Revenue

Attendance
Sponsorship
Broadcast
Merchandise
Other
Total
Opearting costs
Payroll
Stadium Operating Expenses
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
9%
Long-term growth after 2019
4%
Salary growth until 2019
10%
Long-term growth after 2019
4%
Long-term growth rate of everything4%
else

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

0.91

0.82

0.75

0.68

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

(3) Adding a stadium and a player

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

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

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