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Fb arcstone presentation_2012-04-03


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Fb arcstone presentation_2012-04-03

  1. 1. Bo Brustkern Managing Director 720-259-0472 m 03 April 2012Copyright © 2012 Arcstone Equity Research
  2. 2. Arcstone Equity Research exists to bring a bright light intothe dark room of private company market transactions. Wespecialize in the research and valuation of high growthprivate companies. Our research universe includes manycompanies currently trading in the private company market.We serve the deep pools of capital looking to establishpositions in leading private companies. Our clients benefitfrom privileged access, deep dives and customizedinvestment research.For access to our analysts, please contact me directly at720-259-0472 Important disclosures Twitter |the Appendix. Quora | Klout | appear in LinkedIn Bo Brustkern 720-259-0472 bo.brustkern@arcstoneresearch .com
  3. 3. 2009-2017 Revenue Tracks GOOGBo Brustkern
  4. 4. 2011-2020 Revenue/MAU remains far below GOOG Benchmark Bo Brustkern 720-259-0472 bo.brustkern@arcstoneresearch .com
  5. 5. 2009-2020 Income Statement Forecast DetailBo Brustkern
  6. 6. Discounted Cash Flow ModelBo Brustkern
  7. 7. DCF Analysis Summary (Pre-IPO)Bo Brustkern
  8. 8. Pro-forma Diluted Shares OutstandingBo Brustkern
  9. 9. Valuation Table & Sensitivity AnalysisBo Brustkern
  10. 10. TEV Multiples compared to GOOG circa 2004Bo Brustkern
  11. 11. Multiples Comparison TableBo Brustkern
  12. 12. This presentation is solely for informational purposes and is not intended to be used as the primary basis of investment decisions. ArcstoneEquity Research, LLC (“Arcstone”) has not assessed the suitability of the subject company for any person. Nothing in this presentationconstitutes investment, legal, accounting or tax advice or a representation that any investment or strategy is suitable or appropriate to individualcircumstances or otherwise constitutes a personal recommendation to the reader of this presentation. Arcstone does not offer advice on the taxconsequences of investment. This presentation is not an offer or the solicitation of an offer to sell or buy any security. Arcstone is not a broker-dealer and is not registered as an investment advisor. Any person using this presentation should consult with their financial advisers andindependent tax advisers before making any investment decision.Arcstone is a private company that is not affiliated with Facebook, Inc. Principals and employees of Arcstone do not own any shares ofFacebook. However, a principal of Arcstone has been engaged by a third party to advise it and others on the value of Facebook, and theArcstone principal has provided that advice. The third party and others may have entered into a transaction or transactions involving shares ofFacebook. The Arcstone principal will not purchase or sell shares of Facebook as part of the transactions. Arcstone believes that the analysisprovided by its principal to the third party was consistent with the information provided in this presentation. The analysis provided in thispresentation, however, is based on more recent, and more reliable, information about Facebook than was available to the Arcstone principal atthe time the analysis was provided to the third party, and therefore the two analyses are not identical.Information and opinions presented in this presentation were obtained or derived from sources Arcstone believes are reliable, but Arcstonemakes no representations as to their accuracy or completeness. Arcstone accepts no liability for loss arising from the use of the materialpresented in this presentation. This presentation is not to be relied upon in substitution for the exercise of independent judgment.Arcstone may have issued, and may in the future issue, other presentations that are inconsistent with, and reach different conclusions from, theinformation presented in this presentation. Those presentations reflect the different assumptions, views and analytical methods of the analystswho prepare them and Arcstone is under no obligation to ensure that such other presentations are brought to the attention of any recipient ofthis presentation. Arcstone may be involved in many activities that relate to companies mentioned in this presentation. These activities mayinclude business valuation, investment research, and/or advisory services.No representation or warranty, express or implied, is made regarding future performance. Past performance should not be taken as anindication or guarantee of future performance. Information, opinions and estimates contained in this presentation reflect a judgment at itsoriginal date of publication by Arcstone and are subject to change without notice. The price, value of and income from any of the securities orfinancial instruments mentioned in this presentation can fall as well as rise. Principal is not guaranteed. Equity prices are variable.Investments discussed in this presentation have a high level of volatility. High volatility investments may experience sudden and large falls intheir value causing losses when that investment is realized. Those losses may equal your original investment.This material is not directed to, intended for distribution to, or use by, any person or entity if Arcstone is prohibited or restricted by any legislationor regulation in any jurisdiction from making it available to such person or entity. The securities described in this presentation may not havebeen registered under the Securities Act of 1933, as amended, and, in such case, may not be offered or sold in the United States or to U.S.persons unless they have been so registered, or an exemption from the registration requirements is available.This presentation may not be may be altered in any way, reproduced, distributed, transmitted, provided or disclosed in any manner to any otherperson, in whole or in part, for any purpose without the prior written consent of Arcstone Equity Research, LLC. All material presented in thispresentation, unless specifically indicated otherwise, is under copyright to Arcstone. If this presentation is being distributed by an institutionother than Arcstone, or its affiliates, that institution is solely responsible for distribution. This presentation does not constitute investment adviceby Arcstone to the clients of the distributing institution, and neither Arcstone, its affiliates, and their respective officers, directors and employeesaccept any liability whatsoever for any direct or consequential loss arising from their use of this presentation or its content. Bo Brustkern 720-259-0472All trademarks, service marks and logos used in this presentation are trademarks or service marks or registered trademarks or service marks of bo.brustkern@arcstoneresearchArcstone or its affiliates. Copyright 2012 Arcstone Equity Research, LLC. All Rights Reserved. Additional information is available upon .comrequest.
  13. 13. Thank you. Bo Brustkern Managing Director 720-259-0472 m Copyright © 2012 Arcstone Equity Research