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From this sheet you will learn how to create the fullmodel for professional networking company LinkedI
financial statements from scratch to find the equity
analysis for better understanding.
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Pristine
Valuation
Model
4,000,000
Revenue from Hiring Solutions
Revenue from Marketing Solutions
Revenue from Premium Subscriptions
Cash & Cash Equivalents
Stockholders' Equity
Profit Before Taxes
3,500,000
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
FY 08A
(500,000)
FY 09A
FY 10A
FY 10A
LinkedIn Summary
FY 08A
17,352
25,972
35,449
80,495
5,230
(1,012)
FY 09A
36,136
38,278
45,713
89,979
9,082
284
FY 11A
10
101,379
74,176
60,777
104,209
25,971
25,586
FY 12A
11
247,948
121,793
76,157
292,552
208,869
11,966
12
534,411
179,865
85,511
363,043
270,323
93,113
FY 13A
FY 14
FY 13A
13
1,064,633
244,022
96,176
519,900
410,063
211,726
14
1,980,863
316,663
115,485
786,033
656,451
373,316
15
3,508,512
395,491
133,462
1,240,777
1,075,002
634,168
Premium
Subscription
Hiring
Marketing
Cash
Stockholder's
Profit
Solution
Solutions
Before Taxes
FY 15A
mium
Solution
keting
Subscription
Solutions
kholder's
Equity
Before Taxes
Stockholders' Equity
FY 08A
1%
-7%
-7%
-2%
EBITDA Margins
EBIT Margins
EBT Margins
20.00%Net Profit Margin
Return on Assets (ROA)
Return on Invested Capital (RoIC)
Return on Stockholder's Equity
Asset Turnover Ratio
15.00%
Average Day's Sales
No. of Days of Receivables
Working Capital Turnover
Current Ratio
10.00%Acid Test Ratio
FY 09A
7%
-3%
-3%
0%
FY 10A
14%
9%
9%
7%
5.00%
0.00%
FY 08A
-5.00%
-10.00%
FY 09A
FY 10A
FY 11A
Ratio A
FY 11A
4%
1%
1%
2%
FY 12A
12%
10%
10%
8%
FY 13A
15%
14%
14%
10%
FY 14A
15%
14%
14%
10%
FY 11A
FY 12A
FY 13A
FY 15A
15%
15%
15%
10%
FY 14A
FY 15A
Profitability
Return
Activity
Liquidity
Ratios
on Investment Ratios
Ratios
& Solvency Ratio
EBITDA Margins
EBIT Margins
Return on Stockholder's Equity
Working Capital Turnover
FY 15A
Current Ratio
EBT Margins
Net Profit Margin
Return on Assets (ROA)
Return on Invested Capital (RoIC)
Asset Turnover Ratio
Acid Test Ratio
Assumptions
(Unless otherwise specified, all financials are in US $ Thousand)
Income Tax Rate
Balance Sheet Assumptions
Accounts Receivables No. of Days
CAGR
Scroll Bar
Actual
CAGR
CAGR
Interest Rates
Interest rate on Cash Balance
Interest rate on Overdraft
FY 07A
4%
6%
FY 08A
FY 09A
10
11
34%
34%
34%
34%
69
74
4000%
72
72
3%
4%
200%
2%
200%
2%
112%
116%
16%
181%
12
15
13
13
19%
21%
20%
20%
4%
6%
4%
6%
4%
6%
4%
6%
12
13
14
15
34%
34%
34%
34%
72
72
0%
72
72
200%
2%
200%
2%
200%
2%
2%
24%
43%
0%
51%
58%
13
14
13
13
20%
20%
0%
20%
20%
4%
6%
4%
6%
4%
6%
4%
6%
Revenue Build-Up
(Unless otherwise specified, all financials are in US $ Thousand)
Cents
Cents
Annual Schedule
Yearly Revenue
Hiring Solution Revenue
Maketing Solution Revenue
Premium Solution Revenue
Number of Registered Members
Growth Rate of Registered Members
LinkedIn's Corporate Customers
Growth Rate of Corporate Customers
Cents
31-Mar-09
FY 2009
30-Jun-09
FY 2009
30-Sep-09
FY 2009
31-Dec-09
FY 2009
31-Mar-10
FY 2010
37,355
42,012
