The document contains lecture notes on corporate finance topics including time value of money, risk and return, diversification, financial statements such as the balance sheet and income statement, and cash flow analysis. Key concepts covered are compound interest, price of risk, types of risk, using financial statements to analyze a company's profitability, and importance of managing working capital and cash flows.
Tetuan Valley Startup School VI (Session 4)TetuanValley
Tetuan Valley is the first non-for-profit pre-accelerator program in Europe. Our goal is to promote local Entrepreneurship and regional development towards technology.
Twice a year we host a 6 week startup school, with focus on training and working on the implementation of a business idea. We have a portfolio of more than 70 top-notch mentors, participating to give the students a unique and valuable experience. All graduates of the startup school get exclusive access to the Tetuan Valley Alumni Network.
For further info please check tetuanvalley.com
Equity effectiveness: creating alignment and value with your equity compensat...Buck Consultants
Play on demand https://buckconsultants.omnovia.com/archives/121832
Creating equity compensation arrangements that are in the best interests of stakeholders requires an understanding of the technical intricacies of equity plan design, as well as how equity works as a tool for motivating your employees. Evaluating whether a stock-based compensation plan effectively serves its intended purpose is the challenge.
- What engages and motivates the global workforce
- Whether the fit between your equity programs and your organization’s culture is enough to create a motivated work force
- What business and financial metrics are most relevant in driving fundamental financial performance
- Where plan design may deviate from the Company’s objectives
Tetuan Valley Startup School VI (Session 4)TetuanValley
Tetuan Valley is the first non-for-profit pre-accelerator program in Europe. Our goal is to promote local Entrepreneurship and regional development towards technology.
Twice a year we host a 6 week startup school, with focus on training and working on the implementation of a business idea. We have a portfolio of more than 70 top-notch mentors, participating to give the students a unique and valuable experience. All graduates of the startup school get exclusive access to the Tetuan Valley Alumni Network.
For further info please check tetuanvalley.com
Equity effectiveness: creating alignment and value with your equity compensat...Buck Consultants
Play on demand https://buckconsultants.omnovia.com/archives/121832
Creating equity compensation arrangements that are in the best interests of stakeholders requires an understanding of the technical intricacies of equity plan design, as well as how equity works as a tool for motivating your employees. Evaluating whether a stock-based compensation plan effectively serves its intended purpose is the challenge.
- What engages and motivates the global workforce
- Whether the fit between your equity programs and your organization’s culture is enough to create a motivated work force
- What business and financial metrics are most relevant in driving fundamental financial performance
- Where plan design may deviate from the Company’s objectives
Tnooz-Collinson Latitude webinar – Ancillary services or customer loyalty: Kevin May
The 60-minute session will give attendees a better understand of how using data more effectively can build on customer loyalty through positive interaction and engagement.
Panelists are:
Janet Titterton, Collinson Latitude, business planning director
Alexander Meili, ICLP, European planning director
James Berry, The Collinson Group, director product and planning
Moderator:
Kevin May, Tnooz editor and co-founder
Invest every month in a selection of low-fee investment products, with simple tools to tailor and automatically rebalance your portfolio, while minimising your commissions.
With the ETFmatic app for Android and iPad/iPhone our customers can efficiently:
Set goals for their savings and contribute regularly, preferably in an automated way, to make it a no-effort habit
Diversify their investments into low cost index funds or ETFs with low maintenance fees
Ensure that the closer they are to using their savings, the less volatility they will have in their portfolio
Easily manage their accounts from at any point and from any location
And most importantly, rest assured that their assets are kept safe under the custody of one of the most trusted banks in the world
Tnooz-Collinson Latitude webinar – Ancillary services or customer loyalty: Kevin May
The 60-minute session will give attendees a better understand of how using data more effectively can build on customer loyalty through positive interaction and engagement.
Panelists are:
Janet Titterton, Collinson Latitude, business planning director
Alexander Meili, ICLP, European planning director
James Berry, The Collinson Group, director product and planning
Moderator:
Kevin May, Tnooz editor and co-founder
Invest every month in a selection of low-fee investment products, with simple tools to tailor and automatically rebalance your portfolio, while minimising your commissions.
