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September 07, 2004


Kien Lam

I've recently started out as an analyst for a biotech VC and it seems that there are a few "standard" valuation techniques one of the principals like to use. With regards to the comparative analysis, I am using the P/E ratio of the industries I believe the early stage company I'm valuating is in and multiple the earnings from their first projected profitable year. I then discount by relatively arbitrary discount rates to reflect obstacles that separate this company from other similar public companies in the industry. What do you think are the biggest shortcomings of this method?


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