{
  "model": "dcf",
  "name": "Helix Software — discounted cash flow (illustrative)",
  "units": "USD millions except per-share",
  "periods": {
    "start": "2025-01",
    "count": 6,
    "grain": "year",
    "histUntil": "2025-12-31"
  },
  "tables": {
    "methods": {
      "name": "Terminal value method",
      "rows": [
        {
          "id": "perpetuity",
          "name": "Perpetuity growth"
        },
        {
          "id": "exit_multiple",
          "name": "Exit multiple"
        }
      ]
    },
    "wacc_cases": {
      "name": "WACC cases",
      "rows": [
        {
          "id": "w_m100",
          "name": "WACC −100 bp",
          "delta": -0.01
        },
        {
          "id": "w_m50",
          "name": "−50 bp",
          "delta": -0.005
        },
        {
          "id": "w_base",
          "name": "Base WACC",
          "delta": 0.0
        },
        {
          "id": "w_p50",
          "name": "+50 bp",
          "delta": 0.005
        },
        {
          "id": "w_p100",
          "name": "+100 bp",
          "delta": 0.01
        }
      ]
    },
    "growth_cases": {
      "name": "Terminal growth cases",
      "rows": [
        {
          "id": "g_m100",
          "name": "g −100 bp",
          "delta": -0.01
        },
        {
          "id": "g_m50",
          "name": "−50 bp",
          "delta": -0.005
        },
        {
          "id": "g_base",
          "name": "Base growth",
          "delta": 0.0
        },
        {
          "id": "g_p50",
          "name": "+50 bp",
          "delta": 0.005
        },
        {
          "id": "g_p100",
          "name": "+100 bp",
          "delta": 0.01
        }
      ]
    },
    "multiple_cases": {
      "name": "Exit multiple cases",
      "rows": [
        {
          "id": "m_m2",
          "name": "Multiple −2.0x",
          "delta": -2.0
        },
        {
          "id": "m_m1",
          "name": "−1.0x",
          "delta": -1.0
        },
        {
          "id": "m_base",
          "name": "Base multiple",
          "delta": 0.0
        },
        {
          "id": "m_p1",
          "name": "+1.0x",
          "delta": 1.0
        },
        {
          "id": "m_p2",
          "name": "+2.0x",
          "delta": 2.0
        }
      ]
    }
  },
  "pivots": {
    "drivers": {
      "name": "Operating drivers",
      "lines": [
        {
          "id": "revenue_growth",
          "name": "Revenue growth",
          "format": "percent"
        },
        {
          "id": "ebitda_margin",
          "name": "EBITDA margin",
          "format": "percent"
        },
        {
          "id": "da_pct",
          "name": "D&A, % of revenue",
          "format": "percent"
        },
        {
          "id": "capex_pct",
          "name": "Capex, % of revenue",
          "format": "percent"
        },
        {
          "id": "nwc_pct",
          "name": "Net working capital, % of revenue change",
          "format": "percent"
        },
        {
          "id": "tax_rate",
          "name": "Cash tax rate",
          "format": "percent"
        }
      ],
      "inputs": {
        "revenue_growth": {
          "fy2026": 0.2,
          "fy2027": 0.18,
          "fy2028": 0.16,
          "fy2029": 0.14,
          "fy2030": 0.12
        },
        "ebitda_margin": {
          "fy2026": 0.28,
          "fy2027": 0.3,
          "fy2028": 0.32,
          "fy2029": 0.33,
          "fy2030": 0.34
        },
        "da_pct": {
          "fy2026": 0.035,
          "fy2027": 0.035,
          "fy2028": 0.035,
          "fy2029": 0.035,
          "fy2030": 0.035
        },
        "capex_pct": {
          "fy2026": 0.045,
          "fy2027": 0.045,
          "fy2028": 0.045,
          "fy2029": 0.045,
          "fy2030": 0.045
        },
        "nwc_pct": {
          "fy2026": 0.1,
          "fy2027": 0.1,
          "fy2028": 0.1,
          "fy2029": 0.1,
          "fy2030": 0.1
        },
        "tax_rate": {
          "fy2026": 0.25,
          "fy2027": 0.25,
          "fy2028": 0.25,
          "fy2029": 0.25,
          "fy2030": 0.25
        }
      }
    },
    "wacc": {
      "name": "WACC, terminal value and equity bridge",
      "dims": {
        "period": false
      },
      "lines": [
        {
          "id": "risk_free",
          "name": "Risk-free rate",
          "format": "percent"
        },
        {
          "id": "beta",
          "name": "Levered beta"
        },
        {
          "id": "erp",
          "name": "Equity risk premium",
          "format": "percent"
        },
        {
          "id": "cost_of_equity",
          "name": "Cost of equity",
          "format": "percent"
        },
        {
          "id": "pre_tax_cost_of_debt",
          "name": "Pre-tax cost of debt",
          "format": "percent"
        },
