Sales Offices - NORAM: City Open Close Current Status

Selections are indicated using an "X".
Sales Offices - NORAM

City Open Close Current Status
Los Angeles Blank Blank opened
Chicago Blank Blank closed
Toronto Blank Blank opened
Mexico City Blank Blank closed
End of Worksheet
Sales Offices - MEA
Abu Dhabi Blank Blank closed
Accra Blank Blank closed
Cairo Blank Blank closed
Johannesburg Blank Blank closed
Sales Offices - LATAM

Santo Domingo Blank Blank closed
Santiago Blank Blank closed
Sao Paulo Blank Blank closed
Quito Blank Blank closed
Sales Offices - EUROPE

Paris Blank Blank closed
Warsaw Blank Blank closed
Moscow Blank Blank closed
London Blank Blank closed
Sales Offices - APAC

Tokyo Blank Blank opened
Mumbai Blank Blank closed
Shanghai Blank Blank closed
Sydney Blank Blank closed
1
S
CE
FI
Setup/Close Cost Quarterly Lease Cost arriendo
OF
S
235,000 80,000 abrir
LE
SA
220,000 74,000 0
210,000 70,000
155,000 56,000
arriendo
abrir
Setup/Close Cost Quarterly Lease Cost 0
180,054 65,020
85,026 24,007
85,026 30,009
110,033 42,013
Open Web Sales Center
Setup/Close Cost Quarterly Lease Cost

106,274 37,450
116,395 37,450
116,395 41,498
91,092 28,340

221,934 70,830
132,216 43,442
169,992 51,941
207,767 71,774

219,605 69,874
144,740 28,948
219,605 31,943
169,695 60,891
2 3 3 6 9 12 15 15 15 15
2 3 4 5 6 7 8 1 10 11
149,874 219,874 219,874 426,539 562,389 669,232 798,683 798,683 798,683
454,605 210,000 597,462 518,383 442,274 372,242
454,605 359,874 219,874 817,336 944,922 1,004,663 1,041,474 798,683 798,683 798,683
1 2 3 4 5 5
190,000 289,821 401,156 599,480 759,528 759,528
350,000 139,749 141,698 358,871 270,081
0 0 0 0 540,000 429,570 542,854 958,351 1,029,609 759,528
Selections are indicated using an "X".

Open Web Sales Center
Region City Open Close Current Status
Setup/Close
Quarterly
Cost Lease Cost
NORAM Chicago Blank Blank closed 350,000 190,000
MEA Accra Blank Blank closed 270,081 160,048
LATAM Sao Paulo Blank Blank closed 141,698 111,335
EUROPE Paris Blank Blank closed 358,871 198,324
APAC Mumbai Blank Blank closed 139,749 99,821
End of Worksheet
15
12
798,683
798,683
5
759,528
759,528
Product/Quarter 1 2 3 4 5 6
ASIA
UNits 0 0 75 524
SPACE PC
Price 3530 742
units 12 29
cost 2068.76 2068.76
Porcentaje 16% 6%
SKY PC
Price 2970 503
units 24 31
cost 1769.22 1769.22
Porcentaje 32% 6%
SKY PC Pro
Price 2999
units 53
cost 1705.2
Porcentaje 10%
Space PC Pro
Price 3499
units 96
cost 1916.35
Porcentaje 18%
NORAM
SPACE PC
Price 3210 742
units 11 29
cost 2068.76 2068.76
Porcentaje 15% 6%
SKY PC
Price 2620 503
units 28 31
cost 1769.22 1769.22
Porcentaje 37% 6%
SKY PC Pro
Price 3199
units 108
cost 1705.2
Porcentaje 21%
Space PC Pro
Price 3699
units 127
cost 1916.35
Porcentaje 24%
Precio promedio 0 0 2964.133333 2641.866412
Costo promedio 0 0 1861.078933 1777.791927

7 8 9 10 11 12
Quarter 1 2
Supuestos
Demanda
Generales
Número de tiendas 0 0
Número de vendedores por tienda 0 0
Vededores totales 0 0
Demanda por vendedor 0 0
Demanda Total 0 0
Demanda efectiva 0 0
Diferencia de demanda - -
Precio 0 0
Ingresos efectivo 0 0
Ingresos fisicas - -
Número de tiendas - -
Número de vendedores por tienda
Vededores totales - -
Demanda por vendedor
Ingresos web - -
Precio de Rebates
Porcentaje de rebates
Rebates total 0 0
Crecimiento en ventas 0 0%
Rentabildiad 0% 0%
Costos de ventas (% de las ventas) 62% 60%
Costo de ventas primeros period %
Costo de ventas valor real primeros periodos - -
R&D 120,000
Production Control and MIS Expenses 0 0
Quality Costs 0 0
Advertising (% ventas esperadas) 0 0
% DE ventas (ad)
Real
Sales Force Expense (% ventas esperadas) 0 0
Sales Force Expense real
%de ventas Sales force
Sales Office 0 454,605
Web center expenses 0 0
Web Marketing Expenses 0 0
Marketing Research 88,000 -
Shipping (% ventas esperadas) 3% 3%
Real Shipping
porcentaje de las ventas
Inventory Holding Cost (% ventas esperadas) 0 0
Valor real
Excess Capacity Cost 0 0
Depreciation (%Fixed Asset) 0 0
Fixed Asset (depreciable) 1,100,000
Valor de salvamiento 58%
Depreciación 45,833
Tasa impuesto 40% 40%
Dividendos pagados 0 0
Licensing Income 0 0
Licensing Fees 0 0
Other Income 44,000 0
Other Expenses 0 0
Certificate of Deposit 956,000 299,836
Qusrterly rate (%) 1.50% 1.50%
Interest Income 14340 4497.54
Emergency loan 0 0
Pago del Emergency Loan 0 0
Quarterly Rate 5% 5%
Interes Emergency loan -

Interes conventional Loan -
Interes del long term loan -
Interest Charges - -
Producción
Unidades estimadas 0 0
Unidades en inventario final periodo (% de las ventas esperad 0 0
Costo de ventas unitario
Inventario estimado 0 0
Inventario real 0 0
Unidades en inventario
Costo de producción terminado
Finished Goods Inventories 0 0
Porcentaje de ventas #DIV/0! #DIV/0!
Finished Goods Inventories (% de ventas) 0% 0%
Nueva deuda convencional - -
Pago de la deuda convencional(depués con tabla de amortizac - -
Nueva deuda largo plazo - -
Pago de la deuda largo plazo - -
Capitalización 1,000,000 1,000,000
Sinking fund - -
Monto de la deuda 2,000,000

Numero de periodos 6
Tasa 13%
cuota $494,745.85
perioso 0 1
Saldo de la deuda 2,000,000 1,757,254.15
Cuota $494,745.85
interese 252,000
abono a capital $242,745.85
Income Statement
Gross Profit
Revenues 0 0
- Rebates 0 0
- Cost of Goods Sold 0 0
= Gross Profit 0 0
Expenses
Research and Development 0 120,000
+ Production Control and MIS Expenses 0 0
+ Quality Costs 0 0
+ Advertising - -
+ Sales Force Expense - -
+ Sales Office 0 454,605
+Web Sales Center Expenses 0 0
+ Web Marketing Expenses 0 0
+ Marketing Research 88,000 0
+ Shipping - -
+ Inventory Holding Cost - -
+ Excess Capacity Cost 0 0
+ Depreciation 0 0
= Total Expenses 88,000 574,605
+ Risk Sharing Fees Received 0 0
- Risk Sharing Fees Paid 0 0
Operating Profit -88,000 -574,605
Miscellaneous Income and Expenses
+ Licensing Income 0 0
- Licensing Fees 0 0
+ Other Income 44,000 0
- Other Expenses 0 0
= Earnings Before Interest and Taxes -44,000 -574,605
+ Interest Income 14,340 4,498
- Interest Charges 0 0
= Income Before Taxes -29,660 -570,107
- Loss Carry Forward 0 0
= Taxable Income 0 0
- Income Taxes 0 0
= Net Income -29,660 -570,107
Earnings per Share -3 -29
CONFIRMACION ACEPTABLE
CONFIRMACIÓN OK OK
Balance Sheet
Current Assets
Cash 14,340 397
+ 3 Month Certificate of Deposit 956,000 299,836
+ Finished Goods Inventory 0 0
Long Term Assets
+ Sinking Fund 0 0
+ Net Fixed Assets 0 1,100,000
0
= Total 970,340 1,400,233
Debt
Conventional Bank Loan 0 0
+ Long-Term Loan 0 0
+ Emergency Loan 0 0
Equity
+ Common Stock 1,000,000 2,000,000
+ Retained Earnings -29,660 -599,767
= Total 970,340 1,400,233
Diferencia - -
CASHFLOW
Beginning Cash Balance 0 14,340
Receipts and Disbursements from Operating Activities
Revenues 0 0
- Rebates 0 0
- Production 0 0
- Research and Development 0 120,000
- Production Control and MIS Expenses 0 0
- Quality Costs 0 0
- Advertising 0 0
- Sales Force Expense 0 0
- Sales Office and Web Sales Center Expenses 0 454,605
- Web Marketing Expenses 0 0
- Marketing Research 88,000 0
- Shipping 0 0
- Inventory Holding Cost 0 0
- Excess Capacity Cost 0 0
- Income Taxes 0 0
= Net Operating Cash Flow -29,660 -555,767
Investing Activities
Fixed Production Capacity, Control System and MIS 0 1,100,000
+ Sinking Fund 0 0
= Total Investing Activities 0 1,100,000
Financing Activities
Increase in Common Stock 1,000,000 1,000,000
+ Borrow Conventional Loan 0 0
Repay Conventional Loan 0 0
+ Borrow Long-Term Loan 0 0
Repay Long-term loan 0 0
+ Borrow Emergency Loan 0 0
Repay Emergency loan 0 0
- Deposit 3 Month Certificate 956,000 0
+ Withdraw 3 Month Certificate 0 656,164
- Dividends 0 0
= Total Financing Activities 44,000 1,656,164
Cash Balance, End of Period 14,340 397
Flujo de Caja
Utilidad Operacional -88,000 -574,605
Impuestos 0 0
Depreciaciones y amortizaciones 45,833 45,833
Flujo de Caja Operacional -42,167 -528,772
Variación porcentual KTNO 0 0
Variación porcentual activos no corriente operacionales (sin 0 1,100,000
Flujo de Caja libre -42,167 -1,628,772
Variación porcential de la deuda 0 -
Gasto de intereses - -
Flujo de caja del accionista -42,167 -1,628,772
Variación de aportes de capital 0 1,000,000
dividendos 0 0
Flujo de caja neto -42,167 -628,772
kTNO
Cuentas por cobrar 0 0
Inventario 0 0
Cunetas por pagar 0 0
Activos Fijos, 0 1,100,000
Deuda 0.707810212032421 13%

equity 0.292189787967579 40%
Costo del equity 40%

Tasa de descuento 8% TOCA SACARLO
Tasa de de crecimeinto perepts 4%
TERMINAL VALUE $ 960,844,783.34
Flujo de Caja descontado 1 2

Impuestos 0 0
NOPAT -88,000 -574,605
Valor de la empresa $ 530,273,170.73

Value 531,100,545 90330
120 5880
5760
$ 5,000,000.00 50,000 41,666.7
6,000,000
3 4 5 6 7 8 9
179.62%
2 3 3 6 9 12 15
3.5 3 6 8 10 13 16
7 9 18 48 90 156 240
11.86 59.11 50 52.4288 65.536 81.92 102.4
83.02 531.99 900 2516.5824 5898.24 12779.52 24576
75 524 894 2499 5858 12691 24406
8 8 6 17 41 88 170
$ 2,979 $ 2,661.06 2700 3100 3100 3100 3100
223,390 1,394,398 2,413,233 9,372,869 23,237,421 51,723,318 101,055,119
223,390 1,394,398 2,413,233 7,747,576 18,158,381 39,343,158 75,659,919
- - - 1 2 3 4
8 10 13 16
- - - 8 20 39 64
66 82 102 128
- - - 1,625,293 5,079,040 12,380,160 25,395,200
2600 8000 10000 12000 12000 12000 12000

