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Exhibit 3 Tottenham Games and Stock Market Reaction

Game Date Win Loss Draw Points Tottenham


1/31/2004 0 1 0 0 -0.27%
2/7/2004 1 0 0 3 0.00%
2/11/2004 1 0 0 3 11.89%
2/22/2004 0 0 1 1 0.00%
3/9/2004 0 1 0 0 0.00%
3/14/2004 1 0 0 3 9.52%
3/20/2004 0 1 0 0 0.00%
3/27/2004 0 1 0 0 -2.95%
4/3/2004 0 1 0 0 0.00%
4/9/2004 0 1 0 0 0.00%
4/12/2004 0 0 1 1 8.57%
4/17/2004 0 1 0 0 8.57%
4/25/2004 0 0 1 1 -2.95%
5/2/2004 0 1 0 0 0.00%
5/8/2004 1 0 0 3 8.07%
5/15/2004 1 0 0 3 0.00%
8/14/2004 0 0 1 1 -3.57%
8/21/2004 1 0 0 3 0.11%
8/25/2004 0 0 1 1 2.41%
8/28/2004 1 0 0 3 0.00%
9/12/2004 0 0 1 1 0.00%
9/19/2004 0 0 1 1 -0.45%
9/25/2004 0 1 0 0 0.00%
10/2/2004 1 0 0 3 -4.13%
10/18/2004 0 1 0 0 3.13%
10/23/2004 0 1 0 0 0.00%
10/30/2004 0 1 0 0 1.89%
11/6/2004 0 1 0 0 0.00%
11/13/2004 0 1 0 0 0.00%
11/22/2004 0 1 0 0 -2.91%
11/28/2004 1 0 0 3 0.14%
12/4/2004 1 0 0 3 -3.95%
12/11/2004 1 0 0 3 3.57%
12/18/2004 1 0 0 3 5.26%
12/26/2004 1 0 0 3 0.00%
12/28/2004 0 0 1 1 4.00%
1/1/2005 1 0 0 3 0.00%
1/4/2005 0 0 1 1 7.35%
1/15/2005 0 1 0 0 5.15%
1/22/2005 0 1 0 0 -2.58%
2/1/2005 0 1 0 0 -0.50%
2/5/2005 1 0 0 3 12.50%
2/26/2005 1 0 0 3 5.43%
3/5/2005 0 1 0 0 0.16%
3/16/2005 0 1 0 0 0.97%
3/19/2005 1 0 0 3 0.00%
4/2/2005 0 0 1 1 -5.48%
4/10/2005 1 0 0 3 -5.04%
4/16/2005 0 0 1 1 6.16%
4/20/2005 0 0 1 1 -3.81%
4/25/2005 0 1 0 0 -7.67%
5/1/2005 1 0 0 3 0.00%
5/7/2005 0 1 0 0 0.96%
5/15/2005 0 0 1 1 1.03%
8/13/2005 1 0 0 3 0.00%
8/20/2005 1 0 0 3 4.88%
8/24/2005 0 0 1 1 0.00%
8/27/2005 0 1 0 0 0.00%
9/10/2005 0 0 1 1 -1.02%
9/17/2005 0 0 1 1 -0.24%
9/26/2005 1 0 0 3 -0.59%
10/1/2005 1 0 0 3 -0.39%
10/15/2005 1 0 0 3 -0.04%
10/22/2005 0 0 1 1 0.00%
10/29/2005 0 0 1 1 -0.22%
11/7/2005 0 1 0 0 7.69%
11/20/2005 0 0 1 1 -2.18%
11/26/2005 1 0 0 3 0.00%
12/3/2005 1 0 0 3 0.47%
12/12/2005 1 0 0 3 -3.94%
12/18/2005 0 0 1 1 -4.63%
12/26/2005 1 0 0 3 0.00%
12/28/2005 0 1 0 0 -0.83%
12/31/2005 1 0 0 3 0.00%
1/4/2006 1 0 0 3 2.83%
1/14/2006 0 1 0 0 -2.85%
1/21/2006 0 0 1 1 -2.16%
1/31/2006 0 1 0 0 0.58%
2/5/2006 1 0 0 3 1.18%
2/12/2006 0 0 1 1 0.60%
2/19/2006 0 0 1 1 4.89%
