{"id":1452,"date":"2024-10-05T13:43:44","date_gmt":"2024-10-05T09:43:44","guid":{"rendered":"https:\/\/eoninvestment.com\/?p=1452"},"modified":"2024-10-05T13:43:44","modified_gmt":"2024-10-05T09:43:44","slug":"start-up-multiples","status":"publish","type":"post","link":"https:\/\/eoninvestment.com\/ka\/2024\/10\/05\/start-up-multiples\/","title":{"rendered":"Start-Up Multiples"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Key Considerations When Comparing Metrics for Startup Exit Valuation<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\">Important Factors to Consider When Comparing Metrics for Startup Exit Valuation with Similar Companies:<\/h4>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Choosing the Right Metrics<\/strong>:<\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>For startups, the Revenue\/Enterprise Value (EV) ratio is often more practical because a company in a rapid growth phase may not yet be profitable.<\/li>\n<\/ul>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Attention to Numerator and Denominator<\/strong>:<\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>When selecting metrics, it is crucial to consider both the numerator and denominator. Comparable companies often carry debt, meaning their Enterprise Value includes both equity and debt, whereas fast-growing startups are usually entirely equity-funded. It is important to compare apples to apples.<\/li>\n<\/ul>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Finding Stable Metrics<\/strong>:<\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Choose relatively stable metrics. When selecting five comparable companies and five different metrics, identify the most stable metric among the comparables (see attached table).<\/li>\n<\/ul>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Using Median for Averages<\/strong>:<\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>For calculating averages, it is preferable to use the median rather than the arithmetic mean. Ideally, use the geometric mean (the nth root of the product of the values) or the harmonic mean (the reciprocal of the average of the reciprocals).<\/li>\n<\/ul>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Using Forecasted Values<\/strong>:<\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Sometimes, forecasted metrics are used instead of historical values. Significant market changes may render historical values inadequate.<\/li>\n<\/ul>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Deep Analytical Insight<\/strong>:<\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Metrics should not be used blindly; deeper analysis is needed to understand their fundamental components. For example:<\/li>\n<\/ul>\n\n\n\n<pre class=\"wp-block-syntaxhighlighter-code\">   EV\/Revenue = margin * (1-tax rate) * (1-IR) \/ (WACC - ROIC * IR)<\/pre>\n\n\n\n<ol start=\"7\" class=\"wp-block-list\">\n<li><strong>Considering Leverage for Discount Rates<\/strong>:<\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Determining the discount rate requires accounting for leverage (correct beta must be calculated). The beta unlevering-relevering technique is used. While the formulas are not complex, it is easy to make mistakes in their application. Leverage may depend not just on market conditions but also on the specific financial policies of the organization. Value is highly sensitive to the discount rate.