Maple
A1. C03 teaching example — all amounts GBP thousands
B1. Value / formula
A2. Revenue
B2 — Supplied value. Result: 200.
A3. Operating costs
B3 — Supplied value. Result: 150.
A4. Simplified operating profit
B4 — Formula. =B2-B3; Result: 50.
A5. Enterprise value
B5 — Supplied value. Result: 300.
A6. Included debt
B6 — Supplied value. Result: 45.
A7. Included cash
B7 — Supplied value. Result: 15.
A8. Reference equity value
B8 — Formula. =B5-B6+B7; Result: 270.
A9. Secondary fraction
B9 — Supplied value. Result: 0.8.
A10. Seller consideration
B10 — Formula. =B8*B9; Result: 216.
A11. Separate primary company cash
B11 — Supplied value. Result: 20.
A12. Book assets (separate illustration)
B12 — Supplied value. Result: 150.
A13. Book liabilities
B13 — Supplied value. Result: 90.
A14. Book equity
B14 — Formula. =B12-B13; Result: 60.
A15. Assets after primary cash
B15 — Formula. =B12+B11; Result: 170.
A16. Equity after primary cash
B16 — Formula. =B14+B11; Result: 80.
A17. Balance check — must be zero
B17 — Formula. =B15-B13-B16; Result: 0.
A18. Book equity, price and distributable profits are not interchangeable.
Alder price
A1. B08 teaching example — GBP, not Meridian assessment
B1. Value / formula
A2. Enterprise value
B2 — Supplied value. Result: 1e+07.
A3. Included debt
B3 — Supplied value. Result: 2e+06.
A4. Included cash
B4 — Supplied value. Result: 500,000.
A5. Working-capital adjustment (negative = shortfall)
B5 — Supplied value. Result: -200,000.
A6. Reference equity value
B6 — Formula. =B2-B3+B4+B5; Result: 8.3e+06.
A7. Secondary fraction
B7 — Supplied value. Result: 0.8.
A8. Seller consideration
B8 — Formula. =B6*B7; Result: 6.64e+06.
A9. Separate primary cash to company
B9 — Supplied value. Result: 1e+06.
A10. Payoff funding is a separate cash-flow question; price deduction does not pay a lender.
Service credits
A1. A09 teaching example — raw percentage compared before rounding
B1. Value / formula
A2. Monthly subscription GBP
B2 — Supplied value. Result: 8,000.
A3. Availability as percentage points (99.2, not 0.992)
B3 — Supplied value. Result: 99.2.
A4. Single applicable rate
B4 — Formula. =IF(B3>=99.5,0,IF(B3>=99,0.05,IF(B3>=98,0.1,0.2))); Result: 0.05.
A5. Credit GBP
B5 — Formula. =B2*B4; Result: 400.
A6. Boundary availability
B6. Expected rate
C6. Calculated rate
D6. Match (1 = yes)
A7 — Supplied value. Result: 99.5.
B7 — Supplied value. Result: 0.
C7 — Formula. =IF(A7>=99.5,0,IF(A7>=99,0.05,IF(A7>=98,0.1,0.2))); Result: 0.
D7 — Formula. =IF(B7=C7,1,0); Result: 1.
A8 — Supplied value. Result: 99.4999.
B8 — Supplied value. Result: 0.05.
C8 — Formula. =IF(A8>=99.5,0,IF(A8>=99,0.05,IF(A8>=98,0.1,0.2))); Result: 0.05.
D8 — Formula. =IF(B8=C8,1,0); Result: 1.
A9 — Supplied value. Result: 99.
B9 — Supplied value. Result: 0.05.
C9 — Formula. =IF(A9>=99.5,0,IF(A9>=99,0.05,IF(A9>=98,0.1,0.2))); Result: 0.05.
D9 — Formula. =IF(B9=C9,1,0); Result: 1.
A10 — Supplied value. Result: 98.9999.
B10 — Supplied value. Result: 0.1.
C10 — Formula. =IF(A10>=99.5,0,IF(A10>=99,0.05,IF(A10>=98,0.1,0.2))); Result: 0.1.
D10 — Formula. =IF(B10=C10,1,0); Result: 1.
A11 — Supplied value. Result: 98.
B11 — Supplied value. Result: 0.1.
C11 — Formula. =IF(A11>=99.5,0,IF(A11>=99,0.05,IF(A11>=98,0.1,0.2))); Result: 0.1.
D11 — Formula. =IF(B11=C11,1,0); Result: 1.
A12 — Supplied value. Result: 97.9999.
B12 — Supplied value. Result: 0.2.
C12 — Formula. =IF(A12>=99.5,0,IF(A12>=99,0.05,IF(A12>=98,0.1,0.2))); Result: 0.2.
