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. Return on Equity 1. Dividends and Potential Dividends (FCFE) 1. Return on Equity 2.

Dividends 105

Dividends Risk Premium Equity Book Value 105

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. The Savings for All Vocations Enhancement Act (SAVE) of 2021 is currently under review in the House Committees on Ways and Means and Education and Labor.

Treasury 98

Treasury Dividends Compliance Equity 98

Musings on Markets

FEBRUARY 27, 2022

After paying taxes on this income, the residual amount represents net income, the final measure of equity earnings, and the basis for computing earnings per share and other widely used measures of profitability used by equity investors.

Start-ups 99

Start-ups Equity Book Value Marketability 99

Musings on Markets

JANUARY 17, 2024

Heading into 2023, US equities looked like they were heading into a sea of troubles, with inflation out of control and a recession on the horizon. Breaking equities down by sub-region, and looking across the globe, I computed the change in aggregate market capitalization, by region: While US stocks accounted for about $9.5

Risk Premium 79

Risk Premium Start-ups Equity Treasury 79

Benzinga

APRIL 26, 2023

Non-performing Assets were 0.14% of Total Assets at March 31, 2023 Common Equity Tier 1 and Tangible Common Equity Ratio of 12.16% and 7.63%, Respectively, at March 31, 2023 1 LAKEVILLE, Conn., Net Interest and Dividend Income Tax equivalent net interest income of $11.3 Capital Shareholders' equity increased $4.0

Dividends 40

Dividends Banking Equity Book Value 40

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

Andrew Stolz

NOVEMBER 17, 2021

Consider research done by Kroen (2021) that shows that since about 1998, U.S. companies have distributed more money through buybacks than through dividends. Chart from Kroen (2021). Finally, some lazy managers may use buybacks as a tool to manipulate short-term returns on equity and the stock price.

Dividends 52

Dividends Capital Structure Banking Start-ups 52

Musings on Markets

NOVEMBER 9, 2021

In 2021, looking at the company, I feel more convinced than I was a few years that it is, at its core, an automobile company, and while it will continue to derive revenues from batteries and perhaps even software, its pathway to becoming a trillion dollar market cap company still runs through the "car company" story.

Start-ups 101

Start-ups Dividends Marketability Market Capitalization 101

Valutico

AUGUST 23, 2022

Its customers include Apple, Intel, Qualcomm, AMD and Nvidia, and it posted $50 billion in revenue in 2021. The current dividend yield is 2.14%. TSM has a dividend payout ratio of slightly below 43% and a 5-year dividend growth rate of 10.83%. TSM has never cut its dividend since its first distribution in 2004.

Dividends 52

Dividends EBIT Marketability Equity 52

Brian DeChesare

JANUARY 3, 2024

and far too little in equities. 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. I sold most of my U.S. Treasuries.

Marketability 59

Marketability Start-ups Equity Dividends 59

Farrel Fritz

JANUARY 22, 2024

Equity dilution is another common method by which those in control of a corporation or LLC attempt to squeeze out a minority owner. Dilution and Excessive Compensation Challenges to dilutive equity awards commonly focus on equity that the company elects to award its employees or officers as compensation. v Money.Net, Inc.,

Equity 59

Equity Dividends Appraisal Marketability 59

Andrew Stolz

JANUARY 28, 2022

Attractive dividend yield could rise to 2x Japanese average. 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. This could result in a massive dividend yield of 5%+ (Japanese average is 2.5%). Conclusions.

Dividends 52

Dividends Risk-free Rate Net Debt Equity 52

Musings on Markets

MAY 6, 2022

It is precisely because we have been spoiled by a decade of low and stable inflation that the inflation numbers in 2021 and 2022 came as such a surprise to economists, investors and even the Fed. As the inflation bogeyman returns, the worries of what may need to happen to the economy to bring inflation back under control have also mounted.

Risk Premium 102

Risk Premium Treasury Start-ups Equity 102

Chris Mercer

JULY 15, 2022

These cash flows are discounted to the present at an appropriate discount rate and equity value is determined. For simplicity, we will focus on the DCF model as applied to equity cash flows. This is estimated based the expected equity value of the business at the end of the expected holding period.

Discounted Cash Flow 52

Discounted Cash Flow Terminal Value Dividends Appraisal 52

Musings on Markets

JULY 17, 2023

In my second data update post from the start of this year , I looked at US equities in 2022, with the S&P 500 down almost 20% during the year and the NASDAQ, overweighted in technology, feeling even more pain, down about a third, during the year. US Equities in 2023: Into the Weeds! that was lost last year.

