{"text_format":"3","workbook":"xlsx","n_sheets":8,"sheets":["Instructions","Simple Comparables","Scorecard Valuation","Earnings Multiple ","Berkus","Risk Factor Summation ","DCF","Book Value"],"not_rendered":{"images":2},"read":"whole","date_system":"1900"}

{"sheet":"Instructions","index":0,"n_rows":17,"n_cols":7,"rows_kept":17,"merged":[[2,3,3,7]]}
[]
[]
[{"$nulls":3},"This sheet is provided on an 'as is' basis. It may contain calculation issues and may not be a perfect fit for your use case.  "]
[]
[]
[]
["Instructions"]
["Step 1: Use any of the formulas in the following worksheets to value your startup"]
["Step 2: List the assumptions you want to create scenarios for"]
["Step 3: Copy and paste the list of assumptions by the number of scenarios you wish to have"]
["It is recommended to have at least three: 1. Base case, 2. Worst or Low case, 3. Best or High case"]
["Step 4: Fill in all details of each scenario, the variables you should adjust are ",{"$nulls":5},"highlighted in yellow"]
["Step 5: Ensure the layout of all three scenarios is identical then calculate and compare"]
[]
[]
[]
["© Activate Ventures LLP 2021-2023"]

{"sheet":"Simple Comparables","index":1,"n_rows":37,"n_cols":7,"rows_kept":37,"merged":[[0,2,0,6],[6,0,6,6],[15,4,16,6],[36,2,37,6]]}
["Insert Your Company Logo Here",null,"Insert Your Company Name"]
[]
[{"$nulls":4},"``"]
["Instructions"]
["Step 1: Find the sales run rate and valuation for a company that is comparable to your company in terms of business category and geographical region"]
["Step 2: From your financial model insert your run rate sales at the end of 3 years"]
["Step 3: Esimate a Discount/Risk factor -- this is a % by which you reduce your valuation due to the risks that you will not make your sales estimates, or even still be in business in 3 years"]
[]
["Category"]
["Business type",null,"Chose industry (eg SAAS)"]
["Geographical region",null,"UK"]
[]
[]
["Comparable Company Data"]
["Valuation of comparable company in your geographical region",null,{"v":9000000,"d":"£9,000,000"}]
["Sales of comparable company in your geographical region",null,{"v":3000000,"d":"£3,000,000"},null,"Pre-Money Valuation is the value of your company BEFORE funding"]
[" Valuation/sales multiple",null,{"$f":"C15/C16","v":3}]
[]
[{"$f":"$C$1&\" - Base case\"","v":"Insert Your Company Name - Base case"},null,"Target Startup",null,"Simple Comparables Method"]
["Run rate after 3 year sales ",null,{"v":1000000,"d":"£1,000,000"}]
["Discount/Risk factor",null,{"v":0.5,"d":"50%"},null,"Pre-Money Valuation",null,{"$f":"C20*C$17*C21","v":{"v":1500000,"d":"£1,500,000"}}]
[]
[]
[{"$f":"$C$1&\" - Low case\"","v":"Insert Your Company Name - Low case"},null,"Target Startup",null,"Simple Comparables Method"]
["Run rate after 3 year sales ",null,{"v":500000,"d":"£500,000"}]
["Discount/Risk factor",null,{"v":0.5,"d":"50%"},null,"Pre-Money Valuation",null,{"$f":"C25*C$17*C26","v":{"v":750000,"d":"£750,000"}}]
[]
[]
[{"$f":"$C$1&\" - High case\"","v":"Insert Your Company Name - High case"},null,"Target Startup",null,"Simple Comparables Method"]
["Run rate after 3 year sales ",null,{"v":1500000,"d":"£1,500,000"}]
["Discount/Risk factor",null,{"v":0.5,"d":"50%"},null,"Pre-Money Valuation",null,{"$f":"C30*C$17*C31","v":{"v":2250000,"d":"£2,250,000"}}]
[]
[]
[]
["This sheet is provided on an 'as is' basis.  It may contain calculation issues and may not be a perfect fit for your use case."]
