Assessment and valuation of high growth companies:
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| Main Author: | |
|---|---|
| Format: | Thesis Book |
| Language: | English |
| Published: |
Bern ; Stuttgart ; Wien
Haupt
2006
|
| Edition: | 1. Aufl. |
| Series: | S-E-C-A
8 |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XIX, 291 S. graph. Darst. 23 cm |
| ISBN: | 9783258070919 3258070911 |
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Record in the Search Index
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|---|---|
| adam_text | Contents IX
Contents
Acknowledgments VII
List of Tables XIV
list of Figures XVII
List of Abbreviations XVIII
PART ONE: THEORETICAL FOUNDATION FOR THE
ASSESSMENT AND VALUATION OF HIGH
GROWTH COMPANIES 1
1. INTRODUCTION 3
1.1. Definition and limitation of problem 3
1.2. Formulation of the research goal 7
1.3. Structure of Work 9
2. WHAT IS DIFFERENT WITH HIGH GROWTH
COMPANIES? 11
2.1. Definition of high growth companies 11
2.2. Change of economic landscape 13
2.2.1. Marketing and distribution 20
2.2.2. Organization 21
2.2.3. Finance and control 22
2.2.4. Management 23
2.2.5. Technology 23
2.3. Summary 24
2.4. Sources of high growth 26
3. ASSESSMENT: VALUE DRIVERS OF HIGH
GROWTH COMPANIES 29
3.1. Literature review 29
y Contents
3.2. Summary Literature Review 46
3.3. Framework 52
3.4. Rating 55
3.4.1. Introduction 55
3.4.2. Rating examples 56
3.4.3. Criteria of a rating system 58
3.4.4. Proposed rating 60
3.5. Management 1
3.5.1. Completeness of skills *
3.5.2. Track record / Experience 65
3.5.3. Motivation / Incentive structure 67
3.5.4. Organization 69
3.5.5. Emotional intelligence / Social competences 7i
3.5.6. Composition of boards and involvement 73
3.6. Market environment 75
3.6.1. Threat of new Entry
3.6.2. Intensity of Rivalry among existing Competitors 79
3.6.3. Pressure from Substitute Products 81
3.6.4. Dependencies on Customers °2
3.6.5. Dependencies on Suppliers °4
3.6.6. Current and future Market potential 86
3.6.7. Customers 88
3.6.8. Political / legal dependency 90
3.6.9. Cost and Sales estimations 91
3.7. Product, Science and Technology 93
3.7.1. Possibility of protection by patents 93
3.7.2. Unique selling proposition (USP) of Product 96
3.7.3. Alliance/partnerships 97
3.7.4. Management of future discoveries 100
3.7.5. Time to market 1°2
3.8. Iterative Assessment Process 103
3.8.1. Stakeholders 103
3.8.2. Delphi method 104
3.9. Life cycle stages 105
3.9.1. Early Stage 108
3.9.2. Expansion stage 109
Contents XI
3.9.3. Divesting 110
3.9.4. Biotechnology Focus 110
3.10. Summary Assessment 111
4. VALUATION OF HIGH GROWTH COMPANIES 115
4.1. Why is Value Important? 115
4.2. What is value? 117
4.3. Different valuation models for high growth companies
122
4.4. Risk Factor 122
4.4.1. Alternative models to measure market risk 125
4.4.2. Risk for high growth companies 127
4.4.3. Risk vs. company life cycle stage 132
4.5. Discounted Cash Flow 134
4.5.1. Free Cash Flow 135
4.5.2. Entity approach 137
4.5.3. Equity approach 138
4.5.4. Valuation Process 138
4.6. Relative Valuation 147
4.6.1. What are multiples 147
4.6.2. Multiples to use 148
4.6.3. Practical problems of multiples 151
4.7. Venture Capital Method 155
4.7.1. One round of financing 156
4.7.2. Multiple rounds of financing 159
4.8. Option Pricing 164
4.8.1. Real Options 166
4.9. Complementary Approaches 170
4.9.1. Rational pricing by Schwartz and Moon 170
4.9.2. Decision Tree Valuation 171
5. LINKING THE ASSESSMENT WITH THE
VALUATION 175
yjj Contents
5.1. Introduction 175
