There is no separate Cash Flow statement in the Valuatum model. Instead, cash flow is represented by the “DCF-calculation”, the area located about row 200 on the ”I-main” sheet.
By default Valuatum’s model derives cash-flow figures from the Profit & Loss statement and the Balance Sheet. While this is usually fine for the estimate years, for historical years it is very possible that derived cash flow is quite far from the cash-flow figures reported by the company. Especially large differences may be found while looking at the separate cash-flow items.
If you are not satisfied with the cash-flow figures calculated by the model, you can override them with the figures reported by the company. For that, please use the area called “Reported cash-flow parameters” which is located on the “I-main” sheet around row 300.
This area allows you to override following cash flow items:
You can override just a few items or all of them, cash flow figures will adjust automatically. Note that there is no effect on the result of the DCF calculation (i.e. Fair Value) as only historical part of the DCF is changed. Please refer to the table below which describes how “Reported cash flow” items affect historical part of the “DCF-calculation”.
|
“Reported cash flow” item |
Effect on historical part of “DCF-calculation” |
|
Change in working capital |
Overrides “Change in working capital” item |
|
Taxes paid |
Overrides “Paid taxes” item |
|
Cash flow from operations |
Overrides “Operating cash flow” after following adjustments: - net finacials + taxes on net financials |
|
CAPEX |
Overrides “Gross capex, tangible” after following adjustments: - Gross capex, intangible + Acquisitions/Divestments + Change in associates value correction |
|
Cash flow from investments |
Overrides “Change in other long-term liabilities”after following adjustments: - Gross capex, intangible - Gross capex, tangible + Change in associates value correction |
|
Cash flow for the year |
Item has no effect on the “DCF-calculation” area, since DCF calculation considers only cash-flow from operations. |
In order to reset default Balance Sheet and Profit & Loss driven cash flow calculation, simple delete values from the “Reported cash-flow parameters” area.