{"product_id":"early-stage-valuation-isbn-9781119613633","title":"Early Stage Valuation","description":"\u003cp\u003e\u003cb\u003eAddresses 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\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003ci\u003eEarly Stage Valuation: A Fair Value Perspective \u003c\/i\u003eprovides 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 \u0026amp; Marsal Valuation Services in New York, provides accurate, up-to-date information on recent guidelines and new approaches for valuation assessments.\u003c\/p\u003e \u003cp\u003eThis 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:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eProvides step-by-step guidance on practical valuation applications\u003c\/li\u003e \u003cli\u003eReflects 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\u003c\/li\u003e \u003cli\u003eCovers new approaches to the valuation of ESEs with option pricing models, Monte Carlo Simulation, calibration and non-GAAP metrics\u003c\/li\u003e \u003cli\u003eOffers an overview of start-up valuation\u003c\/li\u003e \u003cli\u003eDiscusses how intangible assets are impacting the valuation of ESEs\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eThe book also includes contributions from Neil Beaton, Andreas Dal Santo, Alexander Davie, John Jackman and Mark Zyla.\u003c\/p\u003e \u003cp\u003e\u003ci\u003eEarly Stage Valuation: A Fair Value Perspective \u003c\/i\u003eis 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.\u003c\/p\u003e \u003cp\u003eAcknowledgments ix\u003c\/p\u003e \u003cp\u003eAbout the Author xi\u003c\/p\u003e \u003cp\u003eAbout the Contributors xiii\u003c\/p\u003e \u003cp\u003ePreface xvii\u003c\/p\u003e \u003cp\u003eIntroduction xix\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart One Early Stage Valuation in Context\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 1 Early Stage Enterprises and the Venture Capital Market 3\u003c\/p\u003e \u003cp\u003eChapter 2 Fair Value Standard 33\u003c\/p\u003e \u003cp\u003eChapter 3 Capital Structure 57\u003cbr\u003e\u003ci\u003eAlexander Davie and Antonella Puca\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Two Enterprise Valuation\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 4 Seed Stage Valuation and the Venture Capital Method 83\u003cbr\u003e\u003ci\u003eAndreas Dal Santo and Antonella Puca\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eChapter 5 The Backsolve Method 111\u003cbr\u003e\u003ci\u003eNeil Beaton and Antonella Puca\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eChapter 6 Discounted Cash Flow Method 141\u003cbr\u003e\u003ci\u003eJohn Jackman and Antonella Puca\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eChapter 7 Asset Accumulation Method 177\u003cbr\u003e\u003ci\u003eAntonella Puca and Mark Zyla\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eChapter 8 Non-GAAP Metrics in ESE Valuation 209\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Three Valuation of Financial Instruments\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 9 Allocation of Enterprise Value 237\u003c\/p\u003e \u003cp\u003eChapter 10 Valuation of Options and Warrants 259\u003c\/p\u003e \u003cp\u003eChapter 11 Valuation of Debt Securities 277\u003c\/p\u003e \u003cp\u003eChapter 12 Valuation of Contingent Consideration 309\u003c\/p\u003e \u003cp\u003eReferences 333\u003c\/p\u003e \u003cp\u003eIndex 343\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eANTONELLA PUCA, CFA, CPA\/ABV, CEIV,\u003c\/b\u003e is a Senior Director with Alvarez \u0026amp; 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.   \u003c\/p\u003e\u003cp\u003eValuation is one of the more complex and challenging aspects of investment finance. In the case of early stage enterprises (ESEs), there are special considerations that give the valuation task a unique character. Early stage valuation is driven by a vision for the future of a company—be it a new venture still in the planning phases or a multi-billion-dollar “unicorn” that has yet to reach profitability. Vision and insight are notoriously difficult to quantify, as is the true risk of failure in the early stages. \u003ci\u003eEarly Stage Valuation: A Fair Value Perspective \u003c\/i\u003eprovides an introduction to key concepts in ESE valuation and a mirror to gain insight and align perspectives on valuation practice. \u003c\/p\u003e\u003cp\u003eGiven the forward-looking nature of ESE value, it is not surprising that considerable controversy exists around how best to account for the worth of these high-growth ventures. By focusing on Fair Value—a comprehensive set of valuation and financial reporting principles with global acceptance—Antonella Puca provides a broad perspective with immediate practical utility for investors, financial analysts, valuation professionals, and other practitioners in the venture-capital space. The text also incorporates guidance from academic studies and recently released guidelines from leading professional organizations, including the AICPA, the Appraisal Foundation, the International Private Equity and Venture Capital Board, the International Valuation Standards Council, the Alternative Investment Management Association, and others. The result is a guide to applying ESE valuation techniques that aligns with the current state of the practice worldwide.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989095956709,"sku":"NP9781119613633","price":85.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119613633.jpg?v=1761782779","url":"https:\/\/k12savings.com\/es\/products\/early-stage-valuation-isbn-9781119613633","provider":"K12savings","version":"1.0","type":"link"}