La Valutazione delle Tech Companies - Nuovi Metodi di Valutazione

The objective of this thesis is to assess which methods are most applicable to Tech Companies during their valuation. After the analysis of the shift between the Old Economy and the New Economy Era which completely transformed the business model of companies, leading them from a predictable business to a volatile one, I will analyze Tech Companies and Unicorns. Since common valuation methods cannot be applied to these companies during the first stage of their life, the pre-money and post-money valuation method will be analyzed to evaluate them better. Moreover, I will investigate which are the trends for grown-up unicorns like Facebook and Twitter explaining why these two companies should still be valued with different methods like the EV/ARPU or the Real Option method. Apart from these methods, I will introduce the Customer Lifetime Valuation method, demonstrating how it can positively affect the existing valuation methods without substituting the existing ones.