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Step-by-step Excel Guide

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11. Estimates, income statement 2005 ->

The following estimate parameters are used in estimating full-year income statement in long-term:
Net sales growth %
EBIT %
Depreciation / Fixed assets %
Interest expenses (% or abs.)
Financial income %
Tax rate %
Goodwill amortization

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Terminal growth

Please notice that there is no separate terminal year growth rate in the model. The latest estimate year net sales growth is used when the model calculates terminal year cash flow (in DCF valuation) and NOPLAT, capital invested and EVA (in EVA valuation).

General instructions

Estimating long-term growth and profitability
What is important in analysis to try to estimate?

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