By Karl Keegan
* the 1st publication to supply an easy and useful technique of valuing biotech businesses* The e-book starts off with a quick background of the biotechnology undefined; this can be very important as even though it is ready 30 years previous, the 1st corporation went public simply in 1996, so it really is attainable to devise the process funding waves and dips* It examines the eu and its evolvement, and attracts parallels among the similarities and ameliorations among that and the U.S.* appears on the a variety of businesses which make up the biotech (therapeutic; existence sciences; and the scientific expertise corporation) and provides instruments for the investor to correctly evaluation them
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Additional info for Biotechnology Valuation: An Introductory Guide (The Wiley Finance Series)
This is termed the target capital structure and may differ significantly from the company’s actual capital structure at the time of the valuation. The target structure can be estimated by looking at comparable companies. Market values should be used for both debt and equity. For debt this is usually a minor distinction but valuing equity at book rather than market can make a hugely significant difference. Generally speaking only long-term debt is used in the calculation of WACC and one should note that short-term debt from lines of credit may be regarded as working capital.
Thus the relevance of the above to the well diversified investor is that specific risk is irrelevant and that the required returns depend upon market risk. The systematic risk in the market is not the same for each stock in the market. Utility companies which pay regular dividends and whose earnings may be regulated are far less vulnerable to market decline than biotechnology stocks. The relationship between the stock price movements and that of the market as a whole can also be calculated statistically from historical price data.
Minority shareholders in a company that is majority owned by another party often get a 10–20 % discount; conversely investors sometimes pay a premium for control. Once the valuation is complete, the investor should do a sensitivity analysis check, even going so far as redoing the valuation with other discount rates. For potential investments in public companies, it is important that investors compare their valuation estimate to the market value. If there is a significant difference, investors should try and understand why this is the case.
Biotechnology Valuation: An Introductory Guide (The Wiley Finance Series) by Karl Keegan