| Summary: | 碩士 === 東吳大學 === 企業管理學系 === 104 === Abstract
Mobile application market has been thriving and would stay to be the trend for the next generation. Even though mobile commerce has been prevailing and booming globally, most app-based companies are still at their early stages. This fact makes analysts difficult to value most app-based companies due to lack of sufficient information. This study aims to search an appropriate and legitimate method to evaluate an early-stage 3rd party app developer. Combining qualitative analysis, including business model canvas, SWOT analysis, scenario planning, and quantitative analysis based on financial modeling and valuation, this study not only attempts to justify its case analysis’ research method, but also tries to provide meaningful insights to the target company being analyzed.
Results show that when 3rd party app market competition/failure rate is low, the target company would have no choice but have to reduce the redundant SG&A expenses if their customer segments are expanded, and would have no choice but have to expand customer segments starting from one industry if the customer segments were not initially expanded; when 3rd party app market competition/failure rate is high, the target company’s performance would improve if it reduces the redundant SG&A expenses given their customer segments are expanded, and the target company’s performance would improve if they expand their customer segments starting from one industry given the customer segments were not initially expanded.
Keywords: Mobile Commerce, Early-stage Company Valuation, Venture Capital Valuation, Business Model Canvas, Scenario Planning, Free Cash Flow
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