page 5 of 29


/nleeed +eta

1.0

is fee ate

3.5


4.0

(o!oate %ond s!ead oe is fee ate fo com!an" ith com!aa%le cedit a)ng

2.0

#ull" diluted num%e of shaes outstanding

[email protected]

(uent shae !ice

1.6

+oo alue of outstanding de%t

;00.0

aet alue of outstanding de%t

;25.0

Tax ate

35.0

aet alue euit"

[email protected]

eeed %eta

eeed +eta A /nleeed

1.3

(ost of euit"

;.6

(ost of de%t

5.5

aet alue of de%t D euit"

/nleeed +eta Aeeed +

[email protected]

W*((

7.1

Workout  (alculate indust" %eta fo the folloing gou! of com!anies. (om!an" name

+eta

,e%t 

$uit" 

Tax ate

/nleeed %eta

(om!an" *

1.10

25

75

30.0

0.;9


(om!an" +

1.15

29

71

32.0

0.90


(om!an" (

1.02

32

6;

35.0

0.7;

(om!an" ,

1.32

41

59

37.0

0.92

(om!an" $

1.40

50

50

2;.0

0.;1


/nleeed +eta

1.0

is fee ate

3.5


4.0

(o!oate %ond s!ead oe is fee ate fo com!an" ith com!aa%le cedit a)ng

2.0

#ull" diluted num%e of shaes outstanding

[email protected]

(uent shae !ice

1.6

+oo alue of outstanding de%t

;00.0

aet alue of outstanding de%t

;25.0

Tax ate

35.0

aet alue euit"

[email protected]

eeed %eta


1.3

(ost of euit"


;.6

(ost of de%t

5.5

aet alue of de%t D euit"

[email protected]

W*((

7.1

Workout  (alculate indust" %eta fo the folloing gou! of com!anies. (om!an" name

+eta

,e%t 

$uit" 

Tax ate

/nleeed %eta

(om!an" *

1.10

25

75

30.0

0.;9


(om!an" +

1.15

29

71

32.0

0.90


(om!an" (

1.02

32

6;

35.0

0.7;

(om!an" ,

1.32

41

59

37.0

0.92

(om!an" $

1.40

50

50

2;.0

0.;1

*eage indust" %eta

0.;6

Workout !

© 2016

Page 6 of 29


(alculate +eta fo /niision@ g ien the indust" data %elo. aginal tax ate fo all com!anies

35.0 +eta

aet ca! Total de%t

/nleeed %eta

Walt ,isne"

1.4

[email protected]

[email protected]

1.3

Time Wane

1.2

[email protected]

[email protected]

1.0

21st (entu" #ox

1.3

[email protected]

[email protected]

1.1

(+ Fiacom

1.;

24@;10.6

;@44;.0

1.5

1.3

[email protected]

12@2;5.0

0.;

,iscoe" (ommunica)ons

1.5

[email protected]

[email protected]

1.0

ci!!s etos

1.2

6@096.;

[email protected]

0.9

&ndust" aeage %eta

eeed +eta A /nleeed /nleeed +eta Aeeed +

1.1

/niision taget euit"

;0.0

/niision taget de%t

20.0

/niision unleeed %eta

1.1

/niision leeed %eta

1.3

Workout 1" (alculate &+s %eta esus the GP500 fo t he last "ea@ using the !ice histo" %elo.

Ho to I$xcel Whe it sa"s I

,ate

Pice & +-/

Pice

etun

etun

P50

&+-/

P50

&n the %ox th Ho to Idata a

03-a"-2016

143.5

2@0;1.4

C1.2E

0.0

&n the %ox th

02-a"-2016

145. 3

2@0;1.4

C0.5E

0.;

Whee it sa"s

29-*!-2016

145.9

[email protected]

C0.;E

C0.5E

Whee it sa"s

2;-*!-2016

147.1

2@075.;

C2.3E

C0.9E

Tic %ox to sh

27-*!-2016 26-*!-2016

150.5

[email protected]

0.9

0.2

*dd tendlin


(alculate +eta fo /niision@ g ien the indust" data %elo. aginal tax ate fo all com!anies

35.0 +eta

aet ca! Total de%t

/nleeed %eta

Walt ,isne"

