Venture capital valuation case studies and methodology
Real-world case studies clarify valuation principles to help readers maximize returns When founders, VCs, angels, attorneys, CFOs, CEOs, and employees don't understand the true meanings of ""value"" and ""valuation,"" they end up losing money-lots of mone...
| Autor principal: | |
|---|---|
| Formato: | Libro electrónico |
| Idioma: | Inglés |
| Publicado: |
Hoboken, NJ :
Wiley
c2012.
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| Edición: | 1st edition |
| Colección: | Wiley finance series.
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| Materias: | |
| Ver en Biblioteca Universitat Ramon Llull: | https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009628237706719 |
Tabla de Contenidos:
- Venture Capital Valuation; Contents; Acknowledgments; Introduction What You Don't Know About Valuation Will Cost You Money; Chapter 1 Using Facebook, Twitter, and LinkedIn to Explain VC Valuation Gains and Losses: How VCs, Angels, Founders, and Employees Give Up Investment Cash Flow Every Day; Did Valuation Ignorance Cost ConnectU (and the Winklevosses) 50MM?; An Expert Doesn't Need a 409A Valuation When He or She Has a Certificate and Basic Math; Valuing Facebook's Common Stock Compared to Preferred Stock in Minutes; What the Winklevosses Would Have Seen in Any 409A Valuation Report
- Deriving a Discount for Lack of Marketability for Valuations Facebook at 80 Billion Valuation versus Enron at 80 Billion Valuation; Deal Terms, Waterfalls, and the Pre-Money Myth; The Pre-Money Myth; Summary; Chapter 2 Should Venture-Backed Companies Even Consider a DCF Model?: Introducing the Life Science Valuation Case: Zogenix; Zogenix: Company Background Summary and Highlights; Leaping Forward Just 20 Months, the Company Files for an IPO; Order of Valuations Presented in This Case; Chapter 3 Valuation Methods versus Allocation Methods Regarding Zogenix
- Separating Enterprise Value from the Allocation of That Value Valuing Total Equity; Using Future Value (FV) and Present Value (PV) to Value Future Cash Flows Today; Summary; Chapter 4 Applying the Typical DCF Model to a Venture-Backed Company Hardly Ever Works; The Gordon Growth Model; High Growth Limits the Gordon Growth Model; Dividend Irrelevance and Capital Structure Irrelevance; Using Comparables (Generally Market Multiples) to Generate a Terminal Value; Actual Differences between Angels and VCs versus Perceived Differences; Applying Valuation Methods and Allocation Methods at Inception
- Summary Chapter 5 "Enterprise Value" + "Allocation Methods" = Value Destruction: Undervaluing Companies and Overvaluing Employee Options; Most 409A Valuations Undervalue the Company and Simultaneously Overvalue Employee Stock Options; Did Auditors Drive Valuators to Overvalue Employee Stock Options?; Most 409A Enterprise Value Calculations Ignore the "Takeover" Value of Preferred; The Realistic Range of Possibilities Depends on Who the Investors Are; Overstating Returns and Understating Returns on the Same Asset (Simultaneously)
- What Happens to Fund IRRs When You Assume Book Value Equals Market Value?The Real Cost of Fair Value, Fair Market Value, and Enterprise Value; Yahoo! Case; Chapter 6 Why You Should D.O.W.T. (Doubt) Venture Capital Returns-Option Pool Reserve; Unissued Option Pools; Value Conclusion Elements Impacted by Option Pool Reserve Assumptions; Impact on Parties Relying on Assumptions of VC Investments; Chapter 7 If Valuation Can't Make You Money, Do You Really Need It?: Learning Practical Applications from Kayak.com; Applying Studies to Real-World Cases; Important Questions to Ask; Summary
- Chapter 8 Don't Hate the Appraiser (Blame the Auditor Instead)
