Financial Analysis and Valuation Template: A Guide for Business Students, Study Guides, Projects, Research of Investment Management and Portfolio Theory

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Research Report Financial Analysis and Valuation Template

1. Income statement Income Statement Ratios Growth rates

2. Balance Sheet Assets Liabilities & Shareholders' Equity

Cash flows from financing activities:

4. Discounted Cash Flow Analysis WACC calculations FCFF (Free Cash Flow to Firm)

DCF (Discounted Cash Flow) Relative Valuation Multiples Company Valero (Tar ExxonMobi Chevron Marathon Industry A Dupont

2. Balance Sheet Current assets: Cash and cash equivalents Receivables, net Inventories Prepaid expenses and other Total current assets Non-Current Assets: Property, plant, and equipment, at cost Accumulated depreciation Property, plant, and equipment, net Deferred charges and other assets, net Total non current assets Total assets Liabilities & Shareholders' Equity Short-Term Liabilities: Current portion of debt and finance lease obligations Accounts payable Accrued expenses Taxes other than income taxes payable Income taxes payable Total Short-Term Liabilities Long-Term Liabilities Debt and finance lease obligations, less current portion Deferred income tax liabilities Other long-term liabilities Total Long-Term Liabilities Total Liabilities Shareholders' Equity Common stock Additional paid-in capital Treasury stock, at cost Retained earnings Accumulated other comprehensive loss

Total Valero Energy Corporation shareholders' equity Noncontrolling interests Total Shareholders' Equity Total liabilities and equity Balance Sheet Ratios Ratio Return on Assets (ROA) Return on Equity (ROE) Current Ratio Debt-to-Equity Ratio source of information: excel 2020-2021-2022-2023-

3. Cash Flow Statement Cash flows from operating activities: Net income Depreciation and amortization expense Gain on early retirement of debt, net Asset impairment loss Deferred income tax expense (benefit) Changes in current assets and current liabilities Changes in deferred charges and credits and other operating activities, net Total Cash Flow From Operating Activities Cash Flow From Investing Activities Purchases of available-for-sale (AFS) debt securities Proceeds from sales and maturities of AFS debt securities Investment in non-consolidated joint ventures Other investing activities, net Capital expenditures Total Cash Flow From Investing Activities

DCF (Discounted Cash Flow) Discount Factor Present Value of FCFF Terminal Growth Rate (ass.) Terminal Value Present Value of Terminal Value Relative Valuation Multiples P/E

Historical Statements 1 2 3 4 5 Dec. 31 2020 Dec. 31 2021 Dec. 31 2022 Dec. 31 2023 Dec. 31 2024 64,912 113,977 176,383 144766 129881 58,933 102,714 150,770 123087 116516 5,979 11,263 25,613 21,679 13, 4,435 5,776 6,389 6089 5831 35 87 66 33 44 756 865 934 998 961 2,303 2,358 2,428 2658 2729 0 0 61 0 0 48 47 45 43 45 -7,577 -9,133 -9,923 -9,821 -9, -563 -603 -562 -592 - -563 -603 -562 -592 - 132 16 179 502 493 -903 -255 -3,428 -2619 - -2,932 1,288 11,879 9,149 3, 75.59% 54.75% -17.93% -10.28% 9.21% 9.88% 14.52% 14.98% 10.29% 20.88% 17.89% 20.15% 21.76% 17.69% -4.52% 1.13% 6.73% 6.32% 2.31% -2047.00 2835.00 10362.00 8639.00 4526. -3.15% 2.49% 5.87% 5.97% 3.48%

Historical Statements 1 2 3 4 5 Dec. 31 2020 Dec. 31 2021 Dec. 31 2022 Dec. 31 2023 Dec. 31 2024 -1107 1288 11879 9149 3006 2351 2405 2473 2701 2774 0 193 -14 -1 0 -19 0 0 0 0 166 -126 50 103 - 347 2225 -1253 -2326 196 -90 -64 -249 -387 95 1648 5921 12886 9239 5984 0 0 -100 -276 - 0 0 0 0 24 -54 -9 -1 0 0 96 -9 -4 13 24 -1014 -815 -788 -665 - -972 -833 -893 -928 -

