Musings on Markets

FEBRUARY 15, 2023

Finally, I look at the aggregated values across all companies on all three income measures, across all global companies, again broken down by sector: Collectively, global companies reported $16.9 billion in gross profit in the last twelve months leading into 2023, but operating income drops off to $6.4

Start-ups 52

Start-ups Equity Risk Premium Risk-free Rate 52

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. In January 2023, I ended up with 47,913 publicly traded firms in my sample , with the pie chart below providing a geographic breakdown.

Risk Premium 52

Risk Premium Dividends Start-ups EBITDA 52

Musings on Markets

FEBRUARY 27, 2023

In this post, I will focus on corporate debt in 2023, keeping in mind that it was a year where the tradeoffs changed, as interest rates rose to pre-2008 levels, and putting at risk those firms that had borrowed to capacity, or even beyond, at low interest rates.

Equity 52

Equity EBITDA Start-ups Net Debt 52

Benzinga

APRIL 26, 2023

and 0.91%, Respectively, Excluding Non-Recurring Expenses First Quarter 2023 Loan Growth of $22.1 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., million, or 1.8% million, or $0.52

Dividends 40

Dividends Banking Equity Book Value 40

Musings on Markets

JANUARY 31, 2024

In this post, I start by looking at the end game for businesses, and how that choice plays out in investment rules for these businesses, and then examine how much businesses generated in profits in 2023, scaled to both revenues and invested capital. The End Game in Business If you start a business, what is your end game? trillion ($1.8

Equity 80

Equity Book Value Start-ups Corporate Finance 80

Musings on Markets

JANUARY 5, 2024

Standard Deviation in Equity/Firm Value 2. Book Value Multiples 3. Working capital needs Thus, I compute pricing multiples based on revenues (EV to Sales, Price to Sales), earnings (PE, PEG), book value (PBV, EV to Invested Capital) or cash flow proxies (EV to EBITDA). Fundamenal Growth in Operating Earnings 3.

Dividends 105

Dividends Risk Premium Equity Book Value 105

Farrel Fritz

JULY 3, 2023

That is because under Section 1510 of the Business Corporation Law , the death or disqualification of a shareholder in a professional corporation triggers the PC’s obligation to redeem the deceased shareholder’s shares at their book value. But in the 2010 case of Lubov v Horing & Welikson , P.C.,

Book Value 52

Book Value Dividends Marketability 52

Benzinga

MAY 4, 2022

The transaction is expected to be significantly accretive to earnings in 2023 with modest dilution of tangible book value. accretive to earnings per share in 2023, with modest dilution of tangible book value per share that will be earned back in 1.6 Shaffer, Seacoast's Chairman and CEO. million.

Banking 40

Banking Book Value Marketability Technology 40

Benzinga

MARCH 29, 2022

"The transaction will build upon our previous South Florida acquisitions and organic growth, adding scale in one of the fastest growing and most dynamic markets in the United States, and we expect it to be significantly accretive to earnings in 2023, with modest dilution of tangible book value. billion.

Banking 40

Banking Book Value Marketability 40

Benzinga

APRIL 28, 2023

April 28, 2023 (GLOBE NEWSWIRE) -- Mid Penn Bancorp, Inc. NASDAQ: MPB ) ("Mid Penn"), the parent company of Mid Penn Bank (the "Bank") and MPB Financial Services, LLC, today reported net income available to common shareholders ("earnings") for the quarter ended March 31, 2023 of $11.2 HARRISBURG, Pa.,

Dividends 40

Dividends Banking Book Value Equity 40

Benzinga

SEPTEMBER 5, 2024

Based on S&P Capital IQ Pro data as of June 30, 2023, First of Long Island is ranked #4 in Nassau County and #5 in Suffolk County in deposit market share among banks under $100 billion of assets. "We Tangible book value per share dilution is projected at 12%, with an earnback period of approximately 2.9 billion of deposits.

Banking 45

Banking Book Value Marketability Market Capitalization 45

Benzinga

DECEMBER 3, 2024

We made an investment in this market with our acquisition of First National Bank of South Miami in 2023 and currently have an experienced and expanding team in place. "This transaction strengthens our presence in the greater Miami market," said Lynn Harton, Chairman and Chief Executive Officer of United. "We

Banking 45

Banking Book Value Marketability 45

Benzinga

DECEMBER 6, 2023

06, 2023 (GLOBE NEWSWIRE) -- Equity Bancshares, Inc. percent accretive, to earnings per share in 2025 and expects the tangible book value earn back to be approximately 1.3 billion as of September 30, 2023. WICHITA, Kan., Equity reported $4.9 billion in consolidated total assets, deposits of $4.1

Banking 40

Banking Equity Book Value Marketability 40

Benzinga

FEBRUARY 27, 2023

billion – − Highly synergistic platforms and capital optimization will drive strong earnings per share accretion in 2024 and sustained long-term growth − − Expected value at closing of approximately $787 million − NEW YORK, Feb. per Broadmark share, representing a 41% premium or approximately 0.85x tangible book value as of December 31, 2022.

