VIPSHOP HOLDINGS LTD (VIPS)Case SelectionActualUSD (in mln) 2011 2012 201Sales 2276921,697 % Growth 204.7% 145.1%!"ITDA (106) (10) 54 % Margin -46.7% -1.4% 3.2%!"IT (107) (15) 45 % Margin -47.3% -2.1% 2.7%D#A 159 % of Sales 0.6% 0.7% 0.5%Income Ta$es 1,248 1,556 1,516Tax Rate 28% 26% 24%%C% "uil&EBITLess: TaxesLess: CapexLess: Chane !n "#C$%&s: '()Unle'e(e& %C%Te(minal Value Assum)tions'!s*+&n, -a,e (#)CC)Te(minal Value'!s*+&n, $e.!+/ (,)PV o* %C%+sPV o* Te(minal%C%+s Value$e.pe,&!,0 1e,h+/ (242) 35,365 EBIT')1e,h+/ (242) 34,872 Sensiti'it, Anal,sis!nte()(ise Value - .ACC 's Pe()etuit, G(o/t0 1ate$e.pe,&!,0 2.+3,h -a,e#)CC35,123.823.50% 3.75%3.3% 4.3% 5.3% 6.3% 7.3% !nte()(ise Value - .ACC 's !"ITDA !$it 2ulti)leEBIT') Ex!, 1&%,!p%e#)CC34,630.7441.95 42.953.3% 4.3% 5.3% 6.3% 7.3% Cases an& D(i'e(sSales G(o/t0 (3) 2015 2016 2017Base Case 75.0% 50.0% 25.0%'+3n Case 65.0% 40.0% 15.0%"ase Case 45603 50603 25603!"IT 2a(7in (3) 2015 2016 2017Base Case 3.5% 4.0% 4.5%'+3n Case 3.5% 3.5% 3.5%"ase Case 653 8603 8653!"ITDA 2a(7in (3) 2015 2016 2017Base Case 5.0% 5.5% 6.0%'+3n Case 5.0% 5.0% 5.0%"ase Case 53 93 93Ca)e$ as 3 o* Sales 2015 2016 2017Base Case 5.0% 5.0% 5.0%'+3n Case 10.0% 10.0% 10.0%"ase Case 56003 56003 56003C0an7e in N.C as 3 o* Sales 2015 2016 2017Base Case 0.5% 0.5% 0.5%'+3n Case -0.5% -0.5% -0.5%"ase Case 0653 0653 065311 4 Base Case5 2 4 '+3n CaseP(o:ecte&2018 2015 2019 20143,7746,6049,90612,382 122.4% 75.0% 50.0% 25.0%194330545743 5.1% 5% 6% 6%136231396557 3.6% 3.5% 4.0% 4.5%5899149186 1.5% 1.5% 1.5% 1.5%1,600 5899139 23% 25% 25% 25%231396557 (58) (99) (139)(330) (495) (619)(33) (50) (62)99149186 (;1) (;;) (44)5.3% 5.3% 5.3%1 2 3(t Cost 5.3% 3.8%.ACCCost o* De>t 6