Tax rate

Millions of punds
Revenue
Attendance
Sponsorship
Broadcast
Merchandise
Other
Total
Operating Costs
Payroll
Stadium Operating Expenses
Other
Total
EBITDA
Depreciation
EBIT
Interest
Taxes
Net Income
Assets Current assets:
Cash and equivalents
Investments, available for sale
Inventory - Merchandise
Accounts Receivable
Days AR
Total current assets
Property and equipment, net
Intangible assets, net
Total assets
Capex maintenance
Liabilities and Stockholder Equity Current liabilities:
Accounts payable
Days AP
Long-term debt and deferred interest, net of current portion
Total liabilities
Total stockholders (deficit) equity
Total liabilities and stockholders' equity
P/share
Check
Shares Outstanding (millions of shares)

Market Capitalization
P/share
Cashflow
NI
D&A
Cash from op
Changes in WK
CAPEX (maintenance capex?)
Bank loan
Total changes in cash
Initial cash
Ending cash
FCF
EBIT (1-tax)
D&A
Chages in WK
Capex
FCF
Perpeuity
FCF
NPV/ Enterprise Value
Net debt
Equity
P/share
Net WK
Growth of NWC
Cnahges of wc

35% Wacc
0
1
2007 2008
17.4
19.0
15.7
17.1
28.7
31.3
5.2
5.7
7.1
7.7
74.1
80.8
9.0%
50.9
16.4
1.8
69.1
5.0
2.2
2.8
2.3
0.2
0.4

56.0
17.0
1.9
74.9
5.9
2.3
3.6
2.5
0.4
0.7

26.3 29.49
0.6
0.6
1.2
1.2
20.0 21.79
97.1
97.1
48.1
53.1
56.9
55.8
49.4
49.4
153.2 159.4
3.3

3.4

64.4 69.82
335.5 335.5
43.1
43.1
107.5 112.9
45.7
46.5
153.2 159.4
16.5
17.2
0.0
0.0
9.3

9.3

10.25%
2
2009
20.7
18.7
34.1
6.2
8.4
88.0
9.0%
61.6
17.7
2.0
81.3
6.7
2.4
4.4
2.7
0.6
1.1

3
4
5
2010
2011
2012
22.5
24.6
26.8
20.3
22.2
24.2
37.2
40.5
44.2
6.7
7.3
8.0
9.2
10.0
10.9
96.0 104.6 114.0
9.0%
9.0%
9.0%

6
2013
29.2
26.3
48.1
8.7
11.9
124.3
9.0%

7
2014
31.8
28.7
52.5
9.5
13.0
135.5
9.0%

8
2015
34.7
31.3
57.2
10.4
14.2
147.7
9.0%

9
2016
37.8
34.1
62.3
11.3
15.4
160.9
9.0%

67.8
18.4
2.0
88.2
7.7
2.5
5.3
2.9
0.8
1.5

90.2
20.7
2.3
113.2
11.1
2.8
8.3
3.8
1.6
2.9

99.2
21.6
2.4
123.2
12.3
2.9
9.4
4.1
1.9
3.4

109.2
22.4
2.5
134.0
13.6
3.0
10.6
4.5
2.1
4.0

120.1
23.3
2.6
145.9
15.0
3.1
11.9
4.9
2.4
4.5

33.37 37.96
0.6
0.6
1.2
1.2
23.75 25.88
97.1
97.1
58.9
65.6
58.1
59.4
49.4
49.4
166.4 174.3

74.6
19.2
2.1
95.8
8.8
2.6
6.2
3.2
1.1
1.9

82.0
19.9
2.2
104.1
9.9
2.7
7.2
3.5
1.3
2.4

43.37
0.6
1.2
28.22
97.1
73.4
60.6
49.4
183.4

49.65
0.6
1.2
30.76
97.1
82.2
62.0
49.4
193.5

56.87
0.6
1.2
33.52
97.1
92.2
63.4
49.4
204.9

65.09
0.6
1.2
36.54
97.1
103.4
64.8
49.4
217.6

74.42
0.6
1.2
39.83
97.1
116.0
66.3
49.4
231.7

84.88
0.6
1.2
43.41
97.1
130.1
67.9
49.4
247.3

3.7

3.9

4.0

4.2

4.3

4.5

4.7

75.76 82.23
335.5 335.5
43.1
43.1
118.8 125.3
47.5
49.0
166.4 174.3
17.9
18.8
0.0
0.0

