dinh gia startup
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How to price a startupTRANSCRIPT
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Lm Minh Chnh Doanh nhn v nh u t ng sng lp & TG Pasoto.com
15/8, Trng Doanh Ch 1
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Clip Socksonline.com
tng
Ti nng
Ti sn
$ S.Lp 1
$ S.Lp 2
$ S.Lp 3
$ S.Lp 4
$ S.Lp 5
Vn ch s hu
Cn 5 triu la chy d n
nh gi ?
20%
20%
20%
20%
20%
LMC - Launch - 15/8 2
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tng
Ti nng
Ti sn
$ S.Lp 1
Vn ch s hu
5 Triu?
5 triu tin mt Ca NT
$ S.Lp 2
$ S.Lp 3
$ S.Lp 4
$ S.Lp 5
$ ca nh u t
thin thn
5 Triu
10% = 1 triu
10% = 1 triu
10% = 1 triu
10% = 1 triu
10% = 1 triu
50% = 5 triu
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* nh gi startup trc khi u t : 5 triu!
Tnh nh th no c hai bn ng ?
* % ca 5 Sng lp = % nh u t thin thn Trit tiu ng lc ca cc nh sng lp
Kh qun tr cng ty trong thi gian u
* Gi tr trc u t (Pre-Money Valuation)
* Gi tr sau u t (Post-Money Valuation)
* Pha long c phn (Share Dilution)
LMC - Launch - 15/8 4
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Trng hp tht hn
tng & nhn lc & kt qu ca
vi thng u tin
Ti sn
S hu ca cc sng lp
vin
Vn ch s hu
S tin cn thit chy d n 18
thng?
S hu ca nh u t
80% - 90%
10% - 20%
LMC - Launch - 15/8 5
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NH GI DOANH NGHIP TRNG THNH
* Chit khu dng tin (DCF) * So snh: P/E, P/S, P/B
* Gi tr ti sn (x tht)
LMC - Launch - 15/8 6
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PP Chit khu dng tin (DCF) Khi nim Chit khu tin v hin ti
15/7/2015: 100.000.000, a vo Ngn hng hay u t vi li sut 10%/nm - Gi tr ti 15/7/2016: 110.000.000 - Gi tr ti 15/7/2017: 121.000.000 - Gi tr ti 15/7/2018: 133.100.000 Vi li sut 10%, 133.100.000 ti 2018 s c gi tr l 100.000.000 ti 2015.
y l khi nim chit khu
LMC - Launch - 15/8 7
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nh gi doanh nghip bng PP Chit khu dng tin
- D on nhng dng tin tng lai (ca doanh nghip hay ca ch s hu)
2015
- Xc nh t l chit khu thch hp. - Chit khu tt c cc dng tin v hin ti - Cng tt c cc gi tr hin ti = gi tr doanh nghip
LMC - Launch - 15/8 8
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Kt qu nh gi ch l tng i, v c 2 bin s chnh
- D on nhng dng tin tng lai (ca doanh nghip hay ca ch s hu)
2015
- Xc nh t l chit khu thch hp. - Chit khu tt c cc dng tin v hin ti - Cng tt c cc gi tr hin ti = gi tr doanh nghip
LMC - Launch - 15/8 9
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NH GI DOANH NGHIP TRNG THNH
* Phng php So snh P/E: Gi (Price) / Li nhun (Earning) P/S: Gi (Price) / Doanh s (Sales) P/B: Gi (Price) / Gi tr s sch (Book Values) S dng ch s ny ca nhm cc cng ty cng ngnh, cc cng ty tng t xc nh Gi (Price) ca cng ty cn tnh.
* Gi tr ti sn (x tht) Nh u t khng mua cn ty m mua cc ti sn (hu hnh v v hnh ca cng ty)
LMC - Launch - 15/8 10
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NH GI STARTUP
PP Chit khu dng tin: SAI S KH CAO V
- S liu qu kh: cha c, - S liu hin ti cn qu mng - S liu ca cc cng ty tng t: cha chc c - S liu cc cng ty tng t nc khc: chnh xc?
**Cc dng tin c d on da trn: kz vng & kinh nghim. ** thuyt phc nh u t, Startup cn c: - Bn k hoch kinh doanh chi tit, kh thi - Chin tch trong qu kh, - Am hiu c bn v ti chnh (dng t vn)
LMC - Launch - 15/8 11
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NH GI STARTUP
PP SO SNH: Post-Money Valuation Tm kim cc cng ty nhn c ti tr gn y tng t (BizBuySell, BizQuest, CrunchBase)
- Giai on tng t (u t thin thn, seed, series) - Tin b tng t (demo, ra mt, 10k ngi dng, s khch hng tr tin), - T l s nhn vin/doanh s hay ngi dng tng t S dng gi tr trung bnh, v thc hin vi iu chnh, chng ta s c con s Post-Money Valuation (Gi tr ca Startup sau u t)
LMC - Launch - 15/8 12
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NH GI STARTUP
PP SO SNH: Multiples P/S, P/E
Tng t nh nh gi cng ty trng thnh, chng ta cng s dng cc ch s ny ca nhm cc startup cng ngnh, cc Startup tng t xc nh Gi (Price) ca startup cn tnh. Tuy vy, nhng start up mi ra l khng s dng phng php ny c v cha c li nhun, hoc doanh s cn qu nh, cha n nh. *** Chng ta cng c th s dng s ti khon, s khch hng nh l con s so snh.
P/E: Gi (Price) / Li nhun (Earning) P/S: Gi (Price) / Doanh s (Sales)
LMC - Launch - 15/8 13
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NH GI STARTUP
PP u t mo him (Venture Capital Method)
Post-money Valuation = Terminal Value / ROI
- Post-money Valuation: Gi tr Startup sau u t
- Terminal Value : Gi tr exit. y l gi m nh u t d
on h s bn (exit) c sau 5 8 nm u t.
- ROI: Return on investment : T sut li nhun trn vn
u t. V u t vo startup ri ro cao nn nh u t
mo him thng s dng ROI kh cao (25% - 30%)
LMC - Launch - 15/8 14
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NH GI STARTUP
LMC - Launch - 15/8 15
Mt s phng php khc: The Scorecard Method
The Dave Berkus Method The Cayenne Valuation Calculator The Risk Factor Summation Method
KHNG THCH HP VI TH TRNG VIT NAM
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CC LOI NH U T
- Chnh bn thn chng ta.
- Nh u t thin thn
- Qu u t mo him .
- Nh u t khc.
Nhng nh u t mua vi nh khc. H mua s
dng nhng ti sn m startup vo vic ca h.
V d nh:
LMC - Launch - 15/8 16
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MT S LU
- Nguyn tc vng (Golden Rule): Ai c vng s chim u
th trong cuc m phn.
Tin l vng.
tng xut sc v kh nng thc hin tng cng l Vng
- Th hin s cam kt ca cc nh sng lp (ng khoe
rng chng ta ang c x,y,z)
- Tm hiu nh u t v kz vng ca h
- N.hn ra cc nh u t khc
LMC - Launch - 15/8 17
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m phn t kt qu tt nht
tng & nhn lc & kt qu ca
vi thng u tin
Ti sn
S hu ca cc sng lp
vin
Vn ch s hu
S hu ca nh u t
80% - 90%
S tin chy d n 18 thng! Cng cao cng
tt
10 % - 20%
LMC - Launch - 15/8 18