Musings on Markets

NOVEMBER 9, 2021

My two most recent valuations were in June 2019 and January 2020, and I am going to go back to them, not just because they are recent, but because they led to investment decisions on my part. Between June 2019 and January 2020, the stock went on a tear, as the stock price more than tripled, and I revisited my Tesla valuation.

Start-ups 101

Start-ups Dividends Marketability Market Capitalization 101

ThomsonReuters

JUNE 14, 2021

and Swiss governments agree on types of retirement plans exempt from withholding on dividends. Switzerland Tax Treaty, are eligible for an exemption from tax withholding on dividends that they receive, provided that all other requirements of the Treaty are satisfied. and Switzerland have announced the list of U.S. State and Local News.

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Dividends 98

Musings on Markets

JANUARY 5, 2024

I have also developed a practice in the last decade of spending much of January exploring what the data tells us, and does not tell us, about the investing, financing and dividend choices that companies made during the most recent year. Dividends and Potential Dividends (FCFE) 1. Dividend yield & payout 3. Buybacks 2.

Dividends 105

Dividends Risk Premium Equity Book Value 105

Musings on Markets

SEPTEMBER 27, 2022

The table below the graph also backs up my point about the 2011-2020 time period being an outlier, in terms of inflation being low (with the average at 1.73%) and stable (with the standard deviation across the years of 0.81%).

Risk Premium 99

Risk Premium Treasury Start-ups Equity 99

ThomsonReuters

JULY 13, 2021

The Tax Equity and Fiscal Responsibility Act of 1982 and Interest and Dividend Compliance Act of 1983 requires payers to backup withhold tax from certain reportable payments. Beginning in tax year 2020, the IRS issued a new Form 1099-NEC for business taxpayers who receive nonemployee. e-filing rate for tax year 2020, with a 52.6%

Treasury 98

Treasury Dividends Compliance Equity 98

Law 360 M&A

SEPTEMBER 22, 2022

A proposed class action accusing pharmaceutical company Viatris of misleading investors about its plans to pay dividends following its creation in a 2020 merger should not have left state court, a Pennsylvania federal judge reasoned in a decision remanding the case.

Dividends 40

Dividends 40

Andrew Stolz

JANUARY 17, 2022

Value play with strong dividend growth potential. As a comparison, in 2020, Volvo delivered 4,500 trucks to China. Net assets have fallen in 2020 after selling UD truck segment to Isuzu Motors. In 2020, its net-debt to equity ratio stood at 0.9x. I expect dividend yield over the near-term to range between 2.5-3.5%.

Marketability 52

Marketability Dividends Net Debt Start-ups 52

Musings on Markets

JANUARY 21, 2023

In 2022, we needed that reminder more than ever before, especially after markets came roaring back from the COVID drop in 2020 and 2021. The first is the dividends you receive, while you hold stocks, a cash flow stream that provides a measure of stability to investors who seek it.

Equity 96

Equity Risk Premium Start-ups Dividends 96

Andrew Stolz

JANUARY 24, 2022

Strong years ahead lead to attractive dividend yields. Equinor’s revenue breakdown 2020. In 2021, renewable CAPEX made up 12% of its total CAPEX, compared to 4% in 2020. Strong years ahead lead to attractive dividend yields. I also expect a strong increase in dividends over next 3 years. Ratios – Equinor.

Dividends 52

Dividends Start-ups Business Valuation Marketability 52

Andrew Stolz

APRIL 17, 2020

This is a Valuation Master Class student essay by Kontee Siravongtanawadi from January 16, 2020. Rather it is based on investors’ critical thinking, due diligence, and using methods that combine value and growth strategies such as Peter Lynch’s PEG and dividend adjusted-PEG ratios. However, the best investment strategy is neither.

Dividends 52

Dividends Discounted Cash Flow Start-ups Marketability 52

Global Finance

SEPTEMBER 9, 2024

Access to finance was a huge concern at the start of the pandemic [in 2020] as thoughts turned to the global financial crisis and a potential repeat of bank insolvency,” notes Kristen Roberts, partner and head of the London corporate debt practice at HSF. “So It’s a predicament that started to emerge as far back as 2018.

Treasury 105

Treasury Banking Finance Dividends 105

Andrew Stolz

JANUARY 28, 2022

Attractive dividend yield could rise to 2x Japanese average. Idemitsu Kosan’s revenue breakdown 2020. Attractive dividend yield could rise to 2x Japanese average. In the past share, the company has increased its dividend per share and is likely to maintain that level. Ramp-up of CAPEX necessary to ensure longevity.

Dividends 52

Dividends Risk-free Rate Net Debt Equity 52

Valutico

MARCH 28, 2023

As of now, UBS is offering a dividend of USD 0.55 per common stock, with a dividend yield of 2.70%. Share Price Performance Between February 2018 and February 2020, UBS saw a decline of over 35% in its share price due to weaker profits, which worsened during the pandemic. and a CET1 leverage ratio of 4.42%.