With the ETFmatic app for Android and iPad/iPhone our customers can efficiently:
Set goals for their savings and contribute regularly, preferably in an automated way, to make it a no-effort habit
Diversify their investments into low cost index funds or ETFs with low maintenance fees
Ensure that the closer they are to using their savings, the less volatility they will have in their portfolio
Easily manage their accounts from at any point and from any location
And most importantly, rest assured that their assets are kept safe under the custody of one of the most trusted banks in the world
Startup Spain Angel School - 6. Apoyo, legal y salidaLuis Rivera
Startup Spain Angel School with Madrid Emprende in Madrid International Lab. February 9th 2012
For further info please check http://www.startupspain.com
Startup Spain Angel School - 1. La tecnología y el negocio de InternetLuis Rivera
Startup Spain Angel School with Madrid Emprende in Madrid International Lab. February 9th 2012
For further info please check http://www.startupspain.com
Startup Spain Angel School - 5. Acuerdo de inversiónLuis Rivera
Startup Spain Angel School with Madrid Emprende in Madrid International Lab. February 9th 2012
For further info please check http://www.startupspain.com
Startup Spain Angel School - 2. Modelos de negocioLuis Rivera
Startup Spain Angel School with Madrid Emprende in Madrid International Lab. February 9th 2012For further info please check http://www.startupspain.com
This PPT was originally presented as part of a business class at CSU and touches on the high level of value, its importance, and its application in the environment many younger entrepreneur's find themselves. Value is more than a multiple on revenues or income, it is dynamic, can be defended and improved when the underlying drivers are understood.
A Guide to capital budgeting and need for valuationArpit Amar
How a finance manager takes investment and financing decision and why and under what circumstances valuation of business in necessary is described in this presentation.
This presentation was made during my MBA program in Germany
Tetuan Valley Startup School V (Session 3)TetuanValley
Tetuan Valley is the first non-for-profit pre-accelerator program in Europe. Our goal is to promote local Entrepreneurship and regional development towards technology
Twice a year we host a 6 week startup school, with focus on training and working on the implementation of a business idea. We have a portfolio of more than 70 top-notch mentors, participating to give the students a unique and valuable experience. All graduates of the startup school get exclusive access to the Tetuan Valley Alumni Network.
For further info please check tetuanvalley.com
My name is Pedro Lau Semedo. I’m the CEO of Kognitas and I’m co-founder with Luis Rivera, and Alejo Martínez-Sansigre. And we are a wellbeing startup focusing on wellbeing for geeks.
We provide an integrated service where we give people a chance to experiment from different challenges and little lifestyle changes delivered through chatbots. You have smart scales and a smart watch and a continuous glucose meter, and then people check at their wearable data and sensor the data and see if things are working.
On top of that, we have support through personal health coaches. That really guide you through what things to change or what things are making an impact and, and the hope is that little by little people will make small changes, integrate their mass habits, and over time they will compound into big changes.
Because I identified that whatever worked for me, probably work for a lot of other people in my situation: you know, middle aged people, professionals that don’t have a lot of time, they probably have kids. They’re already having the first signs of an unhealthy metabolism and lifestyle. Like, high cholesterol, high blood pressure. And, uh, we found that this worked much better than the typical fat diet, trying to go to the gym, not going to the gym, and all of those typical things that people are told to do.
https://www.digitalocean.com/resources/podcast/aha-moment-kognitas
Aion Bank, a full service digital bank, today announced the acquisition of ETFmatic. ETFmatic works with some of the best exchange traded funds (ETFs) in the world to offer a transparent end-to-end service to investors.
Belgiums Aion bank has acquired London robo advisor ETFmaticLuis Rivera
The neobank is looking to boost its investment proposition.
Belgium’s Aion Bank has acquired London robo-advisor ETFmatic
Image source: Aion Bank.
Aion Bank has acquired low-cost ETF investment platform ETFmatic, a new digital bank in Belgium backed by private equity giant Warburg Pincus.
Aion launched last March as a subscription-based bank, with its €3.90/month Light account offering high-interest rates of up to 1 per cent and its €19/month Premium account offering automated ETF investing.
This is where the ETFmatic acquisition comes in, Aion says the deal will help it create new investment products in more countries, while ETFmatic will continue to operate as a stand-alone brand.