[]
[null,null,"This financial model is powered by Activate Ventures LLP (www.activateventures.co.uk)"]

{"sheet":"Scorecard Valuation","index":2,"n_rows":65,"n_cols":9,"rows_kept":65,"merged":[[0,2,0,8],[5,0,5,8],[14,6,15,8],[64,2,65,6]]}
["Insert Your Company Logo Here",null,"Insert Your Company Name"]
[]
[]
["Instructions"]
["Step 1: Determine average pre-money valuation of the pre-revenue companies in your business category and geographical region"]
["Step 2: Compare your startup to your perception of similar companies with deals done in your category, considering the below factors, e.g. if your believe your team is much stronger than the comparable company which has a valuation, enter 150%"]
["Fill out the details about your startup considering 100 % as the norm"]
[]
["Category"]
["Business type",null,"Choose industry"]
["Geographical region",null,"UK"]
[]
[]
["Assumptions- Base Case"]
["Average pre-money valuation of a comparable company in the region",null,{"v":1000000,"d":"£1,000,000"},{"$nulls":3},"Pre-Money Valuation is the value of your company BEFORE funding"]
[]
[]
["Comparison Factor",null,"Range","Your Startup","Factor",null,"Scorecard Method"]
["Strength of Entrepreneur and Team",null,"0-30 %",{"v":1.5,"d":"150%"},{"$f":"0.3*D19","v":{"v":0.44999999999999996,"d":"0.450"}}]
["Size of the Opportunity",null,"0-25 %",{"v":1.25,"d":"125%"},{"$f":"0.25*D20","v":{"v":0.3125,"d":"0.313"}},null,"Pre-Money Valuation",null,{"$f":"C15*E27","v":{"v":1107500.0000000002,"d":"£1,107,500"}}]
["Product/Technology",null,"0-15 %",{"v":0.8,"d":"80%"},{"$f":"0.15*D21","v":{"v":0.12,"d":"0.120"}}]
["Competitive Environment",null,"0-10 %",{"v":0.5,"d":"50%"},{"$f":"0.1*D22","v":{"v":0.05,"d":"0.050"}}]
["Marketing/Sales/Partnerships",null,"0-10 %",{"v":0.75,"d":"75%"},{"v":0.07500000000000001,"d":"0.075"}]
["Need for Additional Investment",null,"0-5 %",{"v":1,"d":"100%"},{"$f":"0.05*D24","v":{"v":0.05,"d":"0.050"}}]
["Other factors (great early customer feedback)",null,"0-5 %",{"v":1,"d":"100%"},{"v":0.05,"d":"0.050"}]
[]
["Sum",{"$nulls":3},{"$f":"SUM(E19:E25)","v":{"v":1.1075000000000002,"d":"1.108"}}]
[]
[]
["Assumptions- Low Case"]
["Average pre-money valuation in the region",null,{"v":1000000,"d":"£1,000,000"}]
[]
[]
["Comparison Factor",null,"Range","Your Startup","Factor",null,"Scorecard Method"]
["Strength of Entrepreneur and Team",null,"0-30 %",{"v":1.25,"d":"125%"},{"$f":"0.3*D35","v":0.375}]
["Size of the Opportunity",null,"0-25 %",{"v":1,"d":"100%"},{"$f":"0.25*D36","v":{"v":0.25,"d":"0.250"}},null,"Pre-Money Valuation",null,{"$f":"C31*E43","v":{"v":970000.0000000002,"d":"£970,000"}}]
["Product/Technology",null,"0-15 %",{"v":0.8,"d":"80%"},{"$f":"0.15*D37","v":{"v":0.12,"d":"0.120"}}]
["Competitive Environment",null,"0-10 %",{"v":0.5,"d":"50%"},{"$f":"0.1*D38","v":{"v":0.05,"d":"0.050"}}]
["Marketing/Sales/Partnerships",null,"0-10 %",{"v":0.75,"d":"75%"},{"v":0.07500000000000001,"d":"0.075"}]
["Need for Additional Investment",null,"0-5 %",{"v":1,"d":"100%"},{"$f":"0.05*D40","v":{"v":0.05,"d":"0.050"}}]
["Other factors (great early customer feedback)",null,"0-5 %",{"v":1,"d":"100%"},{"v":0.05,"d":"0.050"}]
[]
