• Tech Pro is a company that seems to be suffering from an identity crisis
• We believe the stock price is detached from the reality of our on the ground due diligence and the company’s financials
• Our due diligence raises questions that we believe should be brought to the attention of both the company’s auditor and regulators
• We believe the company will require continued dilutive equity financing to sustain operations
• We are currently short Tech Pro (03823.HK)
President and Co-Founder of GeoInvesting presented at the 2016 Microcap Conference in Toronto, focusing on stock trading and investing strategies revolving around using a combination of growth and value when selecting investments.
microcapconf.com/conferences/toronto-2016/
One of key strategies I use to find microcap diamonds in the rough is to combine the concepts of Growth + Value. On April 11, 2016, I presented (videos at bottom) at the 2016 Microcap Conference Toronto, where I gave a speech on this very subject. More detail on this presentation can be seen at my blog, http://geoinvesting.com/combining-tenets-growth-value-find-hidden-microcap-opportunities/.
Raising Capital: Negotiating with Potential Investors (Series: The Start-Up/S...Financial Poise
Every business needs capital (cash) to fund its activities. But not all capital is created equal. At the most macro level, a business can raise cash by selling equity or by borrowing (and these alternatives are not by any means mutually exclusive).
This webinar explains the different types of capital available to fund a startup; how to identify potential funding sources; how to evaluate competing funding proposals; and how (and when) to negotiate financing terms. In addition, this webinar will address the kinds of investors for entrepreneurs to consider for their start-ups.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/raising-capital-negotiating-with-potential-investors-2021/
Analysis on an decade of data relating to start-up which would guide the budding start-ups towards the way of success and also provide them the right place for maximum funding.
Self-Directed Investing by Akhil Lodha, Co-founder of Sliced Investing, and M...Quantopian
In an ideal world an investor has access to a range of investment opportunities that allow her to create a Balanced portfolio based on her risk/return objectives. Unfortunately we don't live an in ideal world and a lot of the investment opportunities have only been available to the Institutional Investor. That trend has started to change as technology and innovation by startups like AngelList, Wealthfront, and Sliced Investing, among others are lowering the barrier to access and allowing more individuals to create a balanced portfolio that meets their investment objectives. In this talk we'll focus on the need for a balanced portfolio, the investing tools for the 'new-age' investor and the future of individual investing.
Quantopian provides this presentation to help people write trading algorithms - it is not intended to provide investment advice.
More specifically, the material is provided for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation or endorsement for any security or strategy, nor does it constitute an offer to provide investment advisory or other services by Quantopian.
In addition, the content neither constitutes investment advice nor offers any opinion with respect to the suitability of any security or any specific investment. Quantopian makes no guarantees as to accuracy or completeness of the views expressed in the website. The views are subject to change, and may have become unreliable for various reasons, including changes in market conditions or economic circumstances.
Kauffman Foundation Report: Poor Long-Term Returns from Venture CapitalPhilipp Klöckner
A recent report by the Ewing Marion Kauffman Foundation raises serious questions about the degree to which venture capital deserves emulation.
The report, provocatively titled “We Have Met the Enemy and He is Us”, summarizes its findings thus:
Limited Partners (LPs) — foundations, endowments, and state pension funds — invest too much capital in underperforming venture capital funds on frequently misaligned terms. Our research suggests that investors like us succumb time and again to narrative fallacies, a well-studied behavioral finance bias.
Funding options early stage companies april30 v2-lsn.pptx
Are you thinking about what you need to fund your company? Where do you start?
Funding is not one size fits all. Every company has to approach their pathway to funding with a unique approach. Join our fundraising experts for an in depth discussion of what options you have for funding and how to decide which paths are right for you and your company.
Topics covered will include investment criteria, time to closing, investment range, success rates, control features, compliance requirements and the overall costs of capital from each such source.
www.thecapitalnetwork.org
Maj Soueidan Oct 2016 Microcap Conference Philly PresentationGeoInvesting LLC
Inflection points can serve as triggers for you to invest in particular stocks right before the meat of their growth cycles or at a time when they’ve improved their risk profiles for various reasons. I’ve found that the identification of inflection points has helped me pinpoint companies that tend to become acquisition targets. Of over 40 stocks that have been both the focus of our research AND acquired, some of these acquisitions were actually predicted by my team; others were just a byproduct of what happens when good research is rewarded.
President and Co-Founder of GeoInvesting presented at the 2016 Microcap Conference in Toronto, focusing on stock trading and investing strategies revolving around using a combination of growth and value when selecting investments.
microcapconf.com/conferences/toronto-2016/
One of key strategies I use to find microcap diamonds in the rough is to combine the concepts of Growth + Value. On April 11, 2016, I presented (videos at bottom) at the 2016 Microcap Conference Toronto, where I gave a speech on this very subject. More detail on this presentation can be seen at my blog, http://geoinvesting.com/combining-tenets-growth-value-find-hidden-microcap-opportunities/.
Raising Capital: Negotiating with Potential Investors (Series: The Start-Up/S...Financial Poise
Every business needs capital (cash) to fund its activities. But not all capital is created equal. At the most macro level, a business can raise cash by selling equity or by borrowing (and these alternatives are not by any means mutually exclusive).
