Great article. Common theme I hear is that a lot of tech companies aren't necessarily generating "true" profits given a certain level of EBITDA but an even greater SBC expense. I'd be interested in hearing whether your team incorporates future equity dilution from SBC issuance into the valuation methodology for names with a longer holding period.
Great article. Common theme I hear is that a lot of tech companies aren't necessarily generating "true" profits given a certain level of EBITDA but an even greater SBC expense. I'd be interested in hearing whether your team incorporates future equity dilution from SBC issuance into the valuation methodology for names with a longer holding period.