The pages a board actually reads.
A board book is what a company’s adviser puts in front of its directors before they vote on a price: the terms, the process that produced them, and every method anyone has for saying what the business is worth, each on its own page.
Give the studio a ticker and it reads the company itself. A US filer comes back from its own filings, every figure carrying the form, the period and the page number it is printed on; a company listed in London, Frankfurt or Tokyo comes back from its published statements, dated to the balance sheet it sits on. Anything a filing cannot answer, from the discount rate to the peer set, is stated as an assumption on the page rather than buried in a cell. A number you can defend and a number you assumed are different kinds of number, and a deck that hides the difference is a deck you cannot present.
New to these documents? Read the real ones bankers filed with the SEC first, then build the same pages here.
The company
Everything on the pages starts here. A US filer is read from its own filings, a company listed anywhere else from its published statements.
The pages
Read a company first.
Inputs and assumptions
Read a company first.
Build
Read a company first.