You are on page 1of 19

Mobile Business Planning Model

The Economist Guide to Business Planning


Generic Business Model

About the model Model set-up Operational forecasts Accounting

Financial results

© Coleago Consulting Ltd www.coleago.com Version 1.0 - 25th September 2003

Confidential File Name: 38492903.xls Print Date: 08/15/2010 Page: 1


Mobile Business Planning Model

About the model

This model has been designed to be used in conjunction with The Economists Guide to Business Modelling. The model was developed by
Graham Friend and remains the copyright of Profile Books. Neither Profile Books, The Economist or Coleago Consulting Ltd accpets any
responsibility for any losses, accidents or events that occur directly or indirectly as a result of the use of the model.

For further information on consulting, bespoke modelling and business modelling training courses please contact Graham Friend at
graham.friend@coleago.com.

Confidential File Name: 38492903.xls Print Date: 08/15/2010 Page: 2


Mobile Business Planning Model

Model set up Your task


The basis information required in this sheet will be used throughout the model. All cells with blue font are a required input.

Range Name

Business name Newco Corp Company_Name

Currency $ Currency

Units Thousands Units

Years 1 2 3 4 5 6 7 8 9 10 Years

Confidential File Name: 38492903.xls Print Date: 08/15/2010 Page: 3


Mobile Business Planning Model

Operational forecasts

Operational forecasts
Revenue
This section examines revenues, costs of sale and operating costs.

Cost of sales

Operating costs

Confidential File Name: 38492903.xls Print Date: 08/15/2010 Page: 4


Mobile Business Planning Model

Revenue Your task


Enter the assumptions as indicated below to create a revenue
Newco Corp
forecast.
Units as specified

Year 1 2 3 4 5 6 7 8 9 10

Revenue line 1
Revenue description Revenue_Description_1
Opening customers - 000s
Closing customers - 000s Closing_Customers_1
Sales of per customer Sales_per_Customer_1
Selling price $ Selling_Price_1

Average customers - - - - - - - - - - Average_Customers_1


Total revenue 1 - - - - - - - - - - Total_Revenue_1

Revenue line 2
Revenue description Revenue_Description_2
Opening customers - 000s
Closing customers - 000s Closing_Customers_2
Sales of per customer Sales_per_Customer_2
Selling price $ Selling_Price_2

Average customers - - - - - - - - - - Average_Customers_2


Total revenue 2 - - - - - - - - - - Total_Revenue_2

Confidential File Name: 38492903.xls Print Date: 08/15/2010 Page: 5


Mobile Business Planning Model

Cost of sales Your task


Enter the assumptions required below to generate a cost of sales
Newco Corp
forecast.
Units as specified

Year 1 2 3 4 5 6 7 8 9 10

Cost of sales item 1


Cost of sales description 1 Cost_of_Sales_Description_1
Quantity purchased - 000s Quantity_of_Stock_1
Cost per unit of stock - - $ Cost_of_Stock_1

Total cost of sales 1 - - - - - - - - - - Cost_of_Sales_1

Cost of sales item 2


Cost of sales description 2 Cost_of_Sales_Description_2
Quantity purchased - 000s Quantity_of_Stock_2
Cost per unit of stock - - $ Cost_of_Stock_2

Total cost of sales 2 - - - - - - - - - - Cost_of_Sales_2

Confidential File Name: 38492903.xls Print Date: 08/15/2010 Page: 6


Mobile Business Planning Model

Operating costs Your task


This section examines staff costs, other operating costs and bad debt. Enter
Newco Corp
the assumptions as indicated below.
$ Thousands

Year 1 2 3 4 5 6 7 8 9 10

Staff cost assumptions


Headcount - - - - - - - - - Headcount_Ratio
Opening salary Opening_Salary
Salary growth Salary_Growth
Additional salary costs Additional_Salary_Costs

Staff numbers
Opening staff -
Closing number of staff 0 0 0 0 0 0 0 0 0 0
Average number of staff 0 0 0 0 0 0 0 0 0 0 Average_Staff

Salary costs
Salary levels 0 0 0 0 0 0 0 0 0 0 Salary
Total salary costs 0 0 0 0 0 0 0 0 0 0
Additional employment costs 0 0 0 0 0 0 0 0 0 0
Total staff costs 0 0 0 0 0 0 0 0 0 0 Staff_Costs

