Liberty Broadband valuation

	A	B	C	D	E	F	G	H
1	*This sheet assumes that the rights have already been issued.
2
3	CHTR share price	341.93	TWC share price	$0	LBRDK share price	$88
4	Present value of $1 of future tax	0.2	Present value of $1 of future tax	0.20
5	Tax rate	0.35	Tax rate	0.35
6			Dec 31, 2013 close	$136
7
8	Assets		exercise price	cost basis	mkt value	DTL present value	net
9	CHTR	26,858,577	shares	$96	$9,183,753,234	$463,313,139	$8,720,440,095
11	CHTR warrants	947,094	$46.86	$49	$279,459,027	$16,337,466	$263,121,560
12	CHTR warrants	136,202	$51.28	$44	$39,587,111	$2,349,498	$37,237,613
14	CHTR	169,492	shares	$138	$57,954,400	$2,420,841	$55,533,559
15	CHTR	364,598	shares	$139	$124,666,994	$5,185,114	$119,481,880
16	CHTR	362,755	shares	$139	$124,036,817	$5,146,950	$118,889,868
18
19	TWC shares - $320.451M fair value Dec 2013	2364956	shares	$10	$0	-$1,655,469	$1,655,469
20	TWC derivative liability - $54.6M fair value Dec 2013
21	TWC call	625,000	90.842
22	TWC call	625,000	92.0232
25
26	TruePosition						$300,000,000
27	Cash from rights offering						$692,175,076	40.36 exercise price http://www.marketwatch.com/story/liberty-broadband-corporation-announces-terms-of-rights-offering-2014-12-04
28
29	Liabilities
30	Note to Liberty Media						-$300,000,000
31
32	Total						$10,008,535,120
33		Shares outstanding	Issuable upon exercise of options
34	LMCA	104,459,439	3,471,030			Value / share (undiluted)	$97.26
35	LMCB	9,874,072				Value / share (including all dilution)	$94.86
36	LMCK	228,667,022	6,942,060			Discount (undiluted)	-9.65%
37		343,000,533	10,413,090			Discount (diluted)	-7.36%
38
39		Before rights (undiluted)	Rights	After rights exercised	Including all dilution
40	LBRDA	26,114,860		26,114,860	26,982,617
41	LBRDB	2,468,518		2,468,518	2,468,518
42	LBRDK	57,166,756	17,150,027	74,316,782	76,052,297
43				102,900,160	105,503,432
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105