EV Equity Value Model

Equity Value vs. Enterprise Value Model - Basic Equity Value & Enterprise Value Calculations ($ in Figures As Stated) Equity Value Calculations: Share Price: Basic Shares Outstanding:

Diluted Shares Calculations: $

100.00 10,000

Basic Equity Vaue:

$ 1,000,000

&iuted Shares Outstanding: &iuted Equity Vaue:

1','%0 $ 1, 1,''%,000

Enterprise Value Calculations: &iuted Equity Vaue: +ess: ash  ash-Equiaents: Pus: &e*t: Pus: "nerti*e B"nds: Pus: #"nc"ntr"ing nterests: Pus: Preerred St"c Enterprise Value:

Security a!e: O!ti"ns: "nerti*e B"nds: $otal Dilution: Dilu tion:

Dollar "!ount: # A $ 100,000

Par Value: # A $ 1,000.00

Exercise or Conversion u!#er: Price: %00 $ %0.00 100 $ %0.00

$ 1,''%,000   (%0,000)   100,000   /0,000   '0,000 %'()*'+++

Valuation Metrics and Multiples ($ in Figures As Stated) Metric a!e: 2eenue: EB7&A: EB7: #et nc"9e: neered Free ash F"; (Free ash F"; t" Fir9): +eered Free ash F"; (Free ash F"; t" Equity): Multiple a!e: Enter!rise Vaue  2eenue: Enter!rise Vaue  EB7&A: Enter!rise Vaue  EB7: Equity Vaue  #et nc"9e (P  E): Enter!rise Vaue  FFF: Equity Vaue  FFE:

$

,ear  %00,000 100,000 80,000 40,000 50,000 48,000 ,ear  '.6 < 1/./ < 15.5 < /0.5 < ''.1 < '%.% <

$

,ear ) %%0,000 110,000 88,000 44,000 55,000 %',800 ,ear ) ' .4 < 1'.0 < 1%.1 < '6.8 < '0.1 < '/.' <

$

,ear ( %34,000 118,800 3%,040 46,%'0 61,'80 %6,0'4 ,ear ( '.' < 11.' < 1/.3 < '%.8 < 18.5 < '1.% <

$

,ear  5'/,600 1'4,640 33,63' 43,835 64,844 %3,86% ,ear  ' .1 < 10.5 < 1/./ < '4.5 < 16.6 < '0.% <

$

,ear * 54',411 1'8,48' 10',685 %1,/3/ 66,083 51,561 ,ear * '.1 < 10./ < 1'.3 < '/.8 < 16.' < 13.3 <

 

Dilution: '%0 ',000 )')*+

Equity Value vs. Enterprise Value Model - "dvanced Equity Value & Enterprise Value Calculations ($ in Figures As Stated) Equity Value Calculations: Share Price: Basic Shares Outstanding:

Diluted Shares Calculations: $

100.00 10,000

Basic Equity Vaue:

$ 1,000,000

&iuted Shares Outstanding: &iuted Equity Vaue:

1/,'6% $ 1,/'6,%00

Enterprise Value Calculations: &iuted Equity Vaue: +ess: ash  ash-Equiaents: +ess: Equity nest9ents: +ess: Vaue " #O+s: Pus: &e*t: Pus: "nerti*e B"nds: Pus: "nerti*e Preerred St"c: Pus: #"nc"ntr"ing nterests: Pus: Preerred St"c Pus: nunded Pensi"n O*igati"ns: Pus: a!ita +eases: Pus: 2estructuring +ia*iities: Enterprise Value:

$ 1,/'6,%00   (%0,000)   (10,000)   (%,000)   100,000   /0,000   '0,000   %0,000   /%,000   10,000 %'*+'*++

Security a!e: O!ti"ns: "nerti*e B"nds: "nerti*e Preerred: 2Ss: Per"r9ance Shares: $otal Dilution:

Dollar "!ount: # A $ 100,000 $ %0,000 # A # A

Par Value: # A $ 1,000.00 $ 1,000.00 # A # A

u!#er: %00 100 %0 '00 '00

Valuation Metrics and Multiples ($ in Figures As Stated) Metric a!e: 2eenue: EB7&A: EB7: #et nc"9e: neered Free ash F"; (Free ash F"; t" Fir9): +eered Free ash F"; (Free ash F"; t" Equity): Multiple a!e: Enter!rise Vaue  2eenue:

$

,ear  %00,000 100,000 80,000 40,000 50,000 48,000 ,ear  /.0 <

$

,ear ) %%0,000 110,000 88,000 44,000 55,000 %',800 ,ear ) '.6 <

$

,ear ( %34,000 118,800 3%,040 46,%'0 61,'80 %6,0'4 ,ear ( '.% <

$

,ear  5'/,600 1'4,640 33,63' 43,835 64,844 %3,86% ,ear  '.4 <

$

,ear * 54',411 1'8,48' 10',685 %1,/3/ 66,083 51,561 ,ear * './ <

Exercise or Conversion Price: $ %0.00 $ %0.00 $ 80.00 # A $ 6%.00

Enter!rise Vaue  EB7&A: Enter!rise Vaue  EB7: Equity Vaue  #et nc"9e (P  E): Enter!rise Vaue  FFF: Equity Vaue  FFE:

1%.1 < 18.8 < //.' < '%.1 < '6.6 <

1/.6 < 16.1 < /0.' < ''.8 < '%.1 <

1'.6 < 1%.3 < '6.3 < '1.1 < '/./ <

1'.1 < 1%.1 < '5.5 < '0.1 < ''.' <

11.6 < 14.6 < '%.8 < 13.5 < '1.% <

 

Dilution: '%0 ',000 5'% '00 '00 (')*