Operating costs - 000s


Rent Operating_Costs_3
Light and heat Operating_Costs_4
Advertising Operating_Costs_5
Legal and professional Operating_Costs_6
Telephone, fax and IT Operating_Costs_7
Stationery Operating_Costs_8
Leasing of equipment Operating_Costs_9
Travel and subsistence Operating_Costs_10

Bad debt
Bad debt rate Bad_Debt_Rate_1
Bad debt rate Bad_Debt_Rate_2

Bad debt 0 0 0 0 0 0 0 0 0 0
Bad debt 0 0 0 0 0 0 0 0 0 0
Total bad debt 0 0 0 0 0 0 0 0 0 0 Total_Bad_Debt

Confidential File Name: 38492903.xls Print Date: 08/15/2010 Page: 7


Mobile Business Planning Model

Accounting

Accounting
Depreciation
This section performs basic accounting operations necessary to produce the financial statements.

Amortisation

Working capital

Financing

Taxation

Confidential File Name: 38492903.xls Print Date: 08/15/2010 Page: 8


Mobile Business Planning Model

Depreciation Your task


Newco Corp Enter the assumptions relating to capital expenditure and depreciation.
$ Thousands

Year 1 2 3 4 5 6 7 8 9 10

Assumptions
Capital expenditure Capital_Expenditure
Depreciation period Depreciation_Period
Depreciation of opening gross capex Opening_Depreciation_Capex
Gross capex to date
Accumulated depreciation to date

Tangible fixed asset account


Opening balance 0 0 0 0 0 0 0 0 0 0
Capital expenditure 0 0 0 0 0 0 0 0 0 0
Closing balance 0 0 0 0 0 0 0 0 0 0 Gross_Fixed_Assets

Depreciation account
Opening balance 0 0 0 0 0 0 0 0 0 0
Depreciation charge 0 0 0 0 0 0 0 0 0 0
Closing balance 0 0 0 0 0 0 0 0 0 0 Accumulated_Depreciation

Tangible net book value 0 0 0 0 0 0 0 0 0 0 Tangible_Net_Book_Value

Depreciation workings
Opening fixed assets 0 0 0 0 0 0 0 0 0 0 0
1 0
2 0
3 0
4 0
5 0
6 0
7 0
8 0
9 0
10 0

0 0 0 0 0 0 0 0 0 0 Depreciation_Charge

Confidential File Name: 38492903.xls Print Date: 08/15/2010 Page: 9


Mobile Business Planning Model

Amortisation Your task


Newco Corp Enter the assumptions relating to expenditure on intangible assets and their
$ Thousands amortisation.

Year 1 2 3 4 5 6 7 8 9 10

Assumptions
Intangible expenditure Intangible_Expenditure
Amortisation period Amortisation_Period
Amortisation of opening intangible spend Opening_Amortisation
Gross intangible expenditure to date
Accumulated amortisation

Intangible fixed asset account


Opening balance 0 0 0 0 0 0 0 0 0 0
Capital expenditure 0 0 0 0 0 0 0 0 0 0
Closing balance 0 0 0 0 0 0 0 0 0 0 Gross_Intangible_Fixed_Assets

Amortisation account
Opening balance 0 0 0 0 0 0 0 0 0 0
Amortisation charge 0 0 0 0 0 0 0 0 0 0
Closing balance 0 0 0 0 0 0 0 0 0 0 Accumulated_Amortisation

Intangible net book value 0 0 0 0 0 0 0 0 0 0 Intangible_Net_Book_Value

Amortisation workings
Opening intangible assets 0 0 0 0 0 0 0 0 0 0 0
1 0
2 0
3 0
4 0
5 0
6 0
7 0
8 0
9 0
10 0

0 0 0 0 0 0 0 0 0 0 Amortisation_Charge

Confidential File Name: 38492903.xls Print Date: 08/15/2010 Page: 10


Mobile Business Planning Model

Working capital Your task


Enter assumptions relating to debtor and creditor days.
Newco Corp
$ Thousands

Year 1 2 3 4 5 6 7 8 9 10

Debtors account
Debtor days Debtor_Days_1
Opening balance 0 0 0 0 0 0 0 0 0 0
Sales in the period 0 0 0 0 0 0 0 0 0 0
Cash received 0 0 0 0 0 0 0 0 0 0
Closing balance 0 0 0 0 0 0 0 0 0 0 Debtors_1

