-: DCF Assumptions :-

Financial Projections:
1) Revenue Growth-
a. 2012: 25%, 2013: 18%, 2014: 13%, 2015: 7%, 2016: 3%
b. Long term Growth Rate: 3.0%
2) Annual Gross and Operati ng expense as% of revenue: 94.3%
3) Annual D&A as % of revenue: 1.20%
4) Annual capi tal expendi ture as % of revenue: 1.00%
5) Annual worki ng capi tal change (% of revenue change): 5.00%
6) Tax rate: 30.0%
WACC Assumptions:
1) Equi ty share in Capi tal (%): 100%
2) Debt share i n Capi tal (%): 0.0%
3) Risk-free rate: 2.5%
4) Beta: 0.95
5) Equi ty Risk Premium: 6.0%
6) Si ze Premi um: 2.7%