0% 541% 69% 180% 134% 117% 92%
38% 31% 40% 40% 40% 40% 40%
62% 69% 60% 60% 60% 60% 60%
62% 69%
139,581 966,947 1,447,940 5,623,721 13,942,452 31,033,991 60,633,072
300,000 120,000 5,500,000 468,643 1,161,871 2,586,166 5,052,756
0 0 70,000 70,000 70,000 70,000 70,000
10,446 20,454 25,454 30,454 35,454 40,454 45,454
79% 16% 10% 5% 5% 5% 5%
0.78803885581 0.1608644017
176040 224309
54% 8% 8% 8% 8% 8% 8%
120392 114290
0.5389319128 0.08196368612
359,874 219,874 817,336 944,922 1,004,663 1,041,474 798,683
0 0 0 540,000 429,570 542,854 958,351
0 0 0 0 0 0 0
46,000 23,000 23,000 23,000 23,000 23,000 23,000
2.664% 1.794% 2.5% 2.5% 2.5% 2.5% 2.5%
5,951 25,018
2.664% 1.794%
11.865% 0.496% 2% 2% 2% 2% 2%
26506 6922
0.11865347598 0.0049641494
109,326 0 10,000 10,000 10,000 10,000 10,000
4% 4% 4% 4% 4% 4% 4%
40% 40% 40% 40% 40% 40% 40%

0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
17,250 0 0 0 0 0 0
11,500 0 0 0 0 0 0
0 0 0 0 0 0 0
1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50%
0 0 0 0 0 0 0
32,999 0 0 0 0 0 0
0 32,999 0 0 0 0 0
5% 5% 5% 5% 5% 5% 5%
- 1,650 - - - - -
- - - 252,000 221,414 186,974 148,195
- - - - - - -
- 1,650 - 252,000 221,414 186,974 148,195
83.02 531.99 900 2516.5824 5898.24 12779.52 24576

8.02 7.99 6.21 17 40.697856 88.178688 169.5744
- -
265,065 69,217
265,064 69,216
1.18655266574 5%
118.66% 4.96% 5% 5% 5% 4% 3%
- - 2,000,000 - - - -
- - - $242,745.85 $273,331.83 $307,771.64 $346,550.87
- - - - - - -
- - - - - - -
1,000,000 1,000,000 5,000,000
- - - - - - -
2 3 4 5 6
1,483,922.32 1,176,150.67 829,599.81 439,383.53 -
$494,745.85 $494,745.85 $494,745.85 $494,745.85 $494,745.85
221,414 186,974 148,195 104,530 55,362
$273,331.83 $307,771.64 $346,550.87 $390,216.28 $439,383.53
38% 31%
223,390 1,394,398 2,413,233 9,372,869 23,237,421 51,723,318 101,055,119

2,600 8,000 10,000 12,000 12,000 12,000 12,000
139,581 966,947 1,447,940 5,623,721 13,942,452 31,033,991 60,633,072
81,209 419,451 955,293 3,737,147 9,282,968 20,677,327 40,410,048
300,000 120,000 5,500,000 468,643 1,161,871 2,586,166 5,052,756

0 0 70,000 70,000 70,000 70,000 70,000
10,446 20,454 25,454 30,454 35,454 40,454 45,454
176,040 224,309 241,323 468,643 1,161,871 2,586,166 5,052,756
120,392 114,290 193,059 749,829 1,858,994 4,137,865 8,084,410
359,874 219,874 817,336 944,922 1,004,663 1,041,474 798,683
0 0 0 540000 429,570 542854 958351
0 0 0 0 0 0 0
46,000 23,000 23,000 23,000 23,000 23,000 23,000
5,951 25,018 60,331 234,322 580,936 1,293,083 2,526,378
26,506 6,922 48,265 187,457 464,748 1,034,466 2,021,102
109,326 0 10,000 10,000 10,000 10,000 10,000
45,833 45,833 45,833 45,833 45,833 45,833 45,833
1,200,369 799,700 7,034,601 3,773,105 6,846,940 13,411,362 24,688,723
0 0 0 0 0 0 0
0 0 0 0 0 0 0
-1,119,160 -380,249 -6,079,308 -35,957 2,436,028 7,265,965 15,721,325
0 0 0 0 0 0 0
0 0 0 0 0 0 0
17,250 0 0 0 0 0 0
11,500 0 0 0 0 0 0
-1,113,410 -380,249 -6,079,308 -35,957 2,436,028 7,265,965 15,721,325
0 0 0 0 0 0 0
0 1,650 0 252,000 221,414 186,974 148,195
-1,113,410 -381,899 -6,079,308 -287,957 2,214,614 7,078,991 15,573,130
0 0 0 0 0 0 0
0 0 0 0 2,214,614 7,078,991 15,573,130
0 0 0 0 885,846 2,831,596 6,229,252
-1,113,410 -381,899 -6,079,308 -287,957 1,328,769 4,247,395 9,343,878
-37 -10 -68 -3 15 47 104
OK OK OK OK OK OK OK
591 827,374 1,742,455 909,603 1,317,645 4,396,040 12,476,479

0 0 0 0 0 0 0
265,064 69,216 120,662 468,643 1,161,871 2,068,933 3,031,654
0 0 0
1,054,167 1,008,333 962,500 916,667 870,833 825,000 779,167
0 0
1,319,822 1,904,924 2,825,616 2,294,913 3,350,350 7,289,973 16,287,300
0 0 2,000,000 1,757,254 1,483,922 1,176,151 829,600

0 0 0 0 0 0 0
32,999 0 0 0 0 0 0
3,000,000 4,000,000 9,000,000 9,000,000 9,000,000 9,000,000 9,000,000

-1,713,177 -2,095,076 -8,174,384 -8,462,341 -7,133,573 -2,886,178 6,457,700
1,319,822 1,904,924 2,825,616 2,294,913 3,350,350 7,289,973 16,287,300
- - - - - - -
- -
397 591 827,374 1,742,455 909,603 1,317,645 4,396,040
223,390 1,394,398 2,413,233 9,372,869 23,237,421 51,723,318 101,055,119

2,600 8,000 10,000 12,000 12,000 12,000 12,000
404,645 771,099 1,499,385 5,971,703 14,635,680 31,941,053 61,595,792
300,000 120,000 5,500,000 468,643 1,161,871 2,586,166 5,052,756
0 0 70,000 70,000 70,000 70,000 70,000
10,446 20,454 25,454 30,454 35,454 40,454 45,454
176,040 224,309 241,323 468,643 1,161,871 2,586,166 5,052,756
120,392 114,290 193,059 749,829 1,858,994 4,137,865 8,084,410
359,874 219,874 817,336 944,922 1,004,663 1,041,474 798,683
0 0 0 540,000 429,570 542,854 958,351
46,000 23,000 23,000 23,000 23,000 23,000 23,000
5,951 25,018 60,331 234,322 580,936 1,293,083 2,526,378
26,506 6,922 48,265 187,457 464,748 1,034,466 2,021,102
109,326 0 10,000 10,000 10,000 10,000 10,000
0 0 0 0 885,846 2,831,596 6,229,252
0 0 0 0 0 0 0
0 1,650 0 252,000 221,414 186,974 148,195
0 0 0 0 0 0 0
0 0 0 0 0 0 0
17,250 0 0 0 0 0 0
11,500 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
-1,332,244 -139,627 -5,257,545 1,152,349 1,590,977 4,703,812 12,823,030
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
1,000,000 1,000,000 5,000,000 0 0 0 0

0 0 2,000,000 0 0 0 0
0 0 0 242,746 273,332 307,772 346,551
0 0 0 0 0 0 0
0 0 0 0 0 0 0
32,999 0 0 0 0 0 0
0 32,999 0 0 0 0 0
0 0 0 0 0 0 0
299,836 0 0 0 0 0 0
0 0 0 0 0 0 0
1,332,835 967,001 7,000,000 -242,746 -273,332 -307,772 -346,551
591 827,374 1,742,455 909,603 1,317,645 4,396,040 12,476,479
-1,119,160 -380,249 -6,079,308 -35,957 2,436,028 7,265,965 15,721,325

0 0 0 0 885,846 2,831,596 6,229,252
45,833 45,833 45,833 45,833 45,833 45,833 45,833
-1,073,326 -334,416 -6,033,474 9,876 1,596,016 4,480,202 9,537,906
265,064 -195,848 51,446 347,982 693,228 907,062 962,721
0 0 0 0 0 0 0
-1,338,390 -138,568 -6,084,920 -338,106 902,788 3,573,141 8,575,185
- - 2,000,000 - 242,746 - 273,332 - 307,772 - 346,551
- 1,650 - 252,000 221,414 186,974 148,195
-1,338,390 -140,218 -4,084,920 -832,852 408,042 3,078,395 8,080,439
1,000,000 1,000,000 5,000,000 0 0 0 0
0 0 0 0 0 0 0
-338,390 859,782 915,080 -832,852 408,042 3,078,395 8,080,439
0 0 0 0 0 0 0
265,064 69,216 120,662 468,643 1,161,871 2,068,933 3,031,654
0 0 0 0 0 0 0
1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000
WACC
tax 40% 7.915%
8.78%
3 4 5 6 7 8 9
-1,119,160 -380,249 -6,079,308 -35,957 2,436,028 7,265,965 15,721,325
0 0 0 0 885,846 2,831,596 6,229,252
-1,119,160 -380,249 -6,079,308 -35,957 1,550,183 4,434,369 9,492,073
45,833 45,833 45,833 45,833 45,833 45,833 45,833
-1,073,326 -334,416 -6,033,474 9,876 1,596,016 4,480,202 9,537,906
265,064 -195,848 51,446 347,982 693,228 907,062 962,721
0 0 0 0 0 0 0
-1,338,390 -138,568 -6,084,920 -338,106 902,788 3,573,141 8,575,185
0.55352596037 0.46127163364
287,977,939
5000000
10 11 12
280
350 0 380 partir de asumir cero
18 19 19 .
19 21 24 . 50.00%
342 399 456 . 49.7%
128 160 200 .
43776 63840 91200 . % DE crecimiento
43474 63400 90571
302 440 629 .
3100 3100 3100 .
181,889,231 261,638,462 373,769,232 .
134,769,231 196,538,462 280,769,232
5 5 5
19 21 24
95 105 120
160 200 250
47,120,000 65,100,000 93,000,000
.
.
12000 12000 12000 .
78% 46% 43% .
40% 40% 40% ..
60% 60% 60% ..
109,133,539 156,983,077 224,261,539 ..

9,094,462 13,081,923 18,688,462 ..
70,000 70,000 70,000 .
50,454 55,454 60,454 .
5% 5% 5% .
.
.
8% 8% 8% .
.
.
798,683 798,683 798,683 .
1,029,609 759,528 759,528 .
0 0 0 ..
23,000 23,000 23,000 .
2.5% 2.5% 2.5% .
.
.
2% 2% 2% .
.
.
10,000 10,000 10,000 .
4% 4% 4% .
.
.
.
40% 40% 40% .
0 0 0.
0 0 0.
0 0 0.
0 0 0.
0 0 0.
0 0 0.
1.50% 1.50% 1.50% .
0 0 0.
0 0 0.
0 0 0 ..
5% 5% 5% .
..
- - - ..
104,530 55,362 - ..
- - - ..
104,530 55,362 - .
.
43776 63840 91200 .
302.0544 440.496 629.28 .
.
.
.
.
.
.
3% 3% 3% .
- - -
$390,216.28 $439,383.53 $0.00 .
- - - .
- - - .
- - - .
.
.
..
.
.
.
.
.
.
.
.
.
.
.
.
181,889,231 261,638,462 373,769,232 .
12,000 12,000 12,000 .
109,133,539 156,983,077 224,261,539 .
72,743,693 104,643,385 149,495,693 .
.
9,094,462 13,081,923 18,688,462 .
70,000 70,000 70,000 .
50,454 55,454 60,454 .
9,094,462 13,081,923 18,688,462 .
14,551,139 20,931,077 29,901,539
798,683 798,683 798,683 .
1029609 759528 759528 .
0 0 0.
23,000 23,000 23,000 .
4,547,231 6,540,962 9,344,231 .
3,637,785 5,232,769 7,475,385 .
10,000 10,000 10,000 .
45,833 45,833 45,833 .
42,952,656 60,631,152 85,865,576 .
0 0 0.
0 0 0
29,791,036 44,012,233 63,630,117 .
.
0 0 0.
0 0 0.
0 0 0.
0 0 0.
29,791,036 44,012,233 63,630,117 .
0 0 0.
104,530 55,362 0.
29,686,507 43,956,870 63,630,117 . 10%
0 0 0. Inventario final precio
29,686,507 43,956,870 63,630,117 .
11,874,603 17,582,748 25,452,047 .
17,811,904 26,374,122 38,178,070 .
198 293 424 .
.
.
OK OK OK
.
.
27,518,977 51,107,072 85,967,053 . -$ 700,530.70
0 0 0.
5,456,677 7,849,154 11,213,077 .
.
.
733,333 687,500 641,667 .
.
33,708,987 59,643,726 97,821,796 .
.
439,384 0 0.
0 0 0.
0 0 0.
.
9,000,000 9,000,000 9,000,000 .
24,269,604 50,643,726 88,821,796 .
33,708,987 59,643,726 97,821,796 .
- - - .
- - - .
.
.
12,476,479 27,518,977 51,107,072 .

