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dc.contributor.advisorGerasimova, Nataliya
dc.contributor.authorLomheim, Kristian Hansen
dc.contributor.authorØritsland, Ola Thune
dc.date.accessioned2018-08-31T10:29:59Z
dc.date.available2018-08-31T10:29:59Z
dc.date.issued2018
dc.identifier.urihttp://hdl.handle.net/11250/2560255
dc.description.abstractWe apply a DCF-based R-model on a sample of 12 European unicorns to show that postmoney valuations overstate the fair value of VC-backed companies. At best, the initial result suggests that the majority of the sample is overvalued whereas some firms are slightly undervalued. The median overvaluation of the sample is 25%. When we increase the conservative cost of capital estimates with one percentage point, all firms are overvalued with a median overvaluation of 75% in the sample. Our results indicate that many of the firms will need an abnormal operational improvement toward steady state in addition to significantly outperform the peer group and industry forecasts in order to generate cash flows that are sufficient to defend the post-money valuation.nb_NO
dc.language.isoengnb_NO
dc.subjectfinancial economicsnb_NO
dc.titleCan European unicorns defend the high valuations? : a challenge of the post-money valuation approachnb_NO
dc.typeMaster thesisnb_NO
dc.description.localcodenhhmasnb_NO


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