This webinar explains the different types of capital available to fund a startup; how to identify potential funding sources; how to evaluate competing funding proposals; and how (and when) to negotiate financing terms. In addition, this webinar will address the kinds of investors for entrepreneurs to consider for their start-ups.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/raising-capital-negotiating-with-potential-investors-2021/
Analysis on an decade of data relating to start-up which would guide the budding start-ups towards the way of success and also provide them the right place for maximum funding.
Self-Directed Investing by Akhil Lodha, Co-founder of Sliced Investing, and M...Quantopian
In an ideal world an investor has access to a range of investment opportunities that allow her to create a Balanced portfolio based on her risk/return objectives. Unfortunately we don't live an in ideal world and a lot of the investment opportunities have only been available to the Institutional Investor. That trend has started to change as technology and innovation by startups like AngelList, Wealthfront, and Sliced Investing, among others are lowering the barrier to access and allowing more individuals to create a balanced portfolio that meets their investment objectives. In this talk we'll focus on the need for a balanced portfolio, the investing tools for the 'new-age' investor and the future of individual investing.
Quantopian provides this presentation to help people write trading algorithms - it is not intended to provide investment advice.
More specifically, the material is provided for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation or endorsement for any security or strategy, nor does it constitute an offer to provide investment advisory or other services by Quantopian.
In addition, the content neither constitutes investment advice nor offers any opinion with respect to the suitability of any security or any specific investment. Quantopian makes no guarantees as to accuracy or completeness of the views expressed in the website. The views are subject to change, and may have become unreliable for various reasons, including changes in market conditions or economic circumstances.
Kauffman Foundation Report: Poor Long-Term Returns from Venture CapitalPhilipp Klöckner
A recent report by the Ewing Marion Kauffman Foundation raises serious questions about the degree to which venture capital deserves emulation.
The report, provocatively titled “We Have Met the Enemy and He is Us”, summarizes its findings thus:
Limited Partners (LPs) — foundations, endowments, and state pension funds — invest too much capital in underperforming venture capital funds on frequently misaligned terms. Our research suggests that investors like us succumb time and again to narrative fallacies, a well-studied behavioral finance bias.
Funding options early stage companies april30 v2-lsn.pptx
Are you thinking about what you need to fund your company? Where do you start?
Funding is not one size fits all. Every company has to approach their pathway to funding with a unique approach. Join our fundraising experts for an in depth discussion of what options you have for funding and how to decide which paths are right for you and your company.
Topics covered will include investment criteria, time to closing, investment range, success rates, control features, compliance requirements and the overall costs of capital from each such source.
www.thecapitalnetwork.org
Maj Soueidan Oct 2016 Microcap Conference Philly PresentationGeoInvesting LLC
Inflection points can serve as triggers for you to invest in particular stocks right before the meat of their growth cycles or at a time when they’ve improved their risk profiles for various reasons. I’ve found that the identification of inflection points has helped me pinpoint companies that tend to become acquisition targets. Of over 40 stocks that have been both the focus of our research AND acquired, some of these acquisitions were actually predicted by my team; others were just a byproduct of what happens when good research is rewarded.
Have you ever considered becoming an Angel Investor? Wondered why people join angel groups as opposed to going it alone? Then this session is for you.
Join MLA Chair and Angel Investor Gerard Buckley as he leads a session that will answer the following:
What is Angel Investing?
Why would someone be an Angel Investor?
Who are Angel Investors?
What types of companies do Angels invest in?
What is Maple Leaf Angels and what are the benefits of joining?
Crowd-sourced Alpha: The Search for the Holy Grail of InvestingQuantopian
It has been said that diversification is the only free lunch. Join Dr. Jess Stauth, vice president of quant strategy at Quantopian, and learn about the criteria we are using to select crowd-sourced algorithms with uncorrelated returns streams to achieve consistent market outperformance.
Quantopian provides this presentation to help people write trading algorithms - it is not intended to provide investment advice.
More specifically, the material is provided for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation or endorsement for any security or strategy, nor does it constitute an offer to provide investment advisory or other services by Quantopian.
In addition, the content neither constitutes investment advice nor offers any opinion with respect to the suitability of any security or any specific investment. Quantopian makes no guarantees as to accuracy or completeness of the views expressed in the website. The views are subject to change, and may have become unreliable for various reasons, including changes in market conditions or economic circumstances.
Basics on the startup process, raising capital, and thinking about valuation, especially for first-time entrepreneurs. Read my article at VentureBeat for details on this slide deck:
http://venturebeat.com/2016/09/05/startup-fundraising-101-revisited/
Maj Soueidan Oct 2016 Traders For A Cause PresentationGeoInvesting LLC
Maj Soueidan is the founder of GeoInvesting.com, which helps everyday investors find underfollowed micro-cap stock ideas through information arbitrage. GeoInvesting educates investors, saves them time performing research, and aims to provide institutional-quality ideas. Maj takes advantage of readily available information not found by others to identify inflection points in stocks before they are processed by the broader market. While some of Maj's past ideas have increased over 1,000%, others that were once multi-baggers are now down substantially. GeoInvesting presents elevator pitches on ideas, issues daily reports, and keeps members alerted through social media.
[PreMoney SF 2015] Scale Venture Partners >> Kate Mitchell, "How To: Get Star...500 Startups
The document discusses how to get started in venture capital, both on and off Sand Hill Road. It emphasizes that relevant experience is important for success as a VC, such as technical skills from working in startups. It also stresses the importance of understanding limited partners' needs, defining a clear investment strategy, and focusing on strong execution through relationships and teamwork.
