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Exhibit 2
Projections of incremental expected sales and cash flows for home delivery proje
2012E
Sales
EBITD
Depreciation
Ebit
Tax expense
EBIAT
CAPX
Investment in Working capital
Exhibit 3
Additional Assumption
Risk-Free Rate (Rf)
Project Cost of Debt
Market Risk premium
Marginal Corporate Tax Rate
Project Debt Beta (Bd)
Asset Beta for Rentgames.org and
2013E
2014E
2015E
1,200
2,400
3,900
5,600
180
360
585
840
-200
-225
-250
-275
-20
135
335
565
8
-54
-134
-226
-12
81
201
339
300
300
300
300
0
0
0
0
5%
6.80%
7.20%
40%
0.25
1.5
ousands of dollars)
Exhibit 1
Summary Financial Information on GameWorld Co., 2010 (in thousands of dollars
FY 2010
Sales
22,500
EBITDA
2,500
Depreciation
1,100
Operating Profit
1,400
Net Income
660
Exhibit 2
Projections of incremental expected sales and cash flows for home delivery proje
Sales
EBITD
Depreciation
Ebit
Tax expense
EBIAT
Add back depreciation
Operating CFs
CAPX
Investment in Working capital
Total Cash Flows
FCF growth rate
Cost of equity
NPV
Exhibit 3
Additional Assumption
Risk-Free Rate (Rf)
Project Cost of Debt
Market Risk premium
Marginal Corporate Tax Rate
Project Debt Beta (Bd)
Asset Beta for Rentgames.org and
2011 2012E
2013E
2014E
1,200
2,400
3,900
180
360
585
-200
-225
-250
-20
135
335
8
-54
-134
-12
81
201
200
225
250
188
306
451
1500
300
300
300
0
0
0
-1500
-112
6
151
5%
15.80%
$1,228.49
5%
6.80%
7.20%
40%
0.25
1.5
ousands of dollars)
Exhibit 1
Summary Financial Information on GameWorld Co., 2010 (in thousands of dollars
FY 2010
Sales
22,500
EBITDA
2,500
Depreciation
1,100
Operating Profit
1,400
Net Income
660
Exhibit 2
Projections of incremental expected sales and cash flows for home delivery proje
Sales
EBITD
Depreciation
Ebit
Tax expense
EBIAT
Operating CFs
CAPX
Investment in Working capital
FCF
Growth rate g
Cost of capital k*
All equity value
Debt raising
Annual interest tax shield
PV(T)
APV
Exhibit 3
Additional Assumption
Risk-Free Rate (Rf)
Project Cost of Debt
Market Risk premium
Marginal Corporate Tax Rate
Project Debt Beta (Bd)
Asset Beta for Rentgames.org and
2012E
2013E
1,200
2,400
180
360
-200
-225
-20
135
8
-54
-12
81
188
306
1500
300
300
0
0
-1500
-112
6
5%
15.800%
1,228.49
750
20.4
300
1,528.49
5%
6.80%
7.20%
40%
0.25
1.5
4812.5