Musings on Markets

FEBRUARY 8, 2024

First, let's look at the performance of these seven stocks in 2023, when their collective market capitalization increased by a staggering $5.1 In terms of dollar value added, Microsoft and Apple each added a trillion dollars to their market capitalizations, during the year. trillion during the course of the year.

Marketability 139

Marketability Market Capitalization Start-ups Equity 139

Musings on Markets

JANUARY 19, 2022

At the start of 2022, it feels like Groundhog Day, with the same questions about economic growth and inflation looming for the year, and the same judgment about stocks, i.e., that they look expensive. The year that was. that was earned in 2019 (pre-COVID). Sustainable Payout Ratio = 1 - g/ ROE; with a 16.10% return on equity and a 2.5%

Risk Premium 98

Risk Premium Risk-free Rate Start-ups Equity 98

Musings on Markets

FEBRUARY 27, 2022

In my last post, I noted the decline in costs of capital for firms over time, noting that the median cost of capital at the start of 2022 is only 6.33%, across global firms, and argued that companies that demand double-digit hurdle rates risk being shut out of investments.

Start-ups 98

Start-ups Equity Book Value Marketability 98

Reynolds Holding

JANUARY 9, 2023

billion [1] in 2022, a greater than 75% increase from 2021. (A market will be documented in the ISS Securities Class Action Services “Top 100 U.S. In this overview, ISS Securities Class Action Services reviews the largest shareholder-related settlements of 2022. Shareholder Class Actions of 2022. Of the top ten U.S.

Banking 81

Banking Private Equity Firm Marketability Compliance 81

Harvard Corporate Governance

AUGUST 22, 2022

Posted by Shivaram Rajgopal (Columbia University), on Monday, August 22, 2022 Editor's Note: Shivaram Rajgopal is the Roy Bernard Kester and T.W. Compliance costs are not a significant portion of market capitalization. Byrnes Professor of Accounting and Auditing at Columbia Business School. Let us start with the costs.

Compliance 188

Compliance Market Capitalization Marketability 188

Reynolds Holding

AUGUST 31, 2023

This update discusses shareholder activism activity involving NYSE- and Nasdaq- listed companies with equity market capitalizations in excess of $1 billion and below $100 billion (as of the last date of trading in 2022) during 2022. Announced shareholder activist activity increased relative to 2021.

Market Capitalization 52

Market Capitalization Equity Marketability 52

Musings on Markets

MAY 20, 2022

I then examine how equities have performed in the less than five months of 2022, where inflation has returned to the front pages. In 2022, the collective market capitalization of all US firms has dropped by 19.75% , with the bulk of the drop occurring after April 1, 2022.

Price to Book 102

Price to Book Dividends Beta Equity 102

Harvard Corporate Governance

FEBRUARY 21, 2024

3] The Grant On January 21, 2018, Tesla’s Board of Directors (the “Board”) [4] unanimously approved the Grant, which would vest based on Tesla’s achievement of certain market capitalization goals, as well as operational milestones related to revenue and adjusted EBITDA targets. The process arrived at an unfair price.” [3]

Equity 225

Equity EBITDA Market Capitalization Marketability 225

Viking Mergers

MAY 3, 2022

1 Even so, the largest companies in this sector maintain enough market capitalization for significant leverage to acquire regional banks and trusts. Lastly, let’s discuss retail, another market sector where mergers and acquisitions are most common. Retail deals fell from $35 billion to $33.6 Related Articles.

Banking 130

Banking Technology Market Capitalization Marketability 130

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. That pessimism was not restricted to market outlooks.

Marketability 98

Marketability Risk Premium Start-ups Treasury 98

Musings on Markets

FEBRUARY 12, 2022

It has been a rocky year so far, in 2022, with worries about inflation competing with hopes about recovery for the market's attention. Netflix and Facebook saw drops of 20% or more in market capitalization, following negative earnings reports, but Amazon and Google beat market expectations.

Market Capitalization 103

Market Capitalization Equity Marketability Start-ups 103

Value Scope

NOVEMBER 3, 2023

This is a significant drop from the $44 billion that Elon Musk paid to acquire the company in October 2022. The company once controlled about 20% of the smartphone market in 2010 with a market capitalization of $40 billion. Three years later, the market share dropped to 0.6%, and the market cap fell to $4 billion.

Business Valuation 130

Business Valuation Start-ups Market Capitalization Marketability 130

Musings on Markets

MARCH 19, 2022

Note, though, that while sovereign CDS spreads increased almost 51% between January 1, 2022 and March 16, 2022, in these countries, the overall riskiness of the region remains low, the average spread at 1.30%. lower than the traded value of 4766.

