Exhibit (c)(v)
December 23, 2009 Draft Presentation to the
Special Committee of the Board of Directors of
The Orchard Enterprises, Inc.
DRAFT |
FOR DISCUSSION PURPOSES ONLY |
SUBJECT TO REVISION |
|
The Orchard Enterprises, Inc.
Indications of Value Summary - Sensitivity Analysis
As of September 30, 2009
(000’s Except per Share Value)
| | Indicated | | | Weight | | | Weighted | | | Weight | | | Weighted | | | Weight | | | Weighted | |
Method | | Value | | | Applied | | | Value | | | Applied | | | Value | | | Applied | | | Value | |
| | | | | | | | | | | | | | | | | | | | | |
Discounted Cash Flow Method - 20% Discount Rate | | $ | 29,880 | | | | 40 | % | | $ | 11,952 | | | | 33 | % | | $ | 9,860 | | | | 25 | % | | $ | 7,470 | |
Guideline Market Transaction Method | | $ | 37,037 | | | | 40 | % | | $ | 14,815 | | | | 33 | % | | $ | 12,222 | | | | 25 | % | | $ | 9,259 | |
Guideline Public Company Method | | $ | 47,536 | | | | 20 | % | | $ | 9,507 | | | | 34 | % | | $ | 16,162 | | | | 50 | % | | $ | 23,768 | |
Indication of Controlling, Marketable Equity Value | | | | | | | | | | | 36,274 | | | | | | | | 38,244 | | | | | | | | 40,497 | |
Less: Series A Preferred Stock Liquidation Preference | | | | | | | | | | | (24,993 | ) | | | | | | | (24,993 | ) | | | | | | | (24,993 | ) |
Residual Value Available for Common Shareholders | | | | | | | | | | | 11,281 | | | | | | | | 13,251 | | | | | | | | 15,504 | |
Divided by Common Shares Outstanding | | | | | | | | | | | 6,395 | | | | | | | | 6,395 | | | | | | | | 6,395 | |
Common Stock on a Per Share Value | | | | | | | | | | $ | 1.76 | | | | | | | $ | 2.07 | | | | | | | $ | 2.42 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Discounted Cash Flow Method - 17% Discount Rate | | $ | 32,390 | | | | 40 | % | | $ | 12,956 | | | | 33 | % | | $ | 10,689 | | | | 25 | % | | $ | 8,098 | |
Guideline Market Transaction Method | | $ | 37,037 | | | | 40 | % | | $ | 14,815 | | | | 33 | % | | $ | 12,222 | | | | 25 | % | | $ | 9,259 | |
Guideline Public Company Method | | $ | 47,536 | | | | 20 | % | | $ | 9,507 | | | | 34 | % | | $ | 16,162 | | | | 50 | % | | $ | 23,768 | |
Indication of Controlling, Marketable Equity Value | | | | | | | | | | | 37,278 | | | | | | | | 39,073 | | | | | | | | 41,125 | |
Less: Series A Preferred Stock Liquidation Preference | | | | | | | | | | | (24,993 | ) | | | | | | | (24,993 | ) | | | | | | | (24,993 | ) |
Residual Value Available for Common Shareholders | | | | | | | | | | | 12,285 | | | | | | | | 14,080 | | | | | | | | 16,132 | |
Divided by Common Shares Outstanding | | | | | | | | | | | 6,395 | | | | | | | | 6,395 | | | | | | | | 6,395 | |
Common Stock on a Per Share Value | | | | | | | | | | $ | 1.92 | | | | | | | $ | 2.20 | | | | | | | $ | 2.52 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Utilizing All NOLs ($19 Million) | | | | | | | NOLs Limited to $700,000 per Year | |
Synergistic and Cost Savings | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Discounted Cash Flow Method - 20% Discount Rate | | $ | 39,412 | | | | 100 | % | | $ | 39,412 | | | | | | | $ | 36,376 | | | | 100 | % | | $ | 36,376 | |
Indication of Controlling, Marketable Equity Value | | | | | | | | | | | 39,412 | | | | | | | | | | | | | | | | 36,376 | |
Less: Series A Preferred Stock Liquidation Preference | | | | | | | | | | | (24,993 | ) | | | | | | | | | | | | | | | (24,993 | ) |
Residual Value Available for Common Shareholders | | | | | | | | | | | 14,419 | | | | | | | | | | | | | | | | 11,383 | |
Divided by Common Shares Outstanding | | | | | | | | | | | 6,395 | | | | | | | | | | | | | | | | 6,395 | |
Common Stock on a Per Share Value | | | | | | | | | | $ | 2.25 | | | | | | | | | | | | | | | $ | 1.78 | |
DRAFT |
FOR DISCUSSION PURPOSES ONLY |
SUBJECT TO REVISION |
|
The Orchard Enterprises, Inc.Business Enterprise Value - Without eMusic Synergies and Private Company Cost Savings
Discounted Cash Flow Method - Using 12/18/09 Updated Forecast
November 30, 2009
(000’s)
Aggressive Case | | 2010 | | | 2011 | | | 2012 | | | 2013 | | | 2014 | | | Residual | |
| | | | | | | | | | | | | | | | | | |
Debt Free Cash Flow (Net Cash Flow to Invested Capital) | | $ | 3,057 | | | $ | 4,478 | | | $ | 6,364 | | | $ | 7,568 | | | $ | 6,103 | | | $ | 4,878 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Capitalized Residual Value | | | | | | | | | | | | | | | | | | | | | | | 30,488 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Present Value Mid-Year Discount Factor @ 20% | | | 0.89911 | | | | 0.74926 | | | | 0.62438 | | | | 0.52032 | | | | 0.43360 | | | | 0.43360 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Present Value of Cash Flow | | | 2,749 | | | | 3,355 | | | | 3,974 | | | | 3,938 | | | | 2,646 | | | | 13,219 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Indicated Enterprise Value (Market Value of Invested Capital) | | | | | | | | | | | | | | | | | | | | | | | 29,880 | |
Less: Interest Bearing Debt | | | | | | | | | | | | | | | | | | | | | | | 0 | |
Plus- present value of NOL carryforward tax benefit after 2014 | | | | | | | | | | | | | | | | | | | | | | | 0 | |
Less: Series A Preferred Stock Liquidation Preference | | | | | | | | | | | | | | | | | | | | | | | (24,993 | ) |
