In this paper we outline how to value private companies and work through a real case study. The corporate finance and valuation techniques on display can be used to value any private company or project that is illiquid with little or no market data. Together with this paper we provide the full...

Every project is fundamentally made up of cash flows. An investor may rent a factory, buy raw materials, hire workers, manufacture a product or fund an advertising campaign, all with the purpose of selling a product or service to make a profit. Every part of the project or investment opportunity...