["Sum",{"$nulls":3},{"$f":"SUM(E35:E41)","v":{"v":0.9700000000000002,"d":"0.970"}}]
[]
[]
["Assumptions- High Case"]
["Average pre-money valuation in the region",null,{"v":1000000,"d":"£1,000,000"}]
[]
[]
["Comparison Factor",null,"Range","Your Startup","Factor",null,"Scorecard Method"]
["Strength of Entrepreneur and Team",null,"0-30 %",{"v":1.5,"d":"150%"},{"$f":"0.3*D51","v":{"v":0.44999999999999996,"d":"0.450"}}]
["Size of the Opportunity",null,"0-25 %",{"v":2,"d":"200%"},{"$f":"0.25*D52","v":{"v":0.5,"d":"0.500"}},null,"Pre-Money Valuation",null,{"$f":"C47*E59","v":{"v":1325000,"d":"£1,325,000"}}]
["Product/Technology",null,"0-15 %",{"v":1,"d":"100%"},{"$f":"0.15*D53","v":{"v":0.15,"d":"0.150"}}]
["Competitive Environment",null,"0-10 %",{"v":0.5,"d":"50%"},{"$f":"0.1*D54","v":{"v":0.05,"d":"0.050"}}]
["Marketing/Sales/Partnerships",null,"0-10 %",{"v":0.75,"d":"75%"},{"v":0.07500000000000001,"d":"0.075"}]
["Need for Additional Investment",null,"0-5 %",{"v":1,"d":"100%"},{"$f":"0.05*D56","v":{"v":0.05,"d":"0.050"}}]
["Other factors (great early customer feedback)",null,"0-5 %",{"v":1,"d":"100%"},{"v":0.05,"d":"0.050"}]
[]
["Sum",{"$nulls":3},{"$f":"SUM(E51:E57)","v":1.325}]
[]
[]
[]
["This sheet is provided on an 'as is' basis.  It may contain calculation issues and may not be a perfect fit for your use case."]
[]
[null,null,"This financial model is powered by Activate Ventures LLP (www.activateventures.co.uk)"]

{"sheet":"Earnings Multiple ","index":3,"n_rows":18,"n_cols":6,"rows_kept":18,"merged":[[0,2,0,6],[17,3,18,8]]}
["Insert Your Company Logo Here",null,"Insert Your Company Name"]
[]
[]
["Instructions"]
["Step 1: Get EBITDA from your company's  income statement"]
["Step 2: Find regional/industry average multiple"]
[]
[]
[]
["Assumptions",{"$nulls":3},"Enterprise Value"]
["EBITDA",null,{"v":150000,"d":"£150,000"}]
["EBITDA Multiple x",null,{"v":8,"d":"8.0"},"x","Value of the Startup",{"$f":"C11*C12","v":{"v":1200000,"d":"£1,200,000"}}]
[]
[]
[]
["This sheet is provided on an 'as is' basis.  It may contain calculation issues and may not be a perfect fit for your use case."]
[]
[{"$nulls":3},"This financial model is powered by Activate Ventures LLP (www.activateventures.co.uk)"]

{"sheet":"Berkus","index":4,"n_rows":23,"n_cols":4,"rows_kept":23,"merged":[[0,2,0,6],[22,3,23,8]]}
["Insert Your Company Logo Here",null,"Insert Your Company Name"]
[]
[]
["Instructions"]
["Step 1: Fill out the parameters below with values between £0 - £500.000"]
["The values can be found by ranking the startup: £0 = None, £500.000 = Max"]
["Step 2: Change the currency to your current market and take the overconfidence effect into account"]
[]
[]
["Berkus Method"]
["Sound Idea",null,{"v":400000,"d":"£400,000"}]
["Working Prototype",null,{"v":100000,"d":"£100,000"}]
["Quality Management Team",null,{"v":300000,"d":"£300,000"}]
["Strategic Relationships",null,{"v":50000,"d":"£50,000"}]
["Product Rollout or Sales",null,{"v":250000,"d":"£250,000"}]
[]
["Startup Value",null,{"$f":"SUM(C11:C15)","v":{"v":1100000,"d":"£1,100,000"}}]
[]
[]
[]
["This sheet is provided on an 'as is' basis.  It may contain calculation issues and may not be a perfect fit for your use case."]