48,004
55,111
64,177
12%
14%
15%
16%
1,116
1,260
1,585
1,827
11%
13%
26%
15%
6,277
8,113
9,363
12,383
16,929
623
727
743
781
927
6,103
8,727
8,990
14,458
14,336
16
21
19
26
22
10,862
10,914
11,445
12,492
13,561
29
26
24
23
21
23,242
27,754
29,798
39,333
44,826
FY 2009
36,136
38,278
45,713
FY 2010
101,379
74,176
60,777
FY 2011
247,948
121,793
76,157
FY 2012
534,411
179,865
85,511
FY 2013
1,064,633
244,022
96,176
182,482
306,617
68%
467,093
52%
638,360
37%
801,465
26%
4,969
10,451
110%
20,852
100%
36,531
75%
59,079
62%
1,008
30-Jun-10
FY 2010
30-Sep-10
FY 2010
31-Dec-10
FY 2010
31-Mar-11
FY 2011
30-Jun-11
FY 2011
71,825
80,553
90,062
102,175
111,285
12%
12%
12%
13%
9%
2,306
2,849
3,469
3,859
4,716
26%
24%
22%
11%
22%
21,723
27,274
35,453
42,264
53,871
942
957
1,022
1,095
1,142
18,308
18,836
22,696
25,669
28,887
25
23
25
25
26
14,864
15,682
16,670
17,981
18,711
21
19
19
18
17
54,895
61,792
74,819
85,913
101,469
FY 2014
1,980,863
316,663
115,485
FY 2015
3,508,512
395,491
133,462
962,374
20%
1,112,186
16%
89,211
51%
128,258
44%
30-Sep-11
FY 2011
31-Dec-11
FY 2011
31-Mar-12
FY 2012
30-Jun-12
FY 2012
30-Sep-12
FY 2012
121,469
132,164
145,975
154,612
164,123
9%
9%
10%
6%
6%
5,637
6,640
7,122
8,419
9,727
20%
18%
7%
18%
16%
67,587
84,226
95,359
118,534
144,299
1,199
1,268
1,339
1,408
1,483
31,729
35,508
39,857
43,105
46,583
26
27
27
28
28
19,390
20,076
21,105
21,281
21,488
16
15
14
14
13
118,706
139,810
156,320
182,920
212,369
31-Dec-12
FY 2012
31-Mar-13
FY 2013
30-Jun-13
FY 2013
30-Sep-13
FY 2013
31-Dec-13
FY 2013
173,650
188,324
195,700
203,824
213,617
6%
8%
4%
4%
5%
11,263
11,856
13,778
15,644
17,801
16%
5%
16%
14%
14%
176,220
195,488
239,318
286,377
343,449
1,565
1,649
1,737
1,831
1,929
50,321
55,615
58,938
62,580
66,888
29
30
30
31
31
21,637
22,599
23,484
24,459
25,634
12
12
12
12
12
248,178
273,702
321,740
373,417
435,972
31-Mar-14
FY 2014
30-Jun-14
FY 2014
30-Sep-14
FY 2014
31-Dec-14
FY 2014
31-Mar-15
FY 2015
229,532
236,227
243,672
252,943
269,258
7%
3%
3%
4%
6%
18,382
20,995
23,419
26,415
27,014
3%
14%
12%
13%
2%
373,736
449,816
528,774
628,536
677,383
2,033
2,142
2,258
2,379
2,508
73,277
76,898
80,879
85,609
92,920
32
33
33
34
35
27,544
28,347
29,241
30,353
32,311
12
12
12
12
12
474,557
555,062
638,894
744,498
802,613
30-Jun-15
FY 2015
30-Sep-15
FY 2015
31-Dec-15
FY 2015
274,419
280,323
288,186
2%
2%
3%
30,584
33,809
36,851
13%
11%
9%
808,179
941,498
1,081,452
2,642
2,785
2,935
96,562
100,578
105,431
35
36
37
32,930
33,639
34,582
12
12
12
937,672
1,075,714
1,221,466
Cost Build-Up
(Unless otherwise specified, all financials are in US $ Thousand)
Cost of Revenue
Cost of Revenue as % of Total Revenue
Sales and Marketing
Sales & Marketing as % of Total Revenue
Product Development
Product Development Cost as % of Total Revenue
General and Administrative
General & Administrative as % of Total Revenue
Depreciation and Amortization
Depreciation & Amortization as % of Total Revenue
$ US
$ US
Product Development
$ US
$ US
Yearly Cost
Cost of Revenue
Sales and Marketing
Product Development
General and Administrative
31-Mar-09
FY 2009
30-Jun-09
FY 2009
30-Sep-09
FY 2009
31-Dec-09
