DCE Holdings — Columbia Model

DCE Holdings

Investment Office — Columbia Model

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Market price

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Implied IRR

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EPV / Share

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Margin of Safety

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Price / EPV

Last Review

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Executive Summary

Market Cap

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Enterprise Value

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MktCap + Debt + Leases − Cash

Normalized NOPAT

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FCF (Latest FY)

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Implied IRR (Equity)

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ROIC 3yr Avg

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WACC

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Key Model Inputs — Single Source of Truth

Valuation Inputs

Normalized NOPAT—

Revenue Base—

Normalized Op Margin—

Tax Rate (Normalized)—

WACC—

Diluted Shares (M)—

IRR Assumptions

Selected ROIC (reinv. growth)—

Organic Growth (DP17)—

Reinvestment Growth—

Exit Multiple (DP15)—

Sustainable Buybacks / Divs—

Investment Horizon—

Capital & Adjustments

S&M Capitalization—

R&D Capitalization—

SBC Treatment—

Normalization Window—

Items Normalized—

Goodwill in RV (DP12)—

Revenue & NOPAT (DCE Adj)

Operating & Net Margins (%)

CFO vs FCF vs Buybacks

Capital Deployment (Latest FY)

Income Statement

Balance Sheet

Cash Flow Statement

Revenue & Operating Income

Net Income / FCF / NOPAT

Margins (%)

CFO / FCF / CapEx

NOPAT Construction & DCE Adjustments

S&M Capitalization Parameters

GAAP Operating Income—

S&M Total Expense—

S&M 3yr Average—

S&M Useful Life—

S&M Growth Expense—

S&M Asset (Unamortized)—

R&D Capitalization

R&D Capitalization Status—

R&D Useful Life—

R&D Growth Expense—

Normalization & Final NOPAT

Non-Recurring Items—

Normalized Tax Rate—

NOPAT Final (EPV Input)—

NOPAT Build-up Table

Effective Tax Rate History (%)

Reproduction Value — Estimated Cost to Replicate Assets From Scratch

Tangible Assets

Intangible Assets (Reconstructed)

Other Assets

Liabilities (100% at Par)

Asset Summary

Tangible Assets—

Intangible Assets—

Other Assets—

Total Reproduction Assets—

Total Liabilities—

Equity Value

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Reproduction Value Equity

RV per Share

Moat Test — EPV / RV

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EPV / RV ratio

Earnings Power Value — No-Growth, Steady-State Valuation

EPV Calculators — Adjust Sliders

Normalized NOPAT —

WACC (%) —

Tax Rate (%) —

EPV Operations

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EPV Equity

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EPV / Share

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EPV Bridge — Step by Step

EPV Sensitivity — NOPAT × WACC Heatmap

WACC Components

Equity Cost (Ke)

Risk-Free Rate (Rf)—

Beta (β)—

Equity Risk Premium (ERP)—

Ke = Rf + β × ERP—

Debt Cost (Kd)

Kd Pre-Tax—

Kd Post-Tax—

D / (D+E)—

E / (D+E)—

WACC Final

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Ke × We + Kd × Wd

Return on Invested Capital & Capital Build-up

ROIC (Latest FY)

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ROIC 3yr Avg (IRR Input)

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ROIC − WACC Spread

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Marginal ROIC (1yr)

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Invested Capital Components (Latest FY)

ROIC & IC History Table

ROIC vs WACC (%)

Invested Capital vs NOPAT

Implied Equity IRR — Return Decomposition

IRR Calculators

Selected ROIC (Reinvestment) —

Organic Growth Rate —

Exit Multiple (EV/NOPAT) —

Sustainable Buybacks / yr —

Investment Horizon (years) —

Distribution Yield (Div+Buyback+Int / EV)

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Reinvestment Growth (ReinvRate × ROIC)

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Organic Growth

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Multiple Expansion / Compression (ann.)

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Total Equity Return (IRR)

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Hurdle Rate

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Margin of Safety

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Health Check — Quality & Financial Fitness Scorecard

Pass

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Monitor

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Fail

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Metric	Value	Threshold	Status	Rationale

Quality Radar

Thesis Health — Tier-1 KPIs (per IPS §4.7)

CIO Decision Points — Model Assumptions Audit Trail

Summary — Columbia Synthesis

Thesis Narrative

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Identity

Valuation

Operations

Columbia Valuation Ladder

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Research Documents