Valuation Report of Unicorn, Inc.

As of 2019-07-01

Contacts:
Norman Gordon
Report generated on 12 Jul, 2019  info@equidam.com

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Unicorn, Inc. Valuation Report

Table of Contents
Company summary 3

Forecasts summary 4

Past funding rounds & Current ownership 5

Valuation 6

Current funding round 7

Use of funds 8

Qualitative methods

Scorecard Method 9

Checklist Method 10

Qualitative traits summary 11

VC method 12

DCF Methods

DCF with LTG 13

DCF with Multiples 14

Financial Projections 15

Conclusion 17

Appendix 18

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Unicorn, Inc. Valuation Report

Company summary
Unicorn, Inc.
 Schiedamse Vest 154, 3011 BH Rotterdam, the Netherlands

 The Netherlands

Industry: Computer & Electronics Retailers

Business Activity: Consumer Electronics Retailers Founders: 1
Employees: 5
Unicorn Inc produces the best quality single horn for horses. Our mission is to Started in: 2016

transform the world and make it a better place. Incorporated: Yes

Year of incorporation:
 www.unicorninc.com
2017
Commited capital:
€7000

 
Opportunity Latest operating performance
Business model: B2B 07/2018 - 06/2019
Scalable Product: No
Exit strategy: Big market-players demonstrated strong interest in Revenues 540,000 -
buying the company

EBITDA 400,000 -

 Ebitda margin 74 % -

Current Operations
EBIT 400,000 -
Stage of development: Expansion stage
Ebit margin 74 % -
Employees (excluding founders, interns and freelancers): 5
Profitability: Yes

Cash in hand 11,638 -

 All numbers in €
Competitors
Pony, Inc. | ponyinc.com
Hippo, Inc. | hippoinc.com

/// More information on the history, milestones, team, etc., (e.g. pitchdeck) can be requested to the company.

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Unicorn, Inc. Valuation Report

Forecasts summary
Future profitability
Revenues Costs EBITDA

5.0M

4.0M

3.0M

2.0M

1.0M

0.0

-1.0M
€ 1,080,000 € 1,795,600 € 4,317,800

€ 1,278,000 € 1,901,800 € 2,846,000

-€ 198,000 -€ 106,200 € 1,471,800

07/2019 - 06/2020 07/2020 - 06/2021 07/2021 - 06/2022

Cash forecast
Cash in hand Free cash flow to equity

1.8M
1.5M
1.2M
900.0K
600.0K
300.0K
0.0
-300.0K
-600.0K
€ 708,768 € 677,733 € 1,646,632

-€ 302,870 -€ 231,034 € 968,899

07/2019 - 06/2020 07/2020 - 06/2021 07/2021 - 06/2022

/// Full profit and loss and cash flow forecast at page 14.

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Unicorn, Inc. Valuation Report

Past funding rounds

Here is an overview of the past funding rounds and valuations of the company.

Date Amount raised % of Equity Post-Money Valuation

02-05-2018 € 250,000 5.00% € 2,000,000

Current ownership
Here is an overview of the current shareholders in the company. More information on type of shares, unassigned shares, and in
general a detailed cap table can be requested to the company in question.

Norman: 84 %

Elon: 11 %

UNI Incubator: 5 %

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Unicorn, Inc. Valuation Report

Valuation
The pre-money valuation displayed below is the result of the weighted average of different methods. The use of several
methods is a best practice in company valuation, as looking at the business from different perspectives results in a more
comprehensive and reliable view.
These methods are compliant with IPEV (International Private Equity Valuation) Guidelines and each of them will be explained
in more detail in the following pages of the report.
More information on the weights can be found in the Appendix.

Low Bound
Pre-money valuation High Bound
€ 4,856,000 € 5,014,845 € 5,174,000

5 Valuation Methods

€ 4,257,101 € 4,721,250 € 4,043,402 € 5,413,692 € 5,222,974

Scorecard Checklist Venture Capital DCF with LTG DCF with Multiples

Method weights

6% 6% 16% 36% 36%

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Unicorn, Inc. Valuation Report

Current funding round

Please find below the amount of capital currently needed and the consequent percentage of equity based on the valuation of
previous page as a starting point for the negotiations.

