Subscriber Based Company Valuation Financial Model
Originally published: 28/01/2022 10:16
Publication number: ELQ-56586-1
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Subscriber Based Company Valuation Financial Model

A financial model and valuation of a Subscription-Based Online Platform along with determination of Existing & New Users Value

Description
Royal Wins Corporation Financial Model is a financial model and valuation of a subscription based online, mobile, real money, gaming platform that generates revenues from subscriptions, advertising revenues and transactions on the platform. The company leverages all three pillars of user-based revenue models, banking on user acquisition, user conversion and retention. The model is ideal for investment banking, equity research, user-based companies, finance professionals, valuation and transaction experts. The model includes the following features:
- A financial model of a user based company (online gaming) including: detailed revenue schedule, cost schedule, valuation of an existing user of the company, equity valuation of existing subscribers, equity valuation of new subscribers, value of corporate drag, valuation of outstanding options and warrants in the company, valuation of the entire company under the sum-of-parts approach and key line items of the income statement.
- Historical financial statements for a period of three years and the most recent quarter as of January 21, 2022.
- Comparable companies, their business description, and related business and valuation metrics.
- Sensitivity analysis of the intrinsic valuation of the company, value of new subscribers and value of existing subscribers with respect to key value drivers including number of users within the next 24 months and probability of company operating as a going concern.
- Quantification of risk measures for purposes of valuation including beta calculation, cost of equity (company has no debt or other equity securities such as preferred shares and hence cost of equity is the same as cost of capital).
- A summary dashboard of company financial report, market data, key financial annual figures, comparable companies and related business and financial metrics and risk rating for the company.
- The tabs of the models are: Cover, Summary SKLL Report, Summary Comps, Assumptions, Historicals, Model, Notes as well as tabs that are not used when printing the model to a pdf file including Comp_Forward Ratio_Eikon and Beta.
- An equity research report of the Royal Wins Corporation explaining the business model and valuation of the company along with a blog post explaining ‘How to Value User or Subscriber Based Online Companies’, the financial model as of January 21, 2022 and the print ready format of the model are included with the package.

This Best Practice includes
One PDF guideline, One PDF research report, One .xlsm Financial Model, A Blog Post on How to Value Subscribers & Users

Acquire business license for $100.00

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Further information

The model focuses on the methodology for valuing subscription-based companies and value drivers of current, existing and new users of online platforms. The value of existing users, new users and corporate drag is determined in this financial model. The model is ideal for investment banking, equity research, user-based companies, finance professionals, valuation and transaction experts.

- This financial model is a valuation model of subscription based companies and their subscriber or user value (both existing and new users) that market themselves to the market on the number of users and subscribers to their platforms. Please ensure prior to opening the excel sheet, iterative calculations within the excel workbook environment has been enabled under: File/Options/Formulas/Enable iterative calculations.
- Set the Calculation options under File/Options/Formulas to ‘Automatic except data tables’. In case of the existence of data tables in the models, press F9 to refresh and update the table calculations.
- The workbook contains a Macro in the form of the product Disclaimer which should be accepted by the user; hence, please enable macros in the workbook. The financial model itself contains no macros.
- Please ensure the above steps are implemented prior to opening the excel sheet.
- Please agree to the terms of use to be able to view the model.
- All blue font in the model are hardcoded inputs, black font is calculation, red font is the references to the blue inputs on the Assumptions tab, and any orange cells are values sourced from Refinitiv.


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