Download Biotechnology Valuation: An Introductory Guide (The Wiley by Karl Keegan PDF

By Karl Keegan

* the 1st ebook to supply an easy and sensible technique of valuing biotech businesses* The e-book starts with a quick historical past of the biotechnology undefined; this can be very important as even though it is set 30 years outdated, the 1st corporation went public simply in 1996, so it's attainable to plan the process funding waves and dips* It examines the ecu and its evolvement, and attracts parallels among the similarities and transformations among that and the U.S.* seems on the quite a few businesses which make up the biotech (therapeutic; existence sciences; and the clinical know-how corporation) and provides instruments for the investor to correctly review them

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Additional info for Biotechnology Valuation: An Introductory Guide (The Wiley Finance Series)

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The incremental number of shares would be: Shares under option 10 000 Shares repurchased 8000 Incremental shares 2000 Using the numbers, it can be seen that if the average market price per share were less than the option price, the incremental number of shares would be negative, indicating a non-dilution. The impact of non-dilution is ignored in EPS calculations. When calculating fully diluted EPS, shares are repurchased at the average or year-end market price, whichever is higher. If the year-end market price is higher, fewer shares can be repurchased from the proceeds, thereby increasing the incremental number of shares to be added to the denominator.

P1: JYS c02 JWBK311-Keegan September 25, 2008 2:1 Printer: Yet to come Traditional Valuation Methods 33 Market risk measures the variability in the investment returns which are caused by general market fluctuations and cannot be diversified away by an investor. Specific risk is the remaining risk which reflects factors specific to the investment or the industry in which the company operates. It is this element of an investor’s risk that can be diversified away within a well diversified portfolio.

The main drawback of accounting approaches to valuation is that they do not consider the investment required to generate earnings or its timing. The DCF model allows for the difference in value by factoring in the capital expenditures and other cash flows required to generate earnings. However the accounting approach has little to offer investors looking at biotechnology companies. When earnings reflect cash flow the accounting approach provides a reasonably good proxy for DCF. It is when earnings and cash flow diverge that the accounting approach comes up short.

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