The Ultimate Investor Pitch Deck TemplateCrowdfunder
Great startups don’t fund themselves. Raising money from investors requires a great pitch, even for experienced founders with significant traction in their startup.
There’s a formula for pitching your startup that has helped startup founders raise millions.
In short, this formula involves crafting a larger story / narrative, while speaking directly to what investors are looking for and need to know about you, your company, your market, and your plan.
Financial Projections are key in all aspects of the fundraising process: Pitching, Valuation, Due Diligence, and in the long term planning of your company. Join our experts in an overview discussion of financial projections and learn the key metrics that will get investors to notice you, as well as those that will get you rejected. With the expert advice of serial Startup CFOs and VC Analysts we’ll walk you though the process of what you need to know. If you have no or little idea where to begin with your financial projections, this program is for you.
Understand the VC math and valuation from the investors perspective. What is fair deal and a super deal for the investee and the investor shares Madhukar Sinha, India Quotient
Venture capitalists and angel investors provide financing for new companies and startups. Venture capitalists invest through venture capital funds and expect high returns, while angel investors are wealthy individuals who invest their own money. Both help finance companies in exchange for equity and provide guidance to help the businesses grow. The document discusses definitions of venture capitalists and angel investors, their roles and characteristics, the investment process, risks involved at different stages, and differences in these fields between regions like the United States, United Kingdom, Russia, Asia, and India. It also lists some of the top venture capital firms and angel investors active in India.
Angel investing is a great way to participate in the growing trend of entrepreneurship. Responsible investing is very important for the health of your portfolio and for your relationships with founders. Don't invest without understanding a few simple things. Equity investments are long term relationships. Investors must do their part to be good investment partners.
Niinue is a marketplace investment platform that enables Kenya's middle class to invest in short, medium, and long-term opportunities. It uses debt-equity crowdfunding to allow investors to make small investments in startups and growing companies, spreading their risk across multiple ventures. By pooling capital from many investors and investing in scalable companies, Niinue aims to generate high returns for investors while also providing capital to entrepreneurs.
This Presentation was provided by Thad McIlroy, independent analyst and author, during the NISO webinar entitled Understanding the Marketplace - Consolidation, the Long Term Impact, and the New Players, held on March 8, 2017
By www.ProfitableInvestingTips.com
What is Intrinsic Stock Value?
In the aftermath of the stock market crash of 1929 in the early days of the Great Depression Benjamin Graham introduced the concept of value investing. No longer would those buying and selling stocks need to act like they were at the casino. With the concepts of intrinsic value and margin of safety Graham taught investors a rational means of investing in stocks. With this in mind just what is intrinsic stock value? And how does this concept help with profitable stock investing?
What Is Intrinsic Stock Value?
The dictionary definition of intrinsic stock value is its fundamental value. It is obtained by adding up predicted future income of a stock and subtracting current price. It can also be seen as actual value of an equity versus its book value or market value. The concept of fundamental analysis of equities evolved from this concept. Using fundamental analysis the intrinsic value of a stock is the expected company cash flow discounted to current dollars. It is a discounted cash flow valuation. An inherent weakness in this concept is that too often the medium and long term prospects of a company and its stock price are not clear. So, what is intrinsic stock value of a company if the future is uncertain? The ability to see into the future to see how well a company will manage its assets, products, costs, R&D, and marketing is of utmost importance in calculating intrinsic stock value as a means of deciding whether or not to purchase a stock.
What is Intrinsic Stock Value as a Formula?
Mr. Graham presented investors with a formula for calculating intrinsic stock value in 1962 and modified it in 1974. The 1974 version considers the following:
• Earnings per share, EPS, for the preceding twelve months
• A constant of 8.5 representing an expected price to earnings ratio, P/E ratio, for a company that is not growing
• An estimate of long term growth, five years = g
• A constant of 4.4 which was the average yield of high grade corporate bonds in the early 1960 decade
• The current yield of AAA corporate bonds = Y
• Where V = intrinsic value
The formula is as follows:
V = (EPS x (8.5 + 2g) x 4.4)/Y
The way the investors were encouraged to use intrinsic value was to derive what is referred to as a Relative Graham Value, RGV. This is to divide the calculated intrinsic value of the stock by its current price. If the result, the RGV, is less than one the stock is overvalued and a bad investment and if the ratio is above one it is undervalued and may be a good investment.
What is Intrinsic Stock Value as an Investing Tool?
There are a couple of difficulties in using the simple calculation above to determine the forward looking earnings of a stock and therefore its intrinsic value. First of all the formula does not account for inflation. Thus one could use the formula and end up with a stock valued higher in dollars but in dollars that are inflated.
Lets Get Real About Angel Investing - RVC Angel Capital Summit Keynote by Set...Seth Levine
Keynote at RVC Angel Capital Summit (Syndication 2.0) "Let's Get Real About Angel Investing" by Seth Levine, Managing Director of Foundry Group in Boulder, CO.
This document provides instructions for investors to use the Niinue investment platform. It explains how to register an account as either a Standard, Silver, Gold, or Platinum investor, with each level providing additional benefits and access to more features. It then outlines the key sections of the platform, including viewing investment opportunities, communicating with entrepreneurs, investing in campaigns, and accessing employment, bidding or directorship opportunities based on investor level. The tutorial aims to guide new investors on navigating the platform and taking advantage of the resources available to evaluate and make investments wisely.