.
181,889,231 261,638,462 373,769,232 .
12,000 12,000 12,000 .
111,558,562 159,375,554 227,625,462 .
9,094,462 13,081,923 18,688,462 .
70,000 70,000 70,000 .
50,454 55,454 60,454 .
9,094,462 13,081,923 18,688,462 .
14,551,139 20,931,077 29,901,539 .
798,683 798,683 798,683 .
1,029,609 759,528 759,528 .
23,000 23,000 23,000 .
4,547,231 6,540,962 9,344,231 .
3,637,785 5,232,769 7,475,385 .
10,000 10,000 10,000 .
11,874,603 17,582,748 25,452,047 .
0 0 0.
104,530 55,362 0.
0 0 0.
0 0 0.
0 0 0.
0 0 0.
0 0 0.
0 0 0.
27,909,193 51,546,456 85,967,053 .
.
0 0 0.
0 0 0 ..
0 0 0.
.
0 0 0.
0 0 0.
390,216 439,384 0.
0 0 0.
0 0 0.
0 0 0.
0 0 0.
0 0 0.
0 0 0.
0 0 0.
-390,216 -439,384 0.
27,518,977 51,107,072 85,967,053 .
.
.
Flujo de
29,791,036 44,012,233 63,630,117 .
11,874,603 17,582,748 25,452,047 . 40,000,000
45,833 45,833 45,833 . 35,000,000
17,962,267 26,475,318 38,223,904 . 30,000,000
2,425,023 2,392,477 3,363,923 . 25,000,000
0 0 0. 20,000,000
15,537,243 24,082,841 34,859,981 . 15,000,000
- 390,216 - 439,384 - .
10,000,000
104,530 55,362 - ..
5,000,000
15,042,498 23,588,095 34,859,981 ..
0
0 0 0 1 2 3 4 5
0 0 0 -5,000,000
15,042,498 23,588,095 34,859,981 -10,000,000
0 0 0
5,456,677 7,849,154 11,213,077
0 0 0
1,100,000 1,100,000 1,100,000
10 11 12
29,791,036 44,012,233 63,630,117
11,874,603 17,582,748 25,452,047
17,916,434 26,429,484 38,178,070
45,833 45,833 45,833
17,962,267 26,475,318 38,223,904 Terminal value
2,425,023 2,392,477 3,363,923
0 0 0
15,537,243 24,082,841 34,859,981 $ 960,844,783.34
Tiempo La recibo en jugada 6 o 7 y una vez lo
Restricciones Si les paso una licencia
Sistema de info
market
RYD 400,000
No enredar gest 80,000 26
Alta innpvaciónmeter más plata 180
Alianzas
25%
0.69%
0.9252747253
5%
Gross Profit Re
160,000,000 400,000,000
140,000,000
350,000,000
120,000,000
300,000,000
100,000,000
250,000,000
80,000,000
200,000,000
60,000,000
150,000,000
40,000,000
100,000,000
20,000,000
9,282
3,737,147
0 0 81,209 419,451 955,293
0 50,000,000
1 2 3 4 5 6 7
0 0 223,390 1,394,398
0
1 2 3 4
Operating Profit
70,000,000
60,000,000
50,000,000
40,000,000
30,000,000
50,000,000
40,000,000
30,000,000
20,000,000
10,000,000
2,436,
-88,000 -574,605 -1,119,160 -380,249 -35,957
0
1 2 3 4 5
-6,079,308
6 7
-10,000,000
Net Profit
50,000,000
40,000,000
30,000,000
20,000,000
10,000,000
1,328
-29,660 -570,107 -381,899 -287,957
0 -1,113,410
1 2 3 4 5 6 7
-6,079,308
-10,000,000
Flujo de Caja libre
,000
,000
,000
,000
,000
,000
,000
,000
0
1 2 3 4 5 6 7 8 9 10 11 12
,000
,000
Gross Profit Revenues
149,495,693
373,769,232
104,643,385
261,638,462
72,743,693
181,889,231
40,410,048
101,055,119
20,677,327
9,282,968
3,737,147 51,723,318
419,451 955,293
4 5 6 7 8 923,237,421 10 11 12
9,372,869
0 223,390 1,394,398 2,413,233
2 3 4 5 6 7 8 9 10 11 12
Operating Profit
63,630,117
44,012,233
29,791,036
44,012,233
29,791,036
15,721,325
7,265,965
2,436,028
-380,249 -35,957
4 5
-6,079,308
6 7 8 9 10 11 12
Net Profit
38,178,070
26,374,122
17,811,904
9,343,878
4,247,395
1,328,769
-381,899 -287,957
4 5 6 7 8 9 10 11 12
-6,079,308
373,769,232
261,638,462
11 12
Quarter 1 2
Supuestos
Demanda
Generales
Demanda Total 0 -
Demanda efectiva 0 -
Demanda efectiva total 0 0
Precio 0 0
Ingresos web - -
Precio de Rebates
Rebates total 0 0
Rentabildiad 0% 0%
R&D 120,000
Quality Costs 0 0
% DE ventas (ad)
Real
Real Shipping
Valor real
Licensing Fees 0 0
Other Expenses 0 0
Emergency loan 0 0

Producción
Costo de ventas unitario
Inventario real 0 0
Sinking fund - -

Tasa 13%
cuota $494,745.85
perioso 0 1
Saldo de la deuda 2,000,000 1,757,254.15
Cuota $494,745.85
interese 252,000
Income Statement
Gross Profit
Revenues 0 0
- Rebates 0 0
= Gross Profit 0 0
Expenses
+ Quality Costs 0 0
+ Advertising - -
+ Shipping - -
+ Depreciation 0 0
- Income Taxes 0 0
= Net Income -29,660 -570,107
CONFIRMACIÓN OK OK
Balance Sheet
Current Assets
Cash 14,340 397
Long Term Assets
+ Sinking Fund 0 0
0
= Total 970,340 1,400,233
Debt
Equity
+ Common Stock 1,000,000 2,000,000
= Total 970,340 1,400,233
Diferencia - -
equity
debt}
CASHFLOW
Revenues 0 0
- Rebates 0 0
- Production 0 0
- Quality Costs 0 0
- Advertising 0 0
- Shipping 0 0
- Income Taxes 0 0
+ Sinking Fund 0 0
- Dividends 0 0
Flujo de Caja
Impuestos 0 0
Variación porcential de la deuda 0 -
dividendos 0 0
kTNO
Inventario 0 0
Deuda 70.72% 13%
equity 29.28% 40%

TERMINAL VALUE $ 687,272,988.64

Impuestos 0 0
NOPAT -88,000 -574,605

Value 378,244,813 90330
Valor de accion 4187
130 6,500,000
$ 5,000,000.00 50,000 41,666.7
120
3 4 5 6 7 8 9
109.72%
2 3 3 6 9 12 15
3.5 3 6 8 10 13 16
7 9 18 48 90 156 240
11.86 59.11 50 39.3216 49.152 61.44 76.8
83 532 900 1,887 4,424 9,585 18,432
75 524 899 1,886 4,419 9,575 18,414
83 532 900 2281 5652 12580 24576
8 8 1 2 4 10 18
$ 2,979 $ 2,661.06 2700 3100 3100 3100 3100
223,390 1,394,398 2,427,570 7,064,173 17,508,975 38,967,792 76,128,461
223,390 1,394,398 2,427,570 5,845,203 13,699,695 29,682,672 57,082,061
- - - 1 2 3 4
8 10 13 16
- - - 8 20 39 64
49 61 77 96
- - - 1,218,970 3,809,280 9,285,120 19,046,400
2600 8000 10000 12000 12000 12000 12000

0% 541% 69% 110% 134% 117% 92%
38% 31% 40% 40% 40% 40% 40%
62% 69% 60% 60% 60% 60% 60%
62% 69%
139,581 966,947 1,456,542 4,238,504 10,505,385 23,380,675 45,677,076
300,000 120,000 5,500,000 353,209 875,449 1,948,390 3,806,423
0 0 70,000 70,000 70,000 70,000 70,000
10,446 20,454 25,454 30,454 35,454 40,454 45,454
79% 16% 10% 5% 5% 5% 5%
0.78803885581 0.1608644017
176040 224309
54% 8% 8% 8% 8% 8% 8%
120392 114290
0.5389319128 0.08196368612
359,874 219,874 817,336 944,922 1,004,663 1,041,474 798,683
0 0 0 540,000 429,570 542,854 958,351
0 0 0 0 0 0 0
46,000 23,000 23,000 23,000 23,000 23,000 23,000
2.664% 1.794% 2.5% 2.5% 2.5% 2.5% 2.5%
5,951 25,018
2.664% 1.794%
11.865% 0.496% 2% 2% 2% 2% 2%
26506 6922
0.11865347598 0.0049641494
109,326 0 10,000 10,000 10,000 10,000 10,000
4% 4% 4% 4% 4% 4% 4%
40% 40% 40% 40% 40% 40% 40%

0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
17,250 0 0 0 0 0 0
11,500 0 0 0 0 0 0
0 0 0 0 0 0 0
1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50%
0 0 0 0 0 0 0
32,999 0 0 0 0 0 0
0 32,999 0 0 0 0 0
5% 5% 5% 5% 5% 5% 5%
- 1,650 - - - - -
- - - 252,000 221,414 186,974 148,195
- - - - - - -
- 1,650 - 252,000 221,414 186,974 148,195
83.02 531.99 900 1887.4368 4423.68 9584.64 18432

8.02 7.99 0.9 2 4.42368 9.58464 18.432
- -
265,065 69,217
265,064 69,216
1.18655266574 5%
118.66% 4.96% 5% 5% 5% 4% 3%
- - 2,000,000 - - - -
- - - $242,745.85 $273,331.83 $307,771.64 $346,550.87
- - - - - - -
- - - - - - -
1,000,000 1,000,000 5,000,000
- - - - - - -
2 3 4 5 6
1,483,922.32 1,176,150.67 829,599.81 439,383.53 -
$494,745.85 $494,745.85 $494,745.85 $494,745.85 $494,745.85
221,414 186,974 148,195 104,530 55,362
$273,331.83 $307,771.64 $346,550.87 $390,216.28 $439,383.53
38% 31%
223,390 1,394,398 2,427,570 7,064,173 17,508,975 38,967,792 76,128,461

2,600 8,000 10,000 12,000 12,000 12,000 12,000
139,581 966,947 1,456,542 4,238,504 10,505,385 23,380,675 45,677,076
81,209 419,451 961,028 2,813,669 6,991,590 15,575,117 30,439,384
300,000 120,000 5,500,000 353,209 875,449 1,948,390 3,806,423

0 0 70,000 70,000 70,000 70,000 70,000
10,446 20,454 25,454 30,454 35,454 40,454 45,454
176,040 224,309 242,757 353,209 875,449 1,948,390 3,806,423
120,392 114,290 194,206 565,134 1,400,718 3,117,423 6,090,277
359,874 219,874 817,336 944,922 1,004,663 1,041,474 798,683
0 0 0 540000 429,570 542854 958351
0 0 0 0 0 0 0
46,000 23,000 23,000 23,000 23,000 23,000 23,000
5,951 25,018 60,689 176,604 437,724 974,195 1,903,212
26,506 6,922 48,551 141,283 350,179 779,356 1,522,569
109,326 0 10,000 10,000 10,000 10,000 10,000
45,833 45,833 45,833 45,833 45,833 45,833 45,833
1,200,369 799,700 7,037,827 3,253,648 5,558,040 10,541,368 19,080,225
0 0 0 0 0 0 0
0 0 0 0 0 0 0
-1,119,160 -380,249 -6,076,799 -439,979 1,433,550 5,033,748 11,359,159
0 0 0 0 0 0 0
0 0 0 0 0 0 0
17,250 0 0 0 0 0 0
11,500 0 0 0 0 0 0
-1,113,410 -380,249 -6,076,799 -439,979 1,433,550 5,033,748 11,359,159
0 0 0 0 0 0 0
0 1,650 0 252,000 221,414 186,974 148,195
-1,113,410 -381,899 -6,076,799 -691,979 1,212,136 4,846,774 11,210,964
0 0 0 0 0 0 0
0 0 0 0 1,212,136 4,846,774 11,210,964
0 0 0 0 484,854 1,938,710 4,484,386
-1,113,410 -381,899 -6,076,799 -691,979 727,282 2,908,064 6,726,579
-37 -10 -68 -8 8 32 75
OK OK OK OK OK PELIGRO OK
591 827,374 1,744,247 623,525 601,068 2,563,931 8,264,650

