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SOBRIOsol

The document outlines financial forecasts for a company over five years, including sales, operating costs, and free cash flows, indicating a gradual improvement in net income and free cash flow by year five. It also discusses the impact of new investments on share distribution, revealing that founders would lose the majority of shares post-investment. Additionally, it details the expected returns for investors, showing a decline in IRR from 30% to 28% due to a stock options plan.

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Mohammed Amine
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5 views2 pages

SOBRIOsol

The document outlines financial forecasts for a company over five years, including sales, operating costs, and free cash flows, indicating a gradual improvement in net income and free cash flow by year five. It also discusses the impact of new investments on share distribution, revealing that founders would lose the majority of shares post-investment. Additionally, it details the expected returns for investors, showing a decline in IRR from 30% to 28% due to a stock options plan.

Uploaded by

Mohammed Amine
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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SOBRIO

Hypotheses
year 0 1 2 3 4 5
Tax rate 33.00% 33.00% 33.00% 33.00% 33.00% 33.00%
Q1
Free cash flows forecast
year 0 1 2 3 4 5
Sales 0.50 2.00 3.00 6.00 8.00 14.00
Operating costs -1.00 -3.00 -3.50 -5.50 -6.00 -10.00
Operating profit =EBIT -0.50 -1.00 -0.50 0.50 2.00 4.00
Tax 0.00 0.00 0.00 0.00 -0.17 -1.32
Losses carried forward -0.50 -1.50 -2.00 -1.50 0.00 0.00
Net income -0.50 -1.00 -0.50 0.50 1.84 2.68
+Depreciation 0.20 0.50 0.80 0.90 1.00 1.10
-Capex -0.20 -1.00 -1.50 -1.30 -1.00 -1.00
-Change in WCR -0.20 -0.30 -0.50 -0.60 -0.60 -0.60
Free cash flow -0.70 -1.80 -1.70 -0.50 1.23 2.18
Cumulated FCF -0.70 -2.50 -4.20 -4.70 -3.47 -1.29
Add flexibility 20%
Raise 5.64

Q2
EXIT EBIT MULTIPLE 12
EQUITY VALUE AT EXIT 48
EXPECTED RETURN 30%
EQUITY VALUE AT ENTRY 12.93 : post money value

Q3
POST MONEY VALUE 12.93
NEW MONEY 5.64 new investors 43.6%
PRE MONEY VALUE 7.29 founders 56.4%
With these assumptions, founders would loose the majorty of shares

Q4 %
OUTSTANDING SHARES BEFORE THE ROUND 50,000 56.4% founders
PRICE PER SHARE FOR THE ROUND 145.7559 pre money / number of shares before round
NEW SHARES ISSUED 38,695 43.6% investors
TOTAL SHARES AFTER THE ROUND 88,695 100.0%

Q5
INCREASE IN SHARES DUE TO STOCK OPTIONS 10%
Y0 1 2 3 4 Y5
FOUNDERS 50,000 50,000 51.25%
INVESTORS 38,695 38,695 39.66%
EMPLOYEES - 8,869 9.09%
TOTAL 88,695 97,564 100.00%

INVESTORS CASH FLOWS AND RETURNS


INVESTORS - 5,640,000 - - - - 19,037,205
IRR 28%
CAPITAL GAIN 13,397,205
WITH A 10% STOCK OPTIONS PLAN, THE IRR FOR INVESTORS DECLINES FROM 30% TO 28%

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