{
 "model": "dcf",
 "name": "Helix Software — discounted cash flow (illustrative)",
 "units": "USD millions except per-share",
 "periods": {
  "start": "2025-01",
  "count": 6,
  "grain": "year",
  "histUntil": "2025-12-31"
 },
 "tables": {
  "methods": {
   "name": "Terminal value method",
   "rows": [
    {
     "id": "perpetuity",
     "name": "Perpetuity growth"
    },
    {
     "id": "exit_multiple",
     "name": "Exit multiple"
    }
   ]
  },
  "wacc_cases": {
   "name": "WACC cases",
   "rows": [
    {
     "id": "w_m100",
     "name": "WACC −100 bp",
     "delta": -0.01
    },
    {
     "id": "w_m50",
     "name": "−50 bp",
     "delta": -0.005
    },
    {
     "id": "w_base",
     "name": "Base WACC",
     "delta": 0.0
    },
    {
     "id": "w_p50",
     "name": "+50 bp",
     "delta": 0.005
    },
    {
     "id": "w_p100",
     "name": "+100 bp",
     "delta": 0.01
    }
   ]
  },
  "growth_cases": {
   "name": "Terminal growth cases",
   "rows": [
    {
     "id": "g_m100",
     "name": "g −100 bp",
     "delta": -0.01
    },
    {
     "id": "g_m50",
     "name": "−50 bp",
     "delta": -0.005
    },
    {
     "id": "g_base",
     "name": "Base growth",
     "delta": 0.0
    },
    {
     "id": "g_p50",
     "name": "+50 bp",
     "delta": 0.005
    },
    {
     "id": "g_p100",
     "name": "+100 bp",
     "delta": 0.01
    }
   ]
  },
  "multiple_cases": {
   "name": "Exit multiple cases",
   "rows": [
    {
     "id": "m_m2",
     "name": "Multiple −2.0x",
     "delta": -2.0
    },
    {
     "id": "m_m1",
     "name": "−1.0x",
     "delta": -1.0
    },
    {
     "id": "m_base",
     "name": "Base multiple",
     "delta": 0.0
    },
    {
     "id": "m_p1",
     "name": "+1.0x",
     "delta": 1.0
    },
    {
     "id": "m_p2",
     "name": "+2.0x",
     "delta": 2.0
    }
   ]
  }
 },
 "pivots": {
  "drivers": {
   "name": "Operating drivers",
   "lines": [
    {
     "id": "revenue_growth",
     "name": "Revenue growth",
     "format": "percent"
    },
    {
     "id": "ebitda_margin",
     "name": "EBITDA margin",
     "format": "percent"
    },
    {
     "id": "da_pct",
     "name": "D&A, % of revenue",
     "format": "percent"
    },
    {
     "id": "capex_pct",
     "name": "Capex, % of revenue",
     "format": "percent"
    },
    {
     "id": "nwc_pct",
     "name": "Net working capital, % of revenue change",
     "format": "percent"
    },
    {
     "id": "tax_rate",
     "name": "Cash tax rate",
     "format": "percent"
    }
   ],
   "inputs": {
    "revenue_growth": {
     "fy2026": 0.2,
     "fy2027": 0.18,
     "fy2028": 0.16,
     "fy2029": 0.14,
     "fy2030": 0.12
    },
    "ebitda_margin": {
     "fy2026": 0.28,
     "fy2027": 0.3,
     "fy2028": 0.32,
     "fy2029": 0.33,
     "fy2030": 0.34
    },
    "da_pct": {
     "fy2026": 0.035,
     "fy2027": 0.035,
     "fy2028": 0.035,
     "fy2029": 0.035,
     "fy2030": 0.035
    },
    "capex_pct": {
     "fy2026": 0.045,
     "fy2027": 0.045,
     "fy2028": 0.045,
     "fy2029": 0.045,
     "fy2030": 0.045
    },
    "nwc_pct": {
     "fy2026": 0.1,
     "fy2027": 0.1,
     "fy2028": 0.1,
     "fy2029": 0.1,
     "fy2030": 0.1
    },
    "tax_rate": {
     "fy2026": 0.25,
     "fy2027": 0.25,
     "fy2028": 0.25,
     "fy2029": 0.25,
