Axesat_Presenta

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1、PhillipLamportBrianO’DwyerFelipeOspinaScottStarrFebruary24th,2005AgendaCaseObjectivesBackgroundFinancingOptionsValuationofoptimalfinancingscenarioQ&ACaseObjectivesPerspectiveofaninvestor/entrepreneurinanemergingmarket.Risksofoperatingatechnologystart-upinLatinAmericaEvaluatefinanciali

2、mplicationsofdifferentcapitalstructuresDCFvaluation&discountratecalculationExaminesensitivitiestokeyCFdriversBackground-BroadbandMarket1999LatinAmericainternetgrowthhighestintheworldTelecommunicationsderegulation&privatizationImprovedinfrastructureFallingpersonalcomputerpricesColombia

3、primeforgrowth,highdemand4.2%computer;6.5%internetpenetration3millioncurrentusers(totalpop.~46million)Large,rugged,mountainouscountry75%ofpopulationwidelydispersedSatelliteinternetidealforColombiaBackground-SatelliteInternetTechnologyBackground-AxesatFoundedApril2003aftersuccessful“pi

4、lottest”withmajorsatelliteoperatorPrivatelyheldbyColombianentrepreneursSatelliteinternetproviderservingColombiaandotherLatinAmerican&CaribbeancountriesEarlysuccessinColombia,drivenby:LimitedinternetconnectivityandlowpenetrationTechnologicalabilitytoofferserviceinanyregionBillcustomers

5、inUS$Background-AxesatServicecoverageareaBackground-AxesatServicesOfferedHighspeedinternetconnectivitySmall&mediumbusinessesLargecorporationsGovernment&EducationResidentialDatatransmissionFinancialinstitutionsPOSTerminals/ATMsVoiceoverIPWebhostingandwebmanagementFinancialSituationAsof

6、December2004:1,100+customersRevenue:~US$4.6mmperyearExpectedcashflowbeforefinancing(2005):$560KAntennas(US$1,500each)areamajorcapitalcostCustomercanchoosetobuyorrentantennaFinancingantennasandworkingcapitalwithbankdebt15.8%p.a.,18monthmaturity,monthlyprincipalpaymentsEquityownerswantt

7、ovaluecompanyunderdifferentcapitalstructuresKeyQuestion:HowshouldAxesatfinanceitsgrowth?PotentialFinancingAlternativesScenariosAntennaFinancing(1)Revenue/GrowthFinancing1)CurrentAxesatMonthlyrevenue:$288Commercialcustomergrowth:45permonthFundantennapurchaseandworkingcapitalrequirement

8、swith