Debtors account
Debtor days Debtor_Days_2
Opening balance 0 0 0 0 0 0 0 0 0 0
Sales in the period 0 0 0 0 0 0 0 0 0 0
Cash received 0 0 0 0 0 0 0 0 0 0
Closing balance 0 0 0 0 0 0 0 0 0 0 Debtors_2

Stock account
Opening stock 0 0 0 0 0 0 0 0 0 0
Stock purchased 0 0 0 0 0 0 0 0 0 0 Cost_of_stock_purchased_1
Cost of goods sold 0 0 0 0 0 0 0 0 0 0
Closing stock 0 0 0 0 0 0 0 0 0 0 Stock_1

Creditors account
Creditor days Creditor_Days_1
Opening balance 0 0 0 0 0 0 0 0 0 0
Costs in the period 0 0 0 0 0 0 0 0 0 0
Cash paid 0 0 0 0 0 0 0 0 0 0
Closing balance 0 0 0 0 0 0 0 0 0 0 Creditors_1

Stock account
Opening stock 0 0 0 0 0 0 0 0 0 0
Stock purchased 0 0 0 0 0 0 0 0 0 0 Cost_of_stock_purchased_2
Cost of goods sold 0 0 0 0 0 0 0 0 0 0
Closing stock 0 0 0 0 0 0 0 0 0 0 Stock_2

Creditors account
Creditor days Creditor_Days_2
Opening balance 0 0 0 0 0 0 0 0 0 0
Costs in the period 0 0 0 0 0 0 0 0 0 0
Cash paid 0 0 0 0 0 0 0 0 0 0
Closing balance 0 0 0 0 0 0 0 0 0 0 Creditors_2

Capital expenditure creditors account


Capex creditor days Capex_Creditor_Days
Opening balance 0 0 0 0 0 0 0 0 0 0
Costs in the period 0 0 0 0 0 0 0 0 0 0
Cash paid 0 0 0 0 0 0 0 0 0 0 Capex_Paid
Closing balance 0 0 0 0 0 0 0 0 0 0 Capex_Creditors

Intangible expenditure creditors account


Intangible creditor days Intangible_Creditor_Days
Opening balance 0 0 0 0 0 0 0 0 0 0
Costs in the period 0 0 0 0 0 0 0 0 0 0
Cash paid 0 0 0 0 0 0 0 0 0 0 Intangibles_Paid
Closing balance 0 0 0 0 0 0 0 0 0 0 Intangible_Creditors

Confidential File Name: 38492903.xls Print Date: 08/15/2010 Page: 11


Mobile Business Planning Model

Financing Your task


Enter assumptions relating to the financing of the business.
Newco Corp
$ Thousands

Year 1 2 3 4 5 6 7 8 9 10

Financing sssumptions
Equity issued Equity_Issued
Debt raised Debt_Issued
Debt repaid Debt_Repaid
Interest rate on debt Interest_On_Debt
Interest rate on overdraft Interest_On_Overdraft
Interest on cash deposits Interest_On_Deposits
Dividend proportion Dividend_Proportion

Equity account
Opening balance 0 0 0 0 0 0 0 0 0 0
Equity issued 0 0 0 0 0 0 0 0 0 0 Equity_Created
Closing balance 0 0 0 0 0 0 0 0 0 0 Closing_Equity

Debt account
Opening balance 0 0 0 0 0 0 0 0 0 0
Debt raised 0 0 0 0 0 0 0 0 0 0 Debt_Created
Debt repaid 0 0 0 0 0 0 0 0 0 0 Debt_Retired
Closing balance 0 0 0 0 0 0 0 0 0 0 Closing_Debt

Interest on debt account


Interest charge 0 0 0 0 0 0 0 0 0 0 Debt_Interest_Charge

Interest on cverdraft
Interest charge 0 0 0 0 0 0 0 0 0 0 Overdraft_Interest_Charge

