Historical Income Statement 2006 Internet data ( x 1000)
Revenues commission € 330.932 Month Page Loads Unique Visitors First Time Visitors Returning Visitors
Other Revenues € 3.367 01-02-05 27 12 4 9
Costs of internet hosting € 13.016 01-03-05 44 19 5 13
Business trips € 10.228 01-04-05 51 21 6 15
Selling, Gen & Admin Expenses € 4.148 01-05-05 66 26 7 19
Promotion costs € 6.065 01-06-05 62 25 6 19
Other Operating Expense € 10.775 01-07-05 66 26 6 20
EBITDA € 290.067 01-08-05 89 31 6 25
Depreciation Expense € 0 01-09-05 88 32 6 25
EBITA € 290.067 01-10-05 115 41 9 32
Amortization of Intangibles € 0 01-11-05 120 50 14 37
Non-Operating Income € 0 01-12-05 125 51 11 39
Interest Income € 0 01-01-06 145 61 14 47
Interest Expense € 0 01-02-06 133 59 13 46
Earnings Before Taxes € 290.067 01-03-06 162 73 17 56
Income Taxes € 131.156 01-04-06 153 71 15 56
Net Income € 158.912 01-05-06 154 74 16 58
01-06-06 140 68 14 54
Historical Balance Sheet € 2.006 01-07-06 145 71 17 54
Operating Cash € 158.912 01-08-06 161 81 21 60
Total Current Assets € 158.912 01-09-06 142 70 16 55
Computers € 4.000 01-10-06 143 76 19 57
Total fixed assets € 4.000 01-11-06 149 76 24 51
Total Assets € 162.912 01-12-06 159 78 23 55
01-01-07 158 81 24 57
Total Current Liabilities € 0 Total Long Term Liabilities € 0
Total equity € 162.912
Total Liabs and Equity € 162.912
Historical Income Statement € 2006 Revenues commission 330.932
Other Revenues 3.367
Costs of internet hosting 13.016
business trips 10.228
Selling, Gen & Admin Expenses 4.148
Promotion costs 6.065
Other Operating Expense 10.775
Costs Personnel 90.000
EBITDA 200.067
Depreciation Expense 1.200
EBITA 198.867
Amortization of Intangibles 0 Non-Operating Income 0
Interest Income 0
Interest Expense 0
Earnings Before Taxes 198.867
Income Taxes 48.636
Net Income 150.231
Historical Balance Sheet € 2006
Operating Cash 150.231
Total Current Assets 150.231
Computers 4.000
Total fixed assets 4.000
Total Assets 154.231
Total Current Liabilities 0 Total Long Term Liabilities 0
Total equity 154.231
Total Liabs and Equity 154.231
Ratios 2007 2008 2009 2010 2011 2012
Market share 40% 40% 40% 50% 50% 50%
Market growth 33% -12% -14% 0% 0% 0%
Perpetual growth 0%
Revenue commission / unique visitor € 5 € 5 € 5 € 5 € 5 € 5
Other Revenue / unique visitor € 0 € 0 € 0 € 0 € 0 € 0
Internet hosting: % growth 38,40% 0% 0% 0% 0% 0%
Promotion costs: % growth 50,00% 0% 0% 0% 0% 0%
Sell, Gen & Admin exp. as % rev. 1,2% 1,2% 1,2% 1,2% 1,2% 1,2%
Other oper. Exp. as % rev. 3,2% 3,2% 3,2% 3,2% 3,2% 3,2%
Depreciation computers 33% 33% 33% 33% 33% 33%
Total oper costs as % rev. 40% 40% 37% 42% 41% 37%
Corporate tax Netherlands 20% first 25.000
24% between 25.000 60.000 25,50% over 60.000
marginal tax rate Netherlands 24,7% 24,8% 24,6% 24,7% 24,8% 24,8%
Forecasts unique visitors x 1000
1-1-2008 108
1-1-2009 94
1-1-2010 81
1-1-2011 101
1-1-2012 101
Average unique visitors x 1000
2005 33
2006 73
2007 94
2008 101
2009 88
2010 91
2011 101
2012 101
Historical Expected Expected Expected Expected Future Future Historical Income Statement € 2006H 2007E 2008E 2009E 2010E 2011F 2012F Revenues commission 330.932 426.941 457.190 396.720 412.277 458.086 458.086
Other Revenues 3.367 4.344 4.652 4.036 4.195 4.661 4.661