Indication of Controlling, Marketable Equity Value - Common Stock | | | | | | | | | | | | | | | | | | | | | | $ | 4,887 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Base Case | | 2010 | | | 2011 | | | 2012 | | | 2013 | | | 2014 | | | Residual | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Debt Free Cash Flow (Net Cash Flow to Invested Capital) | | $ | 1,851 | | | $ | 3,125 | | | $ | 4,943 | | | $ | 6,035 | | | $ | 7,102 | | | $ | 3,840 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Capitalized Residual Value | | | | | | | | | | | | | | | | | | | | | | | 24,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Present Value Mid-Year Discount Factor @ 20% | | | 0.89911 | | | | 0.74926 | | | | 0.62438 | | | | 0.52032 | | | | 0.43360 | | | | 0.43360 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Present Value of Cash Flow | | | 1,664 | | | | 2,341 | | | | 3,086 | | | | 3,140 | | | | 3,079 | | | | 10,406 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Indicated Enterprise Value (Market Value of Invested Capital) | | | | | | | | | | | | | | | | | | | | | | | 23,718 | |
Less: Interest Bearing Debt | | | | | | | | | | | | | | | | | | | | | | | 0 | |
Plus- present value of NOL carryforward tax benefit after 2014 | | | | | | | | | | | | | | | | | | | | | | | 0 | |
Less: Series A Preferred Stock Liquidation Preference | | | | | | | | | | | | | | | | | | | | | | | (24,993 | ) |
Indication of Controlling, Marketable Equity Value - Common Stock | | | | | | | | | | | | | | | | | | | | | | $ | (1,275 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Worst Case | | 2010 | | | 2011 | | | 2012 | | | 2013 | | | 2014 | | | Residual | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Debt Free Cash Flow (Net Cash Flow lo Invested Capital) | | $ | 903 | | | $ | 1,828 | | | $ | 3,271 | | | $ | 4,574 | | | $ | 5,499 | | | $ | 2,836 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Capitalized Residual Value | | | | | | | | | | | | | | | | | | | | | | | 17,725 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Present Value Mid-Year Discount Factor @ 20% | | | 0.89911 | | | | 0.74926 | | | | 0.62438 | | | | 0.52032 | | | | 0.43360 | | | | 0.43360 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Present Value of Cash Flow | | | 812 | | | | 1,370 | | | | 2,042 | | | | 2,380 | | | | 2,384 | | | | 7,686 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Indicated Enterprise Value (Market Value of Invested Capital) | | | | | | | | | | | | | | | | | | | | | | | 16,674 | |
Less: Interest Bearing Debt | | | | | | | | | | | | | | | | | | | | | | | 0 | |
Plus- present value of NOL carryforward tax benefit after 2014 | | | | | | | | | | | | | | | | | | | | | | | 1,207 | |
Less: Series A Preferred Stock Liquidation Preference | | | | | | | | | | | | | | | | | | | | | | | (24,993 | ) |
Indication of Controlling, Marketable Equity Value - Common Stock | | | | | | | | | | | | | | | | | | | | | | $ | (7,113 | ) |
| | Enterprise Value | | | Common Stock | |
| | Indicated | | | Probability | | | Indicated | | | | | | Probability | | | | | | | |
| | Enterprise | | | Adjusted | | | Common | | | | | | Adjusted | | | Common | | | Common | |
| | Value | | | Value | | | Value | | | Probability | | | Value | | | Shares o/s | | | Share Price | |
Aggressive Case | | $ | 29,880 | | | $ | 29,880 | | | $ | 4,887 | | | | 100 | % | | $ | 4,887 | | | | 6,394,625 | | | $ | 0.76 | |
Base Case | | | 23,718 | | | | 0 | | | | 0 | | | | 0 | % | | | 0 | | | | 6,394,625 | | | $ | 0.00 | |
Worst Case | | | 17,880 | | | | 0 | | | | 0 | | | | 0 | % | | | 0 | | | | 6,394,625 | | | $ | 0.00 | |
Probability Adjusted | | | | | | $ | 29,880 | | | | | | | | | | | $ | 4,887 | | | | 6,394,625 | | | $ | 0.76 | |
DRAFT |
FOR DISCUSSION PURPOSES ONLY |
SUBJECT TO REVISION |
|
The Orchard Enterprises, Inc.Business Enterprise Value - Without eMusic Synergies and Private Company Cost Savings
Discounted Cash Flow Method - Using 12/18/09 Updated Forecast
November 30, 2009
(000’s)
Aggressive Case | | 2010 | | | 2011 | | | 2012 | | | 2013 | | | 2014 | | | Residual | |
| | | | | | | | | | | | | | | | | | |
Debt Free Cash Flow (Net Cash Flow to Invested Capital) | | $ | 3,057 | | | $ | 4,478 | | | $ | 6,364 | | | $ | 7,568 | | | $ | 6,103 | | | $ | 4,878 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Capitalized Residual Value | | | | | | | | | | | | | | | | | | | | | | | 37,523 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Present Value Mid-Year Discount Factor @ 17% | | | 0.91248 | | | | 0.77990 | | | | 0.66658 | | | | 0.56973 | | | | 0.48695 | | | | 0.48695 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Present Value of Cash Flow | | | 2,789 | | | | 3,492 | | | | 4,242 | | | | 4,312 | | | | 2,972 | | | | 18,272 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Indicated Enterprise Value (Market Value of Invested Capital) | | | | | | | | | | | | | | | | | | | | | | | 36,080 | |
Less: Interest Bearing Debt | | | | | | | | | | | | | | | | | | | | | | | 0 | |
Plus- present value of NOL carryforward tax benefit after 2014 | | | | | | | | | | | | | | | | | | | | | | | 0 | |
Less: Scries A Preferred Stock Liquidation Preference | | | | | | | | | | | | | | | | | | | | | | | (24,993 | ) |