0 0 0 0 0 0 0
265,064 69,216 121,379 353,209 875,449 1,558,712 2,283,854
0 0 0
1,054,167 1,008,333 962,500 916,667 870,833 825,000 779,167
0 0
1,319,822 1,904,924 2,828,125 1,893,400 2,347,350 4,947,643 11,327,671
0 0 2,000,000 1,757,254 1,483,922 1,176,151 829,600

0 0 0 0 0 0 0
32,999 0 0 0 0 0 0
3,000,000 4,000,000 9,000,000 9,000,000 9,000,000 9,000,000 9,000,000

-1,713,177 -2,095,076 -8,171,875 -8,863,854 -8,136,572 -5,228,508 1,498,071
1,319,822 1,904,924 2,828,125 1,893,400 2,347,350 4,947,643 11,327,671
- - - - - - -
- -
397 591 827,374 1,744,247 623,525 601,068 2,563,931
223,390 1,394,398 2,427,570 7,064,173 17,508,975 38,967,792 76,128,461

2,600 8,000 10,000 12,000 12,000 12,000 12,000
404,645 771,099 1,508,705 4,470,334 11,027,625 24,063,938 46,402,219
300,000 120,000 5,500,000 353,209 875,449 1,948,390 3,806,423
0 0 70,000 70,000 70,000 70,000 70,000
10,446 20,454 25,454 30,454 35,454 40,454 45,454
176,040 224,309 242,757 353,209 875,449 1,948,390 3,806,423
120,392 114,290 194,206 565,134 1,400,718 3,117,423 6,090,277
359,874 219,874 817,336 944,922 1,004,663 1,041,474 798,683
0 0 0 540,000 429,570 542,854 958,351
46,000 23,000 23,000 23,000 23,000 23,000 23,000
5,951 25,018 60,689 176,604 437,724 974,195 1,903,212
26,506 6,922 48,551 141,283 350,179 779,356 1,522,569
109,326 0 10,000 10,000 10,000 10,000 10,000
0 0 0 0 484,854 1,938,710 4,484,386
0 0 0 0 0 0 0
0 1,650 0 252,000 221,414 186,974 148,195
0 0 0 0 0 0 0
0 0 0 0 0 0 0
17,250 0 0 0 0 0 0
11,500 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
-1,332,244 -139,627 -5,255,753 866,271 874,400 2,871,703 8,611,201
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
1,000,000 1,000,000 5,000,000 0 0 0 0

0 0 2,000,000 0 0 0 0
0 0 0 242,746 273,332 307,772 346,551
0 0 0 0 0 0 0
0 0 0 0 0 0 0
32,999 0 0 0 0 0 0
0 32,999 0 0 0 0 0
0 0 0 0 0 0 0
299,836 0 0 0 0 0 0
0 0 0 0 0 0 0
1,332,835 967,001 7,000,000 -242,746 -273,332 -307,772 -346,551
591 827,374 1,744,247 623,525 601,068 2,563,931 8,264,650
-1,119,160 -380,249 -6,076,799 -439,979 1,433,550 5,033,748 11,359,159

0 0 0 0 484,854 1,938,710 4,484,386
45,833 45,833 45,833 45,833 45,833 45,833 45,833
-1,073,326 -334,416 -6,030,965 -394,146 994,529 3,140,872 6,920,607
265,064 -195,848 52,163 231,830 522,240 683,263 725,142
0 0 0 0 0 0 0
-1,338,390 -138,568 -6,083,128 -625,976 472,289 2,457,609 6,195,465
- - 2,000,000 - 242,746 - 273,332 - 307,772 - 346,551
- 1,650 - 252,000 221,414 186,974 148,195
-1,338,390 -140,218 -4,083,128 -1,120,722 -22,457 1,962,863 5,700,719
1,000,000 1,000,000 5,000,000 0 0 0 0
0 0 0 0 0 0 0
-338,390 859,782 916,872 -1,120,722 -22,457 1,962,863 5,700,719
0 0 0 0 0 0 0
265,064 69,216 121,379 353,209 875,449 1,558,712 2,283,854
0 0 0 0 0 0 0
1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000
WACC
tax 40% 7.916%
8.78%
3 4 5 6 7 8 9
-1,119,160 -380,249 -6,076,799 -439,979 1,433,550 5,033,748 11,359,159
0 0 0 0 484,854 1,938,710 4,484,386
-1,119,160 -380,249 -6,076,799 -439,979 948,696 3,095,039 6,874,774
45,833 45,833 45,833 45,833 45,833 45,833 45,833
-1,073,326 -334,416 -6,030,965 -394,146 994,529 3,140,872 6,920,607
265,064 -195,848 52,163 231,830 522,240 683,263 725,142
0 0 0 0 0 0 0
-1,338,390 -138,568 -6,083,128 -625,976 472,289 2,457,609 6,195,465
0.55352596037 0.46127163364
10 11 12
280
350 0 380 partir de asumir cero
18 18 18 .
19 21 24 . 50.00%
342 378 432 . 49.7%
96 120 150 .
32,832 45,360 64,800 . % DE crecimiento
32,799 45,315 64,735
44232 61110 87,300.00 .
33 45 65 .
3100 3100 3100 .
137,017,421 189,300,384 270,429,120
101,677,421 140,475,384 200,679,120
5 5 5
19 21 24
95 105 120
120 150 188
35,340,000 48,825,000 69,750,000 .
.
.
12000 12000 12000 .
78% 38% 43% ..
40% 40% 40% ..
60% 60% 60%
..
82,210,452 113,580,230 162,257,472 ..
6,850,871 9,465,019 13,521,456 .
70,000 70,000 70,000 .
50,454 55,454 60,454 .
5% 5% 5% .
.
. 300,000,000
8% 8% 8% .
.
.
798,683 798,683 798,683 . 250,000,000
1,029,609 759,528 759,528 ..
0 0 0.
23,000 23,000 23,000 .
2.5% 2.5% 2.5% . 200,000,000
.
.
2% 2% 2% .
150,000,000
200,000,000
. 150,000,000
.
10,000 10,000 10,000 .
4% 4% 4% .
.
100,000,000
.
.
40% 40% 40% .
0 0 0.
0 0 0. 50,000,000
0 0 0.
0 0 0.
0 0 0. 0 0
0 0 0. 0
1 2
1.50% 1.50% 1.50% .
0 0 0.
0 0 0 ..
0 0 0.
5% 5% 5% ..
..
- - - ..
104,530 55,362 - ..
- - - .
104,530 55,362 - .
.
32832 45360 64800 .
32.832 45.36 64.800000000003 .
.
.
.
.
.
.
3% 3% 3%
- - - .
$390,216.28 $439,383.53 $0.00 .
- - - .
- - -
.
- - - .
.
..
.
.
.
.
.
.
.
.
.
.
.
.
.
137,017,421 189,300,384 270,429,120 .
12,000 12,000 12,000 .
82,210,452 113,580,230 162,257,472 .
54,794,968 75,708,154 108,159,648 .
.
6,850,871 9,465,019 13,521,456 .
70,000 70,000 70,000 .
50,454 55,454 60,454 .
6,850,871 9,465,019 13,521,456
10,961,394 15,144,031 21,634,330 .
798,683 798,683 798,683 .
1029609 759528 759528 .
0 0 0.
23,000 23,000 23,000 .
3,425,436 4,732,510 6,760,728 .
2,740,348 3,786,008 5,408,582 .
10,000 10,000 10,000 .
45,833 45,833 45,833 .
32,856,499 44,355,085 62,614,050 .
0 0 0
0 0 0.
21,938,469 31,353,069 45,545,598 .
.
0 0 0.
0 0 0.
0 0 0.
0 0 0.
21,938,469 31,353,069 45,545,598 .
0 0 0.
104,530 55,362 0. 10%
21,833,940 31,297,707 45,545,598 . Inventario final precio
0 0 0.
21,833,940 31,297,707 45,545,598 .
8,733,576 12,519,083 18,218,239 .
13,100,364 18,778,624 27,327,359 .
146 209 304 .
.
PELIGRO OK OK .
.
. -$ 700,530.70
19,193,962 36,010,547 60,949,877 .
0 0 0.
4,110,523 5,679,012 8,112,874 .
.
.
733,333 687,500 641,667 .
.
24,037,818 42,377,059 69,704,417 .
.
439,384 0 0.
0 0 0.
0 0 0.
.
9,000,000 9,000,000 9,000,000 .
14,598,435 33,377,059 60,704,417 .
24,037,818 42,377,059 69,704,417 .
- - - .
- - - .
.
.
8,264,650 19,193,962 36,010,547 .
.
137,017,421 189,300,384 270,429,120 .
12,000 12,000 12,000 .
84,037,121 115,148,719 164,691,334 .
6,850,871 9,465,019 13,521,456 .
70,000 70,000 70,000 .
50,454 55,454 60,454 .
6,850,871 9,465,019 13,521,456 .
10,961,394 15,144,031 21,634,330 .
798,683 798,683 798,683 .
1,029,609 759,528 759,528 .
23,000 23,000 23,000 .
3,425,436 4,732,510 6,760,728 .
2,740,348 3,786,008 5,408,582 .
10,000 10,000 10,000 .
8,733,576 12,519,083 18,218,239 .
0 0 0.
104,530 55,362 0.
0 0 0.
0 0 0.
0 0 0.
0 0 0.
0 0 0.
0 0 0.
19,584,178 36,449,931 60,949,877 .
.
0 0 0 ..
0 0 0.
0 0 0.
.
0 0 0.
0 0 0.
390,216 439,384 0.
0 0 0.
0 0 0.
0 0 0.
0 0 0.
0 0 0.
0 0 0.
0 0 0.
-390,216 -439,384 0.
19,193,962 36,010,547 60,949,877 .
.
Flujo d
.
21,938,469 31,353,069 45,545,598 . 30,000,000
8,733,576 12,519,083 18,218,239 . 25,000,000
45,833 45,833 45,833 .
20,000,000
13,250,727 18,879,820 27,373,192 .
1,826,669 1,568,489 2,433,862 . 15,000,000
0 0 0. 10,000,000
11,424,058 17,311,331 24,939,330 .
5,000,000
- 390,216 - 439,384 - ..
104,530 55,362 - .. 0
1 2 3 4 5
10,929,312 16,816,585 24,939,330
-5,000,000
0 0 0
0 0 0 -10,000,000
10,929,312 16,816,585 24,939,330
0 0 0
4,110,523 5,679,012 8,112,874
0 0 0
1,100,000 1,100,000 1,100,000
10 11 12
21,938,469 31,353,069 45,545,598
8,733,576 12,519,083 18,218,239
13,204,893 18,833,986 27,327,359
45,833 45,833 45,833 Terminal value
13,250,727 18,879,820 27,373,192
1,826,669 1,568,489 2,433,862
0 0 0
11,424,058 17,311,331 24,939,330 $ 687,272,988.64
Tiempo La recibo en jugada 6 o 7 y una vez lo
Restricciones Si les paso una licencia
Sistema de info
market
RYD 400,000 21.83%
No enredar gest 80,000 26
Alta innpvaciónmeter más plata 180
Alianzas
25%
0.10%
0.9252747253
5%
Revenues
300,000,000
250,000,000
200,000,000 189,300,3
150,000,000
137,017,421
200,000,000 189,300,3
150,000,000
137,017,421
100,000,000 Gross Profit

76,128,461
120,000,000
50,000,000
38,967,792
17,508,975
100,000,000 7,064,173
0 0 223,390 1,394,398 2,427,570
0
1 2 3 4 5 6 7 8 9 10 11
80,000,000
60,000,000
40,000,000
20,000,000
6,991
2,813,669
0 0 81,209 419,451 961,028
0
1 2 3 4 5 6 7
Operating Profit
50,000,000
40,000,000
30,000,000
20,000,000
30,000,000
20,000,000
10,000,000
1,433,
-88,000 -574,605 -380,249 -439,979
0 -1,119,160
1 2 3 4 5 6 7
-6,076,799
-10,000,000
Net Profit
30,000,000
25,000,000
20,000,000
15,000,000
10,000,000
5,000,000
727,2
-29,660 -570,107 -381,899 -691,979
0 -1,113,410
1 2 3 4 5 6 7
-5,000,000 -6,076,799
-10,000,000
Flujo de Caja libre
,000
,000
,000
,000
,000
,000
0
1 2 3 4 5 6 7 8 9 10 11 12
,000
,000
270,429,120
189,300,384
137,017,421
189,300,384
137,017,421
Gross Profit
76,128,461
967,792
108,159,648
8 9 10 11 12
75,708,154
54,794,968
30,439,384
15,575,117
6,991,590
2,813,669
419,451 961,028
4 5 6 7 8 9 10 11 12
Operating Profit
45,545,598
31,353,069
21,938,469
31,353,069
21,938,469
11,359,159
5,033,748
1,433,550
-380,249 -439,979
4 5 6 7 8 9 10 11 12
-6,076,799
Net Profit
27,327,359
18,778,624
13,100,364
6,726,579
2,908,064
727,282
-381,899 -691,979
4 5 6 7 8 9 10 11 12
-6,076,799
Quarter 1 2
Supuestos
Demanda
Generales
Demanda Total - -
Demanda efectiva oficinas - -
Precio 0 0
Ingresos web - -
Precio de Rebates
Rebates total 0 0
Rentabildiad 0% 0%
R&D 120,000
Quality Costs 0 0
% DE ventas (ad)
Real
Real Shipping
Valor real
Licensing Fees 0 0
Other Expenses 0 0
Emergency loan 0 0

