STRICTLY
PRIVATE
AND
CONFIDENTIAL
Happy Hour Co — MODEL
Mar-20
Assumptions
Circular switch
On / off
1
Key assumptions
Last Historical FYE
Transaction date
30-Mar-19
31-Mar-20
Enterprise value calculation
Current share price (c)
NOSH (m)
Market cap ($m)
Net debt / (cash) ($m)
Minority interests ($m)
Pension liability ($m)
Investment in associates ($m)
165.0 p_price
199.0
328.4
84.6
0.0
0.0
0.0
EV ($m)
413.0
Happy Hour Co - 5 Year plan
5 Year Plan
583
50.7%
(523)
60
5.2%
(5)
55
FY21
1,256
9.3%
634
50.5%
(580)
54
4.3%
(6)
48
FY22
1,354
7.8%
689
50.9%
(622)
67
4.9%
(6)
61
FY23
1,447
6.9%
737
50.9%
(662)
75
5.2%
(6)
68
FY24
1,443
-0.3%
753
52.2%
(678)
75
5.2%
(6)
69
EBITDA post exceptionals
55
3
2
34
94
(18)
30
4
2
38
75
(7)
54
4
2
45
105
1
70
4
2
50
126
(5)
64
4
2
53
123
Adjust for non-cash exceptionals
Capex
Acquisition
Tax
Interest
Working Capital
Dividend
Other
0
(36)
(9)
(18)
(3)
6
(37)
0
0
(51)
(9)
(9)
(4)
16
(24)
0
(50)
0
(11)
(4)
15
(24)
(5)
24
(50)
0
(12)
(4)
11
(24)
(5)
0
(50)
0
(12)
(4)
4
(24)
(5)
Net Cash flow
(3)
43
(6)
27
26
50
65
89
31
55
(82)
(85)
0.9x
(85)
(91)
1.0x
(91)
(65)
0.6x
(65)
0
(0.0x)
0
32
(0.2x)
Revenue
YoY growth %
GP $
GM%
Opex
Operating profit
Operating margin %
Interest and Amortisation
Group PBT (Underlying)
FY20
1,149
Exceptionals
Group PBT post exceptionals
Add back: Interest
Add back: Amortisation
Add back: Depreciation
Free Cash Flow
Opening Net Debt
Closing Net Debt
Net debt : EBITDA
Income statement
Actuals
CMD case
March YE ($mm)
2014A
2015A
2016A
2017A
2018A
2019A
2020E
Total revenue
Management case
% forecast growth
939.7
1,004.9
1,021.5
1,095.0
1,135.1
1,138.6
0.0
EBITDA
Management case
% growth
% forecast margin
101.1
109.9
114.6
108.7
109.5
98.2
n.a.
8.7%
4.3%
(5.1%)
0.7%
(10.3%)
Depreciation and amortisation
% growth
% capex
% margin
(23.3)
n.a.
76.6%
2.5%
(25.3)
8.6%
67.5%
2.5%
(30.1)
19.0%
74.7%
2.9%
(31.6)
5.0%
87.5%
2.9%
(34.9)
10.4%
93.6%
3.1%
(36.0)
3.2%
116.1%
3.2%
77.8
n.a.
8.3%
84.6
8.7%
8.4%
84.5
(0.1%)
8.3%
77.1
(8.8%)
7.0%
74.6
(3.2%)
6.6%
#VALUE!
(100.0%)
EBIT
% growth
% margin
% tax rate
x
2021E
Net income
% growth
% margin
#VALUE!
2022E
#VALUE!
n.a.
#VALUE!
Extrapolations
2023E
#VALUE!
n.a.
#VALUE!
2024E
#VALUE!
n.a.
#VALUE!
2025E
#VALUE!
n.a.
#VALUE!
2026E
#VALUE!
2027E
#VALUE!
2028E
#VALUE!
2029E
#VALUE!
2030E
#VALUE!
2.0%
#VALUE!