Indication of Controlling, Marketable Equity Value - Common Stock | | | | | | | | | | | | | | | | | | | | | | $ | 11,087 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Base Case | | 2010 | | | 2011 | | | 2012 | | | 2013 | | | 2014 | | | Residual | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Debt Free Cash Flow (Net Cash Flow to Invested Capital) | | $ | 1,851 | | | $ | 3,125 | | | $ | 4,943 | | | $ | 6,035 | | | $ | 7,102 | | | $ | 3,840 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Capitalized Residual Value | | | | | | | | | | | | | | | | | | | | | | | 29,538 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Present Value Mid-Year Discount Factor @ 17% | | | 0.91248 | | | | 0.77990 | | | | 0.66658 | | | | 0.56973 | | | | 0.48695 | | | | 0.48695 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Present Value of Cash Flow | | | 1,689 | | | | 2,437 | | | | 3,295 | | | | 3,438 | | | | 3,458 | | | | 14,384 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Indicated Enterprise Value (Market Value of Invested Capital) | | | | | | | | | | | | | | | | | | | | | | | 28,701 | |
Less- Interest Bearing Debt | | | | | | | | | | | | | | | | | | | | | | | 0 | |
Plus- present value of NOL carryforward tax benefit after 2014 | | | | | | | | | | | | | | | | | | | | | | | 0 | |
Less' Series A Preferred Stock Liquidation Preference | | | | | | | | | | | | | | | | | | | | | | | (24,993 | ) |
Indication of Controlling, Marketable Equity Value - Common Stock | | | | | | | | | | | | | | | | | | | | | | $ | 3,708 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Worst Case | | 2010 | | | 2011 | | | 2012 | | | 2013 | | | 2014 | | | Residual | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Debt Free Cash Flow (Net Cash Flow to Invested Capital) | | $ | 903 | | | $ | 1,828 | | | $ | 3,271 | | | $ | 4,574 | | | $ | 5,499 | | | $ | 2,836 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Capitalized Residual Value | | | | | | | | | | | | | | | | | | | | | | | 21,815 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Present Value Mid-Year Discount Factor @ 17% | | | 0.91248 | | | | 0.77990 | | | | 0.66658 | | | | 0.56973 | | | | 0.48695 | | | | 0.48695 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Present Value of Cash Flow | | | 824 | | | | 1,426 | | | | 2,180 | | | | 2,606 | | | | 2,678 | | | | 10,623 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Indicated Enterprise Value (Market Value of Invested Capital) | | | | | | | | | | | | | | | | | | | | | | | 20,337 | |
Less: Interest Bearing Debt | | | | | | | | | | | | | | | | | | | | | | | 0 | |
Plus- present value of NOL carryforward tax benefit after 2014 | | | | | | | | | | | | | | | | | | | | | | | 1,207 | |
Less: Series A Preferred Stock Liquidation Preference | | | | | | | | | | | | | | | | | | | | | | | (24,993 | ) |
Indication of Controlling, Marketable Equity Value - Common Stock | | | | | | | | | | | | | | | | | | | | | | $ | (3,450 | ) |
| | Enterprise Value | | | Common Stock | |
| | Indicated | | | Probability | | | Indicated | | | | | | Probability | | | | | | | |
| | Enterprise | | | Adjusted | | | Common | | | | | | Adjusted | | | Common | | | Common | |
| | Value | | | Value | | | Value | | | Probability | | | Value | | | Shares o/s | | | Share Price | |
Aggressive Case | | $ | 36,080 | | | $ | 18,040 | | | $ | 11,087 | | | | 50 | % | | $ | 5,543 | | | | 6,394,625 | | | $ | 1.73 | |
Base Case | | | 28,701 | | | | 14,351 | | | | 3,708 | | | | 50 | % | | | 1,854 | | | | 6,394,625 | | | $ | 0.58 | |
Worst Case | | | 21,543 | | | | 0 | | | | 0 | | | | 0 | % | | | 0 | | | | 6,394,625 | | | $ | 0.00 | |
Probability Adjusted | | | | | | $ | 32,390 | | | | | | | | | | | $ | 7,397 | | | | 6,394,625 | | | $ | 1.16 | |
DRAFT |
FOR DISCUSSION PURPOSES ONLY |
SUBJECT TO REVISION |
|
The Orchard Enterprises, Inc.Business Enterprise Value - Buyer Scenerio With eMusic Synergies and Private Company Cost Savings
(Scenerio of Unlimited NOL Carryforward)
Discounted Cash Flow Method - Using 12/18/09 Updated Forecast
November 30, 2009
(000’s)
Aggressive Case | | 2010 | | | 2011 | | | 2012 | | | 2013 | | | 2014 | | | Residual | |
| | | | | | | | | | | | | | | | | | |
Debt Free Cash Flow (Net Cash Flow to Invested Capital) | | $ | 3,056 | | | $ | 4,478 | | | $ | 6,363 | | | $ | 7,567 | | | $ | 6,103 | | | $ | 4,878 | |
Add eMusic Synergies and Private Co. Cost Savings, net of taxes | | | 1,820 | | | | 1,911 | | | | 2,007 | | | | 2,107 | | | | 2,213 | | | | 2,301 | |
Total Debt Free Cash Flow | | | 4,876 | | | | 6,389 | | | | 8,370 | | | | 9,674 | | | | 8,316 | | | | 7,179 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Capitalized Residual Value | | | | | | | | | | | | | | | | | | | | | | | 44,870 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Present Value Mid-Year Discount Factor @ 20% | | | 0.89911 | | | | 0.74926 | | | | 0.62438 | | | | 0.52032 | | | | 0.43360 | | | | 0.43360 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Present Value of Cash Flow | | | 4,384 | | | | 4,787 | | | | 5,226 | | | | 5,034 | | | | 3,606 | | | | 19,456 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Indicated Enterprise Value (Market Value of Invested Capital) | | | | | | | | | | | | | | | | | | | | | | | 42,493 | |
Present value of NOL tax benefit post 2014 | | | | | | | | | | | | | | | | | | | | | | | 0 | |
