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In this panel discussion Antonella Puca, Andreas Dal Santo, and Shilpa Chandra will discuss the special characteristics of DCF modeling as they pertain to the valuation of companies that are in the early years of their life and that have yet to become profitable (early stage enterprises or “ESE”s). Learn the relevance of terminal value in driving valuation for ESEs and the dynamic nature of the model, which can be adjusted at subsequent measurement as the company and its market environment continue to evolve.
Program Agenda
How to create a narrative on the company’s path to profitability and to a sustainable stage of long-term growth
Use of a multi-stage dynamic model where the capital structure of the company and the discount rates change to reflect the company’s evolution in its path to stable growth
Circumstances in which a DCF model can be used to drive valuation in an ESE under the fair value standards
Use of scenario analysis and calibration in DCF modeling
Learning Objectives
Identify situations in which the DCF can provide a suitable approach to valuation of an early stage enterprise under fair value standards
Develop discount rates that are consistent with the perspective of venture capital investors in an ESE
Incorporate the probability of failure within a DCF model
Develop a terminal value estimate that is realistic and consistent with the overall ESE narrative
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