Remove 2021 Remove Intangible Assets Remove Market Capitalization
article thumbnail

Invisible, yet Invaluable: Valuing Intangibles in the Birkenstock IPO!

Musings on Markets

The Value of Intangible Assets Accounting has historically done a poor job dealing with intangible assets, and as the economy has transitioned away from a manufacturing-dominated twentieth century to the technology and services focused economy of the twenty first century, that failure has become more apparent.

article thumbnail

Earnings and Cash Flows: A Primer on Free Cash Flow

Musings on Markets

For Microsoft, this would yield values of $69,916 million for operating income and an effective tax rate of 13.83% in 2021, resulting in a FCFF of $40,879 million in 2021. During the 2021 fiscal year, Microsoft bought Nuance Communications for $19.76

Dividends 107