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Bibliographic Details
Main Author:	Moro Visconti, Roberto (Author)
Format:	Book
Language:	English
Published:	Cham Springer International Publishing [2021] Cham palgrave macmillan
Subjects:	Business Finance Entrepreneurship Start-Ups/Venture Capital Business enterprises—Finance New business enterprises Geschäftsplan
Links:	http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032675590&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
Physical Description:	xix, 401 Seiten Illustrationen, Diagramme
ISBN:	9783030716073

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Record in the Search Index

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adam_text	Contents 1 Introduction Part I 2 1 Valuation Prom Business Models to Business Planning 2.1 From Budgeting to Business Planning 2.2 How to Write a Business Plan ... Step After Step 2.3 Upstarting and Forecasting a Hew Business 2.4 The Accounting Picture: Interacting Balance Sheets with Income and Cash Flow Statements 2.4.1 Typologies of Cash Flow Statements 2.4.2 Sources of Funds and Uses of Capital 2.4.3 From the Balance Sheet and the Economic Flows to the Financial Flows 2.4.4 Cash Flow Statement Analytics 2.5 Getting Information from Big Data and Networks 2.6 Frame-Working the Strategic Environment with PESTLE and SWOT Analysis 2.7 A Matrix for Risk Metrics 2.8 Sensitivity and Scenario Analysis: Deterministic Versus Stochastic Planning 2.9 Fixing the Sustainable Bottom Line: How to Avoid Cash or Equity Burn Outs 9 9 11 13 15 15 18 21 25 29 31 32 35 37 v Vi CONTENTS 2.10 Periodically Monitoring and Upgrading the Model and Its Underlying Miscalibrated Expectations 2.11 A Corporate Governance Perspective 2.12 Augmented Business Planning 2.13 Business Incubators and Accelerators References 3 4 Profitability, Intangible Value Creation, and Scalability Patterns 3.1 Return on Equity, Return on Invested Capital, and Other Profitability Ratios 3.1.1 Return on Equity (ROE) 3.1.2 Return on Invested Capital (ROIC) and Return on Assets (ROA) 3.1.3 Ratio Tree and DuPont Formulation 3.2 Invested Capital 3.3 Relationships Between ROIC and ROE 3.4 From Economic Value Added (EVA) to Market Value Added (MVA) 3.5 Operating Leverage 3.6 Break-Even Analysis 3.7 Digital Scalability 3.8 The Impact of Intangible Investments on EBITDA-Driven Market Valuation 3.9 Valuation Drivers, Overcoming the Accounting Puzzle 3.10 From EBITDA to EBIT 3.11 The Scalable Impact of the Intangibles on Revenues and Monetary ОРЕХ 3.12 The Impact of EBITDA on the ProfitabilityRatios 3.13 The Impact of the EBITDA on the Market Multipliers References Boosting Sustainable Growth with Innovative Intangibles 4.1 Intangible Assets 4.1.1 From the Accounting to the BookValue 4.2 (Digital) Trademarks 38 39 40 41 43 47 47 48 49 50 51 51 53 58 62 64 65 66 68 69 70 73 78 81 81 82 86 CONTENTS Technological Intangibles: From Know-Howto Patents 4.2.2 The Web Value Chain: Domain Names, М-Apps, andInternet Firms 4.2.3 Acquisition and Processing of Information: IoT, Big Data, Artificial Intelligence, and Blockchains 4.3 Residual Goodwill and the Intangible Portfolio 4.4 The Value of Growth: Multi-Stage Cash Flows and Dividends 4.4.1 Franchise Factor Model 4.5 Sustainable Growth, ESG Drivers, and Ethical Funding 4.6 Sustainable Patterns 4.7 Circular Economy 4.8 Resilient Supply and Value Chains 4.9 Digital Platforms and Networks 4.10 Sharing Economy and Collaborative Commons References vii 4.2.1 5 Cherry-Picking Intermediaries: From Venture Capital to Private Equity Funds 5.1 Venture Capital, Private