89.31
335.5
43.1
132.4
51.0
183.4
19.7
0.0

97.05
335.5
43.1
140.1
53.4
193.5
20.8
0.0

105.52
335.5
43.1
148.6
56.3
204.9
22.1
0.0

114.77
335.5
43.1
157.9
59.8
217.6
23.4
0.0

124.92
335.5
43.1
168.0
63.7
231.7
24.9
0.0

136.01
335.5
43.1
179.1
68.2
247.3
26.6
0.0

9.3

9.3

9.3

9.3

9.3

9.3

3.6

9.3

9.3

128.2
13.80

0.4
2.2
2.6

0.7
2.3
3.0

1.1
2.4
3.5

1.5
2.5
4.0

1.9
2.6
4.5

2.4
2.7
5.1

2.9
2.8
5.7

3.4
2.9
6.3

4.0
3.0
7.0

4.5
3.1
7.6

3.6
-3.43
0.0

4.0
-3.57
0.0

4.3
-3.71
0.0

4.8
-3.86
0.0

5.2
-4.01
0.0

5.7
-4.18
0.0

6.2
-4.34
0.0

6.9
-4.52
0.0

7.5
-4.70
0.0

3.9
4.6
29.49 33.37
33.37 37.96

5.4
37.96
43.37

6.3
43.37
49.65

7.2
49.65
56.87

8.2
56.87
65.09

9.3
65.09
74.42

10.5
74.42
84.88

4.0
2.6
(5.0)
3.9
7.8

4.7
2.7
(5.5)
4.0
8.8

5.4
2.8
(6.0)
4.2
10.0

6.1
2.9
(6.5)
4.3
11.2

6.9
3.0
(7.1)
4.5
12.5

7.7
3.1
(7.7)
4.7
13.9

3.2
26.3
29.49

2.3
2.3
(3.9)
3.4
5.1
5.06

2.8
2.4
(4.2)
3.6
5.9
5.89

3.4
2.5
(4.6)
3.7
6.8
6.79

7.77

8.84

9.97

-61.0
9.0%
-5.0

-66.5
9.0%
-5.5

-72.5
9.0%
-6.0

11.20

12.50

13.89

$133.9
$16.16
$117.77
$12.68 Market is paying premium
-43.2

-47.1
9.0%
-3.9

-51.4
9.0%
-4.2

-56.0
9.0%
-4.6

-79.0
9.0%
-6.5

-86.2
9.0%
-7.1

-93.9
9.0%
-7.7

10
2017
41.2
37.2
67.9
12.3
16.8
175.4
9.0%

11
2018
44.9
40.5
74.1
13.4
18.3
191.2
9.0%

12
2019
48.9
44.2
80.7
14.6
20.0
208.4
9.0%

13
2020 Growth Vertical analysis
50.9
45.9
84.0
8.6%
15.2
20.8
216.8
8.6%
100.0%
4.0%

132.1
24.3
2.7
159.0
16.4
3.3
13.2
5.4
2.7
5.1

145.3
25.2
2.8
173.3
17.9
3.4
14.5
5.8
3.1
5.7

159.8
26.2
2.9
188.9
19.5
3.5
16.0
6.4
3.4
6.3

166.2
27.3
3.0
196.5
20.3
3.7
16.6
6.6
3.5
6.5

96.59
0.6
1.2
47.32
97.1
145.7
69.5
49.4
264.6

109.62
0.6
1.2
51.58
97.1
163.0
71.2
49.4
283.6

124.04
0.6
1.2
56.23
97.1
182.1
73.0
49.4
304.4

133.51
0.6
1.2
58.48
97.1
193.8
74.8
49.4
317.9

4.9

5.1

5.3

5.5

148.18
335.5
43.1
191.3
73.3
264.6
28.5
0.0

161.49
335.5
43.1
204.6
79.0
283.6
30.5
0.0

176.07
335.5
43.1
219.2
85.2
304.4
32.8
0.0

183.12
335.5
43.1
226.2
91.7
317.9
34.2
0.0

9.3

9.3

9.3

9.3

68.7%
22.1%
2.4%
93.3%
6.7%
3.0%
3.8%
3.0%
0.3%
0.5%

100.0%

75.3%
13.8%
1.5%
90.6%
9.4%
1.9%
7.5%
3.0%
1.6%
2.9%

5.1
3.3
8.3

5.7
3.4
9.0

6.3
3.5
9.8

6.5
3.7
10.2

8.3
-4.88
0.0

9.1
-5.08
0.0

9.9
-5.28
0.0

4.8
-5.49
0.0

11.7
13.0
14.4
84.88
96.59 109.62
96.59 109.62 124.04

9.5
124.04
133.51

8.6
3.3
(8.5)
4.9
15.4

9.5
3.4
(9.2)
5.1
17.0

15.39

10.4
10.8
3.5
3.7
(10.0)
(4.9)
5.3
5.5
18.7
13.8
221.359 Por q del 2020 en adelante crece 4% constante
16.97 240.03 El primer ao del terminal value es el 13