3/5/2006 1 0 0 3 0.00%
3/11/2006 0 1 0 0 2.91%
3/18/2006 1 0 0 3 -2.41%
3/27/2006 1 0 0 3 2.83%
4/1/2006 0 1 0 0 -5.04%
4/8/2006 1 0 0 3 0.00%
4/15/2006 1 0 0 3 0.00%
4/17/2006 0 1 0 0 -0.51%
4/22/2006 0 0 1 1 1.80%
4/30/2006 1 0 0 3 0.00%
5/7/2006 0 1 0 0 -4.32%
9/9/2006 0 1 0 0 0.00%
9/17/2006 0 0 1 1 -0.20%
9/19/2006 0 1 0 0 -1.35%
9/23/2006 0 1 0 0 8.39%
9/26/2006 0 1 0 0 -3.39%
10/1/2006 1 0 0 3 0.00%
10/14/2006 0 0 1 1 0.00%
10/22/2006 1 0 0 3 0.36%
10/28/2006 0 0 1 1 2.49%
11/5/2006 1 0 0 3 4.26%
11/12/2006 0 1 0 0 0.00%
11/19/2006 0 0 1 1 -0.60%
11/26/2006 1 0 0 3 1.59%
12/2/2006 0 1 0 0 -1.43%
12/5/2006 1 0 0 3 4.01%
12/9/2006 1 0 0 3 -0.71%
12/17/2006 1 0 0 3 6.96%
12/26/2006 1 0 0 3 -0.14%
1/1/2007 0 0 1 1 -1.27%
1/14/2007 0 1 0 0 0.00%
20/1/07 0 0 1 1 -2.34%
4/2/07 0 1 0 0 -1.88%
10/2/07 0 1 0 0 -0.61%
21/2/07 1 0 0 3 0.00%
25/2/07 1 0 0 3 -1.16%
4/3/07 1 0 0 3 0.00%
17/3/07 1 0 0 3 -1.19%
1/4/07 1 0 0 3 0.00%
7/4/07 0 1 0 0 -1.16%
15/4/07 0 0 1 1 0.06%
21/4/07 0 0 1 1 8.77%
28/4/07 1 0 0 3 8.42%
7/5/07 1 0 0 3 -3.91%
10/5/07 0 0 1 1 5.50%
13/5/07 1 0 0 3 2.61%
FTSE a
-0.21%
0.72%
-0.42%
0.21%
0.07%
-1.22%
-1.90%
1.13%
0.34%
0.47%
0.58%
0.20%
0.04%
-0.66%
-2.29%
-0.87%
1.13%
0.83%
0.96%
0.81%
0.30%
-0.25%
-0.81%
0.48%
0.62%
-1.10%
1.07%
-0.49%
0.19%
0.20%
0.18%
-0.53%
0.91%
0.73%
0.22%
0.45%
-0.12%
-0.85%
0.54%
0.19%
0.20%
0.78%
-0.76%
-0.18%
-0.31%
0.21%
-0.35%
-0.21%
-1.32%
-0.05%
-0.40%
0.24%
-0.17%
-0.05%
-0.03%
0.11%
-0.37%
-0.53%
0.29%
0.40%
-0.11%
0.43%
0.22%
1.27%
1.99%
0.00%
-0.02%
-0.84%
-0.32%
0.10%
0.15%
-0.03%
0.28%
-0.35%
-0.41%
0.51%
-0.20%
0.72%
0.23%
0.51%
0.29%
0.67%
0.76%
-0.13%
-0.61%
1.00%
0.68%
0.48%
0.24%
-0.55%
-0.61%
-0.40%
-0.48%
0.22%
0.59%
-0.41%
0.96%
-0.05%
0.25%
0.18%
-0.55%
1.24%
-0.23%
0.20%
-1.18%
0.48%
0.06%
0.12%
-0.20%
0.89%
1.45%
0.39%
-0.30%
0.11%
-0.46%
0.37%
0.52%
-0.94%
0.96%
0.12%
0.32%
0.83%
-0.11%
0.48%
-0.81%
0.64%
-0.16%
Multiplos
Team EV/Revenue EV/Op. Income
Manchester United 5.53 18.68
Arsenal 4.39 53.45
Chelsea 2.24 NA
Liverpool 2.37 14.55
Newcastle United 1.92 27.83
Tottenham Hotspur 2.08 31.20
Everton 1.83 NA
Aston Villa 1.80 NA

