Valuation and exit strategy: the case of Visor.ai

• Autor(a) principal: Fortunato, Pedro Manuel de Lima
• Data de Publicação: 2021
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
• Texto Completo: http://hdl.handle.net/10071/23928
• topic: Initial public offering; Start-up; Valuation; Avaliação -- Evaluation; OPV Oferta Pública de Venda

The project aims to perform a valuation of Visor.ai and analyse the viability of several possible exit strategies, especially an Initial Public Offering (IPO). Determining the value of the company and exploring the exit alternatives will strengthen the position of Visor.ai managers towards investors as well as providing the tools for the choice and preparation of the best exit approach. The theoretical background for the valuation methods is presented, as well as the financial, business, and industry contexts. The methods used to perform the valuation is the Discounted Cash Flow and the Multiple Valuation. It allows to not only derive Visor.ai’s value but also compare it with its peers. The result is the average of the values obtained by the two methods, which lead to a valuation of approximately 11 million euros. Although several exit strategies were studied, emphasis is given to the advantages, disadvantages, timings, and costs of executing an IPO. In the case of an acquisition or an IPO, assuming a market capitalization equal to the shareholder value and maintaining the number of shares, Visor.ai founders would receive approximately 2.4 million euros