Wealth and investment offerings are fairly few and far between among digital banks right now. Currently, Revolut offers direct access to stocks, crypto and commodities trading, but not the kind of robo-advice offered by a Nutmeg or Wealthify.
Aion Bank, now with ETFmatic’s help, is clearly trying to find a market in the middle for neobank plus robo-advisor.
For ETFmatic the deal will also see an expansion of its white-label service across Europe, the service which Aion used to launch its ETF investment product.
“ETFmatic has been a great partner since our Belgian launch in March 2020,” said Aion CEO Wojciech Sobieraj.
“We are the bank designed to help our members save and earn more, and portfolio management is a key product as we prepare to expand across Europe.”
Next up on that expansion is Poland, where the bank is due to do live later this year.
Johan Hellman, CEO of ETFmatic, said: “ETFs have seen significant growth during the pandemic, and I anticipate investors will continue to look to ETFs as we see market recovery in the quarters to come.”
The deal has already been approved by the UK’s Financial Conduct Authority and is effective immediately, no financial details of the deal were disclosed.
FT Adviser - Robo-adviser launches tax monitoring featureLuis Rivera
Europe-wide robo-adviser has launched a capital gains harvesting feature to help its clients optimise their investments and reduce the need for aggressive asset allocation rebalancing.
ETFmatic's new feature will work by identifying and selling those ETFs that have increased in value and replacing them with similar ones to ensure the same asset allocation exposure is maintained for clients.
The robo-adviser claims to be Europe's only digital wealth management platform that offers ETF portfolios in sterling, Euros and US dollars.
Luis Rivera, chief executive of ETFmatic, said: "Investors in Europe deserve cost effective portfolio management with asset allocations that make sense to them. Our aim is to offer clients more of the kinds of services that have historically only been available to individuals with several million to invest.
"Since our launch two years ago, we have continuously been developing new solutions which add further value to our services. The new capital gains feature lays the groundwork for further tax optimisation tools around loss harvesting in the future."
ETFmatic will begin rolling out the service to clients in 32 European Union states. Initially, it will only be available to eligible clients with portfolios of GBP/USD/EUR 50,000 plus.
The company has said those who are not familiar with capital gains tax or the tax-free allowance should seek professional tax advice before deciding whether to enable the feature on their account.
It charges 0.48 per cent on portfolios of up to GBP/EUR/USD 25,000, and 0.29 per cent for those of more than GBP/EUR/USD 25,000 and above.
ETFmatic has not disclosed how much it has in assets under management.
Negocios - Portugueses ja confiam num robot para gerir o seu dinheiroLuis Rivera
Portugueses estão entre os principais clientes da primeira gestora robótica de patrimónios. Mas os investidores nacionais são mais conservadores do que no resto da Europa.
Portugueses já confiam num robot para gerir o seu dinheiro
Bloomberg
Ler mais tarde Imprimir
Negócios jng@negocios.pt
14 de dezembro de 2017 às 12:39
A ETFmatic, a primeira gestora robótica de patrimónios a operar em Portugal, tem clientes em 32 países, entre os quais as maiores economias do mundo como Alemanha, França, Reino Unido, Espanha e Finlândia, mesmo assim o nosso país é um dos seus cinco melhores clientes, revela hoje o Observador.
Há quase uma década que os gestores-robot são uma realidade nos Estados Unidos, país onde já administram mais de 45 mil milhões de euros. Mas na Europa o caminho tem sido mais lento, e em Portugal a ETFmatic é aliás a única empresa a usar este modelo de gestão de património – em que o dinheiro dos clientes é investido automaticamente através de algoritmos - e começou o operar há apenas um ano e meio.
"Portugal é agora um dos cinco principais mercados" da ETFmatic, "definitivamente, não estávamos à espera", revela o empreendedor espanhol que fundou a ETFmatic, em Londres, Luís Rivera. O gestor não revela números, mas avança com uma explicação para o sucesso em Portugal: "Muito do nosso crescimento está a vir de países onde os emitentes de fundos cotados não investiram no desenvolvimento, [logo] a nossa oferta é mais disruptiva."