Banking 52

Banking Dividends Equity Marketability 52

GCF Value

SEPTEMBER 28, 2022

In basic terms, you value a company with two variables, (1) cash flow to the owner (dividends to the investor), and (2) a required rate of return based on the risk of that investment. 2020 = 2.94 (64 comps). Cash Flow and 2020. Or would you lower it by giving some weight to 2020? Basic Valuation Methodology.

Comps 52

Comps Dividends Appraisal Marketability 52

Andrew Stolz

JANUARY 16, 2022

Share repurchases and dividends. The dividend yield could return to 5% in 2022. Strong operating cash flow allows the company to pay out dividends which are in line with its pre-pandemic policy. We expect that the dividend yield over the near-term to range between 5-6% like in 2019 and 2020. Advancing ESG issues.

Dividends 52

Dividends EBIT Marketability Business Valuation 52

Andrew Stolz

NOVEMBER 21, 2021

In 2020, the Japanese gov’t announced the intention to ban gasoline-powered cars by 2030. Operating cash flows were not able to cover investing activities in 2020 and 2021. The company pays out dividends on a consistent basis. Dividend payout ratio is almost constant around 30%. Cash flow – Toyota. Ratios – Toyota.

Dividends 52

Dividends EBIT Treasury Equity 52

Musings on Markets

JANUARY 20, 2021

Corporate Default Spreads: Current and Look Back at 2020 Corporate bonds are traded, and as a consequence, and you can use traded prices to estimate default spreads in the market. You could compute default spreads for other maturities, and compute the price of risk over 1-year, 2-year, 3-year periods and so on.

Risk Premium 52

Risk Premium Risk-free Rate Equity Dividends 52

Andrew Stolz

FEBRUARY 10, 2022

First Gen’s revenue breakdown 2020. In 2020, the US-based investment company KKR acquired a 12.6% FGEN paid out stable and growing dividends. The small payout ratio of less than 15% still delivers a dividend yield of around 3%, which is above Philippine average. A pioneer in renewable energy should be future proof.

Dividends 52

Dividends Start-ups Marketability Business Valuation 52

Valutico

MARCH 20, 2023

They announced a 50% dividend payout ratio projected for 2023 and 2024 as well as a return to quarterly dividends from Q1 this year. HSBC is also planning a special dividend of $0.21 to be paid in Q1 once the Canada disposal is completed as well as additional share buybacks.

Dividends 52

Dividends Banking Equity Market Capitalization 52

Andrew Stolz

JANUARY 27, 2022

Attractive dividend yield despite rise in invested capital. Attractive dividend yield despite rise in invested capital. With exception in 2020, PTT was able to create value for its shareholders. Dividend yield is attractive and could reach a comfortable 5%+ in 22E. Download the full report as a PDF. Conclusions.

Dividends 52

Dividends Technology Business Valuation Marketability 52

Andrew Stolz

FEBRUARY 2, 2022

Attractive dividend yield could rise above 5%. Hon Hai’s revenue breakdown 2020. Attractive dividend yield could rise above 5%. Also, the dividend yield might be worth a look from an investor perspective. Valuation is attractive; dividend yield adds some good return on top of upside. Reputation damage (e.g.,

Dividends 52

Dividends Start-ups Marketability Technology 52

Andrew Stolz

JANUARY 20, 2022

The company focus on a constant payout ratio of 30% for dividends. Enhanced profit prospects could lead to a juicy dividend yield of 3.3% The company only recorded a drop of 4% in 2020 and 2% in 2021. Attractive dividend yield adds additional return. Recovery of ROIC is one of the management’s top priority. Conclusions.

Dividends 52

Dividends Business Valuation 52

Reynolds Holding

MAY 16, 2022

firms have more than tripled inflation-adjusted dividends, while real share repurchase values have ballooned from $5 billion in 1971 to almost $1 trillion in 2018 and become the dominant form of payout. New research shows that firms do not directly substitute repurchases for dividends; often these payouts complement one another.

Dividends 45

Dividends Debt Financing Finance Marketability 45

Reynolds Holding

OCTOBER 10, 2022

trillion to buy back their shares, which is significantly more than these firms spent on dividend payments to their shareholders (Lazonick, Sakinç, and Hopkins, 2020). Nguyen, Vu, and Yin (2020) reveal a negative association between firms’ stock repurchases and innovation. Stock repurchases are also controversial. Lazonick, W.,

Finance 56

Finance Marketability Dividends Corporate Finance 56

Reynolds Holding

OCTOBER 3, 2024

percent in 2020, the highest since the Great Depression. Firms that issued equity during Covid-19 maintained their stock-repurchase, acquisition, and capital expenses and increased dividends and R&D expenses. Economic downturns disrupt firms’ operations and strategic decisions and impair their financial health.

