• Author / Uploaded
• Juan Carlos Carrion

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Revenue Attendance Sponsorship Broadcast Merchandise Other Total Opearting costs Payroll Stadium Operating Expense Other Total EBITDA Depreciation EBIT Interest Taxes Net Income

2007

2008

2009

2010

2011

2012

2013

17.40 15.70 28.70 5.20 7.10 74.10

18.97 17.11 31.28 5.67 7.74 80.77

20.67 18.65 34.10 6.18 8.44 88.04

22.53 20.33 37.17 6.73 9.19 95.96

24.56 22.16 40.51 7.34 10.02 104.60

26.77 24.16 44.16 8.00 10.92 114.01

29.18 26.33 48.13 8.72 11.91 124.27

50.92 16.38 1.80 69.10

56.01 17.04 1.87 74.92

61.61 17.72 1.95 81.28

67.77 18.43 2.02 88.22

74.55 19.16 2.11 95.82

82.01 19.93 2.19 104.13

90.21 20.73 2.28 113.21

5.00 2.20 2.80

5.85 2.29 3.56

6.76 2.38 4.38

7.74 2.47 5.26

8.78 2.57 6.20

9.89 2.68 7.21

11.06 2.78 8.28

Capex NWC change (NWC) FCF Terminal Value Discount rate Enterprise Value Net Debt Market Value of Equity Price/share Assumptions Revenue growth until 2019 Long-term growth after 201 Salary growth until 2019 Long-term growth after 201 Long-term growth rate of ev

9% 4% 10% 4% 4%

2014

2015

2016

2017

2018

2019

2020

31.81 28.70 52.46 9.51 12.98 135.46

34.67 31.28 57.19 10.36 14.15 147.65

37.79 34.10 62.33 11.29 15.42 160.94

41.19 37.17 67.94 12.31 16.81 175.42

44.90 40.51 74.06 13.42 18.32 191.21

48.94 44.16 80.72 14.63 19.97 208.42

50.90 45.93 83.95 15.21 20.77 216.76

99.23 21.55 2.37 123.15

109.15 22.42 2.46 134.03

120.07 23.31 2.56 145.94

132.07 24.25 2.66 158.98

145.28 25.22 2.77 173.27

159.81 26.22 2.88 188.92

166.20 27.27 3.00 196.47

12.31 2.90 9.41

13.62 3.01 10.61

14.99 3.13 11.86

16.44 3.26 13.18

17.94 3.39 14.55

19.50 3.52 15.98

20.28 3.66 16.62

Discount factor (how much is $1 worth today?)

(1) Adding a stadium:

2007

2008

2009

2010

2011

1

0.91

0.82

0.75

0.68

0

0

13.08

14.26

125

125 25 2.68 27.68 -4.70 -8.55 -5.87

-$70.57

Revenues Costs Stadium capex Depreciation Stadium operationg costs Total opearting costs Taxes Change in Working Capital Total cash outlay Cash Flow Free Cash Flow Discounted back to 2007

(2) Adding a player

Revenues from stadium synergy from player Total revenues Costs Stadium capex Depreciation stadium operationg costs Salary Transfer fee Total opearting costs Taxes Change in Working Capital Total cash outlay Cash Flow Free Cash Flow Discounted back to 2007

0.00 0.00 0.00 125.00

-125.00 -113.38

-125.00 -102.84

18.35 13.69

20.13 13.62

3.92

4.27

4.66

5.08

2.60 20.00 22.60 -2.35 -6.54

2.86

3.15

3.46

2.86 -2.56 0.49

3.15 -2.79 0.53

3.46 -3.05 0.57

-9.79 -8.88

3.48 2.86

3.78 2.82

4.10 2.77

0.00 1 3.92 3.92

0.00 1 4.27 4.27

13.08 4 18.63 31.71

14.26 4 20.31 34.56

125

125 25 2.68 3.46

$15.28

Revenue Costs Salary Transfer fee Total opearting costs Change in Working Capital Taxes Cash Flow Free Cash Flow Discounted back to 2007

(3) Adding a stadium and a player

0.00 0.00 0.00 125.00

25 2.58 27.58 -5.08 -7.85 -5.27

$70.29

2.60 20.00 22.60 -6.54 -2.35 145.25

2.86

25 2.58 3.15

2.86 0.49 -2.56 125.30

30.73 0.34 -19.03 -13.30

31.14 1.20 -20.74 -14.59

-141.33 -128.19

-121.02 -99.57

45.01 33.59

49.16 33.27

Assumptions Revenue growth long-term growth Salary growth Long-term growth of everything else Net Working Capital / Revenue ratio Tax rate Discount rate

9.0% 4.0% 10.0% 4.0% -60.0% 35.0% 10.25%

2012

2013

2014

2015

2016

2017

2018

2019

2020

0.61

0.56

0.51

0.46

0.42

0.38

0.34

0.31

0.28

15.54

16.94

18.46

20.13

21.94

23.91

26.06

28.41

29.54

25 2.79 27.79 -4.29 -9.32 -6.53

25 2.90 27.90 -3.84 -10.16 -7.26

25 3.02 28.02 -3.34 -11.08 -8.06

25 3.14 28.14 -2.80 -12.08 -8.94

25 3.26 28.26 -2.21 -13.16 -9.90

25 3.40 28.40 -1.57 -14.35 -10.95

25 3.53 28.53 -0.86 -15.64 -12.11

25 3.67 28.67 -0.09 -17.05 -13.37

3.82 3.82 9.00 -17.73 -13.91

22.07 13.55

24.20 13.48

26.52 13.40

29.06 13.31

31.83 13.23

34.86 13.14

38.17 13.05

41.78 12.96

43.45 12.22

5.53

6.03

6.57

7.17

7.81

8.51

3.81

4.19

4.61

5.07

5.57

6.13

3.81 -3.32 0.60

4.19 -3.62 0.65

4.61 -3.94 0.69

5.07 -4.30 0.73

5.57 -4.69 0.78

6.13 -5.11 0.83

0.00 0.00 0.00

0.00 0.00 0.00

0.00 0.00 0.00

4.44 2.73

4.82 2.68

5.22 2.64

5.66 2.59

6.14 2.55

6.66 2.51

0.00 0.00

0.00 0.00

0.00 0.00

15.54 4 22.13 37.67

16.94 4 24.13 41.06

18.46 4 26.30 44.76

20.13 4 28.66 48.79

21.94 4 31.24 53.18

23.91 4 34.06 57.97

26.06

28.41

29.54

26.06

28.41

29.54

25 2.79 3.81

25 2.90 4.19

25 3.02 4.61

25 3.14 5.07

25 3.26 5.57

25 3.40 6.13

25 3.53

25 3.67

3.82

31.60 2.13 -22.60 -16.01

32.09 3.14 -24.64 -17.55

32.62 4.25 -26.86 -19.23

33.21 5.45 -29.27 -21.07

33.84 6.77 -31.91 -23.07

34.53 8.20 -34.78 -25.25

28.53 -0.86 -15.64 -12.11

28.67 -0.09 -17.05 -13.37

3.82 9.00 -17.73 -13.91

53.68 32.96

58.61 32.64

63.99 32.32

69.86 32.00

76.25 31.68

83.22 31.36

38.17 13.05

41.78 12.96

43.45 12.22