Less: Interest Bearing Debt | | | | | | | | | | | | | | | | | | | | | | | 0 | |
Less: Series A Preferred Stock Liquidation Preference | | | | | | | | | | | | | | | | | | | | | | | (24,993 | ) |
Indication of Controlling, Marketable Equity Value | | | | | | | | | | | | | | | | | | | | | | $ | 17,500 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Base Case | | 2010 | | | 2011 | | | 2012 | | | 2013 | | | 2014 | | | Residual | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Debt Free Cash Flow (Net Cash Flow to Invested Capital) | | $ | 1,851 | | | $ | 3,125 | | | $ | 4,942 | | | $ | 6,034 | | | $ | 7,102 | | | $ | 3,840 | |
Add eMusic Synergies and Private Co. Cost Savings, net of taxes | | | 1,820 | | | | 1,911 | | | | 2,007 | | | | 2,107 | | | | 2,213 | | | | 2,301 | |
Total Debt Free Cash Flow | | | 3,671 | | | | 5,036 | | | | 6,949 | | | | 8,141 | | | | 9,315 | | | | 6,141 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Capitalized Residual Value | | | | | | | | | | | | | | | | | | | | | | | 38,383 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Present Value Mid-Year Discount Factor @ 20% | | | 0.89911 | | | | 0.74926 | | | | 0.62438 | | | | 0.52032 | | | | 0.43360 | | | | 0.43360 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Present Value of Cash Flow | | | 3,301 | | | | 3,774 | | | | 4,339 | | | | 4,236 | | | | 4,039 | | | | 16,643 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Indicated Enterprise Value (Market Value of Invested Capital) | | | | | | | | | | | | | | | | | | | | | | | 36,331 | |
Present value of NOL tax benefit post 2014 | | | | | | | | | | | | | | | | | | | | | | | 0 | |
Less: Interest Bearing Debt | | | | | | | | | | | | | | | | | | | | | | | 0 | |
Less: Series A Preferred Stock Liquidation Preference | | | | | | | | | | | | | | | | | | | | | | | (24,993 | ) |
Indication of Controlling, Marketable Equity Value | | | | | | | | | | | | | | | | | | | | | | $ | 11,338 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Worst Case | | 2010 | | | 2011 | | | 2012 | | | 2013 | | | 2014 | | | Residua] | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Debt Free Cash Flow (Net Cash Flow to Invested Capital) | | $ | 868 | | | $ | 1,499 | | | $ | 2,347 | | | $ | 3,148 | | | $ | 3,681 | | | $ | 2,836 | |
Add eMusic Synergies and Private Co. Cost Savings, net of taxes | | | 1,820 | | | | 1,911 | | | | 2,007 | | | | 2,107 | | | | 2,213 | | | | 2,301 | |
Total Debt Free Cash Flow | | | 2,688 | | | | 3,411 | | | | 4,354 | | | | 5,256 | | | | 5,894 | | | | 5,137 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Capitalized Residual Value | | | | | | | | | | | | | | | | | | | | | | | 32,105 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Present Value Mid-Year Discount Factor @ 20% | | | 0.89911 | | | | 0.74926 | | | | 0.62438 | | | | 0.52032 | | | | 0.43360 | | | | 0.43360 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Present Value of Cash Flow | | | 2,417 | | | | 2,556 | | | | 2,719 | | | | 2,735 | | | | 2,556 | | | | 13,921 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Indicated Enterprise Value (Market Value of Invested Capital) | | | | | | | | | | | | | | | | | | | | | | | 26,902 | |
Present value of NOL tax benefit post 2014 | | | | | | | | | | | | | | | | | | | | | | | 1,023 | |
Less: Interest Bearing Debt | | | | | | | | | | | | | | | | | | | | | | | 0 | |
Less: Series A Preferred Stock Liquidation Preference | | | | | | | | | | | | | | | | | | | | | | | (24,993 | ) |
Indication of Controlling, Marketable Equity Value | | | | | | | | | | | | | | | | | | | | | | $ | 2,932 | |
| | Enterprise Value | | | Common Stock | |
| | Indicated | | | Probability | | | Indicated | | | | | | Probability | | | | | | | |
| | Enterprise | | | Adjusted | | | Common | | | | | | Adjusted | | | Common | | | Common | |
| | Value | | | Value | | | Value | | | Probability | | | Value | | | Shares o/s | | | Share Price | |
Aggressive Case | | $ | 42,493 | | | $ | 21,246 | | | $ | 17,500 | | | | 50 | % | | $ | 8,750 | | | | 6,394,625 | | | $ | 2.74 | |
Base Case | | | 36,331 | | | | 18,165 | | | | 11,338 | | | | 50 | % | | | 5,669 | | | | 6,394,625 | | | $ | 1.77 | |
Worst Case | | | 27,925 | | | | 0 | | | | 2,932 | | | | 0 | % | | | 0 | | | | 6,394,625 | | | $ | 0.00 | |
Probability Adjusted | | | | | | $ | 39,412 | | | | | | | | | | | $ | 14,419 | | | | 6,394,625 | | | $ | 2.25 | |
DRAFT |
FOR DISCUSSION PURPOSES ONLY |
SUBJECT TO REVISION |
|
The Orchard Enterprises, Inc.Business Enterprise Value - Buyer Scenerio With eMusic Synergies and Private Company Cost Savings
(Scenerio of NOL Carryforward Limited to $700K per Year Until Expiration)
Discounted Cash Flow Method - Using 12/18/09 Updated Forecast
November 30, 2009
(000’s)
Aggressive Case | | 2010 | | | 2011 | | | 2012 | | | 2013 | | | 2014 | | | Residual | |
| | | | | | | | | | | | | | | | | | |
Debt Free Cash Flow (Net Cash Flow to Invested Capital) | | $ | 2,396 | | | $ | 3,364 | | | $ | 4,477 | | | $ | 5,219 | | | $ | 5,912 | | | $ | 4,878 | |
Add eMusic Synergies and Private Co. Cost Savings, net of taxes | | | 1,820 | | | | 1,911 | | | | 2,007 | | | | 2,107 | | | | 2,213 | | | | 2,301 | |