5.2. Discount rate *75
5.2.1. Liquidity risk premium 180
5.2.2. Value added premium i82
5.2.3. Cash flow adjustment premium I85
5.2.4. Summary 190
5.3. Linking assessment and relative valuation methods 191
PART TWO: EMPIRICAL STUDIES 195
6. OVERVIEW 197
7. RESEARCH METHODOLOGY 199
7.1. Research methodology 1
7.1.1. Qualitative studies * *
7.1.2. Quantitative studies ZU1
7.1.3. Triangulation 202
8. DATA DESCRIPTION AND GATHERING 203
8.1. Description of data used 203
8.2. Data collection 209
9. EMPIRICAL STUDIES 213
9.1. Establishing the framework (study one) 213
9.1.1. Research design 21 ^
9.1.2. Data analysis 215
9.1.3. Validity 2*5
9.1.4. Findings from first empirical study 21 ^
9.2. Testing the Framework (study two) 217
9.2.1. Research design 2^
9.2.2. Data analysis 218
9.2.3. Validity 219
9.2.4. Data Collection 22°
9.2.5. Findings from second empirical Study 221
9.2.6. Summary 244
Contents XIII
9.3. Expert interviews (study three) 245
9.3.1. Research design 245
9.3.2. Data analysis 246
9.3.3. Findings of the third empirical study 247
9.4. Testing the difference between price paid and value
calculated (study four) 248
9.4.1. Research design 248
9.4.2. Data analysis 250
9.4.3. Findings from the fourth empirical Study 250
PART THREE: PRACTICAL RELEVANCE 255
10. SUMMARY OF EMPIRICAL RESULTS 257
11. PRACTICAL RELEVANCE 261
12. PROBLEMS AND LIMITATION IN PRACTISE 263
12.1. General 263
12.2. Assessment 264
12.3. Valuation 265
13. SUMMARY AND OUTLOOK 269
13.1. Summary of proposed Model 269
13.2. Outlook 272
13.3. Conclusion 273
14. APPENDIX 275
14.1. Questionnaire for Companies already valuated 275
14.2. Structure of a Valuation Report 282
15. REFERENCES 285
jqY Tables
List of Tables
Table 1 Comparison traditional with high growth companies 25
Table 2 Quantitative Factors by PWC for Basel II 32
Table 3 Overview Literature review
Table 4 Rating scales Moody s and S P ^8
Table 5 Criteria for completeness of skills
Table 6 Criteria for track record and experience 6
Table 7 Criteria for motivation
Table 8 Criteria for organization
Table 9 Criteria for emotional intelligence / social competences 73
Table 10 Criteria for the boards
Table 11 Barriers to entry 77
Table 12 Criteria for threat of new entry
Table 13 Criteria for rivalry among existing competitors °*
Table 14 Criteria for substitute products
Table 15 Dependency on customers
Table 16 Criteria for bargaining power of buyers
Table 17 Dependency on suppliers
Table 18 Criteria for bargaining power of suppliers °
Table 19 Criteria for current and future market potential °
Table 20 Criteria for customers ^
Table 21 Criteria for political / legal dependency 91
Table 22 Criteria for cost and sales estimates
Table 23 Criteria for possibility of protection by patents 95
Table 24 Criteria unique selling proposition 97
Table 25 Criteria for alliances 100
Table 26 Criteria for management of future discoveries 102
Tables XV
Table 27 Criteria for time to market 103
Table 28 Drug discovery stages compared with company stages 111
Table 29 Summary assessment criteria 113
Table 30 Calculation of operating free cash flow (FCF) 136
Table 31 Calculation of operating free cash flow to equity (FCFE) 143
Table 32 Examples of alternative multiples 151
Table 33 Framework for rating comparable companies 154
Table 34 Dilution 160
Table 35 Real Option variables 169
Table 36 Assumption Decision Tree Valuation 172
Table 37 Consensus discount rates 177
Table 38 Stage dependent risk premiums 179
Table 39 Calculation of the Liquidity Risk premium 181
