Saudi Cement Financial Model
Originally published: 14/10/2016 16:02
Last version published: 16/10/2018 09:57
Publication number: ELQ-39331-3
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Saudi Cement Financial Model

This model shows that you can make a reasonable simple model from the data in TAWDAL

Includes Downloading from Website and Historic Analysis

Items in this model:
1. Standard read of financial statements. Can read from website
2. Switches for history and for projection in the financial model page -- key to making the model flexible. Use TRUE/FALSE switches
3. Conditional Formatting by using formula option and TRUE/FALSE switch
4. Assumptions from history with flexible options for putting in data that varies over time with the INDEX function
5. Conditional Formatting to show row when using the INDEX function -- Compare scenario number selected to the scenario number on the left
6. Use code number for time series inputs where variables change from period to period -- see the sales growth assumption
7. Use the historic switch with the closing balances to transfer between hisory and forecast -- see the depreciation, debt and equity balances
8. In making the financial statements, pull numbers from other places with calculations made.
9. Make the pre-tax cash flow calculations transparent
10. Use SUMIF to make test of history
11. Include the valuation parameters below the financing assumptions. Use the spinner box in two parts to make sensitivity
12. In construction of balance sheet, all accounts should from prior numbers in the sheet above

Valuation Features:
1. Use alternative explicit periods and stable periods with TRUE/FALSE switches at the top of the model
2. Use alternative terminal value approaches - Growth or EV/EBITDA
3. Create Spinner boxes. Use sheet-sheet and two stage approach
4. Normalize Cash Flow wih adjustments for each of the components
5. Normalize for Stable ROIC using ROIC x Inv Cap = NOPAT and NOPAT = EBIT/(1-t) and EBITDA = EBIT + Dep

- Financial Model Example 1 (6 minutes)

This Model & Associated Videos are linked to Ed's book, Chapter 4, page 25, which you can find also attached.

=> Ed Bodmer, 2016,

This Best Practice includes
1 Excel Model, 1 Illustrative Video, File to Chapter 4

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