Equilest

JULY 20, 2025

2018–2022) Year Revenue ($M) EBITDA Margin CapEx ($M) Working Capital ($M) 2018 8.0 Insight : EBITDA margins improved from 12% to 16%, while revenue increased steadily (except for a dip in 2020 due to COVID). 2023–2027) Year Revenue ($M) EBITDA Margin EBITDA ($M) CapEx ($M) FCFF ($M) 2023 11.0

Business Valuation 52

Business Valuation Terminal Value Enterprise Value EBITDA 52

Equidam

JULY 23, 2025

The exuberance of 2020-2021 – when startup valuations soared and many funds reported glowing paper gains – gave way to a harsh reality check in 2022. Fair value” at GP’s discretion; no specific standard cited. Public tech stocks plummeted, IPOs froze, and suddenly those lofty private valuations looked suspect.

Discounted Cash Flow 52

Discounted Cash Flow Start-ups Marketability Comps 52

Equidam

NOVEMBER 22, 2021

The EBITDA multiples in 2021 not only reached, but much exceeded pre-pandemic levels. It is too early to determine the reasons why the EBITDA multiple for footwear companies surpasses 33X, while the multiple for MedTech firms exceeds 35X. High EBITDA multiples, on the other hand, may be viewed as a way to discount inflation.

EBITDA 52

EBITDA Banking Terminal Value Marketability 52

Valutico

SEPTEMBER 19, 2022

A useful tip is to check for consistency between the forecast margins and historical margins—EBITDA margin, EBIT margin, and Net Income margin. One critical component of the terminal value is the perpetual growth rate. Hockey stick-like growth in your DCF projections may indicate these projections are not realistic.

Business Valuation 78

Business Valuation EBIT EBITDA Discounted Cash Flow 78

Equidam

APRIL 22, 2025

4] , [3] , [5] Unlike mature, publicly listed companies which are easier to compare using multiples of current earnings (like EBITDA) [3] , startups must be valued based on their projected future; moats, margins and the perceived strength of their future growth trajectory. [3] in 3-7 years).

Discounted Cash Flow 64

Discounted Cash Flow Terminal Value Marketability EBITDA 64

Equidam

APRIL 22, 2025

1] Unlike valuing established public companies with long track records and stable earnings, startup valuation operates in a realm of high uncertainty. [2] For example, a business plan created in 2021 might have reasonably projected raising very large subsequent funding rounds.

Discounted Cash Flow 52

Discounted Cash Flow Marketability Risk Premium Start-ups 52