1.4

[email protected]

[email protected]

1.3

Time Wane

1.2

[email protected]

[email protected]

1.0

21st (entu" #ox

1.3 1.;

[email protected] 24@;10.6

[email protected] ;@44;.0

1.1 1.5

12@2;5.0

0.;

(+ Fiacom

1.3

[email protected]

,iscoe" (ommunica)ons

1.5

[email protected]

[email protected]

1.0

ci!!s etos

1.2

6@096.;

[email protected]

0.9

&ndust" aeage %eta

eeed +eta A /nleeed /nleeed +eta Aeeed +

1.1

/niision taget euit"

;0.0

/niision taget de%t

20.0

/niision unleeed %eta

1.1

/niision leeed %eta

1.3

Workout 1" (alculate &+s %eta esus the GP500 fo t he last "ea@ using the !ice histo" %elo.

Ho to I$xcel Whe it sa"s I

,ate

Pice

Pice

etun

etun

&n the %ox th

& +-/

P50

&+-/

P50

Ho to Idata a

03-a"-2016

143.5

2@0;1.4

C1.2E

02-a"-2016

145. 3

2@0;1.4

29-*!-2016

145.9

[email protected]

2;-*!-2016

147.1

27-*!-2016 26-*!-2016

0.0

&n the %ox th

C0.5E

0.;

Whee it sa"s

C0.;E

C0.5E

Whee it sa"s

2@075.;

C2.3E

C0.9E

Tic %ox to sh

150.5

[email protected]

0.9

0.2

*dd tendlin

149.1

[email protected]

0.2

0.2

Lnce a tendl

25-*!-2016

14;.;

2@0;7.;

0.2

C0.2E

Jou can no

22-*!-2016

14;.5

[email protected]

C0.5E

0.0

21-*!-2016

149.3

[email protected]

2.2

C0.5E

© 2016

Page 7 of 29


20-*!-2016

146.1

[email protected]

1.5

19-*!-2016

144.0

2@100.;

C5.6E

0.3

1;-*!-2016

152.5

[email protected]

0.5

0.7

15-*!-2016

151.7

2@0;0.7

0.4

C0.1E

14-*!-2016

151.2

2@0;2.;

C0.0E

0.0

13-*!-2016

151.2

2@0;2.4

1.1

1.0

12-*!-2016

149.6

[email protected]

0.3

1.0

11-*!-2016

149.3

[email protected]

C0.1E

C0.3E

0;-*!-2016

149.4

[email protected]

0.7

0.3

07-*!-2016

14;.3

[email protected]

C1.2E

C1.2E

06-*!-2016

150.0

[email protected]

0.0

1.1

05-*!-2016

150.0

[email protected]

C1.4E

C1.0E

04-*!-2016

152.1

[email protected]

C0.3E

C0.3E

01-*!-2016

152.5

2@072.;

0.7

0.6

31-a-2016

151.5

[email protected]

2.0

C0.2E

30-a-2016

14;.4

[email protected]

C0.6E

0.4

29-a-2016

149.3

[email protected]

0.6

0.9

2;-a-2016

14;.4

[email protected]

0.3

0.1

24-a-2016

14;.0

[email protected]

1.;

C0.0E

23-a-2016

145.4

[email protected]

C1.;E

C0.6E

22-a-2016

14;.1

2@049.;

C0.4E

C0.1E

21-a-2016

14;.6

[email protected]

1.0

0.1

1;-a-2016

147.1

[email protected]

0.0

0.4

17-a-2016

147.0

[email protected]

1.6

0.7

16-a-2016

144.;

[email protected]

1.3

0.6

15-a-2016

143.0

[email protected]

0.1

C0.2E

14-a-2016

142.;

[email protected]

0.3

C0.1E

11-a-2016

142.4

[email protected]

1.5

1.6

10-a-2016

0.1


20-*!-2016

146.1

[email protected]

1.5

19-*!-2016

144.0

2@100.;

C5.6E

0.3

1;-*!-2016

152.5

[email protected]

0.5

0.7

15-*!-2016

151.7

2@0;0.7

0.4

C0.1E

14-*!-2016

151.2

2@0;2.;