FY 2009
31-Mar-10
FY 2010
5,597
24%
6,025
22%
6,399
21%
7,836
20%
8,305
19%
5,331
23%
5,936
21%
6,310
21%
9,270
24%
10,454
23%
8,547
37%
8,747
32%
10,013
34%
12,137
31%
12,141
27%
3,908
17%
4,042
15%
4,881
16%
6,649
17%
6,672
15%
2,499
11%
2,788
10%
3,112
10%
3,455
9%
3,940
9%
79
74
75
142
89
161
137
160
199
250
519
546
581
700
690
668
619
687
805
905
FY 2009
25,857
26,847
39,444
19,480
FY 2010
45,245
55,460
67,094
34,999
FY 2011
92,524
114,735
141,390
79,044
FY 2012
153,248
189,969
237,748
125,266
FY 2013
257,428
324,711
407,025
210,556
30-Jun-10
FY 2010
30-Sep-10
FY 2010
31-Dec-10
FY 2010
31-Mar-11
FY 2011
30-Jun-11
FY 2011
9,842
18%
11,835
19%
15,263
20%
17,933
21%
21,059
21%
13,055
24%
14,831
24%
17,120
23%
21,370
25%
25,745
25%
14,822
27%
17,188
28%
22,943
31%
27,313
32%
32,299
32%
7,667
14%
9,092
15%
11,568
15%
14,835
17%
17,913
18%
4,201
8%
4,845
8%
90
122
277
317
675
790
913
1,002
FY 2014
448,826
563,285
675,544
367,933
FY 2015
746,115
937,669
1,140,086
610,454
30-Sep-11
FY 2011
31-Dec-11
FY 2011
31-Mar-12
FY 2012
30-Jun-12
FY 2012
30-Sep-12
FY 2012
24,514
21%
29,018
21%
29,816
19%
35,189
19%
40,879
19%
30,830
26%
36,791
26%
37,114
24%
43,420
24%
50,330
24%
37,485
32%
44,293
32%
45,860
29%
54,275
30%
63,576
30%
21,172
18%
25,123
18%
24,089
15%
28,565
16%
33,437
16%
31-Dec-12
FY 2012
31-Mar-13
FY 2013
30-Jun-13
FY 2013
30-Sep-13
FY 2013
31-Dec-13
FY 2013
47,364
19%
51,536
19%
59,697
19%
68,166
18%
78,028
18%
59,106
24%
64,771
24%
75,354
23%
86,096
23%
98,490
23%
74,037
30%
80,886
30%
94,035
29%
107,884
29%
124,220
28%
39,176
16%
42,625
16%
49,150
15%
55,679
15%
63,102
14%
31-Mar-14
FY 2014
30-Jun-14
FY 2014
30-Sep-14
FY 2014
31-Dec-14
FY 2014
31-Mar-15
FY 2015
88,883
19%
103,558
19%
118,659
19%
137,727
18%
148,100
18%
111,172
23%
129,785
23%
149,097
23%
173,232
23%
186,300
23%
134,641
28%
156,451
28%
178,483
28%
205,968
28%
227,909
28%
72,797
15%
84,928
15%
97,350
15%
112,858
15%
121,192
15%
30-Jun-15
FY 2015
30-Sep-15
FY 2015
31-Dec-15
FY 2015
172,884
18%
198,616
18%
226,515
19%
217,369
23%
249,562
23%
284,438
23%
265,146
28%
303,237
28%
343,794
28%
141,349
15%
162,409
15%
185,504
15%
Assets Schedule
Estimated Life of Computer Equipment
Estimated Life of Software
Estimated Life of Web Dev. & Internal-Use Software
Estimated Life of Furniture & Fixtures
Estimated Life of Leasehold Improvements
(Unless otherwise specified, all financials are in US $ Thousand)
Property & Equipments
Computer Equipment
Opening Balance
Addition of Asset
Removal of Asset
Closing Balance
Accumulated Depreciation
Net
Software
Opening Balance
Addition of Asset
Removal of Asset
Closing Balance
Accumulated Depreciation
Net
Capitalized Website Development & Internal-Use Software
Opening Balance
Addition of Asset
Removal of Asset
Closing Balance
Accumulated Depreciation
Net
Furniture & Fixtures
Opening Balance
Addition of Asset
Removal of Asset
Closing Balance
Accumulated Depreciation
Net
Leasehold Improvements
Opening Balance
Addition of Asset
Removal of Asset
Closing Balance
Accumulated Depreciation
Net
Total Gross Assets
Accumulated Depreciation
Years
Years
Years
Years
Years
1.5
2.5
2.0
4.5
2.0
