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Published by Manuel Lacarte
Financial Valuation Model made for a real estate fund case, but easily adapted to any other investment profile.
Works automatically and allows to calculate different business scenarios by entering new assumptions just changing data (blue figures in "Front page & Inputs" sheet)
Sheets included:
-Front Page & Inputs
-Cash Flow
-Shareholder`s Cash Flow
-Balance Sheets
Financial Valuation Model made for a real estate fund case, but easily adapted to any other investment profile.
Works automatically and allows to calculate different business scenarios by entering new assumptions just changing data (blue figures in "Front page & Inputs" sheet)
Sheets included:
-Front Page & Inputs
-Cash Flow
-Shareholder`s Cash Flow
-Balance Sheets

More info:

Published by: Manuel Lacarte on Sep 28, 2013
Copyright:Attribution Non-commercial


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Business Valuation
None of the Recipients is entitled to rely on such Material for any purpose, including without limitation, providing any professional advice to anyperson or making any decision relating to or in connection with the transaction to which the Material relates and no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) is or will be accepted by THE FUND or any of its affiliates or any of their respective
employees or agents (the “FUND Parties”) in relation thereto.
THE FUND and each of the FUND Parties expressly disclaim any and all liability which may arise from the Material having been provided to any of the Recipients or for any consequence whatsoever should any such Recipient rely upon any Material. Each Recipient is deemed to have waivedany claim for liability against THE FUND or any of the FUND Parties that may otherwise arise out of or in connection with the provision of theMaterial. The Material remains the full property of THE FUND and may not be released to any third party without the prior written permission of THE FUND .The accompanying material (the
is being provided to certain persons (the
on the basis that such Material has beenprepared by THE FUND ("THE FUND") and is being provided to each of the Recipients for informational purposes only and THE FUND accepts noduty of care to such persons with regard to the Material.
Fund AAA
Año 2008 EAño 2009 EAño 2010 ESuscription fee (on total committed capital.)0,00%Leverage ratio objective33,00%Formation expenses25.00025.00025.000 Management Fee (on real assets value)1,80%Leverage ratio average (2008-2012)25,83%Intangible fixed assets000 Firs year considered2008Revaluation of fixed assets rate1,00 xMax % covered with debt (in every single investment)40,00%Tangible fixed assets12.265.00024.515.00024.515.000 # years considered6 yearsSuccess Fee ("Carried Interest")15,00%Expiry date5 yearsDepreciation-6.800-13.600-20.400 RPI3,00%Current Assets78.31575.4119.641Personnel Social Security contribution ( Company cost)28,00%SuscriptionOtherAvailabilitycash307.1551.673.9847.581.767Annual Increasing costs assumption3,00%Hurdle Rate15,00%fees & expenses0,50%0,00%0,00%
TOTAL ASSESTS12.668.67026.275.79532.111.009
collections period30 daysLowest multiple on Invested (objective)1,52 xcurrent payments period30 daysinterest rate considered5,20%Equity12.668.00325.050.10828.656.112 Euros / year 4,00%Current Liabilities667687707Fund Manager (Salary)60.0001,20%Long term Creditors01.225.0003.454.190Fund Manager (bonus)30%
TOTAL LIABILITIES12.668.67026.275.79532.111.009
Travel expenses12.000
Average Debit Balance2.665.588
Definitive closing12 monts from the founding
 prospective investments and realizations (% on amount invested)
Ratio Analysis
Term of the fund6 yearsRealizations deinvestments ( % on amount deinvested)1,50%Leverage ratio0,00%4,66%10,76%Extension (if decided)
2 years
Legal expenses10.000Year 1st. Disposalyear WACC13,05%12,65%12,12% Investment period
4 years
Annual Auditors5.000interest rate considered2,90% Investment period extension (if decided)
1 years
Board remuneration0Euribor 2,50% # members of the board9Spread0,40%
Total Commited Capital50.000.000
office expensesSuscriiption fee0,20%200920102011Initial Drawndown27,00%Cost office space84.000
Total amount disposed0