C0.0E

0.0

13-*!-2016

151.2

2@0;2.4

1.1

1.0

12-*!-2016

149.6

[email protected]

0.3

1.0

11-*!-2016

149.3

[email protected]

C0.1E

C0.3E

0;-*!-2016

149.4

[email protected]

0.7

0.3

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04-a-2016

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0.0

0.3

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131.0

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26-#e%-2016

132.0

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25-#e%-2016

134.5

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1.3

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Page 9 of 29


19-Man-2016

12;.1

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15-Man-2016

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0.;

11-Man-2016

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1.2

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131.6

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C0.9E

C1.1E

07-Man-2016

132.9

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C2.4E

06-Man-2016

135.2

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C1.3E

05-Man-2016

135.9

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0.2

04-Man-2016

136.0

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C1.2E

C1.5E

31-,ec-2015

137.6

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C0.9E

30-,ec-2015

139.3

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24-,ec-2015

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1.2

22-,ec-2015

137.9

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135.5

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0.4

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139.3

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1.4

1.1

14-,ec-2015

135.9

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11-,ec-2015

134.6

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C1.9E

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0.1

0.2

09-,ec-2015

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0.;

11-Man-2016

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0;-Man-2016

131.6

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07-Man-2016

132.9

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06-Man-2016

135.2

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05-Man-2016

135.9

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04-Man-2016

136.0

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C1.5E

31-,ec-2015

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C0.9E

30-,ec-2015

139.3

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24-,ec-2015

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C0.2E

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1.2

22-,ec-2015

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135.5

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0.4

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C1.4E

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139.3

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1.4

1.1

14-,ec-2015

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11-,ec-2015

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C1.9E

10-,ec-2015

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0.1

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04-,ec-2015

140.4

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1.1

2.1

03-,ec-2015

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C0.6E

C1.4E

02-,ec-2015

139.7

[email protected]

C1.1E

C1.1E

© 2016

Page 10 of 29


01-,ec-2015

141.3

[email protected]

1.3

1.1

30-o-2015

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16-o-2015

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1.5

13-o-2015

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C1.0E

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12-o-2015

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11-o-2015

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05-o-2015

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C1.2E

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04-o-2015

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03-o-2015

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02-o-2015

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29-Lct-2015

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2.2

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27-Lct-2015

137.9

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26-Lct-2015

143.7

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C0.2E

23-Lct-2015

144.7

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0.4

1.1

22-Lct-2015

144.1

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2.2

1.7

21-Lct-2015


01-,ec-2015

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1.3

1.1

30-o-2015

139.4

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0.7

C0.5E

27-o-2015

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25-o-2015

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16-o-2015

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C1.0E

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11-o-2015

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C0.3E

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05-o-2015

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04-o-2015

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03-o-2015

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02-o-2015

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0.2

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30-Lct-2015

140.1

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C0.3E

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29-Lct-2015

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2.2

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27-Lct-2015

137.9

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C4.0E

C0.3E

26-Lct-2015

143.7

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C0.7E

C0.2E

23-Lct-2015

144.7

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0.4

1.1

22-Lct-2015

144.1

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2.2

1.7

21-Lct-2015

140.9

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19-Lct-2015

149.2

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C0.;E

0.0

16-Lct-2015

150.4

[email protected]

0.2

0.5

© 2016

Page 11 of 29


15-Lct-2015

150.1

[email protected]

14-Lct-2015

150.0

13-Lct-2015

149.6

12-Lct-2015

0.1

1.5

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0.3

C0.5E

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C1.0E

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151.1

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09-Lct-2015

152.4

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0.1

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31-*ug-2015

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153.9

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16-Mul-2015

171.0

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15-Mul-2015

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10-Mul-2015

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09-Mul-2015

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Page 14 of 29


01-Mun-2015

170.2

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0.3

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29-a"-2015

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07-a"-2015

171.0

2@0;;.0

0.6

0.4

06-a"-2015

170.1

2@0;0.1

C1.;E

C0.4E

05-a"-2015

173.1

2@0;9.5

C0.5E

C1.2E

04-a"-2015

174.0

[email protected]

