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Cordlife Group: Valuing the Business of Life
內容大綱
It was the 28th of February 2012, and Joshua Shen, an investment associate with a large banking group, found himself saddled with a project that blurred the lines between his professional and personal lives in an unexpected manner. His Chief Investment Officer had sent to him a fact sheet on a proposed private placement subscription to the shares in Cordlife Group for a private banking client, and tasked him to prepare a valuation report on the company so that he could decide whether to recommend the private placement to the client. Cordlife was not your typical firm: instead of selling everyday consumable goods and services, it was an umbilical cord tissue bank, in the business of life itself. Joshua was familiar with the company: he and his wife had just banked their first-born's cord cells with them. But, more often than not, a good product does not necessarily mean a good company, and a good company does not necessarily mean a good stock. How does one value such a business? Should he recommend the investment to the client, and on what basis?