Equity, and Equity Crowdfunding 5.2 Risk Capital for Growth: The Role of Venture Capital, Private Equity and Business Angels 5.3 Types of Investments, Intermediaries, and Bankability 5.3.1 Startup Loans and Venture Capital Activities 5.3.2 Financing for Expansion and Development: The Role of Private Equity and Bridge Financing 5.3.3 Financing of Change and Modification of Ownership Structures: Replacement Capital, Buyout, Venture Purchase, and Turnaround Financing 5.4 The Investment Process 5.5 The Valuation Framework 89 91 93 97 99 100 101 104 105 107 108 108 109 113 113 114 118 120 122 123 124 130 viii CONTENTS 5.6 The (Uneasy) Estimate of Cash Flows for Financial Companies 5.7 Applying DCF to Asset Management Firms 5.8 Multiples and Rules of Thumbs 5.9 The Dividend Discount Model 5.10 Pros and Cons of the Valuation Methods References 6 Early-Stage and Debt-Free Startups 6.1 6.2 Cash is King The Integrated Economic, Financial, and Balance Sheet Accounting System 6.3 Cash Flow Metrics 6.4 From Contacts to Contracts: Budgeting, Sale Forecasting, and Market Traction 6.5 Scalability Drivers, Growth Opportunities, and Real Options 6.6 Sales-Driven Net Working Capital 6.7 ОРЕХ and CAPEX 6.8 Monetary Equity 6.9 Runway Cash Planning 6.10 The Winter of Capital: Matching Cash Burnout with Monetary Equity Burnout, and Bridge Financing 6.11 Conclusion References 7 Leveraging Startup’s Development with Debt 7.1 Transition from a Debt-Free to a Levered Startup 7.2 Net Present Value, Internal Rate of Return, and Investment Payback 7.3 Modigliani Miller Proposition II 7.4 Information Asymmetries and Leverage 7.5 The Theory of Capital Structure: A Startup’s Reassessment 7.6 A Practical Case of Corporate Profitability Analysis 7.7 Why Startups Fail? References 133 133 136 138 139 140 143 143 144 144 146 147 148 150 151 153 156 157 158 161 161 164 165 173 173 175 179 180 CONTENTS ix 8 A Comprehensive Valuation Metrics 8.1 Purpose of the Startup Evaluation 8.2 The Balance Sheet-Based Approach 8.3 The Income Approach 8.3.1 Estimated Normalized Income 8.3.2 Choice of the Capitalization Rate 8.3.3 Choice of the Capitalization Formula 8.4 The Mixed Capital-Income Approach 8.5 The Financial Approach 8.6 Empirical Approaches 8.7 The Control Approach References 183 183 187 190 190 192 193 194 196 205 210 210 9 Startup Valuation 9.1 An Adaptation of the General Valuation Approaches 9.2 The IPEV Valuation Guidelines 9.3 The Fair Value of the Investments in the Target Firms 9.4 The Fair Value of the Investments in the Portfolio Companies 9.5 Startup Evaluation with Binomial Trees 9.6 The Venture Capital Method 9.7 The Break-up Value of Venture-Backed Companies 9.8 Stock Exchange Listing and Other Exit Procedures 9.9 Valuation of the Investment Portfolio with a Net Asset Value 9.10 Unicorns 9.11 Key Person Discounts, Founder Control, and Governance Implications 9.12 A Practical Valuation Case References 213 Part II 10 213 214 218 220 221 223 225 227 228 229 232 233 238 Industry Applications FinTech Valuation 10.1 Introduction 10.2 The Ecosystem: Digital Platforms and Multilayer Networks 245 245 248 X CONTENTS Financial Bottlenecks: Inefficiencies and Friction Points The Accounting Background for Valuation 10.4 FinTech Business Models 10.5 Banks Versus FinTechs: Cross-Pollination 10.6 and Scalability Insights from Listed FinTechs 10.7 Valuation Methods 10.8 10.8.1 The Financial Approach 10.8.2 Empirical Approaches (Market Multipliers) 10.9 Market Stress Tests and Business Model Sensitivity 10.10 Competitive Advantage, Excess Returns, Economic Value Added, and Goodwill 10.11 