Valuation workbench
Can you build and defend your own valuation of a company?
Drop the company's annual report here (PDF)
The report is read on your device, in this browser. It is never uploaded. The page then plucks the base-year figures — revenue, operating profit, tax, cash, borrowings, shares — for you to check before they land in the sheet.
Type a share price in the sheet to see what the market price assumes.
The sheet
Free cash flow to the firmThe assumptions
| Base year | Year 1 | Years 2–5 | Years 6–10 | After year 10 | Link to story | |
|---|---|---|---|---|---|---|
| Revenue (millions) | fades → | Revenue reaches S$0M in year 10, then grows at the risk-free rate. Total Market averaged 12.8% a year over the last 5 years. | ||||
| Operating margin | 0.00% | → target by year | Total Market average: 12.8%. Today: 0.0%. | |||
| Operating income (millions) | Last 12 months, from the latest results. | |||||
| Tax rate | same | same | → | Effective rate now, moving to the marginal rate. | ||
| Reinvestment (sales to capital) | RIR = | Each $1 of new capital adds $0.82 of revenue. Industry: 0.82. | ||||
| Return on capital | Keeps earning above its cost of capital after year 10: a lasting edge. | |||||
| Cost of capital | → | Starts at the company's own cost of capital and moves to a mature company's by year 10. | ||||
The cash flows (millions)
| Year | Revenue | Operating margin | EBIT | EBIT (1−t) | Reinvestment | FCFF | Cost of capital | PV of FCFF |
|---|---|---|---|---|---|---|---|---|
| 1 | 0 | 2.56% | 0 | 0 | 0 | 0 | 0.00% | 0 |
| 2 | 0 | 5.13% | 0 | 0 | 0 | 0 | 0.00% | 0 |
| 3 | 0 | 7.69% | 0 | 0 | 0 | 0 | 0.00% | 0 |
| 4 | 0 | 10.26% | 0 | 0 | 0 | 0 | 0.00% | 0 |
| 5 | 0 | 12.82% | 0 | 0 | 0 | 0 | 0.00% | 0 |
| 6 | 0 | 12.82% | 0 | 0 | 0 | 0 | 1.19% | 0 |
| 7 | 0 | 12.82% | 0 | 0 | 0 | 0 | 2.38% | 0 |
| 8 | 0 | 12.82% | 0 | 0 | 0 | 0 | 3.56% | 0 |
| 9 | 0 | 12.82% | 0 | 0 | 0 | 0 | 4.75% | 0 |
| 10 | 0 | 12.82% | 0 | 0 | 0 | 0 | 5.94% | 0 |
| Terminal year | 0 | 12.82% | 0 | 0 | 0 | 0 | 5.94% |
The value
| Terminal value | 0 |
| PV of terminal value | 0 |
| PV of cash flows, years 1–10 | 0 |
| Value of operating assets | 0 |
| Probability of failure | |
| Adjustment for distress | – |
| − Debt | |
| + Cash and other non-operating assets | |
| Value of equity | 0 |
| Number of shares (millions) | |
| Value per share | – |
| Share price | |
| Value vs share price | – |
| Risk-free rate (SGD) | |
| Equity risk premium | |
| Tax losses carried forward |
— of the business value comes after year 10. It loses money today, so all of the value is the value of growth.
Cost of capital worksheet (CAPM + debt)
Needs a share price and share count in the sheet, so equity and debt can be weighed.
Bear, base, bull
Set the sheet to each telling of the story and save it here, then report the range rather than one number. Each saved case keeps its own copy of your inputs.
Bear case
—Not saved yetBase case
—Not saved yetBull case
—Not saved yetSensitivity
Value per share: Growth after year 10 (rows) × Cost of capital (columns)
| Growth after year 10 | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
|---|---|---|---|---|---|
| 1.34% | – | – | – | – | – |
| 1.84% | – | – | – | – | – |
| 2.34% | – | – | – | – | – |
| 2.84% | – | – | – | – | – |
| 3.34% | – | – | – | – | – |
The shaded cell is the sheet as it stands. A small move in either assumption moves the value a lot — that is the point of showing a table rather than one number.
How to read the result
Technical
The sheet follows Damodaran's Ginzu spreadsheet: revenue growth, a target operating margin and sales-to-capital reinvestment drive ten years of free cash flow to the firm, discounted at a cost of capital that moves to a mature company's by year 10, plus a terminal value. Picking a bank or insurance industry switches to a two-stage dividend discount model.
Plain English
The value is what the story you tell about the company — how fast it grows, how profitable it becomes, what the growth costs — is worth in today's money.
Technical
The sensitivity table reruns the valuation over a 5 × 5 grid around your inputs, two assumptions at a time, and bear, base and bull each keep a full copy of your inputs.
Plain English
One number is never the answer. The three cases and the table show how far the value moves when the story changes a little, so report the range.
Technical
Figures pulled from the report are matched by line label and carry the page they came from; the effective tax rate, payout ratio and return on equity are derived when both of their inputs are found. Work autosaves in the browser and travels as a JSON file.
Plain English
The page does the typing, you do the checking. Anything it cannot find stays blank until you fill it in.
A worked example
Drop an annual report and tick the figures that match the statements, using the page numbers to check. Type the share price, write your story in a paragraph, and read what the sheet implies per share. Save a bear, base and bull case, then print to PDF for the appendix of your write-up.
What it can't tell you
- Reading a PDF is pattern-matching, not accounting: labels differ between reports, so every plucked figure must be checked against the page shown. A scanned report has no text to read.
- It is one story told with numbers, not a forecast. Small changes to growth, margin or the cost of capital move the value a lot — that is why the table is there.
- Industry defaults come from Damodaran's US data, used as a proxy for Singapore companies.
- Most of the value often comes after year 10, which no one can see clearly.
Source: Method: the spreadsheets Aswath Damodaran publishes (FCFF Ginzu and the dividend discount model). Checked 19 Oct 2026.
Source: Industry defaults, risk-free rates and the equity risk premium: Aswath Damodaran, January 2026 data and his October 2026 implied premium, shared with Stock valuation. Checked 19 Oct 2026.
Source: Company figures: the annual report you drop in, which is read in your browser and never uploaded. Checked 19 Oct 2026.
Disclosure: The workbench follows the spreadsheets Aswath Damodaran publishes. It is not affiliated with or endorsed by him.
For education only. Not financial advice.