<\/li>\n<\/ul>\n\n\n\n<ol start=\"7\" class=\"wp-block-list\">\n<li><strong>Selecting the Right Comparables<\/strong>:<\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>It is critically important to select the right comparable companies, considering not just the sector or industry but also the scale of the organization and return\/reinvestment parameters.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Source<\/strong>:<br \/><em>Venture Capital &amp; the Finance of Innovation<\/em><br \/>by Andrew Metrick &amp; Ayako Yasuda, Second Edition<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u10db\u10d0\u10db\u10e0\u10d0\u10d5\u10da\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd\u10e7\u10d4\u10dc\u10d4\u10d1\u10d0 \u10e1\u10e2\u10d0\u10e0\u10e2\u10d0\u10de\u10d8\u10e1 \u10e8\u10d4\u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1\u10d0\u10e1<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d5\u10d0\u10dc\u10d8 \u10db\u10dd\u10db\u10d4\u10dc\u10e2\u10d4\u10d1\u10d8, \u10e0\u10dd\u10db\u10da\u10d4\u10d1\u10d8\u10ea \u10e1\u10e2\u10d0\u10e0\u10e2\u10d0\u10de\u10d8\u10e1 <a href=\"https:\/\/www.linkedin.com\/feed\/hashtag\/?keywords=exit&amp;highlightedUpdateUrns=urn%3Ali%3Aactivity%3A7152571688235282433\">#Exit<\/a> Valuation-\u10d8\u10e1 \u10d3\u10e0\u10dd\u10e1 \u10db\u10e1\u10d2\u10d0\u10d5\u10e1\u10d8 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d4\u10d1\u10d8\u10e1 \u10e4\u10d0\u10e0\u10d3\u10dd\u10d1\u10d8\u10d7\u10dd\u10d1\u10d8\u10e1 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10da\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10d3\u10d0\u10e0\u10d4\u10d1\u10d8\u10e1\u10d0\u10e1 \u10e3\u10dc\u10d3\u10d0 \u10d2\u10d0\u10d5\u10d8\u10d7\u10d5\u10d0\u10da\u10d8\u10e1\u10ec\u10d8\u10dc\u10dd\u10d7:<br \/><br \/>1. \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d5\u10d0\u10dc\u10d8\u10d0 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10da\u10d4\u10d1\u10d8\u10e1 \u10e1\u10ec\u10dd\u10e0\u10d0\u10d3 \u10e8\u10d4\u10e0\u10e9\u10d4\u10d5\u10d0. \u10e1\u10e2\u10d0\u10e0\u10e2\u10d0\u10de\u10d8\u10e1 \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d0\u10e8\u10d8 Revenue\/Enterprise Value &#8211; \u10e3\u10e4\u10e0\u10dd \u10db\u10dd\u10e1\u10d0\u10ee\u10d4\u10e0\u10ee\u10d4\u10d1\u10d4\u10da\u10d8 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10d4\u10da\u10d8\u10d0 \u10ee\u10dd\u10da\u10db\u10d4, \u10e0\u10d0\u10d3\u10d2\u10d0\u10dc \u10e1\u10ec\u10e0\u10d0\u10e4\u10d8 \u10d6\u10e0\u10d3\u10d8\u10e1 \u10e4\u10d0\u10d6\u10d0\u10e8\u10d8 \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d0\u10e1 \u10db\u10dd\u10d2\u10d4\u10d1\u10d0 \u10e8\u10d4\u10e1\u10d0\u10eb\u10da\u10dd\u10d0 \u10e1\u10d0\u10d4\u10e0\u10d7\u10dd\u10d3 \u10d0\u10e0 \u10e5\u10dd\u10dc\u10d3\u10d4\u10e1&#8230;<br \/><br \/>2. \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10da\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10e0\u10e9\u10d4\u10d5\u10d8\u10e1\u10d0\u10e1, \u10e7\u10e3\u10e0\u10d0\u10d3\u10e6\u10d4\u10d1\u10d0 \u10e3\u10dc\u10d3\u10d0 \u10db\u10d8\u10d0\u10e5\u10ea\u10d8\u10dd, \u10ec\u10d8\u10da\u10d0\u10d3\u10d8\u10e1 \u10e0\u10dd\u10d2\u10dd\u10e0\u10ea \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10e1 \u10d0\u10e1\u10d4\u10d5\u10d4 \u10db\u10e0\u10d8\u10ea\u10ee\u10d5\u10d4\u10da\u10e1. \u10db\u10d0\u10d2\u10d0\u10da\u10d8\u10d7\u10d0\u10d3, \u10e8\u10d4\u10e1\u10d0\u10d3\u10d0\u10e0\u10d4\u10d1\u10d4\u10da \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d4\u10d1\u10e1 \u10ee\u10e8\u10d8\u10e0\u10d0\u10d3 \u10d0\u10e5\u10d5\u10d7 \u10ee\u10dd\u10da\u10db\u10d4 \u10e1\u10d4\u10e1\u10ee\u10d8, \u10d0\u10dc\u10e3 Enterprise Value, \u10db\u10dd\u10d8\u10ea\u10d0\u10d5\u10e1 \u10e0\u10dd\u10d2\u10dd\u10e0\u10ea \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10e1 \u10d8\u10e1\u10d4 \u10d9\u10e0\u10d4\u10d3\u10d8\u10e2\u10e1, \u10db\u10d0\u10e8\u10d8\u10dc \u10e0\u10dd\u10ea\u10d0 \u10e1\u10ec\u10e0\u10d0\u10e4\u10d8 \u10d6\u10e0\u10d3\u10d8\u10e1 \u10e4\u10d0\u10d6\u10d0\u10e8\u10d8 \u10db\u10e7\u10dd\u10e4\u10d8 \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d4\u10d1\u10d8 \u10eb\u10d8\u10e0\u10d8\u10d7\u10d0\u10d3\u10d0\u10d3 \u10e1\u10e0\u10e3\u10da\u10d0\u10d3 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10d8\u10d7 \u10d0\u10e0\u10d8\u10d0\u10dc \u10d3\u10d0\u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10d4\u10d1\u10e3\u10da\u10dc\u10d8 &#8211; \u10d5\u10d0\u10e8\u10da\u10d8 \u10d5\u10d0\u10e8\u10da\u10e1 \u10e3\u10dc\u10d3\u10d0 \u10e8\u10d4\u10d5\u10d0\u10d3\u10d0\u10e0\u10dd\u10d7;<br \/><br \/>3. \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10da\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10e0\u10e9\u10d4\u10d5\u10d8\u10e1\u10d0\u10e1, \u10e3\u10dc\u10d3\u10d0 \u10d5\u10d8\u10de\u10dd\u10d5\u10dd\u10d7 \u10e8\u10d4\u10d3\u10d0\u10e0\u10d4\u10d1\u10d8\u10d7 \u10e3\u10e4\u10e0\u10dd \u10e1\u10e2\u10d0\u10d1\u10d8\u10da\u10e3\u10e0\u10d8 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10d4\u10da\u10d8. \u10db\u10d0\u10d2\u10d0\u10da\u10d8\u10d7\u10d0\u10d3 \u10d7\u10e3 \u10d0\u10d5\u10d0\u10e0\u10e9\u10d4\u10d5\u10d7 5 \u10e8\u10d4\u10e1\u10d0\u10d3\u10d0\u10e0\u10d4\u10d1\u10d4\u10da \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d0\u10e1, \u10d3\u10d0 5 \u10e1\u10ee\u10d5\u10d0\u10d3\u10d0\u10e1\u10ee\u10d5\u10d0 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10d4\u10da\u10e1, \u10e3\u10dc\u10d3\u10d0 \u10d3\u10d0\u10d5\u10d0\u10d9\u10d5\u10d8\u10e0\u10d3\u10d4\u10d7 \u10d0\u10db \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10da\u10d4\u10d1\u10d8\u10d3\u10d0\u10dc \u10e0\u10dd\u10db\u10d4\u10da\u10d8\u10d0 \u10e7\u10d5\u10d4\u10da\u10d0\u10d6\u10d4 \u10e1\u10e2\u10d0\u10d1\u10d8\u10da\u10e3\u10e0\u10d8 \u10e8\u10d4\u10e1\u10d0\u10d3\u10d0\u10e0\u10d4\u10d1\u10d4\u10da \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d4\u10d1\u10e1 \u10e8\u10dd\u10e0\u10d8\u10e1 (\u10d8\u10ee. \u10db\u10d8\u10db\u10d0\u10d2\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10ea\u10ee\u10e0\u10d8\u10da\u10d8);<br \/><br \/>4. \u10e1\u10d0\u10e8\u10e3\u10d0\u10da\u10dd \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10da\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd\u10e1\u10d0\u10e7\u10d5\u10d0\u10dc\u10d0\u10d3 \u10e3\u10e4\u10e0\u10dd \u10db\u10d4\u10d3\u10d8\u10d0\u10dc\u10d0\u10e1 \u10d8\u10e7\u10d4\u10dc\u10d4\u10d1\u10d4\u10dc \u10d5\u10d8\u10d3\u10e0\u10d4 \u10e1\u10d0\u10e8\u10e3\u10d0\u10da\u10dd \u10d0\u10e0\u10d8\u10d7\u10db\u10d4\u10e2\u10d8\u10d9\u10e3\u10da\u10e1, \u10e3\u10d9\u10d4\u10d7\u10d4\u10e1 \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d0\u10e8\u10d8 \u10d9\u10d8 \u10e1\u10d0\u10e8\u10e3\u10d0\u10da\u10dd \u10d2\u10d4\u10dd\u10db\u10d4\u10e2\u10e0\u10d8\u10e3\u10da\u10e1 (n \u10ee\u10d0\u10e0\u10d8\u10e1\u10ee\u10d8\u10e1 \u10e4\u10d4\u10e1\u10d5\u10d8 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10da\u10d4\u10d1\u10d8\u10e1 \u10dc\u10d0\u10db\u10e0\u10d0\u10d5\u10da\u10d8\u10d3\u10d0\u10dc) \u10d0\u10dc \u10e1\u10d0\u10e8\u10e3\u10d0\u10da\u10dd \u10f0\u10d0\u10e0\u10db\u10dd\u10dc\u10d8\u10e3\u10da\u10e1 (\u10d0\u10db\u10dd\u10d1\u10e0\u10e3\u10dc\u10d4\u10d1\u10e3\u10da\u10d8 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10d4\u10da\u10d4\u10d1\u10d8\u10e1 \u10ef\u10d0\u10db\u10d8\u10e1 \u10d0\u10db\u10dd\u10d1\u10e0\u10e3\u10dc\u10d4\u10d1\u10e3\u10da\u10e1)&#8230;<br \/><br \/>5. \u10d6\u10dd\u10d2\u10ef\u10d4\u10e0 \u10e8\u10d4\u10e1\u10d0\u10e4\u10d0\u10e1\u10d4\u10d1\u10da\u10d0\u10d3 \u10d8\u10e7\u10d4\u10dc\u10d4\u10d1\u10d4\u10dc \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10da\u10d4\u10d1\u10d8\u10e1 \u10d0\u10e0\u10d0 \u10d8\u10e1\u10e2\u10dd\u10e0\u10d8\u10e3\u10da \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d1\u10d4\u10d1\u10e1 \u10d0\u10e0\u10d0\u10db\u10d4\u10d3 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10e1. \u10d6\u10dd\u10d2 \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d0\u10e8\u10d8 \u10d1\u10d0\u10d6\u10d0\u10e0\u10d6\u10d4 \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d5\u10d0\u10dc\u10d8 \u10ea\u10d5\u10da\u10d8\u10da\u10d4\u10d1\u10d4\u10d1\u10d8\u10d0 \u10db\u10dd\u10e1\u10d0\u10da\u10dd\u10d3\u10dc\u10d4\u10da\u10d8, \u10d0\u10db\u10d8\u10e2\u10dd\u10db \u10d8\u10e1\u10e2\u10dd\u10e0\u10d8\u10e3\u10da\u10d8 \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d1\u10d4\u10d1\u10d8 \u10d0\u10e0\u10d0\u10d0\u10d3\u10d4\u10d9\u10d5\u10d0\u10e2\u10e3\u10e0\u10d8 \u10ee\u10d3\u10d4\u10d1\u10d0;<br \/><br \/>6. \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10da\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd\u10e7\u10d4\u10dc\u10d4\u10d1\u10d0 \u10d1\u10e0\u10db\u10d0\u10d3 \u10d0\u10e0 \u10e8\u10d4\u10d8\u10eb\u10da\u10d4\u10d1\u10d0, \u10e1\u10d0\u10ed\u10d8\u10e0\u10dd\u10d0 \u10e3\u10e4\u10e0\u10dd \u10e6\u10e0\u10db\u10d0 \u10d0\u10dc\u10d0\u10da\u10d8\u10e2\u10d8\u10d9\u10d8\u10d7 \u10e8\u10d8\u10dc\u10d0\u10d0\u10e0\u10e1\u10e8\u10d8 \u10e9\u10d0\u10e1\u10d5\u10da\u10d0. \u10e7\u10d5\u10d4\u10da\u10d0 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10da\u10d8\u10e1 \u10d3\u10d0\u10e7\u10d5\u10d0\u10dc\u10d0\u10d0 \u10e8\u10d4\u10e1\u10d0\u10eb\u10da\u10d4\u10d1\u10d4\u10da\u10d8 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d8\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1 \u10e4\u10e3\u10dc\u10d3\u10d0\u10db\u10d4\u10dc\u10e2\u10e3\u10e0 \u10dc\u10d0\u10ec\u10d8\u10da\u10d4\u10d1\u10d0\u10db\u10d3\u10d4. \u10db\u10d0\u10d2\u10d0\u10da\u10d8\u10d7\u10d0\u10d3:<br \/><br \/>EV\/Revenue = margin* (1-tax rate) * (1-IR) \/ (WACC-ROIC*IR)<br \/><br \/>7. \u10d3\u10d8\u10e1\u10d9\u10dd\u10dc\u10e2\u10d8\u10e0\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d8\u10e1 \u10d3\u10d0\u10e1\u10d0\u10d3\u10d2\u10d4\u10dc\u10d0\u10d3 \u10e1\u10d0\u10ed\u10d8\u10e0\u10dd\u10d0 \u10da\u10d4\u10d5\u10d4\u10e0\u10d4\u10ef\u10d8\u10e1 \u10d2\u10d0\u10d7\u10d5\u10d0\u10da\u10d8\u10e1\u10ec\u10d8\u10dc\u10d4\u10d1\u10d0 (\u10e1\u10ec\u10dd\u10e0\u10d8 \u10d1\u10d4\u10e2\u10d0 \u10e3\u10dc\u10d3\u10d0 \u10d2\u10d0\u10dc\u10d8\u10e1\u10d0\u10d6\u10e6\u10d5\u10e0\u10dd\u10e1). \u10d2\u10d0\u10db\u10dd\u10d8\u10e7\u10d4\u10dc\u10d4\u10d1\u10d0 \u10d1\u10d4\u10e2\u10d0\u10e1 un-lever\/re-lever \u10e2\u10d4\u10e5\u10dc\u10d8\u10d9\u10d0. \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d4\u10d1\u10d8 \u10e0\u10d7\u10e3\u10da\u10d8 \u10d0\u10e0 \u10d0\u10e0\u10d8\u10e1, \u10db\u10d0\u10d2\u10e0\u10d0\u10db \u10e8\u10d8\u10dc\u10d0\u10d0\u10e0\u10e1\u10e8\u10d8 \u10e8\u10d4\u10ea\u10d3\u10dd\u10db\u10d8\u10e1 \u10d3\u10d0\u10e8\u10d5\u10d4\u10d1\u10d0 \u10d0\u10d3\u10d5\u10d8\u10da\u10d8\u10d0. \u10da\u10d4\u10d5\u10d4\u10e0\u10d4\u10ef\u10d8 \u10d3\u10d0\u10db\u10dd\u10d9\u10d8\u10d3\u10d4\u10d1\u10e3\u10da\u10d8 \u10e8\u10d4\u10d8\u10eb\u10da\u10d4\u10d1\u10d0 \u10d8\u10e7\u10dd\u10e1 \u10d0\u10e0\u10d0 \u10d1\u10d0\u10d6\u10e0\u10d8\u10e1 \u10dd\u10d1\u10d8\u10d4\u10e5\u10e2\u10e3\u10e0 \u10db\u10d3\u10d2\u10dd\u10db\u10d0\u10e0\u10d4\u10dd\u10d1\u10d0\u10d6\u10d4 \u10d0\u10e0\u10d0\u10db\u10d4\u10d3 \u10d9\u10dd\u10dc\u10d9\u10e0\u10d4\u10e2\u10e3\u10da\u10d8 \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d8\u10e1 \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0 \u10de\u10dd\u10da\u10d8\u10e2\u10d8\u10d9\u10d0\u10d6\u10d4. \u10d3\u10d8\u10e1\u10d9\u10dd\u10dc\u10e2\u10d8\u10e0\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d8\u10e1 \u10db\u10d8\u10db\u10d0\u10e0\u10d7 \u10d9\u10d8 Value \u10eb\u10d0\u10da\u10d8\u10d0\u10dc \u10e1\u10d4\u10dc\u10e1\u10d8\u10e2\u10d8\u10e3\u10e0\u10d8\u10d0;<br \/><br \/>8. \u10d9\u10e0\u10d8\u10e2\u10d8\u10d9\u10e3\u10da\u10d0\u10d3 \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d5\u10d0\u10dc\u10d8\u10d0 \u10d0\u10e0\u10d0 \u10db\u10ee\u10dd\u10da\u10dd\u10d3 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10da\u10d4\u10d1\u10d8\u10e1, \u10d0\u10e0\u10d0\u10db\u10d4\u10d3 \u10e8\u10d4\u10e1\u10d0\u10d3\u10d0\u10e0\u10d4\u10d1\u10d4\u10da\u10d8 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d4\u10d1\u10d8\u10e1 \u10e1\u10ec\u10dd\u10e0\u10d0\u10d3 \u10e8\u10d4\u10e0\u10e9\u10d4\u10d5\u10d0\u10ea. \u10e3\u10dc\u10d3\u10d0 \u10d2\u10d0\u10d5\u10d8\u10d7\u10d5\u10d0\u10da\u10d8\u10e1\u10ec\u10d8\u10dc\u10dd\u10d7 \u10d0\u10e0\u10d0 \u10db\u10ee\u10dd\u10da\u10dd\u10d3 \u10e1\u10d4\u10e5\u10e2\u10dd\u10e0\u10d8 \u10d0\u10dc \u10d8\u10dc\u10d3\u10e3\u10e1\u10e2\u10e0\u10d8\u10d0, \u10d0\u10e0\u10d0\u10db\u10d4\u10d3 \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d8\u10e1 \u10db\u10d0\u10e1\u10e8\u10e2\u10d0\u10d1\u10d4\u10d1\u10d8\u10ea \u10d3\u10d0 \u10e3\u10d9\u10e3\u10d2\u10d4\u10d1\u10d0\/\u10e0\u10d4\u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10d8\u10e0\u10d4\u10d1\u10d8\u10e1 \u10de\u10d0\u10e0\u10d0\u10db\u10d4\u10e2\u10e0\u10d4\u10d1\u10d8\u10ea.