Relation between fair market value and preferred price

Question

Continuing on Why is there a significant disparity between 409A valuation and fair market value?
Is there a formula for deriving preferred price from FMV? Does it change based on how many rounds the company has raised or some other metric, such as number of employees?
https://scalar.io/insights/fair-value-of-common-stock-as-a-percent-of-preferred gives some guidance but doesn't fully answer my question.

Grade 'Eh' Bacon · Accepted Answer

Valuation of a preferred share could be about as complicated as determining FMV in the first place.
Primarily, this is because 'preferred shares' can mean many different attributes, such as the ability to convert to common shares at some ratio, dividend considerations, voting considerations, etc.
There is no way to derive the value of a preferred share purely by looking at the overall valuation of a company.

Relation between fair market value and preferred price

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