Total Debt Free Cash Flow | | | 4,216 | | | | 5,275 | | | | 6,484 | | | | 7,326 | | | | 8,125 | | | | 7,179 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Capitalized Residual Value | | | | | | | | | | | | | | | | | | | | | | | 44,870 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Present Value Mid-Year Discount Factor @ 20% | | | 0.89911 | | | | 0.74926 | | | | 0.62438 | | | | 0.52032 | | | | 0.43360 | | | | 0.43360 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Present Value of Cash Flow | | | 3,791 | | | | 3,952 | | | | 4,048 | | | | 3,812 | | | | 3,523 | | | | 19,456 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Indicated Enterprise Value (Market Value of Invested Capital) | | | | | | | | | | | | | | | | | | | | | | | 38,582 | |
Present value of NOL tax benefit post 2014 | | | | | | | | | | | | | | | | | | | | | | | 539 | |
Less: Interest Bearing Debt | | | | | | | | | | | | | | | | | | | | | | | 0 | |
Less: Series A Preferred Stock Liquidation Preference | | | | | | | | | | | | | | | | | | | | | | | (24,993 | ) |
Indicalion of Controlling, Marketable Equity Value | | | | | | | | | | | | | | | | | | | | | | $ | 14,128 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Base Case | | 2010 | | | 2011 | | | 2012 | | | 2013 | | | 2014 | | | Residual | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Debt Free Cash Flow (Net Cash Flow to Invested Capital) | | $ | 1,693 | | | $ | 2,555 | | | $ | 3,626 | | | $ | 4,302 | | | $ | 4,920 | | | $ | 3,840 | |
Add eMusic Synergies and Private Co. Cost Savings, net of taxes | | | 1,820 | | | | 1,911 | | | | 2,007 | | | | 2,107 | | | | 2,213 | | | | 2,301 | |
Total Debt Free Cash Flow | | | 3,513 | | | | 4,466 | | | | 5,633 | | | | 6,409 | | | | 7,133 | | | | 6,141 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Capitalized Residual Value | | | | | | | | | | | | | | | | | | | | | | | 38,383 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Present Value Mid-Year Discount Factor @ 20% | | | 0.89911 | | | | 0.74926 | | | | 0.62438 | | | | 0.52032 | | | | 0.43360 | | | | 0.43360 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Present Value of Cash Flow | | | 3,159 | | | | 3,346 | | | | 3,517 | | | | 3,335 | | | | 3,093 | | | | 16,643 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Indicated Enterprise Value (Market Value of Invested Capital) | | | | | | | | | | | | | | | | | | | | | | | 33,092 | |
Present value of NOL tax benefit post 2014 | | | | | | | | | | | | | | | | | | | | | | | 539 | |
Less: Interest Bearing Debt | | | | | | | | | | | | | | | | | | | | | | | 0 | |
Less: Series A Preferred Stock Liquidation Preference | | | | | | | | | | | | | | | | | | | | | | | (24,993 | ) |
Indication of Controlling, Marketable Equity Value | | | | | | | | | | | | | | | | | | | | | | $ | 8,638 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Worst Case | | 2010 | | | 2011 | | | 2012 | | | 2013 | | | 2014 | | | Residual | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Debt Free Cash Flow (Net Cash Flow to Invested Capital) | | $ | 902 | | | $ | 1,779 | | | $ | 2,627 | | | $ | 3,428 | | | $ | 3,961 | | | $ | 2,836 | |
Add eMusic Synergies and Private Co. Cost Savings, net of taxes | | | 1,820 | | | | 1,911 | | | | 2,007 | | | | 2,107 | | | | 2,213 | | | | 2,301 | |
Tolat Debt Free Cash Flow | | | 2,722 | | | | 3,691 | | | | 4,634 | | | | 5,536 | | | | 6,174 | | | | 5,137 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Capitalized Residual Value | | | | | | | | | | | | | | | | | | | | | | | 32,105 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Present Value Mid-Year Discount Factor @ 20% | | | 0.89911 | | | | 0.74926 | | | | 0.62438 | | | | 0.52032 | | | | 0.43360 | | | | 0.43360 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Present Value of Cash Flow | | | 2,448 | | | | 2,765 | | | | 2,894 | | | | 2,880 | | | | 2,677 | | | | 13,921 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Indicated Enterprise Value (Market Value of Invested Capital) | | | | | | | | | | | | | | | | | | | | | | | 27,585 | |
Present value of NOL tax benefit post 2014 | | | | | | | | | | | | | | | | | | | | | | | 539 | |
Less: Interest Bearing Debt | | | | | | | | | | | | | | | | | | | | | | | 0 | |
Less: Series A Preferred Stock Liquidation Preference | | | | | | | | | | | | | | | | | | | | | | | (24,993 | ) |
Indication of Controlling, Marketable Equity Value | | | | | | | | | | | | | | | | | | | | | | $ | 3,131 | |
| | Enterprise Value | | | Common Stock | |
| | Indicated | | | Probability | | | Indicated | | | | | | Probability | | | | | | | |
| | Enterprise | | | Adjusted | | | Common | | | | | | Adjusted | | | Common | | | Common | |
| | Value | | | Value | | | Value | | | Probability | | | Value | | | Shares o/s | | | Share Price | |
Aggressive Case | | $ | 39,121 | | | $ | 19,560 | | | $ | 14,128 | | | | 50 | % | | $ | 7,064 | | | | 6,394,625 | | | $ | 2.21 | |
Base Case | | | 33,631 | | | | 16,815 | | | | 8,638 | | | | 50 | % | | | 4,319 | | | | 6,394,625 | | | $ | 1.35 | |
Worst Case | | | 28,124 | | | | 0 | | | | 3,131 | | | | 0 | % | | | 0 | | | | 6,394,625 | | | $ | 0.00 | |
Probability Adjusted | | | | | | $ | 36,376 | | | | | | | | | | | $ | 11,383 | | | | 6,394,625 | | | $ | 1.78 | |
DRAFT |
FOR DISCUSSION PURPOSES ONLY |
SUBJECT TO REVISION |
|
The Orchard Enterprises, Inc.
