what is the VC discount rate used for future IPO method? please show formula used thank you
0.905 Industry Comparables Beta PIE EVI EBITDA EVI Sales 19.19 -6.68 51.745 34 (12) 203 35 36 37 38 39 40 41 42 Projections Sales Net Income Dividend EBITDA FCF to Equity (Levered) Capex Working Capital CF AFN Leverage D/(D+E) FFO/ Debt Cash/Total Assets ROE Growth in Earnings Gross Profit Margin Operating Margin Net Margin 2019 Actual 2020 2021 2022 2023 2024 100 160 320 576 806 887 (5) 41 67 147 (2) (3) (6) 2 75 138 279 367 15 45 151 146 242 304 (After completing your 5 yr pro forma financials for OceanBlo, then complete this section to provide with a summary of OceanBio's projected performance which can help with financial policy recomme 48 139 165 119 (83) 0% 20% 24% 22% 19% 15% #DIV/0! -47% 55% 56% 95% 142% 10% -2% 15% 27% 35% 37% -6% -12% 17% 16% 22% 25% n/a 60% 100% 80% 40% 10% n/a -133% 450% 65% 118% 38% n/a #DIV/0! 3650% 84% 102% 32% -5% -7% 13% 12% 18% 23% 43 44 45 49 50 51 52 53 54 55 56 37 59 Assumptions (in Blue) Year Sales Growth Rate COGS as % of Sales Fixed Operating Expenses Dividend Payout Rate Corp Tax Rate Depr as % of Net Fixed Assets Net Fixed Assets as % of Sales ST Bank Loan as % of Sales AFN Financing % Equity AFN Financing % LT Debt Interest Rate on ST Debt Interest Rate on LT Debt Recommended adjustments to AFN Projections 2019 Actual 2020 40% 60% 60% 55% (40) (70) 0% 0% 0% 0% 10% 12% 50% 60% 0% 5% 100% 65% 0% 35% 8% N/A 9% 2021 100% 50% (85) 4% 10% 12% 60% 5% 70% 30% 8% 9% 2022 80% 50% (150) 4% 30% 12% 45% 5% 80% 20% 8% 9% 2023 40% 45% (165) 4% 35% 12% 40% 5% 80% 20% 8% 60 61 62 65 64 65 06 2024 Notes 10% 40% 1) Margins (165) 2) Fixed Ex 0% 35% 12% 3) Deprist 40% 4) Fixed ass 5% 80% 20% 896 9% 5) If Ocean 9% 2022 576 (288) 288 (150) 138 2023 806 (363) 444 (165) 279 (39) 240 (14) 226 (79 147 2024 887 (355) 532 (165) 367 43 325 (12) 312 (109 203 107 (11 96 (29) 67 (3) 65 (6) 141 203 71 Pro Forma Financial Statements (in US$ millions) 72 (Note: I/S shows expenses as negative numbers and revenues as positive numbers) 73 Income Statement 2019 Actual 2020 2021 74 Net Sales 100 160 320 75 COGS (60) (88) (160) 76 Gross Profit 40 72 160 77 Fixed Operating Expenses (40) (70) (85 78 EBITDA 0 2 75 79 Depreciation (5) (12) (23) 80 EBIT (5) (10) 52 Interest 0 (2) (7) 82 EBT (5 (12) 45 83 Taxes 0 0 (5) 84 Net Income (NU) (5) (12) 41 35 86 Cash Dividends 0 (2) 87 Added Retained Earnings (5) (12) 39 88 89 Balance Sheet 2019 Actual 2020 2021 90 Cash & Mkt Sec 10 (4) 54 91 Accounts Rec 30% 30 48 96 92 Inventories 10% 10 16 32 9a Total Current Assets 50 60 182 94 Fixed Assets Net 50 96 192 95 Total Assets 100 156 374 96 Accounts Pay 10% 10 16 32 ST Bank Loan 0 8 16 99 Acc Liab 10% 10 16 32 100 Total Current Liab 20 40 80 101 Long-Term Debt (Old) 0 0 17 102 Long-Term Debt (New) 0 17 42 103 Common Stock (New) 20 31 97 104 Common Stock (Old) 70 90 105 Retained Earings (10) (22) 18 106 Total Liab & Equity 100 156 374 107 Assets - (Liab+ Equity) Check 0 0 108 Leverage 109 Total Debt 0 25 110 Total Equity 80 100 2022 178 173 58 409 259 668 2023 340 242 81 663 2024 416 266 89 770 355 1.125 323 986 58 29 58 144 58 33 132 218 82 668 0 81 40 81 202 91 24 95 350 223 986 0 89 44 89 222 115 (17) (67) 121 445 426 1,125 0 74 236 120 432 155 669 143 805 156 100 0 374 0 668 0 986 0 1,125 0 Total Liab & Equity Assets - (Liab + Equity) Check Leverage Total Debt Total Equity Debt/(Debt + Equity) 0 80 0% 25 100 20% 74 236 24% 120 432 22% 155 669 19% 143 805 15% AFN Calculations + Investments in Assets - Change in Bank Loan - Free Working Cap Financing - Retained Net Income AFN per year = Cummulative AFN = 60 8 12 (8) 48 48 156 8 32 (22) 139 187 299 13 51 71 165 352 267 12 46 91 119 470 99 4 16 162 (83) 2023 147 39 2019 Actual (5) 5 (10) (4) 2 2 (10) 2021 41 23 (48) (16) (69) 2020 (12) 12 (18) (6) 6 6 (12) 2022 67 31 (77) (26) 26 26 47 2024 203 43 (24) (8) 8 8 229 16 (23) 23 23 140 16 32 30 (25 (58) 1 Statement of CFS 2 Net Income +Depreciation 4. Change in NR 5 Change in Inv. 6 Change in AIP 7 Change in Acc. Llab 28 CF from Operations 29 CF from Investments (Total Capex) 31 32 Change in Bank Loan Change in Long-Term Debt Change in Common Stock 35 Payment of Cash Dividends 136 CF from Financing 137 138 Net Cash Flow 139 Beginning Cash 140 Ending Cash (119) (98) (102) 0 0 20 0 20 8 17 31 8 42 97 (2) 145 13 33 132 (3 175 12 24 95 (6) 125 (75) [The B/S need to b 4 (17) (67) 56 (79) (15) 25 10 (14) 10 (4) 58 (4) 54 124 54 178 162 178 340 75 340 416 141 0.905 Industry Comparables Beta PIE EVI EBITDA EVI Sales 19.19 -6.68 51.745 34 (12) 203 35 36 37 38 39 40 41 42 Projections Sales Net Income Dividend EBITDA FCF to Equity (Levered) Capex Working Capital CF AFN Leverage D/(D+E) FFO/ Debt Cash/Total Assets ROE Growth in Earnings Gross Profit Margin Operating Margin Net Margin 2019 Actual 2020 2021 2022 2023 2024 100 160 320 576 806 887 (5) 41 67 147 (2) (3) (6) 2 75 138 279 367 15 45 151 146 242 304 (After completing your 5 yr pro forma financials for OceanBlo, then complete this section to provide with a summary of OceanBio's projected performance which can help with financial policy recomme 48 139 165 119 (83) 0% 20% 24% 22% 19% 15% #DIV/0! -47% 55% 56% 95% 142% 10% -2% 15% 27% 35% 37% -6% -12% 17% 16% 22% 25% n/a 60% 100% 80% 40% 10% n/a -133% 450% 65% 118% 38% n/a #DIV/0! 3650% 84% 102% 32% -5% -7% 13% 12% 18% 23% 43 44 45 49 50 51 52 53 54 55 56 37 59 Assumptions (in Blue) Year Sales Growth Rate COGS as % of Sales Fixed Operating Expenses Dividend Payout Rate Corp Tax Rate Depr as % of Net Fixed Assets Net Fixed Assets as % of Sales ST Bank Loan as % of Sales AFN Financing % Equity AFN Financing % LT Debt Interest Rate on ST Debt Interest Rate on LT Debt Recommended adjustments to AFN Projections 2019 Actual 2020 40% 60% 60% 55% (40) (70) 0% 0% 0% 0% 10% 12% 50% 60% 0% 5% 100% 65% 0% 35% 8% N/A 9% 2021 100% 50% (85) 4% 10% 12% 60% 5% 70% 30% 8% 9% 2022 80% 50% (150) 