Na mesma entrevista ao Observador, o fundador da ETFmatic conta que os investidores nacionais são mais conservadores do que no resto da Europa. A carteira mais comum entre os portugueses tem 40% aplicado no mercado accionista e 60% em fundos de obrigações, revela Luís Rivera. Ao nível europeu, a carteira mais popular tem 80% exposta a acções e 20% a obrigações, de acordo com as estatísticas mais recentes da companhia londrina. Isto acontece "apesar de [os portugueses] serem ligeiramente mais novos", com 32 anos, afirma Luís Rivera.
FT Adviser - Passive platform announces fee cutLuis Rivera
ETFmatic, a provider of exchange traded funds (ETFs) has announced a reduction in its fees.
The annual management fee on its range of passive portfolios of less than £25,000 will be 0.48 per cent, a reduction of 0.02 per cent.
For portfolios of greater than £25,000, the annual management fee drops to 0.29 per cent, from the previous 0.30 per cent.
When admin and tax costs are added, this takes the total expense ratio of the portfolios will be 0.60 per cent for the portfolio below £25,000, and 0.45 per cent for those above, according to the company.
Citywire - Online Investment firm cuts management fees to under 18sLuis Rivera
A pan-European robo-advice firm is hoping to hook in the next generation of investors with a zero management fee for under 18s.
ETFmatic, which operates in the UK and 31 other European countries, began offering the service in October. Nations hit the hardest by the financial crisis, such as Spain and Ireland, have provided the most clients, the firm said.
Product director Johann Bornman said: ‘Time and compound interest are incredible allies in achieving your financial goals. A simple way to ensure the highest possible rate of compound (return), for the level of risk you are willing to take, is to keep your costs as low as possible.
‘Paying high fees might send your banker’s kids to nice schools, but severely impacts where your children will call their alma mater.’
ETFmatic also recently removed management fees for women for a limited period, in a bid to close the gender gap among its clients.
Robo-adviser offers fee-free investing for womenLuis Rivera
Women who open and fund an account with ETFmatic will not pay investment management fees for six months.
The robo-investor’s campaign is designed to throw light on the investment gender gap, which typically sees men in a better position to invest than women who are more likely to take career breaks or a cut in hours to raise their children.
The ability for women to invest may also be hampered by the 18.6 per cent salary difference for all types of employment and 9.4 per cent for full-timers.
While the gender pay gap is closing Deloitte estimates it will only slam shut in 2069, if the current trend perseveres.
Attitude to risk is a further factor that adds to the differences between men and women.
Several studies have found women are more likely to put money into savings accounts, rather than invest.
ETFmatic concludes this indicates a lower tolerance for investment risk, which needs to be addressed if women are to achieve long-term financial goals.
Stefanie zu Dohna, client and operations director at ETFmatic, said: “At ETFmatic 10 per cent of our clients are female. The average age of our customers is 34 years. This is an age where lots of people settle down and start seriously thinking about their investments for the future.
"But this is also an age where many women are likely to be taking time out of full time work to raise children and earnings may decline - any savings put to one side on a regular basis need to work harder to meet long term financial goals.
“For the next month any woman that opens and funds an account with ETFmatic will have zero investment management fees for six months.
"We hope this helps plug any investment gaps, and encourages more women to use digital wealth management platforms as an alternative investment solution that’s quick, easy, transparent and secure.”
Susan Hill, chartered financial planner at Susan Hill Financial Planning, said: “There is a need for women to take control of their finances. They like to have a plan and to work towards a goal, however they are more cautious than men, and take more time to consider their options.
“I think male advisers don’t always help as they work differently to women and can come across as a little patronising. The solution is to get more female advisers out there and, of course, to ensure sound financial education starts at an early age, and is delivered with both genders in mind.”
El robo advisor etfmatic presente en 32 países Luis Rivera
El robo-advisor ETFmatic, presente en 32 países
El robo-advisor ETFmatic se convierte en la primera aplicación en estar presente en 32 países. Ofrece carteras diseñadas individualmente de acuerdo con la tolerancia y riesgo de cada inversor.