0.2

0.3

01-a"-2015

173.7

2@10;.3

#nd

© 2016

Page 15 of 29


eta BC1DC1-Tax ateEBC,:$EE eta :C1DC1-Tax ateEBC,:$EE





© 2016

Page 16 of 29



!)onsI and go to the add-ins ta%. anageI choose $xcel *dd-ins and clic Ho. t a!!ea@ )c I*nal"sis tool !aI. nal"sisI on the data i%%on. t a!!eas clic on egession and clic o. Iin!ut J angeI select the c ells giing the &+ !ecentage etuns Iin!ut K angeI select the c ells giing the PK !ecentage etuns o ga!h o Iline =t !lotsI %" ight clicing on the oange !edicted !lots on the ga!h Cthe" should %e in a staight lineE@ and clic Iadd tendlineI. L clic on the ga!h@ go to the desig



!)onsI and go to the add-ins ta%. anageI choose $xcel *dd-ins and clic Ho. t a!!ea@ )c I*nal"sis tool !aI. nal"sisI on the data i%%on. t a!!eas clic on egession and clic o. Iin!ut J angeI select the c ells giing the &+ !ecentage etuns Iin!ut K angeI select the c ells giing the PK !ecentage etuns o ga!h o Iline =t !lotsI %" ight clicing on the oange !edicted !lots on the ga!h Cthe" should %e in a staight lineE@ and clic Iadd tendlineI. L clic on the ga!h@ go to the desig ine is added@ on the ight hand side of the sceen Itendline o!)onsI a!!eas. (lic on Idis!la" eua)on on chatI. see the %eta as 0.9103

© 2016

Page 17 of 29


i%%on@ add chat element@ add tendline


i%%on@ add chat element@ add tendline

© 2016

Page 1; of 29

/*J L/TP/T Regression Stascs

ul)!le 

0.7

 uae

0.4

*dNusted

0.4

tandad

0.0

L%sea)

253.0

*LF* df

egessio

SS

MS

F

1.0

0.0

0.0

esidual

251.0

0.0

0.0

Total

252.0

0.1

Coecients ndard Err

t Stat

gnicance F

196.1

P-value

0.0

ower 95 ""er 95 wer 95#$ ""er 95#$

&ntece!t

C0.0E

0.0

C1.0E

0.3

C0.0E

0.0

C0.0E

0.0

K Faia%le

0.9

0.1

14.0

0.0

0.;

1.0

0.;

1.0

(

/*J L/TP/T Regression Stascs

ul)!le 

0.7

 uae

0.4

*dNusted

0.4

tandad

0.0

L%sea)

253.0

*LF* df

egessio

SS

MS

F

1.0

0.0

0.0

esidual

251.0

0.0

0.0

Total

252.0

0.1

Coecients ndard Err

t Stat

gnicance F

196.1

P-value

0.0

ower 95 ""er 95 wer 95#$ ""er 95#$

&ntece!t

C0.0E

0.0

C1.0E

0.3

C0.0E

0.0

C0.0E

0.0

K Faia%le

0.9

0.1

14.0

0.0

0.;

1.0

0.;