Book Value 40

Book Value Finance Market Capitalization Equity 40

Benzinga

FEBRUARY 13, 2023

13, 2023 (GLOBE NEWSWIRE) -- United Community Banks, Inc. as of February 10, 2023. (OTC: as of February 10, 2023. The estimated transaction returns are consistent with United's stated acquisition criteria pertaining to tangible book value and targeted internal rates of return. GREENVILLE, S.C.

Banking 40

Banking Book Value Dividends Marketability 40

Benzinga

AUGUST 23, 2022

Strong EPS accretion of 17% expected in 2023 (excluding transaction expenses, assuming transaction closes in first quarter of 2023). Short tangible book value dilution earnback period of 2.0 Key benefits of the transaction include: Expands HBT Financial's Illinois footprint with entry into the Springfield, St.

Banking 40

Banking Book Value Marketability 40

Benzinga

AUGUST 23, 2022

Strong EPS accretion of 17% expected in 2023 (excluding transaction expenses, assuming transaction closes in first quarter of 2023). Short tangible book value dilution earnback period of 2.0 Key benefits of the transaction include: Expands HBT Financial's Illinois footprint with entry into the Springfield, St.

Banking 40

Banking Book Value Marketability 40

Benzinga

MARCH 21, 2023

March 21, 2023 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. Based on First Mid's price per share at closing on March 20, 2023 of $27.13, the aggregate consideration to be paid by First Mid is approximately $90.3 Estimated tangible book value per share dilution to First Mid is expected to be earned back in 1.9

Book Value 40

Book Value Banking Equity Marketability 40

Benzinga

JULY 25, 2024

per basic and diluted share, for the three months ended June 30, 2023. per basic and diluted share, for the six months ended June 30, 2023. million for the respective 2023 periods. and 16.7%, respectively, versus the same period in 2023. per basic and diluted share, for the three months ended June 30, 2023.

Dividends 45

Dividends Book Value Equity Banking 45

Global Finance

JULY 29, 2024

Equity investors value Visa at 29 times earnings and 13 times book value, according to Bloomberg. Nubank’s net profit hit $1 billion for 2023, and KakaoBank earned about $267 million. The equivalent numbers for JPMorgan Chase, the world’s most profitable bank, are 12 and 2.3.

Banking 104

Banking Start-ups Technology Marketability 104

Benzinga

JULY 26, 2023

ACHESON, Alberta, July 26, 2023 (GLOBE NEWSWIRE) -- North American Construction Group Ltd. (" NACG " or the " Company ") (TSX: NOA ) today announced that it has entered into a definitive purchase and sale agreement to acquire (the " Transaction ") MacKellar Group (" MacKellar ") for an estimated $395 million (the " Consideration ").

EBIT 40

EBIT Debt Financing Book Value Finance 40

Benzinga

AUGUST 18, 2022

This implies a deal value per share of $17.82, or approximately $56.0 TowneBank anticipates the tangible book value dilution per common share impact to be less than 3% on a GAAP basis and accretive excluding accumulated other comprehensive income and interest rate marks impact. ending Wednesday, August 17, 2022.

Banking 40

Banking Book Value Marketability 40

Reynolds Holding

FEBRUARY 12, 2024

According to researcher Giuliano Bologna at Compass Point Research and Trading , Inc: In the third quarter of 2023, only six us banks had non-mortgage consumer loans (personal, student, etc), measured at fair value, with SoFi’s loans making up more than 95% of the total. and its CET1 ratio would be cut from 14.3 percent to 8.9

Banking 45

Banking Book Value Start-ups Technology 45

Benzinga

MARCH 26, 2024

First National expects the transaction to be approximately 36% accretive to earnings per share with an estimated earn-back period for tangible book value dilution of approximately 3.0 As of December 31, 2023, Touchstone reported total assets of $658.7 million, gross loans of $508.8 million and total deposits of $542.2

Banking 40

Banking Book Value Marketability 40

Benzinga

NOVEMBER 13, 2022

The transaction, which is anticipated to close as early as the second calendar quarter of 2023, will expand Washington Federal's franchise into California. Unlike so many comparable transactions, this transaction does not negatively affect our tangible book value and is accretive to forward-estimated earnings and capital.