Table 40 Practical example for table to be used for Liquidity Risk Premium 182
Table 41 Calculation of value added premium 185
Table 42 Assessment criteria for cash flow adjustment premium 187
Table 43 Weighting of the three main assessment factors 188
Table 44 Calculation of the Cash Flow Adjustment premium 189
Table 45 Calculation example for cash flow adjustment premium 189
Table 46 Putting together the discount rate 190
Table 47 Example of market value adjustment 193
Table 48 Companies/valuations used for confirmation study 221
Table 49 Evaluation of rating and success of company Source: own
calculation with SPSS for Windows 223
Table 50 Evaluation of rating of the three main criteria and success of
company Source: own calculation with SPSS for Windows 226
Table 51 Evaluation of rating of the 20 sub criteria and success of
company Source: own calculation with SPSS for Windows 239
XVI Tables
Table 52 Overview hypothesis tests 244
Table 53 Companies used for confirmation study 248
Table 54 Overview of valuations 251
Table 55 Comparison obtained price and valuation 253
Table 56 Summary of proposed valuation model 271
Figures XVII
List of Figures
Figure 1 Process of Venture Capital backed projects 4
Figure 2 Overview thesis 10
Figure 3 Driving factors for high growth companies 14
Figure 4 Technology and growth 15
Figure 5 The weightless economy 16
Figure 6 Traditional companies: The Wheel of Competitive Strategy 18
Figure 7 High growth companies: The Wheel of Competitive Strategy 18
Figure 8 Organizational development 22
Figure 9 Overview assessment process 54
Figure 10 Assessment and valuation framework 55
Figure 11 Five Forces 76
Figure 12 Type of Alliances 98
Figure 13 Typical development phases of high growth companies 107
Figure 14 Stage dependent discount rates 133
Figure 15 Discounted cash flow calculation 146
Figure 16 Venture Capital calculation 158
Figure 17 Decision tree valuation example 173
Figure 18 Geographical breakdown of studies 204
Figure 19 Main industries 205
Figure 20 Number of employees 206
Figure 21 Life Cycle Stage of companies 207
Figure 22 Source of Valuation Mandates 208
Figure 23 Number of mandates per year 209
Figure 24 Assessment and valuation Process 211
|
| adam_txt |
Contents IX
Contents
Acknowledgments VII
List of Tables XIV
list of Figures XVII
List of Abbreviations XVIII
PART ONE: THEORETICAL FOUNDATION FOR THE
ASSESSMENT AND VALUATION OF HIGH
GROWTH COMPANIES 1
1. INTRODUCTION 3
1.1. Definition and limitation of problem 3
1.2. Formulation of the research goal 7
1.3. Structure of Work 9
2. WHAT IS DIFFERENT WITH HIGH GROWTH
COMPANIES? 11
2.1. Definition of high growth companies 11
2.2. Change of economic landscape 13
2.2.1. Marketing and distribution 20
2.2.2. Organization 21
2.2.3. Finance and control 22
2.2.4. Management 23
2.2.5. Technology 23
2.3. Summary 24
2.4. Sources of high growth 26
3. ASSESSMENT: VALUE DRIVERS OF HIGH
GROWTH COMPANIES 29
3.1. Literature review 29
y Contents
3.2. Summary Literature Review 46
3.3. Framework 52
3.4. Rating 55
3.4.1. Introduction 55
3.4.2. Rating examples 56
3.4.3. Criteria of a rating system 58
3.4.4. Proposed rating 60
3.5. Management "1
3.5.1. Completeness of skills *"
3.5.2. Track record / Experience 65
3.5.3. Motivation / Incentive structure 67
3.5.4. Organization 69
3.5.5. Emotional intelligence / Social competences 7i
3.5.6. Composition of boards and involvement 73
3.6. Market environment 75
3.6.1. Threat of new Entry '"
3.6.2. Intensity of Rivalry among existing Competitors 79
3.6.3. Pressure from Substitute Products 81