Equipos comparables 2.14 21.19

Ingreso 0 1
Actual 74.10 80.77
Con Estadio 74.10 80.77
Con Jugador 74.10 84.09
con Estadio y jugador 74.10 84.09

Valor presente ingreso


Actual 74.10 73.36
Con Estadio 74.10 73.36
Con Jugador 74.10 76.37
con Estadio y jugador 74.10 76.37

EV
Actual 158.77 157.18
Con Estadio 158.77 157.18
Con Jugador 158.77 163.63
con Estadio y jugador 158.77 163.63

VALOR EMPRESA USANDO MULTIPLOS (PROMEDIO DE GOLES)

Años 10
Incremento en promedio de goles neto 12
Promedio actual -1.9
Esperado 10.1
EV 426.41 Para el 2017
EV/Avg. Points EV/Avg. Net Goals
11.39 21.87
7.64 15.43
4.66 10.18
4.34 11.83
3.15 72.61
3.06 NA
2.16 NA
1.76 NA

3.75 42.22

VALOR EMPRESA USANDO MULTIPLOS (INGRESO)


2 3 4 5 6
88.04 95.95 104.59 114.01 124.27
88.04 109.03 118.85 129.55 141.21
91.65 99.89 108.88 118.69 129.37
91.65 124.79 136.02 148.27 161.62

72.62 71.88 71.16 70.45 69.74


72.62 81.68 80.86 80.05 79.25
75.60 74.83 74.08 73.34 72.60
75.60 93.48 92.55 91.62 90.70

155.60 154.02 152.47 150.95 149.43


155.60 175.01 173.26 171.53 169.80
161.99 160.34 158.73 157.15 155.57
161.99 200.30 198.30 196.32 194.34
OS (INGRESO)
7 8 9 10 11
135.46 147.65 160.93 175.42 191.21
153.92 167.77 182.87 199.33 217.27
141.02 153.71 167.54 182.62 191.21
176.17 192.02 209.30 228.14 217.27

69.04 68.35 67.66 66.98 66.31


78.45 77.66 76.88 76.11 75.34
71.88 71.15 70.43 69.73 66.31
89.79 88.89 87.99 87.11 75.34

147.94 146.45 144.97 143.52 142.07


168.10 166.41 164.73 163.08 161.44
154.01 152.46 150.92 149.41 142.07
192.40 190.46 188.54 186.65 161.44
12 13
208.42 216.76
236.83 246.31
208.42 216.76
236.83 246.31

65.64 62.00
74.59 70.45
65.64 62.00
74.59 70.45

140.65 132.85
159.82 150.96
140.65 132.85
159.82 150.96
Resumen

Estadísticas de la regresión
Coeficiente de correlación múltiple 0.9989251386
Coeficiente de determinación R^2 0.9978514326
R^2 ajustado 0.9974217191
Error típico 0.6098248307
Observaciones 7

ANÁLISIS DE VARIANZA
Grados de libertad Suma de cuadrados
Regresión 1 863.5691398079
Residuos 5 1.8594316207
Total 6 865.4285714286