Challenges and Failures: Why FinTechs Burn Out 10.12 Concluding Remarks References 10.3 From Informal Financial Intermediaries to MicroFinTech Valuation 11.1 11.2 11.3 11.4 Introduction Sustainability Versus Outreach Technological Innovation FinTech-Driven Scalability and Economic Sustainability 11.5 A Pecking Order Reinterpretation of MFIs Funding 11.6 Expanding Outreach with Multilayer Digital Platforms References Digital Platforms and Network Catalyzers 12.1 12.2 12.3 Rletworked Digital Platforms network Theory The Impact of Digital Platforms on Supply and Value Chains 12.4 Evolutionary Multilayer Startups References 250 252 252 257 258 261 264 268 271 272 275 277 277 281 281 285 287 289 290 291 292 297 297 300 301 303 306 CONTENTS From Netflix to Youtube: Over-the-Top and Video-on-Demand Platform Valuation 13.1 Introduction 13.2 Digital Platforms and Scalability 13.3 Business Models 13.4 M-Apps 13.5 The Accounting Background for Valuation 13.6 Valuation Methods 13.6.1 The Customers’ Portfolio (e-Loyalty of Digital Clients) 13.6.2 The Financial Approach 13.6.3 Empirical Approaches (Market Multipliers) References Xl 309 309 311 315 319 320 322 323 329 335 338 E-Health and Telemedicine Startup Valuation Introduction 14.1 14.2 The Healthcare Ecosystem 14.3 Business Models 14.4 Investors and Market Players 14.5 The Accounting Background for Valuation 14.6 Valuation Methods 14.6.1 The Financial Approach 14.6.2 The Financial Approach with Debt-Free Startups 14.6.3 Empirical Approaches (Market Multipliers) References 341 341 343 344 345 345 348 350 FoodTech and AgriTech Startup Valuation Introduction 15.1 15.2 The FoodTech Ecosystem (from the Farm to the Fork): Digital Platforms and the Circular Economy Food Chains 15.3 15.4 Business Models 15.5 The Accounting Background for Valuation 15.6 Valuation Methods 15.6.1 The Financial Approach 363 363 354 357 360 365 368 370 375 377 378 ХІі CONTENTS İS.6.2 IS.6.3 References Index The Financial Approach with Debt-Free Startups Empirical Approaches (Market Multipliers) 383 384 389 391
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spellingShingle	Moro Visconti, Roberto Startup valuation from strategic business planning to digital networking Business Finance Entrepreneurship Start-Ups/Venture Capital Business enterprises—Finance New business enterprises Geschäftsplan (DE-588)4156961-1 gnd Entrepreneurship (DE-588)7588126-3 gnd
subject_GND	(DE-588)4156961-1 (DE-588)7588126-3
title	Startup valuation from strategic business planning to digital networking
title_auth	Startup valuation from strategic business planning to digital networking
title_exact_search	Startup valuation from strategic business planning to digital networking
title_full	Startup valuation from strategic business planning to digital networking Roberto Moro-Visconti
title_fullStr	Startup valuation from strategic business planning to digital networking Roberto Moro-Visconti
title_full_unstemmed	Startup valuation from strategic business planning to digital networking Roberto Moro-Visconti
title_short	Startup valuation
title_sort	startup valuation from strategic business planning to digital networking
title_sub	from strategic business planning to digital networking
topic	Business Finance Entrepreneurship Start-Ups/Venture Capital Business enterprises—Finance New business enterprises Geschäftsplan (DE-588)4156961-1 gnd Entrepreneurship (DE-588)7588126-3 gnd
topic_facet	Business Finance Entrepreneurship Start-Ups/Venture Capital Business enterprises—Finance New business enterprises Geschäftsplan
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