Valuation for Startups - What is your Start-up worth?TiE Bangalore
TiE Masterclass: Valuation for Startups
This 3 part workshop conducted by Anjana Vivek, Founder Director of Venture Bean Consulting, Parag Dhol, MD, Inventus Capital Partners & Pavan Sondur, CEO & Cofounder, UNBXD
Learn whats needed to become an Angel Investor in today's world. Start your Start-up journey here!
About Author:
Manish is the co-founder of www.LetsVenture.com
Manish is a passionate mentor & business coach. He works with technology start-ups to help them get established and started-ups in helping them scale. As an angel investor he also invests in innovative start-ups.
Manish serves on the board of companies ranging from technology businesses, consumer businesses, e-commerce to employability like Freshersworld.com, Moontara Technovations etc. He is also an active mentor on the CIIE Mentor Edge Panel (IIM Ahmedabad), Start-up Village (Kochi) and Venture Labs (Standford University).
"From Startup to Giant" by Delivery Hero's SVP of Global OperationsTheFamily
Felix Plog, SVP of Global Operations at Delivery Hero AG, presents on the company's growth from a startup in 2013 with 0.3 million orders across 14 countries to a giant in 2017 with 292 million orders across 40+ countries through a series of acquisitions totaling over $2 billion. He attributes their success to having entrepreneurial founders, building an awesome team, focusing on efficient operations and processes as COO during the startup stage, and continuously scaling and adjusting the operating model as COO during the growth stage.
This presentation provides an overview of Purple Ventures, a business incubator. It discusses Purple Ventures' services across various stages of a business's lifecycle from startup to expansion. These services include idea evaluation, market research, technology consulting, policies/processes development, fundraising assistance, and exit analysis. The presentation also provides examples of Purple Ventures' clients and testimonials praising its support. It then details a case study of how Purple Ventures helped a large events company restructure and substantially increase its revenue and profit.
Have you ever considered becoming an Angel Investor? Wondered why people join angel groups as opposed to going it alone? Then this session is for you.
Join MLA Chair and Angel Investor Gerard Buckley as he leads a session that will answer the following:
What is Angel Investing?
Why would someone be an Angel Investor?
Who are Angel Investors?
What types of companies do Angels invest in?
What is Maple Leaf Angels and what are the benefits of joining?
Crowd-sourced Alpha: The Search for the Holy Grail of InvestingQuantopian
It has been said that diversification is the only free lunch. Join Dr. Jess Stauth, vice president of quant strategy at Quantopian, and learn about the criteria we are using to select crowd-sourced algorithms with uncorrelated returns streams to achieve consistent market outperformance.
Quantopian provides this presentation to help people write trading algorithms - it is not intended to provide investment advice.
More specifically, the material is provided for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation or endorsement for any security or strategy, nor does it constitute an offer to provide investment advisory or other services by Quantopian.
In addition, the content neither constitutes investment advice nor offers any opinion with respect to the suitability of any security or any specific investment. Quantopian makes no guarantees as to accuracy or completeness of the views expressed in the website. The views are subject to change, and may have become unreliable for various reasons, including changes in market conditions or economic circumstances.
Basics on the startup process, raising capital, and thinking about valuation, especially for first-time entrepreneurs. Read my article at VentureBeat for details on this slide deck:
http://venturebeat.com/2016/09/05/startup-fundraising-101-revisited/
Maj Soueidan Oct 2016 Traders For A Cause PresentationGeoInvesting LLC
Maj Soueidan is the founder of GeoInvesting.com, which helps everyday investors find underfollowed micro-cap stock ideas through information arbitrage. GeoInvesting educates investors, saves them time performing research, and aims to provide institutional-quality ideas. Maj takes advantage of readily available information not found by others to identify inflection points in stocks before they are processed by the broader market. While some of Maj's past ideas have increased over 1,000%, others that were once multi-baggers are now down substantially. GeoInvesting presents elevator pitches on ideas, issues daily reports, and keeps members alerted through social media.
[PreMoney SF 2015] Scale Venture Partners >> Kate Mitchell, "How To: Get Star...500 Startups
The document discusses how to get started in venture capital, both on and off Sand Hill Road. It emphasizes that relevant experience is important for success as a VC, such as technical skills from working in startups. It also stresses the importance of understanding limited partners' needs, defining a clear investment strategy, and focusing on strong execution through relationships and teamwork.
The Ultimate Investor Pitch Deck TemplateCrowdfunder
Great startups don’t fund themselves. Raising money from investors requires a great pitch, even for experienced founders with significant traction in their startup.
There’s a formula for pitching your startup that has helped startup founders raise millions.
In short, this formula involves crafting a larger story / narrative, while speaking directly to what investors are looking for and need to know about you, your company, your market, and your plan.
Financial Projections are key in all aspects of the fundraising process: Pitching, Valuation, Due Diligence, and in the long term planning of your company. Join our experts in an overview discussion of financial projections and learn the key metrics that will get investors to notice you, as well as those that will get you rejected. With the expert advice of serial Startup CFOs and VC Analysts we’ll walk you though the process of what you need to know. If you have no or little idea where to begin with your financial projections, this program is for you.
Understand the VC math and valuation from the investors perspective. What is fair deal and a super deal for the investee and the investor shares Madhukar Sinha, India Quotient
Venture capitalists and angel investors provide financing for new companies and startups. Venture capitalists invest through venture capital funds and expect high returns, while angel investors are wealthy individuals who invest their own money. Both help finance companies in exchange for equity and provide guidance to help the businesses grow. The document discusses definitions of venture capitalists and angel investors, their roles and characteristics, the investment process, risks involved at different stages, and differences in these fields between regions like the United States, United Kingdom, Russia, Asia, and India. It also lists some of the top venture capital firms and angel investors active in India.