Banking 40

Banking Book Value 40

Benzinga

JUNE 14, 2022

accretive to estimated 2023 and 2024 diluted earnings per share, respectively. Tangible book value per share will be diluted approximately (2.1%) at closing and is expected to be recovered in 3.25 Excluding one-time transaction costs, F&M expects the transaction to be approximately 2.5% years using the crossover method.

Banking 40

Banking Book Value Equity Marketability 40

Benzinga

MAY 4, 2022

The estimated transaction returns are consistent with United's stated acquisition criteria pertaining to tangible book value and targeted internal rates of return. The Merger is expected to be accretive to United's earnings per share, excluding transaction costs, by approximately $0.07 per share, or 2.0%

Banking 40

Banking Book Value Marketability 40

Benzinga

JUNE 12, 2023

Balance Sheet and Liquidity Strengthening: The Acquisitions are expected to deleverage and strengthen Northview's balance sheet, with debt to gross book value expected to decrease by approximately 500 basis points. The weighted average maturity of the REIT's mortgages is expected to increase from 2.6 years to 3.0 years to 3.0

Book Value 40

Book Value Marketability Fair Market Value Banking 40

Benzinga

MARCH 28, 2024

Leadership Upon closing of the transaction, Marc McConnell, Chairman, President and CEO of IFH, will join the board of directors of Capital Bancorp, Inc. and Capital Bank.

Banking 40

Banking Dividends Book Value Equity 40

Benzinga

SEPTEMBER 6, 2023

06, 2023 (GLOBE NEWSWIRE) -- Intact Financial Corporation (TSX: IFC ) (Intact, IFC or the Company) and its subsidiary RSA today announced that they have reached an agreement with Direct Line Insurance Group plc (Direct Line) to acquire Direct Line's brokered Commercial Lines operations.

Discounted Cash Flow 40

Discounted Cash Flow Net Present Value Book Value Dividends 40

Valutico

DECEMBER 15, 2022

Price/Book : This multiple compares the price to the book value of a firm. One can, however, also conduct valuation exercises for several years for each multiple, i.e. using an EV/EBITDA approach for 2021, 2022 and 2023 (provided we have forecast EBITDA figures for our comparable companies and our target company).

Precedent Transaction Analysis 52

Precedent Transaction Analysis EBITDA Comparable Company Analysis Enterprise Value 52

Valutico

DECEMBER 15, 2022

Price/Book : This multiple compares the price to the book value of a firm. One can, however, also conduct valuation exercises for several years for each multiple, i.e. using an EV/EBITDA approach for 2021, 2022 and 2023 (provided we have forecast EBITDA figures for our comparable companies and our target company).

Precedent Transaction Analysis 52

Precedent Transaction Analysis EBITDA Comparable Company Analysis Enterprise Value 52

Reynolds Holding

NOVEMBER 8, 2023

The January 2023 report ESG Performance and Enterprise Value: Do Firms with Stronger ESG Performance Have Higher Valuation Ratios? investigated the relationship between the ISS ESG Performance Score (a normalized version of the ISS ESG Corporate Rating ) and two valuation ratios from the ISS Economic Value Added (EVA) framework.

Enterprise Value 52

Enterprise Value Price to Book Marketability Book Value 52

ABI

JANUARY 19, 2024

20] Regarding fair price, the Second Circuit found Tilton’s valuation method of NewCo neglected the “highest value reasonably available under the circumstances.” [21] 20] Regarding fair price, the Second Circuit found Tilton’s valuation method of NewCo neglected the “highest value reasonably available under the circumstances.” [21]

Book Value 40

Book Value Liquidation Value Banking 40

Reynolds Holding

MAY 11, 2023

Credit Suisse (CS) was sold to UBS on March 19, 2023, to avoid its further deterioration from long-lasting distress and widespread distrust, especially after the collapse of Silicon Valley Bank. According to the 2022 CS Annual Report , the book value per share was 11.45 Swiss francs (CHF) per share.

Banking 45

Banking Equity Book Value Treasury 45

Benzinga

JULY 10, 2023

HOUSTON, Texas, July 10, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- SMG Industries Inc. With the completion of this transaction, SMGI's balance sheet is significantly improved, including a large increase in the book value of the combined company. million (including $2.5

EBITDA 40

EBITDA Book Value Capital Structure Marketability 40

Reynolds Holding

FEBRUARY 21, 2024

they opted for pooling accounting, in which goodwill was not recognized and therefore not amortized; the book value of the assets and liabilities of the two businesses were just added together. 1995) An analysis of value destruction in AT&T’s acquisition of NCR, Journal of Financial Economics , 39, 353-78. [2] In the U.S.

Intangible Assets 45

Intangible Assets Book Value Banking Finance 45