A Private Equity Valuation Primer
总结了私募股权专业人士评估非上市公司价值的四种主要方法：可比上市公司法、可比收购法、现金流贴现法和杠杆收购法，并简要讨论了少数特殊估值案例。
This article summarizes the use of the four principal methodologies that private equity (PE) professionals use to assess the worth of closely held businesses. The methodologies are comparable public companies, comparable acquisitions, discounted cash flow, and leveraged buyout. The article also briefly examines a few special valuation cases that fall outside of the four most used methodologies. PE practitioners employ these methods 1) to negotiate the worth of potential investment candidates, 2) to assess the exit pricing of their investments, and (3) to mark to market the value of their unsold portfolio companies. None of the valuation approaches are foolproof, and practitioners generally use several methods in concert to obtain the best value estimate for a private business.