Producción
Costo de ventas unitario 0 0
Inventario real 0 0
Sinking fund - -

Tasa 13%
cuota $494,745.85
perioso 0 1
Saldo de la deuda 2,000,000 1,757,254.15
Cuota $494,745.85
interese 252,000
Income Statement
Gross Profit
Revenues 0 0
- Rebates 0 0
= Gross Profit 0 0
Expenses
+ Quality Costs 0 0
+ Advertising - -
+ Shipping - -
+ Depreciation 0 0
- Income Taxes 0 0
= Net Income -29,660 -570,107
CONFIRMACIÓN OK OK
Balance Sheet
Current Assets
Cash 14,340 397
Long Term Assets
+ Sinking Fund 0 0
0
= Total 970,340 1,400,233
Debt
Equity
+ Common Stock 1,000,000 2,000,000
= Total 970,340 1,400,233
Diferencia - -
CASHFLOW
Revenues 0 0
- Rebates 0 0
- Production 0 0
- Quality Costs 0 0
- Advertising 0 0
- Shipping 0 0
- Income Taxes 0 0
+ Sinking Fund 0 0
- Dividends 0 0
Flujo de Caja
Impuestos 0 0
Variación porcential de la deuda 0 0
dividendos 0 0
kTNO
Inventario 0 0
Deuda 0.707182277263518 13%
equity 0.292817722736482 40%

TERMINAL VALUE $ 1,068,837,444.76

Impuestos 0 0
NOPAT -88,000 -574,605

Value 592,912,221 90330
Valor de accion 130 $ 6,563.85
6434
$ 5,000,000.00 50,000 41,666.7
120
3 4 5 6 7 8 9
221.56%
2 3 3 6 9 12 15
3.5 3 6 8 10 13 16
7 9 18 48 90 156 240
11.86 59.11 50 60.29312 75.3664 94.208 117.76
83 532 900 2,894 6,783 14,696 28,262
75 524 899 2,891 6,776 14,682 28,234
83 532 900 3497 8667 19289 37683
8 8 1 3 7 15 28
$ 2,979 $ 2,661.06 2700 3100 3100 3100 3100
223,390 1,394,398 2,427,570 10,831,731 26,847,094 59,750,614 116,730,307
223,390 1,394,398 2,427,570 8,962,645 21,006,198 45,513,430 87,525,827
- - - 1 2 3 4
8 10 13 16
- - - 8 20 39 64
75 94 118 147
- - - 1,869,087 5,840,896 14,237,184 29,204,480
2600 8000 10000 12000 12000 12000 12000

0% 541% 69% 222% 134% 117% 92%
38% 31% 40% 40% 40% 40% 40%
62% 69% 60% 60% 60% 60% 60%
62% 69%
139,581 966,947 1,456,542 6,499,039 16,108,257 35,850,368 70,038,184
300,000 120,000 5,500,000 541,587 1,342,355 2,987,531 5,836,515
0 0 70,000 70,000 70,000 70,000 70,000
10,446 20,454 25,454 30,454 35,454 40,454 45,454
79% 16% 10% 5% 5% 5% 5%
0.78803885581 0.1608644017
176040 224309
54% 8% 8% 8% 8% 8% 8%
120392 114290
0.5389319128 0.08196368612
359,874 219,874 817,336 944,922 1,004,663 1,041,474 798,683
0 0 0 540,000 429,570 542,854 958,351
0 0 0 0 0 0 0
46,000 23,000 23,000 23,000 23,000 23,000 23,000
2.664% 1.794% 2.5% 2.5% 2.5% 2.5% 2.5%
5,951 25,018
2.664% 1.794%
11.865% 0.496% 2% 2% 2% 2% 2%
26506 6922
0.11865347598 0.0049641494
109,326 0 10,000 10,000 10,000 10,000 10,000
4% 4% 4% 4% 4% 4% 4%
40% 40% 40% 40% 40% 40% 40%

0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
17,250 0 0 0 0 0 0
11,500 0 0 0 0 0 0
0 0 0 0 0 0 0
1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50%
0 0 0 0 0 0 0
32,999 0 0 0 0 0 0
0 32,999 0 0 0 0 0
5% 5% 5% 5% 5% 5% 5%
- 1,650 - - - - -
- - - 252,000 221,414 186,974 148,195
- - - - - - -
- 1,650 - 252,000 221,414 186,974 148,195
83.02 531.99 900 2894.06976 6782.976 14696.448 28262.4

8.02 7.99 0.9 3 6.782976 14.696448 28.2624
1,861 1,778
14,926 14,205
265,065 69,217
265,064 69,216
1.18655266574 5%
118.66% 4.96% 5% 5% 5% 4% 3%
- - 2,000,000 - - - -
- - - $242,745.85 $273,331.83 $307,771.64 $346,550.87
- - - - - - -
- - - - - - -
1,000,000 1,000,000 5,000,000
- - - - - - -
2 3 4 5 6
1,483,922.32 1,176,150.67 829,599.81 439,383.53 -
$494,745.85 $494,745.85 $494,745.85 $494,745.85 $494,745.85
221,414 186,974 148,195 104,530 55,362
$273,331.83 $307,771.64 $346,550.87 $390,216.28 $439,383.53
38% 31%
223,390 1,394,398 2,427,570 10,831,731 26,847,094 59,750,614 116,730,307

2,600 8,000 10,000 12,000 12,000 12,000 12,000
139,581 966,947 1,456,542 6,499,039 16,108,257 35,850,368 70,038,184
81,209 419,451 961,028 4,320,693 10,726,838 23,888,246 46,680,123
300,000 120,000 5,500,000 541,587 1,342,355 2,987,531 5,836,515

0 0 70,000 70,000 70,000 70,000 70,000
10,446 20,454 25,454 30,454 35,454 40,454 45,454
176,040 224,309 242,757 541,587 1,342,355 2,987,531 5,836,515
120,392 114,290 194,206 866,539 2,147,768 4,780,049 9,338,425
359,874 219,874 817,336 944,922 1,004,663 1,041,474 798,683
0 0 0 540000 429,570 542854 958351
0 0 0 0 0 0 0
46,000 23,000 23,000 23,000 23,000 23,000 23,000
5,951 25,018 60,689 270,793 671,177 1,493,765 2,918,258
26,506 6,922 48,551 216,635 536,942 1,195,012 2,334,606
109,326 0 10,000 10,000 10,000 10,000 10,000
45,833 45,833 45,833 45,833 45,833 45,833 45,833
1,200,369 799,700 7,037,827 4,101,349 7,659,117 15,217,503 28,215,640
0 0 0 0 0 0 0
0 0 0 0 0 0 0
-1,119,160 -380,249 -6,076,799 219,344 3,067,721 8,670,742 18,464,482
0 0 0 0 0 0 0
0 0 0 0 0 0 0
17,250 0 0 0 0 0 0
11,500 0 0 0 0 0 0
-1,113,410 -380,249 -6,076,799 219,344 3,067,721 8,670,742 18,464,482
0 0 0 0 0 0 0
0 1,650 0 252,000 221,414 186,974 148,195
-1,113,410 -381,899 -6,076,799 -32,656 2,846,307 8,483,768 18,316,287
0 0 0 0 0 0 0
0 0 0 0 2,846,307 8,483,768 18,316,287
0 0 0 0 1,138,523 3,393,507 7,326,515
-1,113,410 -381,899 -6,076,799 -32,656 1,707,784 5,090,261 10,989,772
-37 -10 -68 0 19 57 122
OK OK OK OK PELIGRO OK OK
591 827,374 1,744,247 1,094,470 1,773,987 5,554,640 15,131,810

0 0 0 0 0 0 0
265,064 69,216 121,379 541,587 1,342,355 2,390,025 3,501,909
0 0 0
1,054,167 1,008,333 962,500 916,667 870,833 825,000 779,167
0 0
1,319,822 1,904,924 2,828,125 2,552,723 3,987,175 8,769,665 19,412,886
0 0 2,000,000 1,757,254 1,483,922 1,176,151 829,600

0 0 0 0 0 0 0
32,999 0 0 0 0 0 0
3,000,000 4,000,000 9,000,000 9,000,000 9,000,000 9,000,000 9,000,000

-1,713,177 -2,095,076 -8,171,875 -8,204,531 -6,496,747 -1,406,486 9,583,286
1,319,822 1,904,924 2,828,125 2,552,723 3,987,175 8,769,665 19,412,886
- - - - - - -
- -
397 591 827,374 1,744,247 1,094,470 1,773,987 5,554,640
223,390 1,394,398 2,427,570 10,831,731 26,847,094 59,750,614 116,730,307

2,600 8,000 10,000 12,000 12,000 12,000 12,000
404,645 771,099 1,508,705 6,919,247 16,909,025 36,898,038 71,150,069
300,000 120,000 5,500,000 541,587 1,342,355 2,987,531 5,836,515
0 0 70,000 70,000 70,000 70,000 70,000
10,446 20,454 25,454 30,454 35,454 40,454 45,454
176,040 224,309 242,757 541,587 1,342,355 2,987,531 5,836,515
120,392 114,290 194,206 866,539 2,147,768 4,780,049 9,338,425
359,874 219,874 817,336 944,922 1,004,663 1,041,474 798,683
0 0 0 540,000 429,570 542,854 958,351
46,000 23,000 23,000 23,000 23,000 23,000 23,000
5,951 25,018 60,689 270,793 671,177 1,493,765 2,918,258
26,506 6,922 48,551 216,635 536,942 1,195,012 2,334,606
109,326 0 10,000 10,000 10,000 10,000 10,000
0 0 0 0 1,138,523 3,393,507 7,326,515
0 0 0 0 0 0 0
0 1,650 0 252,000 221,414 186,974 148,195
0 0 0 0 0 0 0
0 0 0 0 0 0 0
17,250 0 0 0 0 0 0
11,500 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
-1,332,244 -139,627 -5,255,753 1,337,216 2,047,319 5,862,412 15,478,361
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
1,000,000 1,000,000 5,000,000 0 0 0 0

0 0 2,000,000 0 0 0 0
0 0 0 242,746 273,332 307,772 346,551
0 0 0 0 0 0 0
0 0 0 0 0 0 0
32,999 0 0 0 0 0 0
0 32,999 0 0 0 0 0
0 0 0 0 0 0 0
299,836 0 0 0 0 0 0
0 0 0 0 0 0 0
1,332,835 967,001 7,000,000 -242,746 -273,332 -307,772 -346,551
591 827,374 1,744,247 1,094,470 1,773,987 5,554,640 15,131,810
-1,119,160 -380,249 -6,076,799 219,344 3,067,721 8,670,742 18,464,482

0 0 0 0 1,138,523 3,393,507 7,326,515
45,833 45,833 45,833 45,833 45,833 45,833 45,833
-1,073,326 -334,416 -6,030,965 265,177 1,975,032 5,323,068 11,183,801
265,064 -195,848 52,163 420,208 800,768 1,047,670 1,111,885
0 0 0 0 0 0 0
-1,338,390 -138,568 -6,083,128 -155,031 1,174,264 4,275,398 10,071,916
0 0 2,000,000 -242,746 -273,332 -307,772 -346,551
- 1,650 - 252,000 221,414 186,974 148,195
-1,338,390 -140,218 -4,083,128 -649,777 679,518 3,780,653 9,577,170
1,000,000 1,000,000 5,000,000 0 0 0 0
0 0 0 0 0 0 0
-338,390 859,782 916,872 -649,777 679,518 3,780,653 9,577,170
0 0 0 0 0 0 0
265,064 69,216 121,379 541,587 1,342,355 2,390,025 3,501,909
0 0 0 0 0 0 0
1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000
WACC
tax 40% 7.916%
8.78%
3 4 5 6 7 8 9
-1,119,160 -380,249 -6,076,799 219,344 3,067,721 8,670,742 18,464,482
0 0 0 0 1,138,523 3,393,507 7,326,515
-1,119,160 -380,249 -6,076,799 219,344 1,929,198 5,277,235 11,137,967
45,833 45,833 45,833 45,833 45,833 45,833 45,833
-1,073,326 -334,416 -6,030,965 265,177 1,975,032 5,323,068 11,183,801
265,064 -195,848 52,163 420,208 800,768 1,047,670 1,111,885
0 0 0 0 0 0 0
-1,338,390 -138,568 -6,083,128 -155,031 1,174,264 4,275,398 10,071,916
0.55352596037 0.46127163364
321,692,307
-733.8% -4.1% 68.2% 67.0% 59.1%

10 11 12
Tiempo
280 Restricciones
350 0 380 partir de asumir cero Sistema de info
market
18 18 18 . RYD
19 21 24 . 50.00% No enredar gest
342 378 432 . 49.7% Alta innpvación
147.2 184 230 . Alianzas
50,342 69,552 99,360 . % DE crecimiento 25%
50,292 69,482 99,261
67822 93702 133860
50 70 99 . 0.10%
3100 3100 3100 .
210,093,379 290,260,589 414,657,984 . 0.9252747253
155,905,379 215,395,589 307,707,984
5 5 5
19 21 24
95 105 120
184 230 288
54,188,000 74,865,000 106,950,000
.
.
12000 12000 12000 .
78% 38% 43% .
40% 40% 40% ..
60% 60% 60% ..
126,056,027 174,156,353 248,794,790 ..