1.0%
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a. n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
9.0%
(100.0%)
n.a.
n.a.
n.a.
n.a.
0.0
n.a.
0.0
n.a.
0.0
n.a.
0.0
n.a.
0.0
n.a.
#DIV/0!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0.0
n.a.
95.0%
#VALUE!
62.2
(16.6%)
5.5%
#VALUE!
n.a.
n.a.
#VALUE!
n.a.
n.a.
#VALUE!
n.a.
n.a.
#VALUE!
n.a.
n.a.
#VALUE!
n.a.
n.a.
#VALUE!
n.a.
n.a.
#VALUE!
n.a.
n.a.
#VALUE!
n.a.
n.a.
#VALUE!
n.a.
n.a.
#VALUE!
n.a.
n.a.
#VALUE!
n.a.
n.a.
19.0%
19.0%
17.0%
55.5
n.a.
5.9%
65.8
18.6%
6.5%
64.9
(1.4%)
6.4%
59.5
(8.3%)
5.4%
58.4
(1.8%)
5.1%
48.3
(17.3%)
4.2%
44.5
(7.9%)
n.a.
39.9
(10.3%)
n.a.
60.5
51.6%
n.a.
68.5
13.2%
n.a.
68.7
0.3%
n.a.
Capex
% growth
% sales
% Cash conversion
(30.4)
n.a.
3.2%
69.9%
(37.5)
23.4%
3.7%
65.9%
(40.3)
7.5%
3.9%
64.8%
(36.1)
(10.4%)
3.3%
66.8%
(37.3)
3.3%
3.3%
65.9%
(31.0)
(16.9%)
2.7%
68.4%
(100.0%)
n.a.
#VALUE!
n.a.
n.a.
#VALUE!
n.a.
n.a.
#VALUE!
n.a.
n.a.
#VALUE!
n.a.
n.a.
#VALUE!
n.a.
n.a.
#VALUE!
n.a.
n.a.
#VALUE!
n.a.
n.a.
#VALUE!
n.a.
n.a.
#VALUE!
n.a.
n.a.
#VALUE!
n.a.
n.a.
#VALUE!
Change in Working Capital
% growth
% sales
(5.3)
n.a.
(0.6%)
25.1
(573.6%)
2.5%
(11.2)
(144.6%)
(1.1%)
(16.3)
45.5%
(1.5%)
(12.6)
(22.7%)
(1.1%)
(10.4)
(17.5%)
(0.9%)
(100.0%)
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
#VALUE!
n.a.
0.0%
#VALUE!
n.a.
0.0%
#VALUE!
n.a.
0.0%
#VALUE!
n.a.
0.0%
#VALUE!
n.a.
0.0%
#VALUE!
n.a.
0.0%
Other Cashflows
% growth
% sales
n.a.
0.0%
n.a.
0.0%
n.a.
0.0%
n.a.
0.0%
(1.5)
n.a.
0.1%
0.7
(149.3%)
(0.1%)
(100.0%)
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Exceptional items
% growth
% sales
n.a.
0.0%
n.a.
0.0%
n.a.
0.0%
n.a.
0.0%
0.0
n.a.
0.0%
0.0
n.a.
0.0%
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
0.0
n.a.
n.a.
0.0
n.a.
n.a.
0.0
n.a.
n.a.
0.0
n.a.
n.a.
0.0
n.a.
n.a.
0.0
n.a.
n.a.
Cashflow statement
Summary financials
March Y/E
2014A
2015A
2016A
2017A
2018A
2019A
2020E
2021E
2022E
2023E
2024E
2025E
2026E
2027E
2028E
2029E
2030E
Revenue
940
1,005
1,022
1,095
1,135
% growth
n.a.
6.9%
1.7%
7.2%
3.7%
1,139
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0.3%
(100.0%)
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
EBITDA
101
110
115
109
n.a.
110
98
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
% growth
n.a.
