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Tham khảo tài liệu 'academic press private equity and venture capital in europe_8', khoa học xã hội, kinh tế chính trị phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | 13.6 Venture capital method 199 13.6.1 Key steps to the venture capital method The key steps to the venture capital method are Step 1 Terminal value calculation Step 2 Future value of the investment Step 3 Percentage of shares to subscribe Step 4 Amount of shares to issue Step 5 Value of newly issued shares Step 1 Terminal value calculation The expected holding period and the calculation of the terminal value are addressed. The terminal value is usually calculated with comparables typically P E and DCF approaches. For example If the expected holding period is 4 years and the expected net income at y 4 is 6 million a terminal value calculated through a P E comparable of 5 would be 30 million. Step 2 Future value of the investment Calculation of the future value of the investment taking into account the expected holding period and the expected IRR which is defined from the constraints of the investor. For example If the investment is 2 million the holding period is 4 years and the expected IRR is 55 the future value is 11 54 million. Step 3 Percentage of shares to subscribe Calculation of the shares the investor has to buy to acquire the expected IRR. The number of shares is found by dividing the future value of the investment by the terminal value of the firm. For example If the future value of the investment is 11 54 million and the terminal value is 30 million the percentage of shares for the investor is 38 46 . Step 4 Amount of shares to issue Calculation of the number of new shares that the venture-backed company has to issue to ensure a particular percentage of capital to the investor. This calculation consists of a simple proportion share new new old old share new shares -------------- 1 share where new and old represent the number of new and old shares. For example If the percentage of shares the investor must have is 38 46 and existing shares are 300.000 the number of new shares available to issue is 187.488. 187.488 300.00 38-46 1 - 38 46 200 CHAPTER 13 .
