1) put the assumptions of the valuation model in a new table.

Assumption table in DCF valuation

2) The selection function is selected for various hypothetical schemes.

=CHOOSE(DCF！ $D$4，F8，F9，F 10，F 1 1，F 12)

3) Given the historical data, when predicting the future, in the process of liquidity prediction, put the hypothetical data results and liquidity prediction page in a table for easy reference.

Put the hypothetical conditions at the bottom of the data table for easy reference.

4) Using two-factor sensitivity analysis to calculate the enterprise value under different conditions of weighted average capital and exit multiplier.

5) Application of 5)WACC calculation in excel (as the name implies, weighted average cost of capital = return on net assets * equity ratio+after-tax debt yield * bond ratio).

So there is the following formula, in which re represents the cost of equity, rd represents the cost of creditor's rights, E and D represent the market value of equity and bonds respectively, and T represents the marginal tax rate.

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