Great to see someone putting in more than 2seconds effort on...

Great to see someone putting in more than 2seconds effort on calculating revenue/valuation.

A couple of small adjustments i see....
- based on the most recent info, the prizes US$500k is paid by EM1 - not before the revenue split but after.
- the prizes have to be paid out by EM1 regardless of number of subscribers (but TIM have to pay 50% if subscribers don't hit the 100,000 target)
- put a line after EM1 cut to take out the prizes, but leave the line above EM1 cut to add in the "expenses"

an assumption i would be making is that in the future the prizes would have to be increased...
the $500k prizes was in the same release as 100,000/6month target.... so you could annualise and assume $500k prizes per 200-300,000 subs.

i hope you can post an update again in the future when we have some more facts!

IMO / DYOR!