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This research started from the observation that despite high rates of revenue growth, the
EBITDA margin rates of SaaS startups are low, but it does not prevent them from being
valued at record prices at the time of their exit either during a M&A or an IPO.
In order to evaluate and understand this phenomenon, we analyzed the SaaS sector to reveal
the specific characteristics of the SaaS startups. Then, we explained the main existing
valuation methods to check out which valuation methods are best fitted. First, we examined
the classical valuation methods, divided into three approaches: the actuarial approach (with
the discounted cash flow model and the dividend discount model), the asset-based approach
(with the revalued net asset value model) and the comparative approach using comparative
multiples based on similar listed companies.
In addition to those classical valuation methods, we analyzed the fitness of three other
specific methods: the “First-Chicago” and the Venture capital methods designed specifically
for the valuation of the startups; and finally, the revenue multiple method, which has been
developed exclusively considering the specific characteristics of SaaS enterprises. This latter
evaluates the value of a SaaS startup as the product of annual recurring revenue and revenue
multiple.
With the aim of validating or invalidating our theoretical analyzes on the fitness between all
those valuation methods with the SaaS startups, we carried out a qualitative survey by
saturation with SaaS startups already or being in the process of realizing a valuation and with
investors active in SaaS startups.

exit --- startup --- Software-as-a-Service --- SaaS --- valuation methods --- Sciences économiques & de gestion > Comptabilité & audit

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This paper surveys the current state of knowledge concerning the value of the Amazon rainforest, including a survey of work to date to quantify changes in economic values when the rainforest cover changes. The focus is on local and regional impacts of forest loss or protection, including both gross values of forest protection and opportunity costs of converting the forest to other uses including agriculture. Important gross value items surveyed are timber and non-timber product extraction from a sustainably maintained rainforest; local values of eco-tourism; biological resources including bio-prospecting; a range of hydrological impacts including watershed protection, hydropower production, and changes in rainfall patterns; and impacts of forest fires and their control. Mapping such values in geographical space is of high value for implementing efficient and effective (Reducing Emissions from Deforestation and Forest Degradation) programs for protecting the remaining forest. The current data basis for such mapping is found to be quite weak and in need of improvement for all value elements.

Amazon Rainforest --- Climate Change and Environment --- Climate Change Mitigation and Green House Gases --- Deforestation --- Energy --- Environment --- Environmental Economics & Policies --- Environmental Valuation --- Forestry --- Market And Non-Market Valuation Methods --- Wildlife Resources