1.0

$&,/* L/TP/T &servao redicted ' Residuals

1.0

C0.0E

C0.0E

2.0 3.0

0.0 C0.0E

C0.0E C0.0E

4.0

C0.0E

C0.0E

5.0

0.0

0.0

6.0

0.0

0.0

7.0

C0.0E

0.0

;.0

C0.0E

C0.0E

9.0

C0.0E

0.0

10.0

0.0

0.0

11.0

0.0

C0.1E

12.0

0.0

0.0

13.0

C0.0E

0.0

14.0

C0.0E

0.0

15.0

0.0

0.0

16.0

0.0

C0.0E

17.0

C0.0E

0.0

1;.0

0.0

0.0

19.0

C0.0E

C0.0E

20.0

0.0

C0.0E

21.0

C0.0E

C0.0E

(

22.0

C0.0E

0.0

23.0

0.0

0.0

24.0

C0.0E

0.0

25.0

0.0

C0.0E

26.0

0.0

C0.0E

27.0

C0.0E

0.0

2;.0

C0.0E

0.0

29.0

C0.0E

C0.0E

30.0

C0.0E

C0.0E

31.0

0.0

0.0

32.0

0.0

C0.0E

33.0

0.0

0.0

34.0

0.0

0.0

35.0

C0.0E

0.0

36.0

C0.0E

0.0

37.0

0.0

0.0

3;.0

C0.0E

C0.0E

39.0

0.0

0.0

40.0

C0.0E

0.0

41.0

0.0

0.0

42.0

0.0

C0.0E

43.0

0.0

0.0

44.0

0.0

0.0

45.0

0.0

0.0

46.0

C0.0E

0.0

47.0

C0.0E

C0.0E

4;.0

0.0

0.0

49.0

0.0

C0.0E

50.0

C0.0E

0.0

51.0

0.0

C0.0E

52.0

C0.0E

0.0

53.0

C0.0E

0.1

54.0

0.0

0.0

55.0 56.0

0.0 0.0

C0.0E 0.0

57.0

C0.0E

C0.0E

5;.0

C0.0E

C0.0E

59.0

C0.0E

C0.0E

60.0

C0.0E

0.0

61.0

C0.0E

0.0

62.0

0.0

0.0

63.0

0.0

0.0

64.0

C0.0E

0.0

65.0

C0.0E

0.0

66.0

0.0

C0.0E

67.0

0.0

0.0

6;.0

C0.0E

C0.0E

69.0

0.0

C0.0E

70.0

C0.0E

0.0

71.0

0.0

C0.0E

72.0

0.0

0.0

73.0

C0.0E

C0.0E

74.0

C0.0E

C0.0E

75.0

C0.0E

C0.0E

76.0

0.0

C0.0E

77.0

C0.0E

0.0

7;.0

0.0

C0.0E

79.0

0.0

0.0

;0.0

C0.0E

0.0

;1.0

C0.0E

0.0

;2.0

C0.0E

0.0

;3.0

0.0

C0.0E

;4.0

C0.0E

0.0

;5.0

C0.0E

C0.0E

;6.0

C0.0E

0.0

;7.0

0.0

0.0

;;.0

C0.0E

C0.0E

;9.0

C0.0E

0.0

90.0

0.0

C0.0E

91.0

0.0

0.0

92.0

0.0

C0.0E

93.0

C0.0E

0.0

94.0

C0.0E

C0.0E

95.0

0.0

C0.0E

96.0

0.0

0.0

97.0

0.0

0.0

9;.0

C0.0E

0.0

99.0

0.0

C0.0E

100.0 101.0

C0.0E C0.0E

C0.0E C0.0E

102.0

C0.0E

0.0

103.0

0.0

C0.0E

104.0

C0.0E

0.0

105.0

C0.0E

C0.0E

106.0

0.0

0.0

107.0

C0.0E

0.0

10;.0

C0.0E

0.0

109.0

C0.0E

C0.0E

110.0

0.0

0.0

111.0

C0.0E

0.0

112.0

0.0

0.0

113.0

C0.0E

0.0

114.0

0.0

0.0

115.0

C0.0E

0.0

116.0

0.0

0.0

117.0

C0.0E

0.0

11;.0

C0.0E

C0.0E

119.0

C0.0E

0.0

120.0

0.0

0.0

121.0

C0.0E

C0.0E

122.0

C0.0E

C0.0E

123.0

C0.0E

C0.0E

124.0

C0.0E

0.0

125.0

0.0

0.0

126.0

0.0

C0.0E

127.0

C0.0E

0.0

12;.0

C0.0E

C0.0E

129.0

0.0

0.0

130.0

C0.0E

C0.0E

131.0

C0.0E

C0.0E

132.0

0.0

C0.0E

133.0

0.0

0.0

134.0

C0.0E

0.0

135.0

C0.0E

C0.1E

136.0

C0.0E

C0.0E

137.0

