This method was pioneered by American bocks. The typical way to evaluate the value of an enterprise in the initial stage is to evaluate the invested enterprise according to the following formula:
A good idea is 1 ten thousand yuan.
A good profit model is 6,543,800 yuan.
Excellent management team 1 10,000-2 million yuan.
Excellent board of directors: 6,543,800 yuan+0,000 yuan.
The huge product prospect is 6,543,800 yuan.
Together, the value of a start-up enterprise is 6.5438+0 million yuan-6 million yuan.
trichotomy
It means that when evaluating the enterprise value, the enterprise value is divided into three parts: usually entrepreneurs, management and investors 1/3, and the enterprise value is obtained by adding the three parts.
2 million-5 million standard method
The value of many traditional angel investors investing in enterprises is generally 2-5 million, which is reasonable. If the entrepreneur's asking price for the enterprise is less than 2 million, then either his experience is not rich enough, or the enterprise does not have much development prospects; If the asking price of the enterprise is higher than 5 million yuan, it is not cost-effective for angel investors to invest according to the upper limit method of 5 million yuan.
This method is simple and effective. But it is too absolute to limit the pricing to 2-5 million yuan.
Method of realizing cash flow discount method
According to the future cash flow and rate of return of the enterprise, the present value of the enterprise is calculated as the evaluation value of the enterprise.
The advantage of this method is that time and risk factors are considered. The disadvantage is that angel investors should have corresponding financial knowledge. Moreover, this method is not objective enough for enterprises that can generate positive cash flow very late.
Special evaluation method of venture capitalists
This method combines the characteristics of multiplier method and fixed cash flow discount method. Specific practices:
(1) Use the multiple method to estimate the future value of the enterprise. If it's worth 25 million in five years.
(2) Determine your annual return on investment and work out your investment value in the corresponding year. If you ask for a 50% yield and invest 654.38+10,000 yuan, the final value after five years will be 759,000 yuan.
(3) Now divide the final value of your investment by the value of the enterprise after 5 years to get the shares you should own, 75.9÷2500=3%.
The advantage of this method is that if the future value of the enterprise is estimated accurately, the evaluation of the enterprise will be very accurate, but this is only if. The disadvantage of this method is that it is more complicated and takes more time.