# Valuation and Financial Analysis For Startups 專項課程

Master Practical Startup Valuation Methods . Estimate startup value, understand financial statements, and make sound investment decisions.

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#### 100% 在線課程

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#### 初級

無需相關領域的預備知識無需相關經驗。

#### 完成時間大約為2 個月

#### 英語（English）

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### 此專項課程包含 5 門課程

### Valuation for Startups Using Discounted Cash Flows Approach

Discounted cash flow method means that we can find firm value by discounting future cash flows of a firm. That is, firm value is present value of cash flows a firm generates in the future. In order to understand the meaning of present value, we are going to discuss time value of money, first. That is, the value of $100 today is different from the value of $100 a year later. Then, what should be the present value of $100 that you are going to receive in 1 year? How about the value of $100 dollars that you are going to receive every year for next 10 years? How about forever? After taking this course, you are going to be able to find the present value of these types of cash flows in the future. Unlike most of finance courses, in this course, you are going to learn how to use excel to find present value of future cash flows. In addition to the present value, you are also going to learn how to find future value given investment; interest rate given investment and future cash flows, payments given interest rates, number of periods to wait given investment and interest rate, and so on. After learning the concept and how to find the time value of money, you are going to apply this to real world examples and company valuation. After taking this course, you will be ready to make an estimate of firm value by discounting its cash flows in the future.

### Valuation for Startups Using Multiple Approach

In addition to discounted cash flow method, multiple method is one of the most popular methods of firm valuation. PER is often used among financial professionals to make a quick-and-dirty estimate of a firm value. In this course, you are going to learn the concept and usage of PER, PBR and PSR. In addition to these basic multiple ratios, you are going to learn how to make an estimate of enterprise value and founder’s ownership before and after additional funding. Startups require a number of financings before IPO. After taking this course, you are going to be able to answer questions such as What the price per share should be given the startup’s estimate of earnings in the future; How many shares the founder should give up to raise additional capital; and so on? In the discounted cash flow method and multiple method, you are always given earnings or cash flows to make estimate of firm value. In this course, you are also going to learn how to generate cash flows or earnings from the financial statements. After taking this course, you will be able to understand the meaning of financial statements such as balance sheet, income statement and cash flow calculation.

### Financial Analysis for Startups

In the previous two courses, you have learned how to value startups using the discounted cash flow method and multiple methods. However, you have not learned how to estimate cash flows or earnings of startups. In this course, you are going to learn the concepts and usage of financial ratios. Using financial ratios such as profitability, liquidity, leverage, efficiency, and growth, you can tell financial health of a startup. Profitability ratios measure how profitable a firm is by looking at ROS, ROA, and ROE. Liquidity ratios measure how quickly a firm turns assets into cash to pay-off short-term liability and they include Current Ratio, Quick Ratio, and Cash Ratio. Leverage ratios measure how much long-term debt a firm has relative to its assets or equity. Efficiency ratios measure how efficiently a firm utilizes its assets. It is like a physical exam for humans and you can tell the fiscal status of a startup using financial ratios. You can also develop pro forma financial statement using financial ratios. Using pro forma financial statement, you can tell future financial status of a startup as well as cash flows. In addition, using information from pro forma statement and valuation methods, you can do the valuation of a startup.

### Applying Investment Decision Rules for Startups

In the previous course, you learned financial statement analysis and how to make estimate of future financial status. In this course, you are going to learn capital budgeting. That is, how to make an investment decision. You would like to select the best project among various projects you can take. Then, you need to know the criteria. In this course, you are going to learn investment decision criteria such as NPV and IRR, which are most popular decision rules. Using financial analysis and discounted cash flow method, you can make pro forma financial statement and estimate project cash flows. Then, you apply investment criteria to determine whether to invest or not. After learning how to apply NPV and IRR method to investment decision, you are going to learn how to evaluate NPV estimate and scenario, what-if analyses and break-even analysis. In addition to NPV and IRR, you are going to learn Payback period method and Profitability method to determine whether to invest or not when there is a political risk or capital rationing.

### 關於 延世大学

### 審閱

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##### 來自VALUATION AND FINANCIAL ANALYSIS FOR STARTUPS的熱門評論

Amazing how easy the teacher explains financial concepts that helps you through the entire specialization and to successfully do valuations using discounted cash flows.

This course has helped me in Understanding new Concepts which will be very helpful in my future Carrier. I will be thankful to Coursera to give me this great opportunity for learning.\n\nThank You

Course was a lot cleaner, as far as mistakes in the quizzes / tests than the previous three courses; accordingly, I was able to focus on the material and get done a lot faster. Good course.

Amazing how easy the teacher explains financial concepts that helps you through the entire specialization and to successfully do valuations using discounted cash flows.

The quizz and exercices have a lot of weird problems. Way of asking the question, approximation of the result, contradictory initial datas... It needs to be reviewed

Loved the course! The quizzes and cases really test your knowledge and make sure you understood the concepts and not just theoretically but practically

Some questions in the quiz might be expressed in a more clear way. But overall interesting and helpful to refresh some university studies!

To the point, well-explained, perfectly building up to reveal in few hrs how to compute Enterprise value....Just what I was looking for.

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我可以免费学习课程吗？

此课程是 100% 在线学习吗？是否需要现场参加课程？

此课程完全在线学习，无需到教室现场上课。您可以通过网络或移动设备随时随地访问课程视频、阅读材料和作业。

完成专项课程需要多长时间？

The four courses will take 14 weeks and the capstone project will take approximately 3~4 weeks. Therefore the Specialization can be competed in 17~18 weeks.

What background knowledge is necessary?

No prior knowledge of Accounting or Finance is required.

Do I need to take the courses in a specific order?

All courses can be taken in order of preference.

完成专项课程后我会获得大学学分吗？

No.

What will I be able to do upon completing the Specialization?

You will close look at an environment the startup faced. Also, you will describe financial projections making the best use of the previous contents. Overall, this analysis encourages you to determine the value of your business.

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