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  "notes": "Includes a conceptual startup lifecycle curve and a stacked bar chart showing risk premium vs base discount rate.",
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      "text": "DCF BACK-SOLVING OF DERIVED ENTERPRISE VALUE BASED ON MARKET MULTIPLES. For many Fintechs, the absence of positive free cash flows in the forecast period makes the DCF approach impractical. However, the enterprise value obtained from the market approach can be used to back-solve the revenue and EBITDA development that corresponds to the value of the company.",
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      "text": "The phase of the Fintech in the business lifecycle should correspond with the applied discount rate. Generally, higher discount rates are applied in the early stages, e.g. by applying an additional risk premium on top of the base discount rate, which decreases over time.",
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      "text": "FINTECH | DELOITTE SERVICES",
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