Historical Statements 1 2 3 4 5 2020 2021 2022 2023 2024 2.00% 1.50% 2.25% 3.00% 3.50% $1.1 $1.2 $1.15 $1.05 $0. 5.75% 6.00% 5.85% 5.60% 5.50% 8.33% 8.70% 8.98% 8.88% 8.73% 8.70% 8.90% 9.40% 10.30% 10.60% 6.53% 6.68% 7.05% 7.73% 7.95% 0.0779 0.08093 0.08399 0.0853 0. Dec. 31 2020 Dec. 31 2021 Dec. 31 2022 Dec. 31 2023 Dec. 31 2024 ($2,047) $2,835 $10,362 $8,639 $4, 25% 25% 25% 25% 25% 2,351 2,405 2,473 2,701 2, -1014 -815 -788 -665 -1, 347 2,225 -1,253 -2,326 196 $1,483 $3,121 $12,286 $12,171 $7,

Projected Statements 1 2 3 4 5 Dec. 31 2025 Dec. 31 2026 Dec. 31 2027 Dec. 31 2028 Dec. 31 2029 $140,077 $159,000 $155,000 $182,925 $185, 133,777 138,460 144,690 151,925 159, 6,300 20,540 10,310 31,000 25, 4,400 5,000 3,650 5,365 2, 5 22 10 15 22 850 660 550 600 770 6,022 6,231 6,511 6,837 7, 0 0 20 0 0 44 44 44 49 47 -11,321 -11,957 -10,785 -12,866 -10, -510 -522 -535 -549 - -510 -522 -535 -549 - 440 600 776 700 876 -3,967 -4,180 -400 -4,617 -4, -9,058 4,481 -634 13,668 10, 7.85% 13.51% -2.52% 18.02% 1.13% 4.50% 12.92% 6.65% 16.95% 13.77% 12.58% 20.44% 13.61% 23.98% 19.19% -6.47% 2.82% -0.41% 7.47% 5.89% -7469.00 6054.00 4986.00 15388.00 12687. -5.33% 3.81% 3.22% 8.41% 6.86%

Projected Statements 1 2 3 4 5 Dec. 31 2025 Dec. 31 2026 Dec. 31 2027 Dec. 31 2028 Dec. 31 2029 5238 5665 6115 6539 7053 11,029 11,404 11,918 12,514 13, 7,994 8,265 8,637 9,069 9, 629 651 680 714 750 24890 25985 27350 28836 30465 53,868 55,468 57,168 58,968 60, -26,013 -29,120 -32,351 -35,712 -39, 27,855 26,348 24,817 23,256 21, 7,305 7,524 7,750 7,982 8, 35160 33872 32567 31238 29881 60050 59857 59917 60074 60346 800 850 900 950 1, 12,455 12,878 13,457 14,130 14, 1,164 1,204 1,258 1,321 1, 1,401 1,449 1,514 1,590 1, 185 195 204 215 227 16005 16576 17333 18206 19120 9,820 9,920 10,020 10,120 10, 5,425 5,588 5,756 5,928 6, 2,162 2,184 2,206 2,228 2, 17407 17692 17982 18276 18576 33412 34268 35315 36482 37696 7 7 7 7 7 7,028 7,117 7,206 7,295 7, -30,678 -33,178 -35,678 -38,178 -40, 48,423 49,748 51,019 52,312 53, -1,272 -1,400 -900 -1,089 -1,

Projected Statements 1 2 3 4 5 2025 2026 2027 2028 2029 3.25% 3.25% 3.25% 3.25% 3.25% 1.00 1 1 1 1 5.55% 5.55% 5.65% 5.85% 5.55% 8.80% 8.80% 8.90% 9.10% 8.80% 10.60% 8.50% 7.50% 9.50% 8.50% 7.95% 6.38% 5.63% 7.13% 6.38% 0.0855 0.0807 0.0792 0.0851 0. Dec. 31 2025 Dec. 31 2026 Dec. 31 2027 Dec. 31 2028 Dec. 31 2029 ($7,469) $6,054 $4,986 $15,388 $12, 25% 25% 25% 25% 25% 6,066 6,275 6,555 6,886 7, -1,605 -1,661 -1,736 -1,823 -1, -321 -375 -450 -530 - $2,390 $12,852 $12,481 $20,780 $19,

Dec. 31 2025 Dec. 31 2026 Dec. 31 2027 Dec. 31 2028 Dec. 31 2029 0.61142200114162 0.58075587829 0.54358190604 0.47958123582 0. $1,461.45 $7,463.58 $6,784.17 $9,965.70 $8,856. 2.00% $323,330. $148,762.