10,504,669 14,513,029 20,732,899 .. 5%
70,000 70,000 70,000 .
50,454 55,454 60,454 .
5% 5% 5% .
.
.
8% 8% 8% . 450,000,000
.
.
798,683 798,683 798,683 . 400,000,000
1,029,609 759,528 759,528 .
0 0 0 ..
350,000,000
23,000 23,000 23,000 .
2.5% 2.5% 2.5% .
. 300,000,000
.
2% 2% 2% .
250,000,000
200,000,000
300,000,000
. 250,000,000
.
10,000 10,000 10,000 .
4% 4% 4% . 200,000,000
.
.
150,000,000
.
40% 40% 40% .
0 0 0. 100,000,000
0 0 0.
0 0 0.
0 0 0. 50,000,000
0 0 0.
0 0 0. 0 0
1.50% 1.50% 1.50% . 0
1 2
0 0 0.
0 0 0.
0 0 0 ..
5% 5% 5% .
..
- - - ..
104,530 55,362 - ..
- - - ..
104,530 55,362 - .
.
50342.4 69552 99360 .
50.3424 69.552 99.36 .
.
.
.
.
.
.
.
3% 3% 3% .
- - -
$390,216.28 $439,383.53 $0.00 .
- - - .
- - - .
- - - .
.
.
..
.
.
.
.
.
.
.
.
.
.
.
.
210,093,379 290,260,589 414,657,984 .
12,000 12,000 12,000 .
126,056,027 174,156,353 248,794,790 .
84,025,351 116,092,236 165,851,194 .
.
10,504,669 14,513,029 20,732,899 .
70,000 70,000 70,000 .
50,454 55,454 60,454 .
10,504,669 14,513,029 20,732,899 .
16,807,470 23,220,847 33,172,639
798,683 798,683 798,683 .
1029609 759528 759528 .
0 0 0.
23,000 23,000 23,000 .
5,252,334 7,256,515 10,366,450 .
4,201,868 5,805,212 8,293,160 .
10,000 10,000 10,000 .
45,833 45,833 45,833 .
49,298,590 67,071,131 95,065,545 .
0 0 0.
0 0 0
34,726,762 49,021,105 70,785,649 .
.
0 0 0.
0 0 0.
0 0 0.
0 0 0.
34,726,762 49,021,105 70,785,649 .
0 0 0.
104,530 55,362 0.
34,622,232 48,965,742 70,785,649 . 10%
0 0 0. Inventario final precio
34,622,232 48,965,742 70,785,649 .
13,848,893 19,586,297 28,314,260 .
20,773,339 29,379,445 42,471,389 .
231 326 472 .
.
.
OK OK OK
.
.
32,759,874 59,340,753 98,126,054 . -$ 700,530.70
0 0 0.
6,302,801 8,707,818 12,439,740 .
.
.
733,333 687,500 641,667 .
.
39,796,009 68,736,071 111,207,460 .
.
439,384 0 0.
0 0 0.
0 0 0.
.
9,000,000 9,000,000 9,000,000 .
30,356,626 59,736,071 102,207,460 .
39,796,009 68,736,071 111,207,460 .
- - - .
- - - .
.
.
15,131,810 32,759,874 59,340,753 .

.
210,093,379 290,260,589 414,657,984 .
12,000 12,000 12,000 .
128,856,919 176,561,370 252,526,712 .
10,504,669 14,513,029 20,732,899 .
70,000 70,000 70,000 .
50,454 55,454 60,454 .
10,504,669 14,513,029 20,732,899 .
16,807,470 23,220,847 33,172,639 .
798,683 798,683 798,683 .
1,029,609 759,528 759,528 .
23,000 23,000 23,000 .
5,252,334 7,256,515 10,366,450 .
4,201,868 5,805,212 8,293,160 .
10,000 10,000 10,000 .
13,848,893 19,586,297 28,314,260 .
0 0 0.
104,530 55,362 0.
0 0 0.
0 0 0.
0 0 0.
0 0 0.
0 0 0.
0 0 0.
33,150,091 59,780,137 98,126,054 .
.
0 0 0.
0 0 0 ..
0 0 0.
.
0 0 0.
0 0 0.
390,216 439,384 0.
0 0 0.
0 0 0.
0 0 0.
0 0 0.
0 0 0.
0 0 0.
0 0 0.
-390,216 -439,384 0.
32,759,874 59,340,753 98,126,054 .
.
.
Flujo de
34,726,762 49,021,105 70,785,649 .
13,848,893 19,586,297 28,314,260 . 50,000,000
45,833 45,833 45,833 .
40,000,000
20,923,702 29,480,641 42,517,223 .
2,800,892 2,405,016 3,731,922 .
30,000,000
0 0 0.
18,122,810 27,075,625 38,785,301 . 20,000,000
-390,216 -439,384 0.
104,530 55,362 - .. 10,000,000
17,628,064 26,580,879 38,785,301 ..
0 0 0 0
1 2 3 4 5
0 0 0
17,628,064 26,580,879 38,785,301 -10,000,000
0 0 0
6,302,801 8,707,818 12,439,740
0 0 0
1,100,000 1,100,000 1,100,000
10 11 12
34,726,762 49,021,105 70,785,649
13,848,893 19,586,297 28,314,260
20,877,869 29,434,808 42,471,389
45,833 45,833 45,833
20,923,702 29,480,641 42,517,223 Terminal value
2,800,892 2,405,016 3,731,922
0 0 0
18,122,810 27,075,625 38,785,301 $ 1,068,837,444.76
52.8% 42.7% 38.2%

La recibo en jugada 6 o 7 y una vez lo
Si les paso una licencia
ema de info
400,000 33.47%
80,000 26
meter más plata 180
Revenues
000
414,657,984
000
000
000 290,260,589
000
210,093,379
000
000 290,260,589
000
210,093,379
000
000 Gross Profit

116,730,307
000
180,000,000
59,750,614
000
160,000,000 26,847,094
10,831,731
0 0 223,390 1,394,398 2,427,570
0 140,000,000
1 2 3 4 5 6 7 8 9 10 11 12
120,000,000
100,000,000
80,000,000
60,000,000
40,000,000
23,888,246
20,000,000
10,726,838
4,320,693
0 0 81,209 419,451 961,028
0
1 2 3 4 5 6 7 8
Operating Profit
80,000,000
70,000,000
60,000,000
50,000,000
40,000,000
60,000,000
50,000,000
40,000,000
30,000,000
20,000,000
10,000,000 8,670,742
3,067,721
-88,000 -574,605 -1,119,160 -380,249 219,344
0
1 2 3 4 5
-6,076,799 6 7 8
-10,000,000
Net Profit
50,000,000
40,000,000
30,000,000
20,000,000
10,000,000
5,090,261
1,707,784
-29,660 -570,107 -381,899 -32,656
0 -1,113,410
1 2 3 4 5 6 7 8
-6,076,799
-10,000,000
Flujo de Caja libre
3 4 5 6 7 8 9 10 11 12
414,657,984
290,260,589
210,093,379
290,260,589
210,093,379
s Profit
7
165,851,194
10 11 12
116,092,236
84,025,351
46,680,123
23,888,246
10,726,838
4,320,693
028
6 7 8 9 10 11 12
ng Profit
70,785,649
49,021,105
34,726,762
49,021,105
34,726,762
18,464,482
8,670,742
3,067,721
219,344
799 6 7 8 9 10 11 12
Profit
42,471,389
29,379,445
20,773,339
10,989,772
5,090,261
1,707,784
-32,656
6 7 8 9 10 11 12
799
Quarter 1 2
Supuestos
Demanda
Generales
Demanda Total - -
Demanda efectiva - -
Precio 0 0
Ingresos web - -
Precio de Rebates
Rebates total 0 0
Rentabildiad 0% 0%
R&D 120,000
Quality Costs 0 0
% DE ventas (ad)
Real
Real Shipping
Valor real
Licensing Fees 0 0
Other Expenses 0 0
Emergency loan 0 0

Producción
Costo de ventas unitario 0 0
Inventario real 0 0
Sinking fund - -

Tasa 13%
cuota $494,745.85
perioso 0 1
Saldo de la deuda 2,000,000 1,757,254.15
Cuota $494,745.85
interese 252,000
Income Statement
Gross Profit
Revenues 0 0
- Rebates 0 0
= Gross Profit 0 0
Expenses
+ Quality Costs 0 0
+ Advertising - -
+ Shipping - -
+ Depreciation 0 0
- Income Taxes 0 0
= Net Income -29,660 -570,107
CONFIRMACIÓN OK OK
Balance Sheet
Current Assets
Cash 14,340 397
Long Term Assets
+ Sinking Fund 0 0
0
= Total 970,340 1,400,233
Debt
Equity
+ Common Stock 1,000,000 2,000,000
= Total 970,340 1,400,233
Diferencia - -
CASHFLOW
Revenues 0 0
- Rebates 0 0
- Production 0 0
- Quality Costs 0 0
- Advertising 0 0
- Shipping 0 0
- Income Taxes 0 0
+ Sinking Fund 0 0
- Dividends 0 0
Flujo de Caja
Impuestos 0 0
Variación porcential de la deuda 0 0
Gasto de intereses 0 -
dividendos 0 0
kTNO
Inventario 0 0
Deuda 0.707182277263518 13%
equity 0.292817722736482 40%

Tasa de descuento 7.92% TOCA SACARLO
TERMINAL VALUE $ 1,402,706,343.86

Impuestos 0 0
NOPAT -88,000 -574,605

Value 780,559,270 90330
Valor de accion 120 8641
8521
$ 5,000,000.00 50,000 41,666.7
6,000,000
120
3 4 5 6 7 8 9
319.43%
2 3 3 6 9 12 15
3.5 3 6 8 10 13 16
7 9 18 48 90 156 240
11.86 59.11 50 78.6432 98.304 122.88 153.6
83 532 900 3,775 8,847 19,169 36,864
75 524 899 3,771 8,839 19,150 36,827
83 532 900 4,561.31 11,304.96 25,159.68 49,152.00
8 8 1 4 9 19 37
$ 2,979 $ 2,661.06 2700 3100 3100 3100 3100
223,390 1,394,398 2,427,570 14,128,345 35,017,949 77,935,583 152,256,922
223,390 1,394,398 2,427,570 11,690,406 27,399,389 59,365,343 114,164,122
- - - 1 2 3 4
8 10 13 16
- - - 8 20 39 64
98 123 154 192
- - - 2,437,939 7,618,560 18,570,240 38,092,800
2600 8000 10000 12000 12000 12000 12000

0% 541% 69% 319% 134% 117% 92%
38% 31% 40% 40% 40% 40% 40%
62% 69% 60% 60% 60% 60% 60%
62% 69%
139,581 966,947 1,456,542 8,477,007 21,010,770 46,761,350 91,354,153
300,000 120,000 5,500,000 706,417 1,750,897 3,896,779 7,612,846
0 0 70,000 70,000 70,000 70,000 70,000
10,446 20,454 25,454 30,454 35,454 40,454 45,454
79% 16% 10% 5% 5% 5% 5%
0.78803885581 0.1608644017
176040 224309
54% 8% 8% 8% 8% 8% 8%
120392 114290
0.5389319128 0.08196368612
359,874 219,874 817,336 944,922 1,004,663 1,041,474 798,683
0 0 0 540,000 429,570 542,854 958,351
0 0 0 0 0 0 0
46,000 23,000 23,000 23,000 23,000 23,000 23,000
2.664% 1.794% 2.5% 2.5% 2.5% 2.5% 2.5%
5,951 25,018
2.664% 1.794%
11.865% 0.496% 2% 2% 2% 2% 2%
26506 6922
0.11865347598 0.0049641494
109,326 0 10,000 10,000 10,000 10,000 10,000
4% 4% 4% 4% 4% 4% 4%
40% 40% 40% 40% 40% 40% 40%

