Tottenham Case

2007
2008
2009
2010
17.40
15.70
28.70
5.20
7.10
74.10
18.97
17.11
31.28
5.67
7.74
80.77
20.67
18.65
34.10
6.18
8.44
88.04
22.53
20.33
37.17
6.73
9.19
95.96
50.92
16.38
1.80
69.10
56.01
17.04
1.87
74.92
61.61
17.72
1.95
81.28
67.77
18.43
2.02
88.22
5.00
2.20
2.80
2.26
0.19
0.35
5.85
2.29
3.56
2.46
0.38
0.72
6.76
2.38
4.38
2.69
0.59
1.10
7.74
2.47
5.26
2.93
0.82
1.51
Capex
NWC
change (NWC)
3.30
-44.46
0.00
3.43
-48.46
-4.00
3.57
-52.82
-4.36
3.71
-57.58
-4.75
FCF
Terminal Value
0.72
5.17
6.02
6.94
0.72
118.59
10.50
5.17
6.02
6.94
Revenue
Attendance
Sponsorship
Broadcast
Merchandise
Other
Total
Opearting costs
Payroll
Stadium Operating Expenses
Other
Total
EBITDA
Depreciation
EBIT
Interest
Taxes
Net Income
NPV
Discount rate
Assumptions
Revenue growth until 2019
Long-term growth after 2019
Salary growth until 2019
Long-term growth after 2019
Long-term growth rate of everything else
9%
4%
10%
4%
4%
2011
2012
2013
2014
2015
2016
2017
2018
24.56
22.16
40.51
7.34
10.02
104.60
26.77
24.16
44.16
8.00
10.92
114.01
29.18
26.33
48.13
8.72
11.91
124.27
31.81
28.70
52.46
9.51
12.98
135.46
34.67
31.28
57.19
10.36
14.15
147.65
37.79
34.10
62.33
11.29
15.42
160.94
41.19
37.17
67.94
12.31
16.81
175.42
44.90
40.51
74.06
13.42
18.32
191.21
74.55
19.16
2.11
95.82
82.01
19.93
2.19
104.13
90.21
20.73
2.28
113.21
99.23
21.55
2.37
123.15
109.15
22.42
2.46
134.03
120.07
23.31
2.56
145.94
132.07
24.25
2.66
158.98
145.28
25.22
2.77
173.27
8.78
2.57
6.20
3.19
1.05
1.96
9.89
2.68
7.21
3.48
1.30
2.43
11.06
2.78
8.28
3.79
1.57
2.92
12.31
2.90
9.41
4.13
1.85
3.43
13.62
3.01
10.61
4.50
2.13
3.98
14.99
3.13
11.86
4.91
2.43
4.52
16.44
3.26
13.18
5.35
2.74
5.09
17.94
3.39
14.55
5.83
3.05
5.67
3.86
-62.76
-5.18
4.01
-68.41
-5.65
4.18
-74.56
-6.16
4.34
-81.27
-6.71
4.52
-88.59
-7.31
4.70
-96.56
-7.97
4.88
-105.25
-8.69
5.08
-114.73
-9.47
7.93
9.00
10.15
11.38
12.70
14.12
15.63
17.24
7.93
9.00
10.15
11.38
12.70
14.12
15.63
17.24
2019
2020
48.94
44.16
80.72
14.63
19.97
208.42
50.90
45.93
83.95
15.21
20.77
216.76
159.81
26.22
2.88
188.92
166.20
27.27
3.00
196.47
19.50
3.52
15.98
6.36
3.37
6.25
20.28
3.66
16.62
6.61
3.50
6.51
5.28
-125.05
-10.33
5.49
-130.05
-5.00
18.95
13.97
223.57
237.55
18.95
2.579538
Unlevered Beta
COE
1.184969
10.5
Discount factor
Adding a stadium:
2007
1
2009
0.82
125
125
0.00
0.00
0.00
125.00
0.00
0.00
0.00
125.00
-125.00
-113.12
-125.00
-102.37
-72.46
Additional Revenues
Costs
Stadium capex
Depreciation
Stadium operationg costs
Total opearting costs
Taxes
Change in Working Capital
Total cash outlay
Cash Flow
Free Cash Flow
Discounted back to 2007
Assumptions
Revenue growth
long-term growth
Salary growth
