Null

www.1000zq.
com
Private Equity Buy-side Valuation Model

Target Company Acquisition Pricing
To use this valuation model type in data in the fields with blue text and numbers
8
9
10
11
12
13
14
15
ww
.c
zq
w.
Summary Table
*
Income Statement
*
Balance Sheet
*
Cashflow Statement
*
Profitability Ratios
*
Liquidity Ratios
*
Financing
Cap Table
Key Financing Assumptions (Assump-F)
Acquisition Terms
Acquisition Capital Structure
Cost of Capital
Leveraged Debt Financing Terms
Taxation
Currency & Interest Assumption
Future Financing Assumptions
Entry Valuation
Exit Market Valuation
Key Operating Assumptions (Assump-O)
Upside Cas
Base Case
Downside Case
Income Statement (P&L)
Balance Sheet (BS)
Cashflow Statement (CFS)
Capex & Depreciation (Depr)
Intangibles Schedule (Amort)
Debt Schedule (Debt)
5-Year Free Cashflow Analysis (DCF)
IRR Analysis (IRR)
Valuation Using Comparable (Comparables)
Valuation Using VC Method (VC Method)
Control Page - General Model Information (Controls)
10
00
om
Table of Contents
www.1000zq.com
www.1000zq.com
Upside Case
Projected Fiscal Year Ending March 31,
2001
2002
2003
2004
2005
2006
$45,000
$15,000
$4,650
$2,743
$2,243
$65,000
$30,000
$15,050
$11,479
$6,250
$71,500
$39,325
$22,165
$13,199
$10,668
$80,080
$45,646
$25,626
$13,341
$10,915
$89,690
$52,917
$30,494
$16,350
$13,472
$100,452
$60,271
$35,158
$25,433
$21,193
$112,507
$67,504
$39,377
$29,684
$24,806
$16,507
$4,845
$5,000
$9,845
$6,662
$38,171
$14,474
$5,000
$19,474
$18,697
$62,493
$20,600
$5,000
$25,600
$36,893
$75,551
$22,743
$5,000
$27,743
$47,808
$91,384
$25,104
$5,000
$30,104
$61,280
$20,297
($19,050)
$7,528
$8,775
$2,500
$11,275
$664
$19,050
$1,247
$23,146
($7,500)
$0
$15,646
$11,275
$26,921
($53)
$7,500
$15,646
$27,565
($7,950)
$0
$19,615
$26,921
$46,536
($52)
$7,950
$19,615
w.
ww
om
2000
$115,384
$27,910
$5,000
$32,910
$82,474
.c
zq
10
00
(USD$ in thousands, Except per Share Data)

Income Statement
Revenues
Gross Profit
EBITDA
EBIT
Net Income
Balance Sheet
Total Assets
Current Liabilities
Debt
Total Liabilities
Total Equity
Cashflow
Cash Inflow/(Outflow) from Operation
Cash Inflow/(Outflow) from Investing
Cash Inflow/(Outflow) from Financing
Net Cash Inflow/(Outflow)
Opening Cash Balance
Closing Cash Balance
Inc. (Dec.) in Net Working Capital
Capital Expenditures
Free Cash Flow
$30,828
($8,800)
$0
$22,028
$46,536
$68,564
($91)
$8,800
$22,028
$143,539
$31,259
$5,000
$36,259
$107,280
$34,357
($10,000)
$0
$24,357
$68,564
$92,921
($143)
$10,000
$24,357

Key Financial Ratios
2001
2002
2003
2004
2005
2006
NA
33.3%
10.3%
6.1%
6.1%
16.6%
---
44.4%
46.2%
23.2%
17.7%
17.7%
30.1%
17.1%
33.4%
10.0%
55.0%
31.0%
18.5%
18.5%
21.1%
17.7%
28.9%
12.0%
57.0%
32.0%
16.7%
16.7%
17.7%
15.0%
22.8%
12.0%
59.0%
34.0%
18.2%
18.2%
17.9%
15.2%
22.0%
12.0%
60.0%
35.0%
25.3%
25.3%
22.0%
18.7%
25.7%
12.0%
60.0%
35.0%
26.4%
26.4%
20.7%
17.6%
23.1%
2.4
0.6
7.3
30.4
29.7
1.3
0.3
9.6
31.3
66.9
1.6
0.6
10.0
75.0
90.0
2.2
1.3
10.0
75.0
90.0
2.9
2.0
10.0
75.0
90.0
3.5
2.6
10.0
75.0
90.0
4.0
3.1
10.0
75.0
90.0
0.1x
30.1x
23.0x
30.1x
0.1x
1.3x
0.1x
44.3x
26.4x
6.2x
NA
NA
0.1x
51.3x
26.7x
36.3x
NA
NA
0.1x
61.0x
32.7x
45.1x
NA
NA
0.0x
70.3x
50.9x
52.7x
NA
NA
0.0x
78.8x
59.4x
58.8x
NA
NA
Profitability
Revenue Growth
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
EBIT / Total Assets [pre-tax ROA]
EBIT (1-Tax) / Total Assets [ROA]
Net Income / Book Value of Equity [ROE]
Liquidity
Current Ratio
Quick Ratio
Days Sales in Receivables
Days COGS in Payables
Days COGS in Inventory
Financing
Total Debt / Total Capitalization
EBITDA / Net Interest
EBIT / Net Interest
(EBITDA - CapEx) / Net Interest
Net Debt / Net Capitalization
Net Debt / EBITDA
2000
0.3x
9.3x
5.5x
9.3x
0.3x
2.1x
www.1000zq.com
www.1000zq.com
Company ABC
Cap Table
1,406
1000
500
1500
300
4,706
24.9%
17.7%
8.9%
26.6%
5.3%
83.3%
941
0
941
16.7%
0.0%
16.7%
5,647
100.0%
2,000
31/03/1995
7,528 31/03/2001
ww
w.
10
00
New shareholders
<Enter your company name here>
Co-investor X
29.9%
21.2%
10.6%
31.9%
6.4%
100.0%
www.1000zq.com
Equity Valuation
(Post) $'000
2,000
om
A
B
C
D
E
% Shareholding % Shareholding Amount Raised Date

