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Social Finance$
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Alex Nicholls, Rob Paton, and Jed Emerson

Print publication date: 2015

Print ISBN-13: 9780198703761

Published to Oxford Scholarship Online: December 2015

DOI: 10.1093/acprof:oso/9780198703761.001.0001

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Projection, valuation, and pricing in social finance

Projection, valuation, and pricing in social finance

(p.311) 11 Projection, valuation, and pricing in social finance
Social Finance

Alex Nicholls

Aunnie Patton

Oxford University Press

The chapter suggests that a significant challenge to the further development of the social finance market is the lack of consistent blended valuations and pricing that allow comparative allocation capital judgements to be made. It aims to address this issue by building a new framework—built upon the foundations of mainstream asset valuation—the projection-valuation-pricing (PVP) model. Each element of the model is then explored in detail with key observations being made concerning its distinctiveness in social finance contexts. This analysis highlights how existing models have validity for social finance, but will need to be adapted to a new context. The chapter continues by exploring some of the key features needed to develop a distinctive social finance term sheet in terms of a range of investors.

Keywords:   blended valuation, asset valuation, capital allocation, projection-valuation-pricing

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