Costs of internet hosting 13.016 18.014 18.014 18.014 18.014 18.014 18.014
Business trips 10.228 15.228 15.228 15.228 15.228 15.228 15.228
Selling, Gen & Admin Expenses 4.148 5.351 5.731 4.973 5.168 5.742 5.742
Promotion costs 6.065 9.098 9.098 9.098 9.098 9.098 9.098
Other Operating Expense 10.775 13.901 14.886 12.917 13.424 14.915 14.915
Costs Personnel 90.000 110.000 110.000 110.000 110.000 110.000 110.000
Non-Operating Income 0 0 0 0 0 0 0
EBITDA 200.067 259.693 288.885 230.527 245.541 289.750 289.750
Depreciation Expense 1.333 1.333 1.333 1.333 1.333 1.333 1.333
EBITA 198.734 258.360 287.552 229.193 244.208 288.417 288.417
Amortization of Intangibles 0 0 0 0 0 0 0
Interest Income 0 0 0 0 0 0 0
Interest Expense 0 0 0 0 0 0 0
Earnings Before Taxes 198.734 258.360 287.552 229.193 244.208 288.417 288.417
Income Taxes 48.636 63.807 71.251 56.369 60.198 71.471 71.471
Net Income 150.098 194.553 216.301 172.824 184.010 216.946 216.946
Historical Balance Sheet € 2006H 2007E 2008E 2009E 2010E 2011F 2012F Excess Cash 150.098 344.651 560.952 733.776 917.786 1.134.731 1.351.677 Total Current Assets 150.098 344.651 560.952 733.776 917.786 1.134.731 1.351.677
Computers 2.667 1.333 0 2.667 1.333 0 2.667
Total fixed assets 2.667 1.333 0 2.667 1.333 0 2.667
Total Assets 152.764 345.984 560.952 736.443 919.119 1.134.731 1.354.344
Total Current Liabilities 0 0 0 0 0 0 0
Total Long Term Liabilities 0 0 0 0 0 0 0
Total equity 152.764 345.984 560.952 736.443 919.119 1.134.731 1.354.344
Total Liab and Equity 152.764 345.984 560.952 736.443 919.119 1.134.731 1.354.344
NOPLAT Calculation € 2007E 2008E 2009E 2010E 2011F 2012F
EBITA 258.360 287.552 229.193 244.208 288.417 288.417
Non operating income 0 0 0 0 0 0
Operating Cash Taxes 63.807 71.251 56.369 60.198 71.471 71.471
NOPLAT 194.553 216.301 172.824 184.010 216.946 216.946
Free Cash Flow Calculation € 2007E 2008E 2009E 2010E 2011F 2012F
NOPLAT 194.553 216.301 172.824 184.010 216.946 216.946
depreciation 1.333 1.333 1.333 1.333 1.333 1.333
Gross Cash Flow 195.886 217.635 174.157 185.343 218.279 218.279
Increase in operating invested capital 0 0 4.000 0 0 4.000
increase in working capital 0 0 0 0 0 0
net capital expenditures 0 0 4.000 0 0 4.000
Free Cash Flow 195.886 217.635 170.157 185.343 218.279 214.279
DCF Value 2007E 2008E 2009E 2010F 2011F 2012F
Free Cash Flow 195.886 217.635 170.157 185.343 218.279 214.279
Discount factor 1,17 1,37 1,60 1,87 2,18 2,55
PV of Cash Flow 167.567 159.257 106.514 99.247 99.986 83.964
PV of forecasted Cash Flows 716.536 PV terminal value 2013 => 425.002
Total value 1.141.538
mid-year adjustment factor 1,08
Value of Operations 1237998
Add: Excess Cash 150098
Enterprise Value 1388096
less: Debt 0
Equity Value 1388096
WACC Calculation
Risk free debt rate 4%
Credit spread 0%
Cost of Debt 0%
Market risk premium 10%
Cost of Equity 17%
Debt / Value 0,0
Equity / Value 1,0
Unlevered beta 2,15
Levered beta 2,15
WACC 17%
Perpetual growth 0%
Inhabitants Netherlands 16500000 Dutch speaking inh. Bel 6300000 Inhabitants Portugal 10600000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Belgian expec. unique visitors 3,818 7,636 12,584 27,942 36,049 38,603 33,497 34,811 38,679 38,679 Portugese expec. unique visitors 6,424 12,848 21,173 47,014 60,654 64,951 56,360 58,571 65,078 65,078 Average fcf per