Guideline Company Transaction Method
September 30, 2009
(000’s)
Enterprise Value Approach:
| | as of 9/30/09 | | | | | | Indicated | |
Selected Pricing | | Normalized | | | Industry Multiples | | | Value | |
Multiple | | (000’s) | | | Low | | | High | | | Mean | | | Median | | | Selected | | | (000’s) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
MVIC/Revenues | | $ | 61,729 | | | | 0.24 | | | | 3.54 | | | | 1.44 | | | | 1.12 | | | | 0.60 | | | $ | 37,037 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Indication of Market Value of Invested Capital | | | | 37,037 | |
| | | | | | Less: Interest Bearing Debt | | | | - | |
| | | | | | Indication of Controlling, Marketable Equity Value | | | $ | 37,037 | |
Note: Some amounts may not foot due to rounding
DRAFT |
FOR DISCUSSION PURPOSES ONLY |
SUBJECT TO REVISION |
|
The Orchard Enterprises, Inc.Conclusion of Value - Guideline Public Company Method
September 30, 2009
(000’s)
| | Normalized | | | | | | | | | | | | | | | | | | Indicated | |
Selected Pricing | | as of September 30, 2009 | | | Industry Multiples | | | Value | |
Multiple | | (000’s) | | | Low | | | High | | | Mean | | | Median | | | Selected | | | (000’s) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
MVIC/Revenues | | $ | 61,729 | | | | 0.23 | | | | 13.97 | | | | 1.99 | | | | 0.54 | | | | 0.54 | | | $ | 33,334 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Indication of Minority, Market Value of Invested Capital | | | | 33,334 | |
| | | | | | Less: Interest Bearing Debt | | | | - | |
| | | | | | Add: Cash and Marketable Securities | | | | 4,695 | |
| | | | | | Indication of Minority, Marketable Equity Value | | | | 38,029 | |
| | | | | | Add: 25% Control Premium | | | | 9,507 | |
| | | | | | Indication of Controlling, Marketable Equity Value | | | $ | 47,536 | |
Note: Some amounts may not foot due to rounding
DRAFT |
FOR DISCUSSION PURPOSES ONLY |
SUBJECT TO REVISION |
|
The Orchard Enterprises, Inc.
Guideline Public Company Method
As of September 30, 2009
(000’s)
| | | | | | | | | | | Limelight | | | Salary.Com, Inc. | | | | | | Image | | | | | | Internap | | | Fluid Music | | | LiveWire | |
| | Orchard | | | Glu Mobile, Inc. | | | EDGAR Online, Inc | | | Networks, Inc. | | | and Subsidiaries | | | WebmediaBrands Inc. | | | Entertainment, Inc. | | | RealNetworks, Inc. | | | Network Services | | | Canada, Inc. | | | Mobile, Inc. | |
Exchange/Symbol | | NASDAQ: ORCD | | | NASDAQ: GLUU | | | NASDAQ: EDGR | | | NASDAQ: LLNW | | | NASDAQ: SLRY | | | NASDAQ: WEBM | | | NASDAQ: DISK | | | NASDAQ: RNWK | | | NASDAQ: INAP | | | Toronto:FMN - TO | | | NASDAQ: LVWRD PK | |
Last Twelve Months (LTM) Ending | | September 30, 2009 | | | September 30, 2009 | | | September 30, 2009 | | | | | | | | | | | | | | | | | | | | | | | | | |
Stock Price as of 12/21/09 | | $ | 1.57 | | | $ | 1.10 | | | $ | 1.11 | | | $ | 3.83 | | | $ | 2.26 | | | $ | 0.93 | | | $ | 0.28 | | | $ | 3.73 | | | $ | 4.61 | | | $ | 1.74 | | | $ | 2.60 | |
Shares Out (000) | | | 6,395 | | | | 30,302 | | | | 26,855 | | | | 84,674 | | | | 16,483 | | | | 36,922 | | | | 21,856 | | | | 134,834 | | | | 50,760 | | | | 52,522 | | | | 4,601 | |
Minority Value Indication | | | 10,040 | | | | 33,332 | | | | 29,809 | | | | 324,301 | | | | 37,252 | | | | 34,337 | | | | 6,120 | | | | 502,931 | | | | 234,004 | | | | 91,388 | | | | 11,963 | |
Preferred Stock | | | 7,015 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
M.V. of Total Equity | | | 17,055 | | | | 33,332 | | | | 29,809 | | | | 324,301 | | | | 37,252 | | | | 343,737 | | | | 6,120 | | | | 502,931 | | | | 234,004 | | | | 91,388 | | | | 11,963 | |
Add: Short and Long Term Interest Bearing Debt | | | - | | | | 15,626 | | | | 2,028 | | | | - | | | | 6,025 | | | | 7,197 | | | | 30,436 | | | | - | | | | 23,272 | | | | 50 | | | | 448 | |
Less: Cash and Marketable Securities | | | 4,695 | | | | 9,861 | | | | 1,747 | | | | 152,814 | | | | 16,080 | | | | 4,134 | | | | 273 | | | | 373,197 | | | | 74,948 | | | | 13,837 | | | | 6,459 | |
Market Value of Invested Capital (Minority Value) | | | 12,360 | | | | 39,097 | | | | 30,090 | | | | 171,487 | | | | 27,197 | | | | 37,400 | | | | 36,283 | | | | 129,734 | | | | 182,328 | | | | 77,601 | | | | 5,952 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Comparative Balance Sheets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current Assets | | | 19,770 | | | | 38,415 | | | | 4,367 | | | | 189,896 | | | | 33,706 | | | | 9,582 | | | | 54,511 | | | | 477,028 | | | | 107,392 | | | | 16,811 | | | | 13,322 | |
