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Programme d'approfondissement - ECO_51152_EP : Valuation of Start-ups

Domaine > Economie.

Descriptif

COURSE OUTLINE: 

1)     Venture Capital: the basics

  1. Definition of VC and start-up
  2. What do we really invest in?
  3. The fundamental questions when analysing start-ups at a very early-stage
  4. What about the financials?

 

2)     Enterprise Valuation

  1. Definitions
  2. Roles of Valuation
  3. The Classical Theory: Discounted Cash Flows or Net Present Value
  4. The Modern Methods for developed businesses: the Multiple approach

 

3)     Start-up Valuation

  1. Living in a world where financial methods don’t work
  2. The key principles to never forget
  3. The seed case: when only ideas are on the table
  4. The central case: when sales rocket but profitability is still unseen
  5. Forward thinking: what could we expect as an exit value? Role in the present valuation assessment
  6. The main risk of using the Price to Sales ratio
  7. How to modify a valuation over time: the idea of sharing value depending on exit price

                                                               i.      Preferred Shares

                                                             ii.      Options for the investors

                                                           iii.      Options for the founders & employees

  1. Follow-on rounds and impacts on valuation, proceeds waterfall etc.
  2. Investment Processes in VC

 

4)     Risk Management: the portfolio and the partnership approach

  1. Why should an investor always consider a portfolio rather than a single (or very limited number of) investment?
  2. What should an investor look in a partnership?
  3. Investment strategy and portfolio management
  4. Examples of strategies and impact on the performance
  5. Decision making process and managers compensation

Format des notes

Numérique sur 20

Littérale/grade réduit

Pour les étudiants du diplôme MScT-Internet of Things : Innovation and Management Program (IoT)

Vos modalités d'acquisition :

continuous assessment, oral exams during the last course 

Le rattrapage est autorisé (Note de rattrapage conservée)
    L'UE est acquise si note finale transposée >= C
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    Pour les étudiants du diplôme Programmes d'échange internationaux

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      L'UE est acquise si note finale transposée >= C
      • Crédits ECTS acquis : 5 ECTS

      Pour les étudiants du diplôme Titre d’Ingénieur diplômé de l’École polytechnique

      Le rattrapage est autorisé (Note de rattrapage conservée)
        L'UE est acquise si note finale transposée >= C
        • Crédits ECTS acquis : 5 ECTS

        La note obtenue rentre dans le calcul de votre GPA.

        Pour les étudiants du diplôme MScT-Economics, Data Analytics and Corporate Finance

        Le rattrapage est autorisé (Note de rattrapage conservée)
          L'UE est acquise si note finale transposée >= C
          • Crédits ECTS acquis : 4 ECTS

          La note obtenue rentre dans le calcul de votre GPA.

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