Ann: MIGGSTER achieves 3 million pre-registrations milestone, page-84

Yea I agree 20% would be bonkers. Updated to reflect lower conversions. This is all assuming pre-registrations stay at 3m, people take the monthly subscription (as opposed to bi-annual etc), prizes are $700k pa and there is no revenue from other sources.

	Pre-registrations	3,000,000
1
2	Conversion from pre-registrations	1%	3%	5%	10%
3	Subscribers	30,000	90,000	150,000	300,000
4	Revenue (@$12)	$360,000	$1,080,000	$1,800,000	$3,600,000
5	Prizes (per month)	$58,333	$58,333	$58,333	$58,333
6	EM1 cut (64.5%)	$173,867	$638,267	$1,102,667	$2,263,667
7
8	Annualised gross rev	$2,086,400	$7,659,200	$13,232,000	$27,164,000
9
10	P/E	10	10	10	10
11	Valuation	$20,864,000	$76,592,000	$132,320,000	$271,640,000