Exit through an IPO: the case of Science4you

• Autor(a) principal: Garcia, Patrick Grilo
• Data de Publicação: 2018
• Tipo de documento: Dissertação
• Idioma: eng
• Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
• Texto Completo: http://hdl.handle.net/10071/17918
• topic: Startup companies; Discounted cash flow valuation; Multiple valuation; IPO; DCF Discounted Cash Flow; Métodos de avaliação; Análise de entradas-saídas; OPA Oferta Pública de Aquisição

This project aims to assess the value of Science4you and consequently, analyse the option of executing an exit strategy through an IPO (Initial Public Offer). In order to achieve a reasonable result, the theoretical background for the several valuation methods is presented as well as the overall and financial background of the company and industry. The valuation methods used to obtain the firm value are the Discounted Cash Flow and the Multiple Valuation. By applying both methods, it is allowed to compare Science4you with the peer group and to have a justifiable valuation of the company. The final value of the company results from the average of the three values obtained, leading to a value of 66 million euros. Several alternative exit strategies were also considered but there was a special emphasis in studying the possibility of issuing an IPO. Considering a market capitalization equal to the shareholder value and maintaining the number of existing shares, the investors of the company would obtain a value per share of 120€.