JUEVES, 19 ENERO 2017IRENE DEL CAMPO
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Desde que comenzó su andadura en junio de 2016, ETFmatic ha realizado una rápida expansión internacional que le ha llevado en tan solo seis meses a ofrecer sus servicios en España, Portugal, Bélgica, Irlanda, Suiza, Dinamarca, Letonia, Austria, Estonia, Países Bajos, Polonia, Bulgaria, Croacia, Chipre, República Checa, Finlandia, Francia, Alemania, Gibraltar, Grecia, Hungría, Islandia, Italia, Liechtenstein, Lituania, Luxemburgo, Malta, Noruega, Rumania, Eslovaquia, Eslovenia y Reino Unido.
Luis Rivera, consejero delegado (CEO) de la compañía, destaca que ofrecen “más flexibilidad que otros robo-advisors ya que permite gestionar un portfolio único para cada cliente”.
Asimismo, llama la atención en otras de las ventajas de ETFmatic que “ofrece costes menores que la banca tradicional, con fácil accesibilidad las 24 horas los 365 días del año a través del móvil y que permite la apertura de una cuenta de inversión en 32 países en tan solo cinco minutos. Los inversores continentales tienden a pagar tarifas más altas, por lo que encuentran en los robo-advisors a un gran aliado para minimizar costes mientras generan altas rentabilidades”, explica.
Esta aplicación, continúa la firma en un comunicado, “se diferencia de los productos existentes en el mercado por configurar un portfolio personalizado y único para cada cliente en función de su perfil de inversor (conservador, medio o agresivo), su edad y sus ingresos, así como las metas financieras establecidas, y no en base a los intereses de aquellos que lo comercializan. De este modo, según los datos registrados el servidor establece de forma automática una cartera diversificada diseñada para cumplir los objetivos de rentabilidad marcados”.
Además, continúa, se trata del primer robo-advisor que está disponible directamente desde el móvil sin necesidad de entrar en una página web, a través de una herramienta de gestión simple y ágil. Desde la aplicación, los clientes pueden abrir una cuenta de simulación con fondos virtuales ilimitados para comparar beneficios y tarifas con variantes tradicionales. Y la inversión mínima requerida es de 100 euros.
Según asegura el CEO de ETFmatic, “todas estas ventajas son posibles gracias a que hemos desarrollado una completa regulación y tecnología que nos ha permitido eliminar intermediarios y ofrecer un servicio completo a coste inferior comparado con la competencia”.
Audio boom i robo advisor et fmatic launches robo investment platformLuis Rivera
Robo-investment platforms have been on the rise in recent years. Nutmeg has been the pioneer: you fill in a questionnaire, then algorithms - or a 'robo-advisor' - picks a portfolio tailored to you.
A new platform has entered the fray: ETFmatic. Share Radio's Ed Bowsher spoke to ETFMatic's CEO Luis Rivera to find out about his new platform as well as the growing world of robo-investment.
Observador.pt - Esqueça o gestor de conta. Chegou o primeiro robô que lhe ger...Luis Rivera
A ETFmatic é a primeira gestora robótica de ativos registada em Portugal. Luis Rivera, o espanhol que lidera a firma britânica, explica como consegue reduzir as comissões a 0,5% do património por ano.
Event Report - SAP Sapphire 2024 Orlando - lots of innovation and old challengesHolger Mueller
Holger Mueller of Constellation Research shares his key takeaways from SAP's Sapphire confernece, held in Orlando, June 3rd till 5th 2024, in the Orange Convention Center.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
Top mailing list providers in the USA.pptxJeremyPeirce1
Discover the top mailing list providers in the USA, offering targeted lists, segmentation, and analytics to optimize your marketing campaigns and drive engagement.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
In the Adani-Hindenburg case, what is SEBI investigating.pptxAdani case
Adani SEBI investigation revealed that the latter had sought information from five foreign jurisdictions concerning the holdings of the firm’s foreign portfolio investors (FPIs) in relation to the alleged violations of the MPS Regulations. Nevertheless, the economic interest of the twelve FPIs based in tax haven jurisdictions still needs to be determined. The Adani Group firms classed these FPIs as public shareholders. According to Hindenburg, FPIs were used to get around regulatory standards.