        {
          "id": "tax_rate",
          "name": "Tax rate",
          "format": "percent"
        },
        {
          "id": "after_tax_cost_of_debt",
          "name": "After-tax cost of debt",
          "format": "percent"
        },
        {
          "id": "debt_weight",
          "name": "Debt / (debt + equity)",
          "format": "percent"
        },
        {
          "id": "equity_weight",
          "name": "Equity / (debt + equity)",
          "format": "percent"
        },
        {
          "id": "wacc",
          "name": "WACC",
          "format": "percent"
        },
        {
          "id": "terminal_growth",
          "name": "Terminal growth rate",
          "format": "percent"
        },
        {
          "id": "exit_multiple",
          "name": "Exit multiple, EV / EBITDA (x)"
        },
        {
          "id": "net_debt",
          "name": "Net debt"
        },
        {
          "id": "shares",
          "name": "Diluted shares (M)"
        },
        {
          "id": "current_price",
          "name": "Current share price ($)"
        }
      ],
      "values": [
        {
          "at": {
            "line": "risk_free"
          },
          "value": 0.042
        },
        {
          "at": {
            "line": "beta"
          },
          "value": 1.15
        },
        {
          "at": {
            "line": "erp"
          },
          "value": 0.045
        },
        {
          "at": {
            "line": "pre_tax_cost_of_debt"
          },
          "value": 0.055
        },
        {
          "at": {
            "line": "tax_rate"
          },
          "value": 0.25
        },
        {
          "at": {
            "line": "debt_weight"
          },
          "value": 0.15
        },
        {
          "at": {
            "line": "terminal_growth"
          },
          "value": 0.035
        },
        {
          "at": {
            "line": "exit_multiple"
          },
          "value": 16.0
        },
        {
          "at": {
            "line": "net_debt"
          },
          "value": 200
        },
        {
          "at": {
            "line": "shares"
          },
          "value": 60
        },
        {
          "at": {
            "line": "current_price"
          },
          "value": 58.0
        }
      ],
      "rules": [
        "cost_of_equity = risk_free + beta * erp",
        "after_tax_cost_of_debt = pre_tax_cost_of_debt * (1 - tax_rate)",
        "equity_weight = 1 - debt_weight",
        "wacc = equity_weight * cost_of_equity + debt_weight * after_tax_cost_of_debt"
      ]
    },
    "fcf": {
      "name": "Unlevered free cash flow",
      "lines": [
        {
          "id": "revenue",
          "name": "Revenue"
        },
        {
          "id": "revenue_growth",
          "name": "Revenue growth",
          "format": "percent"
        },
        {
          "id": "ebitda",
          "name": "EBITDA"
        },
        {
          "id": "ebitda_margin",
          "name": "EBITDA margin",
          "format": "percent"
        },
        {
          "id": "da",
          "name": "Less: D&A"
        },
        {
          "id": "ebit",
          "name": "EBIT"
        },
        {
          "id": "tax",
          "name": "Less: cash taxes"
        },
        {
          "id": "nopat",
          "name": "NOPAT"
        },
        {
          "id": "capex",
          "name": "Less: capex"
        },
        {
          "id": "nwc_change",
          "name": "Less: increase in net working capital"
        },
        {
          "id": "ufcf",
          "name": "Unlevered free cash flow"
        },
        {
          "id": "n",
          "name": "Year (from valuation date)"
        },
        {
          "id": "discount_factor",
          "name": "Discount factor (mid-year)"
        },
        {
          "id": "pv_ufcf",
          "name": "PV of unlevered free cash flow"
        }
      ],
      "inputs": {
        "revenue": {
          "fy2025": 520
        },
        "ebitda": {
          "fy2025": 140
        },
        "da": {
          "fy2025": 18
        },
        "capex": {
          "fy2025": 26
        },
        "nwc_change": {
          "fy2025": 9
        }
      },
      "rules": [
        "revenue[frame=fcst] = PREV(revenue) * (1 + drivers.revenue_growth)",
        "revenue_growth = IFERROR(revenue / PREV(revenue) - 1, BLANK)",
        "ebitda[frame=fcst] = revenue * drivers.ebitda_margin",
        "ebitda_margin = ebitda / revenue",
        "da[frame=fcst] = revenue * drivers.da_pct",
        "ebit = ebitda - da",
        "tax[frame=fcst] = IF(ebit > 0, ebit * drivers.tax_rate, 0)",
        "nopat[frame=fcst] = ebit - tax",
        "capex[frame=fcst] = revenue * drivers.capex_pct",
        "nwc_change[frame=fcst] = (revenue - PREV(revenue)) * drivers.nwc_pct",
