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Company Name

Valuation -- Venture Capital Method

Assumptions Ref

Month of IPO 48 A
Forecast annualized earnings at IPO $5,927,400.00 B
P/E ratio at IPO 10 C

Investment Round First Second Third


Month of Investment 12 0 0C
Investor required IRR 25% 20% 15% D
Amount of Investment $2,000,000.00 $1,000,000.00 $1,000,000.00 E
Required Monthly IRR 2.08% 1.67% 1.25% F
Duration of Investment 36 48 48 G

Calculations

Market Capitalization at IPO 59274000 H

First Second Third


Firm Value at Time of Investment $30,348,288.00 $28,585,069.44 $33,890,101.88
Required FV for Investor at IPO $3,906,250.00 $2,073,600.00 $1,749,006.25 I
Individual Investor's Share 6.59% 3.50% 2.95% J
Individual Investor's ROI 1.95 2.07 1.75 K
Individual Investor's IRR 0.25 0.2 0.15 L

Investors' Share 13% M


Founders' Share 87% N

Negotiations

First Second Third


Individual Investor's Share 33% 0 0
FV for Investor at IPO 19,560,420.00 0 0
Individual Investor's ROI 978% 0 0
Individual Investor's IRR 114% -1 -1

Investors' Share 33%


Founders' Share 67%
Calculation

D/12
A-C

B*C

H/(1+F)^G
E*(1+F)^G
I/H
I/E
(I/E)^(12/G)-1

sum(J)
1-M
Company Name
Valuation -- Venture Capital Method
Years 1 to 5

Assumptions:
Investor required IRR 1A
P/E ratio at IPO or acquisition 15 B
Initial investment 1000000 C

D E F
Market
Venture Capital Method Year Net Income Capitalization
income stmt B*E
IPO in Year 1 1 $211,000.00 $3,165,000.00
IPO in Year 2 2 $400,000.00 $6,000,000.00
IPO in Year 3 3 $800,000.00 $12,000,000.00
IPO in Year 4 4 $1,200,000.00 $18,000,000.00
IPO in Year 5 5 $3,500,000.00 $52,500,000.00
G H
Investor's I
Investor's JInvestor's K
Investor's
Required Future Value (Investor) Share Return ROI IRR
FV(F,D) C/G F*H I/C IRR(I,C,D)
$2,000,000.00 63% $2,000,000.00 200% Err:523
$4,000,000.00 67% $4,000,000.00 400% Err:523
$8,000,000.00 67% $8,000,000.00 800% Err:523
$16,000,000.00 89% $16,000,000.00 1600% Err:523
$32,000,000.00 61% $32,000,000.00 3200% Err:523

Negotiation Worksheet Investor's


Investor's Investor's Investor's
Year Share Return ROI IRR
1 25% $791,250.00 79% Err:523
2 25% $1,500,000.00 150% Err:523
3 25% $3,000,000.00 300% Err:523
4 25% $4,500,000.00 450% Err:523
5 25% $13,125,000.00 1313% Err:523