{
  "dcf_valuation_template": {
    "company_overview": {
      "company_name": null,
      "valuation_date": null,
      "analyst": null,
      "industry": null,
      "sector": null,
      "location": null,
      "key_products_services": null,
      "business_model": null,
      "competitive_landscape": null,
      "management_team": null
    },
    "historical_financials": {
      "years": ["2022", "2023", "2024"],
      "data": {
        "revenue": [null, null, null],
        "cogs": [null, null, null],
        "gross_profit": ["=C8-C9", "=D8-D9", "=E8-E9"],
        "operating_expenses": [null, null, null],
        "operating_income": ["=C11-C12", "=D11-D12", "=E11-E12"],
        "interest_expense": [null, null, null],
        "other_income_expense": [null, null, null],
        "stock_based_compensation": [null, null, null],
        "customer_acquisition_cost": [null, null, null],
        "income_before_taxes": ["=C14-C15+C16-C17-C18", "=D14-D15+D16-D17-D18", "=E14-E15+E16-E17-E18"],
        "income_tax_expense": ["=C19*$H$5", "=D19*$H$5", "=E19*$H$5"],
        "net_income": ["=C19-C20", "=D19-D20", "=E19-E20"]
      }
    },
    "key_assumptions": {
      "revenue_growth_rates": [10, 8, 6, 4, 2, 0],
      "terminal_growth_rate": 2,
      "discount_rate": 10,
      "tax_rate": 21,
      "working_capital_percentage": 10,
      "capex_percentage": 12,
      "depreciation_amortization_percentage": 8,
      "other_income_expense_percentage": 1,
      "stock_based_compensation_percentage": 2,
      "customer_acquisition_cost_percentage": 3,
      "churn_rate": 5,
      "arpu_growth_rate": 3,
      "cltv_multiple": 3,
      "wacc": 10
    },
    "financial_projections": {
      "years": ["2025", "2026", "2027", "2028", "2029", "2030", "2031", "2032", "2033", "2034"],
      "data": {
        "revenue": ["=E8*(1+$H$3)", "=F8*(1+$I$3)", "=G8*(1+$J$3)", "=H8*(1+$K$3)", "=I8*(1+$L$3)", "=J8*(1+$M$3)", "=K8*(1+$N$3)", "=L8*(1+$O$3)", "=M8*(1+$H$4)", "=N8*(1+$H$4)"],
        "cogs": ["=E22*$C$9/C8", "=F22*$C$9/C8", "=G22*$C$9/C8", "=H22*$C$9/C8", "=I22*$C$9/C8", "=J22*$C$9/C8", "=K22*$C$9/C8", "=L22*$C$9/C8", "=M22*$C$9/C8", "=N22*$C$9/C8"],
        "gross_profit": ["=E22-E23", "=F22-F23", "=G22-G23", "=H22-H23", "=I22-I23", "=J22-J23", "=K22-K23", "=L22-L23", "=M22-M23", "=N22-N23"],
        "operating_expenses": ["=E22*$C$12/C8", "=F22*$C$12/C8", "=G22*$C$12/C8", "=H22*$C$12/C8", "=I22*$C$12/C8", "=J22*$C$12/C8", "=K22*$C$12/C8", "=L22*$C$12/C8", "=M22*$C$12/C8", "=N22*$C$12/C8"],
        "operating_income": ["=E25-E26", "=F25-F26", "=G25-G26", "=H25-H26", "=I25-I26", "=J25-J26", "=K25-K26", "=L25-L26", "=M25-M26", "=N25-N26"],
        "interest_expense": [50, 50, 50, 50, 50, 50, 50, 50, 50, 50],
        "other_income_expense": ["=E22*$H$8", "=F22*$H$8", "=G22*$H$8", "=H22*$H$8", "=I22*$H$8", "=J22*$H$8", "=K22*$H$8", "=L22*$H$8", "=M22*$H$8", "=N22*$H$8"],
        "stock_based_compensation": ["=E22*$H$9", "=F22*$H$9", "=G22*$H$9", "=H22*$H$9", "=I22*$H$9", "=J22*$H$9", "=K22*$H$9", "=L22*$H$9", "=M22*$H$9", "=N22*$H$9"],
        "customer_acquisition_cost": ["=E22*$H$10", "=F22*$H$10", "=G22*$H$10", "=H22*$H$10", "=I22*$H$10", "=J22*$H$10", "=K22*$H$10", "=L22*$H$10", "=M22*$H$10", "=N22*$H$10"],
        "income_before_taxes": ["=E28-E29+E30-E31-E32", "=F28-F29+F30-F31-F32", "=G28-G29+G30-F31-F32", "=H28-H29+H30-H31-H32", "=I28-I29+I30-I31-I32", "=J28-J29+J30-J31-J32", "=K28-K29+J30-J31-J32", "=L28-J29+J30-J31-J32", "=M28-J29+J30-J31-J32", "=N28-J29+J30-J31-J32"],
