Comparables

Compañía Mkt Cap Debt Cash Revenues EV

Symantec 9,388.00 2,300.00 1,890.00 5,874.00 9,798.00
McAfee 4,167.00 - 394.00 1,304.00 3,773.00
Promedio

IRR 50%

Valor Esperado en 3 años 684.22

Pre Money 202.7303782

Inversión 30
Post Money 232.7303782

% Part Accionaria 12.9%

EV/Sales
1.67
2.89
2.28
Security Software Market (USD Millions)
0 1 2 3
Size 10,500 11,078 11,687 12,330
Gorwth rate 5.50% 5.50% 5.50%

Market Share
Revenues Opeting Margi
ROIC (after Tax)
Symantec 2,789 26.7% 13.05% 17.07%
McAfee 1,226 11.7% 12.91% 22.80%
Trend Micro 810 7.8% 14.50% 17.89%
IBM 608 5.8%
CA 419 4.0%
EMC 415 4.0%
Otros 4,171 40.0%
10,438 100.0%

Secure Mail Software

Market Share 0.50% 1.50% 2.50%

Ingresos 55 175 308

∆ Ingresos 120 133

Mg Op (per Tax) -10.00% -5.00% -1.00%

Utilidad Operativa (5.54) (8.77) (3.08)

NOL Inicio año 15 20.54 29.30

NOL fin año 20.54 29.30 32.39

Utilidad Op Imponible - - -
Uso NOL - - -
Utilidad Op. Imponible - - -

Impuestos (4 40% - - -

Utilidad Op desp Imp (5.54) (8.77) (3.08)

Reinversión 1.95 61.49 68.17 108.75

K inicio 5 66.49 134.67
K fin 66.49 134.67 243.42

ROIC -110.78% -13.18% -2.29%

FCFF (67.03) (76.94) (111.84)

FCFF (67.03) (76.94) (111.84)

VP 179.225722

Prob Failure 40% 35% 30%

VP at each year 179.23 280.24 410.32 587.68

Vp @each year with Failur 107.54 182.16 287.22 440.76

VP ajustado por Supervive 107.54

Caja Existente 5
Pre-Money 112.54
Post-Money 142.54

% Part 21.05%
 4 5 6 7 8 9 10
13,008 13,723 14,409 15,130 15,886 16,680 17,515
5.50% 5.50% 5.00% 5.00% 5.00% 5.00% 5.00%

OIC (after Tax)

4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 10.00%

520 686 865 1,059 1,271 1,501 1,751 1,804

212 166 178 195 212 230 250 53

5.00% 10.00% 10.60% 11.20% 11.80% 12.40% 13.00%

26.02 68.62 91.64 118.62 149.97 186.15 227.69

32.39 6.37 - - - - -
6.37 - - - - - -

26.02 68.62 91.64 118.62 149.97 186.15 227.69

(26.02) (6.37) - - - - -
- 62.24 91.64 118.62 149.97 186.15 227.69

- (24.90) (36.66) (47.45) (59.99) (74.46) (91.08)

26.02 43.72 54.99 71.17 89.98 111.69 136.61

85.05 91.49 99.76 108.62 118.13 128.31 27.18

243.42 328.47 419.96 519.71 628.34 746.46 874.78
328.47 419.96 519.71 628.34 746.46 874.78 901.96

10.69% 13.31% 13.09% 13.69% 14.32% 14.96% 15.62%

(59.03) (47.77) (44.77) (37.45) (28.15) (16.62) 109.43

1611.68849
(59.03) (47.77) (44.77) (37.45) (28.15) (16.62) 1,721.12

25% 15% 10% 5% 0% 0% 0%

740.56 877.04 1,026.88 1,187.35 1,357.73 1,537.00 1611.68849

629.48 789.34 975.53 1,187.35 1,357.73 1,537.00 1,611.69
1,804
53
Crecimiento sostenible 3% 3%
Margen Op 13% 13.00%
Tasa Imp 40%
ROIC Sostenible 15%

Ingresos 1,803.99
Utilidad Op desp Imp 140.71
Investment Rate 20.0%

FCFF 112.57
WACC 9.98%

TV 1,611.69
rf 4%
Rm-rf 5%
Tasa Imp 40%
Beta Ind 1.24
D/E Ind 6%
Costo Deuda 7%
Distressed Sale Value 0%
0.1
1 2 3 4 5
Beta Industria 1.24 1.24 1.24 1.24 1.24
Beta desapalancado 1.1969112 1.1969112 1.1969112 1.1969112 1.1969112
Corr Mercado 0.4 0.4 0.5 0.5 0.75
Beta Total 2.99227799 2.99227799 2.39382239 2.39382239 1.5958816
Costo Equity 18.96% 18.96% 15.97% 15.97% 11.98%
D/E 0% 0% 0% 0% 0%
WACC 18.96% 18.96% 15.97% 15.97% 11.98%
1+WACC 118.96% 118.96% 115.97% 115.97% 111.98%

Costo Capital Acum 1.1896 1.4152 1.6412 1.9033 2.1313

Factor de dscto 0.84 0.71 0.61 0.53 0.47
 10
1.24

6 7 8 9 10 "+" 10
1.24 1.24 1.24 1.24 1.24 1.24
1.1969112 1.1969112 1.1969112 1.1969112 1.1969112 1.1969112
0.75 0.75 0.75 0.75 0.75 1
1.5958816 1.5958816 1.5958816 1.5958816 1.5958816 1.1969112
11.98% 11.98% 11.98% 11.98% 11.98% 9.98%
0% 0% 0% 0% 0% 0%
11.98% 11.98% 11.98% 11.98% 11.98% 9.98%
111.98% 111.98% 111.98% 111.98% 111.98% 109.98%

2.3866 2.6725 2.9926 3.3511 3.7525 4.1272

0.42 0.37 0.33 0.30 0.27 0.24
 OPTION WORKSHEET: LONG TERM OPTIONS

VALUING AN EXPANSION OPTION

This program calculates the value of an expansion option
in an investment analysis.
Inputs relating the underlying asset

Enter the present value of expansion potential (as assessed today) = $226.00 
Entet the annualized standard deviation in ln(present value of CF)  50.00%
Enter the initial investment needed for expansion option (in PV $) = $500.00 
Enter the number of years you have rights to project 5
Enter the cost associated with waiting an extra year to expand = 0.00%
General Inputs

Enter the riskless rate that corresponds to the option lifetime = 3.00% (in %)

VALUING A LONG TERM OPTION/WARRANT

Stock Price= $226.00  T.Bond rate= 3.00%

Strike Price= $500.00  Variance= 0.25

Expiration (in years) = 5 Cost of delay = 0.00%

 OPTION WORKSHEET: LONG TERM OPTIONS

d1 = ­0.0170594985
N(d1) = 0.4931945749

d2 = ­1.1350934872
N(d2) = 0.128168075

Value of Option to Expand = $56.30 
 OPTION WORKSHEET: LONG TERM OPTIONS

(in currency)
(in %)
(in currency)
(in years)