Depreciation Expense
Computer Equipment
Software
Capitalized Website Development & Internal-Use Software
Furniture & Fixtures
Leasehold Improvements
Total Depreciation Expense
Intangible Assets
Patents
Opening Balance-Gross
Addition of Asset
Removal of Asset
Closing Balance-Gross
Accumulated Amortization
Net Patents
Developed Technology
Opening Balance-Gross
Addition of Asset
Removal of Asset
Closing Balance-Gross
Accumulated Amortization
Net
Non-Compete Agreements
Opening Balance-Gross
Addition of Asset
Removal of Asset
Closing Balance-Gross
Accumulated Amortization
Net
Workforce in Place
Opening Balance-Gross
Addition of Asset
Removal of Asset
Closing Balance-Gross
Accumulated Amortization
Net
Amortization Expense
Patents
Developed Technology
Non-Compete Agreements
Workforce
Total Amortization Expense
Total Intangible Assets
Amortization
FY 07A
FY 08A
FY 09A
10
11
12
19,699
5,976
13,723
19,699
9,479
29,178
13,927
15,251
29,178
8,312
37,490
21,781
15,709
37,490
8,723
46,213
29,925
16,288
46,213
7,673
53,886
37,912
15,974
4,708
1,428
3,280
4,708
1,915
6,623
2,658
3,965
6,623
1,927
8,550
3,836
4,714
8,550
1,985
10,535
5,176
5,359
10,535
1,749
12,285
6,598
5,687
4,625
1,402
3,223
4,625
2,568
7,193
2,964
4,229
7,193
2,000
9,193
4,521
4,672
9,193
2,000
11,193
6,189
5,004
11,193
2,000
13,193
7,940
5,253
1,144
346
798
1,144
221
1,365
472
893
1,365
500
1,865
627
1,238
1,865
500
2,365
820
1,545
2,365
500
2,865
1,047
1,818
1,006
306
700
1,006
1,169
2,175
783
1,392
2,175
2,175
1,131
1,044
2,175
2,175
1,392
783
2,175
2,175
1,588
587
31,182
9,458
46,534
20,804
59,273
31,897
72,482
43,503
84,404
55,085
628
7,951
1,230
1,562
126
477
11,346
7,854
1,178
1,557
155
348
11,093
8,144
1,340
1,668
193
261
11,606
7,987
1,422
1,751
227
196
11,583
628
628
122
506
628
628
331
297
628
628
541
87
628
628
628
-
628
628
628
-
2,206
2,206
267
1,939
2,206
2,206
1,129
1,077
2,206
2,206
1,991
215
424
424
67
357
424
424
298
126
424
424
424
-
3,259
3,259
426
2,833
3,259
3,259
2,045
1,214
3,259
3,259
3,259
-
122
122
209
209
210
267
67
426
970
87
862
231
1,619
2,799
862
126
1,214
2,202
628
122
628
331
6,517
1,301
6,517
4,100
6,517
6,302
13
14
15
53,886
6,394
60,280
45,368
14,912
60,280
5,730
66,010
52,249
13,761
66,010
4,915
70,925
58,474
12,451
12,285
1,458
13,742
8,027
5,716
13,742
1,306
15,049
9,431
5,618
15,049
1,120
16,169
10,779
5,390
13,193
2,000
15,193
9,753
5,440
15,193
2,000
17,193
11,613
5,580
17,193
2,000
19,193
13,508
5,685
2,865
100
2,965
1,260
1,705
2,965
100
3,065
1,461
1,604
3,065
100
3,165
1,650
1,515
2,175
2,175
1,735
440
2,175
2,175
1,845
330
2,175
2,175
1,927
248
94,356
66,143
103,492
76,599
111,628
86,339
7,456
1,429
1,813
213
147
11,058
6,881
1,404
1,860
201
110
10,456
6,225
1,348
1,895
189
83
9,740
628
628
628
-
628
628
628
-
628
628
628
-
2,206
2,206
2,206
-
2,206
2,206
2,206
-
2,206
2,206
2,206
-
424
424
424
-
424
424
424
-
424
424
424
-
3,259
3,259
3,259
-
3,259
3,259
3,259
-
3,259
3,259
3,259
-
215
215
6,517
6,517
6,517
6,517
6,517
6,517
DuPont Analysis
Sales
236,332
Cost of Sales
Earnings Available
45,015
13,003
Income Statement
Operating Expense
divided by
169,615
Interest Expense