Interest income on short term deposits


Interest income 0 0 0 0 0 0 0 0 0 0 Interest_Income

Shares in issue
Opening shares in issue - 0 0 0 0 0 0 0 0 0
Shares issued during the year - - - - - - - - - -
Shares repurchased during the year
Closing shares in issue 0 0 0 0 0 0 0 0 0 0

Average shares in the year - - - - - - - - - - Average_Shares

Confidential File Name: 38492903.xls Print Date: 08/15/2010 Page: 12


Mobile Business Planning Model

Taxation Your task


Enter the tax rate, tax creditor days and any adjustments to profits liable to
Newco Corp
corporation tax in the "Profit Adjustments" row.
$ Thousands

Year 1 2 3 4 5 6 7 8 9 10

Taxation assumptions
Tax rate Taxation_Rate
Tax creditor days Tax_Creditor_Days
Profit adjustments Profit_Adjustments

Profit and loss taxation workings


Profits / (loss) before tax 0 0 0 0 0 0 0 0 0 0
Profits before losses 0 0 0 0 0 0 0 0 0 0
Losses carried forward 0 0 0 0 0 0 0 0 0 0
Other adjustments 0 0 0 0 0 0 0 0 0 0
Profits liable to corporation tax 0 0 0 0 0 0 0 0 0 0 Profits_Liable_To_Tax
Corporation tax 0 0 0 0 0 0 0 0 0 0 Corporation_Tax_Charge

Corporation tax account


Opening balance 0 0 0 0 0 0 0 0 0 0
Tax charge in the period 0 0 0 0 0 0 0 0 0 0
Tax paid 0 0 0 0 0 0 0 0 0 0 Tax_Paid
Closing balance 0 0 0 0 0 0 0 0 0 0 Taxation_Creditor

Losses account
Opening losses - 0 0 0 0 0 0 0 0 0
Increase in losses in the period 0 0 0 0 0 0 0 0 0 0
Losses utilised 0 0 0 0 0 0 0 0 0 0 Losses_Utilised
Closing losses 0 0 0 0 0 0 0 0 0 0

Valuation taxation workings


Profit before interest and tax 0 0 0 0 0 0 0 0 0 0
Profits before losses 0 0 0 0 0 0 0 0 0 0
Losses carried forward 0 0 0 0 0 0 0 0 0 0
Other adjustments 0 0 0 0 0 0 0 0 0 0
Profits liable to corporation tax 0 0 0 0 0 0 0 0 0 0
Corporation tax 0 0 0 0 0 0 0 0 0 0

Corporation tax account


Opening balance 0 0 0 0 0 0 0 0 0 0
Tax charge in the period 0 0 0 0 0 0 0 0 0 0
Tax paid 0 0 0 0 0 0 0 0 0 0 Valuation_Tax_Paid
Closing balance 0 0 0 0 0 0 0 0 0 0

Losses account
Opening losses - 0 0 0 0 0 0 0 0 0
Increase in losses in the period 0 0 0 0 0 0 0 0 0 0
Losses utilised 0 0 0 0 0 0 0 0 0 0
Closing losses 0 0 0 0 0 0 0 0 0 0

Confidential File Name: 38492903.xls Print Date: 08/15/2010 Page: 13


Mobile Business Planning Model

Financial results

Financial results
Profit and loss
This chapter contains the financial results from the model.

Balance sheet

Cash flow statement

Ratios

Valuation

Confidential File Name: 38492903.xls Print Date: 08/15/2010 Page: 14


Mobile Business Planning Model

Profit and loss Information only


No inputs are required in this section.
Newco Corp
$ Thousands

Year 1 2 3 4 5 6 7 8 9 10

0 0 0 0 0 0 0 0 0 0 0
Total revenue 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0
Total cost of sales 0 0 0 0 0 0 0 0 0 0

Gross profit 0 0 0 0 0 0 0 0 0 0

Bad debt 0 0 0 0 0 0 0 0 0 0
Staff dosts 0 0 0 0 0 0 0 0 0 0
Rent 0 0 0 0 0 0 0 0 0 0
Light and heat 0 0 0 0 0 0 0 0 0 0
Advertising 0 0 0 0 0 0 0 0 0 0
Legal and professional 0 0 0 0 0 0 0 0 0 0
Telephone, fax and IT 0 0 0 0 0 0 0 0 0 0
Stationery 0 0 0 0 0 0 0 0 0 0
Leasing of equipment 0 0 0 0 0 0 0 0 0 0
Travel and subsistence 0 0 0 0 0 0 0 0 0 0
Total operating costs 0 0 0 0 0 0 0 0 0 0