(Pre)
(Post)
$'000
.c
'000 of shares
zq
Existing Shareholders
45,176
www.1000zq.com
Entry Valuation
Leveraged Debt Amount

Maturity (years)
Repayment (0 Bullet / 1 Amortizing)
Prepayment Penalty
Base Rate
10 years Treasury Bond
Spread
Interest Rate
Arrangement Fee
Acquisition Capital Structure
Corporate Tax Rate (average, effective)

Withholding Tax Rate (if applicable)
ww
7,528
0
7,528
0.00
Base Currency
Long Term
10 year Treasury Bond
Long Term Credit Spread
Long Term Discount Rate
Future Financing Assumption

% financed by new debt
% by new equity
0.80
7.0%
7.50%
13.00%
15.0%
85.0%
12.0%
15.0%
27.0%
USD$
7.00%
1.00%
8.00%
Cost of Capital
Industry Beta (unlevered)
Risk Free Rate (10 year Treasury Bond)
Equity Risk Premium
Cost of Equity
Debt-to-Capitalization
Equity-to-Capitalization
WACC
Adjust for illiquidity/small company
Adjusted WACC
19.85%
0.00%
Currency & Interest Rate Assumption
100.00%
0.00%
100.00%
Valuation (Acquisition Price / Stake)

45,176
Current Year Prospective
Price to Earnings
7.23
4.23
Price to EBITDA
3.00
2.04
Price to Sales Revenue
0.70
0.63
Price to Book Value
2.42
1.22
Price per Customer
N/A
N/A
Exit Market Valuation
Taxation
Equity Investment
Leveraged Debt
Total
Leverage (Debt / Equity)
0
0
1
None
7.00%
3.00%
10.00%
0.0
w.
10
00
Shares to be Acquired
Primary Secondary
Number of Shares ('000)
941
0
Price per Share
8.00
Cost of Shares
7,528
0
Common Shares Outstanding (post)
5,647
Acquisition Stake
16.66%
Acquisition Price
7,528
Transaction Fees
0
Assumed Liabilities (Existing Debt)
0
Total Acquisition Cost
7,528
.c
Leveraged Debt Financing Terms
zq

Acquisition Terms
om
Company ABC
Key Financial Assumptions
Upside Case
www.1000zq.com
15%
85%
Price to Earnings
Price to EBITDA
Price to Sales Revenue
Price to Book Value
Price per Customer
10.00
5.00
1.00
n.a.
n.a.
Company ABC
Key Operating Assumptions
Upside Case
www.1000zq.com

Revenue Growth Rate - Product A
COGS (excl. Deprec.) / Revenue - Product A
SG&A / Revenue
Other Operating Exp / Revenue
Minority % Interest in Total Income
Effective Tax Rate
Other Current Assets / Revenues
Other Current Liabilities / Revenues
Increase in Other Long-Term Assets
Increase in Other Long-Term Liabilities
-###
###
###
###
###
###
###
###
###
###
--
2000
2001
2002
-66.7%
8.0%
15.0%
0.0%
-7.3
29.7
13.3%
30.4
5.2%
$0.0
0.0
44.4%
53.8%
8.0%
15.0%
0.0%
43.1%
9.6
66.9
12.3%
31.3
17.7%
$0.0
0.0
###
-###
###
###
###
###
###
###
###
###
###
---
2000
-66.7%
8.0%
15.0%
0.0%
-7.3
29.7
13.3%
30.4
5.2%
$0.0
0.0
2001
44.4%
53.8%
8.0%
15.0%
0.0%
43.1%
9.6
66.9
12.3%
31.3
17.7%
$0.0
0.0
###
-###
###
###
###
###
###
###
###
###
###
---
2000
-66.7%
8.0%
15.0%
0.0%
-7.3
29.7
13.3%
30.4
5.2%
$0.0
0.0
2001
44.4%
53.8%
8.0%
15.0%
0.0%
43.1%
9.6
66.9
12.3%
31.3
17.7%
$0.0
0.0
###
-###
###
###
###
###
###
###
###
###
###
---
2000
-66.7%
8.0%
15.0%
0.0%
-7.3
29.7
13.3%
30.4
5.2%
$0.0
0.0
2001
44.4%
53.8%
8.0%
15.0%
0.0%
43.1%
9.6
66.9
12.3%
31.3
17.7%
$0.0
0.0
2003
12.0%
43.0%
11.0%
14.0%
0.0%
15.0%
10.0
90.0
16.4%
75.0
19.6%
$0.0
0.0
2004
2005
12.0%
41.0%
11.0%
14.0%
0.0%
15.0%
10.0
90.0
16.4%
75.0
19.6%
$0.0
0.0
12.0%
40.0%
11.0%
14.0%
0.0%
15.0%
10.0
90.0
16.4%
75.0
19.6%
$0.0
0.0
2006
12.0%
40.0%
11.0%
14.0%
0.0%
15.0%
10.0
90.0
16.4%
75.0
19.6%
$0.0
0.0
1
Upside Case
(1=Base Case, 2=Upside Case, 3=Downside Case)
zq
.c
--
10.0%
45.0%
10.0%
14.0%
0.0%
16.0%
10.0
90.0
16.4%
75.0
19.6%
$0.0
0.0
om
###
Projected Year Ending December 31,
Base Case

