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VENTURE CAPITAL An investment case VALUATION MODEL

VENTURE CAPITAL An investment case VALUATION MODEL

Ratings: (0)|Views: 19|Likes:
Published by Manuel Lacarte
Valuation Model. It works automatically and calculates EBIDA, Balance Sheets, Cash Flows, Enterprise Value, IRR, etc. and shows somehow the way venture capitalists face a deal.
The model runs on an "internet secure software & content" start-up case but it can easily be adapted to any other business.
Sheets included:
-Inputs
-2 snapshoots ( to better undersrand the case)
-Key financials
-P & L
-Cash Flows
- Balance Sheets
- Fund`s return
-Sources & Applications
-Revenues
-Sales Cost
-Operational expenses
-Financ. append.
-Taxes
-Working Capital
-Personnel
Valuation Model. It works automatically and calculates EBIDA, Balance Sheets, Cash Flows, Enterprise Value, IRR, etc. and shows somehow the way venture capitalists face a deal.
The model runs on an "internet secure software & content" start-up case but it can easily be adapted to any other business.
Sheets included:
-Inputs
-2 snapshoots ( to better undersrand the case)
-Key financials
-P & L
-Cash Flows
- Balance Sheets
- Fund`s return
-Sources & Applications
-Revenues
-Sales Cost
-Operational expenses
-Financ. append.
-Taxes
-Working Capital
-Personnel

More info:

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

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06/10/2014

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Private & Confidential
New LOCK
Business Plan & Valuation model
11 April 2011
 
New LOCK - Inputs
Private & Confidential
Working EXCEL version available to download ($ 25) at:http//www.payloadz.com/go/sip?id=1432881
Units
Month 1Month 2Month 3Month 4Month 5Month 6Month 7Month 8Month 9Month 10Month 11Month 12year 1year 2year 3year 4year 5Revenues AssumptionsCountry market
UnitsUnit1.0001.036 1.074 1.113 1.153 1.195 1.238 1.283 1.329 1.378 1.427 1.479 14.705 19.55523.00325.303 27.328
%Growth
%
3,6%3,6%3,6%3,6%3,6%3,6%3,6%3,6%3,6%3,6%3,6%38,0%33,0%17,6%10,0%8,0% % European market 
%
4,3%4,5%4,8%4,8%4,8%
Cumulative unitsUnit33.39634.432 35.506 36.619 37.772 38.966 40.204 41.487 42.817 44.194 45.622 47.10147.10166.656 89.659 114.962 142.290 %growth%
3,1%3,1%3,1%3,1%3,2%3,2%3,2%3,2%3,2%3,2%3,2%45,4%41,5%34,5%28,2%23,8%
European market
UnitsUnit23.50024.302 25.132 25.990 26.877 27.794 28.743 29.724 30.739 31.788 32.873 33.995 341.457 438.267483.723532.095 574.663
%Growth
%
3,4%3,4%3,4%3,4%3,4%3,4%3,4%3,4%3,4%3,4%3,4%30,5%28,4%10,4%10,0%8,0%
Cumulative unitsUnit793.910818.212 843.344 869.334 896.210 924.005 952.748 982.472 1.013.210 1.044.999 1.077.872 1.111.8671.111.8671.550.134 2.033.857 2.565.952 3.140.615 %growth%
3,1%3,1%3,1%3,1%3,1%3,1%3,1%3,1%3,1%3,1%3,2%44,3%39,4%31,2%26,2%22,4%
European market (excluding the country)
UnitsUnit22.500 23.266 24.058 24.877 25.724 26.599 27.505 28.441 29.409 30.411 31.446 32.516 326.752 418.712 460.720 506.792 547.335
%Growth
%
3,4%3,4%3,4%3,4%3,4%3,4%3,4%3,4%3,4%3,4%3,4%30,2%28,1%10,0%10,0%8,0%
Cumulative unitsUnit760.514 783.780 807.838 832.715 858.439 885.038 912.543 940.984 970.394 1.000.804 1.032.250 1.064.766 1.064.766 1.483.478 1.944.198 2.450.990 2.998.325%growth%
3,1%3,1%3,1%3,1%3,1%3,1%3,1%3,1%3,1%3,1%3,2%44,3%39,3%31,1%26,1%22,3%
Penetratión Country%
-------------2,00%5,00%8,00%11,00%
Units CountryUnit- - - - - - - - - - - - - 1.335 4.483 9.197 15.652Pentracn European market (excl. country)%
-------------0,20%0,70%1,30%2,00%
Units European market (excl. country)Unit- - - - - - - - - - - - - 2.924 13.609 31.863 59.967Total UnitsUnit- - - - - - - - - - - - - 4.259 18.092 41.060 75.618Price CountryEuro
95
9595959595959595959595959595959595Price European market ( excluding country)Euro
95
9595959595959595959595959595959595Country Distributor`s Margin %
40,0%
40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%European market Distributor`s Margin (excl. Country)%
40,0%
40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%Gross revenue CountryEuro 000s- - - - - - - - - - - - - 127 426 874 1.487
% Growth
%
------------235,8%105,2%70,2%
Gross revenue European market (excl. Country)Euro 000s- - - - - - - - - - - - - 278 1.293 3.027 5.697
rowt 
-----------
-,4,,
Gross revenue Euro 000s- - - - - - - - - - - - - 405 1.719 3.901 7.184
% Growth------------324,8%126,9%84,2%
 Net revenue CountryEuro 000s- - - - - - - - - - - - - 76 256 524 892
% Growth
%
------------235,8%105,2%70,2%
 Net revenue European market (excl. Country)Euro 000s- - - - - - - - - - - - - 167 776 1.816 3.418
% Growth
%-----------
-365,5%134,1%88,2%
Net revenue Euro 000s- - - - - - - - - - - - - 243 1.031 2.340 4.310
% Growth
%
------------324,8%126,9%84,2%
Average collection perioddays
75
DebtorsEuro 000s- - - - - - - - - - - - - 43 215 488 898Inflatión%
3,0%Cost of sales Assumptions
 
