Case study
julianya
CaseStudy.pdf
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This document is authorized for use only in REE4956 by Dr. Julia Freybote, Florida International University from April 2016 to October 2016.
210-024 One South: Investing in Emerging Markets (A)
2
Exhibit 1 Project Icarus Investment Memo
This document is authorized for use only in REE4956 by Dr. Julia Freybote, Florida International University from April 2016 to October 2016.
One South: Investing in Emerging Markets (A) 210-024
3
Exhibit 1 Project Icarus Investment Memo (Continued)
This document is authorized for use only in REE4956 by Dr. Julia Freybote, Florida International University from April 2016 to October 2016.
210-024 One South: Investing in Emerging Markets (A)
4
Exhibit 1 Project Icarus Investment Memo (Continued)
This document is authorized for use only in REE4956 by Dr. Julia Freybote, Florida International University from April 2016 to October 2016.
One South: Investing in Emerging Markets (A) 210-024
5
Exhibit 1 Project Icarus Investment Memo (Continued)
This document is authorized for use only in REE4956 by Dr. Julia Freybote, Florida International University from April 2016 to October 2016.
210-024 One South: Investing in Emerging Markets (A)
6
Exhibit 1 Project Icarus Investment Memo (Continued)
This document is authorized for use only in REE4956 by Dr. Julia Freybote, Florida International University from April 2016 to October 2016.
One South: Investing in Emerging Markets (A) 210-024
7
Exhibit 1 Project Icarus Investment Memo (Continued)
This document is authorized for use only in REE4956 by Dr. Julia Freybote, Florida International University from April 2016 to October 2016.
210-024 One South: Investing in Emerging Markets (A)
8
Exhibit 1 Project Icarus Investment Memo (Continued)
This document is authorized for use only in REE4956 by Dr. Julia Freybote, Florida International University from April 2016 to October 2016.
One South: Investing in Emerging Markets (A) 210-024
9
Exhibit 1 Project Icarus Investment Memo (Continued)
This document is authorized for use only in REE4956 by Dr. Julia Freybote, Florida International University from April 2016 to October 2016.
210-024 One South: Investing in Emerging Markets (A)
10
Exhibit 1 Project Icarus Investment Memo (Continued)
This document is authorized for use only in REE4956 by Dr. Julia Freybote, Florida International University from April 2016 to October 2016.
One South: Investing in Emerging Markets (A) 210-024
11
Exhibit 1 Project Icarus Investment Memo (Continued)
Source: Adapted from company documents.
This document is authorized for use only in REE4956 by Dr. Julia Freybote, Florida International University from April 2016 to October 2016.
21 0-
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Le ve
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C os
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This document is authorized for use only in REE4956 by Dr. Julia Freybote, Florida International University from April 2016 to October 2016.
One South: Investing in Emerging Markets (A) 210-024
13
Exhibit 2 Project Icarus Financial Model (Continued)
Shareholding Developer 74% Claybyrd 26%
Zero Quarter Ends 9/30/2006 Exit Month 60 Exit Quarter 20.00
Security Before Dividend Distribution 10%
Year 1 0.0% Year 2 7.0% Year 3 8.0% Year 4 10.0% Year 5 11.0% Year 6 12.0% Year 7 13.0% Year 8 13.0% Year 9 13.0%
Year 10 13.0%
Target Valuation 6,101 Projected Exit Value 7,720
Total Debt 3,600 Coupon 9.25%
Figures in Rs. Million Projected Normalized Annual NOI 546 Capitalized at 9.5% 5,750 Investment Entry Date 9/24/2006 Guaranteed IRR on Equity Investment 16.50%
Discounted Value of Shortfalls from Projected NOI 129 Lesser of Cost or Discounted Value of Fitouts 480
Total EV 6,101
Security Deposits & Contingent Liabilities 210 Debt 3,600 Total Value of Equity 2,291
US $ Exchange Rate 46.5
Claybyrd's Equity Investment ( in $ mm) 12.81
Total Number of Shares in CPIL 248,892 Equity Value as per valuation model 2,290,752,262 Imputed Value / Share 9,204 Claybyrd's Imputed Share Value 595,595,588 Number of Shares to be acquired by Claybyrd 64,712
Additional Acquisition Cost (in mm USD) 0.200
Value of Shares
Valuation Parameters
Shareholding and Distribution Pattern
Principal Repayment Schedule
This document is authorized for use only in REE4956 by Dr. Julia Freybote, Florida International University from April 2016 to October 2016.
21 0-
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Yi el
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nc ip
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of f)
This document is authorized for use only in REE4956 by Dr. Julia Freybote, Florida International University from April 2016 to October 2016.
21 0-
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R en
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: A
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m en
ts .
This document is authorized for use only in REE4956 by Dr. Julia Freybote, Florida International University from April 2016 to October 2016.
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