Venture Valuation. Independent Valuation and Monitoring of high growth Companies
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1 Venture Valuation Independent Valuation and Monitoring of high growth Companies Patrik Frei, Founder & CEO Venture Valuation Biotech Investment Forum, Munich, 6./7. November 2001
2 Overview Company Services - Valuation Radar - Valuation Report Qualitative Analysis Valuation Process Reasons for a Valuation Conclusion
3 Company Independent, third-party valuation, assessments and monitoring of high growth companies Founded in spring 1999 Offices in Zurich, Toronto/Canada and Munich/Germany Track record of over 50 valuated companies
4 Company Not a venture capitalist Clients: Companies, Corporate and Venture Capital Investors, Incubators, Universities Novartis Venture Fund Expertise in Biotech Systematic / validated approach
5 Valuation Our services: Valuation Radar for VC, Corporate Investors Valuation Report for Companies and Investors
6 Valuation Radar External reporting tool Short report Periodical Comparison with last period Standardized Development and changes Valuation update
7 Valuation Radar Based on balanced scorecard-cockpit situation today (May 2001) situation last report (December 2000) Company development Customer 4 2 Market 0 Finance Strategy/Vision
8 Valuation Report Fundamentals of the Valuation Value = future earnings potential Key elements (qualitative analysis) - Management - Market - Science and Technology / Product - Company stage Valuation methods: - Discounted Cash Flow - Market Comparable - Venture Capital - Option Pricing
9 Valuation Report Soft factor driven Extract key value drivers Recommendations on how the company value can be increased (value based management) Implications for the future strategy Calculation of a value range
10 Qualitative Analysis Management Market Science and Technology Company Stage
11 Management Composition / Complementary skills Track record / Experience Ability to reach set goals Incentive structure Composition and involvement of Board of Directors and Advisory Board...
12 Market Five forces by Michael Porter - Substitutes - Rivalry among existing competitors - Barriers of entry - Bargaining power of suppliers - Bargaining power of buyers Market potential...
13 Science & Technology Intellectual Property (IP) Competitive Advantages Technological partnerships & alliances Ability to reach technological goals... Cooperation with specialists
14 Company Stage Venture Phase seed financing early stage start up financing first stage financing expansion stage second st. financing later stage devesting profits losses
15 Valuation Process Qualitative Analysis (Softfactors) Risk Analysis Quantitative Analysis Management Technology Market Company Stage Diskontierungsrate Cash Flow Adjustierung Value Added Liquidität Systematisches Risiko risikoloser Zinssatz Seed Start-up First Stage Expansion Stage IPO Valuation Report
16 Reasons for a Valuation Basis for negotiations and decisions Periodical valuation of portfolio Communication between fund management and fund investors Buy or sale (acquisition) Merger Extraction of key value drivers
17 Conclusion Valuation as a process Several methods Risk as main component Value spectrum as a result
18 Thank you These slides and further information available at:
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