FULLY DILUTED VALUATION
«Полностью разбавленная оценка» – оценка, проводимая при допущении, что реализованы все варианты и опционы на обыкновенные акции, а все конвертируемые бумаги конвертированы.

The fully diluted valuation assumes that all the shares of the company have equal rights and hence have equal value i.e. the value of 10% stake is representative of the remaining 90% stake.
Investors usually mean a fully diluted valuation- i.e., assuming that all outstanding options and warrants are fully exercised and all convertible securities are converted.

Though the fully diluted valuation seems intuitive and easy to understand, it does not take into account the preferences attached to the instrument through which the recent investor has invested in the company.