[]
[{"$nulls":3},"This financial model is powered by Activate Ventures LLP (www.activateventures.co.uk)"]

{"sheet":"Risk Factor Summation ","index":5,"n_rows":42,"n_cols":7,"rows_kept":42,"merged":[[0,2,0,6],[18,4,19,6]]}
["Insert Your Company Logo Here",null,"Insert Your Company Name"]
[]
[]
["Instructions"]
["Step 1: Determine average pre-money valuation of the pre-revenue companies in the region"]
["Step 2: Address the list of risks below associated with the startup and its industry"]
["Assign ratings to each risk factor and adjust the result to the average pre-money valuation"]
[]
[]
["Assumptions"]
["Average pre-money valuation in the region",null,{"v":1000000,"d":"£1,000,000"}]
[]
[]
["Rating System","Risk Rationale ","Adjustment to Avg Pre-Money Valuation"]
[2,"Extremely positive mitigation","Add £500,000"]
[1,"Positive mitigation","Add £250,000"]
[0,"Neutral","Add/Subtract nothing"]
[-1,"Negative mitigation","Subtract £250,000"]
[-2,"Extremely negative mitigation","Subtract £500,000",null,"Pre-Money Valuation is the value of your company BEFORE funding"]
[]
[]
["Risk Factor","Ratings","Add/Subtract",null,"Risk Factor Summation"]
["Management Risk",2,{"$f":"IF(B23=$A$15,500000,IF(B23=$A$16,250000,IF(B23=$A$17,0,IF(B23=$A$18,-250000,IF(B23=$A$19,-500000)))))","v":{"v":500000,"d":"£500,000"}}]
["Stage of the Startup",-1,{"$f":"IF(B24=$A$15,500000,IF(B24=$A$16,250000,IF(B24=$A$17,0,IF(B24=$A$18,-250000,IF(B24=$A$19,-500000)))))","v":{"v":-250000,"d":"-£250,000"}},null,"Pre-Money Valuation",null,{"$f":"C11+C36","v":{"v":1250000,"d":"£1,250,000"}}]
["Legislation/Political Risk",0,{"$f":"IF(B25=$A$15,500000,IF(B25=$A$16,250000,IF(B25=$A$17,0,IF(B25=$A$18,-250000,IF(B25=$A$19,-500000)))))","v":{"v":0,"d":"£0"}}]
["Supply Chain Risk",0,{"v":0,"d":"£0"}]
["Sales and Marketing Risk",2,{"v":500000,"d":"£500,000"}]
["Funding/Capital Risk",-2,{"v":-500000,"d":"-£500,000"}]
["Competition Risk",-2,{"v":-500000,"d":"-£500,000"}]
["Technology Risk",1,{"v":250000,"d":"£250,000"}]
["Litigation Risk",-1,{"$f":"IF(B31=$A$15,500000,IF(B31=$A$16,250000,IF(B31=$A$17,0,IF(B31=$A$18,-250000,IF(B31=$A$19,-500000)))))","v":{"v":-250000,"d":"-£250,000"}}]
["International Risk",0,{"v":0,"d":"£0"}]
["Reputation Risk",1,{"v":250000,"d":"£250,000"}]
["Exit Value Risk",1,{"v":250000,"d":"£250,000"}]
[]
["Total Adjustments",null,{"$f":"SUM(C23:C34)","v":{"v":250000,"d":"£250,000"}}]
[]
[]
[]
["This sheet is provided on an 'as is' basis.  It may contain calculation issues and may not be a perfect fit for your use case."]