     "fy2030": 0.25
    }
   }
  },
  "wacc": {
   "name": "WACC, terminal value and equity bridge",
   "dims": {
    "period": false
   },
   "lines": [
    {
     "id": "risk_free",
     "name": "Risk-free rate",
     "format": "percent"
    },
    {
     "id": "beta",
     "name": "Levered beta",
     "format": "#,##0.00"
    },
    {
     "id": "erp",
     "name": "Equity risk premium",
     "format": "percent"
    },
    {
     "id": "cost_of_equity",
     "name": "Cost of equity",
     "format": "percent"
    },
    {
     "id": "pre_tax_cost_of_debt",
     "name": "Pre-tax cost of debt",
     "format": "percent"
    },
    {
     "id": "tax_rate",
     "name": "Tax rate",
     "format": "percent"
    },
    {
     "id": "after_tax_cost_of_debt",
     "name": "After-tax cost of debt",
     "format": "percent"
    },
    {
     "id": "debt_weight",
     "name": "Debt / (debt + equity)",
     "format": "percent"
    },
    {
     "id": "equity_weight",
     "name": "Equity / (debt + equity)",
     "format": "percent"
    },
    {
     "id": "wacc",
     "name": "WACC",
     "format": "percent"
    },
    {
     "id": "terminal_growth",
     "name": "Terminal growth rate",
     "format": "percent"
    },
    {
     "id": "exit_multiple",
     "name": "Exit multiple, EV / EBITDA",
     "format": "multiple"
    },
    {
     "id": "net_debt",
     "name": "Net debt",
     "format": "currency"
    },
    {
     "id": "shares",
     "name": "Diluted shares (M)",
     "format": "#,##0"
    },
    {
     "id": "current_price",
     "name": "Current share price",
     "format": "$#,##0.00"
    }
   ],
   "values": [
    {
     "at": {
      "line": "risk_free"
     },
     "value": 0.042
    },
    {
     "at": {
      "line": "beta"
     },
     "value": 1.15
    },
    {
     "at": {
      "line": "erp"
     },
     "value": 0.045
    },
    {
     "at": {
      "line": "pre_tax_cost_of_debt"
     },
     "value": 0.055
    },
    {
     "at": {
      "line": "tax_rate"
     },
     "value": 0.25
    },
    {
     "at": {
      "line": "debt_weight"
     },
     "value": 0.15
    },
    {
     "at": {
      "line": "terminal_growth"
     },
     "value": 0.035
    },
    {
     "at": {
      "line": "exit_multiple"
     },
     "value": 16.0
    },
    {
     "at": {
      "line": "net_debt"
     },
     "value": 200
    },
    {
     "at": {
      "line": "shares"
     },
     "value": 60
    },
    {
     "at": {
      "line": "current_price"
     },
     "value": 58.0
    }
   ],
   "rules": [
    "cost_of_equity = risk_free + beta * erp",
    "after_tax_cost_of_debt = pre_tax_cost_of_debt * (1 - tax_rate)",
    "equity_weight = 1 - debt_weight",
    "wacc = equity_weight * cost_of_equity + debt_weight * after_tax_cost_of_debt"
   ]
  },
  "fcf": {
   "name": "Unlevered free cash flow",
   "lines": [
    {
     "id": "revenue",
     "name": "Revenue",
     "format": "currency"
    },
    {
     "id": "revenue_growth",
     "name": "Revenue growth",
     "format": "percent"
    },
    {
     "id": "ebitda",
     "name": "EBITDA",
     "format": "currency"
    },
    {
     "id": "ebitda_margin",
     "name": "EBITDA margin",
     "format": "percent"
    },
    {
     "id": "da",
     "name": "Less: D&A",
     "format": "currency"
    },
    {
