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Discounting by project or by company?

Is the same project worth more in other hands?

In corporate finance a major problem is project risk and how it influences the discount rate. Should we discount each project with a different discount rate or should we use one discount rate for the whole company? This question becomes particularly interesting in the case of license contracts where usually a company with a high cost of capital negotiates with a company with a low cost of capital. Is the project simply worth more because it is in a big company’s hands? Or is this all wrong?

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E V E N T S

02/02/2011
Valuation in Biotech, 1h presentation
Basel - SWITZERLAND

03/03/2011 and 04/03/2011
License Contract and Company Valuation in Excel
Geneva - SWITZERLAND

P U B L I C A T I O N S

The effect of taxes on the value of start-up companies
Journal of Business Valuation and Economic Loss Analysis

Valuation Book

Valuation in Life Sciences 3rd Edition
"Valuation in Life Sciences. A Practical Guide" has become the industry reference book. It has now been released already in its 3rd edition.

Click here to order.



ri:val: What deals do your peers negotiate?
Avance regularly analyses industry deals with respect to their composition, structure and terms. From most deals only fragments are disclosed such as the sum of milestones and whether the royalties are single- or double-digit. With the help of ri:val we shed more light on these deals.

This example is a preclinical cancer deal between BMS and Adnexus.

 DEAL ANALYSIS>

 ri:val >



License Contract and Company Valuation:
2-day workshop in Geneva

Avance holds a 2-days' workshops on company valuation in Geneva. The first day will cover project and license valuation. On the second day we will touch company valuation with delicate topics like cost of capital, taxes, and Monte Carlo simulations. All topics will be put into practice with a case study in Excel.

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