Rick Spreadsheet

	A	B	C	D	E	F	G	H	I	J	K	M	N	Q
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7														E = Shareholder equity per share (Book Value)
8											McNiven's StockVal Formula			RR = Your required rate of return as a percentage
9											V = ( APC x RI / RR + D ) x E / RR			APC =NROE expressed as a numeral (eg. 10% = 10)
10														RI = Portion of APC reinvested as a percentage
11											Required Return	12		D = Portion of APC as dvidend as a percentage
12											Franking	70%	30%	D is adjusted in my formula to account for % franking:
13														D(f) = (D x % franked /0.7) + (D x % unfranked)
14											Valuation	$22.52		eg. D(f) = (7 x 100% /0.7) + (3 x 0% unfranked)
15														D(f) is increased from 7 to 10 due to 100% franking
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21	Year	1	2	3	4	5	6	7	8	9	10
22	Equity	23.30	24.00	24.72	25.46	26.22	27.01	27.82	28.66	29.52	30.40
23	D	1.6	1.7	1.7	1.8	1.8	1.9	1.9	2.0	2.1	2.1
24	RI	0.7	0.7	0.7	0.8	0.8	0.8	0.8	0.9	0.9	0.9
25	ROE	10.0%	10.0%	10.0%	10.0%	10.0%	10.0%	10.0%	10.0%	10.0%	10.0%
26	Payout	70%	70%	70%	70%	70%	70%	70%	70%	70%	70%
27	Reinvested	30%	30%	30%	30%	30%	30%	30%	30%	30%	30%
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