Price CD+Package+others (per unit)Euro
3
3,00 3,00 3,00 3,00 3,00 3,00 3,00 3,00 3,00 3,00 3,00 3,00 3,00 3,09 3,18 3,28 3,38
Total cost of SalesEuro 000s- - - - - - - - - - - - - 13 58 135 255
 
Copy& paste on yournavigator`s address bar
 
New LOCK - Inputs
Private & Confidential
Working EXCEL version available to download ($ 25) at:http//www.payloadz.com/go/sip?id=1432881
Units
Month 1Month 2Month 3Month 4Month 5Month 6Month 7Month 8Month 9Month 10Month 11Month 12year 1year 2year 3year 4year 5
 
Copy& paste on yournavigator`s address bar
Operatinal and General Expenses AssumptionsOperational and General expenses
General Manager SalaryEuro 000s
90
9,0 9,0 9,0 9,0 9,0 9,0 9,0 9,0 9,0 9,0 9,0 9,0 108,0 115,6 123,6 132,3 141,6BonusEuro 000s
50,0%
- 54,0 57,8 61,8 66,2# peopleUnits
111111111111111
Office personnelSalaryEuro 000s
20
2,0 2,0 2,0 2,0 2,0 2,0 2,0 2,0 2,0 2,0 2,0 2,0 24,0 25,7 27,5 29,4 31,5BonusEuro 000s
15,0%
- 3,6 3,9 4,1 4,4# peopleUnits
111111111111111
Total PersonnelEuro 000sBoard of directors#
5
RemuneratiónEuro 000s
15
6,3 6,3 6,3 6,3 6,3 6,3 6,3 6,3 6,3 6,3 6,3 6,3 75,0 77,3 79,6 82,0 84,4Cost office spaceEuro 000s
3,0
3,0 3,0 3,0 3,0 3,0 3,0 3,0 3,0 3,0 3,0 3,0 3,0 36,0 37,1 38,2 39,3 40,5Fiscal & accountant advisorsEuro 000s
0,8
0,8 0,8 0,8 0,8 0,8 0,8 0,8 0,8 0,8 0,8 0,8 0,8 9,0 9,3 9,5 9,8 10,1Legal expensesEuro 000s
1,0
1,0 1,0 1,0 1,0 1,0 1,0 1,0 1,0 1,0 1,0 1,0 1,0 12,0 12,4 12,7 13,1 13,5IT Renting Euro 000s
0,075
0,4 0,5 0,6 0,6 0,6 0,7 0,7 0,7 0,7 0,7 0,7 0,7 7,4 10,2 13,4 13,8 14,2OtherEuro 000s
0,3
0,3 0,3 0,3 0,3 0,3 0,3 0,3 0,3 0,3 0,3 0,3 0,3 3,6 3,7 3,8 3,9 4,1SupliesEuro 000s
0,3
0,3 0,3 0,3 0,3 0,3 0,3 0,3 0,3 0,3 0,3 0,3 0,3 3,6 3,7 3,8 3,9 4,1ComunicationsEuro 000s
1,0
1,0 1,0 1,0 1,0 1,0 1,0 1,0 1,0 1,0 1,0 1,0 1,0 12,0 12,4 12,7 13,1 13,5Materials (courier, stationary, etc)Euro 000s
1,0
1,0 1,0 1,0 1,0 1,0 1,0 1,0 1,0 1,0 1,0 1,0 1,0 12,0 12,4 12,7 13,1 13,5Travel expensesEuro 000s
1,5
1,5 1,5 1,5 1,5 1,5 1,5 1,5 1,5 1,5 1,5 1,5 1,5 18,0 18,5 19,1 19,7 20,3InsuranceEuro 000s
2,5
0,4 0,4 0,4 0,4 0,4 0,4 0,4 0,4 0,4 0,4 0,4 0,4 5,0 5,02,62,7 2,7Capital Increase legal expensesEuro 000s