17. PROFIT
AND
LOSS
Earnings
-‐
COGS
Contribu@on
Margin
-‐
Overhead
Expenses
EBITDA
-‐
Deprecia:ons
and
amor:za:ons
EBIT
+
Financial
result
EBT
-‐
Taxes
Net
Result
19. PROFIT
AND
LOSS
Earnings
-‐
COGS
Contribu@on
Margin
-‐
Overhead
Expenses
EBITDA
-‐
Deprecia:ons
and
amor:za:ons
EBIT
+
Financial
result
EBT
-‐
Taxes
Net
Result
20. COST
OF
GOODS
SOLD
How
many
things
you
sell
X
How
much
it
costs
to
make
them
21. PROFIT
AND
LOSS
Earnings
-‐
COGS
Contribu@on
Margin
-‐
Overhead
Expenses
EBITDA
-‐
Deprecia:ons
and
amor:za:ons
EBIT
+
Financial
result
EBT
-‐
Taxes
Net
Result
27. PROFIT
AND
LOSS
Earnings
-‐
COGS
Contribu@on
Margin
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Overhead
Expenses
EBITDA
-‐
Deprecia:ons
and
amor:za:ons
EBIT
+
Financial
result
EBT
-‐
Taxes
Net
Result
28. CASH
FLOW
STATEMENT
Collec:bles
-‐
Payments
(Direct
/
Overhead)
Opera@ng
Cash
Capital
Subscrip:ons
+
New
Debt
-‐
Principal
of
debt
-‐
Dividends
Financial
Cash
-‐
Investments
+
Temporary
financial
earnings
Investment
Cash
Annual
Cash
Balance
30. But
if
the
same
company
sells
with
a
difference
of
payments
above
5
months
the
company
can
go
bankrupt
Margin
Collec:ons
Payments
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balance
31. Price
x
Volume
vs
Variable
cost
vs
fixed
cost
Price
x
volume
Price
x
volume
-‐
Cost
-‐
Cost
Contribu@on
Margin
Contribu@on
Margin
-‐
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Expenses
-‐
Overhead
EBITDA
EBITDA
Price
x
volume
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x
volume
-‐
-‐
Cost
Cost
Contribu@on
Margin
Contribu@on
Margin
-‐
Overhead
Expenses
-‐
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EBITDA
EBITDA
32. BALANCE
SHEET
Ac@ve
where
is
my
money
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where
does
it
come
from
Long-‐Term
Assets
Tangible
Equity
Social
Capital
Investments
Net
Results
Deprecia@ons
Earnings
Long-‐Term
Outside
Capital
Banks
Short-‐Term
Assets
Working
Capital
Debt
Treasury
Short-‐Term
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Inventory
Capital
Creditors
Short-‐term
bank
VAT
33. 1
M
Tshirt+
94
M
EUR
1st
liga
VS
Price
is
what
you
pay.
Value
is
what
you
get
Warren
Buffea
34. FCF:
what
is
it?
CAPM:
r%
=
α
+
βp
=
Rf
+(β*MRP)
WACC=
Ke
*
(E
/
(D+E))
+
Kd
(D
/
(D+E))
FCF
=
Net
income
+
deprecia:on
–
changes
in
working
capital
–
Capital
expenditures
Earnings
Expenses
EBITDA
Amort.
EBIT
T
in
EBIT
Amort.
NOPLAT
Varia@on
CAPEX
FCF
WC
35. CAPM
r%
=
Rf
+(MRP*β)
Price
of
Risk
EQUALS
Market
Risk
Prem,
Non
Risky
How
much
it
Stuff
that
mafers
41. WACC
WACC=
Ke
*
(%e)
+
Kd
*
(%d)
Money
COSTS
How
much
You
use
Equity
Costs
Debt
Costs
42. FCF:
what
is
it?
CAPM:
r%
=
α
+
βp
=
Rf
+(β*MRP)
WACC=
Ke
*
(E
/
(D+E))
+
Kd
(D
/
(D+E))
FCF
=
Net
income
+
deprecia:on
–
changes
in
working
capital
–
Capital
expenditures
Earnings
Expenses
EBITDA
Amort.
EBIT
T
in
EBIT
Amort.