Angel investing is a great way to participate in the growing trend of entrepreneurship. Responsible investing is very important for the health of your portfolio and for your relationships with founders. Don't invest without understanding a few simple things. Equity investments are long term relationships. Investors must do their part to be good investment partners.
Niinue is a marketplace investment platform that enables Kenya's middle class to invest in short, medium, and long-term opportunities. It uses debt-equity crowdfunding to allow investors to make small investments in startups and growing companies, spreading their risk across multiple ventures. By pooling capital from many investors and investing in scalable companies, Niinue aims to generate high returns for investors while also providing capital to entrepreneurs.
This Presentation was provided by Thad McIlroy, independent analyst and author, during the NISO webinar entitled Understanding the Marketplace - Consolidation, the Long Term Impact, and the New Players, held on March 8, 2017
By www.ProfitableInvestingTips.com
What is Intrinsic Stock Value?
In the aftermath of the stock market crash of 1929 in the early days of the Great Depression Benjamin Graham introduced the concept of value investing. No longer would those buying and selling stocks need to act like they were at the casino. With the concepts of intrinsic value and margin of safety Graham taught investors a rational means of investing in stocks. With this in mind just what is intrinsic stock value? And how does this concept help with profitable stock investing?
What Is Intrinsic Stock Value?
The dictionary definition of intrinsic stock value is its fundamental value. It is obtained by adding up predicted future income of a stock and subtracting current price. It can also be seen as actual value of an equity versus its book value or market value. The concept of fundamental analysis of equities evolved from this concept. Using fundamental analysis the intrinsic value of a stock is the expected company cash flow discounted to current dollars. It is a discounted cash flow valuation. An inherent weakness in this concept is that too often the medium and long term prospects of a company and its stock price are not clear. So, what is intrinsic stock value of a company if the future is uncertain? The ability to see into the future to see how well a company will manage its assets, products, costs, R&D, and marketing is of utmost importance in calculating intrinsic stock value as a means of deciding whether or not to purchase a stock.
What is Intrinsic Stock Value as a Formula?
Mr. Graham presented investors with a formula for calculating intrinsic stock value in 1962 and modified it in 1974. The 1974 version considers the following:
• Earnings per share, EPS, for the preceding twelve months
• A constant of 8.5 representing an expected price to earnings ratio, P/E ratio, for a company that is not growing
• An estimate of long term growth, five years = g
• A constant of 4.4 which was the average yield of high grade corporate bonds in the early 1960 decade
• The current yield of AAA corporate bonds = Y
• Where V = intrinsic value
The formula is as follows:
V = (EPS x (8.5 + 2g) x 4.4)/Y
The way the investors were encouraged to use intrinsic value was to derive what is referred to as a Relative Graham Value, RGV. This is to divide the calculated intrinsic value of the stock by its current price. If the result, the RGV, is less than one the stock is overvalued and a bad investment and if the ratio is above one it is undervalued and may be a good investment.
What is Intrinsic Stock Value as an Investing Tool?
There are a couple of difficulties in using the simple calculation above to determine the forward looking earnings of a stock and therefore its intrinsic value. First of all the formula does not account for inflation. Thus one could use the formula and end up with a stock valued higher in dollars but in dollars that are inflated.
Lets Get Real About Angel Investing - RVC Angel Capital Summit Keynote by Set...Seth Levine
Keynote at RVC Angel Capital Summit (Syndication 2.0) "Let's Get Real About Angel Investing" by Seth Levine, Managing Director of Foundry Group in Boulder, CO.
This document provides instructions for investors to use the Niinue investment platform. It explains how to register an account as either a Standard, Silver, Gold, or Platinum investor, with each level providing additional benefits and access to more features. It then outlines the key sections of the platform, including viewing investment opportunities, communicating with entrepreneurs, investing in campaigns, and accessing employment, bidding or directorship opportunities based on investor level. The tutorial aims to guide new investors on navigating the platform and taking advantage of the resources available to evaluate and make investments wisely.
Valuation for Startups - What is your Start-up worth?TiE Bangalore
TiE Masterclass: Valuation for Startups
This 3 part workshop conducted by Anjana Vivek, Founder Director of Venture Bean Consulting, Parag Dhol, MD, Inventus Capital Partners & Pavan Sondur, CEO & Cofounder, UNBXD
Learn whats needed to become an Angel Investor in today's world. Start your Start-up journey here!
About Author:
Manish is the co-founder of www.LetsVenture.com
Manish is a passionate mentor & business coach. He works with technology start-ups to help them get established and started-ups in helping them scale. As an angel investor he also invests in innovative start-ups.
Manish serves on the board of companies ranging from technology businesses, consumer businesses, e-commerce to employability like Freshersworld.com, Moontara Technovations etc. He is also an active mentor on the CIIE Mentor Edge Panel (IIM Ahmedabad), Start-up Village (Kochi) and Venture Labs (Standford University).
