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| APPRAISAL EXHIBIT III |
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GIFT CARD PROCESSORS |
ASSUMPTIONS |
Market Size |
$ 181, 700, 000, 000 |
| Average Transaction |
$ 46.00 |
| Average Cost |
$ 0.30 |
| Total Processing |
$ 1, 185, 000, 000 |
| Market Share |
25.00 % |
| Growth |
10.00 % |
| Royalty Rate |
5.00 % |
| Discount Rate |
19.50 % |
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| Market Size |
Market Share |
Year |
Royalty Rate |
Royalty Income |
Present Value Factor (19.5 %) |
Net Present Value |
| $1,185,000,000 |
$296,250,000 |
1 |
5.00 % |
$14,812,500 |
0.91478 |
$13,550,160 |
| $1,303,500,000 |
$325,875,000 |
2 |
5.00 % |
$16,293,750 |
0.76551 |
$12,472,950 |
| $1,433,850,000 |
$358,462,500 |
3 |
5.00 % |
$17,923,125 |
0.64059 |
$11,481,377 |
| $1,577,235,000 |
$394,308,750 |
4 |
5.00 % |
$19,715,438 |
0.53606 |
$10,568,631 |
| $1,734,958,500 |
$433,739,625 |
5 |
5.00 % |
$21,686,981 |
0.44858 |
$9,728,447 |
| $1,908,454,350 |
$477,113,588 |
6 |
5.00 % |
$23,855,679 |
0.37538 |
$8,955,056 |
| $2,099,299,785 |
$524,824,946 |
7 |
5.00 % |
$26,241,247 |
0.31413 |
$8,243,148 |
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| TOTAL |
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$74,999,769 |
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| Download Final Report |
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