Other Operating Exp. (Inc.) / Revenues
Effective Tax Rate
Downside Case
Effective Tax Rate
2004
12.0%
41.0%
11.0%
14.0%
0.0%
15.0%
10.0
90.0
16.4%
75.0
19.6%
$0.0
0.0
10
00
2003
12.0%
43.0%
11.0%
14.0%
0.0%
15.0%
10.0
90.0
16.4%
75.0
19.6%
$0.0
0.0
w.
2002
10.0%
45.0%
10.0%
14.0%
0.0%
16.0%
10.0
90.0
16.4%
75.0
19.6%
$0.0
0.0
ww

SG&A / Revenue
Effective Tax Rate
Upside Case
2005
12.0%
40.0%
11.0%
14.0%
0.0%
15.0%
10.0
90.0
16.4%
75.0
19.6%
$0.0
0.0
2006
12.0%
40.0%
11.0%
14.0%
0.0%
15.0%
10.0
90.0
16.4%
75.0
19.6%
$0.0
0.0
2005
12.0%
30.0%
11.0%
14.0%
0.0%
15.0%
10.0
90.0
16.4%
75.0
19.6%
$0.0
0.0
2006
12.0%
30.0%
11.0%
14.0%
0.0%
15.0%
10.0
90.0
16.4%
75.0
19.6%
$0.0
0.0
2005
5.0%
65.0%
14.0%
15.0%
0.0%
15.0%
10.0
90.0
16.4%
75.0
19.6%
$0.0
0.0
2006
5.0%
65.0%
15.0%
15.0%
0.0%
15.0%
10.0
90.0
16.4%
75.0
19.6%
$0.0
0.0

2002
10.0%
30.0%
10.0%
14.0%
0.0%
16.0%
10.0
90.0
16.4%
75.0
19.6%
$0.0
0.0
2003
12.0%
27.0%
11.0%
14.0%
0.0%
15.0%
10.0
90.0
16.4%
75.0
19.6%
$0.0
0.0
2004
12.0%
30.0%
11.0%
14.0%
0.0%
15.0%
10.0
90.0
16.4%
75.0
19.6%
$0.0
0.0
www.1000zq.com
2002
10.0%
60.0%
10.0%
15.0%
0.0%
16.0%
10.0
90.0
16.4%
75.0
19.6%
$0.0
0.0
2003
5.0%
60.0%
12.0%
15.0%
0.0%
15.0%
10.0
90.0
16.4%
75.0
19.6%
$0.0
0.0
2004
5.0%
65.0%
13.0%
15.0%
0.0%
15.0%
10.0
90.0
16.4%
75.0
19.6%
$0.0
0.0
15/08/2007 * 4:41 PM
Company ABC
Income Statement
Upside Case
2000
2001
2002
2003
2004
2005
2006
45,000.0
0.0
0.0
$45,000.0
65,000.0
0.0
0.0
$65,000.0
71,500.0
80,080.0
89,689.6
100,452.4
112,506.6
$71,500.0
$80,080.0
$89,689.6
$100,452.4
$112,506.6
$30,000.0
0.0
0.0
$30,000.0
$15,000.0
33.3%
3,600.0
6,750.0
$4,650.0
10.3%
$35,000.0
0.0
0.0
$35,000.0
$30,000.0
46.2%
5,200.0
9,750.0
$15,050.0
23.2%
$32,175.0
$34,434.4
$36,772.7
$40,180.9
$32,175.0
$39,325.0
55.0%
7,150.0
10,010.0
$22,165.0
31.0%
$34,434.4
$45,645.6
57.0%
8,808.8
11,211.2
$25,625.6
32.0%
$36,772.7
$52,916.9
59.0%
9,865.9
12,556.5
$30,494.5
34.0%
$40,180.9
$60,271.4
60.0%
11,049.8
14,063.3
$35,158.3
35.0%
$45,002.7
$67,504.0
60.0%
12,375.7
15,750.9
$39,377.3
35.0%
Depreciation
Amortization of Intangibles
EBIT (Operating Income)
EBIT (Operating) Margin
1,907.1
0.0
$2,742.9
6.1%
3,571.0
0.0
$11,479.0
17.7%
8,965.5
0.0
$13,199.5
18.5%
12,284.3
0.0
$13,341.3
16.7%
14,144.5
0.0
$16,349.9
18.2%
9,725.0
0.0
$25,433.3
25.3%
9,693.8
0.0
$29,683.6
26.4%
Other Expenses (Income):