1,0%
- - - - - - - - - - - - - 8,0 - - -Other expensesEuro 000s
1,5
1,5 1,5 1,5 1,5 1,5 1,5 1,5 1,5 1,5 1,5 1,5 1,5 18,0 18,5 19,1 19,7 20,3
Total Operational and General expensesEuro 000s17,417,5 17,6 17,6 17,6 17,7 17,7 17,7 17,7 17,7 17,7 17,7 211,6 228,4 227,3 234,1 241,1
% on Total net revenues
%
- - - - - - - - - - - - - 94,1%22,0%10,0%5,6%
Total Operational and General expenses NOT capitalized110,7227,3 234,1 241,1Developement & manteinance expensesDevelopement Personnel expenses
Chief designer SalaryEuro 000s
55
5,5 5,5 5,5 5,5 5,5 5,5 5,5 5,5 5,5 5,5 5,5 5,5 66,0 70,6 75,6 80,9 86,5BonusEuro 000s
25,0%
- 16,5 17,7 18,9 20,2# peopleUnits
111111111111111
Senior programmer SalaryEuro 000s
35
7,0 7,0 7,0 7,0 7,0 7,0 7,0 7,0 7,0 7,0 7,0 7,0 84,0 89,9 96,2 102,9 110,1BonusEuro 000s
15,0%
- 12,6 13,5 14,4 15,4# peopleUnits
222222222222222
Junior programmer SalaryEuro 000s
25
- 5,0 5,0 5,0 5,0 5,0 5,0 5,0 5,0 5,0 5,0 5,0 55,0 64,2 68,7 73,5 78,6BonusEuro 000s
15,0%
- 8,3 9,6 10,3 11,0# peopleUnits
-22222222222222
Test TechnicianSalaryEuro 000s
20
- - 2,0 2,0 2,0 2,0 2,0 2,0 2,0 2,0 2,0 2,0 20,0 25,7 27,5 29,4 31,5BonusEuro 000s
10,0%
- 2,0 2,6 2,7 2,9# peopleUnits
- -1111111111111
Técnico de SoporteSalaryEuro 000s
20
- - - - - 2,0 2,0 2,0 2,0 2,0 2,0 2,0 14,0 25,7 27,5 29,4 31,5BonusEuro 000s
10,0%
- 1,4 2,6 2,7 2,9# peopleUnits
- - - - -1111111111Total Developement & manteinance Personnel eEuro 000s12,5 17,5 19,5 19,5 19,5 21,5 21,5 21,5 21,5 21,5 21,5 21,5 239,0 316,8 341,3 365,2 390,7
% on Total net revenues
%
-------------130,5%33,1%15,6%9,1%
Developement materialsEuro 000s0,511,5 2,6 3,1 3,1 3,1 3,6 3,6 3,6 3,6 3,6 3,6 3,6 38,3 44,1 45,4 46,8 48,2
% on Total net revenues
%
- - - - - - - - - - - - - 18,2%4,4%2,0%1,1%
Total Developement & manteinance expensesEuro 000s14,0 20,1 22,6 22,6 22,6 25,1 25,1 25,1 25,1 25,1 25,1 25,1 277,3 360,9 386,7 412,0 439,0
% on Total net revenues
%
- - - - - - - - - - - - - 148,7%37,5%17,6%10,2%
Tota l Developement & M. expenses NOT capitalizeEuro 000s160,1 386,7 412,0 439,0

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