Start-ups 100

Start-ups Risk Premium Equity Market Capitalization 100

Valutico

DECEMBER 19, 2022

Weekly Valuation – Valutico | 12 December 2022. Anheuser-Busch InBev, a Belgium-based beer brewing and distribution giant operating in the global market, has an impressive portfolio of over 500 beer brands including Budweiser, Becks, Stella Artois and Corona. 2022 World Cup Supplier Deal. Aneuser-Busch InBev SA/NV.

Discounted Cash Flow 52

Discounted Cash Flow EBITDA EBIT Market Capitalization 52

Valutico

DECEMBER 19, 2022

Weekly Valuation – Valutico | 12 December 2022. Anheuser-Busch InBev, a Belgium-based beer brewing and distribution giant operating in the global market, has an impressive portfolio of over 500 beer brands including Budweiser, Becks, Stella Artois and Corona. 2022 World Cup Supplier Deal. Aneuser-Busch InBev SA/NV.

Discounted Cash Flow 52

Discounted Cash Flow EBITDA EBIT Market Capitalization 52

Global Finance

JUNE 18, 2024

s 2022 offering that raised a record $2.7 billion IPO of the Life Insurance Corporation of India in July 2022, which for now remains the country’s largest IPO ever. In the second half of 2023 the Indian equity market crossed the $4 trillion mark and is currently valued at $4.9 Hyundai’s IPO could top Life Insurance Corp.’s

Marketability 105

Marketability Equity Start-ups Banking 105

Value Scope

DECEMBER 1, 2023

Global viewership for F1 races averaged 70 million in 2022. million in 2022. It’s current market capitalization is approximately $15 billion. By comparison, U.S. viewership averaged just over 1 million. F1 interest in the U.S. Average U.S. Formula One Group, founded in 1950, was purchased for $4.4

Start-ups 130

Start-ups EBITDA Business Valuation Market Capitalization 130

Reynolds Holding

NOVEMBER 15, 2022

The Securities and Exchange Commission today [November 15] announced that it filed 760 total enforcement actions in fiscal year 2022, a 9 percent increase over the prior year. Similarly, the SEC’s June 2022 action against Ernst & Young LLP featured the largest penalty ever imposed by the SEC against an audit firm. investors.”.

Compliance 45

Compliance Marketability Technology Alpha 45

Benchmark Report

OCTOBER 17, 2022

The global green industry is forecast to grow at a significant rate between 2022 and 2026. Over the past decade, the green economy’s market capitalization grew from $2 trillion in 2009 to more than $7 trillion in 2021. It also nearly doubled its share of the global investable market from 4% to more than 7%.

Market Capitalization 52

Market Capitalization Marketability 52

Musings on Markets

JANUARY 21, 2023

It is the nature of stocks that you have good years and bad ones, and much as we like to forget about the latter during market booms, they recur at regular intervals, if for no other reason than to remind us that risk is not an abstraction, and that stocks don't always win, even in the long term. at the start of that year.

Equity 93

Equity Risk Premium Start-ups Dividends 93

Musings on Markets

OCTOBER 12, 2023

trillion was invested by impact investors in 2021, with a diverse range of investors: Global Impact Investing Network, 2022 Report Not surprisingly, the balance between social impact and financial return desired by investors, varies across investor groups, with some more focused on the former and others the latter.

Market Capitalization 103

Market Capitalization Enterprise Value Start-ups Marketability 103

Cooley M&A

JANUARY 25, 2023

Although 2022 saw a general decline in M&A activity in the life sciences industry compared to 2021’s frenetic pace (when deal volume was up 52% from 2020 ), life sciences deal flow in 2022 on balance remained strong despite the headwinds. Let’s dig in. Let’s dig in.

Marketability 40

Marketability Finance Equity Debt Financing 40

Reynolds Holding

MAY 22, 2022

Pill Trigger Thresholds Should Be Assessed Against Market Capitalization. and Canadian pills as provided by the RiskMetrics database as of February 2022. 30 billion market capitalization) is probably more attractive to an activist than a 10 percent threshold at a smaller company (e.g., $5 and Canadian Pills.

Market Capitalization 75

Market Capitalization Marketability Equity 75

Musings on Markets

JANUARY 17, 2024

While stocks had their ups and downs during the year, they ended the year strong, and recouped, at least in the aggregate, most of the losses from 2022. Energy, one of the few survivors of the 2022 market sell-off, had a bad year, as did utilities and consumer staples. increase in market capitalization.

Risk Premium 79

Risk Premium Start-ups Equity Treasury 79

Reynolds Holding

FEBRUARY 26, 2023

The stock market reaction to the findings was brutal and immediate. Within a few days, Adani Enterprises, the top company promoted by billionaire Gautam Adani, lost 50 percent of its market capitalization. [3] The stock prices of some companies of the group exceeded 400 times earnings at the end of 2022.

