This document summarizes a presentation on valuation metrics and drivers in today's economy. The presentation included speakers from Assay, Silicon Valley Bank, RoseRyan, and Foley & Lardner LLP who discussed topics like off-balance sheet accounting, valuation trends in technology, preparing financial statements, and legal aspects of building business value. It also included slides on valuation multiples over time for IPOs, M&A deals and private funding rounds. Key valuation drivers discussed included revenue growth, profitability, recurring revenue, and market conditions.
Perspective on Innovation in Asset ManagementThierry Zois
These slides will give you a good overview on the current asset management market in Europe, South East Asia and US.
Finch believes that it is currently in the right position to be disrupted - come figure out why.
The aftermath of the share class haggle in UK retail investments, post RDRDavid Taylor
As the Retail Distribution Review took effect in the UK in 2013, many expected distributors of investment products to win the haggle with product providers.
This didn't happen. But the aftermath leaves as many questions unanswered by the industry. This presentation paints some scenarios and explores the implications for action
Technology Impact on Secular Industries Duetsche Bank Leveraged Finance Confe...Ted Stenger
The Impact of Technology on Secular Trends. Examining the impact of technology on secular industries including media, publishing, retail and consumer products. Business model pitfalls
Perspective on Innovation in Asset ManagementThierry Zois
These slides will give you a good overview on the current asset management market in Europe, South East Asia and US.
Finch believes that it is currently in the right position to be disrupted - come figure out why.
The aftermath of the share class haggle in UK retail investments, post RDRDavid Taylor
As the Retail Distribution Review took effect in the UK in 2013, many expected distributors of investment products to win the haggle with product providers.
This didn't happen. But the aftermath leaves as many questions unanswered by the industry. This presentation paints some scenarios and explores the implications for action
Technology Impact on Secular Industries Duetsche Bank Leveraged Finance Confe...Ted Stenger
The Impact of Technology on Secular Trends. Examining the impact of technology on secular industries including media, publishing, retail and consumer products. Business model pitfalls
The BBB Small Business Finance Markets Report 2020/21 provides an in-depth analysis of the impact of Covid-19 on smaller businesses in the UK and their outlook on recovery.
For the narrated version with original fonts, visit:
http://venturecompany.com/videos/sovc
After the preeminent presentation on The State of Venture Capital has been viewed (bullet-by-bullet) by close to 11,000 people, we revised The State of Venture Capital, narrated and updated it with the latest findings from 2012.
Funding Sme – The Challenges And Risk Within - Mezzanine Financing - Part - 8Resurgent India
Business owners need finance in order to invest but they want to retain control of their business and not give up valuable equity. For MSMEs the financing options are limited and private equity investors are usually interested in larger companies, while business angel investors are more active in start-ups. Furthermore, conventional bank lending is often not available for projects that could be classified as speculative. That’s where mezzanine finance comes in. Mezzanine finance is a fairly well-known type of funding, which sits between traditional bank debt and equity and it is exactly what many MSMEs need.
Shareholders Are Dissatisfied with CEO Compensation and Disclosure--Proxies Are Too Long, Difficult to Read.
Only 38 percent of institutional investors believe that corporate disclosure about executive compensation is clear and easy to understand. “Shareholders want to know that the size, structure, and performance targets used in executive compensation contracts are appropriate,” says Professor David F. Larcker of the Stanford Graduate School of Business. “Our research shows that, across the board, they are dissatisfied with the quality and clarity of the information they receive about compensation in the corporate proxy. Even the largest, most sophisticated investors are unhappy.”
“With new pressure from activist investors and annual ‘Say on Pay’ (SOP) votes, it is more important than ever that companies explain to their shareholder base why the compensation packages they offer are appropriate in size and structure,” says Aaron Boyd, director of Governance Research at Equilar. “Investors are noticing the wide range in quality and clarity among various companies’ proxies. They want companies to communicate and explain, rather than simply disclose,” adds Ron Schneider, director of Corporate Governance Services at RR Donnelley Financial Services. “This represents a significant opportunity for many companies to improve the clarity of their proxies.”
In the fall of 2014, RR Donnelley, Equilar, and the Rock Center for Corporate Governance at Stanford University surveyed 64 asset managers and owners with a combined $17 trillion in assets to understand how institutional investors use the information in corporate proxies.