Coeficientes Error típico


Intercepción 51.6981357057 0.291349824
42.7 0.6526932688 0.0135445843

Análisis de los residuales

Goles Neto Pronóstico Puntos Residuos


38.10 76.57 0.4342507516
33.90 73.82 0.1755624807
24.60 67.75 -0.7543901191
2.30 53.20 -0.1993302241
(1.90) 50.46 0.5419815051
(4.90) 48.50 0.5000613116
- 51.70 -0.6981357057
10.10 58.29
Promedio de los cuadrados F Valor crítico de F
863.5691398079 2322.132016568 7.27084443705578E-08
0.3718863241

Estadístico t Probabilidad Inferior 95%


177.4435110481 1.07858774E-10 50.9491971405
48.1885050252 7.27084444E-08 0.6178758065

Residuos estándares
0.780056568
0.3153677125
-1.3551317185
-0.3580623635
0.9735762833
0.8982738868
-1.2540803686
Superior 95% Inferior 95,0% Superior 95,0%
52.447074271 50.9491971405 52.447074271
0.6875107312 0.6178758065 0.6875107312
Resumen

Estadísticas de la regresión
Coeficiente de correlación múltiple 0.9462227642
Coeficiente de determinación R^2 0.8953375194
R^2 ajustado 0.8744050233
Error típico 14.181236237
Observaciones 7

ANÁLISIS DE VARIANZA
Grados de libertad Suma de cuadrados
Regresión 1 8601.891265387
Residuos 5 1005.5373060416
Total 6 9607.4285714286

Coeficientes Error típico


Intercepción -92.7764938924 29.5513186658
82 3.152690657 0.4820570928

Análisis de los residuales

Puntos Pronóstico Ingreso Residuos


77.00 149.98 -15.9806866953
74.00 140.52 13.4773852757
67.00 118.45 4.5462198745
53.00 74.32 12.6838890723
51.00 68.01 6.9892703863
49.00 61.71 -3.7053482998
51.00 68.01 -18.0107296137
58.29 90.99 Ingreso esperado
Margen 10.22 Mejora respecto al pronostico actual
Cuarta parte 2.56
Ingreso por mejora en ranking 0.76
Ingreso por contratación 3.32
Promedio de los cuadrados F Valor crítico de F
8601.891265387 42.772611288 0.0012511869
201.1074612083

Estadístico t Probabilidad Inferior 95%


-3.1395043633 0.0256806984 -168.7405768738
6.5400773151 0.0012511869 1.9135234506

Residuos estándares
-1.2344456352
1.0410753771
0.3511777302
0.9797808944
0.539893841
-0.2862236851
-1.3912585224

to al pronostico actual
82 Gráfico de los residuales
15
82 Curva de regresión
10

Residuos
15
5 Gráfico de pr
10
0 15

169
0 25 4 6 8
10
0 82

169
0 2 5 4 6 8

0 82
0 2 4

Superior 95% Inferior 95,0% Superior 95,0%


-16.812410911 -168.7405768738 -16.812410911
4.3918578634 1.9135234506 4.3918578634
los residuales
va de regresión ajustada
Gráfico de probabilidad normal
Column G
6 8 10 12 Pronóstico 169
82
4 6 8 10 12
82
0 2 4 6 8 10 12
Muestra percentil
Exhibit 1 Basic Information
20-Year Risk Free Rate 4.57%
Tottenham Equity Beta 1.29
Company Tax Rate 35%

Exhibit 2 Team Valuations, Revenues, and Records (December 31, 2007)


Enterprise Value
Team Net Debt/EV
(EV)
Manchester United 934.00 0.84
Arsenal 588.00 0.53
Chelsea 345.00 0.28
Liverpool 291.00 0.18
Newcastle United 167.00 0.46
Tottenham Hotspur 156.00 0.12
Everton 106.00 0.32
Aston Villa 90.00 0.16

