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{"sheet":"Αποτίμηση","index":0,"n_rows":48,"n_cols":20,"rows_kept":48,"cut":false,"hidden":false,"merged":[[13,3,13,14],[25,3,25,14],[5,4,5,5],[11,2,11,3],[11,4,11,5],[11,6,11,11],[11,12,11,13],[1,1,1,15],[3,12,3,13],[4,12,4,13],[8,12,8,13],[8,6,8,11],[8,2,8,3],[3,2,3,3],[4,2,4,3],[5,2,5,3],[4,4,4,5],[3,4,3,5],[8,4,8,5],[3,7,3,11],[4,7,4,11]]}
[]
[null,"Approximation of the value of the Bermudan Call Warrant"]
[null,"Α.","Valuation Parameters"]
[null,null,"Stock Price",null,0.56799999999999995,null,null,"Risk Free Rate",null,null,null,null,1.2500000000000001E-2]
[null,null,"Initial Strike Price (Offer Price)",null,0.44,null,null,"Annualised Volatility",null,null,null,null,0.45]
[null,null,"Number of shares per Warrant",null,7.33]
[]
[null,"Β. ","Warrant Valuation"]
[null,null,"Bermudan Warrant Valuation \n(CRR model with adjustments)",null,{"$f":"crrbinomialbermudan_n(\"b\",\"c\", E4, E5, H48/360, $M$4, $M$4,$M$5, 100,$H$40, $H$41, $H$42, $H$43,$H$44, $H$45, $H$46,$H$47, $H$48, $K$40, $K$41, $K$42, $K$43, $K$44, $K$45, $K$46, $K$47, $K$48)*E6","v":1.6832040483587707},null,"Bermudan Warrant Valuation \n(as maximum of 9 European Warrants)",null,null,null,null,null,{"$f":"MAX(L40:L48)*E6","v":1.6341096514210436},null,null,null,null,null,null,"Version 1.0 - 16/05/2013"]
[]
[null,"C."," Bermudan Call Warrant Sensitivity Analysis on parameters(valuation from CRR model with adjustments)",null,null,null,null,null,null,null,null,null,null,null,null,null,"D.","Graph representation of the Warrant Value"]
[null,null,"Risk free rate step",null,2.5000000000000001E-3,null,"Volatility step",null,null,null,null,null,0.05]
[]
[null,null,"Valuation Matrix","Annualised Volatility "]
[null,null,"Risk Free Rate\n",{"$f":"MAX(0.0001,E15-$M$12)","v":0.20000000000000007},{"$f":"MAX(0.0001,F15-$M$12)","v":0.25000000000000006},{"$f":"MAX(0.0001,G15-$M$12)","v":0.30000000000000004},{"$f":"MAX(0.0001,H15-$M$12)","v":0.35000000000000003},{"$f":"MAX(0.0001,I15-$M$12)","v":0.4},{"$f":"M5","v":0.45},null,{"$f":"I15+$M$12","v":0.5},{"$f":"K15+$M$12","v":0.55000000000000004},{"$f":"L15+$M$12","v":0.60000000000000009},{"$f":"M15+$M$12","v":0.65000000000000013},{"$f":"N15+$M$12","v":0.70000000000000018}]
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[null,null,{"$f":"MAX(C20-$E$12,0)","v":0.01},{"$f":"$E$6*crrbinomialbermudan_n(\"b\",\"c\", $E$4, $E$5, $H$48/360, $C$19, $C$19,D$15, 100,$H$40, $H$41, $H$42, $H$43,$H$44, $H$45, $H$46,$H$47, $H$48, $K$40, $K$41, $K$42, $K$43, $K$44, $K$45, $K$46, $K$47, $K$48)","v":0.99838754361608706},1.1152702436109398,1.2481721654332227,1.3874899009954613,1.5290661588484353,1.6715746501103352,null,{"$f":"$E$6*crrbinomialbermudan_n(\"b\",\"c\", $E$4, $E$5, $H$48/360, $C$19, $C$19,K$15, 