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יצירתיות וחדשנות בעסקים
המרצה: ד"ר אברהם "אייב" גיל
45 .abegill @yahoo com *** *** . .www asppartners com
9הרצאה מס'
© 1992 – 2014 ASP Partners Dr. Abraham “Abe” Gill – www.asppartners.com
מה זה CRM .נ.ה.ל))?
שיווק מכירות
תמיכת לקוחות
CRMנ.ה..ל
© 1992 – 2014 ASP Partners Dr. Abraham “Abe” Gill – www.asppartners.com
Capitalization and Valuation issues
1. How to value your company?
2. How to divide the capital?
© 1992 – 2014 ASP Partners Dr. Abraham “Abe” Gill – www.asppartners.com
Present Value calculation based on 3rd Year Profit Projections
To derive a conservative valuation for any companywe can use 3rd year (or nth year) Financial Projections.
First we calculate the Future Value using the nth year pre-tax profit forecast from the Financials, subtract taxes, and multiply the result
by the average P/E of the specific industry. The Present Value can be calculated using the following formula:
© 1992 – 2014 ASP Partners Dr. Abraham “Abe” Gill – www.asppartners.com
Future ValuePresent Value = ------------------------
(1 + j) n
Where j = Required Rate of ReturnWhere n = Number of Years
© 1992 – 2014 ASP Partners Dr. Abraham “Abe” Gill – www.asppartners.com
For Example:
Let us assume that a certain company projects a pre-tax profit of $10,000,000
The Future Value is = to $10,000,000 less the applicable State, Federal and Local Taxes. Assuming these
taxes are about 50% and the average P/E ratio = 10,the Future Value = $10,000,000*(0.5)*10=$50,000,000
Assuming that the New Investors will require a 60% annual compound rate of return or (j = .60),
over a three year period (n = 3) the Present Value can be calculated as follows:
© 1992 – 2014 ASP Partners Dr. Abraham “Abe” Gill – www.asppartners.com
Future ValuePresent Value = ----------------------
(1 + j) n
$50,000,000 $50,000,000Present Value = ----------------- = ------------------
( 1 + .60) 3 4.096
= $12,207,031
© 1992 – 2014 ASP Partners Dr. Abraham “Abe” Gill – www.asppartners.com
Example 2:
Let us assume that a this company will reach a pre-tax profit of $10,000,000 only after 5 years (instead of 3)
The Future Value is = to $10,000,000 less the applicable State, Federal and Local Taxes. Assuming these
taxes are about 50% and the average P/E ratio = 10,the Future Value = $10,000,000*(0.5)*10=$50,000,000
Assuming that the New Investors will require a 60% annual compound rate of return or (j = .60),
over a five year period (n = 5) the Present Value can be calculated as follows:
© 1992 – 2014 ASP Partners Dr. Abraham “Abe” Gill – www.asppartners.com
Future ValuePresent Value = ----------------------
(1 + j) n
$50,000,000 $50,000,000Present Value = ----------------- = ------------------
( 1 + .60) 5 10.48576
= $4,768,371
© 1992 – 2014 ASP Partners Dr. Abraham “Abe” Gill – www.asppartners.com
Example 3:
Let us assume now that the investors require a 90% annual compound rate of return or (j = .90),
over a five year period (n = 5) the Present Value can be calculated as follows:
© 1992 – 2014 ASP Partners Dr. Abraham “Abe” Gill – www.asppartners.com
Future ValuePresent Value = ----------------------
(1 + j) n
$50,000,000 $50,000,000Present Value=----------------- = ------------------
( 1 + .90) 5 24.76099
= $2,019,305
© 1992 – 2014 ASP Partners Dr. Abraham “Abe” Gill – www.asppartners.com
Going back to Example 1:
In this example the Present Value was calculated at
$12,207,031
If the company needs $3,000,000 for R&D and Mktg.the Investors can be offered 24.5% of the equity.
© 1992 – 2014 ASP Partners Dr. Abraham “Abe” Gill – www.asppartners.com
Going back to Example 2:
In this example the Present Value was calculated at
$4,768,371
If the company needs $3,000,000 for R&D and Mktg.the Investors will need 62.9% of the equity.
© 1992 – 2014 ASP Partners Dr. Abraham “Abe” Gill – www.asppartners.com
How to divide the capital?What is the Cap. Table?
If we use the figures in Example 1:
The founders should get about 51%The Investors should get 25%Reserve for future employees 15%Reserve for Strategic Partners 9% (Total = 100%)
Obviously, if additional financing will be required, all of the above figures will be diluted accordingly.
© 1992 – 2014 ASP Partners Dr. Abraham “Abe” Gill – www.asppartners.com
Discuss other forms and
ways of Corporate Valuation:1 x Annual Sales (For larger companies)
Net worth (For companies that are Public)
“X” times the Net Cash generated by the company in a particular industry.
© 1992 – 2014 ASP Partners Dr. Abraham “Abe” Gill – www.asppartners.com