J.P.Morgan Investment Banking Pitch Book
APPENDIX
Potential value from additional development projects
(value not reflected in valuation analyses on page 11)
Additional Atlantis developments
(Analysis assumes 100% probability of success)
Assumed opening day
EBITDA
Multiple
Enterprise value
Less: Net debt held at project
Equity value
Discount period
Equity cost of capital
PV of Equity
Percentage ownership
Owned equity value
Less: Present value of remaining funding
Net equity value at 6/30/06
Total equity value at 6/30/06
Equity value¹
6/30/06E
$278
Discount period
Equity cost of capital
Present value of Atlantis projects
JPMorgan
Atlantis Management
resort
1/1/09
$141
10.0x
1,413
(1,124)
$289
2.5
12.5%
215
50%
$108
(74)
$33
2013E
$347
Total additional equity value
Diluted shares (current)
Total additional equity value per share
¹ Equity value of additional Atlantis resorts grown by inflation
7.5
12.5%
$143
fees
1/1/09
$24
14.0x
329
0
$329
2.5
12.5%
245
100%
$245
0
$245
$278
2017E
$391
11.5
12.5%
$101
$244
38.6
$6.33
Proposed Singapore development
(Analysis assumes 25% probability of success)
Assumed opening day
EBITDA
Multiple
Enterprise value
Less: project cost
Equity value
Discount period
Equity cost of capital
PV of Equity
Probability of success
Prob. weighted PV of Equity
Percentage ownership
Net equity value at 6/30/06
Diluted shares (current)
Total additional equity value per share
Singapore
resort
1/1/09
$375
10.0x
$3,750
(3,000)
$750
2.5
12.5%
$559
25%
$140
60%
$84
38.6
$2.17
PROJECT PLATO
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