Even though many organizations only care about the return on investment (ROI), but they never revisit it. Treasurers rarely toot their own horn about achieving or exceeding promised ROI. During this presentation we will examine vital financial benefits derived from both strategic and operational changes made possible with modern technology. It will cover some leading practices and preventable pitfalls others have made while making the case for treasury technology.
This presentation will provide you with tools to improve how you “make the case” for technology.
The Changing Relationship Between Investors and Investments OurCrowd
Take this opportunity to meet OurCrowd’s new president, Anthony DeChellis, who brings to the discussion his extensive experience in the private banking and institutional finance world. Anthony previously served as CEO of Private Banking Americas at Credit Suisse, headed Private Wealth Management at UBS, and held a range of leadership positions at Merrill Lynch, including Manager of the European Private Banking Business.
Professor John Paglia, lead researcher for the Pepperdine Private Capital Market Project, spoke at the annual meeting of the National Association of Small Business Investment Companies (NASBIC) in Palm Beach, Florida. He addressed the National Summit for Lower Middle Market Funds, the premier networking event for lower middle market private equity funds, independent sponsors, investors and service providers. http://bschool.pepperdine.edu/privatecapital
"You can download this product from SlideTeam.net"
Use our content ready Strategic Portfolio Management PowerPoint Presentation Slides to showcase assets management of various securities in order to meet Investment goals. Investment management strategy PowerPoint complete deck comprises of professional slides such as objectives of portfolio management, types of investments, market scenario overview, investment instruments, securities portfolio, analysis and valuation of equity securities, industry analysis PESTEL, SWOT analysis, discounted cash flow method, financial statement analysis, company cash flow statement, investment in special situations, fixed income and leveraged securities, bond valuation system, reinvestment risk table, type of convertible securities, options analysis, warrants summarization overview, derivative products, put and call options, stock index futures and options, stick indexes comparison table, broaden the investment perspective, international security market highlights, global market trends, mutual funds investment criteria overview, investment in real estate, diversified real estate classification, KPIs and dashboards etc. Download investment portfolio management PPT visuals to analyze risk and return on investment. https://bit.ly/3sauHXW
Nick O’Donohoe, former Global Head of Research at JP Morgan, author of their report on Impact Investments presented a summary of the report's findings, specifically how impact investing is emerging as an asset class.
Be sure to check out the other presentations, videos and audio recordings from the conference at www.tbnetwork.org/uknc11/media
Equity Compensation: End-to-End Strategies for Private CompaniesRoseRyan
How you design and execute your equity compensation plan has significant impacts on many areas of your business, including employee retention, market valuation and readiness for an exit event. These slides by legal, HR and accounting experts in Silicon Valley show you how to set yourself up for success, avoid common pitfalls and plan for an M&A deal or IPO and are drawn from a RoseRyan seminar.
A Private Placement Memorandum (“PPM”) is also referred to as a confidential offering circular or memorandum. PPM’s are used by private companies in going public transactions and by existing public companies to raise capital by selling either debt or equity in an exempt offering. Most exempt offerings are private placements.
The BBB Small Business Finance Markets Report 2020/21 provides an in-depth analysis of the impact of Covid-19 on smaller businesses in the UK and their outlook on recovery.
For the narrated version with original fonts, visit:
http://venturecompany.com/videos/sovc
After the preeminent presentation on The State of Venture Capital has been viewed (bullet-by-bullet) by close to 11,000 people, we revised The State of Venture Capital, narrated and updated it with the latest findings from 2012.
Funding Sme – The Challenges And Risk Within - Mezzanine Financing - Part - 8Resurgent India
Business owners need finance in order to invest but they want to retain control of their business and not give up valuable equity. For MSMEs the financing options are limited and private equity investors are usually interested in larger companies, while business angel investors are more active in start-ups. Furthermore, conventional bank lending is often not available for projects that could be classified as speculative. That’s where mezzanine finance comes in. Mezzanine finance is a fairly well-known type of funding, which sits between traditional bank debt and equity and it is exactly what many MSMEs need.
Shareholders Are Dissatisfied with CEO Compensation and Disclosure--Proxies Are Too Long, Difficult to Read.