Interest Income
Interest Expense
Pre-Tax Income
0.0
500.0
$2,242.9
0.0
500.0
$10,979.0
0.0
500.0
$12,699.5
0.0
500.0
$12,841.3
0.0
500.0
$15,849.9
0.0
500.0
$24,933.3
0.0
500.0
$29,183.6
Income Taxes
Net Income
0.0
$2,242.9
4,729.4
$6,249.6
2,031.9
$10,667.6
1,926.2
$10,915.1
2,377.5
$13,472.5
3,740.0
$21,193.3
4,377.5
$24,806.0
Minority Interest in Net Income

Adjusted Net Income
0.0
$2,242.9
0.0
$6,249.6
0.0
$10,667.6
0.0
$10,915.1
0.0
$13,472.5
0.0
$21,193.3
0.0
$24,806.0
Preferred Dividends
Net Income to Common
0.0
$2,242.9
0.0
$6,249.6
0.0
$10,667.6
0.0
$10,915.1
0.0
$13,472.5
0.0
$21,193.3
0.0
$24,806.0
Extraordinary Charges (Income)

Adjusted Net Income to Common
0.0
$2,242.9
0.0
$6,249.6
0.0
$10,667.6
0.0
$10,915.1
0.0
$13,472.5
0.0
$21,193.3
0.0
$24,806.0
www.1000zq.com
.c
$45,002.7
zq
w.
10
00
ww
Product A
Product B
Product C
Total Revenue
COGS
Product A
Product B
Product C
Total COGS
Gross Profit
Gross Margin
SG&A
Others Operating Expenses
EBITDA (Operating Cash Flow)
EBITDA Margin
om
Revenue
www.1000zq.com
15/08/2007 * 4:41 PM
Company ABC
Balance Sheet
Upside Case
2003
2004
2005
2006
$2,157.2
901.0
2,442.6
0.0
6,000.0
11,501
$2,500.0
1,717.8
6,413.3
0.0
8,000.0
18,631
$11,274.9
1,958.9
7,933.6
0.0
11,701.5
32,869
$26,920.9
2,194.0
8,490.7
0.0
13,105.7
50,711
$46,535.9
2,457.2
9,067.2
0.0
14,678.4
72,739
$68,563.7
2,752.1
9,907.6
0.0
16,439.8
97,663
$92,920.7
3,082.4
11,096.5
0.0
18,412.6
125,512
5,006.2
0.0
0.0
16,507
19,539.8
0.0
0.0
38,171
29,624.3
0.0
0.0
62,493
24,840.0
0.0
0.0
75,551
18,645.5
0.0
0.0
91,384
17,720.5
0.0
0.0
115,384
18,026.8
0.0
0.0
143,539
$7,075.6
$7,556.0
$8,256.4
$9,247.1
$0.0
11,473.8
14,474
$0.0
13,989.2
20,600
$0.0
15,667.9
22,743
$0.0
17,548.0
25,104
$0.0
19,653.8
27,910
$0.0
22,012.3
31,259
Term loan
Other Debt
Total Debt
0.0
5,000.0
5,000
0.0
5,000.0
5,000
0.0
5,000.0
5,000
0.0
5,000.0
5,000
0.0
5,000.0
5,000
0.0
5,000.0
5,000
0.0
5,000.0
5,000
0.0
0.0
0.0
9,845
0.0
0.0
0.0
19,474
0.0
0.0
0.0
25,600
0.0
0.0
0.0
27,743
0.0
0.0
0.0
30,104
0.0
0.0
0.0
32,910
0.0
0.0
0.0
36,259
163.2
9,944.8
206.7
9,944.8
206.7
9,944.8
7,528.0
0.0
19,213.3
36,892.8
206.7
9,944.8
7,528.0
0.0
30,128.4
47,807.9
206.7
9,944.8
7,528.0
0.0
43,600.8
61,280.3
206.7
9,944.8
7,528.0
0.0
64,794.2
82,473.7
206.7
9,944.8
7,528.0
0.0
89,600.2
107,279.7
62,493.3
75,551.3
91,384.4
115,383.8
143,539.1
Share Capital
Share Premium
Additional Equity
Convertible Preferred Stock
Common Stockholders' Equity
Total Equity
Total Liabilities & Equity
0.0
(3,446.2)
6,661.8
0.0
8,545.7
18,697.2
16,507.0
Balance Check
38,171.0
Deferred Taxes
Minority Interest
Other Long-Term Liabilities
Total Liabilities
www.1000zq.com
w.
10
00
$6,611.3
$0.0
2,345.2
4,845
ww
$2,500.0
$3,000.0
Deposits Received
Other Current Liabilities
Total Current Liabilities
Payables
2002
.c
Net Property, Plant & Equipment

Intangible Assets
Other Long-Term Assets
Total Assets
2001
zq
Cash and Equivalents

Accounts Receivable
Inventory
Prepaid Expenses
Other Current Assets
Total Current Assets
2000
om

www.1000zq.com
15/08/2007 * 4:41 PM
Company ABC
Cash Flow Statement
Upside Case
www.1000zq.com
(Inc.) Dec. in Acct. Rec.