Capital expenditure 3.3


Annual growth of Capex 4%
Related depreciation 2.2
Annual growth of depreciation 4%

Stadium construction
Stadium construction cost 250
Depreciation time 10 Years
Attendance evenue increase 40%
Sponsorship revenue increase 20%
Stadium operatin expenses increase 14%

Player acdquisition
Transfer fee 20.00 (Tax deductible cash expense paid)
Weekly player pay (2008) 0.05 Millons
Week per year (assumed) 52
Annual player pay growth 10%
Player injury risk 20% Of season
Increase in number of goals (healthy player) 12 per season

Capture revenue without stadium construction 0.25 with plater adquisition

Exhibit 4 2007 Tottenham Balance Sheet (millions of pounds)


Assets
Current assets:
Cash and equivalents 26.29
Investments, available for sale 0.63
Inventory - Merchandise 1.17
Accounts Receivable 19.99
Total current assets 48.07
Property and equipment, net 55.78
Intangible assets, net 49.35
Total assets 153.20
Liabilities and Stockholder Equity
Current liabilities:
Accounts payable 64.40
Total current liabilities 64.40
Long-term debt and deferred interest, net of current 43.08
portion
Total liabilities 107.48
Total stockholders’ (deficit) equity 45.73
Total liabilities and stockholders’ equity 153.20
Shares Outstanding (millions of shares) 9.29
Market Capitalization 128.20

El efectivo se usara para cubrir obligaciones de largo plazo o para inversiones de acuerdo a lo dicho en el caso, por ello debe res
Lo anterior permite también la concordancia con lo mostrado en el "Exhibit 2" del caso donde el valor de la empresa se calcual de

Working capital (42.62) (46.46)


Variación (3.84)

Prima de riesgo (asumida) 5%


𝑊𝐴𝐶𝐶= 𝐾_𝑒∗(𝐸/(𝐷+𝐸))+𝐾_𝑑∗(𝐷/(𝐷+𝐸))∗(1−𝑇)

𝐾_𝑒=𝑅𝑒𝑛𝑡𝑎𝑏𝑖𝑙𝑖𝑑𝑎𝑑 𝑙𝑖𝑏𝑟𝑒 𝑑𝑒 𝑟𝑖𝑒𝑠𝑔𝑜+𝑃𝑟𝑖𝑚𝑎 𝑑𝑒 𝑟𝑖𝑒𝑠𝑔𝑜∗𝐵𝑒𝑡𝑎 𝑝𝑎𝑡𝑟𝑖𝑚𝑜𝑛𝑖𝑎𝑙

𝐾_𝑑=(𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑒𝑠 𝑝𝑎𝑔𝑎𝑑𝑜𝑠)/(𝐷𝑒𝑢𝑑𝑎 ) −−→𝐴𝑝𝑟𝑜𝑥𝑖𝑚𝑎𝑐𝑖ó𝑛

Ke 11.02%
Kd 5.25%

E 137.28 Al valor de mercado


D 18.72 Al valor de mercado
WACC 10.11%

Exhibit 5 Tottenham Pro Forma Income Statement (millions of pounds)


Current Forecast
0 1
Revenue 2007 2008
Attendance 17.40 18.97
Sponsorship 15.70 17.11
Broadcast 28.70 31.28
Merchandise 5.20 5.67
Other 7.10 7.74
Total 74.10 80.77
Operating Costs
Payroll 50.92 56.01
Stadium Operating Expenses 16.38 17.04
Other 1.80 1.87
Total 69.10 74.92
EBITDA 5.00 5.85
Depreciation 2.20 2.29
EBIT 2.80 3.56
Interest 2.26 2.46
Taxes 0.19 0.38
Net Income 0.35 0.72

NOPAT 1.82 2.31


Depreciation 2.20 2.29
Capex 3.30 3.43
Working capital needed (surplus) (3.84)
FCL 0.72 5.01
Continuity Value