unique visitors Netherlands € 2,07
Expected 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Belgian free cash flow 7.922 15.844 26.108 57.974 74.793 80.092 69.499 72.224 80.249 80.249 Portugese free cash flow 13.329 26.658 43.928 97.543 125.842 134.758 116.934 121.520 135.022 135.022
Discount factor 1,17 1,37 1,60 1,87 2,18 2,55 2,98 3,49 4,08
PV of Cash Flow Belgium 6.777 11.594 16.343 31.044 34.260 31.384 23.296 20.709 19.684 PV of Cash Flow Portugal 11.402 19.507 27.498 52.232 57.644 52.804 39.196 34.844 33.119
Belgium Portugal PV of forecasted Cash Flows 195.090 328.246 PV terminal value 2016 => 99.634 167.638
Total value 294.724 495.884
Mid-year adjustment factor 1,08 1,08 Value of Operations 319.628 537.786
Add: Excess Cash 0 0
Enterprise Value 319.628 537.786
Debt 0 0
Equity Value 319.628 537.786
€ Netherlands Belgium Portugal Total
Operating value 1.237.998 319.628 537.786 2.095.412
Enterprise value 1.388.096 319.628 537.786 2.245.510
Equity value 1.388.096 319.628 537.786 2.245.510
Average EBITA per
unique visitors Netherlands € 2,77 Estimated unique visitors
Belgium 2016 ( X 1000) 39 Estimated unique visitors
Portugal 2016 ( X 1000) 65 Estimated EBITA
Belgium 2016 € 106.992
Estimated EBITA
Portugal 2016 € 180.019
Value Poker X
Multiples Netherlands Belgium Portugal
V / EBITA = 5 € 1.442.084 € 534.961 € 900.094
V / UV = 10 € 1.013.013 € 386.787 € 650.784
Total
€ 2.877.140
€ 2.050.584
Average EBITA per
unique visitors Netherlands € 2,77 Estimated unique visitors
Belgium 2016 ( X 1000) 39 Estimated unique visitors Portugal 2016 ( X 1000) 65 Estimated EBITA
Belgium 2016 € 106.992
Estimated EBITA
Portugal 2016 € 180.019
Value Poker X
Multiples Netherlands Belgium Portugal Total
V / EBITA = 5 € 1.442.084 € 534.961 € 900.094 € 2.877.140
V / UV = 10 € 1.013.013 € 386.787 € 650.784 € 2.050.584
Historical Income Statement 2006 Internet data ( x 1000)
Revenues commission € 330.932 Month Page Loads Unique Visitors First Time Visitors Returning Visitors
Other Revenues € 3.367 01-02-05 27 12 4 9
Costs of internet hosting € 13.016 01-03-05 44 19 5 13
Business trips € 10.228 01-04-05 51 21 6 15
Selling, Gen & Admin Expenses € 4.148 01-05-05 66 26 7 19
Promotion costs € 6.065 01-06-05 62 25 6 19
Other Operating Expense € 10.775 01-07-05 66 26 6 20
EBITDA € 290.067 01-08-05 89 31 6 25
Depreciation Expense € 0 01-09-05 88 32 6 25
EBITA € 290.067 01-10-05 115 41 9 32
Amortization of Intangibles € 0 01-11-05 120 50 14 37
Non-Operating Income € 0 01-12-05 125 51 11 39
Interest Income € 0 01-01-06 145 61 14 47
Interest Expense € 0 01-02-06 133 59 13 46
Earnings Before Taxes € 290.067 01-03-06 162 73 17 56
Income Taxes € 131.156 01-04-06 153 71 15 56
Net Income € 158.912 01-05-06 154 74 16 58
01-06-06 140 68 14 54
Historical Balance Sheet € 2.006 01-07-06 145 71 17 54
Operating Cash € 158.912 01-08-06 161 81 21 60
Total Current Assets € 158.912 01-09-06 142 70 16 55
Computers € 4.000 01-10-06 143 76 19 57
Total fixed assets € 4.000 01-11-06 149 76 24 51
Total Assets € 162.912 01-12-06 159 78 23 55
01-01-07 158 81 24 57
Total Current Liabilities € 0 Total Long Term Liabilities € 0
Total equity € 162.912
Total Liabs and Equity € 162.912
Historical Income Statement € 2006 Revenues commission 330.932
Other Revenues 3.367
