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1	Black-Scholes Model Warrant Value Calculation
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3	This spreadsheet is a part of The Ultimate Guide to Incentive Schemes in Swedish Startups by Erik Byrenius at www.startupdocs.se.
4	The document is in view-only mode. To edit it, make a copy (File > Make a copy) and play around with the copy.
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6	Disclaimer: This document contains general information, which is not advice, and should not be treated as such.
7	The information is provided "as is" without any representations or warranties, expressed or implied.
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9		Edit blue cells
10	Input Values
11	Current Company Valuation	6,000,000
12	Current Number of Shares	10,000
13	Current Share Price	600
14	Strike Price	1,200
15	Expiry Date (Years From Today)	5
16	Compounded Risk-Free Interest Rate	1%
17	Volatility	32.50%
18	Number of Warrants	300	(corresponds to 3% pre-dilution = 2.91% post-dilution)
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20	Premium (total amount to pay by employee)	17,891.36
21	Premium per warrant (used in documents)	59.64
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56	Internal B&S Formula Parameters (Ignore)
57	Strike Price in Present Value PV(EX)	1141.4753
58	Volatility * sqrt(Time)	0.7267
59	d1	-0.5216
60	d2	-1.2484
61	Delta N(d1) Normal Cumulative Density Function	0.3010
62	Bank Loan N(d2)*PV(EX)	120.9392
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