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
noorulhadi Lecturer at Govt College of Management Sciences, noorulhadi99@yahoo.com
i have prepared these slides and still using in mylectures, Reference: Portfolio management by S kevin and onlin
noorulhadi Lecturer at Govt College of Management Sciences, noorulhadi99@yahoo.com
i have prepared these slides and still using in mylectures, Reference: Portfolio management by S kevin and onlin
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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.
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Tetuan Valley Startup School VI (Session 1 - Intro)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
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For further info please check tetuanvalley.com
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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.
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Equity effectiveness: creating alignment and value with your equity compensat...Buck Consultants
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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
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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.
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Analysis of Financial Statements.(Ratio analysis, Du Pont system ,Effects of ...Tanjin Tamanna urmi
Five Categories of Fin. Ratios
Liquidity: Ability to meet current obligations
Asset Mgmt: Proper & effective use of assets
Asset utilization (i.e., Total Asset Turnover Ratio:
TAT = Sales / T. Assets
Debt Mgmt: extent of debt & level of safety afforded creditors
Debt utilization (i.e., Equity Multiplier:
EM = T. Assets / T. Eqty
Profitability: reflects effects of liquidity, asset mgmt, & debt on operating results
Expense Control: Profit Margin:
PM = Net Income / Sales
Market Value: indicators of what investors think of firm’s past results & future prospects
Financial Analysis - EFG Financial Products Holding AG provides financial services in a number of areas most notably structured products, asset management and pension solutions
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Andrew Wiswell, NAL Energy's President and CEO, presents at the CIBC 2012 Whistler Institutional Investor Conference at Whistler, B.C., at 8 a.m. PST (9 a.m. MST, 11 a.m. EST).
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Tetuan Valley Startup School VI (Session 4)
1. Tetuan VAlley
Startup School Spring 2012
Week4
#StartSpain
In the end, a Sp art an's true
st reng is the warrior next t
th o
him. So give respect and honor t o
him, and it will be returned
Tetuan Valley, March 2012
3. STARTUP FINANCE 101 – Session 3
Objective Session 1
• Concepts
Introduce students with tehcnological • Principals
backgrounds to key financial concepts • Equations
that are esential at the hour of starting a
business • Investors; Objectives and restrictions, stages, “Venture Capital” and
Value Levers
• Conclusions for the entpreneur
Result
•Comprehension of key financial
indicators Session 2
•Ability to parameterize the models • Business Plan
given the face value of a startup and to • Price
make financial projections to investors • Business Model
• Other tools
Duration
2 sessions, 4hr
28/03/2012
4. TIME VALUE OF MONEY
Effect of compound interest
“A bird in the hand is worth two in the bush”
28/03/2012
= 4
5. DIVERSIFICATION
Market vs. Company Risk
“Don´t put all your eggs in one basket”
28/03/2012 5
6. PRICE OF RISK
Correlation of Risk & Return
“There´s no such thing as a free lunch”
28/03/2012 6
7. IN GRAPHS
Effect of compound
Time value of money interest
“A bird in the hand is worth
two in the bush”
Market vs. Company Risk
Diversification
“Don´t put all your eggs in one
basket”
Correlation of risk & return
Price of risk “There´s no such thing as a free
(Sharpe ratio) lunch”
28/03/2012
11. But if the same company sells with a difference of payments above 5 months
the company can go bankrupt
700
600
500
400 Margin
Margen
300 Collections
Cobros
200 Pagos
Payments
Caja
Cash balance
100
0
-100
Year 1 Year 2 Year 3 Year 4
28/03/2012 11
12. PROFIT AND LOSS
Earnings
- COGS
Contribution Margin
- Overhead Expenses
EBITDA
- Depreciations and amortizations
EBIT
+ Financial result
EBT
- Taxes
Net Result
3/28/2012
13. CASH FLOW STATEMENT
Collectibles
- Payments (Direct / Overhead)
Operating Cash
Capital Subscriptions
+ New Debt
- Principal of debt
- Dividends
Financial Cash
- Investments
+ Temporary financial earnings
Investment Cash
Annual Cash Balance
3/28/2012 13
14. BALANCE SHEET
Active where is my money Passive where does it come from
Long-Term Assets Tangible Equity
Social Capital
Investments
Net Results
Depreciations
Earnings
Long-Term Outside
Capital
Banks
Short-Term Assets Working Capital
Debt
Treasury Short-Term Outside
Inventory Capital
Creditors
Short-term bank
VAT
28/03/2012
15. 1 M Tshirt+
94 M EUR 1st liga
VS
Price is what you pay. Value is what you get
Warren Buffett
28/03/2012
16. FCF: what is it?
CAPM: r% = α + βp = Rf +(β*MRP)
WACC= Ke * (E / (D+E)) + Kd (D / (D+E))
FCF = Net income + depreciation – changes in working capital
– Capital expenditures
Earnings Expenses EBITDA Amort. EBIT T in EBIT Amort. NOPLAT Variation CAPEX FCF
WC
28/03/2012 16
20. WACC
WACC= Ke * (%e) + Kd * (%d)
Money
COSTS
How much
You use
Equity Costs Debt Costs
21. FCF: what is it?
CAPM: r% = α + βp = Rf +(β*MRP)
WACC= Ke * (E / (D+E)) + Kd (D / (D+E))
FCF = Net income + depreciation – changes in working capital
– Capital expenditures
Earnings Expenses EBITDA Amort. EBIT T in EBIT Amort. NOPLAT Variation CAPEX FCF
WC
28/03/2012 21
22. WHO IS WHO
SICAVs Family offices
Insurance &
Brokers Pension
Funds
Endowments
¿?
Private
Banking
Hedge Funds
Grants and
Subsidies
Angel Funds
CVC
Funds of Comercial
Funds Banks
Investment
Banking
Sovereign
Funds
28/03/2012
23. HOW PLAYERS INVEST
Friends
and Venture Funds Origin
family 3
1 Family Office Capital
Involvement Own Money
Others Money
Business Angels
Industrialists
2 Financial Purity
Source: Perennius
26. INVESTMENT CRITERIA
Why they Invest What they Measure Decision Time
Family, Friends and Personal
Confidence Fast
Fools Commitment
Subsidies and Policy Compliance
Slow
Public Assistence alignments merits
Business Angels Personal affinity Profitability Fast
Investment
Venture Capitalists Profitability Slow
criteria
Contribution to
Industrial Partners Strategic criteria Slow
business
Source: HighGrowth; Elaboración Okuri Ventures
27. DESIRED RETURN
Target yearly Holding period Investment Entry/exit
return (years) death rate multiplier
PE 25%+ 3-5 <20% x3,5
VC 25%+ 3-5 >60% x10+
BA 15%+ 4-7 >80% x20+
28/03/2012
28. ORIGIN OF MULTIPLIERS-LEVERS
Shareholder Return
PE
25
Investment
Multiplier 20
15
VC 10
5
0
Source: Cifras orientativas Sales Margin Debt Arbitration Total
28/03/2012