        "ufcf[frame=fcst] = nopat + da - capex - nwc_change",
        "n = period.idx",
        "discount_factor[frame=fcst] = 1 / (1 + wacc.wacc) ^ (n - 0.5)",
        "pv_ufcf[frame=fcst] = ufcf * discount_factor"
      ]
    },
    "valuation": {
      "name": "Valuation by terminal value method",
      "dims": {
        "method": "methods",
        "period": false
      },
      "lines": [
        {
          "id": "sum_pv_ufcf",
          "name": "PV of forecast cash flows"
        },
        {
          "id": "terminal_value",
          "name": "Terminal value"
        },
        {
          "id": "pv_terminal",
          "name": "PV of terminal value"
        },
        {
          "id": "enterprise_value",
          "name": "Enterprise value"
        },
        {
          "id": "net_debt",
          "name": "Less: net debt"
        },
        {
          "id": "equity_value",
          "name": "Equity value"
        },
        {
          "id": "per_share",
          "name": "Equity value per share ($)"
        },
        {
          "id": "current_price",
          "name": "Current share price ($)"
        },
        {
          "id": "premium",
          "name": "Implied premium to current",
          "format": "percent"
        },
        {
          "id": "tv_share",
          "name": "Terminal value, % of EV",
          "format": "percent"
        },
        {
          "id": "implied_multiple",
          "name": "Implied exit multiple, EV / EBITDA (x)"
        },
        {
          "id": "implied_growth",
          "name": "Implied perpetuity growth",
          "format": "percent"
        },
        {
          "id": "ev_ltm_ebitda",
          "name": "Implied EV / LTM EBITDA (x)"
        }
      ],
      "rules": [
        "sum_pv_ufcf = SUM(fcf.pv_ufcf[period.frame=fcst])",
        "terminal_value[method=perpetuity] = fcf.ufcf[period=last] * (1 + wacc.terminal_growth) / (wacc.wacc - wacc.terminal_growth)",
        "terminal_value[method=exit_multiple] = fcf.ebitda[period=last] * wacc.exit_multiple",
        "pv_terminal = terminal_value / (1 + wacc.wacc) ^ fcf.n[period=last]",
        "enterprise_value = sum_pv_ufcf + pv_terminal",
        "net_debt = wacc.net_debt",
        "equity_value = enterprise_value - net_debt",
        "per_share = equity_value / wacc.shares",
        "current_price = wacc.current_price",
        "premium = per_share / current_price - 1",
        "tv_share = pv_terminal / enterprise_value",
        "implied_multiple = terminal_value / fcf.ebitda[period=last]",
        "implied_growth = (terminal_value * wacc.wacc - fcf.ufcf[period=last]) / (terminal_value + fcf.ufcf[period=last])",
        "ev_ltm_ebitda = enterprise_value / fcf.ebitda[period=first]"
      ]
    },
    "sensitivity_growth": {
      "name": "Price per share: WACC × terminal growth",
      "dims": {
        "wacc_case": "wacc_cases",
        "growth_case": "growth_cases",
        "period": false
      },
      "lines": [
        {
          "id": "per_share",
          "name": "Equity value per share ($)"
        }
      ],
      "rules": [
        "per_share = ((NPV((wacc.wacc + wacc_case.delta), fcf.ufcf[period.frame=fcst]) * (1 + (wacc.wacc + wacc_case.delta)) ^ 0.5 + fcf.ufcf[period=last] * (1 + wacc.terminal_growth + growth_case.delta) / ((wacc.wacc + wacc_case.delta) - (wacc.terminal_growth + growth_case.delta)) / (1 + (wacc.wacc + wacc_case.delta)) ^ fcf.n[period=last]) - wacc.net_debt) / wacc.shares"
      ]
    },
    "sensitivity_multiple": {
      "name": "Price per share: WACC × exit multiple",
      "dims": {
        "wacc_case": "wacc_cases",
        "multiple_case": "multiple_cases",
        "period": false
      },
      "lines": [
        {
          "id": "per_share",
          "name": "Equity value per share ($)"
        }
      ],
      "rules": [
        "per_share = ((NPV((wacc.wacc + wacc_case.delta), fcf.ufcf[period.frame=fcst]) * (1 + (wacc.wacc + wacc_case.delta)) ^ 0.5 + fcf.ebitda[period=last] * (wacc.exit_multiple + multiple_case.delta) / (1 + (wacc.wacc + wacc_case.delta)) ^ fcf.n[period=last]) - wacc.net_debt) / wacc.shares"
      ]
    }
  },
  "outputs": [
    {
      "pivot": "fcf",
      "rows": [
        "line"
      ],
      "cols": [
        "period"
      ],
      "title": "Unlevered free cash flow",
      "decimals": 1
    },
    {
      "pivot": "valuation",
      "rows": [
        "line"
      ],
      "cols": [
        "method"
      ],
      "title": "Valuation",
      "decimals": 1
    },
    {
      "pivot": "sensitivity_growth",
      "rows": [
        "wacc_case"
      ],
      "cols": [
        "growth_case"
      ],
      "title": "Price per share: WACC × terminal growth",
      "decimals": 1
    },
    {
      "pivot": "sensitivity_multiple",