D12 — Formula. =IF(B12=C12,1,0); Result: 1.
Cap table
A1. B16 separate clean financing — no pool increase or convertible
B1. Value / formula
A2. Founder issued shares
B2 — Supplied value. Result: 450,000.
A3. Other issued shares
B3 — Supplied value. Result: 450,000.
A4. Included unexercised options
B4 — Supplied value. Result: 100,000.
A5. Pre-money diluted denominator
B5 — Formula. =B2+B3+B4; Result: 1e+06.
A6. Pre-money GBP
B6 — Supplied value. Result: 4e+06.
A7. Primary investment GBP
B7 — Supplied value. Result: 1e+06.
A8. Price per share GBP
B8 — Formula. =B6/B5; Result: 4.
A9. New issued shares
B9 — Formula. =B7/B8; Result: 250,000.
A10. Post-money diluted total
B10 — Formula. =B5+B9; Result: 1.25e+06.
A11. Post-money issued total
B11 — Formula. =B2+B3+B9; Result: 1.15e+06.
A12. Founder diluted fraction
B12 — Formula. =B2/B10; Result: 0.36.
A13. Other holders diluted fraction
B13 — Formula. =B3/B10; Result: 0.36.
A14. Options diluted fraction
B14 — Formula. =B4/B10; Result: 0.08.
A15. Investor diluted fraction
B15 — Formula. =B9/B10; Result: 0.2.
A16. Investor issued fraction
B16 — Formula. =B9/B11; Result: 0.217391.
A17. Diluted fractions — must equal one
B17 — Formula. =B12+B13+B14+B15; Result: 1.
A18. Investment reconciliation — must equal zero
B18 — Formula. =B9*B8-B7; Result: 0.
A19. No authority, title, class-vote or option-approval conclusion follows from this model.
Preferences
A1. B15 — equity proceeds; one preferred class; no debt/costs
B1. Value / formula
A2. Investment GBP
B2 — Supplied value. Result: 2e+06.
A3. As-converted fraction
B3 — Supplied value. Result: 0.25.
A4. Equity exit GBP
B4. Non-participating investor
C4. Other holders
D4. Participating investor
E4. Other holders
A5 — Supplied value. Result: 0.
B5 — Formula. =MAX(MIN($B$2,A5),A5*$B$3); Result: 0.
C5 — Formula. =A5-B5; Result: 0.
D5 — Formula. =MIN($B$2,A5)+MAX(A5-$B$2,0)*$B$3; Result: 0.
E5 — Formula. =A5-D5; Result: 0.
A6 — Supplied value. Result: 1e+06.
B6 — Formula. =MAX(MIN($B$2,A6),A6*$B$3); Result: 1e+06.
C6 — Formula. =A6-B6; Result: 0.
D6 — Formula. =MIN($B$2,A6)+MAX(A6-$B$2,0)*$B$3; Result: 1e+06.
E6 — Formula. =A6-D6; Result: 0.
A7 — Supplied value. Result: 4e+06.
B7 — Formula. =MAX(MIN($B$2,A7),A7*$B$3); Result: 2e+06.
C7 — Formula. =A7-B7; Result: 2e+06.
D7 — Formula. =MIN($B$2,A7)+MAX(A7-$B$2,0)*$B$3; Result: 2.5e+06.
E7 — Formula. =A7-D7; Result: 1.5e+06.
A8 — Supplied value. Result: 1.2e+07.
B8 — Formula. =MAX(MIN($B$2,A8),A8*$B$3); Result: 3e+06.
C8 — Formula. =A8-B8; Result: 9e+06.
D8 — Formula. =MIN($B$2,A8)+MAX(A8-$B$2,0)*$B$3; Result: 4.5e+06.
E8 — Formula. =A8-D8; Result: 7.5e+06.
A9. Participating means uncapped 1x plus fraction of residual under these assumed terms only.
Funding
A1. B17 separate fixed-price deal — GBP millions
B1. Value / formula
A2. New lender cash
B2 — Supplied value. Result: 6.
A3. Sponsor cash
B3 — Supplied value. Result: 4.5.
A4. Total cash sources
B4 — Formula. =B2+B3; Result: 10.5.
A5. Seller cash
B5 — Supplied value. Result: 8.
A6. Existing lender payoff
B6 — Supplied value. Result: 2.
A7. Fees
B7 — Supplied value. Result: 0.5.
A8. Total cash uses
B8 — Formula. =B5+B6+B7; Result: 10.5.
A9. Surplus (negative = funding gap)
B9 — Formula. =B4-B8; Result: 0.
A10. Rollover, uncalled commitments and unapproved target cash are not available cash in this example.