Sales
-
236,332
Tax Expense
8,699
Others
-
Sales
236,332
Current Assets
158,414
divided by
+
Net Fixed Assets (PPE)
Total Assets
Balance Sheet
32,592
191,006
Total Liabilities
77,054
Current Liabilities
76,526
+
Long Term Debt
528
Stockholder Equity
(SE)
113,952
ont Analysis
multiplied by
multiplied by
divided by
Return on Common
Equity (ROE)
11.4%
Income Statements
(Unless otherwise specified, all financials are in US $ Thousand)
Revenue
Hiring Solutions
Marketing Solutions
Premium Subscriptions
Total Revenue
Interest Income
Other Income
Total Income
Expenses
Cost of Revenue
Sales and Marketing
Product Development
General and Administrative
Depreciation and Amortization
Total Expenses
Profit Before Tax
Provision for Income Taxes
Profit After Tax
Undistributed Earnings Allocated to Preferred SH
Balance Transfer to Balance Sheet
FY 07A
FY 08A
FY 09A
10
11
12
7,467
7,780
17,239
32,486
17,352
25,972
35,449
78,773
36,136
38,278
45,713
120,127
101,379
74,176
60,777
236,332
247,948
121,793
76,157
445,898
534,411
179,865
85,511
799,787
773
3,220
1,277
3,409
230
3,884
230
7,935
230
13,112
230
33,259
83,270
123,766
240,446
454,063
813,129
7,384
5,037
11,578
6,812
2,107
32,918
18,589
16,986
29,366
12,976
6,365
84,282
25,857
26,847
39,444
19,480
11,854
123,482
45,245
55,460
67,094
34,999
12,063
214,860
92,524
114,735
141,390
79,044
14,405
442,098
153,248
189,969
237,748
125,266
13,785
720,016
341
(1,012)
284
25,586
11,966
93,113
13
290
848
8,699
4,068
31,658
328
(1,302)
(564)
16,886
7,897
61,454
328
(1,302)
(564)
16,886
7,897
61,454
13
14
15
1,064,633
244,022
96,176
1,404,831
1,980,863
316,663
115,485
2,413,011
3,508,512
395,491
133,462
4,037,465
17,659
230
26,119
230
40,536
230
1,422,719
2,439,360
4,078,231
257,428
324,711
407,025
210,556
11,273
1,210,993
448,826
563,285
675,544
367,933
10,456
2,066,044
746,115
937,669
1,140,086
610,454
9,740
3,444,063
211,726
373,316
634,168
71,987
126,927
215,617
139,739
246,388
418,551
139,739
246,388
418,551
Over Draft
(Unless otherwise specified, all financials are in US $ Thousand)
Cash/Overdraft
Interest rate on Cash Balance
Interest rate on Overdraft
Interest Earned/Expensed
FY 07A
FY 08A
FY 09A
10
11
80,495
89,979
104,209
292,552
4%
6%
4%
6%
4%
6%
4%
6%
3,220
3,409
3,884
7,935
12
13
14
15
363,043
519,900
786,033
1,240,777
4%
6%
4%
6%
4%
6%
4%
6%
13,112
17,659
26,119
40,536
Stockholders
(Unless otherwise specified, all financials are in US $ Thousand)
No. of Shares
Reedemable Convertible Preferred Stock
Opening Balance
Series C
Series D
Clossing Balance
Convertible Preferred Stock
Opening Balance
Series A
Series B
Clossing Balance
Common Stock
Opening Balance
Issuance of Common Stock
Repurchase
Clossing Balance
Amount
Reedemable Convertible Preferred Stock
Series C
Opening Balance
Addition during the year
Removal during the year
Closing Balance
Series D
Opening Balance
Addition during the year
Removal during the year
Closing Balance
Convertible Preferred Stock
Opening Balance
Series A
Series B
Clossing Balance
Warrants
Common Stock
Opening Balance
Issuance of Common Stock
Repurchase
Clossing Balance
FY 07A
FY 08A
FY 09A
FY 10A
FY 11A
