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• W587997612 abstract "I. INTRODUCTION Profitability and risk perspectives incurred by entrepreneurs and their financial partners, institutional, industrial and commercial pose the financial valuation of the firm in strategic decision-making. Since investing in a growing business requires strong convictions about appreciation of its business and financial value of its assets. Forging his judgment is an art, as the financial projections are difficult to define and the assessment instruments are complex. If these instruments can achieve similar results or to explain the differences when they are mastered, they are most often the source of interpretations because the valuation defines the potential wealth of shareholders, namely their immediate dilution in the case of a capital increase. On the one side, we have a management team that seeks to minimize the dilution in order to maintain control or a blocking minority of the company, while attempting to maximize the value of newly issued shares. On the other hand, we find investors whose objective is to minimize the financial valuation of the company in hopes to hold the largest possible share capital at the lowest cost without demotivating the management team as if a strategic asset. What value to give to the company? What are the criteria and constraints that come into play? It is these questions that we try to answer by presenting the different valuation methods for unlisted firms and their risks. II. THE DIVIDEND DISCOUNT MODELS AND CASH FLOW It is difficult to estimate the value of a project to the extent that the estimation depends on the market and that it is specific to each person. However, in an environment that puts investors in competition, pricing models based on dividends or cash flows provide a first methodology which must cross with the multiples method. These two types of update is based on a simple principle through which a project (respectively a firm) is worth only what it earns, that is to say, its cash flows (respectively its dividends). For a project (P) secreting cash (CF), over n periods, at r, we obtain: P = [CF.sub.1]/(1 + r) + [CF.sub.2]/[(1 + r).sup.2] + [CF.sub.3]/[(1 + r).sup.3] + ... + [CF.sub.n]/[(1 + r).sup.n] The dividend discount method is suitable for low-risk projects and linear growth. The methods of cash flows or discounted cash flow are better suited to technology projects because they focus on cash flow: the cash Specifically, we distinguish cash flows available to the firm from those available to the equity. In the first case, it is free of all forms of remuneration; the calculation of value is intended to both equity investors and to lenders. In the second case, there is a net of debt service, the calculation of the valuation is therefore available to equity investors. The table below summarizes the evaluation methods by discounting dividends and cash flows. Predicting future cash flows is difficult for projects in the field of new technologies or new markets. This results in possibilities for error and variance prediction resulting mainly: --Under-investment: Investments are lower than those in the sector. This technique obviously overvalues the project given that calculated free cash flows are thereby increased. A financial manager who pays any attention to the investment structure is seen as a surprise on the negative in the medium term in areas of rapidly depreciating assets like computers. --Expenditures on R & D: The accounting standard requires entering the R & D in the income statement even though they are supposed to generate future growth of the company. In the case of an IT project, it is common for R & D reached 50% of costs. Thus, it is recommended to reprocess spent on R & D under the assumption that they are amortized over a period of 2 to 10 years. Similarly lease credits will be retired. …" @default.
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• W587997612 date "2013-01-01" @default.
• W587997612 modified "2023-09-25" @default.
• W587997612 title "Evaluation of Growing Business: Which Method, What Risks?" @default.
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