"From Startup to Giant" by Delivery Hero's SVP of Global OperationsTheFamily
Felix Plog, SVP of Global Operations at Delivery Hero AG, presents on the company's growth from a startup in 2013 with 0.3 million orders across 14 countries to a giant in 2017 with 292 million orders across 40+ countries through a series of acquisitions totaling over $2 billion. He attributes their success to having entrepreneurial founders, building an awesome team, focusing on efficient operations and processes as COO during the startup stage, and continuously scaling and adjusting the operating model as COO during the growth stage.
This presentation provides an overview of Purple Ventures, a business incubator. It discusses Purple Ventures' services across various stages of a business's lifecycle from startup to expansion. These services include idea evaluation, market research, technology consulting, policies/processes development, fundraising assistance, and exit analysis. The presentation also provides examples of Purple Ventures' clients and testimonials praising its support. It then details a case study of how Purple Ventures helped a large events company restructure and substantially increase its revenue and profit.
DiversyFund is a real estate crowdfunding platform that vertically integrates real estate development projects. This allows them to control project quality, provide transparency to investors, and generate substantially more revenue than competitors who rely on third party developers. In its first year, DiversyFund has generated $1.2 million in revenue and owns $94 million worth of real estate assets under development. It is seeking a $6 million Series A investment to further expand its marketing, product development, and operations as it plans an IPO within the next 2-4 years.
Pick of the Week: LIC Housing Finance Ltd.choice broking
This document provides information on LIC Housing Finance Ltd (LICHF), including that it is one of the largest housing finance companies in India. It was incorporated in 1989 and went public in 1994. The main objective of LICHF is to provide long-term financing to individuals for housing and real estate purposes. The company has an extensive network across India and representative offices in Dubai and Kuwait to serve Non-Resident Indians. The document also provides a technical analysis of LICHF stock and recommends it as a buy, with a price target of Rs. 460 based on the analysis.
LICHSGFIN- Buy in the range of 477-480 for the Target of 490 with the SL of 472 INDUSINDBK- Buy in the range of 928-933 for the Target of 952 with the SL of 918
LVenture Group - Small Cap Conference 2016LVentureGroup
LVenture Group is an Italian startup hub and venture capital firm that manages a portfolio of over 45 digital startups. The company aims to scale up this portfolio by providing acceleration support. LVenture's business model involves selecting early-stage startups and investing small amounts to take minority stakes. It intends to generate returns through portfolio exits and revenues from its acceleration program and co-working facilities. LVenture is seeking to expand its ecosystem and international presence while increasing the value of its portfolio.
Glenmark Pharmaceuticals is seeking shareholder approval to raise up to $500 million through the issue of securities in domestic and international markets. The funds will be used to expand marketing networks domestically and overseas, set up manufacturing infrastructure, focus on research and development, and introduce new products. Technically, the stock has closed above a bullish reversal pattern and is trading above its 21-day moving average, indicating an upward trend. The recommendation is to buy the stock in the range of 929-934 for a target price of 953 with a stop loss of 919.
This document summarizes a zero-code digital transformation platform called ZEN that aims to help the 135 million companies globally facing digital business transformation. It projects strong revenue growth over 5 years, reaching over $469 million in revenue by the 5th year by gaining over 1.6 million subscribers paying $285 annually on average. The document includes various cautions and disclaimers regarding the projections and risks involved in any investment.
Access and control – “What you need when you need it”.
Shared outlook and mindset.
No jargon. Access to principles. Honest and direct.
Decisive, logical – the people and the systems and analysis that supports them.
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Innovation Management Frameworks: Your Guide to Creativity & Innovation
Shedding Light on Tech Pro Technology (03823.HK)
1. Shedding Light on Tech Pro Technology
(03823.HK)
2016 Sohn Conference Hong Kong
2. Disclaimer
Nothing contained in this presentation is an offer to sell or a solicitation of an offer to buy any security, nor shall GeoInvesting offer, sell or buy any security to or
from any person through this presentation. GeoInvesting, LLC is not registered as an investment advisor in any jurisdiction. The content and materials contained in
this presentation are provided for information purposes only and nothing contained therein is investment advice nor should it be construed as such. Prior to making
any investment or hiring any investment manager you should consult with professional financial, legal and tax advisors to assist in due diligence as may be
appropriate and determining the appropriateness of the risk associated with a particular investment.
An investment in the covered Company is subject to substantial risks and suitable only for experienced and sophisticated investors and requires the financial ability
and willingness to accept the high degree of risk inherent in an investment in the Company, which could include a complete loss.
GeoInvesting is not providing investment advice, acting as a fiduciary or endorsing any company, products, or services. The information and data contained here is
not intended for trading purposes or for any purpose other than informational use. GeoInvesting does not warrant or guarantee the accuracy or timeliness of any
such information or data and shall have no liability for investment or other decisions based upon this information. GeoInvesting specifically disclaims any and all
liability or loss arising out of any action taken in reliance on this information, including but not limited to market value loss on the sale or purchase of securities or
other instruments or obligations.
Our research and reports express solely our opinions, which we have based upon generally available information, field research, inferences and deductions through
our due diligence and analytical process. To the best of our ability and belief, all information contained herein is accurate and reliable, and has been obtained from
public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the stock covered herein or who may otherwise owe any
fiduciary duty or duty of confidentiality to the issuer. However, such information is presented “as is,” without warranty of any kind, whether express or implied.
GeoInvesting makes no representation, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to
be obtained from its use. All expressions of opinion are subject to change without notice, and GeoInvesting does not undertake to update or supplement any
reports or any of the information, analysis and opinion contained in them.