Only 38 percent of institutional investors believe that corporate disclosure about executive compensation is clear and easy to understand. “Shareholders want to know that the size, structure, and performance targets used in executive compensation contracts are appropriate,” says Professor David F. Larcker of the Stanford Graduate School of Business. “Our research shows that, across the board, they are dissatisfied with the quality and clarity of the information they receive about compensation in the corporate proxy. Even the largest, most sophisticated investors are unhappy.”
“With new pressure from activist investors and annual ‘Say on Pay’ (SOP) votes, it is more important than ever that companies explain to their shareholder base why the compensation packages they offer are appropriate in size and structure,” says Aaron Boyd, director of Governance Research at Equilar. “Investors are noticing the wide range in quality and clarity among various companies’ proxies. They want companies to communicate and explain, rather than simply disclose,” adds Ron Schneider, director of Corporate Governance Services at RR Donnelley Financial Services. “This represents a significant opportunity for many companies to improve the clarity of their proxies.”
In the fall of 2014, RR Donnelley, Equilar, and the Rock Center for Corporate Governance at Stanford University surveyed 64 asset managers and owners with a combined $17 trillion in assets to understand how institutional investors use the information in corporate proxies.
Even though many organizations only care about the return on investment (ROI), but they never revisit it. Treasurers rarely toot their own horn about achieving or exceeding promised ROI. During this presentation we will examine vital financial benefits derived from both strategic and operational changes made possible with modern technology. It will cover some leading practices and preventable pitfalls others have made while making the case for treasury technology.
This presentation will provide you with tools to improve how you “make the case” for technology.
The Changing Relationship Between Investors and Investments OurCrowd
Take this opportunity to meet OurCrowd’s new president, Anthony DeChellis, who brings to the discussion his extensive experience in the private banking and institutional finance world. Anthony previously served as CEO of Private Banking Americas at Credit Suisse, headed Private Wealth Management at UBS, and held a range of leadership positions at Merrill Lynch, including Manager of the European Private Banking Business.
Professor John Paglia, lead researcher for the Pepperdine Private Capital Market Project, spoke at the annual meeting of the National Association of Small Business Investment Companies (NASBIC) in Palm Beach, Florida. He addressed the National Summit for Lower Middle Market Funds, the premier networking event for lower middle market private equity funds, independent sponsors, investors and service providers. http://bschool.pepperdine.edu/privatecapital
"You can download this product from SlideTeam.net"
Use our content ready Strategic Portfolio Management PowerPoint Presentation Slides to showcase assets management of various securities in order to meet Investment goals. Investment management strategy PowerPoint complete deck comprises of professional slides such as objectives of portfolio management, types of investments, market scenario overview, investment instruments, securities portfolio, analysis and valuation of equity securities, industry analysis PESTEL, SWOT analysis, discounted cash flow method, financial statement analysis, company cash flow statement, investment in special situations, fixed income and leveraged securities, bond valuation system, reinvestment risk table, type of convertible securities, options analysis, warrants summarization overview, derivative products, put and call options, stock index futures and options, stick indexes comparison table, broaden the investment perspective, international security market highlights, global market trends, mutual funds investment criteria overview, investment in real estate, diversified real estate classification, KPIs and dashboards etc. Download investment portfolio management PPT visuals to analyze risk and return on investment. https://bit.ly/3sauHXW
Nick O’Donohoe, former Global Head of Research at JP Morgan, author of their report on Impact Investments presented a summary of the report's findings, specifically how impact investing is emerging as an asset class.
Be sure to check out the other presentations, videos and audio recordings from the conference at www.tbnetwork.org/uknc11/media
Equity Compensation: End-to-End Strategies for Private CompaniesRoseRyan
How you design and execute your equity compensation plan has significant impacts on many areas of your business, including employee retention, market valuation and readiness for an exit event. These slides by legal, HR and accounting experts in Silicon Valley show you how to set yourself up for success, avoid common pitfalls and plan for an M&A deal or IPO and are drawn from a RoseRyan seminar.
A Private Placement Memorandum (“PPM”) is also referred to as a confidential offering circular or memorandum. PPM’s are used by private companies in going public transactions and by existing public companies to raise capital by selling either debt or equity in an exempt offering. Most exempt offerings are private placements.