     "id": "ebit",
     "name": "EBIT",
     "format": "currency"
    },
    {
     "id": "tax",
     "name": "Less: cash taxes",
     "format": "currency"
    },
    {
     "id": "nopat",
     "name": "NOPAT",
     "format": "currency"
    },
    {
     "id": "capex",
     "name": "Less: capex",
     "format": "currency"
    },
    {
     "id": "nwc_change",
     "name": "Less: increase in net working capital",
     "format": "currency"
    },
    {
     "id": "ufcf",
     "name": "Unlevered free cash flow",
     "format": "currency"
    },
    {
     "id": "n",
     "name": "Year (from valuation date)",
     "format": "#,##0.0"
    },
    {
     "id": "discount_factor",
     "name": "Discount factor (mid-year)",
     "format": "#,##0.000"
    },
    {
     "id": "pv_ufcf",
     "name": "PV of unlevered free cash flow",
     "format": "currency"
    }
   ],
   "inputs": {
    "revenue": {
     "fy2025": 520
    },
    "ebitda": {
     "fy2025": 140
    },
    "da": {
     "fy2025": 18
    },
    "capex": {
     "fy2025": 26
    },
    "nwc_change": {
     "fy2025": 9
    }
   },
   "rules": [
    "revenue[frame=fcst] = PREV(revenue) * (1 + drivers.revenue_growth)",
    "revenue_growth = IFERROR(revenue / PREV(revenue) - 1, BLANK)",
    "ebitda[frame=fcst] = revenue * drivers.ebitda_margin",
    "ebitda_margin = ebitda / revenue",
    "da[frame=fcst] = revenue * drivers.da_pct",
    "ebit = ebitda - da",
    "tax[frame=fcst] = IF(ebit > 0, ebit * drivers.tax_rate, 0)",
    "nopat[frame=fcst] = ebit - tax",
    "capex[frame=fcst] = revenue * drivers.capex_pct",
    "nwc_change[frame=fcst] = (revenue - PREV(revenue)) * drivers.nwc_pct",
    "ufcf[frame=fcst] = nopat + da - capex - nwc_change",
    "n = period.idx",
    "discount_factor[frame=fcst] = 1 / (1 + wacc.wacc) ^ (n - 0.5)",
    "pv_ufcf[frame=fcst] = ufcf * discount_factor"
   ]
  },
  "valuation": {
   "name": "Valuation by terminal value method",
   "dims": {
    "method": "methods",
    "period": false
   },
   "lines": [
    {
     "id": "sum_pv_ufcf",
     "name": "PV of forecast cash flows",
     "format": "currency"
    },
    {
     "id": "terminal_value",
     "name": "Terminal value",
     "format": "currency"
    },
    {
     "id": "pv_terminal",
     "name": "PV of terminal value",
     "format": "currency"
    },
    {
     "id": "enterprise_value",
     "name": "Enterprise value",
     "format": "currency"
    },
    {
     "id": "net_debt",
     "name": "Less: net debt",
     "format": "currency"
    },
    {
     "id": "equity_value",
     "name": "Equity value",
     "format": "currency"
    },
    {
     "id": "per_share",
     "name": "Equity value per share",
     "format": "$#,##0.00"
    },
    {
     "id": "current_price",
     "name": "Current share price",
     "format": "$#,##0.00"
    },
    {
     "id": "premium",
     "name": "Implied premium to current",
     "format": "percent"
    },
    {
     "id": "tv_share",
     "name": "Terminal value, % of EV",
     "format": "percent"
    },
    {
     "id": "implied_multiple",
     "name": "Implied exit multiple, EV / EBITDA",
     "format": "multiple"
    },
    {
     "id": "implied_growth",
     "name": "Implied perpetuity growth",
     "format": "percent"
    },
    {
     "id": "ev_ltm_ebitda",