[]
[null,null,"This financial model is powered by Activate Ventures LLP (www.activateventures.co.uk)"]

{"sheet":"DCF","index":6,"n_rows":60,"n_cols":16,"rows_kept":60,"merged":[[0,2,0,12]]}
["Insert Your Company Logo Here",null,"Insert Your Company Name"]
[]
["Discounted Cashflow (DCF) Method values a startup on the basis of its future performance, i.e. projections.  You can only use DCF Method if you have POSITIVE Free Cashflow"]
["Instructions"]
["Step 1: Get Earnings Before Interest & Taxes (EBIT) and Depreciation & Amortisation (D&A) from your financial forecast"]
["Step 2: Calculate the noncash working capital (NWC).  There are 2 ways to find the NWC:"]
[null,"1. NWC = Current Assets (less cash) - Current Liabilities (less debt)"]
[null,"2. NWC = Accounts Receivable + Inventory - Accounts Payable"]
["Step 3: Find through public sources: risk free rate, the beta for your industry, market return, and perpetual growth rate.  See definitions below for more information on what these are."]
[]
[{"$nulls":4},"You will need to project up to the point when the company growth is stable.  This is a 5 year model."]
["Assumptions (see Definitions below)",{"$nulls":3},"Free Cash Flow",null,null,{"$f":"YEAR(H13)","v":2023},2024,2025,2026,2027]
["Tax Rate (%)",null,{"v":0.25,"d":"25%"},null,"Date",null,{"$f":"C16","v":"2023-01-31"},{"$f":"C17","v":"2023-04-05"},{"$f":"EDATE(H13,12)","v":"2024-04-05"},{"$f":"EDATE(I13,12)","v":"2025-04-05"},"2026-04-05","2027-04-05"]
["Annual Estimated Capex",null,{"v":15000,"d":"£15,000"},null,"Time Periods",null,null,{"$f":"H15","v":{"v":0.18055555555555555,"d":"0.18 "}},{"$f":"H14+I15","v":{"v":1.1805555555555556,"d":"1.18 "}},{"$f":"I14+J15","v":{"v":2.1805555555555554,"d":"2.18 "}},{"v":3.1805555555555554,"d":"3.18 "},{"v":4.180555555555555,"d":"4.18 "}]
[{"$nulls":4},"Year Fraction",null,null,{"$f":"YEARFRAC(G13,H13)","v":{"v":0.18055555555555555,"d":"0.18 "}},{"v":1,"d":"1.00 "},{"v":1,"d":"1.00 "},{"v":1,"d":"1.00 "},{"v":1,"d":"1.00 "}]
["Valuation Date (MM/DD/YYYY)",null,"2023-01-31",null,"Earnings Before Interest & Taxes (EBIT)",null,null,{"v":47814,"d":"47,814"},{"v":51095,"d":"51,095"},{"v":55861,"d":"55,861"},{"v":58691,"d":"58,691"},{"v":63039,"d":"63,039"},"Enter your projections here"]
["Fiscal Year End (MM/DD/YYYY)",null,"2023-04-05",null,{"$f":"\"Less: Taxes at \"&TEXT(C13,\"00%\")&\" Tax Rate\"","v":"Less: Taxes at 25% Tax Rate"},null,null,{"$f":"-H16*$C$13","v":{"v":-11953.5,"d":"(11,954)"}},{"$f":"-I16*$C$13","v":{"v":-12773.75,"d":"(12,774)"}},{"$f":"-J16*$C$13","v":{"v":-13965.25,"d":"(13,965)"}},{"$f":"-K16*$C$13","v":{"v":-14672.75,"d":"(14,673)"}},{"$f":"-L16*$C$13","v":{"v":-15759.75,"d":"(15,760)"}}]
[{"$nulls":4},"Plus: Depreciation & Amortisation",null,null,{"v":15008,"d":"15,008"},{"v":15005,"d":"15,005"},{"v":15003,"d":"15,003"},{"v":15002,"d":"15,002"},{"v":15001,"d":"15,001"},"Enter your projections here"]
["Current Price per share (£)",null,{"v":25,"d":"£25.00"},null,"Less: Capex",null,null,{"$f":"-$C$14","v":{"v":-15000,"d":"(15,000)"}},{"$f":"-$C$14","v":{"v":-15000,"d":"(15,000)"}},{"$f":"-$C$14","v":{"v":-15000,"d":"(15,000)"}},{"$f":"-$C$14","v":{"v":-15000,"d":"(15,000)"}},{"$f":"-$C$14","v":{"v":-15000,"d":"(15,000)"}}]