Long-term growth of everything else
Net Working Capital / Revenue ratio
Tax rate
Discount rate
2008
0.90
9.0%
4.0%
10.0%
4.0%
-60.0%
35.0%
10.50%
2010
0.74
2011
0.67
2012
0.61
2013
0.55
2014
0.50
2015
0.45
2016
0.41
13.08
14.26
15.54
16.94
18.46
20.12
21.93
25
2.58
27.58
-5.08
-7.85
-5.27
25
2.68
27.68
-4.70
-8.55
-5.87
25
2.79
27.79
-4.29
-9.32
-6.53
25
2.90
27.90
-3.84
-10.16
-7.26
25
3.02
28.02
-3.35
-11.08
-8.06
25
3.14
28.14
-2.81
-12.07
-8.93
25
3.26
28.26
-2.22
-13.16
-9.90
18.34
13.60
20.12
13.50
22.07
13.40
24.20
13.29
26.52
13.18
29.06
13.07
31.83
12.96
2017
0.37
2018
0.33
2019
0.30
2020
0.27
23.91
26.06
28.40
29.54
25
3.40
28.40
-1.57
-14.34
-10.95
25
3.53
28.53
-0.87
-15.64
-12.10
25
3.67
28.67
-0.09
-17.04
-13.37
3.82
3.82
9.00
-17.72
-13.90
34.86
12.84
38.16
12.72
41.77
12.61
43.44
11.86
Discount factor
Adding a player
2007
1
2009
0.82
5.17
5.64
2.50
20.00
22.50
-3.10
-6.07
2.75
2.75
-3.38
1.01
-8.16
-7.39
5.26
4.31
28.86
Revenue
Costs
Salary
Transfer fee
Taxes
Cash Flow
Free Cash Flow
Assumptions
Revenue growth
long-term growth
Salary growth
Tax rate
Discount rate
2008
0.90
9.0%
4.0%
10.0%
4.0%
-60.0%
35.0%
10.50%
2010
0.74
2011
0.67
2012
0.61
2013
0.55
2014
0.50
2015
0.45
2016
0.41
6.14
6.70
7.30
7.95
8.67
9.45
10.30
3.03
3.33
3.66
4.03
4.43
4.87
5.36
3.03
-3.69
1.09
3.33
-4.02
1.18
3.66
-4.38
1.27
4.03
-4.77
1.37
4.43
-5.20
1.48
4.87
-5.67
1.60
5.36
-6.18
1.73
5.71
4.23
6.21
4.16
6.74
4.09
7.33
4.02
7.96
3.96
8.65
3.89
9.39
3.82
2017
0.37
2018
0.33
2019
0.30
2020
0.27
5.89
-6.74
1.87
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
10.20
3.76
0.00
0.00
0.00
0.00
0.00
0.00
11.23
5.89
Discount factor
(1) Adding a stadium:
2007
1
125
125
0.00
0.00
0.00
125.00
0.00
0.00
0.00
125.00
-125.00
-113.12
-125.00
-102.37
5.17
5.64
2.50
20.00
22.50
-3.10
-6.07
2.75
2.75
-3.38
1.01
-8.16
-7.39
5.26
4.31
0.00
1
5.17
5.17
0.00
1
5.64
5.64
125
125
2.50
20.00
22.50
-6.07
-3.10
144.40
2.75
2.75
1.01
-3.38
124.37
-139.23
-126.00
-118.73
-97.24
68.87
Revenues
from stadium
synergy
from player
Total revenues
Costs
Stadium capex
Depreciation
stadium operationg costs
Salary
Transfer fee
Taxes
Total cash outlay
Cash Flow
Free Cash Flow
Assumptions
Revenue growth
28.86
Revenue
Costs
Salary
Transfer fee
Taxes
Cash Flow
Free Cash Flow
(3) Adding a stadium and a player
2009
0.82
-72.46
Additional Revenues
Costs
Stadium capex
Depreciation
Stadium operationg costs
Taxes
Total cash outlay
Cash Flow
Free Cash Flow
(2) Adding a player
2008
0.90
9.0%
long-term growth
Salary growth
Tax rate
Discount rate
4.0%
10.0%
4.0%
-60.0%
35.0%
10.50%
2010
0.74
2011
0.67
2012
0.61
2013
0.55
2014
0.50
2015
0.45
2016
0.41
13.08
14.26
15.54
16.94
18.46
20.12