VP (Enterprise Value) $ 136.99


Debt (43.08)
Cash 26.29
Estimated Marked Value of Equity 120.20
Shares oustanding 9.29
Estimated Value per Share 12.94
Actual Value of Share 14.78

Working capital/Revenue -57.52%


Avg. Points Avg. Net Goals
Revenue Operating Income
(1998-2007) (1998-2007)
169.00 50.00 82.00 42.70
134.00 11.00 77.00 38.10
154.00 (20.00) 74.00 33.90
123.00 20.00 67.00 24.60
87.00 6.00 53.00 2.30
75.00 5.00 51.00 (1.90)
58.00 (8.00) 49.00 (4.90)
50.00 (11.00) 51.00 -

ble cash expense paid)


l caso, por ello debe restarse del capital de trabajo del que dispondra la empresa
a empresa se calcual de la forma: Valor empresa = Equity + Debt - Excess cash

(50.64) (55.19) (60.16) (65.58)


(4.18) (4.56) (4.97) (5.41)
2 3 4 5
2009 2010 2011 2012
20.67 22.53 24.56 26.77
18.65 20.33 22.16 24.16
34.10 37.17 40.51 44.16
6.18 6.73 7.34 8.00
8.44 9.19 10.02 10.92
88.04 95.95 104.59 114.01

61.62 67.78 74.56 82.01


17.72 18.43 19.16 19.93
1.95 2.02 2.11 2.19
81.29 88.23 95.83 104.13
6.75 7.72 8.76 9.88
2.38 2.47 2.57 2.68
4.37 5.25 6.19 7.20
2.69 2.93 3.19 3.48
0.59 0.82 1.05 1.30
1.09 1.50 1.95 2.42

2.84 3.41 4.02 4.68


2.38 2.47 2.57 2.68
3.57 3.71 3.86 4.01
(4.18) (4.56) (4.97) (5.41)
5.83 6.73 7.70 8.76
(71.48) (77.91) (84.92) (92.57)
(5.90) (6.43) (7.01) (7.64)
6 7 8 9
2013 2014 2015 2016
29.18 31.81 34.67 37.79
26.33 28.70 31.28 34.10
48.13 52.46 57.19 62.33
8.72 9.51 10.36 11.29
11.91 12.98 14.15 15.42
124.27 135.46 147.65 160.93

90.21 99.23 109.16 120.07


20.73 21.55 22.42 23.31
2.28 2.37 2.46 2.56
113.22 123.15 134.04 145.94
11.05 12.31 13.61 14.99
2.78 2.90 3.01 3.13
8.27 9.41 10.60 11.86
3.79 4.13 4.50 4.91
1.57 1.85 2.13 2.43
2.91 3.43 3.97 4.52

5.38 6.12 6.89 7.71


2.78 2.90 3.01 3.13
4.18 4.34 4.52 4.70
(5.90) (6.43) (7.01) (7.64)
9.88 11.11 12.40 13.79
(100.90) (109.98) (119.88) (124.67) (129.66)
(8.33) (9.08) (9.90) (4.80) (4.99)
10 11 12 13
2017 2018 2019 2020
41.19 44.90 48.94 50.90 52.94
37.17 40.51 44.16 45.93 47.77
67.94 74.06 80.72 83.95 87.31
12.31 13.42 14.63 15.21 15.82
16.81 18.32 19.97 20.77 21.60
175.42 191.21 208.42 216.76 225.43

132.08 145.29 159.82 166.21 172.86


24.25 25.22 26.22 27.27 28.36
2.66 2.77 2.88 3.00 3.12
158.99 173.28 188.92 196.48 204.34
16.43 17.93 19.50 20.28 21.09
3.26 3.39 3.52 3.66 3.81
13.17 14.54 15.98 16.62 17.28
5.35 5.83 6.36 6.61 6.87
2.74 3.05 3.37 3.50 3.64
5.08 5.66 6.25 6.51 6.77