Regulation A+ expands existing Regulation A. Existing Regulation A provides an existing exemption from registration for smaller issuers of securities. Regulation A+ offerings can be used in combination with direct public offerings and initial public offerings as part of a Going Public Transaction.
IPO Bound? New Strategies, New Ideas and Tips for Success RoseRyan
Moving down the track to an IPO is not for the faint of heart. There are myriad requests and complex requirements—and now with the JOBS Act, companies face even more decisions. These slides by legal, audit and accounting experts in Silicon Valley deliver straight-from-the-trenches advice on what it takes to get your IPO right and are drawn from a RoseRyan seminar.
Best Practices in Understanding and Increasing Your Company ValuationRoseRyan
Want to raise your company’s share price or valuation? Look beyond the benchmark. In this slide presentation from our October 2013 webinar with Proformative, RoseRyan CEO Kathy Ryan and Assay Founding Partner Adrian Bray reveal the science of increasing value throughout an organization and identify key factors that affect company valuation.
Smooth Sailing for a Successful IPO: Finance & Legal Tips for Going Public an...RoseRyan
If your company is contemplating an IPO in its future, learn from the experts how to hoist your sails early for your most favorable outcome. Did you know that your success or failure can swing widely on whether you have some essentials in place early? It’s true. As things become supercharged in that two-year period before and after going public, most companies face huge transitions and an onslaught of new work. The financial and legal requirements seem endless, and everyone is adjusting to a new mindset. Life as a public company is a whole new voyage. As you set your course, you will likely face some dramatic culture changes as well, as your company transitions to a new investor base and Wall Street scrutiny. Navigate the difficult waters with the sage advice of these Silicon Valley experts, who will review the financial and legal considerations that are critical, plus tales from the trenches from a company who has gone through it all. Don’t get caught under resourced and overwhelmed.
Transforming wealth management customer onboarding with the power of process automation, rules based straight thru processing and data driven real time intelligence.
The wealth management industry is entering a period of significant disruption, with robo-advice at the heart of this disruption. Digital, automated advice will likely become a standard expectation for the mass-affluent and mass-market segments. But big data and advanced analytics have the potential to dramatically expand the scope of roboadvice, incorporating financial planning into broader retirement, health, and wellbeing, and enabling quasi institutional research, which could then impact all investor segments. All wealth management firms should take notice. Read more: http://www2.deloitte.com/us/en/pages/consulting/articles/robo-advisors-capitalizing-on-growing-opportunity.html
NIN Ventures (or NIN.VC) is a first of its kind technology venture capital fund to be raised via World Wide Web. NIN.VC will invest in early / growth stage financial services, education software, internet and digital media, mobile communication, cloud computing, 3D printing, and other path breaking companies. The fund will invest $1,000,000 - $5,000,000 in early / growth stage companies as a part of a syndicate or lead.
NIN Ventures Technology (QP) Fund LLC is now LIVE and OPEN for investments. Whether you are an investor, CEO raising financing, fellow venture capitalist looking for deal flow opportunities, or just curious, feel free to reach us at contact@nin.vc or (312) 953 0930 with any questions or material requests.
The Fintech Paradox : Accessing the USD 480 billion of untapped SME and SCF r...Anand Pande
The Fintech Paradox : Accessing the USD 480 billion of untapped SME and SCF revenue banking pools.
The attached thought piece from The Growth Paradigm PARTNERSHIP (GPP) discusses the unfulfilled promise and great potential from the land of Fintechs.
We talk about how Fintechs, both those with business models that look at collaborating with banks and the others that look at disrupting banks by taking their place, are struggling to increase their relevancy and scalability in the global world of trade, supply chain finance and SME lending.
GPP advocates that in order to get a share of the USD 480 billion untapped SME revenue pools , organisations have to get the 4C’s right, which revolve around Credit, Compliance, Capital and Client (acquisition, ease of accessibility and transacting ).
In this brand-new educational seminar, online marketing professionals and international business experts from WMEP, Translations.com and Top Floor Technologies will provide valuable guidelines and suggestions in taking your website global. Discussion includes the importance and benefits of building an export strategy, key considerations in translations, best practices and process in managing multilingual content online, and more.