FY 12A
4,357,644
4,357,644
4,357,644
6,599,987
10,957,631
10,957,631
10,957,631
10,957,631
10,957,631
10,957,631
10,957,631
10,957,631
10,957,631
17,168,214
17,450,991
34,619,205
34,619,205
34,619,205
34,619,205
34,619,205
34,619,205
34,619,205
34,619,205
34,619,205
34,619,205
34,619,205
34,779,864
8,286,424
649,030
42,417,258
42,417,258
1,048,310
1,552,467
41,913,101
41,913,101
1,704,436
1,871,809
41,745,728
41,745,728
1,095,356
42,841,084
42,841,084
42,841,084
42,841,084
42,841,084
(100)
12,800
12,700
12,700
12,700
12,700
12,700
12,700
12,700
12,700
12,700
12,700
12,700
75,281
75,281
75,281
75,281
75,281
75,281
75,281
75,281
75,281
75,281
15,413
15,413
15,413
15,413
15,413
15,413
15,413
15,413
15,413
15,413
15,413
15,413
15
15
3
3
3
3
3
1
4
4
4
4
175,000
175,004
175,004
175,004
292
327
133
1,840
2,592
2,592
778
913
3,197
4,692
5,778
5,778
1,083
792
198
6,270
13,725
13,725
13,725
13,725
13,725
13,725
13,725
(23)
(3)
(11,762)
328
(11,434)
(11,434)
(3,220)
(1,302)
(15,956)
(15,956)
(3,537)
(564)
(20,057)
(20,057)
16,886
(3,171)
(3,171)
7,897
4,727
4,727
61,454
66,181
6,589
5,230
9,082
25,971
208,869
270,323
FY 13A
FY 14A
FY 15A
10,957,631
10,957,631
10,957,631
10,957,631
10,957,631
10,957,631
34,619,205
34,619,205
34,619,205
34,619,205
34,619,205
34,619,205
42,841,084
42,841,084
42,841,084
42,841,084
42,841,084
42,841,084
12,700
12,700
12,700
12,700
12,700
12,700
75,281
75,281
75,281
75,281
75,281
75,281
15,413
15,413
15,413
15,413
15,413
15,413
175,004
175,004
175,004
175,004
175,004
175,004
13,725
13,725
13,725
13,725
13,725
13,725
66,181
139,739
205,921
205,921
246,388
452,309
452,309
418,551
870,860
410,063
656,451
1,075,002
Balance Sheet
(Unless otherwise specified, all financials are in US $ Thousand)
Assets
Fixed Assets
Gross Block
Less: Accumulated Depreciation
Net Block
Intangible Assets
Gross Block
Less: Accumulated Amortization
Net Block
Total Fixed Assets
Current Assets & Loans and Advances
Cash & Cash Equivalents
Accounts Receivables
Prepaid Expenses and Other Current Assets
Restricted Cash
Income Tax Receivables
Deferred Income Taxes
Other Assets
Total Current Asstes
Total Assets
Liabilities
Current Liabilities
Overdraft
Accounts Payable
Accrued Liabilities
Deferred Revenue
Income Tax Payable
Deferred Tax Liabilities
Total Current Liabilities
Long Term Liabilities
Total Liabilities
Net Worth
Redeemable Convertible Preferred Stock
Series C
Series D
Total RCPS
Stockholders Equity
Convertible Preferred Stock
Warrants Issued
Common Stock
Additional Paid in Capital
Accumulated Other Comprehensive Loss
Accumulated Deficit
Total Stockholders Equity
Total Net Worth
Total Net Worth & Liabilities
Check
FY 07A
12,700
12,700
FY 08A
FY 09A
10
11
12
31,182
9,458
21,724
46,534
20,804
25,730
59,273
31,897
27,376
72,482
43,503
28,979
84,404
55,085
29,319
628
122
506
628
331
297
6,517
1,301
5,216
6,517
4,100
2,417
6,517
6,302
215
22,230
26,027
32,592
31,396
29,534
80,495
14,987
2,718
218
62
731
621
99,832
89,979
24,324
5,160
1,695
1,374
122,532
104,209
46,409
4,727
1,695
1,374
158,414
292,552
87,561
8,918
1,695
1,374
392,100
363,043
157,055
15,996
1,695
1,374
539,163
122,062
