Company valuation excel for Venture·Growth·Mature·Deficit Firm
Introduction of the product and the lectures
It is important to learn the discounted cash flow method and the relative valuation. However, it is more important to know “which method you choose” and “how you adjust each method” depending on the company state.
This product includes the company valuation excel templates and PDF files that the author of “Corporate valuation and investment analysis practice (2021, JCinus)” made. He chose either the market approach or the discounted cash flow excel, one or both and modified it according to the state of case companies; venture, growth, maturity, and deficit. This company valuation excel also provides 25~35 minute lecture videos for each topic.
Composition of the company valuation excel
- Four corporate valuation excel templates (one or both of market approach and discounted cash flow excel for venture firm, growth stock, mature company, lossmaker)
- Four explanatory PDF materials explaining each company characteristics, appropriate valuation methods, and modelling adjustments by company type
- Four lecture videos (total 115 minutes, average 29 minutes per episode)
Introduction to the Market Approach and Discounted Cash flow Excel Templates
Depending on the company state, the DCF model may be more suitable for it, or the relative valuation method, or both. It is also necessary to adjust the components of each model as needed.
According to their sales growth rate, companies are classified into four types in this product: venture firms, growth stocks, mature companies, and lossmakers. It selected the most suitable valuation methods for each company type among the venture capital valuation methods, the DCF model, and the relative valuation method. And it took the following global companies in the US and UK as examples in the Excel files.
- Venture firm valuation: Darktrace (unicorn company), UK AI cybersecurity company
- Growth stock valuation: Zynga, US social game developer
- Mature company valuation: AstraZeneca, UK global pharmaceutical company
- Deficit firm valuation: Boeing, US aircraft maker
Courses Company valuation practice and its market approach and discounted cash flow Excel modelling
- Lecture 1. Venture stock valuation and investment stake calculation (35 minutes)
- Lecture 2. Growth stock valuation and calculation of the cost of capital (30 minutes)
- Lecture 3. Mature company valuation (26 minutes)
- Lecture 4. Lossmaker valuation and the WACC calculation (24 minutes)
Lecture 1. Venture stock valuation and investment stake calculation
- Venture stock valuation methodology
- Venture firm’s financing background
- Characteristics of venture firm analysis
- Venture firm valuation method
- Venture capital valuation method
- Calculation of investment stake %
- Investment stake calculation procedure
- Introduction to a valuation case: Darktrace, British AI internet security company
- Description of the private company valuation excel
Lecture 2. Growth stock valuation and calculation of the cost of capital
- Growth company valuation methodology
- Characteristics of growth firms
- Growth company valuation methodology
- Evaluating fundamental value using the DCF model
- How to apply the relative valuation method
- Valuation example: Zynga, US social game service company
- Description of the company valuation excel for the case
Lecture 3. Mature company valuation (the most common methodology)
- Mature firm valuation methodology
- Characteristics of mature companies
- Methods of the mature firm valuation
- Process of applying the discounted cash flow model
- How to use the relative valuation method
- Valuation case: AstraZeneca, UK global pharmaceutical company
- Explanation of the company valuation excel for the case
Lecture 4. Lossmaker valuation and the WACC calculation
- Loss firm valuation methodology
- Types of deficits
- Evaluating fundamental value using the DCF model
- Valuation example: Boeing, USA
- Explanation of the discounted cash flow Excel for the case
You can listen to the lectures and download the attachments for 30 days.
The Attached files are ‘four PDF files’ and ‘four valuation excel templates’. The PDF files explain the characteristics of the four type of companies and what valuation is most appropriate. The excel templates modelled the most suitable valuation methods by taking global companies in the US and UK as a case.
- Practical corporate valuation 1: Venture firm stock valuation and investment share calculation
- Practical corporate valuation 2: Growth stock valuation
- Practical corporate valuation 3: Mature company valuation
- Practical corporate valuation 4: Lossmaker valuation
Contents in common
- Characteristics of venture, growth, mature, and deficit company and the most appropriate valuation methodologies
- The adjusted discounted cash flow model according to company type
- The relative valuation method (market valuation) tailored to company type
- Calculation of investment share (only for venture firm stock valuation)
- Introduction to the case company
Valuation Excel templates
- Venture capital valuation method Excel modelling: Darktrace, venture firm stock (Including calculation of investment stake)
- Company valuation excel modelling: Zynga, growth company
- Company valuation excel modelling: AstraZeneca, mature company
- Discounted cash flow Excel modelling: Boeing, deficit company
Sheets in common
- Summary page summarising the results from the DCF model and the relative valuation, and key financial indicators
- The discounted cash flow modelling
- The market multiples of comparable companies
- Estimated income statement
- Estimated statement of financial position
- Estimated cash flow statement
- Calculation of weighted average cost of capital
Introduction of case companies
- Darktrace introduction for venture valuation
- Darktrace is an AI company specialising in cybersecurity, founded in 2013 and headquartered in Cambridge, UK and San Francisco, USA.
- It was founded in 2013 with collaboration between a British intelligence agency and Cambridge University mathematicians.
- Its product is the solution using AI and machine learning to detect and take action against cyber threats in various digital environments such as cloud and virtual environments, IoT, and industrial control systems.
- Zynga intro for growth stock valuation
- Zynga provides social gaming services in the US and around the world.
- It develops, markets and operates social games that users can enjoy on iOS or Android’s platforms, social networking services such as Facebook or Snapchat, or on Nintendo Switch game consoles or personal computers.
- Their popular games are Harry Potter puzzle, Zynga poker, Casino slots, and the Magician of Oz.
- It was established in 2007 and is headquartered in San Francisco, California, USA.
- Currently, it is listed on the NASDAQ market and has a market cap of about $10 billion as of May 2021.
- AstraZeneca Introduction for mature firm valuation
- AstraZeneca is a global biopharmaceutical company founded in 1992 and headquartered in Cambridge, UK, listed on the London and New York stock exchanges.
- There are three major areas: Oncology, Cardiovascular, Cardiovascular, Renal & Metabolic, and Respiratory and Immunology.
- From 2017 to 2020, the average sales amount was about $24b, and the average annual sales growth rate was 4.33%.
- During the same period, the average operating profit reached $3.79b, and the annual average operating profit growth rate was 8.85%.
- It is famous for the corona vaccine, but the profits from selling this vaccine are small.
- Boeing for lossmaker valuation
- Boeing designs, develops, manufactures, markets and supports commercial airliners, military aircraft, satellites, missile defence, and human spaceflight and launch systems.
- Boeing was founded in 1916 and is headquartered in Chicago, USA.
- Boeing’s business consists of four segments: commercial aircraft, defence, space and security, global services, and capital.
Benefits of the product
Through this product and lecture videos, you can gain the following knowledge or values:
- How to apply the discounted cash flow model and the relative valuation method according to a company type
- Logical reasons for why you need to use a different valuation method depending on it
- Venture investment stake calculation method and investment strategy or investment attraction strategy
- WACC calculation method that differs depending on company type
- Valuation method that varies depending on the reason for the loss of a deficit company
- The length of the financial statement estimation period in the DCF model
- Use of the relative valuation
- Estimation of future financial statements
- Estimation of capital expenditure and working capital investment
- Debt cost calculation method
- Calculation of cost of equity capital using CAPM
- And so on
You can download the Excel and PDF files from the material of each lesson.