Company valuation of start-ups. A critical examination of the applicability of selected evaluation methods

Inhaltsverzeichnis (Table of Contents)

• 1 INTRODUCTORY
• 2 CHARACTERISTICS OF A START-UP COMPANY
• 2.1 Life cycles of companies and products
• 2.2 Definition of start-ups
• 3 REQUIREMENTS OF THE EVALUATION METHODOLOGY
• 3.1 Definition of enterprise value
• 3.2 Functions of company valuation and valuation occasions
• 3.3 Value determinants of a company valuation
• 3.3.1 Cash Flow
• 3.3.2 Terminal Value
• 3.3.3 cost of capital
• 3.3.4 Multipliers
• 3.4 Requirements for the evaluation procedure for a start-up
• 4 EVALUATION PROCEDURES AND THEIR APPLICABILITY
• 4.1 Overall valuation method (net present value oriented)
• 4.1.1 Earned value method
• 4.1.2 Discounted Cash Flow Method (DCF)
• 4.1.2.1 Weighted Average Cost of Capital
• 4.1.2.2 Adjusted-Present-Value
• 4.1.3 Applicability of capital value-oriented procedures in start-up companies
• 4.2 Individual valuation procedure (net asset value oriented)
• 4.2.1 Net asset value method
• 4.2.2 Applicability of value-oriented procedures in start-up companies
• 4.3 Mixing process (market value oriented)
• 4.3.1 Multiplier method
• 4.3.2 Applicability of market value-based methods
• 4.4 Situational procedures
• 4.4.1 Venture Capital Procedure
• 4.4.2 Applicability of situational procedures
• 5 EXEMPLARY APPLICATION OF A START-UP COMPANY VALUATION
• 5.1 Short presentation of the start-up "HelloFresh SE"
• 5.2 Company valuation using the VC method
• 5.2.1 Investigation of the current market position
• 5.2.1.1 Market volume/ growth rate
• 5.2.1.2 Market share of HelloFresh SE
• 5.2.1.3 Analysis of the most important markets
• 5.2.1.4 Analysis of the food market
• 5.2.1.5 Summary and outlook
• 5.2.2 5-Year Forecast HelloFresh SE
• 5.2.3 Calculation VT
• 5.2.4 Calculation VO

Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)

This thesis examines the applicability of selected assessment procedures for valuing start-up companies. The work aims to provide a comprehensive analysis of different valuation methodologies and their suitability for assessing the value of early-stage enterprises.

• Characteristics of start-up companies and their specific life cycles
• Requirements of a suitable valuation methodology for start-ups
• Examination of various valuation procedures, including their advantages and limitations for start-up evaluation
• Applicability of different valuation methods, such as discounted cash flow, net asset value, and multiplier methods
• Exemplary application of a valuation procedure using the case study of "HelloFresh SE"

Zusammenfassung der Kapitel (Chapter Summaries)

• Chapter 1 provides a general introduction to the topic of start-up company valuation and outlines the scope of the thesis.
• Chapter 2 defines the characteristics of start-up companies and their life cycles. This chapter highlights the specific challenges associated with valuing these entities.
• Chapter 3 focuses on the requirements of a suitable valuation methodology for start-ups. It defines key concepts, including enterprise value, valuation occasions, and value determinants.
• Chapter 4 examines various valuation procedures and their applicability in the context of start-up companies. This chapter analyzes methods like discounted cash flow, net asset value, and multiplier methods.
• Chapter 5 presents an exemplary application of the Venture Capital (VC) valuation method using the case study of "HelloFresh SE". This chapter investigates the company's market position, provides a 5-year forecast, and demonstrates the VC method's application.

Schlüsselwörter (Keywords)

This thesis focuses on the valuation of start-up companies, analyzing various methods like discounted cash flow, net asset value, and multiplier methods. It explores the applicability of these procedures in the context of early-stage businesses, taking into account specific characteristics of start-ups and their life cycles. The thesis utilizes the case study of "HelloFresh SE" to demonstrate the practical application of a VC valuation approach. Key terms include company valuation, start-up characteristics, life cycle analysis, valuation methodology, discounted cash flow (DCF), net asset value, multiplier method, and Venture Capital (VC).