Hello and welcome to the Industrial Company case study where we're going to run through building a model for our case company and getting through to evaluation.

This section will be an introduction. We'll take a tour through the model and get comfortable and familiar with the case company. If we take a look, we have a customary info tab which tells you how the model works and has our circular switch.

We have a segment tab where we're going to look at the different segments of the company. This will be where a lot of the detail will happen and where a lot of the sector specific work will happen.

We then have the operating model, which will be a three statement model containing a P&L, a balance sheet and a cash flow statement. And you can see that we're forecasting several years into the future.

We'll then take the information from our model and we'll use a multiple based approach to create a valuation and we'll look at some valuation complexities in the form of pensions and R&D.

You can see our case company is Kion Group going to their website. You can see that they run their website in German because they're a German company, and English for investor relations. This is a typical industrial company and what they do is they create forklift trucks primarily. Okay. That was their primary business for a long time. You can see that they operate under a number of brands, which are sometimes country specific. So for example, Fenwick is more of a French brand okay, as opposed to Linde. But the basic product is the same, which is a forklift truck to handle items, quite large items in a warehouse.

You can see that they don't just do forklift trucks and warehouse equipment. They also have started to do automation technologies. And this is an area where management are very encouraged by this and like this direction you can see a representation of that down here, what it represents is knowing where your stuff is and moving it around efficiently. And with the rise of more and more automation in warehousing this is becoming more of a kind of software company as well as an industrial company. And so there are several arms to this company that make it interesting to model and value. That's the end of the introduction. We'll now move into the actual model itself.