What's the right funding option for your Salesforce biz? Watch this webinar and hear directly from investors at Emergence Capital & Lighter Capital.
Learn which funding options best suit each stage of the business growth cycle - from startup through the $10M revenue milestone - and what to consider when evaluating those options for your business.
DisruptingBanking presentation at ABTEC 2015Ziad Awad
Technology, regulations and consumer expectations are disrupting the banking industry. "Banking will always be needed but banks as we know them may cease to exist: - Bill Gates
These are the slides presented for the Final round of Capitalizer 2019 organized by BUP Finance Society. We made the valuation and presented in front of the judge
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
2. Speakers
Adrian Bray, Assay
Tony Yeh, Silicon Valley Bank
Jim Goldhawk, RoseRyan
Jim Chapman, Foley & Lardner LLP
3. Agenda
Welcome/Objectives
Vince Timoney, Silicon Valley Bank
Off the Balance Sheet
Adrian Bray, Assay
Valuation Trends in Technology
Tony Yeh, Silicon Valley Bank
Get your Financial House in Order
Jim Goldhawk, RoseRyan
The Legal Side of Building Value
James Chapman, Foley & Lardner
Q&A
All
11. VALUATION TRENDS AND INSIGHTS
FOR TECHNOLOGY COMPANIES
Prepared by SVB Analytics
September 19, 2012
Copyright 2012 by SVB Financial Group.
CN-TDYEH2012-Q1-RR-2.3
12. 12
IPO Multiples | 2002 – 2012
Trends of Price/Revenue multiples for IPO exits
To a certain extent, the IPO
valuations are a derivative of the
S&P IT index. As the S&P Infotech
index improves, so has IPO
valuation multiples.
From the lows of the Great
recession, improvements in IPO
valuation multiples can be
observed as
1) Median multiples have
increased
2) Range of multiples have
improved on the upside
BOX PLOT
20th
40th
Percentile
Median
60th
Tech Recession
SOURCE
Silicon Valley Bank, Capital IQ
Great Recession
80th
Copyright 2012 by SVB Financial Group.
CN-TDYEH2012-Q1-RR-2.3
13. 13
M&A Multiples | 2002 – 2012
Trends of Price/Revenue multiples for M&A transactions
The acquisition multiples for
technology companies, likewise,
track the demand for publicly
traded IT shares.
Compared to the IPO valuations,
acquisition valuations appear
even more tightly linked to the IT
market.
Similar to the IPO multiples, we
are observing increases in median
multiples and multiple range
expansion.
BOX PLOT
20th
40th
Percentile
Median
60th
Tech Recession
SOURCE
Silicon Valley Bank, Capital IQ
Great Recession
80th
Copyright 2012 by SVB Financial Group.
CN-TDYEH2012-Q1-RR-2.3
14. 14
Funding Multiples | Post-money greater than $100 million, 2007 – H1.2012
Trends of Price/Revenue multiples for funding rounds with post-valuations greater than $100M
Large fundraising amounts by
private companies often provide
founders and initial investors with
a partial exit event …
… however, valuation multiples for
large fund raises by private
companies do not have a tight link
to the publicly traded markets.
?
*
So what drives these valuations?
Is it revenue growth?
Or some other market factors?
* For 2008, most valuation fell into
the lower bucket post Lehman’s
bankruptcy in September.
BOX PLOT
20th
40th
Percentile
Median
60th
Tech Recession
SOURCE
Silicon Valley Bank
Great Recession
80th
Copyright 2012 by SVB Financial Group.
CN-TDYEH2012-Q1-RR-2.3
15. 15
Sales Growth of Exited Companies | 2003 – 2012
Median sales growth rates of companies exiting within various Price/Revenue multiple tiers
Although the median sales growth
of companies in the different
price/revenue buckets appear
consistent with their respective
multiple bucket, a more rigorous
statistical analysis would show the
effect to be modest, at best.
Investment banks often advise
companies to focus on revenue
growth. However, strong revenue
growth explains less than 20% of
the variation in exit/funding
multiples (even when excluding
the data points from 2008 &
2009). Many other factors come
into play.