Pre-money valuation
Low Bound High Bound
€ 4,856,000
€ 5,014,845 € 5,174,000

Capital needed
17.08% € 1,000,000 16.2%

16.63%

Post-money valuation
Low Bound High Bound
€ 5,856,000
€ 6,014,845 € 6,174,000

Starting from the post-money valuation of the company, the equity percentage that relates to the investment is calculated as
investment/post-money valuation. Keeping the investment amount fixed, the lower the pre-money valuation, the higher the
equity stake, and vice versa.

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Unicorn, Inc. Valuation Report

Use of funds
Here is a breakdown on how the company will use the capital raised.

Sales and marketing:

€ 100,000 (10 %)

Product development and...

€ 600,000 (60 %)

Inventory:
€ 150,000 (15 %)

Operations:
€ 100,000 (10 %)

Capital expenditures:
€ 50,000 (5 %)

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Unicorn, Inc. Valuation Report

Qualitative methods
Scorecard Method: € 4,257,101
This method was conceived by William H. Payne of Ohio TechAngels group and endorsed by the Ewing Marion Kauffman
Foundation. The valuation of the startup depends on how different this is from the assumed average of a set of comparable
companies from the same region.
Startups’ qualitative traits are divided in 6 criteria, compared with the assumed traits of the average company, and given a
score according to whether it over- or under-performs the assumed average company. These scores are multiplied by weights
that represent the impact of the criteria on the valuation. The sum of these weighted scores multiplied by the average valuation
leads to the company’s pre-money valuation.

Normalized scores of the company for each criteria

64.28 % 50.00 % 100.00 % 100.00 % 100.00 % 0.00 %

Strength of the team Size of the Opportunity Strength and protection Competitive Strategic relationships Funding required
of the product/service Environment with partners

 Parameters
Average valuation (The Netherlands): € 2,293,388

Weights of the criteria

Strength of the team: 30% Competitive Environment: 10%
Size of the Opportunity: 25% Strategic relationships with partners: 10%
Strength and protection of the product/service: 15% Funding required: 10%

/// Please see appendix for data sources, defaults, and breakdown of the traits

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Unicorn, Inc. Valuation Report Qualitative methods

Checklist Method: € 4,721,250

The creator of the method is Dave Berkus, one of the most prominent Californian angel investors. The valuation of the startup
consists of intangible building blocks that sum up to the assumed maximum pre-money valuation.
The maximum pre-money valuation is split in 5 criteria according to their weight. The startup obtains portions of these
maximum criteria valuations according to how close its qualitative traits are to the most desirable ones. Their sum is the startup
pre-money valuation.

Criteria valuations Max valuations

1.6M

1.4M

1.2M

1.0M

800.0K

600.0K

400.0K

200.0K

0.0
€ 1,440,000 € 1,000,000 € 750,000 € 531,250 € 1,000,000
Quality of the core team Quality of the Idea Product roll-out and IP Strategic Relationships Operating Stage
protection

 Parameters
Maximum valuation (The Netherlands): € 5,000,000

Criteria maximum valuations

Quality of the core team: € 1,500,000 (30%) Strategic Relationships: € 750,000 (15%)
Quality of the Idea: € 1,000,000 (20%) Operating Stage: € 1,000,000 (20%)
Product roll-out and IP protection: € 750,000 (15%)

/// Please see appendix for data sources, defaults, and breakdown of the traits

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Unicorn, Inc. Valuation Report Qualitative methods

Qualitative traits summary

Below a summary of the traits at the basis of the scores for the two qualitative methods. Please see appendix for detailed
breakdown of which trait is used in which method.

 
Team Network
Founders Board of advisors: Yes
Time commitment: Full time Legal consultants: No
Average age: Between 35 and 45 Current shareholders: Incubator / accelerator, Business angel
Founded other companies before: Yes, with successful exit(s)

Core team skills and expertise

Working together for: More than 5 years
Years of experience in the industry: 20
Business and managerial background: Top-tier management
experience
Technical skills: All technical skills inhouse

 
Market Product
Total Addressable Market (TAM): € 1,000,000,000 Product roll-out: Already to Market
Annual growth rate of the market: 1.00 % Feedback received: All positive
Demand validated: Yes Loyalty to the product/service: High retention
Internationalization: Active globally Partners: Contracts with key strategic partners signed and serving
high volumes