      "rows": [
        "wacc_case"
      ],
      "cols": [
        "multiple_case"
      ],
      "title": "Price per share: WACC × exit multiple",
      "decimals": 1
    }
  ],
  "dashboards": [
    {
      "id": "overview",
      "name": "Helix Software: DCF valuation",
      "theme": "banking",
      "cards": [
        {
          "kind": "kpi",
          "pivot": "valuation",
          "line": "enterprise_value",
          "cols": [],
          "pages": {
            "method": "perpetuity"
          },
          "title": "EV, perpetuity growth",
          "unit": "$M"
        },
        {
          "kind": "kpi",
          "pivot": "valuation",
          "line": "per_share",
          "cols": [],
          "pages": {
            "method": "perpetuity"
          },
          "title": "Per share, perpetuity growth",
          "unit": "$"
        },
        {
          "kind": "kpi",
          "pivot": "valuation",
          "line": "per_share",
          "cols": [],
          "pages": {
            "method": "exit_multiple"
          },
          "title": "Per share, exit multiple",
          "unit": "$"
        },
        {
          "kind": "kpi",
          "pivot": "valuation",
          "line": "premium",
          "cols": [],
          "pages": {
            "method": "perpetuity"
          },
          "title": "Premium to current price"
        },
        {
          "kind": "table",
          "pivot": "valuation",
          "rows": [
            "line"
          ],
          "cols": [
            "method"
          ],
          "title": "Valuation summary: perpetuity growth vs exit multiple",
          "w": 6
        },
        {
          "kind": "table",
          "pivot": "wacc",
          "rows": [
            "line"
          ],
          "editable": true,
          "title": "WACC build-up, terminal value and equity bridge (edit any input)",
          "w": 6
        },
        {
          "kind": "table",
          "pivot": "drivers",
          "rows": [
            "line"
          ],
          "cols": [
            "period"
          ],
          "periods": [
            "fy2026",
            "fy2027",
            "fy2028",
            "fy2029",
            "fy2030"
          ],
          "editable": true,
          "title": "Operating drivers by year (edit any cell)"
        },
        {
          "kind": "table",
          "pivot": "fcf",
          "rows": [
            "line"
          ],
          "cols": [
            "period"
          ],
          "title": "Unlevered free cash flow and present value (FY2025 actual, FY2026 to FY2030 projected)"
        },
        {
          "kind": "chart",
          "type": "bar",
          "pivot": "fcf",
          "rows": [
            "line"
          ],
          "cols": [
            "period"
          ],
          "lines": [
            "revenue",
            "ebitda",
            "ufcf"
          ],
          "title": "Revenue, EBITDA and unlevered free cash flow",
          "w": 6
        },
        {
          "kind": "chart",
          "type": "line",
          "pivot": "fcf",
          "rows": [
            "line"
          ],
          "cols": [
            "period"
          ],
          "lines": [
            "revenue_growth",
            "ebitda_margin"
          ],
          "periods": [
            "fy2026",
            "fy2027",
            "fy2028",
            "fy2029",
            "fy2030"
          ],
          "title": "Growth and margin",
          "w": 6
        },
        {
          "kind": "table",
          "pivot": "sensitivity_growth",
          "rows": [
            "wacc_case"
          ],
          "cols": [
            "growth_case"
          ],
          "title": "Price per share ($): WACC × terminal growth",
          "w": 6
        },
        {
          "kind": "table",
          "pivot": "sensitivity_multiple",
          "rows": [
            "wacc_case"
          ],
          "cols": [
            "multiple_case"
          ],
          "title": "Price per share ($): WACC × exit multiple",
          "w": 6
        },
        {
          "kind": "chart",
          "type": "stackedBar",
          "pivot": "valuation",
          "rows": [
            "line"
          ],
          "cols": [
            "method"
          ],
          "lines": [
            "sum_pv_ufcf",
            "pv_terminal"
          ],
          "title": "Enterprise value: forecast cash flows and terminal value",
          "w": 6
        },
        {
          "kind": "chart",
          "type": "bar",
          "pivot": "sensitivity_growth",
          "rows": [
            "growth_case"
          ],
          "cols": [
            "wacc_case"
          ],
          "title": "Price per share across WACC and terminal growth",
          "w": 6
        }
      ]
    }
  ]
}