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LinkedIn - LinkedIn Valuation Open Source Model Pristine...

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LinkedIn Valuation Open Source Model Contact Us: +1 347 647 9001 © Pristine Pristine has created an integrated valuation model of LinkedIn based on publically available information. It is available as an open-source model for any user. Kindly note that this model is meant for information purpose only. From this sheet you will learn how to create the full-blown equity valuation model for professional networking company LinkedIn. The model builds the financial statements from scratch to find the equity value and also uses ratio analysis for better understanding. The complete structure of the model and formulas, linkages etc. have been kept open to allow for any modification on the part of the user. To download more Open Series spreadhseets please visit our website. [email protected] www.edupristine.com
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TRUE TRUE TRUE TRUE TRUE TRUE FY 08A FY 09A FY 10E FY 11E FY 12E FY 13E FY 14E FY 15E Revenue from Hiring Solutions 17,352 36,136 101,379 247,948 534,411 1,064,633 1,980,863 3,508,512 Revenue from Marketing Solutions 25,972 38,278 74,176 121,793 179,865 244,022 316,663 395,491 Revenue from Premium Subscriptions 35,449 45,713 60,777 76,157 85,511 96,176 115,485 133,462 Cash & Cash Equivalents 80,495 89,979 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Stockholders' Equity 5,230 9,082 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Profit Before Taxes (1,012) 284 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 3,000,000 3,500,000 4,000,000 LinkedIn Summary
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1 FY 08A FY 09A FY 10A FY 11A FY 12A FY 13A FY 14A FY 15A EBITDA Margins 1% 7% 14% 4% 12% 15% 15% 15% EBIT Margins -7% -3% 9% 1% 10% 14% 14% 15% EBT Margins -7% -3% 9% 1% 10% 14% 14% 15% Net Profit Margin -2% 0% Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Return on Assets (ROA) Return on Invested Capital (RoIC) Return on Stockholder's Equity Asset Turnover Ratio Average Day's Sales No. of Days of Receivables Working Capital Turnover Current Ratio Acid Test Ratio 10.00% 15.00% 20.00% Ratio Analysis of LinkedIn
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Assumptions (Unless otherwise specified, all financials are in US $ Thousand) FY 07A FY 08A FY 09A FY 10E FY 11E FY 12E FY 13E FY 14E FY 15E Income Tax Rate 34% 34% 34% 34% 34% 34% 34% 34% Balance Sheet Assumptions 4000% 0% Accounts Receivables No. of Days CAGR 69 74 72 72 72 72 72 72 200% 200% 200% 200% 200% 2 Prepaid Expenses as % of Revenue Scroll Bar 3% 4% 2% 2% 2% 2% 2% 2% 0% Other Assets Growth Rate Actual 112% Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Account Payable No. of Days CAGR 12 15 13 13 13 14 13 13 0% Deferred Revenue as % of Revenue CAGR 19% 21% 20% 20% 20% 20% 20% 20% Interest Rates Interest rate on Cash Balance 4% 4% 4% 4% 4% 4% 4% 4% 4% Interest rate on Overdraft 6% 6% 6% 6% 6% 6% 6% 6% 6%
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Revenue Build-Up (Unless otherwise specified, all financials are in US $ Thousand) 31-Mar-09 30-Jun-09 30-Sep-09 31-Dec-09 31-Mar-10 30-Jun-10 30-Sep-10 31-Dec-10 31-Mar-11 30-Jun-11 30-Sep-11 31-Dec-11 31-Mar-12 30-Jun-12 30-Sep-12 31-Dec-12 31-Mar-13 30-Jun-13 30-Sep-13 31-Dec-13 31-Mar-14 30-Jun-14 30-Sep-14 31-Dec-14 31-Mar-15 30-Jun-15 30-Sep-15 31-Dec-15 FY 2009 FY 2009 FY 2009 FY 2009 FY 2010 FY 2010 FY 2010 FY 2010 FY 2011 FY 2011 FY 2011 FY 2011 FY 2012 FY 2012 FY 2012 FY 2012 FY 2013 FY 2013 FY 2013 FY 2013 FY 2014 FY 2014 FY 2014 FY 2014 FY 2015 FY 2015 FY 2015 FY 2015 Quarterly Schedule of Revenue Number of Registered Members 37,355 42,012 48,004 55,111 64,177 71,825 80,553 90,062 102,175 111,285 121,469 132,164 145,975 154,612 164,123 173,650 188,324 195,700 203,824 213,617 229,532 236,227 243,672 252,943 269,258 274,419 280,323 288,186 Growth Rate of Registered Members 12% 14% 15% 16% 12% 12% 12% 13% 9% 9% 9% 10% 6% 6% 6% 8% 4% 4% 5% 7% 3% 3% 4% 6% 2% 2% 3% LinkedIn Corporate Solutions Customers 1,008 1,116 1,260 1,585 1,827 2,306 2,849 3,469 3,859 4,716 5,637 6,640 7,122 8,419 9,727 11,263 11,856 13,778 15,644 17,801 18,382 20,995 23,419 26,415 27,014 30,584 33,809
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