["Shares Outstanding",null,{"v":20000,"d":"20,000"},null,"Changes in NWC (increase)/decrease",null,null,{"v":-375,"d":"(375)"},{"v":-611,"d":"(611)"},{"v":-398,"d":"(398)"},{"v":-511,"d":"(511)"},{"v":-272,"d":"(272)"},"Enter NEGATIVE number for increase in NWC, and vice versa "]
["Equity Value",null,{"$f":"C19*C20","v":{"v":500000,"d":"£500,000"}},null,"Free Cash Flow (FCF)",null,null,{"$f":"SUM(H16:H20)","v":{"v":35493.5,"d":"35,494"}},{"$f":"SUM(I16:I20)","v":{"v":37715.25,"d":"37,715"}},{"v":41500.75,"d":"41,501"},{"v":43509.25,"d":"43,509"},{"v":47008.25,"d":"47,008"}]
[]
["Risk Free Rate (Bank of England 10 Yr gild yield %)",null,{"v":0.0394,"d":"3.94%"},null,"Discounted Cash Flow",null,null,{"$f":"H12","v":2023},{"$f":"I12","v":2024},2025,2026,2027,"Total"]
["Beta for your industry",null,{"v":1.3,"d":"1.3x"}]
["Market return (Avg S&P 500 return %)",null,{"v":0.1,"d":"10.00%"}]
["Cost of Equity",null,{"$f":"C23+C24*(C25-C23)","v":{"v":0.11818000000000001,"d":"11.82%"}},null,"FCF Adjusted for partial year",null,{"$f":"G24+G21","v":0},{"$f":"(H24+H21)*H15","v":{"v":6408.548611111111,"d":"6,409"}},{"v":37715.25,"d":"37,715"},{"v":41500.75,"d":"41,501"},{"v":43509.25,"d":"43,509"},{"v":47008.25,"d":"47,008"}]
["Debt Outstanding",null,{"v":10000,"d":"£10,000"},null,"Average Terminal Value",{"$nulls":6},{"$f":"G39","v":{"v":552461.6868389796,"d":"552,462"}}]
["Cost of Debt (Interest rate %)",null,{"v":0.055,"d":"5.50%"},null,"Total",null,{"$f":"G26+G27","v":0},{"$f":"H26+H27","v":{"v":6408.548611111111,"d":"6,409"}},{"$f":"I26+I27","v":{"v":37715.25,"d":"37,715"}},{"v":41500.75,"d":"41,501"},{"v":43509.25,"d":"43,509"},{"v":599469.9368389796,"d":"599,470"}]
["Discount rate or Weighted Avg Cost of Capital (WACC)",null,{"$f":"(C21/(C21+C27)*C26)+(C27/(C21+C27)*C28*(1-C13))","v":{"v":0.11667156862745098,"d":"11.67%"}}]
[{"$nulls":4},"Discount Factor calculated with WACC",null,null,{"$f":"1/(1+$C$29)^H14","v":{"v":0.9802724386098746,"d":"0.98"}},{"$f":"1/(1+$C$29)^I14","v":{"v":0.877852061564323,"d":"0.88"}},{"$f":"1/(1+$C$29)^J14","v":{"v":0.7861327235574993,"d":"0.79"}},{"$f":"1/(1+$C$29)^K14","v":{"v":0.7039963635178506,"d":"0.70"}},{"$f":"1/(1+$C$29)^L14","v":{"v":0.6304417371198611,"d":"0.63"}}]
["Perpetual Growth Rate (%)",null,{"v":0.03,"d":"3%"},null,"Present value of FCF",null,null,{"$f":"H26*H30","v":{"v":6282.123574963814,"d":"6,282"}},{"$f":"I26*I30","v":{"v":33108.40996491384,"d":"33,108"}},{"$f":"J26*J30","v":{"v":32625.09762717889,"d":"32,625"}},{"$f":"K26*K30","v":{"v":30630.35377938904,"d":"30,630"}},{"$f":"L26*L30","v":{"v":29635.96278896471,"d":"29,636"}}]
["EV/EBITDA Mulltiple of companies in your industry",null,{"v":7,"d":"7.0x"},null,"Present value of Terminal Value",{"$nulls":6},{"$f":"L27*L30","v":{"v":348294.905542935,"d":"348,295"}}]
