Lm Minh Chnh

Doanh nhn v nh u t
ng sng lp & TG Pasoto.com

15/8, Trng Doanh Ch

1

Clip Socksonline.com
Ti sn

tng

Ti nng

Vn ch s hu
20%
$ S.Lp 1
20%
$ S.Lp 2
$ S.Lp 3
$ S.Lp 4
$ S.Lp 5

20%
20%
20%

Cn 5 triu la chy d n
nh gi ?
LMC - Launch - 15/8

Ti sn
5
Triu?

5
Triu

tng

Vn ch s hu
$ S.Lp 1 10% = 1 triu
$ S.Lp 2 10% = 1 triu
$ S.Lp 3

10% = 1 triu

$ S.Lp 4

10% = 1 triu

Ti nng

$ S.Lp 5

10% = 1 triu

5 triu
tin mt
Ca NT

$ ca nh
u t
thin thn

50% = 5 triu

Clip Socksonline.com
* nh gi startup trc khi u t : 5 triu!
Tnh nh th no c hai bn ng ?

* % ca 5 Sng lp = % nh u t thin thn

Trit tiu ng lc ca cc nh sng lp
Kh qun tr cng ty trong thi gian u

* Gi tr trc u t (Pre-Money Valuation)

* Gi tr sau u t (Post-Money Valuation)

* Pha long c phn (Share Dilution)

LMC - Launch - 15/8

Trng hp tht hn
Ti sn

Vn ch s hu

tng & nhn

lc & kt qu ca
vi thng u
tin

S hu ca
cc sng lp
vin

S tin cn thit
chy d n 18
thng?

S hu ca
nh u t
LMC - Launch - 15/8

80% - 90%

10% - 20%
5

NH GI DOANH NGHIP TRNG THNH

* Chit khu dng tin (DCF)

* So snh: P/E, P/S, P/B
* Gi tr ti sn (x tht)

LMC - Launch - 15/8

PP Chit khu dng tin (DCF)

Khi nim Chit khu tin v hin ti
15/7/2015: 100.000.000, a vo Ngn hng
hay u t vi li sut 10%/nm
- Gi tr ti 15/7/2016: 110.000.000
- Gi tr ti 15/7/2017: 121.000.000
- Gi tr ti 15/7/2018: 133.100.000
Vi li sut 10%, 133.100.000 ti 2018 s c gi
tr l 100.000.000 ti 2015.
y l khi nim chit

khu

LMC - Launch - 15/8

nh gi doanh nghip bng

PP Chit khu dng tin

- D on nhng dng tin tng lai (ca doanh nghip hay

ca ch s hu)

2015

- Xc nh t l chit khu thch hp.

- Chit khu tt c cc dng tin v hin ti
- Cng tt c cc gi tr hin
ti = gi tr doanh nghip
LMC - Launch - 15/8

Kt qu nh gi ch l tng i, v c 2 bin
s chnh
- D on nhng dng tin tng lai (ca doanh nghip hay
ca ch s hu)

2015

- Xc nh t l chit khu thch hp.

- Chit khu tt c cc dng tin v hin ti
- Cng tt c cc gi tr hin
ti = gi tr doanh nghip
LMC - Launch - 15/8

NH GI DOANH NGHIP TRNG THNH

* Phng php So snh

P/E: Gi (Price) / Li nhun (Earning)
P/S: Gi (Price) / Doanh s (Sales)
P/B: Gi (Price) / Gi tr s sch (Book Values)
S dng ch s ny ca nhm cc cng ty cng
ngnh, cc cng ty tng t xc nh Gi
(Price) ca cng ty cn tnh.

* Gi tr ti sn (x tht)
Nh u t khng mua cn ty m mua cc ti sn
(hu hnh v v hnh ca cng ty)
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LMC - Launch - 15/8

NH GI STARTUP
PP Chit khu dng tin: SAI S KH CAO V
- S liu qu kh: cha c,
- S liu hin ti cn qu mng
- S liu ca cc cng ty tng t: cha chc c
- S liu cc cng ty tng t nc khc: chnh xc?

**Cc dng tin c d on da trn: kz vng

& kinh nghim.

** thuyt phc nh u t, Startup cn c:

- Bn k hoch kinh doanh chi tit, kh thi
- Chin tch trong qu kh,
- Am hiu c bn v ti chnh (dng t vn)
LMC - Launch - 15/8

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NH GI STARTUP
PP SO SNH: Post-Money Valuation
Tm kim cc cng ty nhn c ti tr gn y
tng t (BizBuySell, BizQuest, CrunchBase)
- Giai on tng t (u t thin thn, seed, series)
- Tin b tng t (demo, ra mt, 10k ngi dng, s
khch hng tr tin),
- T l s nhn vin/doanh s hay ngi dng tng t
S dng gi tr trung bnh, v thc hin vi iu chnh,
chng ta s c con s Post-Money Valuation (Gi tr
ca Startup sau u t)
LMC - Launch - 15/8

12

NH GI STARTUP
PP SO SNH: Multiples P/S, P/E
P/E: Gi (Price) / Li nhun (Earning)
P/S: Gi (Price) / Doanh s (Sales)
Tng t nh nh gi cng ty trng thnh, chng ta
cng s dng cc ch s ny ca nhm cc startup cng
ngnh, cc Startup tng t xc nh Gi (Price) ca
startup cn tnh.
Tuy vy, nhng start up mi ra l khng s dng
phng php ny c v cha c li nhun, hoc doanh
s cn qu nh, cha n nh.
*** Chng ta cng c th s dng s ti khon, s khch
hng nh l con s so snh.
LMC - Launch - 15/8
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NH GI STARTUP

PP u t mo him (Venture Capital Method)

Post-money Valuation = Terminal Value / ROI
- Post-money Valuation: Gi tr Startup sau u t
- Terminal Value : Gi tr exit. y l gi m nh u t d
on h s bn (exit) c sau 5 8 nm u t.
- ROI: Return on investment : T sut li nhun trn vn

u t. V u t vo startup ri ro cao nn nh u t
mo him thng s dng ROI kh cao (25% - 30%)
LMC - Launch - 15/8

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NH GI STARTUP
Mt s phng php khc:
The Scorecard Method
The Dave Berkus Method
The Cayenne Valuation Calculator
The Risk Factor Summation Method
KHNG THCH HP VI TH TRNG VIT NAM

LMC - Launch - 15/8

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CC LOI NH U T
- Chnh bn thn chng ta.

- Nh u t thin thn
- Qu u t mo him .
- Nh u t khc.
Nhng nh u t mua vi nh khc. H mua s

dng nhng ti sn m startup vo vic ca h.

V d nh:
LMC - Launch - 15/8

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MT S LU
- Nguyn tc vng (Golden Rule): Ai c vng s chim u
th trong cuc m phn.
Tin l vng.
tng xut sc v kh nng thc hin tng cng l Vng

- Th hin s cam kt ca cc nh sng lp (ng khoe

rng chng ta ang c x,y,z)

- Tm hiu nh u t v kz vng ca h
- N.hn ra cc nh u t khc
LMC - Launch - 15/8

17

m phn t kt qu tt nht
Ti sn
tng & nhn
lc & kt qu ca
vi thng u
tin

S tin chy
d n 18 thng!
Cng cao cng
tt

Vn ch s hu
S hu ca
cc sng lp
vin

S hu ca
nh u t
LMC - Launch - 15/8

80% - 90%

10 % - 20%
18