Price/Revenue Multiple
Price/Rev Multiple
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
1x – 3x
7.6%
12.3%
7.4%
10.4%
12.2%
12.6%
8.8%
11.6%
14.5%
32.4%
3x – 6x
29.8%
24.8%
35.9%
23.7%
28.2%
22.2%
35.5%
20.2%
22.2%
21.9%
Greater than 6x
46.9%
61.4%
57.0%
51.7%
65.5%
15.9%
22.8%
36.3%
63.7%
59.3%
SALES GROWTH
SOURCE
Silicon Valley Bank, Capital IQ
CHANGE IN NET REVENUE
PRIOR PERIOD NET
REVENUE
Copyright 2012 by SVB Financial Group.
CN-TDYEH2012-Q1-RR-2.3
16. 16
Example: Organic Growth | “Recession Resistant” Sales Growth
Organic growth is highly valued by investors, GDP growth not so much (analysis from 2006 to 2012)
Organic growth is incremental
sales that is driven by
fundamental demand for a
company’s product; not reliant on
general macro or sector economic
activity.
“GDP sensitive” growth is based
on the overall economy. As the
economy slows, so does GDP
derived sales.
In this example, the Gaming/
Social/Lifestyle niche’s notable
high organic growth and low
economic sensitivity mix
(“recession resistance”) would be
attractive to investors.
However, not all organic growth is
equal.
* Advertising niche’s 2.68:1 sensitivity
implies that a 1% increase in GDP
would spur a 2.68% increase in sales.
SOURCE
Silicon Valley Bank
Copyright 2012 by SVB Financial Group.
CN-TDYEH2012-Q1-RR-2.3
17. 17
Example: Mobile Advertising | Achieving Sales Momentum
Momentum sales is viewed favorably by investors
In this example, the Mobile
Advertising niche exhibits sales
momentum: revenue is increasing
at a faster rate than total
expenses (in particular, operating
expenses).
REVENUE/EXPENSE
GROWTH
(ANNUALIZED %)
Revenue
(51.3%)
COGS
(48.4%)
Advertising companies’ ability to
hold their operating expenses
when they hit their Q1 lulls is
highly suggestive of scalable
business models. Expenses seem
fixed when sales growth is
happening, and can be quickly
reigned in as needed.
Operating Expenses
(26.9%)
Viability Ratio
(1.19)
An increasing cumulative viability
ratio captures this effect.
VIABILITY RATIO
Great Recession*
SOURCE
Silicon Valley Bank
CHANGE IN NET REVENUE
CHANGE IN OPERATING
EXPENSES
Copyright 2012 by SVB Financial Group.
CN-TDYEH2012-Q1-RR-2.3
18. 18
Example: Mobile Gaming/Social/Lifestyle | Ramping Sales
Sales driven by increased spending does not instill investor confidence
In this example, the Mobile
Gaming/Social/Lifestyle niche
exhibits sales ramping: user
acquisition is very expensive
(COGS) and does not scale.
Companies aren't retaining users,
they're having to reacquire
customers over and over again.
High COGS and OPEX are
needed to maintain sales growth.
REVENUE/EXPENSE
GROWTH
(ANNUALIZED %)
Revenue
(33.2%)
COGS
(57.4%)
Operating Expenses
(25.2%)
Viability Ratio
(1.06)
A decreasing cumulative viability
ratio captures this effect.
VIABILITY RATIO
Great Recession*
SOURCE
Silicon Valley Bank
CHANGE IN NET REVENUE
CHANGE IN OPERATING
EXPENSES
Copyright 2012 by SVB Financial Group.