Operating profit 0 0 0 0 0 0 0 0 0 0

Depreciation 0 0 0 0 0 0 0 0 0 0
Amortisation 0 0 0 0 0 0 0 0 0 0

Profits before interest and tax 0 0 0 0 0 0 0 0 0 0

Interest paid on debt 0 0 0 0 0 0 0 0 0 0


Interest paid on overdrafts 0 0 0 0 0 0 0 0 0 0
Interest received on cash deposits 0 0 0 0 0 0 0 0 0 0

Profit before tax 0 0 0 0 0 0 0 0 0 0

Taxation 0 0 0 0 0 0 0 0 0 0

Profit after tax 0 0 0 0 0 0 0 0 0 #VALUE!

Dividends declared 0 0 0 0 0 0 0 0 0 #VALUE!

Retained profit for the year 0 0 0 0 0 0 0 0 0 #VALUE!

Confidential File Name: 38492903.xls Print Date: 08/15/2010 Page: 15


Mobile Business Planning Model

Balance sheet Information only


No inputs are required in this section.
Newco Corp
$ Thousands

Year 1 2 3 4 5 6 7 8 9 10

Tangible fixed assets 0 0 0 0 0 0 0 0 0 0 0


Intangible fixed assets 0 0 0 0 0 0 0 0 0 0 0
Total fixed assets 0 0 0 0 0 0 0 0 0 0 0

Debtors 0 0 0 0 0 0 0 0 0 0 0
Debtors 0 0 0 0 0 0 0 0 0 0 0
Stock 0 0 0 0 0 0 0 0 0 0 0
Stock 0 0 0 0 0 0 0 0 0 0 0
Cash at bank 0 0 0 0 0 0 0 0 0 0 #VALUE!
Total current assets 0 0 0 0 0 0 0 0 0 0 #VALUE!

Creditors 0 0 0 0 0 0 0 0 0 0 0
Creditors 0 0 0 0 0 0 0 0 0 0 0
Capital expenditure creditor 0 0 0 0 0 0 0 0 0 0 0
Intangible expenditure creditor 0 0 0 0 0 0 0 0 0 0 0
Taxation creditor 0 0 0 0 0 0 0 0 0 0 0
Overdraft 0 0 0 0 0 0 0 0 0 0 #VALUE!
Total current liabilities 0 0 0 0 0 0 0 0 0 0 #VALUE!

Net current assets 0 0 0 0 0 0 0 0 0 0 #VALUE!

Total assets less current liabilities 0 0 0 0 0 0 0 0 0 0 #VALUE!

Equity 0 0 0 0 0 0 0 0 0 0 0
Retained profits 0 0 0 0 0 0 0 0 0 0 #VALUE!
Debt 0 0 0 0 0 0 0 0 0 0 0

Total capital employed 0 0 0 0 0 0 0 0 0 0 #VALUE!

Check 0 0 0 0 0 0 0 0 0 0 #VALUE!

Confidential File Name: 38492903.xls Print Date: 08/15/2010 Page: 16


Mobile Business Planning Model

Cash flow statement Information only


No inputs are required in this section.
Newco Corp
$ Thousands

Year 1 2 3 4 5 6 7 8 9 10

Operating profit / (loss) 0 0 0 0 0 0 0 0 0 0

Debtors 0 0 0 0 0 0 0 0 0 0
Debtors 0 0 0 0 0 0 0 0 0 0
Stock 0 0 0 0 0 0 0 0 0 0
Stock 0 0 0 0 0 0 0 0 0 0
Creditors 0 0 0 0 0 0 0 0 0 0
Creditors 0 0 0 0 0 0 0 0 0 0
Movement in working capital 0 0 0 0 0 0 0 0 0 0