(Inc.) Dec. in Inventory
(Inc.) Dec. in Prepaid Expenses
(Inc.) Dec. in Other Current Assets
Inc. (Dec.) in Account Payables
Inc. (Dec.) in Other Current Liabilities
Inc. (Dec.) in Net Working Capital
Cash Flow From Operations
23,146
27,565
(7,500.0)
0.0
0.0
0.0
15,646
(7,950.0)
0.0
0.0
0.0
19,615
0.0
2,157.2
2,500.0
15%
85%
www.1000zq.com
0.0
0.0
2006
2,500.0
11,275
0.0
0.0
0.0
(294.9)
(840.4)
0.0
(1,761.4)
700.3
2,105.8
-91
(330.3)
(1,188.9)
0.0
(1,972.8)
990.8
2,358.5
-143
30,828
34,357
(8,800.0)
0.0
0.0
0.0
22,028
(10,000.0)
0.0
0.0
0.0
24,357
0.0
0.0
2009
2010
2011
#REF!
0.0
0.0
#REF!
0.0
0.0
0.0
#REF!
#REF!
0.0
0.0
#REF!
0.0
0.0
0.0
#REF!
#REF!
0.0
0.0
#REF!
0.0
0.0
0.0
#REF!
#REF!
0.0
0.0
#REF!
0.0
0.0
0.0
#REF!
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
#REF!
#REF!
#REF!
#REF!
om
2008
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
15,646
0.0
0.0
0.0
0.0
19,615
0.0
0.0
0.0
0.0
22,028
0.0
0.0
0.0
0.0
24,357
#REF!
0.0
#REF!
0.0
#REF!
#REF!
0.0
#REF!
0.0
#REF!
#REF!
0.0
#REF!
0.0
#REF!
#REF!
0.0
#REF!
0.0
#REF!
11,274.9
26,921
26,920.9
46,536
46,535.9
68,564
68,563.7
92,921
0.0
#REF!
0.0
#REF!
0.0
#REF!
0.0
#REF!
------
------
------
------
0.0
-0.0
0.0
$0.0
0.0
0.0
7,528.0
0.0
8,775
Beginning Cash and Equivalents

Ending Cash and Equivalents
Financing required
Financed by debt
Financed by equity
0.0
0.0
0
-0.0
0.0
$0.0
(263.3)
(576.6)
0.0
(1,572.7)
480.5
1,880.1
-52
20,297
0.0
0.0
-0.0
-$0.0
(235.1)
(557.1)
0.0
(1,404.2)
464.3
1,678.7
-53
(19,050.0)
0.0
0.0
0.0
1,247
ST Debt Issuance (Repay.)

Exist. Debt Issuance (Repay.)
Debt Issuance (Repayments)
Common Stock Dividends
Convert. Preferred Issuance
Equity (Reduction) Issuance
Other
Change in Cash and Equivalents
2005
$10,667.6
$10,915.1
$13,472.5
$21,193.3
$24,806.0
8,965.5
12,284.3
14,144.5
9,725.0
9,693.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
19,633
23,199
27,617
30,918
34,500
(241.1)
(1,520.3)
0.0
(3,701.5)
3,611.3
2,515.4
664
Capex
Maintenance Capex
Investments
Proceeds from Disposals
Free Cash Flow
2004
.c
$6,249.6
3,571.0
0.0
0.0
-0.0
2003
zq
Net Income to Common

#REF! $2,242.9
Depreciation
0.0
1,907.1
0.0
0.0
Non-Cash Interest Expense
0.0
0.0
Increase in Deferred Taxes
--Minority Interest in Net Income
0.0
0.0
Gain on Disposal of Fixed Asset (from Other Non Op Inc.)
Funds From Operations
2002
w.
10
00
2001
ww
2000
1999
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Company ABC
CapEx and Depreciation Schedule
Upside Case
www.1000zq.com

Beginning Net PP&E
Depreciation
Ending Net PP&E
2001
$19,539.8
2002
2003
2004
2005
$19,539.8
19,050.0
(8,965.5)
$29,624.3
$29,624.3
7,500.0
(12,284.3)
$24,840.0
$24,840.0
7,950.0
(14,144.5)
$18,645.5
$18,645.5
8,800.0
(9,725.0)
$17,720.5
2006
$17,720.5
10,000.0
(9,693.8)
$18,026.8
$500.0
$500.0
$1,500.0
$1,600.0
$1,700.0
$1,800.0
$2,500.0
Plant B
$600.0
$600.0
$1,550.0
$1,700.0
$1,850.0
$2,000.0
$2,500.0
Plant C
$1,000.0
$1,000.0
$6,000.0
$2,200.0
$2,400.0
$3,000.0
$3,000.0
Plant D
$1,000.0
$1,000.0
$10,000.0
$2,000.0
$2,000.0
$2,000.0
$2,000.0
Total Capital Expenditure