21.93
25
2.58
27.58
-5.08
-7.85
-5.27
25
2.68
27.68
-4.70
-8.55
-5.87
25
2.79
27.79
-4.29
-9.32
-6.53
25
2.90
27.90
-3.84
-10.16
-7.26
25
3.02
28.02
-3.35
-11.08
-8.06
25
3.14
28.14
-2.81
-12.07
-8.93
25
3.26
28.26
-2.22
-13.16
-9.90
18.34
13.60
20.12
13.50
22.07
13.40
24.20
13.29
26.52
13.18
29.06
13.07
31.83
12.96
6.14
6.70
7.30
7.95
8.67
9.45
10.30
3.03
3.33
3.66
4.03
4.43
4.87
5.36
3.03
-3.69
1.09
3.33
-4.02
1.18
3.66
-4.38
1.27
4.03
-4.77
1.37
4.43
-5.20
1.48
4.87
-5.67
1.60
5.36
-6.18
1.73
5.71
4.23
6.21
4.16
6.74
4.09
7.33
4.02
7.96
3.96
8.65
3.89
9.39
3.82
13.08
3
18.43
31.51
14.26
3
20.09
34.34
15.54
3
21.89
37.43
16.94
3
23.86
40.80
18.46
3
26.01
44.47
20.12
3
28.35
48.48
21.93
3
30.90
52.84
25
2.58
3.03
25
2.68
3.33
25
2.79
3.66
25
2.90
4.03
25
3.02
4.43
25
3.14
4.87
25
3.26
5.36
30.61
0.32
-18.90
-13.30
31.01
1.17
-20.60
-14.59
31.45
2.09
-22.46
-16.01
31.93
3.11
-24.48
-17.55
32.45
4.21
-26.68
-19.24
33.01
5.41
-29.09
-21.07
33.62
6.72
-31.70
-23.08
44.80
33.21
48.93
32.82
53.44
32.44
58.35
32.05
63.71
31.67
69.55
31.29
75.92
30.91
-0.22037787
2017
0.37
2018
0.33
2019
0.30
2020
0.27
23.91
26.06
28.40
29.54
25
3.40
28.40
-1.57
-14.34
-10.95
25
3.53
28.53
-0.87
-15.64
-12.10
25
3.67
28.67
-0.09
-17.04
-13.37
3.82
3.82
9.00
-17.72
-13.91
34.86
12.84
38.16
12.73
41.77
12.61
43.45
11.86
5.89
-6.74
1.87
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
10.20
3.76
0.00
0.00
0.00
0.00
0.00
0.00
23.91
3
33.69
57.59
26.06
28.40
29.54
26.06
28.40
29.54
25
3.40
5.89
25
3.53
25
3.67
3.82
34.29
8.16
-34.56
-25.27
28.53
-0.87
-15.64
-12.10
28.67
-0.09
-17.04
-13.37
3.82
9.00
-17.72
-13.91
82.86
30.53
38.16
12.73
41.77
12.61
43.45
11.86
11.23
5.89
Team
Manchester United
Arsenal
Chelsea
Liverpool
New castle United
Tottenham Hotspur
Everton
Aston Villa
EV
Net Debt/EV
Revenue Operating Income
934
0.84
169
50
588
0.53
134
11
345
0.28
154
-20
291
0.18
123
20
167
0.46
87
6
156
0.12
75
5
106
0.32
58
-8
90
0.16
50
-11
90
80
f(x) = 0.67521857
70
60
50
40
30
20
10
-10
Avg Net Goal Avg Points New Avg Net Goal

New Avg Points
New Revenue
42.7
82
38.1
77
33.9
74
24.6
67
2.3
53
-1.9
51
10.1
58.44
85.94
-4.9
49
0
51
Avg Points
90
80
f(x) = 0.6752185753x + 51.6225670059
70
60
50
40
30
20
10
0
10
20
30
Increment
5.17
30
40
50

Tottenham Case

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Copyright:

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Tottenham Case

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Copyright:

Verfügbare Formate

2007

(1) Adding a stadium:

(3) Adding a stadium and a player

(2) Adding a player

Avg Net Goal Avg Points New Avg Net Goal

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