Net Plant and Equipment | | | 2,451 | | | | 3,620 | | | | 2,444 | | | | 39,653 | | | | 2,515 | | | | 2,114 | | | | 1,633 | | | | 58,530 | | | | 92,524 | | | | 814 | | | | 1,364 | |
Other Assets | | | 19,975 | | | | 23,538 | | | | 4,915 | | | | 10,087 | | | | 34,675 | | | | 34,077 | | | | 24,977 | | | | 71,221 | | | | 69,962 | | | | 2,468 | | | | 678 | |
Total Assets | | | 42,196 | | | | 65,573 | | | | 11,726 | | | | 239,636 | | | | 70,896 | | | | 45,773 | | | | 81,121 | | | | 606,779 | | | | 269,878 | | | | 20,093 | | | | 15,364 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current Liabilities Including Short Term Debt | | | 22,365 | | | | 34,724 | | | | 6,336 | | | | 28,162 | | | | 52,692 | | | | 6,269 | | | | 71,067 | | | | 198,716 | | | | 37,727 | | | | 5,410 | | | | 6,438 | |
Long Term Debt | | | - | | | | 3,062 | | | | 1,528 | | | | - | | | | - | | | | 7,197 | | | | 7,701 | | | | - | | | | 20,000 | | | | - | | | | 214 | |
Other Long Term Liabilities | | | - | | | | 10,107 | | | | 206 | | | | 3,006 | | | | 4,353 | | | | 1,788 | | | | 1,420 | | | | 18,353 | | | | 28,661 | | | | 672 | | | | 1,798 | |
Preferred Stock | | | 7,015 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Stockholder's Equity | | | 12,816 | | | | 17,680 | | | | 3,656 | | | | 208,468 | | | | 13,851 | | | | 30,519 | | | | 933 | | | | 389,710 | | | | 183,490 | | | | 14,011 | | | | 6,914 | |
Total Liabilities and Equity | | | 42,196 | | | | 65,573 | | | | 11,726 | | | | 239,636 | | | | 70,896 | | | | 45,773 | | | | 81,121 | | | | 606,779 | | | | 269,878 | | | | 20,093 | | | | 15,364 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Comparative Income Statements: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenues | | | 61,729 | | | | 81,869 | | | | 18,894 | | | | 133,936 | | | | 45,296 | | | | 119,648 | | | | 119,249 | | | | 569,406 | | | | 256,922 | | | | 5,553 | | | | 15,954 | |
Cost of Revenues | | | 44,233 | | | | 36,862 | | | | 4,395 | | | | 85,337 | | | | 14,164 | | | | 83,113 | | | | - | | | | 245,029 | | | | 206,317 | | | | 3,641 | | | | 7,302 | |
Gross Margin | | | 17,496 | | | | 45,007 | | | | 14,499 | | | | 48,599 | | | | 31,132 | | | | 36,535 | | | | 119,249 | | | | 324,377 | | | | 50,605 | | | | 1,912 | | | | 8,652 | |
Operating Expenses | | | 21,377 | | | | 63,423 | | | | 15,735 | | | | 83,059 | | | | 51,428 | | | | 43,856 | | | | 125,249 | | | | 400,187 | | | | 63,795 | | | | 6,100 | | | | 15,937 | |
Income (Loss) from Operations | | | (3,881 | ) | | | (18,416 | ) | | | (1,236 | ) | | | (34,460 | ) | | | (20,296 | ) | | | (7,321 | ) | | | (6,000 | ) | | | (75,810 | ) | | | (13,190 | ) | | | (4,188 | ) | | | (7,285 | ) |
Other Income (Expense) | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Interest Income | | | 14 | | | | 161 | | | | 37 | | | | 1,720 | | | | 91 | | | | 480 | | | | - | | | | 5,445 | | | | 1,884 | | | | 381 | | | | 223 | |
Interest Expense | | | (48 | ) | | | (1,036 | ) | | | (438 | ) | | | (45 | ) | | | - | | | | (3,628 | ) | | | (2,817 | ) | | | - | | | | (1,251 | ) | | | (92 | ) | | | (374 | ) |
Earnings Before Tax (EBT) | | | (3,915 | ) | | | (19,291 | ) | | | (1,637 | ) | | | (32,785 | ) | | | (20,205 | ) | | | (10,469 | ) | | | (8,817 | ) | | | (70,365 | ) | | | (12,557 | ) | | | (3,899 | ) | | | (7,436 | ) |
Tax Expense (Benefit) | | | - | | | | 3,436 | | | | - | | | | 646 | | | | 111 | | | | 1,164 | | | | 6 | | | | 20,837 | | | | 533 | | | | (3 | ) | | | 465 | |
Net Income (Loss) From Continuing Operations | | | (3,915 | ) | | | (22,727 | ) | | | (1,637 | ) | | | (33,431 | ) | | | (20,316 | ) | | | (11,633 | ) | | | (8,823 | ) | | | (91,202 | ) | | | (13,090 | ) | | | (3,896 | ) | | | (7,901 | ) |
Depreciation and Amortization | | | 1,822 | | | | 11,532 | | | | 2,074 | | | | 27,716 | | | | 6,103 | | | | 19,496 | | | | 6,922 | | | | 30,817 | | | | 31,911 | | | | 1,356 | | | | 2,308 | |
Stock Based Compensation | | | 1,067 | | | | (259 | ) | | | 1,356 | | | | 18,646 | | | | 8,278 | | | | 3,121 | | | | 121 | | | | 21,601 | | | | 5,562 | | | | 765 | | | | 918 | |
