INDICE: Acknowledgments Introduction What You Don't Know About Valuation Will Cost You Money Chapter 1 Using Facebook, Twitter and LinkedIn to Explain VCValuation Gains and Losses How VCs, Angels, Founders and Employees Give Up Investment Cash Flow Everyday Did Valuation Ignorance Cost ConnectU (and the Winklevosses) $50MM? An Expert Doesn't Need a 409a Valuation When They Have a Certificate and Basic Math Valuating Facebook's Common Stock Compared to Preferred Stock in Minutes What the Winklevosses Would Have Seen in Any 409a ValuationReport 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 ValueValuing 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 5Enterprise 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) Interview with JeffFaust, AVA Summary Chapter 9 Don't Blame the Auditors (Blame the Practice AidInstead) 409a Valuation Professionals Discussi
- ISBN: 978-0-470-90828-0
- Editorial: John Wiley & Sons
- Encuadernacion: Cartoné
- Páginas: 304
- Fecha Publicación: 04/01/2012
- Nº Volúmenes: 1
- Idioma: Inglés