3.6.4. Dependencies on Customers °2
3.6.5. Dependencies on Suppliers °4
3.6.6. Current and future Market potential 86
3.6.7. Customers 88
3.6.8. Political / legal dependency 90
3.6.9. Cost and Sales estimations 91
3.7. Product, Science and Technology 93
3.7.1. Possibility of protection by patents 93
3.7.2. Unique selling proposition (USP) of Product 96
3.7.3. Alliance/partnerships 97
3.7.4. Management of future discoveries 100
3.7.5. Time to market 1°2
3.8. Iterative Assessment Process 103
3.8.1. Stakeholders 103
3.8.2. Delphi method 104
3.9. Life cycle stages 105
3.9.1. Early Stage 108
3.9.2. Expansion stage 109
Contents XI
3.9.3. Divesting 110
3.9.4. Biotechnology Focus 110
3.10. Summary Assessment 111
4. VALUATION OF HIGH GROWTH COMPANIES 115
4.1. Why is Value Important? 115
4.2. What is value? 117
4.3. Different valuation models for high growth companies
122
4.4. Risk Factor 122
4.4.1. Alternative models to measure market risk 125
4.4.2. Risk for high growth companies 127
4.4.3. Risk vs. company life cycle stage 132
4.5. Discounted Cash Flow 134
4.5.1. Free Cash Flow 135
4.5.2. Entity approach 137
4.5.3. Equity approach 138
4.5.4. Valuation Process 138
4.6. Relative Valuation 147
4.6.1. What are multiples 147
4.6.2. Multiples to use 148
4.6.3. Practical problems of multiples 151
4.7. Venture Capital Method 155
4.7.1. One round of financing 156
4.7.2. Multiple rounds of financing 159
4.8. Option Pricing 164
4.8.1. Real Options 166
4.9. Complementary Approaches 170
4.9.1. Rational pricing by Schwartz and Moon 170
4.9.2. Decision Tree Valuation 171
5. LINKING THE ASSESSMENT WITH THE
VALUATION 175
yjj Contents
5.1. Introduction 175
5.2. Discount rate *75
5.2.1. Liquidity risk premium 180
5.2.2. Value added premium i82
5.2.3. Cash flow adjustment premium I85
5.2.4. Summary 190
5.3. Linking assessment and relative valuation methods 191
PART TWO: EMPIRICAL STUDIES 195
6. OVERVIEW 197
7. RESEARCH METHODOLOGY 199
7.1. Research methodology 1"
7.1.1. Qualitative studies *"*
7.1.2. Quantitative studies ZU1
7.1.3. Triangulation 202
8. DATA DESCRIPTION AND GATHERING 203
8.1. Description of data used 203
8.2. Data collection 209
9. EMPIRICAL STUDIES 213
9.1. Establishing the framework (study one) 213
9.1.1. Research design 21 ^
9.1.2. Data analysis 215
9.1.3. Validity 2*5
9.1.4. Findings from first empirical study 21 ^
9.2. Testing the Framework (study two) 217
9.2.1. Research design 2^
9.2.2. Data analysis 218
9.2.3. Validity 219
9.2.4. Data Collection 22°
9.2.5. Findings from second empirical Study 221
9.2.6. Summary 244
Contents XIII
9.3. Expert interviews (study three) 245
9.3.1. Research design 245
9.3.2. Data analysis 246
9.3.3. Findings of the third empirical study 247
9.4. Testing the difference between price paid and value
calculated (study four) 248
9.4.1. Research design 248
9.4.2. Data analysis 250
9.4.3. Findings from the fourth empirical Study 250
PART THREE: PRACTICAL RELEVANCE 255
10. SUMMARY OF EMPIRICAL RESULTS 257
11. PRACTICAL RELEVANCE 261
12. PROBLEMS AND LIMITATION IN PRACTISE 263
12.1. General 263
12.2. Assessment 264
12.3. Valuation 265
13. SUMMARY AND OUTLOOK 269
13.1. Summary of proposed Model 269
13.2. Outlook 272
13.3. Conclusion 273
14. APPENDIX 275
14.1. Questionnaire for Companies already valuated 275
14.2. Structure of a Valuation Report 282
15. REFERENCES 285
jqY Tables
List of Tables
Table 1 Comparison traditional with high growth companies 25
Table 2 Quantitative Factors by PWC for Basel II 32
Table 3 Overview Literature review
Table 4 Rating scales Moody's and S P ^8