Marketability 98

Marketability Risk Premium Start-ups Treasury 98

Benzinga

SEPTEMBER 3, 2024

(NASDAQ: DECA , the "SPAC")) announce the signing of an agreement and plan of merger for a proposed business combination (the "Business Combination Agreement"), which provides for a pre-transaction equity value of Semnur of $2.5 The Board of Scilex, Semnur, and Denali Capital Acquisition Corp. have approved the proposed transaction.

Equity 40

Equity Dividends Marketability 40

Musings on Markets

FEBRUARY 8, 2022

Coca Cola, notwithstanding having its headquarters in Atlanta, has exposure to risk in multiple emerging markets, and its equity risk premium should reflect this exposure. Debt, Default Risk and Hurdle Rates Almost all of the discussion so far has been about equity funding and its costs, but companies do raise funds from debt.

Risk Premium 95

Risk Premium Beta Start-ups Equity 95

Andrew Stolz

NOVEMBER 21, 2021

Toyota’s revenue breakdown 2021. The repurchase has helped to keep return on equity above its target of 10%. It is deducted from equity when the company buys back its own shares. Operating cash flows were not able to cover investing activities in 2020 and 2021. The company pays out dividends on a consistent basis.

Dividends 52

Dividends EBIT Treasury Equity 52

Andrew Stolz

FEBRUARY 8, 2022

Globe Telecom’s revenue breakdown 2021. In August 2021, Globe saw a massive 50%+ share price increase. In 2021, it reached 1.4m In March 2021, the China-backed company Dito started its commercial operations. In 2019 and 2020, Globe recognized more than PHP4bn equity loss from its investment in Mynt.

Start-ups 52

Start-ups Dividends Equity Marketability 52

Andrew Stolz

NOVEMBER 28, 2021

Tata Motors’ revenue breakdown 2021. It raises $1bn new capital through the private equity fund TPG Rise Climate for a 11% stake. The company has a strong cash position, holding around 19% of its assets in cash as of 2021. Liabilities-to-assets ratio stood at 82% in 2021. Pure play approach to ride EV momentum.

Dividends 52

Dividends EBIT Equity Business Valuation 52

Brian DeChesare

AUGUST 31, 2022

Convertible bonds are hybrid instruments with elements of debt and equity, and some groups that trade convertible bonds also combine elements of S&T and IB. If you’re using a strategy like long/short equity , you could long or short a company’s stock, and your results would depend heavily on the stock market’s overall direction.

Banking 89

Banking Risk-free Rate Equity Start-ups 89

Benzinga

MAY 23, 2022

The investment bank has reached out to ManTech’s peers such as Parsons Corp and Leidos Holdings, as well as private equity firms, to gauge potential acquisition interest." However since it is a private equity firm that is acquiring ManTech, regulatory risk is likely to be much lower than an acquisition by a strategic firm.

Private Equity Firm 52

Private Equity Firm Dividends Equity Banking 52

Andrew Stolz

JANUARY 17, 2022

Value play with strong dividend growth potential. Since 2021, Volvo Car is a separate listed entity under majority control of Geely. In 2020, its net-debt to equity ratio stood at 0.9x. Strong operating cash flow allows the company to resume its dividend payments in line with its pre-pandemic policy. Ratios – Volvo.

Marketability 52

Marketability Dividends Net Debt Start-ups 52

Musings on Markets

JANUARY 31, 2024

In my last three posts, I looked at the macro (equity risk premiums, default spreads, risk free rates) and micro (company risk measures) that feed into the expected returns we demand on investments, and argued that these expected returns become hurdle rates for businesses, in the form of costs of equity and capital.

Equity 80

Equity Book Value Start-ups Corporate Finance 80

Valutico

DECEMBER 15, 2022

Equity Vs. Enterprise Multiples – Which To Use? The ratio is either related to the Equity Value or ratios related to the Enterprise Value. . An example of an equity multiple: Price / Earnings. This is because Enterprise Value consists of Debt + Equity but Equity Value only consists of Equity.

