We now turn to the trading comps tab.

This is where we're going to summarize the results of all of our businesses that will provide the comparable multiples that enable us to value Red Bull. We can extract information for these businesses either by just keying them in hard, coding them straight onto this tab, and we've done that for a number of businesses such as Monster National Beverage and so on. You can see these numbers.

The ones that are dark blue are just hard coded figures that we've keyed in here. Alternatively, we could use the detailed information that we have for Coca-Cola, Keurig, Dr. Pepper, Pepsi, and Las Sand, and extract that information from those detailed tabs and put it in the same trading comps analysis here. Just before we do that, it's worth noting that the analysis is done as at February 22, and therefore for most businesses, it relies on results until the end of December 21.

Let's go and look at how you would populate the Coca-Cola tab.

We want to find the sales figure for the last 12 months.

So if we go back two, the Coca-Cola tab, which is tab one, you can see that figure here in cell G 14.

But if you look to the very top left hand side of this tab, you'll see that that's a named cell.

It says Sales underscore ltm, and that's the same name for each of the four comparable companies.

Similarly, if we move to the 2022 forecast tab, again that says Sales Cy one. So we can use those named ranges to reference to that cell from the trading comps tab, and we're going to do that by using the indirect formula. The indirect formula enables you to construct a reference in text, and then the indirect formula will go and grab that information, grab that value from wherever that text is pointing to.

So we need to go and find the information from tab one, which is the Coca-Cola tab. So the start of my indirect reference is the one in column B.

Now we want that to stay locked to column B, so we hit F four until we get a dollar in front of the B.

We then concatenate that reference with an exclamation mark, which basically tells the indirect formula that the first B one reference is a tab, and then what we need is the reference to that last 12 months sales figure.

Now we have down at the bottom of this tab, those named ranges. You can See. See it says Sales underscore ltm, which is the named range in the Coca-Cola tab.

If we hit brackets and return, you can see that it links that sale to the 38.6 billion of revenue for Coca-Cola.

One thing we need to do is we need to put a dollar in front of that row 53 to lock it, so it'll always link to that row.

And once we've done that, it should just be a matter of copying to the right, and it'll pick up all of the sales figures from those different cells within the Coca-Cola tab.

And we can do exactly the same for the EBITDA numbers because again, we have the named ranges listed at the bottom where it says EBITDA underscore LTM for ebit, for ebitda, and for EBIT before rent.

Once we've got all of these amounts, it should just be a matter of copying down for these four companies, and as long as the source information is consistent, they should automatically populate, which they do.