Early Stage Valuation: A Fair Value Perspective (Wiley Finance) - Hardcover

Über die Autorin bzw. den Autor

ANTONELLA PUCA, CFA, CPA/ABV, CEIV, is a Senior Director with Alvarez & Marsal Valuation Services in New York. She currently serves on the Business Valuation Committee of the AICPA and as a consultant on the CFA exam development team. She has served as a member of the AIMA Research Committee and as an executive board member of the CFA Society of New York. Antonella is a frequent presenter and author on valuation and alternative investment topics.

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Valuation is one of the more complex and challenging aspects of investment finance. In the case of early stage enterprises (ESEs), there are special considerations that give the valuation task a unique character. Early stage valuation is driven by a vision for the future of a company―be it a new venture still in the planning phases or a multi-billion-dollar “unicorn” that has yet to reach profitability. Vision and insight are notoriously difficult to quantify, as is the true risk of failure in the early stages. Early Stage Valuation: A Fair Value Perspective provides an introduction to key concepts in ESE valuation and a mirror to gain insight and align perspectives on valuation practice.

Given the forward-looking nature of ESE value, it is not surprising that considerable controversy exists around how best to account for the worth of these high-growth ventures. By focusing on Fair Value―a comprehensive set of valuation and financial reporting principles with global acceptance―Antonella Puca provides a broad perspective with immediate practical utility for investors, financial analysts, valuation professionals, and other practitioners in the venture-capital space. The text also incorporates guidance from academic studies and recently released guidelines from leading professional organizations, including the AICPA, the Appraisal Foundation, the International Private Equity and Venture Capital Board, the International Valuation Standards Council, the Alternative Investment Management Association, and others. The result is a guide to applying ESE valuation techniques that aligns with the current state of the practice worldwide.

Aus dem Klappentext

Valuation is one of the more complex and challenging aspects of investment finance. In the case of early stage enterprises (ESEs), there are special considerations that give the valuation task a unique character. Early stage valuation is driven by a vision for the future of a company--be it a new venture still in the planning phases or a multi-billion-dollar "unicorn" that has yet to reach profitability. Vision and insight are notoriously difficult to quantify, as is the true risk of failure in the early stages. Early Stage Valuation: A Fair Value Perspective provides an introduction to key concepts in ESE valuation and a mirror to gain insight and align perspectives on valuation practice.

Given the forward-looking nature of ESE value, it is not surprising that considerable controversy exists around how best to account for the worth of these high-growth ventures. By focusing on Fair Value--a comprehensive set of valuation and financial reporting principles with global acceptance--Antonella Puca provides a broad perspective with immediate practical utility for investors, financial analysts, valuation professionals, and other practitioners in the venture-capital space. The text also incorporates guidance from academic studies and recently released guidelines from leading professional organizations, including the AICPA, the Appraisal Foundation, the International Private Equity and Venture Capital Board, the International Valuation Standards Council, the Alternative Investment Management Association, and others. The result is a guide to applying ESE valuation techniques that aligns with the current state of the practice worldwide.