Cashflow from operating activities 0 0 0 0 0 0 0 0 0 0

Tangible capital expenditure 0 0 0 0 0 0 0 0 0 0


Intangible capital expenditure 0 0 0 0 0 0 0 0 0 0
Tax paid 0 0 0 0 0 0 0 0 0 0

Cashflow before financial cashflows 0 0 0 0 0 0 0 0 0 0

Interest paid on debt 0 0 0 0 0 0 0 0 0 0


Interest paid on overdrafts 0 0 0 0 0 0 0 0 0 0
Interest received on cash deposits 0 0 0 0 0 0 0 0 0 0

Cashflow before financing 0 0 0 0 0 0 0 0 0 0

Equity issued 0 0 0 0 0 0 0 0 0 0
Debt issued 0 0 0 0 0 0 0 0 0 0
Debt repaid 0 0 0 0 0 0 0 0 0 0

Cashflow for the period before dividends 0 0 0 0 0 0 0 0 0 0

Dividends paid 0 0 0 0 0 0 0 0 0 #VALUE!

Cashflow for the period 0 0 0 0 0 0 0 0 0 #VALUE!

Cash account
Opening cash balance 0 0 0 0 0 0 0 0 0 0
Cash movement in the year 0 0 0 0 0 0 0 0 0 #VALUE!
Closing cash balance 0 0 0 0 0 0 0 0 0 #VALUE!

Confidential File Name: 38492903.xls Print Date: 08/15/2010 Page: 17


Mobile Business Planning Model

Ratios Information only


Newco Corp No user inputs are required in this section.

Year 1 2 3 4 5 6 7 8 9 10

Profitability
Gross profit margin 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Operating profit margin (EBITDA margin) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Profit before tax margin (PBT margin) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Earnings Per Share (EPS) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Liquidity and the Balance Sheet


Current ratio 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 #VALUE!
Quick ratio 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 #VALUE!
Net book value of assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Capital expenditure to depreciation 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Asset turnover 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 #VALUE!
Debtor days 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Creditor days 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Stock turnover days 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Returns
Return on average capital employed (ROACE) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Return on total average assets (ROTAA) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% #VALUE!
Return on equity (ROE) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% #VALUE!
Dividend cover 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 #VALUE!

Financial
Gearing 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% #VALUE!
Debt - equity ratio 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% #VALUE!
Interest cover 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Confidential File Name: 38492903.xls Print Date: 08/15/2010 Page: 18


Mobile Business Planning Model

Valuation Your task


Newco Corp Normalise the final year cash flow if required. Select the basis for valuation.
$ Thousands

Year 1 2 3 4 5 6 7 8 9 10

Valuation assumptions
Discount rate Discount_Rate
Terminal value growth rate Terminal_Value_Rate
EBITDA exit multiple EBITDA_Exit_Multiple

Prospective Newco Corp company comparable valuation metrics


2
PE Ratio PE_Ratio
EV / EBITDA EV_EBITDA
EV / SALES EV_Sales
EV / Customer EV_Customer

Free cash flow


Operating cash flow 0 0 0 0 0 0 0 0 0 0
Capital expenditure 0 0 0 0 0 0 0 0 0 0
Intangibles expenditure 0 0 0 0 0 0 0 0 0 0
Cash taxes 0 0 0 0 0 0 0 0 0 0
Free cash flow 0 0 0 0 0 0 0 0 0 0 Free_Cash_Flow

Discount factor
Discount factor 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Discount_Factor

NPV of free cash flow


NPV of free cash flow 0 0 0 0 0 0 0 0 0 0

Total NPV of free cash flow 0

Terminal value
Method 1: Terminal value growth rate Method 2: EBITDA exit multiple
Final year cash flow 0 Final year EBITDA 0
Final year cash grown 1 year by growth rate 0 Final year company value 0
Perpetuity calculation 0
NPV of final sash flow to perpetuity 0
Terminal value - method 1 0 Terminal value - method 2 0

Terminal value EBITDA


DCF based company valuation growth rate exit multiple
Forecast cash flows 0 0
Terminal value 0 0
Enterprise value 0 0

Less: net debt 0 0

Equity value 0 0

Comparable company valuations


Enterprise Net Equity
value debt value
PE Ratio 0
EV / EBITDA 0 0 0
EV / SALES 0 0 0
EV / Customer 0 0 0

Confidential File Name: 38492903.xls Print Date: 08/15/2010 Page: 19