Costs of internet hosting 13.016
business trips 10.228
Selling, Gen & Admin Expenses 4.148
Promotion costs 6.065
Other Operating Expense 10.775
Costs Personnel 90.000
EBITDA 200.067
Depreciation Expense 1.200
EBITA 198.867
Amortization of Intangibles 0 Non-Operating Income 0
Interest Income 0
Interest Expense 0
Earnings Before Taxes 198.867
Income Taxes 48.636
Net Income 150.231
Historical Balance Sheet € 2006
Operating Cash 150.231
Total Current Assets 150.231
Computers 4.000
Total fixed assets 4.000
Total Assets 154.231
Total Current Liabilities 0 Total Long Term Liabilities 0
Total equity 154.231
Total Liabs and Equity 154.231
Ratios 2007 2008 2009 2010 2011 2012
Market share 40% 40% 40% 50% 50% 50%
Market growth 33% -12% -14% 0% 0% 0%
Perpetual growth 0%
Revenue commission / unique visitor € 5 € 5 € 5 € 5 € 5 € 5
Other Revenue / unique visitor € 0 € 0 € 0 € 0 € 0 € 0
Internet hosting: % growth 38,40% 0% 0% 0% 0% 0%
Promotion costs: % growth 50,00% 0% 0% 0% 0% 0%
Sell, Gen & Admin exp. as % rev. 1,2% 1,2% 1,2% 1,2% 1,2% 1,2%
Other oper. Exp. as % rev. 3,2% 3,2% 3,2% 3,2% 3,2% 3,2%
Depreciation computers 33% 33% 33% 33% 33% 33%
Total oper costs as % rev. 40% 40% 37% 42% 41% 37%
Corporate tax Netherlands 20% first 25.000
24% between 25.000 60.000 25,50% over 60.000
marginal tax rate Netherlands 24,7% 24,8% 24,6% 24,7% 24,8% 24,8%
Forecasts unique visitors x 1000
1-1-2008 108
1-1-2009 94
1-1-2010 81
1-1-2011 101
1-1-2012 101
Average unique visitors x 1000
2005 33
2006 73
2007 94
2008 101
2009 88
2010 91
2011 101
2012 101
Historical Expected Expected Expected Expected Future Future Historical Income Statement € 2006H 2007E 2008E 2009E 2010E 2011F 2012F Revenues commission 330.932 426.941 457.190 396.720 412.277 458.086 458.086
Other Revenues 3.367 4.344 4.652 4.036 4.195 4.661 4.661
Costs of internet hosting 13.016 18.014 18.014 18.014 18.014 18.014 18.014
Business trips 10.228 15.228 15.228 15.228 15.228 15.228 15.228
Selling, Gen & Admin Expenses 4.148 5.351 5.731 4.973 5.168 5.742 5.742
Promotion costs 6.065 9.098 9.098 9.098 9.098 9.098 9.098
Other Operating Expense 10.775 13.901 14.886 12.917 13.424 14.915 14.915
Costs Personnel 90.000 110.000 110.000 110.000 110.000 110.000 110.000
Non-Operating Income 0 0 0 0 0 0 0
EBITDA 200.067 259.693 288.885 230.527 245.541 289.750 289.750
Depreciation Expense 1.333 1.333 1.333 1.333 1.333 1.333 1.333
EBITA 198.734 258.360 287.552 229.193 244.208 288.417 288.417
Amortization of Intangibles 0 0 0 0 0 0 0
Interest Income 0 0 0 0 0 0 0
Interest Expense 0 0 0 0 0 0 0
Earnings Before Taxes 198.734 258.360 287.552 229.193 244.208 288.417 288.417
Income Taxes 48.636 63.807 71.251 56.369 60.198 71.471 71.471
Net Income 150.098 194.553 216.301 172.824 184.010 216.946 216.946
Historical Balance Sheet € 2006H 2007E 2008E 2009E 2010E 2011F 2012F Excess Cash 150.098 344.651 560.952 733.776 917.786 1.134.731 1.351.677 Total Current Assets 150.098 344.651 560.952 733.776 917.786 1.134.731 1.351.677
Computers 2.667 1.333 0 2.667 1.333 0 2.667
Total fixed assets 2.667 1.333 0 2.667 1.333 0 2.667
Total Assets 152.764 345.984 560.952 736.443 919.119 1.134.731 1.354.344
Total Current Liabilities 0 0 0 0 0 0 0
Total Long Term Liabilities 0 0 0 0 0 0 0
Total equity 152.764 345.984 560.952 736.443 919.119 1.134.731 1.354.344