8.56 9.45 10.39 10.80 11.24


3.26 3.39 3.52 3.66 3.81
4.88 5.08 5.28 5.49 5.71
(8.33) (9.08) (9.90) (4.80) (4.99)
15.27 16.84 18.52 13.76 14.31
234.39
Crecimiento posterior 4%
Proyecto: Stadium Construction

Current Forecast
0 1
Revenue 2007 2008
Attendance - -
Sponsorship - -
Total Revenue - -
Stadium Operating Expenses - -
Total - -
EBITDA - -
Depreciation
EBIT - -

NOPAT - -
Depreciation - -
Capex - 125.00
Working Capital
Working Capital variation
FCL (Proyect) - (125.00)
Continuity Value

VP (22.22)

EV 114.78 El proyecto reduce el valor de la emp


Debt 43.08
Cash 26.29
Estimated Marked Value of Equity 97.99
Shares oustanding 9.29
Estimated Value per Share 10.55
Actual Value of Share 14.78
2 3 4 5
2009 2010 2011 2012
- 9.01 9.82 10.71
- 4.07 4.43 4.83
- 13.08 14.26 15.54
- 2.58 2.68 2.79
- 2.58 2.68 2.79
- 10.50 11.57 12.75
25.00 25.00 25.00
- (14.50) (13.43) (12.25)

- (9.43) (8.73) (7.96)


- 25.00 25.00 25.00
125.00 - - -
(7.52) (8.20) (8.94)
(7.52) (0.68) (0.74)
(125.00) 23.10 16.95 17.78

educe el valor de la empresa


6 7 8 9
2013 2014 2015 2016
11.67 12.72 13.87 15.12
5.27 5.74 6.26 6.82
16.94 18.46 20.12 21.94
2.90 3.02 3.14 3.26
2.90 3.02 3.14 3.26
14.04 15.45 16.99 18.67
25.00 25.00 25.00 25.00
(10.96) (9.55) (8.01) (6.33)

(7.13) (6.21) (5.21) (4.11)


25.00 25.00 25.00 25.00
- - - -
(9.74) (10.62) (11.57) (12.62)
(0.80) (0.88) (0.96) (1.04)
18.68 19.67 20.75 21.93
10 11 12 13
2017 2018 2019 2020
16.48 17.96 19.58 20.36 21.17
7.43 8.10 8.83 9.19 9.55
23.91 26.06 28.41 29.55 30.73
3.40 3.53 3.67 3.82 3.97
3.40 3.53 3.67 3.82 3.97
20.52 22.53 24.74 25.73 26.76
25.00 25.00 25.00 - -
(4.49) (2.47) (0.26) 25.73 26.76

(2.92) (1.60) (0.17) 16.72 17.39


25.00 25.00 25.00 - -
- - - - -
(13.75) (14.99) (16.34) (16.99) (17.67)
(1.14) (1.24) (1.35) (0.65) (0.68)
23.22 24.63 26.18 17.38 18.07
295.93
Crecimiento posterior 4%
Stadium construction
Stadium construction cost 250
Depreciation time 10 Years
Attendance evenue increase 40%
Sponsorship revenue increase 20%
Stadium operatin expenses increase 14%

Player acdquisition
Transfer fee 20.00 (Tax deductible cash expense paid)
Weekly player pay (2008) 0.05 Millons
Week per year (assumed) 52
Annual player pay growth 10%
Player injury risk 20%
Increase in number of goals (healthy player) 12 per season

Capture revenue without stadium construction 0.25 with plater adquisition

Proyect: Player acquisition

Current Forecast
0 1 2
Revenue 2007 2008 2009
Revenue - 3.32 3.61

Transfer Fee - 20.00 -


Player Pay - 2.60 2.86
Total - 22.60 2.86
EBIT - (19.28) 0.75

NOPAT - (12.53) 0.49


Working Capital investment - (1.91) (2.08)
Working capital change - (1.91) (0.17)
FCL (Proyect) - (10.63) 0.66
Continuity Value