4% 30% 12% 45% 5% 80% 20% 8% 9% 2023 40% 45% (165) 4% 35% 12% 40% 5% 80% 20% 8% 60 61 62 65 64 65 06 2024 Notes 10% 40% 1) Margins (165) 2) Fixed Ex 0% 35% 12% 3) Deprist 40% 4) Fixed ass 5% 80% 20% 896 9% 5) If Ocean 9% 2022 576 (288) 288 (150) 138 2023 806 (363) 444 (165) 279 (39) 240 (14) 226 (79 147 2024 887 (355) 532 (165) 367 43 325 (12) 312 (109 203 107 (11 96 (29) 67 (3) 65 (6) 141 203 71 Pro Forma Financial Statements (in US$ millions) 72 (Note: I/S shows expenses as negative numbers and revenues as positive numbers) 73 Income Statement 2019 Actual 2020 2021 74 Net Sales 100 160 320 75 COGS (60) (88) (160) 76 Gross Profit 40 72 160 77 Fixed Operating Expenses (40) (70) (85 78 EBITDA 0 2 75 79 Depreciation (5) (12) (23) 80 EBIT (5) (10) 52 Interest 0 (2) (7) 82 EBT (5 (12) 45 83 Taxes 0 0 (5) 84 Net Income (NU) (5) (12) 41 35 86 Cash Dividends 0 (2) 87 Added Retained Earnings (5) (12) 39 88 89 Balance Sheet 2019 Actual 2020 2021 90 Cash & Mkt Sec 10 (4) 54 91 Accounts Rec 30% 30 48 96 92 Inventories 10% 10 16 32 9a Total Current Assets 50 60 182 94 Fixed Assets Net 50 96 192 95 Total Assets 100 156 374 96 Accounts Pay 10% 10 16 32 ST Bank Loan 0 8 16 99 Acc Liab 10% 10 16 32 100 Total Current Liab 20 40 80 101 Long-Term Debt (Old) 0 0 17 102 Long-Term Debt (New) 0 17 42 103 Common Stock (New) 20 31 97 104 Common Stock (Old) 70 90 105 Retained Earings (10) (22) 18 106 Total Liab & Equity 100 156 374 107 Assets - (Liab+ Equity) Check 0 0 108 Leverage 109 Total Debt 0 25 110 Total Equity 80 100 2022 178 173 58 409 259 668 2023 340 242 81 663 2024 416 266 89 770 355 1.125 323 986 58 29 58 144 58 33 132 218 82 668 0 81 40 81 202 91 24 95 350 223 986 0 89 44 89 222 115 (17) (67) 121 445 426 1,125 0 74 236 120 432 155 669 143 805 156 100 0 374 0 668 0 986 0 1,125 0 Total Liab & Equity Assets - (Liab + Equity) Check Leverage Total Debt Total Equity Debt/(Debt + Equity) 0 80 0% 25 100 20% 74 236 24% 120 432 22% 155 669 19% 143 805 15% AFN Calculations + Investments in Assets - Change in Bank Loan - Free Working Cap Financing - Retained Net Income AFN per year = Cummulative AFN = 60 8 12 (8) 48 48 156 8 32 (22) 139 187 299 13 51 71 165 352 267 12 46 91 119 470 99 4 16 162 (83) 2023 147 39 2019 Actual (5) 5 (10) (4) 2 2 (10) 2021 41 23 (48) (16) (69) 2020 (12) 12 (18) (6) 6 6 (12) 2022 67 31 (77) (26) 26 26 47 2024 203 43 (24) (8) 8 8 229 16 (23) 23 23 140 16 32 30 (25 (58) 1 Statement of CFS 2 Net Income +Depreciation 4. Change in NR 5 Change in Inv. 6 Change in AIP 7 Change in Acc. Llab 28 CF from Operations 29 CF from Investments (Total Capex) 31 32 Change in Bank Loan Change in Long-Term Debt Change in Common Stock 35 Payment of Cash Dividends 136 CF from Financing 137 138 Net Cash Flow 139 Beginning Cash 140 Ending Cash (119) (98) (102) 0 0 20 0 20 8 17 31 8 42 97 (2) 145 13 33 132 (3 175 12 24 95 (6) 125 (75) [The B/S need to b 4 (17) (67) 56 (79) (15) 25 10 (14) 10 (4) 58 (4) 54 124 54 178 162 178 340 75 340 416 141
