Prof. Antonio Renzi - uniroma1.it · 2016. 9. 27. · 2013 73.016,95 96.769,53 2014 82.520,56...

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Equity cost of a new business: case study Prof. Antonio Renzi Entrepreneurship and venture evaluation

Transcript of Prof. Antonio Renzi - uniroma1.it · 2016. 9. 27. · 2013 73.016,95 96.769,53 2014 82.520,56...

Page 1: Prof. Antonio Renzi - uniroma1.it · 2016. 9. 27. · 2013 73.016,95 96.769,53 2014 82.520,56 23.752 58 106.273,14 2015 92.309,27 23.752.58 116.061,85 Aliquota Irap Irap Aliquota

Equity cost of a new business: case study

Prof. Antonio Renzi

Entrepreneurship and venture evaluation

Page 2: Prof. Antonio Renzi - uniroma1.it · 2016. 9. 27. · 2013 73.016,95 96.769,53 2014 82.520,56 23.752 58 106.273,14 2015 92.309,27 23.752.58 116.061,85 Aliquota Irap Irap Aliquota

Quantità attese

Page 3: Prof. Antonio Renzi - uniroma1.it · 2016. 9. 27. · 2013 73.016,95 96.769,53 2014 82.520,56 23.752 58 106.273,14 2015 92.309,27 23.752.58 116.061,85 Aliquota Irap Irap Aliquota

Ricavi e costi

Page 4: Prof. Antonio Renzi - uniroma1.it · 2016. 9. 27. · 2013 73.016,95 96.769,53 2014 82.520,56 23.752 58 106.273,14 2015 92.309,27 23.752.58 116.061,85 Aliquota Irap Irap Aliquota

Profitto e imposte

Page 5: Prof. Antonio Renzi - uniroma1.it · 2016. 9. 27. · 2013 73.016,95 96.769,53 2014 82.520,56 23.752 58 106.273,14 2015 92.309,27 23.752.58 116.061,85 Aliquota Irap Irap Aliquota

Cash flow

Page 6: Prof. Antonio Renzi - uniroma1.it · 2016. 9. 27. · 2013 73.016,95 96.769,53 2014 82.520,56 23.752 58 106.273,14 2015 92.309,27 23.752.58 116.061,85 Aliquota Irap Irap Aliquota

Struttura finanziaria

Page 7: Prof. Antonio Renzi - uniroma1.it · 2016. 9. 27. · 2013 73.016,95 96.769,53 2014 82.520,56 23.752 58 106.273,14 2015 92.309,27 23.752.58 116.061,85 Aliquota Irap Irap Aliquota

IBR e LO

Page 8: Prof. Antonio Renzi - uniroma1.it · 2016. 9. 27. · 2013 73.016,95 96.769,53 2014 82.520,56 23.752 58 106.273,14 2015 92.309,27 23.752.58 116.061,85 Aliquota Irap Irap Aliquota

Rischio unlevered

Page 9: Prof. Antonio Renzi - uniroma1.it · 2016. 9. 27. · 2013 73.016,95 96.769,53 2014 82.520,56 23.752 58 106.273,14 2015 92.309,27 23.752.58 116.061,85 Aliquota Irap Irap Aliquota

Stima bottom up del beta

Page 10: Prof. Antonio Renzi - uniroma1.it · 2016. 9. 27. · 2013 73.016,95 96.769,53 2014 82.520,56 23.752 58 106.273,14 2015 92.309,27 23.752.58 116.061,85 Aliquota Irap Irap Aliquota

Risk free rate

Page 11: Prof. Antonio Renzi - uniroma1.it · 2016. 9. 27. · 2013 73.016,95 96.769,53 2014 82.520,56 23.752 58 106.273,14 2015 92.309,27 23.752.58 116.061,85 Aliquota Irap Irap Aliquota

Equity cost unleverd

Page 12: Prof. Antonio Renzi - uniroma1.it · 2016. 9. 27. · 2013 73.016,95 96.769,53 2014 82.520,56 23.752 58 106.273,14 2015 92.309,27 23.752.58 116.061,85 Aliquota Irap Irap Aliquota

Applicazione dell’APV

Page 13: Prof. Antonio Renzi - uniroma1.it · 2016. 9. 27. · 2013 73.016,95 96.769,53 2014 82.520,56 23.752 58 106.273,14 2015 92.309,27 23.752.58 116.061,85 Aliquota Irap Irap Aliquota

Confronti

1+g 1,030

Anni di crescita circa 40

1+g 1,0301+keu 1,186

(1+g)/(1+keu) 0,868((1+g)/(1+keu))40 0,00

Page 14: Prof. Antonio Renzi - uniroma1.it · 2016. 9. 27. · 2013 73.016,95 96.769,53 2014 82.520,56 23.752 58 106.273,14 2015 92.309,27 23.752.58 116.061,85 Aliquota Irap Irap Aliquota

Confronti

Anni di crescita circa 150

1+g 1,0301+keu 1,074

(1+g)/(1+keu) 0,959((1+g)/(1+keu))150 0,00

Page 15: Prof. Antonio Renzi - uniroma1.it · 2016. 9. 27. · 2013 73.016,95 96.769,53 2014 82.520,56 23.752 58 106.273,14 2015 92.309,27 23.752.58 116.061,85 Aliquota Irap Irap Aliquota

Confronti

Anni di crescita circa 180

1+g 1,0301+keu 1,062

(1+g)/(1+keu) 0,970((1+g)/(1+keu))180 0,00