Musings on Markets

MAY 7, 2023

Consequently, you can only value the equity in a bank, and by extension, the only pricing multiples you can use to price banks are equity multiples (PE, Price to Book etc.).

Banking 82

Banking Price to Book Dividends Book Value 82

Musings on Markets

JANUARY 9, 2021

I spent the first week of 2021 in the same way that I have spent the first week of every year since 1995, collecting data on publicly traded companies and analyzing how they navigated the cross currents of the prior year, both in operating and market value terms.

Risk Premium 52

Risk Premium Market Capitalization Equity Start-ups 52

Musings on Markets

JULY 17, 2023

It is true that economic activity has leveled off and housing prices have declined a little, relative to a year ago, but given the rise in rates in 2022, those changes are mild. If anything, the economy seems to have settled into a stable pattern, albeit at the high levels that it reached in the second half of 2021.

Marketability 98

Marketability Risk Premium Start-ups Treasury 98

Andrew Stolz

JANUARY 12, 2022

In 2021, it sold more than 100,000 battery electric vehicles (BEV). The company missed its 2021 sales target by 4% amid the chip crisis. Book value is the value attributable to shareholders in case the company sells all its assets and repays its liabilities (also called liquidation value).

EBIT 52

EBIT Price to Book Book Value Liquidation Value 52

Musings on Markets

JULY 22, 2021

Zomato, an Indian online food-delivery company, was opened up to public market investors on July 14, 2021, and its market debut is being watched for clues by a number of other online ventures in India, waiting in the wings to go public. The service was initiated in 2017 and it had 1.5

Marketability 99

Marketability Start-ups Equity Price to Book 99

Musings on Markets

JANUARY 6, 2023

For example, I have seen it asserted that a stock that trades at less than book value is cheap or that a stock that trades at more than twenty times EBITDA is expensive. Standard deviation in stock price 2. Price to Book 3. High-Low Price Risk Measure 5. Standard deviations in equity and firm value 4.

Risk Premium 52

Risk Premium Dividends Start-ups EBITDA 52

Musings on Markets

FEBRUARY 4, 2023

The company's return on invested capital has steadily declined, even as it has scaled up, hovering just over 3% in 2021-2022. You see similar movements in the price to book, where the stock has gone from trading under book value to 6.7 times revenues in the most recent two years.

Start-ups 100

Start-ups Market Capitalization Marketability Equity 100