8.7%
4.3%
(5.1%)
0.7%
(10.3%)
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
% margin
#VALUE!
10.8%
10.9%
11.2%
9.9%
9.6%
8.6%
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
D&A
(23)
(25)
(30)
(32)
(35)
(36)
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
% of revenue
(2.5%)
(2.5%)
(2.9%)
(2.9%)
(3.1%)
(3.2%)
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
% of capex
76.6%
67.5%
74.7%
87.5%
93.6%
116.1%
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
EBIT
78
85
85
77
75
62
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
% growth
n.a.
8.7%
(0.1%)
(8.8%)
(3.2%)
(16.6%)
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
% margin
8.3%
8.4%
8.3%
7.0%
6.6%
5.5%
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
EBITDA
101
110
115
109
110
98
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Capex
(30)
(38)
(40)
(36)
(37)
(31)
0
0
0
0
0
0
0
0
0
0
0
% revenue
3.2%
3.7%
3.9%
3.3%
3.3%
2.7%
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Change in NWC
% revenue
Other Cashflows
% revenue
Exceptional items
% revenue
(5)
25
(11)
(16)
(13)
(10)
0
0
0
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
(0.6%)
2.5%
(1.1%)
(1.5%)
(1.1%)
(0.9%)
#DIV/0!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
0
0
0
(2)
1
0
0
0
0
0
0
0
0
0
0
0
0.0%
0.0%
0.0%
0.0%
0.1%
(0.1%)
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
DCF
Key assumptions
Transaction date
Next financial YE
Perpetuity growth rate
TV exit EBITDA multiple
WACC used for sensitivity analysis
31-Mar-20
31-Mar-21
<<< Put down the assumptions after discussing with your senior
Below fill in the blanks by linking from the Financials tab
update formula, growth is expressed vs previous year and margin is vs sales
update as noted
DCF FCF Calculation
Stub period
Stub factor
(731)
1
(366)
1
Actuals
March YE ($mm)
0
1
365
0
730
0
1,095
0
1,461
0
1,826
0
2,191
0
2,556
0
2,922
0
3,287
0
3,652
0
Estimates
2017A
2018A
2019A
2020E
2021E
2022E
2023E
2024E
2025E
2026E
2027E
2028E
2029E
2030E
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Revenue
% growth
EBITDA
% margin
% growth
D&A
% sales
% of capex
EBIT
% margin
% growth
Tax
% tax rate
<< EBIT*tax rate
EBIAT
% margin
% growth
<< EBIT+tax
D&A
0.0
Capex
% sales
% D&A
Change in working capital
% sales
Other Cashflows
% sales
Exceptional items
% sales
FCF
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0 <<add EBIT+D&A+Capex(-ve)+Change in WC (-ve)+other cashflows +
Stub period
FCF for discounting
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Days to cashflow
Discount factor
0
1.0
365
1.0
731
1.0
1,096
1.0
1,461
1.0
1,826
1.0
2,192
1.0
2,557
1.0
2,922
1.0
3,287
1.0
3,653
1.0
Terminal value
Perpetuity growth portion
Exit EBITDA multiple
Perpetuity growth method
#DIV/0!
0.0
Exit EBITDA multiple method
Present value
PV of FCF
PV of Terminal Value
Enterprise value
Net debt & adjustments
Equity value
Share price
% premium to current
($m)
0
#DIV/0!
#DIV/0!
(84.6)
#DIV/0!
#DIV/0!
#DIV/0!
(%)
Present value
PV of FCF
PV of Terminal Value
Enterprise value
Net debt & adjustments
Equity value
Share price
% premium to current
#DIV/0!
#DIV/0!
#DIV/0!
($m)
0.0
0.0
0.0
(84.6)
(84.6)
(42.5)
-125.8%
(%)
#DIV/0!
#DIV/0!
#DIV/0!