Table 5 Criteria for completeness of skills "
Table 6 Criteria for track record and experience "6
Table 7 Criteria for motivation
Table 8 Criteria for organization
Table 9 Criteria for emotional intelligence / social competences 73
Table 10 Criteria for the boards
Table 11 Barriers to entry 77
Table 12 Criteria for threat of new entry
Table 13 Criteria for rivalry among existing competitors °*
Table 14 Criteria for substitute products
Table 15 Dependency on customers
Table 16 Criteria for bargaining power of buyers "
Table 17 Dependency on suppliers
Table 18 Criteria for bargaining power of suppliers °
Table 19 Criteria for current and future market potential °
Table 20 Criteria for customers ^
Table 21 Criteria for political / legal dependency 91
Table 22 Criteria for cost and sales estimates "
Table 23 Criteria for possibility of protection by patents 95
Table 24 Criteria unique selling proposition 97
Table 25 Criteria for alliances 100
Table 26 Criteria for management of future discoveries 102
Tables XV
Table 27 Criteria for time to market 103
Table 28 Drug discovery stages compared with company stages 111
Table 29 Summary assessment criteria 113
Table 30 Calculation of operating free cash flow (FCF) 136
Table 31 Calculation of operating free cash flow to equity (FCFE) 143
Table 32 Examples of alternative multiples 151
Table 33 Framework for rating comparable companies 154
Table 34 Dilution 160
Table 35 Real Option variables 169
Table 36 Assumption Decision Tree Valuation 172
Table 37 Consensus discount rates 177
Table 38 Stage dependent risk premiums 179
Table 39 Calculation of the Liquidity Risk premium 181
Table 40 Practical example for table to be used for Liquidity Risk Premium 182
Table 41 Calculation of value added premium 185
Table 42 Assessment criteria for cash flow adjustment premium 187
Table 43 Weighting of the three main assessment factors 188
Table 44 Calculation of the Cash Flow Adjustment premium 189
Table 45 Calculation example for cash flow adjustment premium 189
Table 46 Putting together the discount rate 190
Table 47 Example of market value adjustment 193
Table 48 Companies/valuations used for confirmation study 221
Table 49 Evaluation of rating and success of company Source: own
calculation with SPSS for Windows 223
Table 50 Evaluation of rating of the three main criteria and success of
company Source: own calculation with SPSS for Windows 226
Table 51 Evaluation of rating of the 20 sub criteria and success of
company Source: own calculation with SPSS for Windows 239
XVI Tables
Table 52 Overview hypothesis tests 244
Table 53 Companies used for confirmation study 248
Table 54 Overview of valuations 251
Table 55 Comparison obtained price and valuation 253
Table 56 Summary of proposed valuation model 271
Figures XVII
List of Figures
Figure 1 Process of Venture Capital backed projects 4
Figure 2 Overview thesis 10
Figure 3 Driving factors for high growth companies 14
Figure 4 Technology and growth 15
Figure 5 The weightless economy 16
Figure 6 Traditional companies: The Wheel of Competitive Strategy 18
Figure 7 High growth companies: The Wheel of Competitive Strategy 18
Figure 8 Organizational development 22
Figure 9 Overview assessment process 54
Figure 10 Assessment and valuation framework 55
Figure 11 Five Forces 76
Figure 12 Type of Alliances 98
Figure 13 Typical development phases of high growth companies 107
Figure 14 Stage dependent discount rates 133
Figure 15 Discounted cash flow calculation 146
Figure 16 Venture Capital calculation 158