You agree that use of GeoInvesting’s research is at your own risk. In no event will you hold GeoInvesting or any affiliated party liable for any direct or indirect trading
losses caused by any information in this presentation. You further agree to do your own research and due diligence before making any investment decision with
respect to securities covered herein. You represent to GeoInvesting that you have sufficient investment sophistication to critically assess the information, analysis
and opinion in this presentation.
You should assume that as of the publication date of our reports and research, GeoInvesting (possibly along with or through our members, partners, affiliates,
employees, and/or consultants) along with our clients and/or investors and/or their clients and/or investors has an investment position in all stocks (and/or options,
swaps, and other derivatives related to the stock) and bonds covered therein (either long or short depending on our investment opinion), and therefore stands to
realize significant gains in the event that the price of changes in conjunction with our investment opinion. We intend to continue transacting in the security of the
issuer covered in this presentation for an indefinite period hereafter, and we may be long, short, or neutral at any time hereafter regardless of our initial investment
opinion. As of the time of this presentation, GeoInvesting held a short position in 03823.HK.
2016 Sohn Conference Hong Kong
4. Our “Short” Take on Tech Pro
• Tech Pro is a company that seems to be suffering from an identity crisis
• We believe the stock price is detached from the reality of our on the
ground due diligence and the company’s financials
• Our due diligence raises questions that we believe should be brought to
the attention of both the company’s auditor and regulators
• We believe the company will require continued dilutive equity financing to
sustain operations
• We are currently short Tech Pro (03823.HK)
2016 Sohn Conference Hong Kong
5. Introduction to Tech-Pro
• Stock Price: HK$2.33
• Shares outstanding: 6.5 Billion
• Market cap: HK$15.2 Billion (US$2.0B)
• Listed: in 2007
• Main business: LED Lighting
• Recent acquisitions:
– 50% equity interest of a Shanghai building in 2013
– Second tier French football club in July 2015
2016 Sohn Conference Hong Kong
6. Revenue by Business Segment
Note 1: The company reported no revenue from its property sub-leasing segment
Note 2: Revenue from “Other Business” segment reported over the course of a half year (July – Dec. 2015)
2016 Sohn Conference Hong Kong
7. 5 Year Stock Price Chart
Note: stock price is adjusted for forward stock splits in 2014 and 2015
2016 Sohn Conference Hong Kong
8. Wind Solar New Energy
U-Young
Lan Tian Wei Guang (LTWG)
Chongzheng Electronics
LEDUS (Sales & Marketing)
Timeline of LED Business Acquisitions
2016 Sohn Conference Hong Kong
9. Due Diligence: Wind Solar New Energy
• Manufactures solar energy LED
street lamps
• Company’s website lists 300
employees
• Company lists factory space at
13,000 square meters
• They do indeed manufacture LED street
lamps
• Through interviews with company
employees, our investigators were told that
the facility employs 30 – 50 people, an
over 83% difference in staff
• Investigators were told that the company
at one time occupied five floors in two
buildings, but downsized to one story in
one building, an 80% difference in space.
Company Claims Due Diligence Findings
Photos from GeoInvesting 2016 visit
2016 Sohn Conference Hong Kong
10. Due Diligence: LTWG
• LTWG manufactures LED street
lamps
• Company claims 200 employees
• Company website claims building is
30,000 square meters in size
• They do indeed manufacture LED street
lamps
• Our due diligence indicates less than 50
employees, an over 75% workforce
difference
• Our investigators found other
companies also occupying this facility
Company Claims Due Diligence Findings
Photos from GeoInvesting 2016 visit
2016 Sohn Conference Hong Kong
11. Due Diligence: U-Young Technology
• U-Young manufactures LED lamps
• Company’s website lists 200
employees
• Company lists factory space at
15,000 square meters
• They do indeed manufacture LED lamps
• Investigators were told by several on-site
sources that there are now 40 or less
employees, an 80% workforce difference
• Our investigators were told that other
companies, including U-Young Appliance,
now share U-Young Technology’s facility
and workspace, a sign that the Company
may have downsized
Company Claims Due Diligence Findings
Photos from GeoInvesting 2016 visit
2016 Sohn Conference Hong Kong
12. Due Diligence: Chongzheng Electronics
• Manufactures LED metal core
printed circuit boards
• Company’s claims 200 employees
• Company’s building is 6,000 square
meters in size
• They do indeed manufacture LED metal
core printed circuit boards
• Investigators were told the company
had 150 employees, a 25% workforce
difference
• Another company shares the facility
with Chongzheng Electronics
Company Claims Due Diligence Findings
Photos from GeoInvesting 2016 visit
2016 Sohn Conference Hong Kong
13. Due Diligence Summary
• All findings from our due diligence tell us that the company
has downsized nearly all of its LED segments, despite the
company somehow being able to grow revenue
• The company recently stated at an extraordinary meeting of
shareholders...
“Save for the Acquisition, the Company has not entered or has not proposed to
enter into any agreement, arrangement, understanding or undertaking, whether
formal or informal and whether express or implied, and negotiation (whether
concluded or not) with an intention to dispose of or downsize the existing
business of the Group, and/or acquire other companies/businesses.”
(Source: Notice of General Meeting, June 13 2015)
http://www.hkexnews.hk/listedco/listconews/SEHK/2015/0614/LTN20150614007.pdf)
2016 Sohn Conference Hong Kong
14. Management’s Comments on LED
Business and Heavy Competition
• “Further, the managements expect that the selling prices of the LED lighting
products will keep on decreasing as most of the LED lighting manufacturers will
intend to capture more of their market share by reducing the selling prices.”
