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Early Stage Valuation

A Fair Value Perspective

Antonella Puca

$140.95

Hardback

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English
John Wiley & Sons Inc
17 August 2020
Series: Wiley Finance
Addresses significant developments in the valuation of early stage enterprises at fair value with emphasis on practical applications—features a broad selection of case studies of early stage valuation

Early Stage Valuation: A Fair Value Perspective provides a comprehensive review of the current methodologies used to value Early Stage Enterprises (ESEs) at fair value for financial reporting, investment, and mergers and acquisitions. Author Antonella Puca, Senior Director with Alvarez & Marsal Valuation Services in New York, provides accurate, up-to-date information on recent guidelines and new approaches for valuation assessments.

This authoritative guide examines how to apply market analysis, discounted cash flows models, statistical techniques such as option pricing models (OPM) and Monte Carlo simulation, the venture capital method and non-GAAP metrics to ESE valuation. The text considers the most recent AICPA, Appraisal Foundation and IPEV guidance, and examines developments in both academic research and venture capital investor practice. Numerous real-world case studies illustrate early stage valuation suitable for structuring sound, internally consistent business transactions. Covering current trends and the latest regulatory guidance in the area, this book:

Provides step-by-step guidance on practical valuation applications Reflects current standards for ESE valuation, including the AICPA Guide to the Valuation of Portfolio Company Investments, the IPEV guidelines and guidance from the Appraisal Foundation Covers new approaches to the valuation of ESEs with option pricing models, Monte Carlo Simulation, calibration and non-GAAP metrics Offers an overview of start-up valuation Discusses how intangible assets are impacting the valuation of ESEs

The book also includes contributions from Neil Beaton, Andreas Dal Santo, Alexander Davie, John Jackman and Mark Zyla.

Early Stage Valuation: A Fair Value Perspective is an essential resource for valuation specialists, private equity and venture capital fund managers, analysts, attorneys, investment bankers, regulators and auditors, and investors with interest in the private equity and venture capital industry.
By:  
Imprint:   John Wiley & Sons Inc
Country of Publication:   United States
Dimensions:   Height: 252mm,  Width: 191mm,  Spine: 36mm
Weight:   771g
ISBN:   9781119613633
ISBN 10:   1119613639
Series:   Wiley Finance
Pages:   384
Publication Date:  
Audience:   Professional and scholarly ,  Undergraduate
Format:   Hardback
Publisher's Status:   Active
Acknowledgments ix About the Author xi About the Contributors xiii Preface xvii Introduction xix Part One Early Stage Valuation in Context Chapter 1 Early Stage Enterprises and the Venture Capital Market 3 Chapter 2 Fair Value Standard 33 Chapter 3 Capital Structure 57 Alexander Davie and Antonella Puca Part Two Enterprise Valuation Chapter 4 Seed Stage Valuation and the Venture Capital Method 83 Andreas Dal Santo and Antonella Puca Chapter 5 The Backsolve Method 111 Neil Beaton and Antonella Puca Chapter 6 Discounted Cash Flow Method 141 John Jackman and Antonella Puca Chapter 7 Asset Accumulation Method 177 Antonella Puca and Mark Zyla Chapter 8 Non-GAAP Metrics in ESE Valuation 209 Part Three Valuation of Financial Instruments Chapter 9 Allocation of Enterprise Value 237 Chapter 10 Valuation of Options and Warrants 259 Chapter 11 Valuation of Debt Securities 277 Chapter 12 Valuation of Contingent Consideration 309 References 333 Index 343

ANTONELLA PUCA, CFA, CPA/ABV, CEIV, is a Senior Director with Alvarez & Marsal Valuation Services in New York. She currently serves on the Business Valuation Committee of the AICPA and as a consultant on the CFA exam development team. She has served as a member of the AIMA Research Committee and as an executive board member of the CFA Society of New York. Antonella is a frequent presenter and author on valuation and alternative investment topics.

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