     "name": "Implied EV / LTM EBITDA",
     "format": "multiple"
    }
   ],
   "rules": [
    "sum_pv_ufcf = SUM(fcf.pv_ufcf[period.frame=fcst])",
    "terminal_value[method=perpetuity] = fcf.ufcf[period=last] * (1 + wacc.terminal_growth) / (wacc.wacc - wacc.terminal_growth)",
    "terminal_value[method=exit_multiple] = fcf.ebitda[period=last] * wacc.exit_multiple",
    "pv_terminal = terminal_value / (1 + wacc.wacc) ^ fcf.n[period=last]",
    "enterprise_value = sum_pv_ufcf + pv_terminal",
    "net_debt = wacc.net_debt",
    "equity_value = enterprise_value - net_debt",
    "per_share = equity_value / wacc.shares",
    "current_price = wacc.current_price",
    "premium = per_share / current_price - 1",
    "tv_share = pv_terminal / enterprise_value",
    "implied_multiple = terminal_value / fcf.ebitda[period=last]",
    "implied_growth = (terminal_value * wacc.wacc - fcf.ufcf[period=last]) / (terminal_value + fcf.ufcf[period=last])",
    "ev_ltm_ebitda = enterprise_value / fcf.ebitda[period=first]"
   ]
  },
  "sensitivity_growth": {
   "name": "Price per share: WACC × terminal growth",
   "dims": {
    "wacc_case": "wacc_cases",
    "growth_case": "growth_cases",
    "period": false
   },
   "lines": [
    {
     "id": "per_share",
     "name": "Equity value per share",
     "format": "$#,##0.00"
    }
   ],
   "rules": [
    "per_share = ((NPV((wacc.wacc + wacc_case.delta), fcf.ufcf[period.frame=fcst]) * (1 + (wacc.wacc + wacc_case.delta)) ^ 0.5 + fcf.ufcf[period=last] * (1 + wacc.terminal_growth + growth_case.delta) / ((wacc.wacc + wacc_case.delta) - (wacc.terminal_growth + growth_case.delta)) / (1 + (wacc.wacc + wacc_case.delta)) ^ fcf.n[period=last]) - wacc.net_debt) / wacc.shares"
   ]
  },
  "sensitivity_multiple": {
   "name": "Price per share: WACC × exit multiple",
   "dims": {
    "wacc_case": "wacc_cases",
    "multiple_case": "multiple_cases",
    "period": false
   },
   "lines": [
    {
     "id": "per_share",
     "name": "Equity value per share",
     "format": "$#,##0.00"
    }
   ],
   "rules": [
    "per_share = ((NPV((wacc.wacc + wacc_case.delta), fcf.ufcf[period.frame=fcst]) * (1 + (wacc.wacc + wacc_case.delta)) ^ 0.5 + fcf.ebitda[period=last] * (wacc.exit_multiple + multiple_case.delta) / (1 + (wacc.wacc + wacc_case.delta)) ^ fcf.n[period=last]) - wacc.net_debt) / wacc.shares"
   ]
  }
 },
 "outputs": [
  {
   "pivot": "fcf",
   "rows": [
    "line"
   ],
   "cols": [
    "period"
   ],
   "title": "Unlevered free cash flow"
  },
  {
   "pivot": "valuation",
   "rows": [
    "line"
   ],
   "cols": [
    "method"
   ],
   "title": "Valuation"
  },
  {
   "pivot": "sensitivity_growth",
   "rows": [
    "wacc_case"
   ],
   "cols": [
    "growth_case"
   ],
   "title": "Price per share: WACC × terminal growth"
  },
  {
   "pivot": "sensitivity_multiple",
   "rows": [
    "wacc_case"
   ],
   "cols": [
    "multiple_case"
   ],
   "title": "Price per share: WACC × exit multiple"
  }
 ],
 "dashboards": [
  {
   "id": "overview",
   "name": "Helix Software: DCF valuation",
   "theme": "banking",
   "cards": [
    {
     "kind": "kpi",
     "pivot": "valuation",
     "line": "enterprise_value",
     "cols": [],
     "pages": {
      "method": "perpetuity"
     },
     "title": "EV, perpetuity growth",
     "note": "($ in millions)"