VP ($ 5.42)

EV 131.58 El proyecto reduce el valor de la empresa


Debt 43.08
Cash 26.29
Estimated Marked Value of Equity 114.79
Shares oustanding 9.29
Estimated Value per Share 12.36
Actual Value of Share 14.78
cash expense paid)

3 4 5 6 7 8 9 10
2010 2011 2012 2013 2014 2015 2016 2017
3.94 4.29 4.68 5.10 5.56 6.06 6.61 7.20

- - - - - - - -
3.15 3.46 3.81 4.19 4.61 5.07 5.57 6.13
3.15 3.46 3.81 4.19 4.61 5.07 5.57 6.13
0.79 0.83 0.87 0.92 0.96 1.00 1.03 1.07

0.52 0.54 0.57 0.59 0.62 0.65 0.67 0.70


(2.27) (2.47) (2.69) (2.93) (3.20) (3.49) (3.80) (4.14)
(0.19) (0.20) (0.22) (0.24) (0.26) (0.29) (0.31) (0.34)
0.70 0.75 0.79 0.84 0.89 0.93 0.99 1.04

uce el valor de la empresa


11 12 13
2018 2019 2020
- - -

- - -
- - -
- - -
- - -

- - -
- - -
- - -
- - -
Current Forecast
0 1 2 3 4
Revenue 2007 2008 2009 2010 2011
from stadium - - - 13.08 14.26
from player - 3.32 3.61 15.76 17.18
Total revenues - 3.32 3.61 28.84 31.43
Costs
Depreciation - - - 25.00 25.00
stadium operationg costs - - - 2.58 2.68
Salary Player - 2.60 2.86 3.15 3.46
Transfer fee - 20.00 - - -
Total opearting costs - 22.60 2.86 30.73 31.14
EBIT - -19.28 0.75 -1.89 0.29

NOPAT - (12.53) 0.49 (1.23) 0.19


Depreciation - - - 25.00 25.00
Capex - 125.00 125.00 - -
Working capital - (1.91) (2.08) (16.59) (18.08)
Working capital change - -1.91 -0.17 -14.51 -1.49

FCL - (135.63) (124.34) 38.28 26.68


Continuidad

VP $ 18.92

EV 155.92 Aumenta el valor respecto a la realización de un solo proyecto


Debt 43.08
Cash 26.29
Estimated Marked Value of Equity 139.13
Shares oustanding 9.29
Estimated Value per Share 14.98
Actual Value of Share 14.78
5 6 7 8 9 10 11 12 13
2012 2013 2014 2015 2016 2017 2018 2019 2020
15.54 16.94 18.46 20.12 21.94 23.91 26.06 28.41 29.55
18.72 20.41 22.25 24.25 26.43 28.81 - - -
34.26 37.35 40.71 44.37 48.37 52.72 26.06 28.41 29.55

25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 -


2.79 2.90 3.02 3.14 3.26 3.40 3.53 3.67 3.82
3.81 4.19 4.61 5.07 5.57 6.13 - - -
- - - - - - - - -
31.60 32.09 32.62 33.21 33.84 34.53 28.53 28.67 3.82
2.67 5.26 8.09 11.17 14.53 18.19 -2.47 -0.26 25.73

1.73 3.42 5.26 7.26 9.44 11.83 (1.60) (0.17) 16.72


25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 -
- - - - - - - - -
(19.71) (21.48) (23.42) (25.52) (27.82) (30.32) (14.99) (16.34) (16.99)
-1.63 -1.77 -1.93 -2.11 -2.30 -2.50 15.33 -1.35 -0.65

28.36 30.19 32.19 34.37 36.74 39.33 8.06 26.18 17.38


295.66

ión de un solo proyecto


30.73
-
30.73

-
3.97
-
-
3.97
26.76

17.39
-
-
(17.67)
-0.68

18.07 Posterior increase 4%