| Titre : |
The overvaluation of late-stage technological start-up |
| Type de document : |
Mémoire |
| Auteurs : |
Océane FLEURY, Auteur |
| Année de publication : |
2020 |
| Importance : |
44 p. |
| Note générale : |
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| Langues : |
Anglais (eng) |
| Mots-clés : |
Management
START-UP ; FINANCEMENT ; BOURSE DES VALEURS ; TECHNOLOGIE
|
| Résumé : |
In the first part of the dissertation, we addressed this issue from a macroeconomic point of view. We stressed that the recent evolution of the Venture Capital market has led to more capital invested in tech start-up, in particular late-stage ones. We also dealt with the issue of IPO downturns regarding overvalued companies. We conducted a qualitative method by consolidating information from research reports, working papers and articles. Most of my data comes from the financial database PitchBook.
We intent to confirm our valuation assumption about late-stage tech start-up, through a quantitative model. In the second part, we discussed about traditional and unconventional valuation methods, to be assessed for the purpose of start-up valuations.
After having selected the most suitable valuation model, we applied it to 9 late-stage tech start-up and presented a case study on Spotify to give an illustration. We concluded that 8 out of 9 start-up were indeed overestimated by 198% on average. We chose start-up that have completed their IPO in the recent years to have more available information. We used market and industry data from Damodaran’s database and company’s data from Capital IQ and Pitchbook.
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| Programme : |
MSc Finance |
| Permalink : |
https://cataloguelibrary.neoma-bs.fr/index.php?lvl=notice_display&id=533657 |
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The overvaluation of late-stage technological start-up / 2020 
