Lei Siyun saw that Yuan Yu's face was expressionless, and frowned unconsciously: "I communicated with my peers, and the valuation of many head tubas is declining, and only the first-line tubas are now at a valuation of 100 million yuan." ”

"So people don't value themselves in a self-media way at all. You really don't understand new media, our company is short of talents!" Yuan Yu patted the report in his hand: "I won't send this report of yours to the company, I think you completely, completely, did not fulfill the responsibility of due diligence." You should report to the directors who care about this matter individually. ”

Lei Siyun's eyebrows immediately rose, "Hey, Xiao Alfalfa, why didn't I fulfill my responsibility?" I know that you and Mr. Yuan are both optimistic about him, but you also have to abide by the Basic Law, right? Valuation is not a matter of patting your head!"

"I didn't pat my head, but you clearly have tinted glasses. Many things that should be seen that you simply don't see. ”

"Then may I ask, according to the financial data of Baren Entertainment, what kind of valuation can you get by using the DCF income method, the comparable company method, and the cash flow discount method, and what is their growth expectation? Is there any sustainable growth?"

Lei Siyun was pinned on by several directors, and he was not temperless, "What are they not self-media companies? Shouldn't you value them according to the number of users of Internet startups according to the valuation method of PAU? They don't have a traffic entrance themselves, nor are they users, they all follow fans, they are all platform users, and it is unscientific to convert them according to the number of users!"

"No, just by the price-to-sales ratio. Yuan Yu wanted to roll his eyelids, "Baren Entertainment has been established for five months, and there have been tens of millions of cash inflows, live broadcast rewards, public account rewards, selling cute artifacts, clothing, knowledge sharing, etc., aren't they all written in your report?

Yuan Yu has only recently realized why Chu Yuanxi proposed a billion valuation and never let go. When a person thinks about too many complicated things, he often ignores the simplest one.

The simplest financial methods in the valuation logic are the P/E ratio and the P/S ratio, but these are basically valuation methods that will be considered after Series B financing. Because when using this calculation method, the valuation object is often a company that has developed, matured, or is beginning to take shape.

For startups, there is no profit and no sales, especially in the Internet industry, which burns money at the beginning, so the angel round and A round are basically not financed by financial estimates.

For example, when Pony Ma was doing a penguin, the valuation to investors was stunned when they heard it, and asked: Your company is worth so much money?

Pony Ma replied: I need so much money.

The A round of funding is slightly better than the angel round, and you can see the initial results of the startup before making the next investment. This initial result is usually the number of users, for example, if you make an APP, the 10 million angel wheels have been burned out, and the income is almost none, but there are 300,000 monthly active users.

According to NASDAQ logic, in this case, a user assumes a value of $15, and the valuation of 300,000 monthly active users is $4.5 million. At this time, investors looked, oh, the valuation of your angel round has reached 25 million, and there is no growth of 4.5 million dollars, so the company died in the A round and could not raise capital.

But if it has 500,000 monthly active users, the valuation is 7.5 million dollars, the growth is okay, and the proportion of the founder's diluted equity can also maintain the stability of the company, so it can cheat another round of money.

Only in Series B, when the company has generated revenue, can it be valued financially.

And Chu Yuanxi directly stepped over the previous steps, this is the charm of self-media. According to the price-to-sales ratio, the valuation of Baren Entertainment should be one billion.

Of course, in Yuan Yu's eyes, it is attractive, but in Lei Siyun's eyes, it becomes a scar. He was so angry that he sneered and said, "Those one-time incomes can also be counted as price-to-sales ratios? With that, he turned and left.

Yuan Wei looked at his domineering appearance and laughed in his heart, and Lei Siyun thought in his heart: I don't understand new media, you know? You are a talent, you have so much money? Hmph——

He went back to his office to get the report, and came to Yuan Liu's room in silence, just in time to see Yuan Liu send Yuan Jing and Yuan Rong out. Yuan Rong was smiling all over his face, like a rat who had just stolen two taels of oil, Yuan Jing still had a straight face, making people unable to figure out the depths.

Lei Siyun nodded to Yuan Jing, then entered Yuan Liu's office with his head held high, and said to Yuan Liu: "Sir, my investigation is over, this is the result of the investigation. ”

It is no secret that Yuan Jing and Yuan Yu's brothers and sisters want to vote for entertainment, and it is no secret in Zheng De, and of course Yuan Liu, who is a director, also knows. He asked Lei Siyun to find out the financial level of Baren Entertainment out of a responsible attitude towards the company, and then it happened that Yuan Rong came to ask for help.

At this time, in fact, he had already learned some of the potential strength of Baren Entertainment from Yuan Rong's side, and even the conditions, Yuan Jing thought about it for both parties, probably in the form of proportional sharing of sales gross profits, and 15% of the account was divided as the authorization fee.

At the beginning, Yuan Liu thought that 15% was not too high, because this is not OEM, and Baren Entertainment does not have a toy brand, which is equivalent to IP authorization.

But after Yuan Jingyi's explanation, people don't care about Baren Entertainment after granting the rights, they still have to live broadcast and bring goods, and they have to Amway to tens of millions of fans, so this proportion is not high, and the advertising cost is already a little low.

At this time, Lei Siyun, who he had been optimistic about, finally came.

Yuan Liu let Lei Siyun into the office, and then took the report to look at it, his face changed at that time, and he asked, "Have you already shown it to Xiao Lu?"

She said...... "Lei Siyun faintly felt that Yuan Liu's tone today was a little different from the past? "She said I didn't do my due diligence and said I didn't understand new media. Hey, you said this Yuan Yu, how much money she lost playing IP by herself, didn't she have any points in her heart? She was embarrassed to say this kind of thing? She can't just let Chu Yuanxi lose her money once, she just promised her, right?"

"However, you really didn't fulfill your due diligence responsibilities!" Yuan Liu rolled the report into a roll and knocked on Lei Siyun's head bitterly: "Who said that there are no employees in the clothing industry in Renjia Company? Yang Yuanmei and her parents are the bosses and general managers of Meiwa Toys, how did the OEM who sells cute artifacts and clothing find you, don't you think about it?"