Hi Kevin,

I chose very complex companies so as to demonstrate my breadth and depth of knowledge. The only company I can remember explicitly was Time Warner, alias TWX. Every data point in the model was calculated by me. So, for example, I based the terminal growth rate on an estimate of long-run US GDP growth; and I calculated the GDP figure in a worksheet within the Excel workbook. There is a discussion about how to do this in Graham and Dodd's Security Analysis, 5th Edition. Put another way, these reports were chosen as a racetrack for me to show off the specs of my (hopeful) sports car.

Hope that helps!

Jason