Capital Expenditure / Total Revenues
$3,100.0
6.89%
$3,100.0
$19,050.0
4.77%
26.64%
$7,500.0
9.37%
$7,950.0
8.86%
$8,800.0
8.76%
3.0 Years
1.0x
Salvage Value
Land / Non-Depreciable Item
$18,026.8
#VALUE!
0.0
#REF!
#VALUE! #VALUE!
#VALUE! #VALUE!
$0.0
#REF!
$6,584.3
$6,584.3
$6,513.3
$0.0
$0.0
$0.0
$0.0
$19,050.0
7,500.0
7,950.0
8,800.0
10,000.0
0.0
0.0
0.0
0.0
0.0
$2,381.3
$4,762.5
$937.5
$4,762.5
$1,875.0
$993.8
$4,762.5
$1,875.0
$1,987.5
$1,100.0
$2,381.3
$1,875.0
$1,987.5
$2,200.0
$1,250.0
$0.0
937.5
1,987.5
2,200.0
2,500.0
0.0
$0.0
0.0
993.8
2,200.0
2,500.0
0.0
0.0
$12,284.3
$14,144.5
$9,725.0
$9,693.8
$19,539.8
2008
4.0 Years
1.0x
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Total Book Depreciation Expense
New CapEx Life

Times Declining
Existing Net PP&E
$0.0
0.0
$10,000.0
8.89%
Existing PP&E Life

Times Declining
ww
Book Depreciation
w.
10
00
Plant A
zq
2007
om
2000
.c
1999
www.1000zq.com
$8,965.5
Company ABC
Intangibles Schedule
Upside Case
www.1000zq.com

2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
$0.0
0.0
0.0
0.0
$0.0
Tax Amortization
Intangibles
Intangible 2
Intangible 3
Intangible 4
Total Tax Intangibles
40 Years ($0 = Non Tax-Deductible)

0 Years
0 Years
0 Years
$0.0
0.0
0.0
0.0
$0.0
Tax Amortization of Intangibles

Tax Amortization of Intangible 2
Total Tax Deductible Amortization of Intangibles
www.1000zq.com
$0.0
0.0
0.0
0.0
$0.0
.c
zq
w.
10
00
Amortization of Intangible 2
Total Book Amortization of Intangibles
ww
0 Years
0 Years
0 Years
0 Years
om
Book Amortization
Intangibles
Intangible 2
Intangible 3
Intangible 4
Total Book Intangibles
www.1000zq.com
Company ABC
Debt Schedule
Upside Case
TOTAL
Opening Balance
Ending Balance
2003
2004
2005
2006
$0
0
0
$0
$0
$0
$0
0
0
$0
$0
$0
$0
0
0
$0
$0
$0
$0
0
0
$0
$0
$0
$0
0
0
$0
$0
$0
$5,000
0
0
$5,000
$500
$500
$5,000
0
0
$5,000
$500
$500
$5,000
0
0
$5,000
$500
$500
$5,000
0
0
$5,000
$500
$500
$0
0
0
$0
0
$0
$0
0
0
$0
0
$0
$0
0
0
$0
0
$0
$0
0
0
$0
0
$0
$0
0
0
$0
0
$0
$5,000
$5,000
$5,000
$5,000
$5,000
$5,000
$5,000
$5,000
$500
$500
$500
$500
$5,000
$5,000
$500
Total interest paid
www.1000zq.com
10.00%
.c
$5,000
0
0
$5,000
$500
$500
zq
10
00
w.
Effective interest rate
om
2002
ww
(Amounts in US$ 000s)

NEW BORROWINGS A
Opening balance
Additions
Repayments
Ending balance
Interest payment
Total debt service (Interest+Principal)
TERM LOAN B
Opening balance
Additions
Repayments
Ending balance
Interest payment
TERM LOAN C
Opening balance
Additions
Repayments
Ending balance
Interest payment
10.00%
10.00%
Company ABC
Five Year Free Cash Flow Analysis
Upside Case
Terminal EBITDA Multiple Approach
WACC
26.0%
26.5%
27.0%
27.5%
28.0%
Terminal EBITDA Multiple Range

4.5x
5.0x
5.5x
$157,509
Terminal Value
$177,198
$196,887
$216,575
$87,737
86,269
84,833
83,428
82,053
Present Value of Firm Value

$93,934
$100,130
$106,327
92,344
98,419
104,495
90,789
96,746
102,702
89,268
95,109
100,950
87,780
93,508
99,235
WACC
26.0%
26.5%
27.0%
27.5%
28.0%
8.9%
9.3
9.7
10.2
10.6
Implied Perpetuity Growth Rate

10.6%
11.9%
13.1%
11.0
12.4
13.5
11.4
12.8
14.0
11.9
13.3
14.4
12.3
13.7
14.9
2006
$24,806.0
500.0
15.0%
(75.0)
0.0
$25,231.0
9,693.8
0.0
0.0
(142.7)
(10,000.0)
$24,782.1
$39,377.3
$25,088.3
6.0x
$236,264
26.0%
26.5%
27.0%
27.5%
28.0%
Terminal EBITDA Multiple Range

4.5x
5.0x
5.5x
9.9x
Implied Terminal P/E Multiple

10.7x
11.5x
12.3x
$85,237
83,769
82,333
80,928
79,553
WACC
14.0%
14.5
15.0
15.4
15.9
26.0%
26.5%
27.0%
27.5%
28.0%
om
4.0x
WACC
$112,524
110,570
108,659
106,790
104,963
.c
2005
$21,193.3
500.0
15.0%
(75.0)
0.0
$21,618.3
9,725.0
0.0
0.0
(90.6)
(8,800.0)
$22,452.7
zq
2004
$13,472.5
500.0
15.0%
(75.0)
0.0
$13,897.5
14,144.5
0.0
0.0
(51.9)
(7,950.0)
$20,040.1
56.5%
56.3%
56.2%
56.0%
55.8%
Equity Value as of 3/31/01