Sensitivity analysis
Spread rates and step-up
Perpetuity growth rate
WACC
Perptuity growth rate step-up
WACC step-up
EBITDA multiple step-up
0.0% WACC step-up
Perpetuity growth rate analysis
EBITDA multiple analysis
Enterprise value ($m)
WACC (%)
Perpetuity growth rate (%)
#DIV/0!
0.00%
0.00%
0.0%
#DIV/0!
#DIV/0!
0.0%
#DIV/0!
#DIV/0!
0.0%
#DIV/0!
#DIV/0!
0.0%
#DIV/0!
#DIV/0!
0.0%
#DIV/0!
#DIV/0!
0.00%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
Enterprise value ($m)
WACC (%)Exit EBITDA multiple (x)
0
0.0x
0.0%
0
0.0%
0
0.0%
0
0.0%
0
0.0%
0
0.00%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
Offer price (p)
WACC (%)Exit EBITDA multiple (x)
(42.5)
0.0x
0.0%
(43)
0.0%
(43)
0.0%
(43)
0.0%
(43)
0.0%
(43)
Offer price (p)
WACC (%)
Perpetuity growth rate (%)
#DIV/0!
0.00%
0.00%
0.0%
#DIV/0!
#DIV/0!
0.0%
#DIV/0!
#DIV/0!
0.0%
#DIV/0!
#DIV/0!
0.0%
#DIV/0!
#DIV/0!
0.0%
#DIV/0!
#DIV/0!
Summary financials
March YE ($mm)
EBITDA
% margin
D&A
% of capex
EBIT
% margin
Tax
Tax rate
EBIAT
+D&A
+ Maintenance capex
+Change in working capital
+ Exceptional cash flows
+ Other cash flows
FCF
EBITDA multiple
WACC
0.00%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.00%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.00%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.00%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.0x
0
0
0
0
0
0.0%
0.0x
0
0
0
0
0
0.0x
0
0
0
0
0
0.0x
0
0
0
0
0
0.0x
(43)
(43)
(43)
(43)
(43)
0.0x
(43)
(43)
(43)
(43)
(43)
0.0x
(43)
(43)
(43)
(43)
(43)
0.0x
(43)
(43)
(43)
(43)
(43)
2017A
0.0
#DIV/0!
0.0
#DIV/0!
0.0
#DIV/0!
0.0
0.0%
0.0
0.0
0.0
0.0
0.0
0.0
2018A
0.0
#DIV/0!
0.0
#DIV/0!
0.0
#DIV/0!
0.0
0.0%
0.0
0.0
0.0
0.0
0.0
0.0
2019E
0.0
#DIV/0!
0.0
#DIV/0!
0.0
#DIV/0!
0.0
0.0%
0.0
0.0
0.0
0.0
0.0
0.0
2020E
0.0
#DIV/0!
0.0
#DIV/0!
0.0
#DIV/0!
0.0
0.0%
0.0
0.0
0.0
0.0
0.0
0.0
2021E
0.0
#DIV/0!
0.0
#DIV/0!
0.0
#DIV/0!
0.0
0.0%
0.0
0.0
0.0
0.0
0.0
0.0
2022E
0.0
#DIV/0!
0.0
#DIV/0!
0.0
#DIV/0!
0.0
0.0%
0.0
0.0
0.0
0.0
0.0
0.0
2023E
0.0
#DIV/0!
0.0
#DIV/0!
0.0
#DIV/0!
0.0
0.0%
0.0
0.0
0.0
0.0
0.0
0.0
2024E
0.0
#DIV/0!
0.0
#DIV/0!
0.0
#DIV/0!
0.0
0.0%
0.0
0.0
0.0
0.0
0.0
0.0
2025E
0.0
#DIV/0!
0.0
#DIV/0!
0.0
#DIV/0!
0.0
0.0%
0.0
0.0
0.0
0.0
0.0
0.0
2026E
0.0
#DIV/0!
0.0
#DIV/0!
0.0
#DIV/0!
0.0
0.0%
0.0
0.0
0.0
0.0
0.0
0.0
2027E
0.0
#DIV/0!
