Chapter 1: Corporate Financial Analysis 1.1. Introduction 1.2. The reclassification of the balance sheet 1.2.1 The reorganization of the balance sheet according to asset liquidity and liability maturity 1.2.

2 The reorganization of the balance sheet by-function 1.2.3 In-depth analysis of NOWC monitoring and management 1.3. The income statement reorganization 1.3.1 The reorganization of the income statement as value-added 1.3.

2 The reorganization of the income statement by the contribution margin 1.4. Ratio analysis 1.5 Cash flow statement analysis Appendix to Chapter 1 - A comprehensive financial analysis method Chapter 2: The financial and economic forecast 2.1 Introduction 2.2 Qualitative analysis 2.3 The traditional economic and financial forecast: from assumptions to estimation procedures 2.3.

1 Assumptions 2.3.2 The estimation process to obtain a forecast budget 2.4 A different method to estimate forecast operating revenues 2.5 Conclusions Appendix to Chapter 2 - Drafting a forecast budget: combining new and classic approaches Chapter 3: The cost of capital for private businesses 3.1 Introduction 3.2 Private business evaluation: general points 3.3 The critical issues in calculating the cost of capital for private owned companies 3.

3.1 First issue: "no market reference for equity and debt" 3.3.2 Second issue: "Consider specific risks when making the evaluation" 3.4 An alternative model to estimate the cost of capital of private corporations 3.4.1 The model basics 3.4.

2 Estimating the unlevered cost of capital through a risk-neutral approach 3.4.3 The default probabilities for the model 3.4.4 The Loss Given Default (LGD) to be used in the model 3.5 Conclusions Appendix 1 to Chapter 3 - Steady-State and Steady-Growth evaluations Appendix 2 to Chapter 3 - Evaluation of an investment project Chapter 4: Business valuation through market multiples 4.1. Introduction 4.

2. The key multiples 4.3. The evaluation process 4.4 The critical issues with comparabilities in the use of multiples 4.4.1 A conceptual outline 4.4.

2 Adjustments by growth profile 4.4.3 Adjustments by debt level 4.4.3 Adjustments by growth rate and debt level 4.5 The issues relating to the calculation of the single multiple 4.6 Specific features of stock-market multiples 4.7 Using the multiples approach: final considerations Appendix to Chapter 4 -The unlevered value maps: an empirical evaluation Chapter 5: Conclusions - Putting all together for valuing a start - up 5.

1. Introduction 5.2 Start-up capital structure, expected cash flows and cost of capital 5.3 Start - up valuation process 5.4 Focusing of the Venture Capital method 5.5 Conclusions.