0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
17,250 0 0 0 0 0 0
11,500 0 0 0 0 0 0
0 0 0 0 0 0 0
1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50%
0 0 0 0 0 0 0
32,999 0 0 0 0 0 0
0 32,999 0 0 0 0 0
5% 5% 5% 5% 5% 5% 5%
- 1,650 - - - - -
- - - 252,000 221,414 186,974 148,195
- - - - - - -
- 1,650 - 252,000 221,414 186,974 148,195
83.02 531.99 900 3774.8736 8847.36 19169.28 36864

8.02 7.99 0.9 4 8.84736 19.16928 36.864
1,861 1,778
14,926 14,205
265,065 69,217
265,064 69,216
1.18655266574 5%
118.66% 4.96% 5% 5% 5% 4% 3%
- - 2,000,000 - - - -
- - - $242,745.85 $273,331.83 $307,771.64 $346,550.87
- - - - - - -
- - - - - - -
1,000,000 1,000,000 5,000,000
- - - - - - -
2 3 4 5 6
1,483,922.32 1,176,150.67 829,599.81 439,383.53 -
$494,745.85 $494,745.85 $494,745.85 $494,745.85 $494,745.85
221,414 186,974 148,195 104,530 55,362
$273,331.83 $307,771.64 $346,550.87 $390,216.28 $439,383.53
38% 31%
223,390 1,394,398 2,427,570 14,128,345 35,017,949 77,935,583 152,256,922

2,600 8,000 10,000 12,000 12,000 12,000 12,000
139,581 966,947 1,456,542 8,477,007 21,010,770 46,761,350 91,354,153
81,209 419,451 961,028 5,639,338 13,995,180 31,162,233 60,890,769
300,000 120,000 5,500,000 706,417 1,750,897 3,896,779 7,612,846

0 0 70,000 70,000 70,000 70,000 70,000
10,446 20,454 25,454 30,454 35,454 40,454 45,454
176,040 224,309 242,757 706,417 1,750,897 3,896,779 7,612,846
120,392 114,290 194,206 1,130,268 2,801,436 6,234,847 12,180,554
359,874 219,874 817,336 944,922 1,004,663 1,041,474 798,683
0 0 0 540000 429,570 542854 958351
0 0 0 0 0 0 0
46,000 23,000 23,000 23,000 23,000 23,000 23,000
5,951 25,018 60,689 353,209 875,449 1,948,390 3,806,423
26,506 6,922 48,551 282,567 700,359 1,558,712 3,045,138
109,326 0 10,000 10,000 10,000 10,000 10,000
45,833 45,833 45,833 45,833 45,833 45,833 45,833
1,200,369 799,700 7,037,827 4,843,087 9,497,559 19,309,122 36,209,129
0 0 0 0 0 0 0
0 0 0 0 0 0 0
-1,119,160 -380,249 -6,076,799 796,251 4,497,621 11,853,112 24,681,640
0 0 0 0 0 0 0
0 0 0 0 0 0 0
17,250 0 0 0 0 0 0
11,500 0 0 0 0 0 0
-1,113,410 -380,249 -6,076,799 796,251 4,497,621 11,853,112 24,681,640
0 0 0 0 0 0 0
0 1,650 0 252,000 221,414 186,974 148,195
-1,113,410 -381,899 -6,076,799 544,251 4,276,207 11,666,138 24,533,445
0 0 0 0 0 0 0
0 0 0 544,251 4,276,207 11,666,138 24,533,445
0 0 0 217,700 1,710,483 4,666,455 9,813,378
-1,113,410 -381,899 -6,076,799 326,551 2,565,724 6,999,683 14,720,067
-37 -10 -68 4 29 78 164
OK OK OK OK OK OK OK
591 827,374 1,744,247 1,288,846 2,582,591 7,953,810 20,922,875

0 0 0 0 0 0 0
265,064 69,216 121,379 706,417 1,750,897 3,117,423 4,567,708
0 0 0
1,054,167 1,008,333 962,500 916,667 870,833 825,000 779,167
0 0
1,319,822 1,904,924 2,828,125 2,911,930 5,204,322 11,896,233 26,269,749
0 0 2,000,000 1,757,254 1,483,922 1,176,151 829,600

0 0 0 0 0 0 0
32,999 0 0 0 0 0 0
3,000,000 4,000,000 9,000,000 9,000,000 9,000,000 9,000,000 9,000,000

-1,713,177 -2,095,076 -8,171,875 -7,845,324 -5,279,600 1,720,082 16,440,149
1,319,822 1,904,924 2,828,125 2,911,930 5,204,322 11,896,233 26,269,749
- - - - - - -
- -
397 591 827,374 1,744,247 1,288,846 2,582,591 7,953,810
223,390 1,394,398 2,427,570 14,128,345 35,017,949 77,935,583 152,256,922

2,600 8,000 10,000 12,000 12,000 12,000 12,000
404,645 771,099 1,508,705 9,062,046 22,055,250 48,127,876 92,804,437
300,000 120,000 5,500,000 706,417 1,750,897 3,896,779 7,612,846
0 0 70,000 70,000 70,000 70,000 70,000
10,446 20,454 25,454 30,454 35,454 40,454 45,454
176,040 224,309 242,757 706,417 1,750,897 3,896,779 7,612,846
120,392 114,290 194,206 1,130,268 2,801,436 6,234,847 12,180,554
359,874 219,874 817,336 944,922 1,004,663 1,041,474 798,683
0 0 0 540,000 429,570 542,854 958,351
46,000 23,000 23,000 23,000 23,000 23,000 23,000
5,951 25,018 60,689 353,209 875,449 1,948,390 3,806,423
26,506 6,922 48,551 282,567 700,359 1,558,712 3,045,138
109,326 0 10,000 10,000 10,000 10,000 10,000
0 0 0 217,700 1,710,483 4,666,455 9,813,378
0 0 0 0 0 0 0
0 1,650 0 252,000 221,414 186,974 148,195
0 0 0 0 0 0 0
0 0 0 0 0 0 0
17,250 0 0 0 0 0 0
11,500 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
-1,332,244 -139,627 -5,255,753 1,531,592 2,855,923 8,261,581 21,269,426
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
1,000,000 1,000,000 5,000,000 0 0 0 0

0 0 2,000,000 0 0 0 0
0 0 0 242,746 273,332 307,772 346,551
0 0 0 0 0 0 0
0 0 0 0 0 0 0
32,999 0 0 0 0 0 0
0 32,999 0 0 0 0 0
0 0 0 0 0 0 0
299,836 0 0 0 0 0 0
0 0 0 0 0 0 0
1,332,835 967,001 7,000,000 -242,746 -273,332 -307,772 -346,551
591 827,374 1,744,247 1,288,846 2,582,591 7,953,810 20,922,875
-1,119,160 -380,249 -6,076,799 796,251 4,497,621 11,853,112 24,681,640

0 0 0 217,700 1,710,483 4,666,455 9,813,378
45,833 45,833 45,833 45,833 45,833 45,833 45,833
-1,073,326 -334,416 -6,030,965 624,384 2,832,971 7,232,490 14,914,095
265,064 -195,848 52,163 585,039 1,044,480 1,366,526 1,450,284
0 0 0 0 0 0 0
-1,338,390 -138,568 -6,083,128 39,345 1,788,491 5,865,964 13,463,811
0 0 2,000,000 -242,746 -273,332 -307,772 -346,551
- 1,650 - 252,000 221,414 186,974 148,195
-1,338,390 -140,218 -4,083,128 -455,401 1,293,745 5,371,218 12,969,065
1,000,000 1,000,000 5,000,000 0 0 0 0
0 0 0 0 0 0 0
-338,390 859,782 916,872 -455,401 1,293,745 5,371,218 12,969,065
0 0 0 0 0 0 0
265,064 69,216 121,379 706,417 1,750,897 3,117,423 4,567,708
0 0 0 0 0 0 0
1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000
WACC
tax 40% 7.916%
8.78%
3 4 5 6 7 8 9
-1,119,160 -380,249 -6,076,799 796,251 4,497,621 11,853,112 24,681,640
0 0 0 217,700 1,710,483 4,666,455 9,813,378
-1,119,160 -380,249 -6,076,799 578,551 2,787,138 7,186,657 14,868,262
45,833 45,833 45,833 45,833 45,833 45,833 45,833
-1,073,326 -334,416 -6,030,965 624,384 2,832,971 7,232,490 14,914,095
265,064 -195,848 52,163 585,039 1,044,480 1,366,526 1,450,284
0 0 0 0 0 0 0
-1,338,390 -138,568 -6,083,128 39,345 1,788,491 5,865,964 13,463,811
0.55352596037 0.46127163364
426,059,819
10 11 12
Tiempo
280 Restricciones
350 0 380 partir de asumir cero Sistema de info
market
18 18 18 . RYD
19 21 24 . 50.00% No enredar gest
342 378 432 . 49.7% Alta innpvación
192 240 300 . Alianzas
65,664 90,720 129,600 . % DE crecimiento 25%
65,598 90,629 129,470
88,464.00 122,220.00 174,600.00 . 0.10%
66 91 130 .
3100 3100 3100 . 0.9252747253
274,034,842 378,600,768 540,858,240
203,354,842 280,950,768 401,358,240
5 5 5
19 21 24
95 105 120
240 300 375
70,680,000 97,650,000 139,500,000 .
.
.
12000 12000 12000 .
78% 38% 43% ..
40% 40% 40% ..
60% 60% 60%
..
164,420,905 227,160,461 324,514,944 .. 5%
13,701,742 18,930,038 27,042,912 .
70,000 70,000 70,000 .
50,454 55,454 60,454 .
5% 5% 5% .
.
. 600,000,000
8% 8% 8% .
.
.
798,683 798,683 798,683 . 500,000,000
1,029,609 759,528 759,528 ..
0 0 0.
23,000 23,000 23,000 .
2.5% 2.5% 2.5% . 400,000,000
.
.
2% 2% 2% .
300,000,000
400,000,000
. 300,000,000
.
10,000 10,000 10,000 .
4% 4% 4% .
.
200,000,000
.
.
40% 40% 40% .
0 0 0.
0 0 0. 100,000,000
0 0 0.
0 0 0.
0 0 0. 0 0
0 0 0. 0
1 2
1.50% 1.50% 1.50% .
0 0 0.
0 0 0 ..
0 0 0.
5% 5% 5% ..
..
- - - ..
104,530 55,362 - ..
- - - .
104,530 55,362 - .
.
65664 90720 129600 .
65.664 90.72 129.6 .
.
.
.
.
.
.
.
3% 3% 3%
- - - .
$390,216.28 $439,383.53 $0.00 .
- - - .
- - -
.
- - - .
.
..
.
.
.
.
.
.
.
.
.
.
.
.
.
274,034,842 378,600,768 540,858,240 .
12,000 12,000 12,000 .
164,420,905 227,160,461 324,514,944 .
109,601,937 151,428,307 216,331,296 .
.
13,701,742 18,930,038 27,042,912 .
70,000 70,000 70,000 .
50,454 55,454 60,454 .
13,701,742 18,930,038 27,042,912
21,922,787 30,288,061 43,268,659 .
798,683 798,683 798,683 .
1029609 759528 759528 .
0 0 0.
23,000 23,000 23,000 .
6,850,871 9,465,019 13,521,456 .
5,480,697 7,572,015 10,817,165 .
10,000 10,000 10,000 .
45,833 45,833 45,833 .
63,685,419 86,947,671 123,460,602 .
0 0 0
0 0 0.
45,916,518 64,480,636 92,870,694 .
.
0 0 0.
0 0 0.
0 0 0.
0 0 0.
45,916,518 64,480,636 92,870,694 .
0 0 0.
104,530 55,362 0. 10%
45,811,988 64,425,274 92,870,694 . Inventario final precio
0 0 0.
45,811,988 64,425,274 92,870,694 .
18,324,795 25,770,109 37,148,277 .
27,487,193 38,655,164 55,722,416 .
305 430 619 .
.
PELIGRO OK OK .
.
. -$ 700,530.70
44,412,347 79,536,984 130,437,509 .
0 0 0.
8,221,045 11,358,023 16,225,747 .
.
.
733,333 687,500 641,667 .
.
53,366,726 91,582,507 147,304,923 .
.
439,384 0 0.
0 0 0.
0 0 0.
.
9,000,000 9,000,000 9,000,000 .
43,927,342 82,582,507 138,304,923 .
53,366,726 91,582,507 147,304,923 .
- - - .
- - - .
.
.
20,922,875 44,412,347 79,536,984 .
.
274,034,842 378,600,768 540,858,240 .
12,000 12,000 12,000 .
168,074,243 230,297,439 329,382,668 .
13,701,742 18,930,038 27,042,912 .
70,000 70,000 70,000 .
50,454 55,454 60,454 .
13,701,742 18,930,038 27,042,912 .
21,922,787 30,288,061 43,268,659 .
798,683 798,683 798,683 .
1,029,609 759,528 759,528 .
23,000 23,000 23,000 .
6,850,871 9,465,019 13,521,456 .
5,480,697 7,572,015 10,817,165 .
10,000 10,000 10,000 .
18,324,795 25,770,109 37,148,277 .
0 0 0.
104,530 55,362 0.
0 0 0.
0 0 0.
0 0 0.
0 0 0.
0 0 0.
0 0 0.
44,802,564 79,976,367 130,437,509 .
.
0 0 0 ..
0 0 0.
0 0 0.
.
0 0 0.
0 0 0.
390,216 439,384 0.
0 0 0.
0 0 0.
0 0 0.
0 0 0.
0 0 0.
0 0 0.
0 0 0.
-390,216 -439,384 0.
44,412,347 79,536,984 130,437,509 .
.
Flujo de
.
45,916,518 64,480,636 92,870,694 . 60,000,000
18,324,795 25,770,109 37,148,277 . 50,000,000
45,833 45,833 45,833 .
27,637,556 38,756,360 55,768,250 . 40,000,000
3,653,338 3,136,978 4,867,724 .
30,000,000
0 0 0.
23,984,218 35,619,382 50,900,525 . 20,000,000
-390,216 -439,384 0 ..
10,000,000
104,530 55,362 - ..
23,489,472 35,124,636 50,900,525 0
0 0 0 1 2 3 4 5
0 0 0 -10,000,000
23,489,472 35,124,636 50,900,525
0 0 0
8,221,045 11,358,023 16,225,747
0 0 0
1,100,000 1,100,000 1,100,000
10 11 12
45,916,518 64,480,636 92,870,694
18,324,795 25,770,109 37,148,277
27,591,723 38,710,527 55,722,416
45,833 45,833 45,833 Terminal value
27,637,556 38,756,360 55,768,250
3,653,338 3,136,978 4,867,724
0 0 0
23,984,218 35,619,382 50,900,525 $ 1,402,706,343.86
La recibo en jugada 6 o 7 y una vez lo
Si les paso una licencia
ema de info
400,000 43.7%
80,000 26
meter más plata 180
Revenues
000
540,858,240
000
000 378,600,768
000
274,034,842
000 378,600,768
000
274,034,842
000 Gross Profit