<br \/><br \/>\u10ec\u10e7\u10d0\u10e0\u10dd:<br \/>Venture Capital &amp; the Finance of Innovation<br \/>Andrew Metrick &amp; Ayako Yasuda<br \/>Second Edition<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Considerations When Comparing Metrics for Startup Exit Valuation Important Factors to Consider When Comparing Metrics for Startup Exit Valuation with Similar Companies: Source:Venture Capital &amp; the Finance of Innovationby Andrew Metrick &amp; Ayako Yasuda, Second Edition &#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212; \u10db\u10d0\u10db\u10e0\u10d0\u10d5\u10da\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd\u10e7\u10d4\u10dc\u10d4\u10d1\u10d0 \u10e1\u10e2\u10d0\u10e0\u10e2\u10d0\u10de\u10d8\u10e1 \u10e8\u10d4\u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1\u10d0\u10e1 \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d5\u10d0\u10dc\u10d8 \u10db\u10dd\u10db\u10d4\u10dc\u10e2\u10d4\u10d1\u10d8, \u10e0\u10dd\u10db\u10da\u10d4\u10d1\u10d8\u10ea \u10e1\u10e2\u10d0\u10e0\u10e2\u10d0\u10de\u10d8\u10e1 #Exit Valuation-\u10d8\u10e1 \u10d3\u10e0\u10dd\u10e1 \u10db\u10e1\u10d2\u10d0\u10d5\u10e1\u10d8 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d4\u10d1\u10d8\u10e1 \u10e4\u10d0\u10e0\u10d3\u10dd\u10d1\u10d8\u10d7\u10dd\u10d1\u10d8\u10e1 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10da\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10d3\u10d0\u10e0\u10d4\u10d1\u10d8\u10e1\u10d0\u10e1 \u10e3\u10dc\u10d3\u10d0 [&hellip;]<\/p>\n","protected":false},"author":12998525,"featured_media":1454,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[15122,774675955,326945227,164077271],"tags":[],"class_list":{"0":"post-1452","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-sources","8":"category-venture-capital-the-finance-of-innovation-by-a-metrick-a-yasuda","9":"category-market-multiples","10":"category-vc-valuation","12":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/1705305977016.jpeg?fit=720%2C655&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pQZ85-nq","_links":{"self":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/1452","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/users\/12998525"}],"replies":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/comments?post=1452"}],"version-history":[{"count":5,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/1452\/revisions"}],"predecessor-version":[{"id":4432,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/1452\/revisions\/4432"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/media\/1454"}],"wp:attachment":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/media?parent=1452"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/categories?post=1452"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/tags?post=1452"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}