    },
    {
     "kind": "kpi",
     "pivot": "valuation",
     "line": "per_share",
     "cols": [],
     "pages": {
      "method": "perpetuity"
     },
     "title": "Per share, perpetuity growth"
    },
    {
     "kind": "kpi",
     "pivot": "valuation",
     "line": "per_share",
     "cols": [],
     "pages": {
      "method": "exit_multiple"
     },
     "title": "Per share, exit multiple"
    },
    {
     "kind": "kpi",
     "pivot": "valuation",
     "line": "premium",
     "cols": [],
     "pages": {
      "method": "perpetuity"
     },
     "title": "Premium to current price"
    },
    {
     "kind": "table",
     "pivot": "valuation",
     "rows": [
      "line"
     ],
     "cols": [
      "method"
     ],
     "title": "Valuation summary: perpetuity growth vs exit multiple",
     "w": 6
    },
    {
     "kind": "table",
     "pivot": "wacc",
     "rows": [
      "line"
     ],
     "editable": true,
     "title": "WACC build-up, terminal value and equity bridge (edit any input)",
     "w": 6
    },
    {
     "kind": "table",
     "pivot": "drivers",
     "rows": [
      "line"
     ],
     "cols": [
      "period"
     ],
     "periods": [
      "fy2026",
      "fy2027",
      "fy2028",
      "fy2029",
      "fy2030"
     ],
     "editable": true,
     "title": "Operating drivers by year (edit any cell)"
    },
    {
     "kind": "table",
     "pivot": "fcf",
     "rows": [
      "line"
     ],
     "cols": [
      "period"
     ],
     "title": "Unlevered free cash flow and present value (FY2025 actual, FY2026 to FY2030 projected)"
    },
    {
     "kind": "chart",
     "type": "bar",
     "pivot": "fcf",
     "rows": [
      "line"
     ],
     "cols": [
      "period"
     ],
     "lines": [
      "revenue",
      "ebitda",
      "ufcf"
     ],
     "title": "Revenue, EBITDA and unlevered free cash flow",
     "w": 6
    },
    {
     "kind": "chart",
     "type": "line",
     "pivot": "fcf",
     "rows": [
      "line"
     ],
     "cols": [
      "period"
     ],
     "lines": [
      "revenue_growth",
      "ebitda_margin"
     ],
     "periods": [
      "fy2026",
      "fy2027",
      "fy2028",
      "fy2029",
      "fy2030"
     ],
     "title": "Growth and margin",
     "w": 6
    },
    {
     "kind": "table",
     "pivot": "sensitivity_growth",
     "rows": [
      "wacc_case"
     ],
     "cols": [
      "growth_case"
     ],
     "title": "Price per share ($): WACC × terminal growth",
     "w": 6
    },
    {
     "kind": "table",
     "pivot": "sensitivity_multiple",
     "rows": [
      "wacc_case"
     ],
     "cols": [
      "multiple_case"
     ],
     "title": "Price per share ($): WACC × exit multiple",
     "w": 6
    },
    {
     "kind": "chart",
     "type": "stackedBar",
     "pivot": "valuation",
     "rows": [
      "line"
     ],
     "cols": [
      "method"
     ],
     "lines": [
      "sum_pv_ufcf",
      "pv_terminal"
     ],
     "title": "Enterprise value: forecast cash flows and terminal value",
     "w": 6
    },
    {
     "kind": "chart",
     "type": "bar",
     "pivot": "sensitivity_growth",
     "rows": [
      "growth_case"
     ],
     "cols": [
      "wacc_case"
     ],
     "title": "Price per share across WACC and terminal growth",
     "w": 6
    }
   ]
  }
 ]
}