0.0
#DIV/0!
0.0
#DIV/0!
0.0
0.0%
0.0
0.0
0.0
0.0
0.0
0.0
2028E
0.0
#DIV/0!
0.0
#DIV/0!
0.0
#DIV/0!
0.0
0.0%
0.0
0.0
0.0
0.0
0.0
0.0
2029E
0.0
#DIV/0!
0.0
#DIV/0!
0.0
#DIV/0!
0.0
0.0%
0.0
0.0
0.0
0.0
0.0
0.0
2030E
0.0
#DIV/0!
0.0
#DIV/0!
0.0
#DIV/0!
0.0
0.0%
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
DCF output
Summary financials and cashflow
DCF Forecast Year
Mar YE ($m)
0
1
2020E
2021E
0
0
Revenue
% growth
#DIV/0!
EBITDA
0
% margin
#DIV/0!
0
#DIV/0!
% growth
#DIV/0!
D&A
0
% of revenue
#DIV/0!
0
#DIV/0!
% of capex
#DIV/0!
EBIT
0
% margin
#DIV/0!
0
#DIV/0!
Tax on EBIT
0
% tax rate
0.0%
Capex
0
% of revenue
#DIV/0!
Change in NWC
0
Other Cashflows
0
% of revenue
#DIV/0!
Exceptional items
0
% of revenue
#DIV/0!
Unlevered free cash flow
0
Cashflow Timing (Years to Discount)
1
1.00
Discount Factor
Discounted DCF cashflows
0
Net Present Value based on Perpetuity Growth Method
Present Value of Cashflows
Amount
% of
($m)
NPV
0
#DIV/0!
PV of Terminal Value
#DIV/0!
#DIV/0!
Implied Firm NPV
#DIV/0!
#DIV/0!
Sensitising firm value ($m) an
WACC (%)
Value Based on 0.0% WACC & 0.0% TGR
(85)
Implied equity value
#DIV/0!
Implied share price ($c)
#DIV/0!
% premium to current
#DIV/0!
WACC (%)
Net debt & adjustments
2
3
4
5
6
7
8
2022E
2023E
2024E
2025E
2026E
2027E
2028E
0
0
0
0
0
0
0
#DIV/0!
#DIV/0!
0
#DIV/0!
0
#DIV/0!
0
#DIV/0!
0
#DIV/0!
0
#DIV/0!
0
0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0
0
0
0
0
0
0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0
#DIV/0!
0
#DIV/0!
0
#DIV/0!
0
#DIV/0!
0
#DIV/0!
0
#DIV/0!
0
#DIV/0!
0
0
0
0
0
0
0
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0
0
0
0
0
0
0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0
0
0
0
0
0
0
0
0
0
0
0
0
0
#DIV/0!
#DIV/0!
0
#DIV/0!
#DIV/0!
0
#DIV/0!
#DIV/0!
0
#DIV/0!
#DIV/0!
0
#DIV/0!
#DIV/0!
0
#DIV/0!
#DIV/0!
0
#DIV/0!
0
#DIV/0!
0
0
0
0
0
0
0
2
3
4
5
6
7
8
1.00
1.00
1.00
1.00
1.00
1.00
1.00
0
0
0
0
0
0
0
nsitising firm value ($m) and implied offer price to WACC and TGR
Perpetuity Growth Rate (%)
0.00%
0.00%
0.00%
0.00%
0.00%
0.0%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.0%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.0%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.0%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.0%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
9
10
2029E
2030E
0
0
#DIV/0!
TV
#DIV/0!
0
0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0
0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0
#DIV/0!
0
#DIV/0!
0
0
0.0%
0.0%
0
0
#DIV/0!
#DIV/0!
0
0
0
0
#DIV/0!
#DIV/0!
0
#DIV/0!
0
#DIV/0!
0
0
9
10
1.00
1.00
0
0
#DIV/0!
#DIV/0!