Figure 17 Decision tree valuation example 173
Figure 18 Geographical breakdown of studies 204
Figure 19 Main industries 205
Figure 20 Number of employees 206
Figure 21 Life Cycle Stage of companies 207
Figure 22 Source of Valuation Mandates 208
Figure 23 Number of mandates per year 209
Figure 24 Assessment and valuation Process 211 |
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| author | Frei, Patrik 1973- |
| author_GND | (DE-588)132223007 |
| author_facet | Frei, Patrik 1973- |
| author_role | aut |
| author_sort | Frei, Patrik 1973- |
| author_variant | p f pf |
| building | Verbundindex |
| bvnumber | BV022195888 |
| classification_rvk | QP 770 |
| ctrlnum | (OCoLC)180963669 (DE-599)BVBBV022195888 |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| edition | 1. Aufl. |
| format | Thesis Book |
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| genre | (DE-588)4113937-9 Hochschulschrift gnd-content |
| genre_facet | Hochschulschrift |
| id | DE-604.BV022195888 |
| illustrated | Illustrated |
| index_date | 2024-07-02T16:22:54Z |
| indexdate | 2024-07-09T20:52:09Z |
| institution | BVB |
| isbn | 9783258070919 3258070911 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-015407382 |
| oclc_num | 180963669 |
| open_access_boolean | |
| owner | DE-12 DE-M382 DE-1051 DE-92 |
| owner_facet | DE-12 DE-M382 DE-1051 DE-92 |
| physical | XIX, 291 S. graph. Darst. 23 cm |
| publishDate | 2006 |
| publishDateSearch | 2006 |
| publishDateSort | 2006 |
| publisher | Haupt |
| record_format | marc |
| series | S-E-C-A |
| series2 | S-E-C-A |
| spelling | Frei, Patrik 1973- Verfasser (DE-588)132223007 aut Assessment and valuation of high growth companies Patrik Frei 1. Aufl. Bern ; Stuttgart ; Wien Haupt 2006 XIX, 291 S. graph. Darst. 23 cm txt rdacontent n rdamedia nc rdacarrier S-E-C-A 8 Zugl.: Sankt Gallen, Univ., Diss., 2006 Unternehmenswachstum (DE-588)4078620-1 gnd rswk-swf Unternehmensbewertung (DE-588)4078594-4 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Unternehmenswachstum (DE-588)4078620-1 s Unternehmensbewertung (DE-588)4078594-4 s DE-604 S-E-C-A 8 (DE-604)BV016878429 8 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015407382&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Frei, Patrik 1973- Assessment and valuation of high growth companies S-E-C-A Unternehmenswachstum (DE-588)4078620-1 gnd Unternehmensbewertung (DE-588)4078594-4 gnd |
| subject_GND | (DE-588)4078620-1 (DE-588)4078594-4 (DE-588)4113937-9 |
| title | Assessment and valuation of high growth companies |
| title_auth | Assessment and valuation of high growth companies |
| title_exact_search | Assessment and valuation of high growth companies |
| title_exact_search_txtP | Assessment and valuation of high growth companies |
| title_full | Assessment and valuation of high growth companies Patrik Frei |
| title_fullStr | Assessment and valuation of high growth companies Patrik Frei |
| title_full_unstemmed | Assessment and valuation of high growth companies Patrik Frei |
| title_short | Assessment and valuation of high growth companies |
| title_sort | assessment and valuation of high growth companies |
| topic | Unternehmenswachstum (DE-588)4078620-1 gnd Unternehmensbewertung (DE-588)4078594-4 gnd |
| topic_facet | Unternehmenswachstum Unternehmensbewertung Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015407382&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| volume_link | (DE-604)BV016878429 |
| work_keys_str_mv | AT freipatrik assessmentandvaluationofhighgrowthcompanies |