152,256,922
250,000,000
000
77,935,583
35,017,949
14,128,345
0 0 223,390 1,394,398 2,427,570
0 200,000,000
1 2 3 4 5 6 7 8 9 10 11 12
150,000,000
100,000,000
50,000,000
31,162,233
13,995,180
5,639,338
0 0 81,209 419,451 961,028
0
1 2 3 4 5 6 7 8
Operating Profit
100,000,000
80,000,000
60,000,000
40,000,000
60,000,000
40,000,000
20,000,000
11,853,112
4,497,621
-88,000 -574,605 -1,119,160 -380,249 796,251
0
1 2 3 4 -6,076,799
5 6 7 8
-20,000,000
Net Profit
60,000,000
50,000,000
40,000,000
30,000,000
20,000,000
10,000,000 6,999,683
2,565,724
-29,660 -570,107 -381,899 326,551
0 -1,113,410
1 2 3 4 5 6 7 8
-6,076,799
-10,000,000
Flujo de Caja libre
3 4 5 6 7 8 9 10 11 12
540,858,240
378,600,768
274,034,842
378,600,768
274,034,842
s Profit
2
216,331,296
10 11 12
151,428,307
109,601,937
60,890,769
31,162,233
13,995,180
5,639,338
028
6 7 8 9 10 11 12
ng Profit
92,870,694
64,480,636
45,916,518
64,480,636
45,916,518
24,681,640
11,853,112
4,497,621
796,251
799 6 7 8 9 10 11 12
Profit
55,722,416
38,655,164
27,487,193
14,720,067
6,999,683
2,565,724
326,551
6 7 8 9 10 11 12
799
Utilidad neta
Utilidad neta mala -29,660 -570,107 -1,113,410 -381,899 -6,076,799
Utilidad neta buena -29,660 -570,107 -1,113,410 -381,899 -6,076,799
Utilidad neta sobresaliente -29,660 -570,107 -1,113,410 -381,899 -6,076,799
Uti
Utilidad neta mala Uti
60,000,000
50,000,000
40,000,000
30,000,000
20,000,000
10,000,000
0
1 2 3 4 5
-10,000,000
Flujo de caja
FCL malo -42,167 -1,628,772 -1,338,390 -138,568 -6,083,128
FCL bueno -42,167 -1,628,772 -1,338,390 -138,568 -6,083,128
FCL sobresaliente -42,167 -1,628,772 -1,338,390 -138,568 -6,083,128
FLUJO DE C
FCL malo FCL bue
60,000,000
50,000,000
40,000,000
30,000,000
20,000,000
10,000,000
0
1 2 3 4 5
-10,000,000
Unidades vendidas
Demanda total mala - - 83.02 531.99 900.00
Demanda total buena - - 83.02 531.99 900.00
Demanda total sobresaliente - - 83.02 531.99 900.00
Demanda total
Demanda total mala Demanda total buena Demanda total sobresaliente
200,000.00
R&D - 120,000.00 300,000.00 120,000.00 5,500,000.00
180,000.00
R&D - 120,000.00 300,000.00 120,000.00 5,500,000.00
160,000.00
R&D - 120,000.00 300,000.00 120,000.00 5,500,000.00
140,000.00
120,000.00
100,000.00 Chart
80,000.00 30,000,000.00
60,000.00
25,000,000.00
40,000.00
20,000.00 20,000,000.00
- 15,000,000.00
1 2 3 4 5 6 7 8 9 10 11 12
10,000,000.00
5,000,000.00
-
1 2 3 4 5
R&D R
Valor de la empresa $ 377,417,438.35 Valor de accio $ 4,187.37

-691,979 727,282 2,908,064 6,726,579 13,100,364 18,778,624 27,327,359
-32,656 1,707,784 5,090,261 10,989,772 20,773,339 29,379,445 42,471,389
326,551 2,565,724 6,999,683 14,720,067 27,487,193 38,655,164 55,722,416
Uti lidad neta

Utilidad neta mala Utilidad neta buena Utilidad neta sobresaliente
2 3 4 5 6 7 8 9 10 11 12
-625,976 472,289 2,457,609 6,195,465 11,424,058 17,311,331 24,939,330

-155,031 1,174,264 4,275,398 10,071,916 18,122,810 27,075,625 38,785,301
39,345 1,788,491 5,865,964 13,463,811 23,984,218 35,619,382 50,900,525
FLUJO DE CAJA LIBRE

FCL malo FCL bueno FCL sobresaliente
2 3 4 5 6 7 8 9 10 11 12
2,280.65 5,652.48 12,579.84 24,576.00 44,232.00 61,110.00 87,300.00
3,497.00 8,667.14 19,289.09 37,683.20 67,822.40 93,702.00 133,860.00
4,561.31 11,304.96 25,159.68 49,152.00 88,464.00 122,220.00 174,600.00
nte
353,208.63 875,448.73 1,948,389.58 3,806,423.04 6,850,871.04 9,465,019.20 13,521,456.00

541,586.57 1,342,354.72 2,987,530.69 5,836,515.33 10,504,668.93 14,513,029.44 20,732,899.20
706,417.26 1,750,897.46 3,896,779.16 7,612,846.08 13,701,742.08 18,930,038.40 27,042,912.00
Chart Title
00
00
00
00
11 12
00
00
-
1 2 3 4 5 6 7 8 9 10 11 12
R&D R&D R&D

-29660 -570107.46 -1113409.5 -381899.283 -6076798.58 -279902.387 1340095.829
-29660 -570107.46 -1113409.5 -381899.283 -6076798.58 128753.8179 2075472.762
-29660 -570107.46 -1113409.5 -381899.283 -6076798.58 425449.0682 2810849.695
-29660 -29660 -29660

-570107.46 -570107.46 -570107.46
-1113409.5 -1113409.5 -1113409.5
-381899.283 -381899.283 -381899.283
-6076798.58 -6076798.58 -6076798.58
-279902.387 128753.8179 425449.0682
1340095.829 2075472.762 2810849.695
4271937.099 5908584.347 7545231.595
9391074.721 12588470.07 15785865.43
17895973.57 23650705.24 29405436.91
26496723.69 34775115.71 43053507.73
38353215.4 50179489.72 62005764
4271937.099 9391074.721 17895973.57 26496723.69 38353215.4
5908584.347 12588470.07 23650705.24 34775115.71 50179489.72
7545231.595 15785865.43 29405436.91 43053507.73 62005764

Sales Offices - NORAM: City Open Close Current Status

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Sales Offices - NORAM: City Open Close Current Status

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Selections are indicated using an "X".

Sales Offices - NORAM

Sales Offices - LATAM

Sales Offices - EUROPE

Sales Offices - APAC

Setup/Close Cost Quarterly Lease Cost

Setup/Close Cost Quarterly Lease Cost

Setup/Close Cost Quarterly Lease Cost

Selections are indicated using an "X".

Precio promedio 0 0 2964.133333 2641.866412

Costo promedio 0 0 1861.078933 1777.791927

Interes Emergency loan -

Monto de la deuda 2,000,000

Deuda 0.707810212032421 13%

Costo del equity 40%

Flujo de Caja descontado 1 2

Valor de la empresa $ 530,273,170.73

2600 8000 10000 12000 12000 12000 12000

40% 40% 40% 40% 40% 40% 40%

83.02 531.99 900 2516.5824 5898.24 12779.52 24576

223,390 1,394,398 2,413,233 9,372,869 23,237,421 51,723,318 101,055,119

300,000 120,000 5,500,000 468,643 1,161,871 2,586,166 5,052,756

591 827,374 1,742,455 909,603 1,317,645 4,396,040 12,476,479

0 0 2,000,000 1,757,254 1,483,922 1,176,151 829,600

3,000,000 4,000,000 9,000,000 9,000,000 9,000,000 9,000,000 9,000,000

397 591 827,374 1,742,455 909,603 1,317,645 4,396,040

223,390 1,394,398 2,413,233 9,372,869 23,237,421 51,723,318 101,055,119

1,000,000 1,000,000 5,000,000 0 0 0 0

-1,119,160 -380,249 -6,079,308 -35,957 2,436,028 7,265,965 15,721,325

109,133,539 156,983,077 224,261,539 ..

12,476,479 27,518,977 51,107,072 .

Interes Emergency loan -

Monto de la deuda 2,000,000

Costo del equity 40%

Flujo de Caja descontado 1 2

Valor de la empresa $ 377,417,438.35

2600 8000 10000 12000 12000 12000 12000

40% 40% 40% 40% 40% 40% 40%

83.02 531.99 900 1887.4368 4423.68 9584.64 18432

223,390 1,394,398 2,427,570 7,064,173 17,508,975 38,967,792 76,128,461

300,000 120,000 5,500,000 353,209 875,449 1,948,390 3,806,423

591 827,374 1,744,247 623,525 601,068 2,563,931 8,264,650

0 0 2,000,000 1,757,254 1,483,922 1,176,151 829,600

3,000,000 4,000,000 9,000,000 9,000,000 9,000,000 9,000,000 9,000,000

397 591 827,374 1,744,247 623,525 601,068 2,563,931

223,390 1,394,398 2,427,570 7,064,173 17,508,975 38,967,792 76,128,461

1,000,000 1,000,000 5,000,000 0 0 0 0

-1,119,160 -380,249 -6,076,799 -439,979 1,433,550 5,033,748 11,359,159

100,000,000 Gross Profit

Interes Emergency loan -

Monto de la deuda 2,000,000

Costo del equity 40%

Flujo de Caja descontado 1 2

Valor de la empresa $ 592,084,846.62

2600 8000 10000 12000 12000 12000 12000

40% 40% 40% 40% 40% 40% 40%

83.02 531.99 900 2894.06976 6782.976 14696.448 28262.4

223,390 1,394,398 2,427,570 10,831,731 26,847,094 59,750,614 116,730,307

300,000 120,000 5,500,000 541,587 1,342,355 2,987,531 5,836,515

591 827,374 1,744,247 1,094,470 1,773,987 5,554,640 15,131,810

0 0 2,000,000 1,757,254 1,483,922 1,176,151 829,600

3,000,000 4,000,000 9,000,000 9,000,000 9,000,000 9,000,000 9,000,000