Valuation of startup and early-stage companies

P&S CAPITAL developed an in-house methodology for valuation of startup companies. With our methodology we propose solutions for how to deal with valuation of early-stage and startup companies, which can be used by appraisers to identify value drivers and to better estimate the risk and potential of startups.

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Proxy for risk free rate in valuation and current state of interest rates

I much of the developed world negative interest rates are present on the market. Different issues when it comes to the valuation of the companies arise when risk free interest rates become negative. Article deals with number of issues and offer some solutions.

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Is risk free actually risk free? Effect of change in interest rates
As we previously presented in the article Risk free rate (available at, risk free rate is an important component of CAPM model, which is used in the process of estimating the value of companies.

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Is now the right time to invest in Europe?
Europe is risky at the moment as there was zero growth in earnings in almost ten years, In addition the region faces a number of key political tests that could further destabilize its recovery and keep investors on the sidelines.

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ŠMARNA GORA FROM SUNRISE TO SUNRISE: 24 hours of Šmarna gora – for happy people!

P&S GROUP is joining and endorsing the campaign “From Sunrise to Sunrise”.
START: June 21, 5 AM
END: June 22, 5 AM

Welcome to join us!

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Contract signed between Triglav upravljanje nepremičnin and Jelovica regarding sale of 100% stake in company Slovenijales Trgovina.

The sales process was guided by P&S CAPITAL as exclusive financial advisor.

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BARC The Planning Survey 16, Record Results – Jedox Tops 12 Categories

Jedox has received outstanding results in this year’s The Planning Survey 16 by BARC: Jedox topped 12 categories in the international peer group “Development-oriented planning solutions”, including “Customer Satisfaction”, “Business Benefits”, “Ease of Use” and “Price-to-Value”.

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New release – Jedox 6

Jedox empowers you with powerful planning, effective analytics and beautiful reporting, on every device. Jedox 6 is transparent, smarter and faster. Transform your business with unified planning and analytics anywhere.

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Valuation for the squeeze-outs under the Slovene Companies Act (ZGD)

Valuation for squeeze-out purpose in Slovenia is defined by the Slovene Companies Act. P&S CAPITAL has look at the common practice in the USA s this country has long-time experience in squeeze-outs and draw conclusions on appropriate valuation for squeeze-out purpose.

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Risk free rate

Risk free rate is an important factor in the CAPM model. In the current market environment risk free rate can raise up many issues when coming up with the proxy for risk free rate. For the purpose of valuation, long-term projections for the company are usually prepared and in line with the long-term aim of estimating the value of a business, proxy for a long-term risk free should also be used. Using a long times series of nominal yields of AAA-rated government bonds or applying expected real interest rates with expected inflation, should be the appropriate way for estimating risk free rate used in the CAPM model for the purpose of business valuation.

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