[{"$nulls":4},"Total Present Value",null,null,{"$f":"H31+H32","v":{"v":6282.123574963814,"d":"6,282"}},{"$f":"I31+I32","v":{"v":33108.40996491384,"d":"33,108"}},{"v":32625.09762717889,"d":"32,625"},{"v":30630.35377938904,"d":"30,630"},{"v":377930.86833189975,"d":"377,931"},{"$f":"SUM(H33:L33)","v":{"v":480576.8532783453,"d":"480,577"}}]
[]
[]
[{"$nulls":4},"Terminal Value Calculations",{"$nulls":3},"Enterprise Value"]
[{"$nulls":4},"Perpetual Growth Method",null,{"$f":"(L21*(1+C31))/(C29-C31)","v":{"v":558643.3736779593,"d":"558,643"}}]
[{"$nulls":4},"Exit Multiple (EV/EBITDA) Method",null,{"$f":"C32*(L16+L18)","v":{"v":546280,"d":"546,280"}},null,{"$f":"\"Value of your Startup on \"&TEXT(C16, \"DD/MM/YYYY\")","v":"Value of your Startup on 31/01/2023"},null,{"$f":"SUM(H33:L33)","v":{"v":480576.8532783453,"d":"£480,577"}},{"$nulls":3},{"$f":"XNPV(C29,G28:L28,G13:L13)","v":{"v":480709.94078011665,"d":"£480,710"}},"check (should be close, not exact)"]
[{"$nulls":4},"Average Terminal Value",null,{"$f":"AVERAGE(G37:G38)","v":{"v":552461.6868389796,"d":"552,462"}}]
[]
["Definitions"]
["Annual Estimaed Capex is your estimated annual capital expenditures (from your forecast)"]
["Valuation Date is the date you want the value of your startup"]
["Risk Free Rate is the return of an investment with zero risk.  You should use the Bank of England 10 Yr gild yield % (for UK company) or US 10 year Treasury rate (for US company)."]
["Beta for your industry is the measure of the volatility of stock prices for companies in your industry.  You can google this."]
["Market return is the average return of the stock market.  You can use the avg S&P 500 return."]
["Cost of Debt is the cost you pay on your debt, i.e. the interest rate you pay."]
["Discount rate or Weighted Avg Cost of Capital (WACC)"]
["Perpetual Growth Rate (%)=company's annual growth rate beyond the projected cashflow.  You can use steady state growth rate of your industry, or GCP growth rate for your country if your company is mature and its growth stabilized."]
["Terminal Value is the value of company beyond projected cashflows"]
["Enterprise Value is the Company's Total Value, i.e. the value of your startup"]
[]
[]
[]
["This sheet is provided on an 'as is' basis.  It may contain calculation issues and may not be a perfect fit for your use case."]
[]
[]
[]
[]
[null,null,"This financial model is powered by Activate Ventures LLP (www.activateventures.co.uk)"]

{"sheet":"Book Value","index":7,"n_rows":17,"n_cols":7,"rows_kept":17,"merged":[[0,2,0,8],[16,3,17,8]]}
["Insert Your Company Logo Here",null,"Insert Your Company Name"]
[]
[]
["Instructions"]
["Step 1: Get the total assets and total liabilities from the income statement"]
["Step 2: Calculate using the formula below"]
[]
[]
["Assumptions",{"$nulls":3},"Book Value Formula"]
["Total Assets",null,{"v":500000,"d":"£500,000"}]
["Total Liabilities",null,{"v":200000,"d":"£200,000"},null,"Book Value of the Startup",null,{"$f":"C10-C11","v":{"v":300000,"d":"£300,000"}}]
[]
[]
[]
["This sheet is provided on an 'as is' basis.  It may contain calculation issues and may not be a perfect fit for your use case."]
[]
[{"$nulls":3},"This financial model is powered by Activate Ventures LLP (www.activateventures.co.uk)"]