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Preview a real, redacted 409A valuation report from 409.AI: the FMV conclusion, OPM backsolve allocation, DLOM analysis, and appendices your auditors and investors will look for. Download the full sample PDF.

What is inside the report

Cover & FMV conclusion

The valuation date, the concluded common-stock fair market value per share, and the standard of value.

Company overview & capitalization

Business description, financing history, and a share-class-by-share-class cap table with liquidation preferences.

Industry & market analysis

The sector, comparable-company set, and market conditions framing the enterprise valuation.

Valuation approaches

Market, income, and asset approaches considered, and why the selected approach fits the company stage.

OPM allocation & backsolve

How total equity value is allocated across preferred and common share classes using the option pricing model.

DLOM analysis

The discount for lack of marketability supported by Finnerty and Chaffe put-option models.

Conclusion & certification

The concluded FMV, the appraiser certification, and assumptions and limiting conditions.

Appendices & exhibits

Comparable-company detail, volatility support, and breakpoint tables auditors trace.