 
Competition Protection
Level of competition: Negligible competition Barriers to entry of the market: Modest
Competitive products are: On the same level Applicable IP: Patent
Differentiation from current solutions: Not comparable solutions Current IP protection: IP protection secured at global level
International competition: Not yet developed

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 Unicorn, Inc. Valuation Report

VC Method
Premoney Valuation: € 4,043,402
The VC (Venture Capital) method is one of most common approaches among financial practitioners in the private company
market. The startup is given the valuation that will grant investors a predetermined return at the exit.
The potential exit value of the company is computed with an industry-based EBITDA multiple. The valuation is equal to this
value discounted by a required return on investment. This depends on the startup’s stage of development, higher for early stage
riskier companies, lower for more mature ones. It is the minimum rate that will allow investors to have positive returns from
portfolios where most companies fail and gains come from a selected few.

1.6M

€ 1,471,800
1.4M
Last Year EBITDA

1.2M

1.0M 
800.0K
EBITDA

9.01
EBITDA multiple
600.0K

400.0K

200.0K
€ 13,267,782
Last Year Exit value

0.0

-200.0K 48.60 %
-€ 198,000 -€ 106,200 € 1,471,800 Annual Discount
Rate
07/2019 - 06/2020 07/2020 - 06/2021 07/2021 - 06/2022

€ 4,043,402
Premoney Valuation

 Parameters
Industry Multiple: 9.01
Annual Discount Rate: 48.60 %

/// Please see appendix for data sources and defaults

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 Unicorn, Inc. Valuation Report

DCF Methods
The DCF (Discounted Cash Flow) methods represent the most renown approach to company valuation, recommended by
academics and a daily tool for financial analysts. The valuation is the present value of all the free cash flows to equity the
startup is going to generate in the future, discounted by its risk.
These methods weight the projected free cash flow to equity by the probability the startup will survive. Then, the flows are
discounted to present by a rate that represents risks related to industry, size, development stage and profitability. Lastly, an
illiquidity discount is applied to the sum of the discounted cash flows to compute the valuation.
The value of cash flows beyond the projected ones is represented by the TV (Terminal Value) and the way it is calculated is the
difference between the following two methods.

DCF with LTG: € 5,413,692

The DCF with LTG (Long Term Growth) assumes the cash flows beyond the projected ones will grow forever at a constant rate
based on the industry and computes the TV accordingly.

1.0M

800.0K € 968,899
Free cash flow to equity

Last year FCF to equity

600.0K

400.0K

200.0K
1.49 %
0.0
Long term growth
-200.0K

-400.0K
-€ 302,870 -€ 231,034 € 968,899
€ 9,306,301
Terminal value
07/2019 - 06/2020 07/2020 - 06/2021 07/2021 - 06/2022

8.63 %
Discount rate

26.74 % € 5,413,692
Illiquidity discount Premoney Valuation

 Parameters Long term growth: 1.49 % Discount rate Survival rates

Illiquidity discount: 26.74 % Risk free rate: 0.65 % Year 1: 84.14 %
Beta: 1.57 Year 2: 74.19 %
Market Risk Premium: 5.08 % Year 3: 67.63 %

/// Please see appendix for data sources and defaults

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Unicorn, Inc. Valuation Report DCF Methods

DCF with Multiples: € 5,222,974

The DCF with Multiple assumes the TV (Terminal Value) is equal to the exit value of the company computed with an industry-
based EBITDA multiple.

Free cash flow to equity EBITDA

€ 1,471,800
1.6M Last Year EBITDA
1.4M
1.2M
1.0M 
800.0K
600.0K 9.01
400.0K EBITDA multiple
200.0K
0.0
-200.0K
-400.0K
-€ 302,870 -€ 231,034 € 968,899
€ 8,972,521
Terminal value

-€ 198,000 -€ 106,200 € 1,471,800

07/2019 - 06/2020 07/2020 - 06/2021 07/2021 - 06/2022

8.63 %
Discount rate

26.74 % € 5,222,974
Illiquidity discount Premoney Valuation

 Parameters EBITDA multiple: 9.01 Discount rate Survival rates

Illiquidity discount: 26.74 % Risk free rate: 0.65 % Year 1: 84.14 %
Beta: 1.57 Year 2: 74.19 %
Market Risk Premium: 5.08 % Year 3: 67.63 %

/// Please see appendix for data sources and defaults

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Unicorn, Inc. Valuation Report Financial Projections

Financial Projections
Profit & Loss
The profit & loss projections are displayed below. Data about revenues and operating costs are provided by the company.
Depreciation and amortization, interest, and taxes are either provided by the company or estimated by Equidam. Please consult
our methodology document for more details.

