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

Many startups that raised money at sky-high prices saw their implied values drop dramatically by 2022-2023 (for instance, well-known unicorns like Klarna and Stripe took massive valuation cuts in subsequent rounds). Best practice reporting in 2023-2025 includes providing the valuation methodology for each significant holding (e.g.,

Discounted Cash Flow 64

Discounted Cash Flow Start-ups Marketability Comps 64

Equidam

FEBRUARY 8, 2023

You can refer to the table below to see how the EBITDA multiples for the industries available on the Equidam platform will change on February 23, 2023. These are applied to compute the Terminal value in the DCF method with Multiple and the potential exit value in the VC method. 15.27 ↑ 9% Agricultural Chemicals 15.89

EBITDA 40

EBITDA Terminal Value Banking Marketability 40

Chris Mercer

NOVEMBER 15, 2022

Assume a company has reported an EBITDA of $2.0 Assume further that the appropriate EBITDA multiple is 6x and that the underlying equity discount rate is 14%. Then, based on reported EBITDA, the company is worth $12.0 Normalized EBITDA is, therefore, $3.0 million based on normalized EBITDA. million (6 x $2.0

Business Valuation 52

Business Valuation Normalized Earnings EBITDA Terminal Value 52

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] Presenting the same plan in a capital-scarce 2023 or 2024 environment would likely meet with skepticism. 2] [17].

Discounted Cash Flow 52

Discounted Cash Flow Marketability Risk Premium Start-ups 52