Equity Valuation: Models from Leading Investment Banks

Appendix 1

Vodafone Financial Statements and Relevant Notes for CFROI Calculation

Figure A1.1 P&L

Figure A1.2 Balance sheet

Figure A1.3 Land and buildings

Figure A1.4 Machinery and equipment

Figure A1.5 Rental expense

Figure A1.6 R&D expense for capitalized R&D calculation

Figure A1.7 Current assets less stocks (inventory)

Figure A1.8 Current non-debt monetary liabilities

Figure A1.9 Stocks (inventory)

Figure A1.10 Other tangible assets

Figure A1.11 Prepaid pensions

Figure A1.12 Depreciation ...