07-2018 - 06-2019 07-2019 - 06-2020 07-2020 - 06-2021 07-2021 - 06-2022

Revenues 540,000 1,080,000 +2X 1,795,600 +66% 4,317,800 +2X

Cost of Goods Sold 20,000 28,000 +40% 76,800 +3X 189,000 +2X

Salaries 100,000 1,200,000 +12X 1,500,000 +25% 1,928,000 +29%

Operating Expenses 20,000 50,000 +3X 325,000 +7X 729,000 +2X

EBITDA 400,000 -198,000 - -106,200 +46% 1,471,800 -

Ebitda margin 25 % 118 % - 105 % - 65 % -

D&A - 58,317 - 96,958 +66% 233,151 +2X

EBIT 400,000 -256,317 - -203,158 +21% 1,238,649 -

Ebit margin 25 % 123 % - 111 % - 71 % -

Interest - 2,530 - 1,265 -50% - -

EBT - -258,847 - -204,423 +21% 1,238,649 -

Taxes - - - - - 193,845 -

Nominal tax rate - 25 % - 25 % - 25 % -

Effective tax payable - -64,712 - -51,106 - 309,662 -

Deferred tax assets - 64,712 - 115,818 - -

Net profit 400,000 -258,847 - -204,423 +21% 1,044,804 -

Net profit margin 25 % 123 % - 111 % - 75 % -

All numbers in €

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Unicorn, Inc. Valuation Report Financial Projections

Cash Flow
The cash flow projections are displayed below. Capital expenditure, debt at the end of the year, and equity fundraising are
provided by the company. Account payables, account receivables, inventory and D&A are either provided by the company or
estimated by Equidam based on the average percentage of revenues for public companies in the company's industry.

07/2018 - 06/2019 07/2019 - 06/2020 07/2020 - 06/2021 07/2021 - 06/2022

Net profit 400,000 -258,847 - -204,423 +21% 1,044,804 -

Change in Working Capital - 54,840 - 63,569 - 224,056 -

Working capital - 95,940 - 159,510 +66% 383,566 +2X

Account Payables 34,150 106,790 - 177,548 - 426,943 -

Account Receivables 70,250 49,951 - 83,049 - 199,705 -

Inventory 5,000 152,778 - 254,008 - 610,804 -

D&A - 58,317 - 96,958 +66% 233,151 +2X

Capital expenditures 12,500 37,500 +3X 50,000 +33% 75,000 +50%

Change in outstanding debt - -10,000 - -10,000 - - -

Debt at the end of the year 30,000 20,000 -33% 10,000 -50% - -

Free cash flow to equity - -302,870 - -231,034 +24% 968,899 -

Equity fundraising - - - 200,000 - - -

Free cash flow - -302,870 - -31,034 +90% 968,899 -

Beginning of the year cash - 1,011,638 - 708,768 -30% 677,733 -4%

End of the year cash - 708,768 - 677,733 - 1,646,632 -

All numbers in €

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Unicorn, Inc. Valuation Report

Conclusion
Legal Notes
Equidam Valuation SL does not represent or endorse the accuracy or reliability of any advice, opinion, statement or any other
information displayed or distributed through this report or its website. The estimates and the data contained herein are made
using the information provided by the user, publicly available information and data for different industries. Equidam Valuation
SL has not audited or attempted to confirm this information for accuracy or completeness.

Under no circumstances the present report is to be used or considered as an offer, solicitation, or recommendation to sell, or a
solicitation of any offer to buy any security. Equidam Valuation SL excludes any warranties and responsibilities concerning the
results to be obtained from the present report nor their use and shall not be liable for any claims, losses or damages arising
from or occasioned by any inaccuracy, error, delay, or omission, or from use of the report or actions taken in reliance on the
information contained in it. The use of this report and the information provided herein is subject to Equidam Valuation SL online
Terms of Use [https://www.equidam.com/term-of-use/ [https://www.equidam.com/term-of-use/] ] and Privacy Policy
[https://www.equidam.com/privacy-policy/ [https://www.equidam.com/privacy-policy/] ].