-102.4
9.0%
-8.5

-111.6
9.0%
-9.2

-121.6
9.0%
-10.0

-126.5
4.0%
-4.9

100.0%

100.0%

100.0%

76.0%
13.2%
1.4%
90.6%
9.4%
1.8%
7.6%
3.0%
1.6%
3.0%

76.7%
12.6%
1.4%
90.6%
9.4%
1.7%
7.7%
3.1%
1.6%
3.0%

76.7%
12.6%
1.4%
90.6%
9.4%
1.7%
7.7%
3.0%
1.6%
3.0%

Tax rate
Millions of punds
Revenue
Attendance
Sponsorship
Broadcast
Merchandise
Other
Total
Operating Costs
Payroll
Stadium Operating Expense
Other
Total
EBITDA
Depreciation
dep stadium
EBIT
Interest
Taxes
Net Income

35% Wacc
0
1
2007
2008
17.4
19.0
15.7
17.1
28.7
31.3
5.2
5.7
7.1
7.7
74.1
80.8

10%
2
2009
20.7
18.7
34.1
6.2
8.4
88.0

50.9
16.4
1.8
69.1
5.0
2.2

56.0
17.0
1.9
74.9
5.9
2.3

61.6
17.7
2.0
81.3
6.8
2.4

3.6
2.5
0.4
0.7

4.4
2.7
0.6
1.1

2.8
2.3
0.2
0.4

3
2010
28.9
22.4
37.2
6.7
9.2
104.4

4
2011
31.5
24.4
40.5
7.3
10.0
113.8

67.8
20.2
2.0
90.0
14.4
2.5
25.0
(13.1)
2.9
(5.6)
(10.4)

74.6
21.0
2.1
97.7
16.1
2.6
25.0
(11.4)
3.2
(5.1)
(9.5)

Assets Current assets:

Cash and equivalents
Investments, available fo
Inventory - Merchandise
Accounts Receivable
Days AR
Total current assets
Property and equipment, net
Intangible assets, net
Total assets
Maintenace capex
Liabilities and Stockholder
Equity
Current
liabilities:
Accounts
payable
Days AP
Long-term debt and deferred
Total liabilities
Total stockholders (de
Total liabilities and stock
P/share
Check

26.3
0.6
1.2
20.0
97.1
48.1
55.8
49.4
153.2

154.49
0.6
1.2
21.79
97.1
178.1
181.9
49.4
409.3

33.37
0.6
1.2
23.75
97.1
58.9
308.1
49.4
416.4

25.44
0.6
1.2
28.17
97.1
55.4
284.4
49.4
389.1

19.26
0.6
1.2
30.70
97.1
51.8
260.6
49.4
361.7

3.3

3.4

3.6

3.7

3.9

64.4
335.5
43.1
107.5
45.7
153.2
16.5
0.0

69.82
335.5
293.1
362.9
46.4
409.3
44.1
0.0

75.76
335.5
293.1
368.8
47.5
416.4
44.8
0.0

83.88
335.5
293.1
377.0
37.1
414.1
44.6
25.0

91.03
335.5
293.1
384.1
27.6
411.7
44.3
50.0

Shares Outstanding (millions

Market Capitalization
P/share
Cashflow
NI
D&A
Cash from op

9.3
128.2
13.80

0.4
2.2
2.6

Changes in WK
CAPEX (maintenance capex?)
Bank loan
Total changes in cash
Initial cash
Ending cash
FCF
EBIT (1-tax)
D&A
Chages in WK
Capex
FCF
Perpeuity
FCF
NPV
P/share

-$125.8
-$13.54

9.3

0.7
2.3
3.0

9.3

1.1
2.4
3.5

9.3

9.3

(10.4)
2.5
(7.9)

(9.5)
2.6
(6.9)

3.6
-128.4
250.0

4.0
-128.6
0.0

3.7
-3.7
0.0

4.6
-3.9
0.0

128.2
26.3
154.49

(121.1)
154.49
33.37

(7.9)
33.37
25.44

(6.2)
25.44
19.26

2.3
2.3
3.6
-128.4
(120.2)

2.8
2.4
4.0
-128.6
(119.4)

(8.5)
2.5
3.7
-3.7
(6.0)

(7.4)
2.6
4.6
-3.9
(4.1)

(120.2)

(119.4)

(6.0)

(4.1)

