2009 2010

Revenue $9.00 $22.00

Year-on-year growth 144%
COGS $4.20 $10.90
Gioss Profit $4.80 $11.10
Operating Expenses $2.79 $4.32
EBITDA $2.01 $6.78
Depreciation and Amortization $0.05 $0.11
EBIT $1.97 $6.67
EBIT margin 21.83% 30.32%
Interest Expense $0.00 $0.00
Profit before Taxes $1.97 $6.67
Taxes 30% $0.59 $2.00
Net Income $1.38 $4.67
Capital Expenditures
Increase in Net Working Capital

Free Cash Flow

CAPEM: 12.1%
HR 50.00%
DCF Pre money EV $148.99
DCF es pre money Invesment 30
x q asuminoms crece x sus medios Post moey $178.99

Venture Capital Method

Median Exit Value
EBITDA multiple with 30% punishment 9.4x $1,038.65
P/E multilple 22.8x $2,477.45

EBITDA multiple with 30% punishment $1,038.65

Investment $30.0
Required return 50%
FV of investment 341.7188
%Ownership needed 32.9%

Post money $91.2 Es post, x q se asume se log

Investment $30.0 32.9%
Pre money $61.18
 2011 2012P 2013P 2014P 2015P 2016P
$63.00 $137.00 $198.00 $260.00 $335.00 $425.00
186% 117% 45% 31% 2.90% 27%
$37.20 $82.40 $117.10 $153.40 $194.30 $242.30
$25.80 $54.60 $80.90 $106.60 $140.70 $182.70
$8.50 $15.76 $20.78 $29.90 $41.85 $57.35
$17.30 $38.84 $60.12 $76.70 $98.85 $125.35
$0.32 $0.69 $0.99 $1.30 $1.68 $2.13
$16.99 $38.16 $59.13 $75.40 $97.18 $123.23
26.96 o 27.85% 29.86% 29.00% 29.01 o 28.99%
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$16.99 $38.16 $59.13 $75.40 $97.18 $123.23
$5.10 $11.45 $17.74 $22.62 $29.15 $36.97
$11.89 $26.71 $41.39 $52.78 $68.02 $86.26
$1.00 $1.45 $1.90 $2.45 $3.10
$6.00 $8.67 $11.39 $14.67 $18.61

$20.39 $32.26 $40.80 $52.58 $66.67

Sensititvity Table
10% 12.1% 14.0% 30.0% 40.0% 45.0%

$301.01 50% risk premium

16.8% $301.01 Pre money value
Numeros de camilo

EV Post money
$91.2 EV/EBITDA EBITDA multiple
$217.5 EV/sales Multiplo ventas
EV/P/E

ost, x q se asume se logra ese valor gracias a la inversion del VC

 2017P
$525.00
24%
$290.00
$235.00
$77.15
$157.85
$2.63
$155.23
29.57%
$0.00
$155.23
$46.57
$108.66
$3.83
$22.99

$1,022.90 PV TV 427.5427

50.0% 1.43 Lever

1.1869 Unlever
1.1869 Lever
17% Debt/CAPITAL
83% Equity to capital
100.0% Curetn lever E/E*D

BITDA multiple
tiplo ventas