Lm Minh Chnh Doanh nhn v nh u t ng sng lp & TG Pasoto.com

15/8, Trng Doanh Ch 1

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tng

Ti nng

Ti sn

$ S.Lp 1

$ S.Lp 2

$ S.Lp 3

$ S.Lp 4

$ S.Lp 5

Vn ch s hu

Cn 5 triu la chy d n

nh gi ?

20%

20%

20%

20%

20%

LMC - Launch - 15/8 2

tng

Ti nng

Ti sn

$ S.Lp 1

Vn ch s hu

5 Triu?

5 triu tin mt Ca NT

$ S.Lp 2

$ S.Lp 3

$ S.Lp 4

$ S.Lp 5

$ ca nh u t

thin thn

5 Triu

10% = 1 triu

10% = 1 triu

10% = 1 triu

10% = 1 triu

10% = 1 triu

50% = 5 triu

3

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* nh gi startup trc khi u t : 5 triu!

Tnh nh th no c hai bn ng ?

* % ca 5 Sng lp = % nh u t thin thn Trit tiu ng lc ca cc nh sng lp

Kh qun tr cng ty trong thi gian u

* Gi tr trc u t (Pre-Money Valuation)

* Gi tr sau u t (Post-Money Valuation)

* Pha long c phn (Share Dilution)

LMC - Launch - 15/8 4

Trng hp tht hn

tng & nhn lc & kt qu ca

vi thng u tin

Ti sn

S hu ca cc sng lp

vin

Vn ch s hu

S tin cn thit chy d n 18

thng?

S hu ca nh u t

80% - 90%

10% - 20%

LMC - Launch - 15/8 5

NH GI DOANH NGHIP TRNG THNH

* Chit khu dng tin (DCF) * So snh: P/E, P/S, P/B

* Gi tr ti sn (x tht)

LMC - Launch - 15/8 6

PP Chit khu dng tin (DCF) Khi nim Chit khu tin v hin ti

15/7/2015: 100.000.000, a vo Ngn hng hay u t vi li sut 10%/nm - Gi tr ti 15/7/2016: 110.000.000 - Gi tr ti 15/7/2017: 121.000.000 - Gi tr ti 15/7/2018: 133.100.000 Vi li sut 10%, 133.100.000 ti 2018 s c gi tr l 100.000.000 ti 2015.

y l khi nim chit khu

LMC - Launch - 15/8 7

nh gi doanh nghip bng PP Chit khu dng tin

- D on nhng dng tin tng lai (ca doanh nghip hay ca ch s hu)

2015

- Xc nh t l chit khu thch hp. - Chit khu tt c cc dng tin v hin ti - Cng tt c cc gi tr hin ti = gi tr doanh nghip

LMC - Launch - 15/8 8

Kt qu nh gi ch l tng i, v c 2 bin s chnh

- D on nhng dng tin tng lai (ca doanh nghip hay ca ch s hu)

2015

- Xc nh t l chit khu thch hp. - Chit khu tt c cc dng tin v hin ti - Cng tt c cc gi tr hin ti = gi tr doanh nghip

LMC - Launch - 15/8 9

NH GI DOANH NGHIP TRNG THNH

* Phng php So snh P/E: Gi (Price) / Li nhun (Earning) P/S: Gi (Price) / Doanh s (Sales) P/B: Gi (Price) / Gi tr s sch (Book Values) S dng ch s ny ca nhm cc cng ty cng ngnh, cc cng ty tng t xc nh Gi (Price) ca cng ty cn tnh.

* Gi tr ti sn (x tht) Nh u t khng mua cn ty m mua cc ti sn (hu hnh v v hnh ca cng ty)

LMC - Launch - 15/8 10

NH GI STARTUP

PP Chit khu dng tin: SAI S KH CAO V

- S liu qu kh: cha c, - S liu hin ti cn qu mng - S liu ca cc cng ty tng t: cha chc c - S liu cc cng ty tng t nc khc: chnh xc?

**Cc dng tin c d on da trn: kz vng & kinh nghim. ** thuyt phc nh u t, Startup cn c: - Bn k hoch kinh doanh chi tit, kh thi - Chin tch trong qu kh, - Am hiu c bn v ti chnh (dng t vn)

LMC - Launch - 15/8 11

NH GI STARTUP

PP SO SNH: Post-Money Valuation Tm kim cc cng ty nhn c ti tr gn y tng t (BizBuySell, BizQuest, CrunchBase)

- Giai on tng t (u t thin thn, seed, series) - Tin b tng t (demo, ra mt, 10k ngi dng, s khch hng tr tin), - T l s nhn vin/doanh s hay ngi dng tng t S dng gi tr trung bnh, v thc hin vi iu chnh, chng ta s c con s Post-Money Valuation (Gi tr ca Startup sau u t)

LMC - Launch - 15/8 12

NH GI STARTUP

PP SO SNH: Multiples P/S, P/E

Tng t nh nh gi cng ty trng thnh, chng ta cng s dng cc ch s ny ca nhm cc startup cng ngnh, cc Startup tng t xc nh Gi (Price) ca startup cn tnh. Tuy vy, nhng start up mi ra l khng s dng phng php ny c v cha c li nhun, hoc doanh s cn qu nh, cha n nh. *** Chng ta cng c th s dng s ti khon, s khch hng nh l con s so snh.

P/E: Gi (Price) / Li nhun (Earning) P/S: Gi (Price) / Doanh s (Sales)

LMC - Launch - 15/8 13

NH GI STARTUP

PP u t mo him (Venture Capital Method)

Post-money Valuation = Terminal Value / ROI

- Post-money Valuation: Gi tr Startup sau u t

- Terminal Value : Gi tr exit. y l gi m nh u t d

on h s bn (exit) c sau 5 8 nm u t.

- ROI: Return on investment : T sut li nhun trn vn

u t. V u t vo startup ri ro cao nn nh u t

mo him thng s dng ROI kh cao (25% - 30%)

LMC - Launch - 15/8 14

NH GI STARTUP

LMC - Launch - 15/8 15

Mt s phng php khc: The Scorecard Method

The Dave Berkus Method The Cayenne Valuation Calculator The Risk Factor Summation Method

KHNG THCH HP VI TH TRNG VIT NAM

CC LOI NH U T

- Chnh bn thn chng ta.

- Nh u t thin thn

- Qu u t mo him .

- Nh u t khc.

Nhng nh u t mua vi nh khc. H mua s

dng nhng ti sn m startup vo vic ca h.

V d nh:

LMC - Launch - 15/8 16

MT S LU

- Nguyn tc vng (Golden Rule): Ai c vng s chim u

th trong cuc m phn.

Tin l vng.

tng xut sc v kh nng thc hin tng cng l Vng

- Th hin s cam kt ca cc nh sng lp (ng khoe

rng chng ta ang c x,y,z)

- Tm hiu nh u t v kz vng ca h

- N.hn ra cc nh u t khc

LMC - Launch - 15/8 17

m phn t kt qu tt nht

tng & nhn lc & kt qu ca

vi thng u tin

Ti sn

S hu ca cc sng lp

vin

Vn ch s hu

S hu ca nh u t

80% - 90%

S tin chy d n 18 thng! Cng cao cng

tt

10 % - 20%

LMC - Launch - 15/8 18