5
2012
34.4
26.6
44.2
8.0
10.9
124.1

6
2013
37.5
29.0
48.1
8.7
11.9
135.2

7
2014
40.8
31.6
52.5
9.5
13.0
147.4

8
2015
44.5
34.4
57.2
10.4
14.2
160.7

9
2016
48.5
37.5
62.3
11.3
15.4
175.1

10
2017
52.9
40.9
67.9
12.3
16.8
190.9

11
2018
57.7
44.6
74.1
13.4
18.3
208.1

12
2019
62.9
48.6
80.7
14.6
20.0
226.8

82.0
21.8
2.2
106.0
18.0
2.7
25.0
(9.7)
3.5
(4.6)
(8.5)

90.2
22.7
2.3
115.2
20.0
2.8
25.0
(7.8)
3.8
(4.0)
(7.5)

99.2
23.6
2.4
125.2
22.2
2.9
25.0
(5.7)
4.1
(3.5)
(6.4)

109.2
24.6
2.5
136.2
24.5
3.0
25.0
(3.5)
4.5
(2.8)
(5.2)

120.1
25.6
2.6
148.2
26.9
3.1
25.0
(1.2)
4.9
(2.1)
(4.0)

132.1
26.6
2.7
161.3
29.6
3.3
25.0
1.3
5.4
(1.4)
(2.6)

145.3
27.6
2.8
175.7
32.4
3.4
25.0
4.0
5.8
(0.7)
(1.2)

159.8
28.7
2.9
191.4
35.3
3.5
25.0
6.8
6.4
0.2
0.3

14.41
0.6
1.2
33.47
97.1
49.7
237.0
49.4
336.0

11.03
0.6
1.2
36.48
97.1
49.3
213.4
49.4
312.0

9.22
0.6
1.2
39.76
97.1
50.8
189.8
49.4
290.0

9.13
0.6
1.2
43.34
97.1
54.3
166.3
49.4
269.9

10.87
0.6
1.2
47.24
97.1
59.9
142.9
49.4
252.1

14.59
0.6
1.2
51.49
97.1
67.9
119.5
49.4
236.7

20.45
0.6
1.2
56.13
97.1
78.4
96.2
49.4
223.9

28.61
0.6
1.2
61.18
97.1
91.6
73.0
49.4
213.9

4.0

4.2

4.3

4.5

4.7

4.9

5.1

5.3

98.83
335.5
293.1
391.9
19.1
411.0
44.2
75.0

107.37
335.5
293.1
400.5
11.6
412.0
44.4
100.0

116.71
335.5
293.1
409.8
5.2
415.0
44.7
125.0

126.93
335.5
293.1
420.0
-0.1
419.9
45.2
150.0

138.11
335.5
293.1
431.2
-4.0
427.1
46.0
175.0

150.35
335.5
293.1
443.4
-6.7
436.7
47.0
200.0

163.75
335.5
293.1
456.8
-7.9
448.9
48.3
225.0

178.42
335.5
293.1
471.5
-7.6
463.9
49.9
250.0

9.3

9.3

9.3

9.3

9.3

9.3

9.3

9.3

(8.5)
2.7
(5.9)

(7.5)
2.8
(4.7)

(6.4)
2.9
(3.5)

(5.2)
3.0
(2.2)

(4.0)
3.1
(0.8)

(2.6)
3.3
0.6

(1.2)
3.4
2.2

0.3
3.5
3.8

5.0
-4.0
0.0

5.5
-4.2
0.0

6.1
-4.3
0.0

6.6
-4.5
0.0

7.3
-4.7
0.0

8.0
-4.9
0.0

8.8
-5.1
0.0

9.6
-5.3
0.0

(4.8)
19.26
14.41

(3.4)
14.41
11.03

(1.8)
11.03
9.22

(0.1)
9.22
9.13

1.7
9.13
10.87

3.7
10.87
14.59

5.9
14.59
20.45

8.2
20.45
28.61

(6.3)
2.7
5.0
-4.0
(2.6)

(5.1)
2.8
5.5
-4.2
(0.9)

(3.7)
2.9
6.1
-4.3
0.9

(2.3)
3.0
6.6
-4.5
2.8

(0.8)
3.1
7.3
-4.7
4.9

0.8
3.3
8.0
-4.9
7.2

2.6
3.4
8.8
-5.1
9.7

4.4
3.5
9.6
-5.3
12.3

(2.6)

(0.9)

0.9

2.8

4.9

7.2

9.7

12.3

13
2020 Growth
65.4
50.6
84.0
8.6%
15.2
20.8
235.8
9.3%

166.2
29.9
3.0
199.1
36.7
3.7
33.1
6.6
9.3
17.2

48.67
0.6
1.2
63.62
97.1
114.1
74.8
49.4
238.2
5.5

185.56
335.5
293.1
478.6
9.6
488.2
52.6
250.0

9.3

17.2
3.7
20.9
4.7
-5.5
0.0
20.1
28.61
48.67

21.5
3.7
4.7
-5.5
24.4
243.6
268.0