Downloads of company models

Below are downloadable, Excel spreadsheets of the company models used in Company valuation under IFRS.

	Bank - Commerzbank
	This model is based on IFRS accounts. It produces five year forecasts for and a valuation of a commercial bank, with a DuPont analysis and the implied cost/income. An estimate of economic capital is used to set target capital ratios, and the cost of capital is adjusted accordingly. Discounted cash flow and residual income valuations are reconciled.
	Exploration and production - Exxon
	This model is based on SEC reporting requirements. It produces five year forecasts of both oil and gas reserve replacement and financial accounts for an upstream oil business. The operational drivers include a production profile and projected finding and development costs. Fair value accounting is used to calculate economic returns on capital employed.
	Growth company - Skylark
	This model produces five year forecasts and a valuation for a growth company. Details include treatment of tax losses in the early years and capitalisation of intangible assets to determine realistic projected returns on capital employed. The residual income valuation routine has a time-varying discount rate to reflect falling risk as the company matures.
	Industrial company - Metro
	This model is based on IFRS accounts, and produced five year forecasts. It has separate pages devoted to the modelling of operating profits, fixed assets, working capital, financing structure, and a Dupont performance analysis. Discounted cash flow and economic profit models are devised to permit either unchanging or time varying discount rates, and synergy benefits may be added to value the company as a target for corporate acquisition.
	Insurance company - Sundance
	This models the operations of a general insurance business. Written, retained and earned premiums are projected for each business line, as are loss and expense ratios. Investment returns are modelled by asset class. Outputs include consolidated profit and loss, balance sheet and reserve statements. Discounted cash flow and residual income valuations are reconciled.
	Life insurance company - L&G
	This model is based on Achieved Profit accounts, and it values the business as the sum of the embedded value of its in force policies and the present value of expected new business. Sensitivity analysis permits updating of the value of investments, and alteration of assumed contributions from new business.
	Merger model - WalMart/Metro
	This model generates five year consolidated forecast accounts for a putative acquisition of one company by another. Synergy benefits and the contributions from each company are identified separately in the output. The model permits analysis of the acquisition on the bidder's prospective earnings per share and balance sheet for different financing structures.
	Risk model - Vivendi
	This model permits the allocation of value in a risky company between the owners of its debt and its equity. It uses volatilities of and correlations between market values of the two forms of capital to determine the inputs to a Black Scholes model of the equity, with the par value of the debt representing the exercise price and either an independent value or the market value of the enterprise representing the market price of the underlying assets.