$91,434
$97,630
$103,827
89,844
95,919
101,995
88,289
94,246
100,202
86,768
92,609
98,450
85,280
91,008
96,735
w.
10
00
4.0x
2003
$10,915.1
500.0
15.0%
(75.0)
0.0
$11,340.1
12,284.3
0.0
0.0
(53.4)
(7,500.0)
$16,071.0
6.0x
13.1x
$110,024
108,070
106,159
104,290
102,463
Terminal Value / Present Value

59.4%
61.9%
64.1%
59.2%
61.7%
64.0%
59.0%
61.6%
63.8%
58.9%
61.4%
63.6%
58.7%
61.3%
63.5%
Net Income
Net Interest Expense / (Income)
Marginal Tax Rate
Financing Tax Shield
Minority Interest in Net Income
Earnings Before Interest
Depreciation and Amortization
Increase in Deferred Taxes
Change in Net Working Capital
Unlevered Free Cash Flow
Terminal EBITDA
Terminal Adjusted Free Cash Flow
ww
2002
$10,667.6
500.0
16.0%
(80.0)
0.0
$11,087.6
8,965.5
0.0
0.0
663.8
(19,050.0)
$1,666.9
US$ in thousands
DCF Assumptions
DCF Assumptions
2006 EBITDA
$39,377.3
Mid-Range
1.0x
5.0
10.0
5.0x
Sensitivity
0.1x
0.5
0.5
Investment in Uncons. Subs.

Minority Interest
Terminal Year Net Debt
Terminal Year Net Income
Latest Fiscal Year End
Valuation Date
Implied Days Before Valuation Date
Implied Days Left After Valuation Date
Data
$112,506.6
39,377.3
24,806.0
0.5x
2006 Revenue
2006 EBITDA
2006 Earnings
Terminal Multiple Based on

1
2
3
(a) Equity Value equals Firm Value less total straight and convertible debt, straight and convertible preferred stock and minority interest, plus cash, options and warrants proceeds and investments in unconsolidated subsidiaries.
(b) Equity Value per Share equals Equity Value divided by Diluted shares outstanding, before Treasury Stock Method share buy-back.
www.1000zq.com
0.0
0.0
($87,920.7)
24,806.0
3/31/01
3/31/01
0
365
66.1%
65.9%
65.8%
65.6%
65.5%
www.1000zq.com

Company ABC
IRR Analysis
Upside Case
2002
2003
Investment Return Calculation

2006E EBITDA
5.0x
6.0x
7.0x
($7,528.0)
(7,528.0)
(7,528.0)
$0.0
0.0
0.0
$0.0
0.0
0.0
2006E Sales
1.0x
1.1x
1.2x
($7,528.0)
(7,528.0)
(7,528.0)
$0.0
0.0
0.0
$0.0
0.0
0.0
2004
$0.0
0.0
0.0
www.1000zq.com
2006
Incremental financing
$0.0
$0.0
0.0
0.0
0.0
0.0
Note: Assumes no tax leakage
2005
$0.0
0.0
0.0
.c
1.0
($87,920.7)
$39,377.3
$112,506.6
31/03/2001
zq
2001
Exchange Rate
Net Debt @ 2006
2006E EBITDA
2006E Sales
Assumed Investment Date
w.
10
00
As of 3/31
$7,528.0
$0.00
0.0%
$8.00
941.0
5,647.0
16.7%
$47,459.5
$54,021.2
$60,582.9
IRR
44.5%
48.3%
51.8%
$33,398.6
$35,273.4
$37,148.2
34.7%
36.2%
37.6%
ww
Summary Assumptions
Entry Amount
Current Market Price
Premium to Market
Investment Price per Share
Shares Purchased ('000)
Total Shares Outstanding (Post)
% of New Shares Issued
om
US$000, except per share data
www.1000zq.com
www.1000zq.com
Company ABC
Valuation Using Comparables
Upside Case
Income Statement
Revenues
EBITDA
Net Income
65,000
15,050
6,250
54,000
36,000
23,000
60,000
38,000
20,000
45,000
34,000
21,000
Market Data
Shares Outstandings ('000)
Share Price
Number of Customers
Equity Valuation/Market Cap.
Net Debt
Enterprise Value
Earnings Growth (CAGR past 3 years)
5,647
8.0
650,000
45,176
2,500
47,676
22%
5,000
30
600,000
150,000
50,000
200,000
6%
5,000
40
500,000
200,000
100,000
300,000
8%
5,000
55
600,000
275,000
200,000
475,000
10%
ww
22%
7.23
3.17
0.73
2.42
73.35
6%
6.52
5.56
3.70
10.00
333.33
Price-Earning Ratio
EV / EBITDA
EV / Sales
Price to Book (Equity)
EV / Customer
Peer A
om
42,000
4,000
18,000
.c
38,000
2,000
17,500
Earnings Growth (CAGR past 3 years)
Peer C
zq
30,000
1,000
15,000
ABC
Peer B
10
00
38,171
5,000
18,697
2001
Peer A
ABC
w.
2001
Balance Sheet
Total Assets
Long-term Debt
Net Worth
Peer B
8%
10.00
7.89
5.00
11.43
600.00
Peer C
10%
13.10
13.97
10.56
15.28
791.67
Industry
Average
9.87
9.14
6.42
12.24
575
Note: Peer companies are those public companies with similar nature of business of target firm .
15.00
10.00
01 P/E
20.00
5.00
0%
5%
10%
15%
20%
EPS Growth
www.1000zq.com
25%
30%
zq
2002
10,668
105,314
91,577
8.22%
10.40%
546
13.78
64,865
72,393
www.1000zq.com
w.
10
00
2001
Exit Year
Net Income
Terminal Value
Discounted Terminal Value
Required Final Percentage Ownership
Required Current Percentage Ownership
Number of New Shares
Price per New Share ($)
Implied Pre-money Valuation
Implied Post-money Valuation
.c
15%
7,528.00
10%
15%
0%
9.9
4,706
2003
10,915
107,758
81,480
9.24%
11.69%
623
12.09
56,883
64,411
ww
Assumptions:
Target Rate of Return (IRR)
Investment Amount (US$'MM)
Percentage of Dilution in ESOP
Percentage of Dilution in IPO
Percentage of Dilution in other Rounds Prior to IPO
Average PE Ratio
Total Current Share Outstanding
om
Valuation Using Venture Capital Method

