IntermediateStock Alerts + Tools0:44Valuation

The Multiple for Companies With No Profit

EV to sales prices the whole business against revenue, and it only means anything once you attach a margin assumption to it.

0:44 · 6 scenes

This lesson is part of a Stock Alerts + Tools plan.

What the lesson covers

0:00When there is no profit, revenue is what is left to value against.
0:05Why enterprise value. Revenue supports the whole capital structure, so debt belongs in the numerator.
0:14The hidden assumption. Any sales multiple is really a bet on the margin the business will eventually reach.
0:23How to use it honestly. State the margin you are assuming, then check anyone has ever achieved it.
0:31The other trap. Revenue quality varies. Recurring subscription revenue is not one-off hardware revenue.
0:39Turn the multiple into a margin, then judge that.

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