Valuation & cash-flow model
From trophy revenue to enterprise value
The number operators and investors actually negotiate on. Take gross trophy and safari revenue down through realisation rates and the full deductions stack to distributable net cash, then apply a tenure-risk-adjusted cap-rate multiple for a defensible enterprise-value range. Figures are indicative only.
Trophy revenue inputs
Quota × realisation rate × trophy fee, per species.
| Species | Quota | Realised % | Fee (USD) | Gross |
|---|---|---|---|---|
| Cape Buffalo | USD 0 | |||
| African ElephantCITES | USD 0 | |||
| LeopardCITES | USD 0 | |||
| Sable AntelopeCITES | USD 0 | |||
| Plains Game (composite) | USD 0 |
Safari package
Concession & land
Revenue split & valuation
Indicative enterprise value
USD 0 – USD 0
Net distributable USD -51,000 · 4.25× cap rate · tenure 60%
Net margin
-57%
EV / hectare
USD 0
Operator share
USD 0
Payback
—
Gross → net waterfall
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Methodology
A defensible waterfall, not a flat multiple
The model recomputes every saved scenario server-side, so the stored waterfall and enterprise value cannot drift from the inputs.
Realised gross
Gross trophy = Σ(quota × realisation × fee). Realisation rates discount the quota ceiling to the offtake actually achieved, plus daily-rate safari and observer revenue.
Deductions stack
ZPWMA statutory levy, concession rent (fixed or USD/ha), CAMPFIRE community share on communal land, the operating cost ratio, insurance and tax — applied in order to net distributable cash.
Revenue split
The principal/operator split is applied on the chosen basis — gross or net — so both sides see their share of the distributable cash flow.
Tenure haircut
Enterprise value is scaled by remaining-lease / term, then discounted for quota volatility. Short or suspended tenure compresses the multiple.
Cap-rate range
EV = net distributable × cap-rate multiple (default 3.5–5×, tenure-adjusted), bracketed ±0.75× to express valuation uncertainty as a range, not a point.
USD-denominated
Every figure is USD, collected at point of harvest under ZPWMA-regulated schedules — insulating the cash flow from ZWG currency volatility.