100,$H$40, $H$41, $H$42, $H$43,$H$44, $H$45, $H$46,$H$47, $H$48, $K$40, $K$41, $K$42, $K$43, $K$44, $K$45, $K$46, $K$47, $K$48)","v":1.8126909164301737},{"$f":"$E$6*crrbinomialbermudan_n(\"b\",\"c\", $E$4, $E$5, $H$48/360, $C$19, $C$19,L$15, 100,$H$40, $H$41, $H$42, $H$43,$H$44, $H$45, $H$46,$H$47, $H$48, $K$40, $K$41, $K$42, $K$43, $K$44, $K$45, $K$46, $K$47, $K$48)","v":1.9502652927682365},{"$f":"$E$6*crrbinomialbermudan_n(\"b\",\"c\", $E$4, $E$5, $H$48/360, $C$19, $C$19,M$15, 100,$H$40, $H$41, $H$42, $H$43,$H$44, $H$45, $H$46,$H$47, $H$48, $K$40, $K$41, $K$42, $K$43, $K$44, $K$45, $K$46, $K$47, $K$48)","v":2.0854192063489685},{"$f":"$E$6*crrbinomialbermudan_n(\"b\",\"c\", $E$4, $E$5, $H$48/360, $C$19, $C$19,N$15, 100,$H$40, $H$41, $H$42, $H$43,$H$44, $H$45, $H$46,$H$47, $H$48, $K$40, $K$41, $K$42, $K$43, $K$44, $K$45, $K$46, $K$47, $K$48)","v":2.2170730544626522},{"$f":"$E$6*crrbinomialbermudan_n(\"b\",\"c\", $E$4, $E$5, $H$48/360, $C$19, $C$19,O$15, 100,$H$40, $H$41, $H$42, $H$43,$H$44, $H$45, $H$46,$H$47, $H$48, $K$40, $K$41, $K$42, $K$43, $K$44, $K$45, $K$46, $K$47, $K$48)","v":2.3443504857732234}]
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[]
[null,null,"Ratios of Valuation Matrix","Annualised Volatility "]
[null,null,"Risk Free Rate\n",{"$f":"D15","v":0.20000000000000007},{"$f":"E15","v":0.25000000000000006},0.30000000000000004,0.35000000000000003,0.4,0.45,null,0.5,0.55000000000000004,0.60000000000000009,0.65000000000000013,0.70000000000000018]
[null,null,{"$f":"C16","v":2.4999999999999992E-3},{"$f":"D16/$I$20","v":0.57830457797086232},{"$f":"E16/$I$20","v":0.64417761523055705},0.72171137211778269,0.80416737269759553,0.8883329590409651,0.97290818919463662,null,1.0574933016263617,1.1404999839830636,1.221135430652569,1.3001119118248161,1.3767699307712868]
[null,null,{"$f":"C17","v":4.9999999999999992E-3},{"$f":"D17/$I$20","v":0.58307944571044301},0.65005627274228872,0.72801787404262253,0.81076384066056584,0.89498187537882423,0.97946159244645736,null,1.0639874852588942,1.1465653041467838,1.2269841180903982,1.3057573010142505,1.3821211322210938]
[null,null,7.4999999999999997E-3,0.58808710177193524,0.65608055812021704,0.73467846406808213,0.81753597177859505,0.90163713608621654,0.98624471520304835,null,1.0704661483244773,1.1526145347338805,1.2329386233756019,1.3114639578395955,1.3874571243173788]
[null,null,0.01,0.59314706650662907,0.66258766707363737,0.74154536798451065,0.82431473614167627,0.90842590376334387,0.99309091594701493,null,1.0769288002828064,1.15866242994714,1.238958050500403,1.3171742645369926,1.3927904273157565]
[null,null,1.2500000000000001E-2,0.59886496402845957,0.66906072087563873,0.7484516113846833,0.83120746665609568,0.91529119046247787,1,null,1.0833749558348187,1.1648837034596882,1.2449745144356721,1.322868993702226,1.3981295144236019]
