Date: Wednesday, October 2, 2019
10:00am-11:15am PT / 1:00pm-2:15pm ET
Format: A BVR Webinar

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Featuring  (click image for bio)

Antonella Puca
BlueVal Group LLC
Andreas Dal Santo
BlueVal Group LLC
Shilpa Chandra
BlueVal Group

About This Program

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.


  • 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

Single Connection Policy

Admission to this event authorizes one computer and phone connection for one location. These connections may be transferred users and/or locations. Multiple concurrent connections for a single admission registration are not allowed.

Multi-User CPE Policy

Admission to this program includes one CPE certificate for one individual. Any additional listeners requesting CPE must pay a processing fee assessed at the completion of the online CE survey for this course.

CPE Processing Fees may be bypassed by entering a valid, unused CPE Authorization Code (for single event purchasers) or by logging into BVR's website (for subscribers to BVR's Training Series).

CPE Information

Prerequisites: Knowledge of Business Valuation
Program Level: Advanced
Preparation Required: None
Delivery Method: Group Internet-Based
Recommended CPE: 1.5 Credit Hours (Accounting Technical)

Closed Captioning:

BVR now has closed captioning on all 2019 past programs. To try out this enhancement, subscribers can login to the Desktop Learning Center, select a program, and click play video. The captions will start to play automatically, and can be disabled from the player per your preference.

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