NOPLAT
Varia@on
CAPEX
FCF
WC
47. HOW PLAYERS INVEST
Friends
and
family
Capital
1
Family
Office
Riesgo
nvolucración
Business
Angels
Industriales
Source:
Perennius
48. HOW PLAYERS INVEST
Friends
and
family
Capital
1
Family
Office
Riesgo
nvolucración
Business
Angels
Industriales
2
Pureza
financiera
Source:
Perennius
49. HOW
PLAYERS
INVEST
Friends
and
family
Capital
Origen
de
los
fondos
3
1
Family
Office
Riesgo
nvolucración
Dinero
propio
Dinero
de
terceros
Business
Angels
Industriales
2
Pureza
financiera
Source:
Perennius
56. INVESTMENT
CRITERIA
Why
they
Invest
What
they
Measure
Decision
Time
Family,
Friends
and
Personal
Confidence
Fast
Fools
Commitment
Subsidies
and
Compliance
Policy
alignments
Slow
Public
Assistence
merits
Business
Angels
Personal
affinity
Profitability
Fast
Investment
Venture
Capitalists
Profitability
Slow
criteria
Contribu:on
to
Industrial
Partners
Strategic
criteria
Slow
business
Source:
HighGrowth;
Elaboración
Okuri
Ventures
57. DESIRED
RETURN
Target
yearly
Holding
period
Investment
Entry/exit
return
(years)
death
rate
mul@plier
PE
25%+
3-‐5
<20%
x3,5
VC
25%+
3-‐5
>60%
x10+
BA
15%+
4-‐7
>80%
x20+
59. How to determine your business drivers
Target: Commercials in FMCG companies
5.000 users first year , recurrent and growing
Go to 5 of the 100 companies in the market
How
1 Market Average is 1000 users/ client
Do you still have 5.000 Users?
I personally (or my network) know 5 decision takers in those
How 2 companies, initial prospection has been made
Do you still have 5.000 Users?
How 3
Do
de
companies
have
control
over
the
users?
Do
you
sFll
have
5.000
Users?
How 4
Are my clients going to demand a trial phase
Do you still have 5.000 Users?
How 5
Success in conversion rate from trial to client?
Do you still have 5.000 Users?
60. How to determine your business drivers
Target: Commercials in FMCG companies
5.000 users first year , recurrent and growing
Go to 5 of the 100 companies in the market
Marke:ng
/
Sales
Strategy
1 Market Average is 1000 users/ client
Do you still have 5.000 Users?
I personally (or my network) know 5 decision takers in those
2 companies, initial prospection has been made
Do you still have 5.000 Users?
Scalability
3
Do
de
companies
have
control
over
the
users?
Do
you
sFll
have
5.000
Users?
4
Are my clients going to demand a trial phase
Success
of
Do you still have 5.000 Users?
product
/
service
5
Success in conversion rate from trial to client?
Do you still have 5.000 Users?
71. WHaT WE INClUDE IN a FINANCIal 1 PaGEr: COMPaNY
Opportunity description
WHO @RE YOU Business Model
Need S^tisfied
Products / Services
WH@T DO YOU DO M^rket Objective
Competitors
HOW DO YOU S^les & M^rketing Str^tegy
@CHIVE IT Current ^nd Funnel Clients
OPPORTUNITY FOR Investment @lloc^tion
THE INVESTOR Exit Str^tegy
72. WHaT WE INClUDE IN a FINaNCIal 1 PaGEr: INVESTOr
Business Sector (T ^gs)
Cont^ct Inform^tion
Executive T e^m
RELEV@NT
Fin^nci^l Inform^tion
INFORM@TION FOR
Investment St^ge
THE INVESTOR
Current C^pit^l
Monthly Burn R^te
Pre-Money V^lu^tion
Investment C^pit^l
Current Investors
Forums
73. WHaT WE INClUDE IN a FINaNCIal 1 PaGEr: NUMbErS
Mul@plier
Year
0
…
Year
n
Revenues
CF
Breakeven
EBITDA
Net
Result
Assets
Liabili:es
Cash
Money… when ^nd how much
76. Is
it
the
type
of
stuff
I
invest
in?
2. Criteria checklist
77. A WORD ABOUT RETURN EXPECTATIONS
Source: Okuri Ventures
78. 3. 1 Pager
“Before beginning with any startup you need to find a problem and the
way to solve it without screwing anybody in the process”
- Tristan Mace