[null,null,1.5000000000000001E-2,0.60482838732866218,0.67581326226235516,0.75539462207856567,0.83830445937095577,0.92227831987607267,1.006892691421726,null,1.0898041510587269,1.1712183153028279,1.2510645130783842,1.3285520966318913,1.4034711363167152]
[null,null,1.7500000000000002E-2,0.61082816211378232,0.68260658906527194,0.7624996445076998,0.84538093415049076,0.92954497928099911,1.0137683429413933,null,1.0962679093421208,1.1776199571306065,1.2571385964564343,1.3342521170224795,1.4088695866166725]
[null,null,0.02,0.61683489784307088,0.68948289547556985,0.76977292380490436,0.85260079224476881,0.9369085357298127,1.0206263143721799,null,1.1029227249205182,1.1840681033967382,1.2631973416614848,1.3399443495126557,1.4142777909422464]
[null,null,2.2499999999999999E-2,0.62323447093784279,0.69696346872904069,0.7771754965509331,0.85992129662995687,0.944255932069476,1.0274664867026595,null,1.1096862797080653,1.19054546498199,1.2692793096149966,1.3457065055725479,1.4196705057119956]
[]
[null,"Ε.","Information reagrding the strike prices and the respective European warrants"]
[null,null,"Exercise Period","Months from Listing Date","HSF Interest Rate","HSF Spread on Interest Rate","Number of days in Period","Total Number of days","Volatility",null,"Exercise Price","European Warrant Value"]
[null,null,1,6,0.03,0.01,180,180,{"$f":"$M$5","v":0.45},{"$f":"$E$5*(1+(E40+F40)*G40/360)","v":0.44880000000000003},{"$f":"J40","v":0.44880000000000003},{"$f":"GBlackScholes(\"c\",$E$4, K40, H40/360,$M$4, $M$4, I40)","v":0.14249586316893934}]
[null,null,2,12,0.03,0.01,360,{"$f":"D41*30","v":360},0.45,{"$f":"$E$5*(1+(E41+F41)*G41/360)","v":0.45760000000000001},0.45760000000000001,0.16004304358579738]
[null,null,3,18,0.03,0.02,180,540,0.45,{"$f":"$E$5*(1+(E40+F40)+(F42+E42)*G42/360)","v":0.46859999999999996},0.46859999999999996,0.17348997661625559]
[null,null,4,24,0.03,0.02,360,720,0.45,{"$f":"$E$5*(1+(E40+F40)+(F43+E43)*G43/360)","v":0.47960000000000003},0.47960000000000003,0.18516768718521656]
[null,null,5,30,0.03,0.03,180,900,0.45,{"$f":"$E$5*(1+(E40+F40)+(E42+F42)+(F44+E44)*G44/360)","v":0.49280000000000007},0.49280000000000007,0.19461000081345009]
[null,null,6,36,0.03,0.03,360,1080,0.45,{"$f":"$E$5*(1+(E41+F41)+(E43+F43)+(F45+E45)*G45/360)","v":0.50600000000000012},0.50600000000000012,0.20325017705681242]
[null,null,7,42,0.03,0.04,180,1260,0.45,{"$f":"$E$5*(1+(E40+F40)+(E42+F42)+(E44+F44)+(F46+E46)*G46/360)","v":0.52139999999999997},0.52139999999999997,0.2104285123270829]
[null,null,8,48,0.03,0.04,360,1440,0.45,{"$f":"$E$5*(1+(E41+F41)+(E43+F43)+(E45+F45)+(F47+E47)*G47/360)","v":0.53680000000000005},0.53680000000000005,0.21720895888573793]
[null,null,9,54,0.03,0.05,180,1620,0.45,{"$f":"$E$5*(1+(E40+F40)+(E42+F42)+(E44+F44)+(E46+F46)+(F48+E48)*G48/360)","v":0.55440000000000011},0.55440000000000011,0.22293446813383952]