000			06375nam a22004457a 4500
999			_c75095 _d75095
003			CITU
005			20230221104303.0
007			cr an aaaaa
008			210907b ||||| |||| 00| 0 eng d
020			_z9781119613671
020			_z9781119613794
020			_z9781119613619
020			_a9781119613633
041			_aeng.
082	0	0	_a658.15 _223
245	0	0	_aEarly stage valuation : _ba fair value perspective / _cedited by Antonella Puca.
250			_aFirst Edition.
263			_a2006
264		1	_aHoboken : _bWiley, _c2020.
300			_a1 online resource (xxiii, 384 pages).
336			_atext _btxt _2rdacontent
337			_acomputer _bc _2rdamedia
338			_aonline resource _bcr _2rdacarrier
490	0		_aWiley finance series
500			_aIncludes index.
500			_aABOUT THE AUTHOR 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.
505	0		_aTABLE OF CONTENTS 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
520			_a"This book provides a comprehensive and up-to-date overview of the methodologies that are currently being used to value Early Stage Enterprises at fair value for investment, M&A activity and financial reporting. It will reflect the most recent AICPA and IPEV guidance and consider how the recent developments in quantitative modelling (for instance, an expanded use of OPM modelling techniques for ESE valuation) and in the valuation of intangible assets are affecting the valuation of ESEs. It will also reflect the most recent developments in the non-GAAP area, which have been stemming primarily from academic research and from the practice of venture capital investors. The book is meant to be useful for investors and professionals who need tools to make valuation assessments that are coherent with fair value principles, suitable for structuring business transactions, internally consistent and defensible in the face of regulators and investors and that reflect the current trends and latest guidance in this area. The book will include case studies that provide a step-by-step practical application of the guidance"-- _cProvided by publisher.
520			_aDESCRIPTION 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.
588			_aDescription based on print version record and CIP data provided by publisher; resource not viewed.
650		0	_aBusiness enterprises _xValuation.
650		0	_aFinancial statements _xStandards.
650		0	_aFair value _xAccounting.
650		0	_aAccounting _xStandards.
655		0	_aElectronic books.
700	1		_aPuca, Antonella, _eeditor.
776	0	8	_iPrint version: _tEarly stage valuation _bFirst Edition. _dHoboken : Wiley, 2020. _z9781119613633 _w(DLC) 2020009976
856			_yFulltext available at Wiley Online Library. _uhttps://onlinelibrary.wiley.com/doi/book/10.1002/9781119613794
942			_2ddc _cER