Banking 111

Banking Marketability Market Capitalization Finance 111

Benzinga

OCTOBER 5, 2023

Following its record-breaking profit in 2022, Exxon has been exploring opportunities to expand its presence in the West Texas shale, leveraging its abundant cash reserves. The purchase of Pioneer, which has a market capitalization of around $50 billion, could be Exxon’s most significant deal since its 1999 merger with Mobil.

Market Capitalization 59

Market Capitalization Marketability 59

Musings on Markets

SEPTEMBER 9, 2024

While management decisions have clearly contributed to the problems, it is also true that the pharmacy business, which forms Walgreen's core, has deteriorated over the last two years, and that can be seen by comparing its market performance to CVS, its highest profile competitor.

Start-ups 132

Start-ups Marketability Market Capitalization Equity 132

Musings on Markets

JUNE 23, 2023

As the semiconductor business has acquired heft, in terms of revenues and profitability, investors have priced those operating results into the market capitalization assigned to these companies. After a long stretch at the top, Intel has dropped back down the list and ranked third, in terms of revenues, in 2022.

Start-ups 103

Start-ups Marketability Market Capitalization Technology 103

Musings on Markets

NOVEMBER 4, 2022

As we get deeper into earnings season for the third quarter of 2022, the biggest negative surprises are coming from technology companies, with the tech giants leading the way. On May 12, 2012, Facebook's debuted in financial markets, with a capitalization of $104 billion, making it one of the most valuable IPOs of all time.

Start-ups 105

Start-ups Market Capitalization Marketability Dividends 105

Valutico

DECEMBER 6, 2022

Weekly Valuation – Valutico | 6 December 2022. The market leader for CRM software is currently trading at around $133 per share, down more than 50% from its all-time-high of $300 per share, achieved in November 2021. . The current price of $133 represents a market capitalization of $145 billion. Salesforce Inc.

Discounted Cash Flow 52

Discounted Cash Flow EBITDA EBIT Market Capitalization 52

Valutico

DECEMBER 6, 2022

Weekly Valuation – Valutico | 6 December 2022. The market leader for CRM software is currently trading at around $133 per share, down more than 50% from its all-time-high of $300 per share, achieved in November 2021. . The current price of $133 represents a market capitalization of $145 billion. Salesforce Inc.

Discounted Cash Flow 52

Discounted Cash Flow EBITDA EBIT Market Capitalization 52

Valutico

JANUARY 17, 2023

Sea currently has a market capitalization of $29.8 In November 2022 Sea published their third quarter results. As market sentiment changed globally during 2022, Sea Ltd. was heavily penalized on the stock market for failing to achieve profitability while sales growth declined. Recent Financial Performance.

Discounted Cash Flow 52

Discounted Cash Flow Market Capitalization Equity Start-ups 52

Valutico

MARCH 9, 2023

With a market capitalization of €395 billion, it is the most valuable company in Europe. Recent Financial Performance In late January 2023, LVMH released its 2022 annual report, posting record revenue and income levels. billion in profit from recurring operations in 2022, an increase of 23% in both metrics.

Discounted Cash Flow 52

Discounted Cash Flow Marketability EBIT Market Capitalization 52

Valutico

FEBRUARY 21, 2023

The company is one of the world’s largest companies with a market capitalization of $1.34 Recent Financial Performance Three weeks ago the company released its 2022 annual report, which showed strong revenue figures – growing by 10% to $283 billion compared to 2021.

Discounted Cash Flow 52

Discounted Cash Flow Technology EBIT Market Capitalization 52

Musings on Markets

MAY 7, 2023

Over time, I expect some improvement in the return on equity, which was 8.78% in 2022, to its five-year average of 9.50%, which is still lower than the cost of equity of 11.67% that I am using for large commercial banks (see picture below for how I am computing an implied cost of equity for the 25 largest banks). at the end of 2022 to 0.94

Banking 82

Banking Price to Book Dividends Book Value 82

Valutico

NOVEMBER 28, 2022

Weekly Valuation – Valutico | 28 November 2022. The IPO of ABB’s E-Mobility division was planned for mid-2022 but has been delayed due to unfavorable market conditions. Currently the company is trading at CHF 30 per share with a market capitalization of CHF 56.1 Link to valuation. Valutico Analysis.

Discounted Cash Flow 52

Discounted Cash Flow EBIT Market Capitalization Equity 52

Valutico

NOVEMBER 28, 2022

Weekly Valuation – Valutico | 28 November 2022. The IPO of ABB’s E-Mobility division was planned for mid-2022 but has been delayed due to unfavorable market conditions. Currently the company is trading at CHF 30 per share with a market capitalization of CHF 56.1 Link to valuation. Valutico Analysis.

Discounted Cash Flow 52

Discounted Cash Flow EBIT Market Capitalization Equity 52