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Unicorn, Inc. Valuation Report

Appendix
Weights of the methods
The default weight of each method is determined by Equidam based on the stage of development, and they are shown below.
They can be manually adjusted by the company.

Default weights of the 5 methods

Stage of development Checklist Method Scorecard Method VC Method DCF with LTG DCF with Multiples

Idea stage 38% 38% 16% 4% 4%

Development stage 30% 30% 16% 12% 12%

Startup stage 15% 15% 16% 27% 27%

Expansion stage 6% 6% 16% 36% 36%

Unicorn, Inc. stage of development: Expansion stage

These are determined according to the following principles:

• Qualitative information is more important in early stage companies, where performance uncertainty is extremely high, so
qualitative methods are weighted in more

• The investors' view is equally important across all stages, so the weight of the VC method does not change

• Quantitative information is more reliable in later stages, when a company already has a proven financial track record.
Therefore, it is possible to use the DCF methods more extensively as projected results get founded in past performance

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Unicorn, Inc. Valuation Report Appendix

Qualitative methods
Default average and maximum valuations data sources

Dataset: Pre-money market valuations from transactions in the last 30 months of company in all industries, all countries,
and at seed funding stage

Datasource: Crunchbase

Usage: Computation of average and maximum (net of outliers) pre-money valuations in given geographic areas for the
qualitative methods (Scorecard and Checklist respectively)

Update: Biannual

Average valuation (Scorecard Method) in The Netherlands: € 2,293,388

Maximum valuation (Checklist Method) in The Netherlands: € 5,000,000

Scorecard Method
Default weights of the criteria and breakdown in their traits

Strength of the team 30% Size of the Opportunity 25%

Time commitment of the founders Estimated revenues in the third year according to the stage of the
Number of employees development
Team spirit and comradeship Estimated size of the market in three years
Years of industry experience of the core team Geographical scope of the business
Business and managerial background of the core team

Competitive Environment 10% Strength and protection of the product/service 15%

Stage of the product/service roll-out Level of competition in the market

Degree of loyalty of customers Quality of competitive products/services
Type of IP protection applicable Competitive advantage over other products/services
IP protection in place (if any) Barriers to entry of the market
Threat of international competition

Strategic relationships with partners 10% Funding required 10%

Strength of the relationships with key strategic partners Capital required according to the stage of development

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Unicorn, Inc. Valuation Report Appendix

Checklist Method
Default weights of the criteria and breakdown in their traits

Quality of the core team analyzes:

30%

Average age of the founders

Presence in the team of serial, successful entrepreneurs
Time commitment of the founders
Team spirit and comradeship
Years of industry experience of the core team
Business and managerial background of the core team
Technical skills of the core team

Quality of the idea analyzes:

20%

Validation of the demand for the product/service

Feedback received by early adopters/industry experts
Level of competition in the market
Competitive advantage over other products/services
Geographical scope of the business
Threat of international competition
Degree of loyalty of customers

Product roll-out and IP protection analyzes:

15%

Stage of the product/service roll-out

Type of IP protection applicable
IP protection in place (if any)

Strategic relationships analyzes: 15%

Presence of an advisory board and number of advisors

Presence and type of current shareholders
Relationship with legal counselors
Strength of the relationships with key strategic partners

Operating stage 20%

Stage of development
Current profitability

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Unicorn, Inc. Valuation Report Appendix

VC method
Below the sources of the valuation parameters used in the VC Method: EBITDA Multiple and Annual Discount Rate, and their
default values provided by Equidam

EBITDA multiple

Description: Enterprise value on EBITDA multiples computed over a dataset of global, publicly listed firms organized by
industry

Datasource: Prof. A. Damodaran, NYU Stern School of Busines

Update: Annual

Notes: We favor the use of EBITDA multiple, as we believe revenue multiples fail to capture the ability of startups to
generate cash flow, i.e. the ultimate determinant of value.