Building / land ratio1/41/22/3Initial Drawndown13.500.000Comucicatios3.600Partial Drawndowns ("Capital Call 1")year 200927,00%supllies5.400 Partial Drawndowns ("Capital Call 2")year 201025,00%Other Operat. expenses7.200 Partial Drawndowns ("Capital Call 3")year 201121,00%Insurance1.500Fund`s net IRR 38,95% Partial Drawndowns ("Capital Call 4")year 20120,00%Office furniture1.000Lverage Ratio (average)(%)25,83%Shareholdes NPV13,05%21.465.517 Representatión24.000WACC (%)11,18%
Total funds invested in new assets49.000.000
Other 3.000ROE(%)221,64%Cash taken back 149.382.625
Supplementary financial needs0
ROCE(%)59,93%Gross Gains of the Fund100.382.625 ROA(%)74,20% Net Debt/Equity(times)-0,22 Net Debt/EBITDA(times)-0,04Amount per investment average1.532.000
Formation expensesyear 2008year 2009year 2010Coste del Equity (Ke)
# investments / year. (Objective)8,0Legal expenses25.000Prime rate (German Bond 10 years )4,25% Maximum # investments in portfolio (objective)33PatentsRisk premiun (sector)8,00%IRR average per investment45,00%OtrosBeta of Secto1,10 average period to deinvest ( 2-5 years)3 years
Intangible fixed assets
Equity Cost (Ke)13,05%
multiple on invested capital (per investment)3,05 xdeferred expensesEBIT/Revenues81,45%Dividends (assets in portfolio)0,00%IntercalariosGross Margin (EBI/Revenues)81,31%
Debt Cost Pre-Tax4,37%
interest rate for cash allocation2,50%
Tangible fixed assets
 Net Margin (EAI/Revenues)52,85%Euribor 4,00% lands&buildings, real state3.000Spread1,20% 201020112012HW & SW specific12.000Tax16,00% Gains from Deinvestments25.095.656 25.095.656 25.095.656 furniture & fittings12.250.00012.250.00012.250.000
Lerage rate avarage (2008-2012)25,83%
Dividends (assets in portfolio)- - - Input V.A.T. rate19,00%Other income- - -
Output V.A.T. rate19,00%
10,81%Total Income25.095.656 25.095.656 25.095.656
Corporation Tax rate16,00%
TAX INPUTSNet Wealth evolutionWACCBuilding / land ratioFund `s RESULTSFINANCIAL RATIOSOther expensesBASIC ASSUMPTIONS
Project Title
Fund AAA
Line of credit Short termFINANCIAL STRUCTURE
0 Euros / member / year 
Euribor (Swap 6 años)3,06% s/ commited capital
Basics of the Fund`s structureTermsCAPITALCOST STRUCTUREREVENUE ASSUMPTIONSLong Term LoanFees
10.00020.00030.00040.00050.00060.0002008 2009 2010 2011 2012 2013
Eur 000 
Investments Deinvestments (cost) GAINS
-60,00%-50,00%-40,00%-30,00%-20,00%-10,00%0,00%10,00%20,00%30,00%40,00%50,00%-20.000-15.000-10.000-5.00005.00010.00015.00020.00025.00030.00035.0001 2 3 4 5 6 7
IRRCash Flow
miles de euros
Internal Rate of ReturnFund AAA
Shareholder´s Cash Flows IRR
Net Assets49,23%Equity50,77%Debt0,00%Net Assets43,30%Equity50,60%Debt6,10%Net Assets37,32%Equity48,42%Debt14,26%
year 2008year 2010year 2012
 Apply succes fee on "return on investment by investment performance"
Project Fund AAA - Capital
Private & Confidential
Working EXCEL version available to download ($ 25) at:http//www.payloadz.com/go/sip?id=1432878
200820092010201120122013year 1year 2year 3year 4year 5year 6Share Capital
Initial Drawndown
13.500.000Capital Call 1- 13.500.000 - - - -Capital Call 2- - 12.500.000 - - -Capital Call 3- - - 10.500.000 - -Capital Call 4- - - - - -
Capital Increase13.500.000 13.500.000 12.500.000 10.500.000 - -
Capital Reductions- - 12.250.000 12.250.000 12.250.000 12.250.000
Cumulative Capital13.500.000 27.000.000 27.250.000 25.500.000 13.250.000 1.000.000
% drawndown27,00%54,00%54,50%51,00%26,50%2,00%
%´000 Euros
Investor 16,67%3.333 900.000 900.000 833.333 700.000 - -Investor 26,67%3.333 900.000 900.000 833.333 700.000 - -Investor 36,67%3.333 900.000 900.000 833.333 700.000 - -Investor 46,67%3.333 900.000 900.000 833.333 700.000 - -Investor 56,67%3.333 900.000 900.000 833.333 700.000 - -Investor 66,67%3.333 900.000 900.000 833.333 700.000 - -Investor 76,67%3.333 900.000 900.000 833.333 700.000 - -Investor 86,67%3.333 900.000 900.000 833.333 700.000 - -Investor 96,67%3.333 900.000 900.000 833.333 700.000 - -Investor 106,67%3.333 900.000 900.000 833.333 700.000 - -Investor 116,67%3.333 900.000 900.000 833.333 700.000 - -Investor 126,67%3.333 900.000 900.000 833.333 700.000 - -Investor 136,67%3.333 900.000 900.000 833.333 700.000 - -Investor 146,67%3.333 900.000 900.000 833.333 700.000 - -Investor 156,67%3.333 900.000 900.000 833.333 700.000 - -
TOTAL100%50.000 13.500.000 13.500.000 12.500.000 10.500.000 - -
Commited CapitalDrawndowns chart
( Euros
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