Precedent Transaction Analysis 52

Precedent Transaction Analysis EBITDA Comparable Company Analysis Enterprise Value 52

Valutico

DECEMBER 15, 2022

Equity Vs. Enterprise Multiples – Which To Use? The ratio is either related to the Equity Value or ratios related to the Enterprise Value. . An example of an equity multiple: Price / Earnings. This is because Enterprise Value consists of Debt + Equity but Equity Value only consists of Equity.

Precedent Transaction Analysis 52

Precedent Transaction Analysis EBITDA Comparable Company Analysis Enterprise Value 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]. Buybacks for Financing A company can alter the debt-to-equity ratio of its capital structure by issuing debt and/or buying back shares. No, that risks massive regret. Of course not.

Dividends 45

Dividends Total Shareholder Return Corporate Finance Finance 45

Valutico

NOVEMBER 14, 2022

Two weeks ago TotalEnergies announced its net income for the third quarter of 2022 which increased by 43% compared to 2021 and amounted to €6.6 This strong share price performance was further bolstered by an average gross annual dividend yield of roughly 6% over the past 10 years. Recent Financial Performance. Valutico Analysis.

EBIT 52

EBIT Equity Dividends EBITDA 52

Valutico

NOVEMBER 28, 2022

Interogo Holding’s equity strategy fund, the family office Moyreal and Michael Halbherr, chairman of ABB E-Mobility, are participating in the private placement. 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%. .

Discounted Cash Flow 52

Discounted Cash Flow EBIT Market Capitalization Equity 52

Valutico

NOVEMBER 28, 2022

Interogo Holding’s equity strategy fund, the family office Moyreal and Michael Halbherr, chairman of ABB E-Mobility, are participating in the private placement. 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%. .

Discounted Cash Flow 52

Discounted Cash Flow EBIT Market Capitalization Equity 52

Valutico

NOVEMBER 14, 2022

Two weeks ago TotalEnergies announced its net income for the third quarter of 2022 which increased by 43% compared to 2021 and amounted to €6.6 This strong share price performance was further bolstered by an average gross annual dividend yield of roughly 6% over the past 10 years. Recent Financial Performance. Valutico Analysis.

EBIT 52

EBIT Equity Dividends EBITDA 52

Benzinga

FEBRUARY 15, 2023

growth in Funds From Operations per diluted share (2022 vs. 2021) 4.6% increase in same-center cash net operating income (2022 vs. 2021) 98.1% per share cash dividend paid _ (1) A reconciliation of GAAP net income to Funds From Operations (FFO) is provided at the end of this press release. YEAR 2022 HIGHLIGHTS $51.9

Dividends 40

Dividends EBITDA Intangible Assets Equity 40

Valutico

JUNE 7, 2022

On 17 May, Walmart announced its 2021 results, featuring a 23% decline in operating income due to rising costs and supply-chain issues. increased its dividend for the past 49 consecutive years. Our flow-to-equity valuation is about one-third higher (USD 455bn) than the multiple valuations. Walmart was no exception to this.

Dividends 52

Dividends Marketability Equity 52

Musings on Markets

NOVEMBER 4, 2022

After a rough start, with its stock price halving by August 2012 , the company embarked on an extraordinary run in markets, adding almost $900 billion to its market capitalization to briefly breach a trillion dollars in July 2021. billion, but it generated an operating margin of 47.3%, with its online advertising model.

Start-ups 105

Start-ups Market Capitalization Marketability Dividends 105

Musings on Markets

JANUARY 6, 2023

I do report on a few market-wide data items especially on risk premiums for both equity and debt. At the company-level, I provide data on risk, profitability, leverage and dividends, broken down by industry-groups, to be used in both corporate finance and valuation. Cost of Equity 1. Return on Equity 1. PE & PEG 2.

Risk Premium 52

Risk Premium Dividends Start-ups EBITDA 52

Benzinga

NOVEMBER 2, 2022

per diluted share for the same period in 2021. versus the same period in 2021. per diluted share for the same period in 2021. per diluted share for the same period in 2021. per diluted share, for the same period in 2021. compared to the same period in 2021. September 30, 2021. million , or $0.13

Dividends 40

Dividends Equity Net Debt Finance 40

Benzinga

JUNE 14, 2023

In March 2021, STGT completed the final construction phase of incremental storage facilities bringing the total terminalling capacity to 8.6 After giving effect to the Transaction, the Equity Offering and the Debt Offerings, Gibson expects its Net Debt to Adjusted EBITDA ratio to be approximately 3.2x, within the targeted 3.0x

Dividends 40

Dividends Equity Finance EBITDA 40