Assumptions (Conservative)

• Total customers: 4,500

• Active users: 70 % → 3,150

• Applications per active user per day: 3

• Usage days per year: 330

• Revenue per application: €1.00

• Setup‑fee adoption Year 1: 75 % of all customers

• Subscription adoption Year 1: 75 % of active users

• Monthly subscription price: €19.99

• Growth Year 2: +10 % total customers → 4,950

• Setup‑fee adoption Year 2: 50 % of new customers

• Subscription adoption Year 2: 75 % of active users

• No price increases

 

Year 1

ItemCalculationAmount (€)

Transaction revenue3,150 users × 3 apps/day × 330 days × €1.003,118,500

Setup fees4,500 × 75 % × €2991,009,125

Subscription revenue(3,150 × 75 %) × €19.99 × 12 566,790

→ Total Year 1 revenue4,694,415

 

Year 2

• New customers: 4,950 − 4,500 = 450

• Active users: 4,950 × 70 % = 3,465

 

ItemCalculationAmount (€)

Transaction revenue3,465 users × 3 apps/day × 330 days × €1.003,430,350

Setup fees (new)450 × 50 % × €299 67,275

Subscription revenue(3,465 × 75 %) × €19.99 × 12 623,448

→ Total Year 2 revenue4,121,073

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Two‑Year Totals & Valuation

• Cumulative revenue (Year 1 + Year 2): €4.694 M + €4.121 M = €8.815 M

• Year 2 revenue: €4.121 M

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Valuation multiple (3×–5× Year 2 revenue):

• 3 × €4.121 M = €12.36 M

• 5 × €4.121 M = €20.61 M​

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Conservative valuation range: €12 M–€21 M

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