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Period (Year) 0 1 2 3 4 5

Sales (unit) 1000 2000 4000 8000 14000 24500


Revenue $ 125,000 $250,000 $500,000 $1,100,000 $1,925,000 $3,368,750
COGS $ 85,000 $170,000 $340,000 $ 612,000 $1,071,000 $1,874,250
Gross Revenue $ 40,000 $ 80,000 $160,000 $ 488,000 $ 854,000 $1,494,500
Selling, General & Admin Exp $ 37,500 $ 75,000 $150,000 $ 330,000 $ 577,500 $1,010,625
R&D $ 25,000 $ 25,000 $ 25,000 $ 25,000
EBIT $ 2,500 $ 5,000 $ -15,000 $ 133,000 $ 251,500 $ 458,875
Tax $ 525 $ 1,050 $ -3,150 $ 27,930 $ 52,815 $ 96,364
Income $ 1,975 $ 3,950 $ -11,850 $ 105,070 $ 198,685 $ 362,511
Operating Margin 2% 2% -3% 12% 13% 14%
15% $ 592.50 $ -1,778 $ 15,761 $ 29,803 $ 54,377
Free Cashflow
NWC Change $ 12,500 $ 12,500 $ 37,500 $ 39,500 $ 95,250 $ 140,563
FCF $ -8,550 $ -49,350 $ 65,570 $ 103,435 $ 221,949

Discount Rate 10.7%


Industry Beta 1.2
MRP 5%
Risk Free Rate 4.70%

PV - 7,724 - 40,271 48,335 68,877 133,510

NPV - 47,995
Initial Setup Cost - 75,000
R&D (Capitalised) - 100,000
- 222,995

$ 395 $ -1,185 $ 10,507 $ 19,869 $ 36,251


$ 65,837
Sales Price per unit $ 125
Sales Growth Rate Yr 1-3 100%
Sales Growth Rate Yr 4-5 75%
Total Unit Per Cost Decline 3-5 10%
S,G & A 30%
$ 4,184,600.0 Depreciation None
$ 627,690.00 US Corporate Tax 21%
$ 2.79 NWC Yr 1-3 10%
5%

$ 323,754.94
$ 98,755
Cost
Raspberry Pi 2 motherboard $ 35
Wireless Keyboard $ 19
USB wifi N-adapter $ 7
SD 8 GB Card with Raspberry $ 11
Transparent case for Raspberry $ 7
Raspberry Pi 2 Power Adapter $ 6
Total Per Unit Cost $ 85
2882451.2987013
1785916.28975959 Equity Stake 10%
1,988,645
198,864.45