148,559
191,006
423,496
568,697
2,510
10,224
14,858
133
731
28,456
4,919
18,352
25,450
552
1,695
50,968
8,604
18,352
47,323
552
1,695
76,526
16,233
18,352
89,286
552
1,695
126,118
29,117
18,352
160,148
552
1,695
209,864
395
528
528
528
528
28,851
51,496
77,054
126,646
210,392
12,700
75,281
87,981
12,700
75,281
87,981
12,700
75,281
87,981
12,700
75,281
87,981
12,700
75,281
87,981
15,413
15,413
15,413
15,413
15,413
15
3
5,778
(23)
(15,956)
5,230
4
13,725
(3)
(20,057)
9,082
4
13,725
(3,171)
25,971
175,004
13,725
4,727
208,869
175,004
13,725
66,181
270,323
93,211
97,063
113,952
296,850
358,304
122,062
148,559
191,006
423,496
568,697
13
14
15
94,356
66,143
28,212
103,492
76,599
26,893
111,628
86,339
25,289
6,517
6,517
-
6,517
6,517
-
6,517
6,517
-
28,212
26,893
25,289
519,900
278,015
28,097
1,695
1,374
829,080
786,033
474,767
48,260
1,695
1,374
1,312,129
1,240,777
794,768
80,749
1,695
1,374
2,119,364
857,293
1,339,023
2,144,652
52,740
18,352
285,382
552
1,695
358,721
88,533
18,352
484,930
552
1,695
594,062
148,421
18,352
812,122
552
1,695
981,141
528
528
528
359,249
594,590
981,669
12,700
75,281
87,981
12,700
75,281
87,981
12,700
75,281
87,981
15,413
15,413
15,413
175,004
13,725
205,921
410,063
175,004
13,725
452,309
656,451
175,004
13,725
870,860
1,075,002
498,044
744,432
1,162,983
857,293
1,339,023
2,144,652
Cashflow Statement
(Unless otherwise specified, all financials are in US $ Thousand)
Cashflow from Operations
PAT
Add: Depreciation
Add: Amortization
Less: Increase in Accounts Receivables
Less: Increase in Other Current Assets
Less: Increase in Restricted Cash
Less: Increase in Income Tax Receivables
Less: Increase in Deferred Income Taxes
Less: Increase in Other Assets
Add: Increase in Accounts Payable
Add: Increase in Accrued Liabilities
Add: Increase in Deferred Revenue
Add: Increase in Income Tax Payable
Add: Increase in Deferred Tax Liabilities
Net Cashflow from Operations
Cashflow from Investment Activities
Less: Increase in Gross Block(Fixed Assets)
Less: Increase in Gross Block(Intangible Assets)
Net Cashflow from Investment Activities
Cashflow from Financing Activities
Add: Increse in Long Term Liabilities
Add: Increase in RCPS Series C
Add: Increase in RCPS Series D
Add: Increase in Convertible Preferred Stock Series A
Add: Increase in Warrants Issued
Add: Increase in Common Stock
Add: Increase in Additional Paid in Capital
Add: Increase in Accumulated Other Comprehensive Loss
Add: Increase in Accumulated Deficit
Net Cashflow from Financing Activities
Net Change in Cash
FY 07A
FY 08A
80,495
FY 09A
10
11
12
(564)
11,346
209
(9,337)
(2,442)
218
62
(964)
(753)
2,409
8,128
10,592
419
964
20,287
16,886
11,093
970
(22,085)
433
3,685
21,873
32,856
7,897
11,606
2,799
(41,153)
(4,191)
7,629
41,963
26,551
61,454
11,583
2,202
(69,493)
(7,078)
12,884
70,862
82,414
(15,352)
(15,352)
(12,739)
(5,889)
(18,628)
(13,208)
(13,208)
(11,922)
(11,922)
133
(15)
1
7,947
20
(3,537)
4,549
3
3
175,000
175,000
9,484
14,230
188,342
70,491
80,495
9,484
89,979
89,979
14,230
104,209
104,209
188,342
292,552
292,552
70,491
363,043
89,979
104,209
292,552
363,043
13
14
15
139,739
11,058
215
(120,960)
