Valuacion de empresas

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UNIVERSIDAD TORCUATO DI TELLA Business School

Antipolis Consulting:
Empowering High-Tech Companies in France
To: Business Analysts From: Luis Pereiro, Ph.D. Date: May 30, 2009
You are advising a newly-minted MBA on her career options. The MBA, originally from India, has a strong background in software engineering and strategy, having worked for multinational firms during five years. The MBAis now considering two job choices: A. Go back to the corporate world in Brazil. The MBA has an offer to go back to the corporate world as finance manager of a small division of a large and well-established, privately-held Brazilian food company serving mainly the domestic market. The firm is located in Rio de Janeiro. Initial salary will be US$ 80,000, growing at 4% a year. Assume also thesalary goes up 20% at the beginning of Year 6, and then increases every 5 years by 5 percentage points (e.g., the jump in Year 11 is 25%). B. Start a new venture in France. The MBA is considering launching a new company in the SophiaAntipolis technopole. Located near Nice in the south of France, this technology park is the largest in the country, comprising about 1,300 high-technology companies workingin either software development, biotechnology, or specialty chemicals. The new venture, Antipolis Consulting (AC), will sell a strategic planning software designed for high-tech software-development firms. Already a dozen companies in the park have shown interest in AC’s product. The MBA will take a reduced salary—about 45% of the salary in the Brazilian job, growing at inflation. The equity ofthe venture will be divided 50-50 with another MBA partner, with strong skills in strategy and marketing. The idea of the MBA is to start and operate the venture for 5 years, then sell it in block to a large consulting firm (like Cap Gemini), and go back to a job in a large corporation until retirement. Your Mission. Here are your assignments: 1. Compute the economic value of both job alternativesand advise the MBA, from an economic perspective only, on which alternative makes the most sense. The MBA is now 30 years old and plans to retire at 65; her individual economic goals are to create a total of $ 3 million (present value) over that working horizon. Additional data is provided in the Antipolis Consulting STU [Year].xls file. 2. Do any of the two alternatives conform to or exceed theminimum monetary goal of the MBA? 3. Assume an angel investor agrees on the MBA’s valuation and is willing to supply 80% of the initial equity investment needed to start AC. The angel is offering to stay for 3 years at an annual IRR of 50% in his investment. If the MBA accepts the deal, what percentage of AC’s equity should the MBA award now to the angel, under the assumption that no additionalinvestment rounds will occur between Years 0 and 3? What percentage is left for the MBA? What are the pre- and post-money valuations?

Professor Luis E. Pereiro prepared this case for the sole purpose of class discussion. Authorization is required to copy, quote or distribute this case. Contact the author at: Universidad Torcuato Di Tella, Business School, Sáenz Valiente 1010, 1428 Buenos Aires.E-mail: lpereiro@utdt.edu. This version: October 2011.

Antipolis Consulting

Luis Pereiro

Page 2

4. To get a sense for the downside risk involved in starting the venture, obtain the value of the NPV of AC (via FCFF only) by doing a Monte Carlo simulation of the components of the discount rate (follow the instructions in the appendix below).

Your Report. You are expected to prepare afull written recommendation to the MBA. Good luck!

Luis
Appendix: Instructions for Monte Carlo Simulation
1

1) Welcome! Open your Monte Carlo simulator (we will work with Crystal Ball ) and the Excel file: Antipolis Consulting STU [Year].xls. 2) Go to the Venture Valuation workbook tab. Go to the Simulation Dashboard (to the right of the 2 worksheet). Be sure to understand the full...
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