Gross Cash Flow (Net Income + Depreciation and Amortization) | | | (2,093 | ) | | | (11,195 | ) | | | 437 | | | | (5,715 | ) | | | (14,213 | ) | | | 7,863 | | | | (1,901 | ) | | | (60,385 | ) | | | 18,821 | | | | (2,540 | ) | | | (5,593 | ) |
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) | | | (2,059 | ) | | | (6,884 | ) | | | 838 | | | | (6,744 | ) | | | (14,193 | ) | | | 12,175 | | | | 922 | | | | (44,993 | ) | | | 18,721 | | | | (2,832 | ) | | | (4,977 | ) |
EBITDA + Stock Based Compensation | | | (992 | ) | | | (7,143 | ) | | | 2,194 | | | | 11,902 | | | | (5,915 | ) | | | 15,296 | | | | 1,043 | | | | (23,392 | ) | | | 24,283 | | | | (2,067 | ) | | | (4,059 | ) |
Earnings Before Interest and Taxes (EBIT) | | | (3,881 | ) | | | (18,416 | ) | | | (1,236 | ) | | | (34,460 | ) | | | (20,296 | ) | | | (7,321 | ) | | | (6,000 | ) | | | (75,810 | ) | | | (13,190 | ) | | | (4,188 | ) | | | (7,285 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings Per Share | | $ | -0.61 | | | $ | -0.75 | | | $ | -0.06 | | | $ | -0.39 | | | $ | -1.23 | | | $ | -0.32 | | | $ | -0.40 | | | $ | -0.68 | | | $ | -0.26 | | | $ | -0.07 | | | $ | -1.72 | |
Gross Margin/Revenues | | | 28.3 | % | | | 55.0 | % | | | 76.7 | % | | | 36.3 | % | | | 68.7 | % | | | 30.5 | % | | | 100.0 | % | | | 57.0 | % | | | 19.7 | % | | | 34.4 | % | | | 54.2 | % |
Operating Expenses/Revenues | | | 34.6 | % | | | 77.5 | % | | | 83.3 | % | | | 62.0 | % | | | 113.5 | % | | | 36.7 | % | | | 105.0 | % | | | 70.3 | % | | | 24.8 | % | | | 109.9 | % | | | 99.9 | % |
EBITDA/Revenues | | | -3.3 | % | | | -8.4 | % | | | 4.4 | % | | | -5.0 | % | | | -31.3 | % | | | 10.2 | % | | | 0.8 | % | | | -7.9 | % | | | 7.3 | % | | | -51.0 | % | | | -31.2 | % |
EBITDA +Stock Based Compensation/Revenues | | | -1.6 | % | | | -8.7 | % | | | 11.6 | % | | | 8.9 | % | | | -13.1 | % | | | 12.8 | % | | | 0.0 | % | | | -4.1 | % | | | 9.5 | % | | | -37.2 | % | | | -25.4 | % |
EBIT/Revenues | | | -6.3 | % | | | -22.5 | % | | | -6.5 | % | | | -25.7 | % | | | -44.8 | % | | | -6.1 | % | | | -5.0 | % | | | -13.3 | % | | | -5.1 | % | | | -75.4 | % | | | -45.7 | % |
Depr. & Amort./Revenues | | | 3.0 | % | | | 14.1 | % | | | 11.0 | % | | | 20.7 | % | | | 13.5 | % | | | 16.3 | % | | | 5.8 | % | | | 5.4 | % | | | 12.4 | % | | | 24.4 | % | | | 14.5 | % |
Depr. & Amort./Total Assets | | | 4.3 | % | | | 17.6 | % | | | 17.7 | % | | | 11.6 | % | | | 8.6 | % | | | 42.6 | % | | | 8.5 | % | | | 5.1 | % | | | 11.8 | % | | | 6.7 | % | | | 15.0 | % |
Net Income/Revenues | | | -6.3 | % | | | -27.8 | % | | | -8.7 | % | | | -25.0 | % | | | -44.9 | % | | | -9.7 | % | | | -7.4 | % | | | -16.0 | % | | | -5.1 | % | | | -70.2 | % | | | -49.5 | % |
Net Income/Equity | | | -30.5 | % | | | -128.5 | % | | | -44.8 | % | | | -16.0 | % | | | -146.7 | % | | | -38.1 | % | | | -945.7 | % | | | -23.4 | % | | | -7.1 | % | | | -27.8 | % | | | -114.3 | % |
Gross Cash Flow/Revenues | | | -3.4 | % | | | -13.7 | % | | | 2.3 | % | | | -4.3 | % | | | -31.4 | % | | | 6.6 | % | | | -1.6 | % | | | -10.6 | % | | | 7.3 | % | | | -45.7 | % | | | -35.1 | % |
Long Term Debt/Equity | | | 0.0 | | | | 0.2 | | | | 0.4 | | | | 0.0 | | | | 0.0 | | | | 0.2 | | | | 8.3 | | | | 0.0 | | | | 0.1 | | | | 0.0 | | | | 0.0 | |
Working Capital | | | -2.595 | | | | 3.691 | | | | -1.969 | | | | 161,734 | | | | -18,986 | | | | 3,313 | | | | -16,556 | | | | 278,312 | | | | 69,665 | | | | 11,401 | | | | 6,884 | |
Working Cap/Revenues | | | -4.2 | % | | | 4.5 | % | | | -10.4 | % | | | 120.8 | % | | | -41,9 | % | | | 2.8 | % | | | -13.9 | % | | | 48.9 | % | | | 27.1 | % | | | 205.3 | % | | | 43.1 | % |
Current Ratio | | | 0.9 | | | | 1.1 | | | | 0.7 | | | | 6.7 | | | | 0.6 | | | | 1.5 | | | | 0.8 | | | | 2.4 | | | | 2.8 | | | | 3.1 | | | | 2.1 | |
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Market Value of Invested Capital to: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenues | | | 0.20 | | | | 0.48 | | | | 1.59 | | | | 1.28 | | | | 0.60 | | | | 0.31 | | | | 0.30 | | | | 0.23 | | | | 0.71 | | | | 13.97 | | | | 0.37 | |
EBITDA | | NM | | | NM | | | | 35.91 | | | NM | | | NM | | | | 3.07 | | | | 39.35 | | | NM | | | | 9.74 | | | NM | | | NM | |
EBITDA + Stock Based Competition | | NM | | | NM | | | | 13.71 | | | | 14.41 | | | NM | | | | 2.45 | | | | 34.79 | | | NM | | | | 7.51 | | | NM | | | NM | |
EBIT | | NM | | | NM | | | NM | | | NM | | | NM | | | NM | | | NM | | | NM | | | NM | | | NM | | | NM | |