Early Stage Valuation: A Fair Value Perspective by Puca Antonella;

Author:Puca, Antonella; [Puca, Antonella]
Language: eng
Format: epub
Publisher: John Wiley & Sons, Incorporated
Published: 2020-06-30T00:00:00+00:00

Raymond Rath further explains:

For a company in a high growth industry, market multiples would be expected to capture rapid growth in the near future and normal growth into the indefinite future. Using these multiples to estimate terminal value, the residual enterprise value may not be appropriate as rapid growth was incorporated twice: once in the cash flow projections over the projection period and again in the market multiple used in calculating the residual enterprise value.32

The AICPA PE/VC Valuation Guide encourages the analyst to consider a variety of methods for estimating the terminal value and to select the most appropriate based on reasoned judgment.33

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