Equity 45

Equity Equity Financing Dividends Finance 45

Brian DeChesare

JANUARY 3, 2024

However, I still outperformed because I made small bets on risky assets that did extremely well and were meaningful percentages of my total assets: I bought Bitcoin for under $1,000 in 2013 and under $10,000 in 2020 and sold it for $30,000 to $50,000 in 2021 – 2022. But my real estate investment funds were down ~10% , which hurt.

Marketability 59

Marketability Start-ups Equity Dividends 59

Musings on Markets

OCTOBER 12, 2023

Even when you are successful in dissuading these companies from "bad" investments, but may not be able to stop them from returning the cash to shareholders as dividends and buybacks, rather than making "good" investments. trillion of cumulated enterprise value at fossil fuel companies.

Market Capitalization 112

Market Capitalization Enterprise Value Start-ups Marketability 112

Andrew Stolz

NOVEMBER 28, 2021

Tata will set up a new subsidiary in 2020, in its attempt to move forward EV. Given its losses over the past years, it did not pay out any dividends since 2016. We assume that there will be no dividends at least for the next 3 years. No dividend policy requires return generation from price. Cash flow – Tata Motors.

Dividends 52

Dividends EBIT Equity Business Valuation 52

Andrew Stolz

FEBRUARY 9, 2022

PLDT’s revenue breakdown 2020. Dividend payout is high which means it could continue to deliver a solid dividend yield of 4%+. High ROE and dividend yield make it an attractive play. Superior network quality helps to defend market share. Ancillary businesses are important in the long-term. Ratios – PLDT.

Marketability 52

Marketability Dividends Start-ups Banking 52

Reynolds Holding

DECEMBER 10, 2023

As a capital allocation decision, share buybacks intersect all three of the main corporate finance activities of investing, financing, and dividends [1]. 5] 68% of ASR’s have no price cap or collar- Chen, Kai, Press release management around accelerated share repurchases (April 7, 2020).

Dividends 45

Dividends Total Shareholder Return Corporate Finance Finance 45

Valutico

NOVEMBER 28, 2022

The company already paid over CHF 100 million in settlement in this matter in 2020. . ABB performed particularly well in the COVID years 2020-2021, almost doubling its share price during this period. At this level the dividend yield is 2.8%. . IPO of E-Mobility Division.

Discounted Cash Flow 52

Discounted Cash Flow EBIT Market Capitalization Equity 52

Valutico

NOVEMBER 28, 2022

The company already paid over CHF 100 million in settlement in this matter in 2020. . ABB performed particularly well in the COVID years 2020-2021, almost doubling its share price during this period. At this level the dividend yield is 2.8%. . IPO of E-Mobility Division.

Discounted Cash Flow 52

Discounted Cash Flow EBIT Market Capitalization Equity 52

Musings on Markets

MAY 6, 2022

Inflation: The Full Story I wrote my first post on this blog in 2008, and inflation merited barely a mention until 2020, though it is an integral component of investing and valuation. Just as important, though, is the fact that variation in inflation, from year to year, was lower in 2011-2020 in every other decade, other than 1991-2000.

Risk Premium 102

Risk Premium Treasury Start-ups Equity 102

Andrew Stolz

JANUARY 25, 2022

PBF Energy’s revenue breakdown 2020. In 2020, PBF paid $350m to comply with environmental standards. Debt-to-equity ratio in 2020 stood at 2.9x Future cash flow proceeds serve debt repayments; don’t expect any dividends in near term. High oil price could offset gains from demand rebound. Balance sheet – PBF Energy.

Dividends 52

Dividends Compliance Equity Business Valuation 52

Benzinga

SEPTEMBER 3, 2024

Based on the independent market research conducted by Syneos Health Consulting in 2020 and 2021, given the potential substantial utilization of SP-102 (SEMDEXA™), by the 5 th year of launch, sales of SEMDEXA™ in sciatica are projected to reach $1.5 billion to $2.0 billion annually. PALO ALTO, Calif., billion.

Equity 40

Equity Dividends Marketability 40

Benzinga

AUGUST 20, 2024

The company witnessed impressive net loan growth in the last three years (2020-2023), with compounded annual growth rate (CAGR) of 13%. However, intense competition, along with elevated expenses, are major headwinds. UMB Financial has a healthy balance sheet position. Also, deposits saw a CAGR of 9.8% in the same time frame.

Dividends 59

Dividends Marketability 59

Andrew Stolz

FEBRUARY 8, 2022

In 2019 and 2020, Globe recognized more than PHP4bn equity loss from its investment in Mynt. Dividend payout is high which means it could continue to deliver a solid dividend yield of 3%+. In 3Q21, it recorded 51m users, up 10x compared to 2019. As a comparison, the aggregate of all e-wallet competitors is only 41m.

Start-ups 52

Start-ups Dividends Equity Marketability 52