CN-TDYEH2012-Q1-RR-2.3
19. 19
Lessons from the field | Value impacting
• We work with the CEOs and CFOs of nearly a thousand venture-backed companies per year in the
technology, life sciences, and clean tech sectors; oftentimes, while they are either fundraising or
immediately following a recent fundraising event
• This unique access provides real-time intelligence on the innovative technologies, markets, and
business models that are commanding premium valuations, while learning and understanding our
clients’ challenges and resolutions
Generates a Good Valuation
Generates and Maintains a Premium Valuation
• Address the market as it exists today
• Address the market as it will exist in the future
• Bring a finished product to market
• Work with customers to test, learn, and iterate (e.g. ‘The Lean Start-up’)
• Pivot to chase customers where they’re going
• Offer the experience and value to drive customers to you
• Acquire a lot of customers and charge them money
• Acquire valuable users, offer a compelling experience, and retain them
• Realize that changes in their industry create opportunity
• Realize changes in behaviors, across industries, have ripple effects (iPad)
• Do many things pretty well
• Do one thing exceptionally (land and expand)
• Generate one-time sales
• Cultivate a base of recurring revenue
SOURCE
Silicon Valley Bank
Copyright 2012 by SVB Financial Group.
CN-TDYEH2012-Q1-RR-2.3
20. 20
Lessons from the field | Niche Specific Themes
Mobile / Apps
SMB* Software as a Service
eCommerce
• Start-up costs are pretty low
• Customer acquisition costs
can be high
• The property that serves the
ad may not get credit for
creating the sale (see it on
Facebook, buy it on Amazon)
• Hosting costs can escalate
quickly as user base grows
• Users expect a lot, including
not having to pay
• A one-way flow of content may
not cultivate an engaged user
base
• How to make it easy to
discover and engage, but hard
to leave?
SOURCE
Silicon Valley Bank
• Retention beyond a few
months can be low
• Capital intensity is high upfront
• Repayment times can be long
• Sales cycles are shorter,
decisions made faster (to
come and go)
• Amazon literally sells
everything cheaper than you
do
• Creating a custom-curated
shopping experience appeals
to users, and advertisers
• Mobile payments is a
fragmented market that
everyone’s into. Consumers
won’t make the first move
* SMB = Small to Medium Business
Copyright 2012 by SVB Financial Group.
CN-TDYEH2012-Q1-RR-2.3
21. 21
Last thoughts | Factors Impacting Valuations
Company Specific
• Quality of Revenue (aside from just its growth), for example recurring versus
one-time
• Profitability, or demonstrated path to profitability
Capital Markets based
• Performance of recent IPOs in the sector, or corollaries
• The number of recent IPOs in the sector, as a proxy for supply and demand
• Public investor appetites for high risk growth equities (similar to previous
point)
Economy Related
• Overall macro economic conditions
• Sector specific economic conditions
SOURCE
Silicon Valley Bank
Copyright 2012 by SVB Financial Group.
CN-TDYEH2012-Q1-RR-2.3
23. Get your financial house
in order
Jim Goldhawk, Senior Consultant
RoseRyan
24. Sell Your Financial Statements
Present high quality financial statements and
forecasts
Reflects a strong management team
Experts save time and money
25. Due Diligence
Anticipate intense scrutiny
• Actual results
• Budgets and forecasts
Document/reconcile account balances
• Basic internal controls
Demonstrate a consistent view of the
business
• How you forecast and manage should be consistent with
how you measure and report
Understand your numbers as well as you
know your technology and products
26. Time is of the essence
Assume due diligence will feel chaotic
• Deadlines
• One-way information flow
• Volume of information
• Virtual warehouse
• Unexpected questions, assumptions and conclusions
• Helps build Schedule of Exceptions
Plan adequate resources
27. GAAP
Unaudited financial statements
• Engage a qualified advisor to document compliance with
GAAP
• Write accounting memos for specialized GAAP
Complex equity/debt structures
• Record the transactions now!!
• Best practice: Investigate the accounting during
negotiations
If an audit is needed, do it early
28. Reliable financial statements
Lowers transaction risk to the buyer
• Subsequent gains and losses either flow through the
buyer’s income statement, or
• Settle through an escrow account (to be absorbed by
the seller)
Provides a consistent view of the business to
all stakeholders
29. Know your buyer
Public or private?
Note: Public buyers need quarterly financials
Motivated buyer?
Synergies?
Financial standing/resources
Culture
Optimal tax structure
• Offshore vs domestic
41. Questions?
Contact info:
Adrian Bray
Jim Goldhawk
Assay
RoseRyan
abray@assayadvisory.com
jgoldhawk@roseryan.com
Tony D. Yeh
James Chapman
Silicon Valley Bank
Foley & Lardner LLP
TYeh@svb.com
jchapman@foley.com