        "income_tax_expense": ["=E33*$H$5", "=F33*$H$5", "=G33*$H$5", "=H33*$H$5", "=I33*$H$5", "=J33*$H$5", "=K33*$H$5", "=L33*$H$5", "=M33*$H$5", "=N33*$H$5"],
        "net_income": ["=E33-E34", "=F33-F34", "=G33-F34", "=H33-H34", "=I33-I34", "=J33-J3

"free_cash_flow_to_firm": [
          "=E35+E27-E22*$H$6+E22*$H$7-E22*$H$11",
          "=F35+F27-F22*$H$6+F22*$H$7-F22*$H$11",
          "=G35+G27-G22*$H$6+G22*$H$7-G22*$H$11",
          "=H35+H27-H22*$H$6+H22*$H$7-H22*$H$11",
          "=I35+I27-I22*$H$6+I22*$H$7-I22*$H$11",
          "=J35+J27-J22*$H$6+J22*$H$7-J22*$H$11",
          "=K35+K27-K22*$H$6+K22*$H$7-K22*$H$11",
          "=L35+L27-L22*$H$6+L22*$H$7-L22*$H$11",
          "=M35+M27-M22*$H$6+M22*$H$7-M22*$H$11",
          "=N35+N27-N22*$H$6+N22*$H$7-N22*$H$11"
        ]
      }
    },
    "discounted_cash_flow": {
      "years": ["2025", "2026", "2027", "2028", "2029", "2030", "2031", "2032", "2033", "2034"],
      "discount_factors": [
        "=1/(1+$H$12)^1",
        "=1/(1+$H$12)^2",
        "=1/(1+$H$12)^3",
        "=1/(1+$H$12)^4",
        "=1/(1+$H$12)^5",
        "=1/(1+$H$12)^6",
        "=1/(1+$H$12)^7",
        "=1/(1+$H$12)^8",
        "=1/(1+$H$12)^9",
        "=1/(1+$H$12)^10"
      ],
      "present_values": [
        "=E36*E38",
        "=F36*F38",
        "=G36*G38",
        "=H36*H38",
        "=I36*I38",
        "=J36*J38",
        "=K36*K38",
        "=L36*L38",
        "=M36*M38",
        "=N36*N38"
      ],
      "terminal_value": {
        "terminal_year_fcf": "=N36*(1+$H$4)",
        "terminal_value_calculation": "=O38/($H$12-$H$4)",
        "terminal_value_present_value": "=O39*N38"
      },
      "enterprise_value": "=SUM(E39:N39)+O40",
      "net_debt": null,
      "equity_value": "=O41-O42",
      "shares_outstanding": null,
      "equity_value_per_share": "=O43/O44"
    },
    "recovery_waterfall": {
      "liquidation_value": null,
      "senior_secured_debt": {
        "amount": null,
        "recovery_percentage": null,
        "recovery_amount": null
      },
      "senior_unsecured_debt": {
        "amount": null,
        "recovery_percentage": null,
        "recovery_amount": null
      },
      "subordinated_debt": {
        "amount": null,
        "recovery_percentage": null,
        "recovery_amount": null
      },
      "preferred_equity": {
        "amount": null,
        "recovery_percentage": null,
        "recovery_amount": null
      },
      "common_equity": {
        "amount": null,
        "recovery_percentage": null,
        "recovery_amount": null
      },
      "total_recovery": null
    }
  }
}

{
  "financial_projections": {
    "data": {
      "working_capital": [
        "=E22*$H$6",
        "=F22*$H$6",
        "=G22*$H$6",
        "=H22*$H$6",
        "=I22*$H$6",
        "=J22*$H$6",
        "=K22*$H$6",
        "=L22*$H$6",
        "=M22*$H$6",
        "=N22*$H$6"
      ],
      "capital_expenditures": [
        "=E22*$H$7",
        "=F22*$H$7",
        "=G22*$H$7",
        "=H22*$H$7",
        "=I22*$H$7",
        "=J22*$H$7",
        "=K22*$H$7",
        "=L22*$H$7",
        "=M22*$H$7",
        "=N22*$H$7"
      ],
      "depreciation_amortization": [
        "=E22*$H$8",
        "=F22*$H$8",
        "=G22*$H$8",
        "=H22*$H$8",
        "=I22*$H$8",
        "=J22*$H$8",
        "=K22*$H$8",
        "=L22*$H$8",
        "=M22*$H$8",
        "=N22*$H$8"
      ]
    }
  },
  "discounted_cash_flow": {
    "terminal_value": {
      "terminal_value_calculation": "=O37/($H$12-$H$4)"
    },
    "enterprise_value": "=SUM(E39:N39)+O38"
  }
}