(12,101)
23,623
125,234
166,808
246,388
10,456
(196,752)
(20,164)
35,794
199,548
275,270
418,551
9,740
(320,002)
(32,489)
59,888
327,191
462,879
(9,952)
(9,952)
(9,137)
(9,137)
(8,135)
(8,135)
156,856
266,134
454,743
363,043
156,856
519,900
519,900
266,134
786,033
786,033
454,743
1,240,777
519,900
786,033
1,240,777
FY 07A
FY 08A
FY 09A
10
11
12
5%
1%
7%
14%
4%
12%
-1%
-7%
-3%
9%
1%
10%
-1%
-7%
-3%
9%
1%
10%
1%
-2%
0%
7%
2%
8%
-1%
0%
9%
2%
11%
-1%
0%
22%
4%
26%
-1%
-1%
15%
3%
17%
0.65
0.81
1.24
1.05
1.41
216
329
647
1222
2191
69
74
72
72
72
1.10
1.68
2.89
1.68
2.43
3.51
2.40
2.07
3.11
2.57
3.36
2.24
1.97
3.01
2.48
13
14
15
15%
15%
15%
14%
14%
15%
14%
14%
15%
10%
10%
10%
16%
18%
20%
42%
50%
55%
28%
33%
36%
1.64
1.80
1.88
3849
6611
11062
72
72
72
2.99
3.36
3.55
2.31
2.21
2.16
2.22
2.12
2.07
Valuation Sheet
Risk Free Rate
Market Risk Premium
Beta
Cost of Equity
Tax Rate
Terminal Growth Rate
No of Shares Outstanding
Tax Rate
%
%
%
%
%
Thousands
%
$ US
4.67%
5%
1.368
12%
34%
3%
87,884
34%
FY 07A
FY 08A
FY 09A
10
11
(1,302)
6,365
(2,125)
(564)
11,854
(2,250)
16,886
12,063
(2,563)
7,897
14,405
(5,237)
9,337
2,442
(218)
(62)
964
753
(2,409)
(8,128)
(10,592)
(419)
(964)
15,352
3,109
22,085
(433)
(3,685)
(21,873)
18,628
11,664
41,153
4,191
(7,629)
(41,963)
13,208
8,105
(2,250)
133
5,493
(2,563)
14,227
(5,237)
13,342
(2,125)
678,865
2,456,246
3,135,110
36
12
13
14
15
61,454
13,785
(8,654)
139,739
11,273
(11,655)
246,388
10,456
(17,238)
418,551
9,740
(26,754)
69,493
7,078
(12,884)
(70,862)
11,922
61,838
120,960
12,101
(23,623)
(125,234)
9,952
145,201
196,752
20,164
(35,794)
(199,548)
9,137
248,895
320,002
32,489
(59,888)
(327,191)
8,135
427,990
(8,654)
70,491
(11,655)
156,856
(17,238)
266,134
(26,754)
454,743
Comparable Valuation
EBITDA
Profit after Tax (PAT)
Book Value of Equity
Debt
Cash and Equivalents
Mean
FY10E EV/EBITDA
FY11E EV/EBITDA
Mean
FY10E P/E
FY11E P/E
Valuation on the basis of:
FY10E P/BV
FY11E P/BV
Mean
FY 07A
FY 08A
FY 09A
10
11
12
1,675
328
856
(1,302)
93,211
395
80,495
8,499
(564)
97,063
528
89,979
33,535
16,886
113,952
528
104,209
18,205
7,897
296,850
528
292,552
93,556
61,454
358,304
528
363,043
P/ E (x)
FY12E
22.5x
23.1x
71.4x
76.9x
23.8x
43.5
23.8
FY13E
21.5x
22.1x
70.4x
75.9x
22.8x
42.5
22.8
Multiple (x)
27.7x
26.7x
EBITDA
93,556
205,111
Multiple (x)
43.5x
42.5x
EPS
Multiple (x)
5.9x
5.4x
BVPS
P/BV(x)
FY12E
3.78
2.27
11.53
32.1
4.35
5.9x
3.8x
EV
2,593,733
5,481,375
0.70
1.59
Share Price
30
68
4.08
6
Share Price
24
30
Share Price as pe
Min
EV/ EBITDA (x) Mul
30.7
P/E (x) Multiple
30.4
P/BV (x) Multiple
23.9
Price from Discounted Cash Flow
Max
65.7
67.6
30.4
FY13E
3.3x
1.8x
11.0x
31.6x
3.9x
5.4x
3.3x
Net Debt
(103,681)
(292,024)
Diff
35.0
37.2
6.5
35.7
13.01
12.24
40.59
61.2
11.58
27.7x
13.0x
Mkt Cap
2,697,415
5,773,399
13
14
15
205,111
139,739
498,044
528
519,900
357,423
246,388
744,432
528
786,033
603,142
418,551
1,162,983
528
1,240,777
Share Price
31
66
23.9
30.4
30.7
10.0
20.0
30.0
Football Field
23.9
20.0
30.4
30.4
30.0
40.0
50.0
Share Price
60.0
67.6
65.7
60.0
70.0
80.0
90.0
100.0
67.6
5.7
100.0
110.0
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