Information about cell protection

Valuatum Excel model includes cell protection system. Its purpose is to prevent analysts from making unintentional mistakes. Such mistakes typically cause that numbers in the Excel model do not correspond to the numbers in the web pages or that when the model is upgraded to a new version, something is lost during the process.

What is allowed, what is not?

You are allowed to

• Change the content of the cells with blue font (either with grey or white background) in the input sheets. These cells are called 'input cells'.
• Add and remove your own sheets.
• Change the content of User's own area in I-divQ and I-main sheets.

You are NOT allowed to

• Remove or add rows or columns in the input sheets.
• Remove or add cells in the input sheets.
• Change the content of the cells with black font in the input sheets. These are called 'output cells'.

Cell protection prevents me doing certain things - what to do?

If you feel that the cell protection prevents you doing things that you should be able to do, please consider the instructions below. It may well be that there is another solution.

Own sheets

You are allowed to maintain your own sheets and do whatever you want with them. Own sheets are typically good for preparing your final estimates.

User's own areas

The sheets I-divQ and I-main contain cells that are called User's own areas. They are located on the right hand side of the estimate area. You are allowed to change the content of these cells.

Estimating with correct estimate parameters

Sometimes you may feel that you should change a formula in a cell with black font. The cell protection naturally prevents this. However, the model should always provide you a way how to handle these kinds of situations using correct estimate parameters. Here we show you two examples.

• Goodwil
  • Your intention: Change the first estimate year goodwill by adding 100 to the current value.
  • Estimate parameters for goodwill: goodwill t0 = goodwill t-1 + impairment charges + gross investments into goodwill.
  • Solution: Based on the formula it is easy to see that you should add 100 to the 'gross investments into goodwill' in the balance sheet estimate parameters section.
• Interest-bearing debt
  
  • Your intention: The model is showing too low value for interest-bearing debt in your opinion. You would like to have more interest-bearing debt (either long- or short-term).
  • Estimate parameters for interest-bearing debt: The model automatically adjusts cash and interest-bearing debt based on your estimates so that assest and liabilities always equal for estimate years. However, for debt you can define the minimum level that is always remained even thought the company's profitability would be good.
  • Solution: Increase minimum long- or short-term debt in the balance sheet estimate parameters section.

Other solutions

In case the solutions above do not help you, you can always contact Valuatum. We are probably able to help you in using the valuation model in a proper way.

Disabling cell protection

If you for some reason need to disable cell protection (have you read the instructions above?), you can do it either temporarily or temporarily.

Please remember that if you disable cell protection, Valuatum does not quarantee the correct behaviour of the model!

Temporary disabling

You have two to disable cell protection temporarily:

1. Click Options button in the top of I-main sheet. Choose Cell Protection - Off and click Ok.
2. When you try to change a cell that you are not allowed to change, the model gives you an error message. The message also contains a button that you can use for disabling the cell protection.

When you close the model and open it again, the cell protection is automatically activated.

Permanent disabling

If you want to disable cell protection so that it is not activated when the model is re-opened, do the following:

• Click Options button in the top of I-main sheet. Choose Cell Protection - Always off and click Ok.