Total Liab and Equity 152.764 345.984 560.952 736.443 919.119 1.134.731 1.354.344
NOPLAT Calculation € 2007E 2008E 2009E 2010E 2011F 2012F
EBITA 258.360 287.552 229.193 244.208 288.417 288.417
Non operating income 0 0 0 0 0 0
Operating Cash Taxes 63.807 71.251 56.369 60.198 71.471 71.471
NOPLAT 194.553 216.301 172.824 184.010 216.946 216.946
Free Cash Flow Calculation € 2007E 2008E 2009E 2010E 2011F 2012F
NOPLAT 194.553 216.301 172.824 184.010 216.946 216.946
depreciation 1.333 1.333 1.333 1.333 1.333 1.333
Gross Cash Flow 195.886 217.635 174.157 185.343 218.279 218.279
Increase in operating invested capital 0 0 4.000 0 0 4.000
increase in working capital 0 0 0 0 0 0
net capital expenditures 0 0 4.000 0 0 4.000
Free Cash Flow 195.886 217.635 170.157 185.343 218.279 214.279
DCF Value 2007E 2008E 2009E 2010F 2011F 2012F
Free Cash Flow 195.886 217.635 170.157 185.343 218.279 214.279
Discount factor 1,17 1,37 1,60 1,87 2,18 2,55
PV of Cash Flow 167.567 159.257 106.514 99.247 99.986 83.964
PV of forecasted Cash Flows 716.536 PV terminal value 2013 => 425.002
Total value 1.141.538
mid-year adjustment factor 1,08
Value of Operations 1237998
Add: Excess Cash 150098
Enterprise Value 1388096
less: Debt 0
Equity Value 1388096
WACC Calculation
Risk free debt rate 4%
Credit spread 0%
Cost of Debt 0%
Market risk premium 10%
Cost of Equity 17%
Debt / Value 0,0
Equity / Value 1,0
Unlevered beta 2,15
Levered beta 2,15
WACC 17%
Perpetual growth 0%
Inhabitants Netherlands 16500000 Dutch speaking inh. Bel 6300000 Inhabitants Portugal 10600000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Belgian expec. unique visitors 3,818 7,636 12,584 27,942 36,049 38,603 33,497 34,811 38,679 38,679 Portugese expec. unique visitors 6,424 12,848 21,173 47,014 60,654 64,951 56,360 58,571 65,078 65,078 Average fcf per
unique visitors Netherlands € 2,07
Expected 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Belgian free cash flow 7.922 15.844 26.108 57.974 74.793 80.092 69.499 72.224 80.249 80.249 Portugese free cash flow 13.329 26.658 43.928 97.543 125.842 134.758 116.934 121.520 135.022 135.022
Discount factor 1,17 1,37 1,60 1,87 2,18 2,55 2,98 3,49 4,08
PV of Cash Flow Belgium 6.777 11.594 16.343 31.044 34.260 31.384 23.296 20.709 19.684 PV of Cash Flow Portugal 11.402 19.507 27.498 52.232 57.644 52.804 39.196 34.844 33.119
Belgium Portugal PV of forecasted Cash Flows 195.090 328.246 PV terminal value 2016 => 99.634 167.638
Total value 294.724 495.884
Mid-year adjustment factor 1,08 1,08 Value of Operations 319.628 537.786
Add: Excess Cash 0 0
Enterprise Value 319.628 537.786
Debt 0 0
Equity Value 319.628 537.786
€ Netherlands Belgium Portugal Total
Operating value 1.237.998 319.628 537.786 2.095.412
Enterprise value 1.388.096 319.628 537.786 2.245.510
Equity value 1.388.096 319.628 537.786 2.245.510
Average EBITA per
unique visitors Netherlands € 2,77 Estimated unique visitors
Belgium 2016 ( X 1000) 39 Estimated unique visitors Portugal 2016 ( X 1000) 65 Estimated EBITA
Belgium 2016 € 106.992
Estimated EBITA
Portugal 2016 € 180.019
Value Poker X
Multiples Netherlands Belgium Portugal Total
V / EBITA = 5 € 1.442.084 € 534.961 € 900.094 € 2.877.140
V / UV = 10 € 1.013.013 € 386.787 € 650.784 € 2.050.584