Upside Case
2004
13,472
133,004
87,453
8.61%
10.89%
575
13.09
61,604
69,132
2005
21,193
209,227
119,626
6.29%
7.96%
407
18.50
87,038
94,566
2006
24,806
244,893
121,755
6.18%
7.82%
399
18.85
88,721
96,249
www.1000zq.com
Control Page
Market Price
Company ABC
Date
$0.00 00/01/1900
52 Week High
52 Week Low
$0.00 00/01/1900
$0.00 00/01/1900
USD$
Enter units in lower case
2001 Year of Last Full Year of Historical Data

Yes
3 March Fiscal Year End Month : 1 = Jan, 2 = Feb, etc..

31 Enter Last Day of Fiscal Year, ex. 31
31/03/2001 Acquiror's Latest Full Year of Historical Financials End Date
ww
#REF!
.c
thousands
zq
Currency
Dollars In
Dollar Header
Historical Year
Use LTM data
Fiscal Year End Month
Fiscal Year End Day
Date Header
Acquiror Latest Full Year of Historical Financi
w.
10
00
Company Name
om
General Model Information
www.1000zq.com
www.1000zq.com

Null

Caricato da

Informazioni sul documento

Descrizione originale:

Titolo originale

Copyright

Formati disponibili

Condividi questo documento

Condividi o incorpora il documento

Opzioni di condivisione

Hai trovato utile questo documento?

Questo contenuto è inappropriato?

Copyright:

Formati disponibili

Null

Caricato da

Copyright:

Formati disponibili

www.1000zq.

Private Equity Buy-side Valuation Model

(USD$ in thousands, Except per Share Data)

Projected Fiscal Year Ending March 31,

% Shareholding % Shareholding Amount Raised Date

Leveraged Debt Amount

Acquisition Capital Structure

Corporate Tax Rate (average, effective)

Future Financing Assumption

Currency & Interest Rate Assumption

Valuation (Acquisition Price / Stake)

Leveraged Debt Financing Terms

(USD$ in thousands, Except per Share Data)

Projected Fiscal Year Ending March 31,

(USD$ in thousands, Except per Share Data)

Projected Year Ending December 31,

Revenue Growth Rate - Product A

Revenue Growth Rate - Product A

Projected Year Ending December 31,

Projected Year Ending December 31,

Other Expenses (Income):

Minority Interest in Net Income

Extraordinary Charges (Income)

(USD$ in thousands, Except per Share Data)

Net Property, Plant & Equipment

Cash and Equivalents

Projected Fiscal Year Ending March 31,

Projected Fiscal Year Ending March 31,

(Inc.) Dec. in Acct. Rec.

Beginning Cash and Equivalents

ST Debt Issuance (Repay.)

Net Income to Common

(USD$ in thousands, Except per Share Data)

Projected Fiscal Year Ending March 31,

Total Capital Expenditure

New CapEx Life

Existing Net PP&E

Existing PP&E Life

(USD$ in thousands, Except per Share Data)

Projected Fiscal Year Ending March 31,

40 Years ($0 = Non Tax-Deductible)

Tax Amortization of Intangibles

Total interest paid

Effective interest rate

(Amounts in US$ 000s)

Terminal EBITDA Multiple Range

Present Value of Firm Value

Implied Perpetuity Growth Rate

Terminal EBITDA Multiple Range

Implied Terminal P/E Multiple

Equity Value as of 3/31/01

Terminal Value / Present Value

Investment in Uncons. Subs.

Terminal Multiple Based on

Investment Return Calculation

Note: Assumes no tax leakage

US$000, except per share data

Earnings Growth (CAGR past 3 years)

Valuation Using Venture Capital Method

2001 Year of Last Full Year of Historical Data

3 March Fiscal Year End Month : 1 = Jan, 2 = Feb, etc..

31/03/2001 Acquiror's Latest Full Year of Historical Financials End Date