0.0

C0.0E

13;.0

0.0

C0.0E

139.0

C0.0E

0.0

140.0

C0.0E

C0.0E

141.0

0.0

C0.0E

142.0

0.0

0.0

143.0

0.0

0.0

144.0

0.0

0.0

145.0 146.0

C0.0E 0.0

0.0 0.0

147.0

0.0

C0.0E

14;.0

0.0

C0.0E

149.0

0.0

0.0

150.0

0.0

C0.0E

151.0

C0.0E

0.0

152.0

C0.0E

0.0

153.0

C0.0E

0.0

154.0

C0.0E

C0.0E

155.0

C0.0E

C0.0E

156.0

0.0

0.0

157.0

C0.0E

C0.0E

15;.0

C0.0E

0.0

159.0

0.0

C0.0E

160.0

0.0

0.0

161.0

C0.0E

C0.0E

162.0

0.0

0.0

163.0

0.0

0.0

164.0

C0.0E

C0.0E

165.0

0.0

0.0

166.0

C0.0E

C0.0E

167.0

0.0

0.0

16;.0

0.0

0.0

169.0

C0.0E

C0.0E

170.0

C0.0E

0.0

171.0

C0.0E

C0.0E

172.0

0.0

C0.0E

173.0

0.0

0.0

174.0

C0.0E

C0.0E

175.0

C0.0E

0.0

176.0

C0.0E

0.0

177.0

C0.0E

0.0

17;.0

C0.0E

C0.0E

179.0

C0.0E

0.0

1;0.0

0.0

C0.0E

1;1.0

0.0

0.0

1;2.0

C0.0E

C0.0E

1;3.0

0.0

0.0

1;4.0

C0.0E

0.0

1;5.0

0.0

C0.0E

1;6.0

C0.0E

C0.0E

1;7.0

C0.0E

C0.0E

1;;.0

0.0

C0.0E

1;9.0

C0.0E

C0.0E

190.0 191.0

C0.0E C0.0E

C0.0E 0.0

192.0

C0.0E

C0.0E

193.0

0.0

0.0

194.0

0.0

C0.0E

195.0

C0.0E

0.0

196.0

C0.0E

C0.0E

197.0

C0.0E

0.0

19;.0

C0.0E

C0.0E

199.0

C0.0E

C0.1E

200.0

0.0

0.0

201.0

0.0

0.0

202.0

0.0

0.0

203.0

C0.0E

0.0

204.0

0.0

C0.0E

205.0

0.0

0.0

206.0

0.0

0.0

207.0

0.0

0.0

20;.0

C0.0E

0.0

209.0

0.0

C0.0E

210.0

C0.0E

0.0

211.0

C0.0E

0.0

212.0

0.0

0.0

213.0

0.0

C0.0E

214.0

C0.0E

0.0

215.0

C0.0E

C0.0E

216.0

C0.0E

C0.0E

217.0

C0.0E

C0.0E

21;.0

C0.0E

0.0

219.0

0.0

C0.0E

220.0

C0.0E

C0.0E

221.0

0.0

C0.0E

222.0

0.0

0.0

223.0

0.0

C0.0E

224.0

C0.0E

0.0

225.0

C0.0E

C0.0E

226.0

0.0

C0.0E

227.0

0.0

0.0

22;.0

C0.0E

0.0

229.0

C0.0E

C0.0E

230.0

C0.0E

C0.0E

231.0

C0.0E

C0.0E

232.0

0.0

0.0

233.0

C0.0E

C0.0E

234.0

0.0

0.0

235.0 236.0

C0.0E C0.0E

C0.0E 0.0

237.0

0.0

0.0

23;.0

C0.0E

C0.0E

239.0

C0.0E

C0.0E

240.0

0.0

C0.0E

241.0

C0.0E

0.0

242.0

C0.0E

0.0

243.0

0.0

C0.0E

244.0

0.0

C0.0E

245.0

0.0

0.0

246.0

C0.0E

0.0

247.0

C0.0E

0.0

24;.0

C0.0E

C0.0E

249.0

0.0

C0.0E

250.0

0.0

0.0

251.0

C0.0E

C0.0E

252.0

C0.0E

0.0

253.0

0.0

C0.0E

$ %ariable 1 &ine Fit 'lot 6.0

4.0 fCxE A 0.910333;161x - 0.00065357;7

2.0

C5.0E

C4.0E

C3.0E

C2.0E

0.0 C1.0E 0.0

C2.0E

C4.0E

C6.0E

C;.0E $ %ariable 1

1.0

2.0

3.0

4.0

5.0

J P i

edicted J ea CPedicted JE

WACC Workout Full.xlsx

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