Unicorn, Inc. industry: Consumer Electronics Retailers

Consumer Electronics Retailers EBITDA multiple: 9.01

Annual discount rate

The default annual discount rates are determined by Equidam based on the returns investors require for companies at different
stage of development, and are shown below. They can be manually adjusted by the company.

Stage of development Discount/required ROI

Idea stage 135.93%

Development stage 111.47%

Startup stage 89.12%

Expansion stage 48.60%

Unicorn, Inc. stage of development: Expansion stage

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Unicorn, Inc. Valuation Report Appendix

DCF Methods
Below the sources of the valuation parameters used in the DCF Methods: Discount Rate, Survival Rates and Illiquidity
Discounts, and their default values provided by Equidam.

Discount rate

Risk Free Rate

Description: 10Y government rates

Datasource: Trading Economics (tradingeconomics.com), various public databases

Update: Bi-annual (but more frequent if macroeconomic conditions are more volatile)

Notes: For the Eurozone we apply the German 10Y Bond rate

Unicorn, Inc. country: The Netherlands

The Netherlands risk free rate: 0.65%

Industry betas

Description: Industry beta computed over industry specific portfolios of global, public listed companies (same as in EBITDA
multiple)

Datasource: Prof. A. Damodaran, NYU Stern School of Business

Update: Annual

Unicorn, Inc. industry: Consumer Electronics Retailers

Consumer Electronics Retailers default beta: 1.57

Market Risk Premium

Description: Country based total equity risk premium as implied in the previous 12 trailing months.

Datasource: Prof. A. Damodaran, NYU Stern School of Business

Update: Biannual

Unicorn, Inc. country: The Netherlands

The Netherlands default market risk premium: 5.08%

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Unicorn, Inc. Valuation Report Appendix

Survival Rate

Dataset: Country-level survival probabilities of the latest cohort of companies with three years of data available.

Datasource: European Office of Statistics (http://ec.europa.eu/eurostat), U.S. Bureau of Labor Statistics (https://www.bls.gov/),
specific academic research and public offices of statistics for different countries.

Update: Annual

Unicorn, Inc. year of incorporation: 2017

Default survival rate Year 1: 84.14%

Default survival rate Year 2: 74.19%

Default survival rate Year 3: 67.63%

Default survival rate Year 4: 62.40%

Default survival rate Year 5: 58.13%

Default survival rate Year 6: 54.52%

Default survival rate Year 7: 51.39%

Default survival rate Year 8: 48.63%

Default survival rate Year 9: 46.16%

Illiquidity discount

The default illiquidity discount is assigned based on current profitability and projected revenues, according to the approach
suggested by William L. Silber.

Unicorn, Inc. illiquidity discount: 26.74%

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Unicorn, Inc. Valuation Report Appendix

DCF with LTG

Long term growth

Dataset: Global, publicly listed companies organized by industry (same as in EBITDA multiple)

Datasource: Prof. A. Damodaran, NYU Stern School of Business

Update: Annual

Notes: The value is winsorized over a 0% - 2.5% range. We do not want the long term growth to be above world GDP
growth expectations, as it would mean the company is going to overgrow world economy at some point in time

Unicorn, Inc. industry: Consumer Electronics Retailers

Consumer Electronics Retailers default long term growth: 0.01

DCF with Multiples

EBITDA multiple

Dataset: Global, publicly listed companies organized by industry

Datasource: Prof. A. Damodaran, NYU Stern School of Business

Update: Annual

Notes: We favor the use of EBITDA multiple, as we believe revenue multiples fail to capture the ability of startups to
generate cash flow, the ultimate determinant of value.

Unicorn, Inc. industry: Consumer Electronics Retailers

Consumer Electronics Retailers default EBITDA multiple: 1.57

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Unicorn, Inc. Valuation Report Appendix

Last Available Balance Sheet

Below the simplified, last available balance sheet of the company.

07/2018 - 06/2019

Cash and equivalents - 11,638 -

Tangible assets - - -

Intangible assets - - -

Financial assets - - -

Deferred tax assets - - -

Total Assets - 11,638 -

Debts due within one year time - - -

Debt due beyond one year time - 30,000 -

Equity - - -

Total Liabilities - 30,000 -

All numbers in €

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