Snap, Inc.:Is the Price Right?

Snap Baseline Projections Q . Search Sheet Home Insert Draw Page Layout Formulas Data Review View '+ Share K Cut Arial 8 A- A Wrap Text General 2 AutoSum 9 Copy Fill AP. Q . Paste EE + Merge & Center $ ~ % 2 60 $.0 Conditional Format Cell Insert Delete Format Sort & Find & Format Formatting as Table Styles Clear Filter Select Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you left off? Yes No E3 + X V fx A C D F G H I J K L M N 0 P Q R S T U V W X Baseline Scenario WACC NPV of FCF Terminal Growth Rate 2.0%% Net Debt $1.626 Marginal Tax Rate 21% EV $1,62 Shares Ou 1222 Price Share $1.3 The correct value will be calculated when cell F8 is populated 201 2016 2019 ARPU (5) 0.64 28 7.43 10241 13.53 ARPU Growth Rate 340% 4096 Avg DAU (M) 144 222 Avg DAU Growth Rate 1536 1296 Revenue (M) 59 404 1470 2306 3297 COGS/User ($) 1.99 314 542 6.24 6.55 COGSARPU Growth Rate 37156 1536 COGS 182 452 Gross Profit 924 1701 SGRA 159 230 3297 SG&A as % of Revenues 272% 82 7236 R&D R&D as %% of Revenues 14096 4536 EBIT -385 - 520 Income Tax -77 - 109 Effective Tax Accumulated Tax Carryforward 77 186 EGIAT - 385 - 520 Depreciation & Amort D&A as % of Revenues Capex 68 Capex as % of Revenues 11636 Change in NWC 15.5 Change in NWC as %% of Rev increase 4456 FCF - 812 - 519 TV 281145 The correct value will be calculated when cell C8 is populated Total Free Cash Flow 5704 -6281 -519 -210 -703 216 3075 439 4659 75633 48 Baseline DCF Calc. + + 100%