Valuation Analysis of Canada’s Privately-Held Technology Companies

The goal of this project is to develop a financial model which will be used to value privately-held
technology companies in Canada. The research for the summer will be conducted with CoreGen
Capital Partners. Market participants typically pay a liquidity premium when investing in the public
market. The objectives of this research will be to accurately measure how investors determine the
illiquidity discounts and to incorporate those factors into a valuation model for private technology
companies in Canada. Valuation tools learned from coursework in the Master of Financial Economics
program and previous research on private market valuation will be implemented to complete this
research. The end result of the project will be a detailed report and an accompanying financial model
which will be built in Microsoft Excel. This research will streamline CoreGen’s valuation processes
and will increase the accuracy of their financial analyses.

Faculty Supervisor:

Andreas Park

Student:

Partner:

CoreGen Capital Partners

Discipline:

Mathematics

Sector:

University:

University of Toronto

Program:

Accelerate