- (2015 annual report)
– Gross profit margin of the company’s LED business was approximately 13.0%
in 2015 compared to approximately 24.5% in 2014.
• According to the company, its impairment charges a result of “(i) selling prices of
the LED lighting products have been decreased as there was keen competition in
these particular LED lighting products and accessories sectors; (ii) the costs of
production were kept on rising such as the labour cost, utilities cost; and (iii) the
increased costs of production and operation cannot be shifted to the customers.”
2016 Sohn Conference Hong Kong
15. Gross Margin Comparison
*For companies that operate in more than one segment, we
specifically used margins from their LED segments
2016 Sohn Conference Hong Kong
17. LED Business Financials
• Even after
generously adjusting
for both impairment
items and
amortization, the
loss would be RMB
44.9 million
(~US$6.9M), as
compared to loss of
RMB 33.0 million
(~US$5.1M) in 2014.
• Company listed
reportable segment
results of a RMB
301.0 million
(~US$46.2M) loss for
the LED Lighting
business in 2015.
2016 Sohn Conference Hong Kong
18. Funding Operations with Equity While
Burning Cash
• Tech Pro’s free cash flow in 2015 was negative RMB 101 million, while receiving
cash inflows of RMB 148.6 million from equity financing
• The company’s share count ballooned from 4.9 billion to 6.5 billion in 4 years
• Based on recent cash flow trends, the only way it appears the company can
survive is through equity or debt financing and potential dilution of shareholders
2016 Sohn Conference Hong Kong
19. Q: What do we think management’s
answer is to supplement its low
margin, cash burning LED business?
2016 Sohn Conference Hong Kong
20. Second Tier French Football!
(fans wanted)
2016 Sohn Conference Hong Kong
21. Cash Burning Football Business
Tech Pro owns FCSM – Football Club Sochaux-Montbeliard
Currently playing in the second tier of French football, after being relegated
two seasons ago
2016 Sohn Conference Hong Kong
22. Cash Burning Football Business
• FCSM was acquired in July 2015 for €7M.
• Tech-Pro booked a €9M (RMB 62M) “gain on bargain purchase” on this deal.
• FCSM lost €3.4M and €13.2M in its 2013 & 2014 fiscal year ended June 30.
• Team was relegated from Ligue 1, the top tier of French football, to Ligue 2 after
the 2013-2014 season
• Finished this season ranked #15 in French Ligue 2, facing potential relegation
• We believe the company must make a substantial investment in the club in order
to bring it back to top tier football.
• It has been reported that the company is looking to invest up to €100M
– (Source: L’Equipe Magazine)
2016 Sohn Conference Hong Kong
23. FCSM Financials
*from 2015 Tech Pro Annual Report
2016 Sohn Conference Hong Kong
• Although the reportable segment results
from FCSM were a profit of RMB 22.7M
(~US$3.5M) for 2015, without the “Gain on
bargain purchase”, the results would have
been a loss of RMB 39.3M (~US$6.0M).
• The company has consolidated FCSM’s
financials since July 2015 after the
completion of its acquisition, meaning for
only a half a year in 2015, Tech Pro lost
RMB 39.3M in this segment.
• This makes us wonder: how bad would
these ½ year numbers look if extrapolated
out over the course of a full year?
24. FCSM Last Five Seasons Standing
Ligue 1
14th place
Ligue 1
15th place
Ligue 1
18th place
Ligue 2
10th place
Ligue 2
15th place
2016 Sohn Conference Hong Kong
25. Tech Pro’s Only Profitable Business: Real Estate
Tech-Pro’s share of Profit in 2015: RMB 17.2M (~US$2.6M)
Tech-Pro’s share of Net Assets in 2015: RMB 366.6M (~US$56.2M)
Image source: 2015 Annual Report
2016 Sohn Conference Hong Kong
26. Painting the Tape?
Chart and quoted text source:
Wall Street Journal,
Abheek Bhattacharya
“Lastly, there’s the puzzling rise
in Tech Pro’s share price toward
the end of trading sessions.
Over the past year through
March 9, Tech Pro’s stock
returned 43%. But if an investor
had bought shares an hour
before trading closed, sold them
at the end of Hong Kong’s
trading session, and then
reinvested the proceeds the
next day in the same manner,
the return would be a
remarkably high 791%.”
This appears to be an exercise in propping up the
price of 03823.HK in order to substantiate the
execution of equity raises on terms favorable to the
company.
2016 Sohn Conference Hong Kong
27. Tech Pro Reality Check
• Tech Pro’s LED business is deteriorating with poor margins
• We question the company’s financials showing revenue growth in its LED
business while our due diligence suggests otherwise
• FCSM requires heavy investment to maintain its current position to avoid
yet another relegation
• We believe Tech Pro will continue to require debt or equity financing to
fund operations
• Stock price movement and company valuation both seem completely
detached from the reality on the ground
2016 Sohn Conference Hong Kong
28. Our Recommendations
• Our on the ground due diligence differs materially from the
company’s stated financials
• We believe BDO, the company’s auditor, should carefully
consider our observations
• Based on irregularities in trading described by the Wall
Street Journal, we believe the SFC should commence an
investigation into the trading of this security
2016 Sohn Conference Hong Kong