I had an interviewer in MS, he asked me how to calculate enterprise value of a company that has no revenue, I had no clue how to answer it. Currently involved in few other processes, it would be greatly appreciated if someone could answer me this question for future interviews! Thank you in advance
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Comments (10)
This is such a 2010/11 question. Find a metric unique and important to its industry, and value it off that.
The long equation forEV如下。EV=市值（股价x普通股数量） +优先股 +债务 +Minority Interest- Cash (and cash equivalents like short term securities).
As you can see from that equation, revenue is no where in that equation, revenue is used to calculate income statement. Likely this was a trick question from the interviewer. If he was serious, either he's drunk or he's looking for an answer like "standalone revenue does not directly impactEVcalculations however a company with no revenue would likely be a very early stage growth company with little debt to no debt and only enough cash to fund operations/R&D. Therefore, theEV因为那家公司将与市值非常相似。”
And if it were to be private with no mkt cap due to the fact that they don't have a share price?
私人公司仍然有市值，只是流畅的股票价格。这就是为什么当您阅读刚刚提出X系列的公司的新闻稿时，说“这意味着__mm的估值”。那是因为任何投资者或投资集团对Y％的Y％（私人公司拥有的股票计数）承诺。从那里开始简单的算术，可以退出隐含的总估值。随着公司的成长，这些股票变得越来越“理想”变得更加理想。估值的唯一区别在于，您的估值在于在开放交易日的任何时候都没有在任何时刻获得市场估值，而是在筹款点发生，而您的股票则以新定价的价格再营销。通常，这种方法没有考虑到非常普遍的RSU，选项和其他SBC。这就是为什么在大多数银行中，都要求您手传播完全稀释的权益价值which takes this stuff into account.
Answered above but yeah revenue shouldn't affect urEVhere
I'm assuming the question was specifically about tradingcomp. Since you usually use aEV/EBITDA,EV/Revenue, orEV/EBIT多重于交易的价值公司comp. If the company has no revenue, then you use an industry specific multiple for exampleEV/订户或EV/oil reserves. Like others noted, revenue is not actually in theEV计算。
Got it, thank you!!! appreciate it
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