Musings on Markets

OCTOBER 6, 2023

In this post, I will look at another initial public offering, Birkenstock, that is likely to get more attention in the next few weeks, given that it is targeting to go public at a pricing of about €8 billion, for its equity, in a few weeks. So, how far has accounting come in bringing intangible assets on to balance sheets?

Intangible Assets 106

Intangible Assets Book Value Equity Start-ups 106

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

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

MARCH 28, 2024

At or immediately prior to the closing, IFH is expected to distribute its minority equity interest in Dogwood State Bank to IFH shareholders in the form of a dividend equal to approximately 0.469 shares of Dogwood State Bank for each share of IFH common stock, a value of $7.69/share and Capital Bank. and Capital Bank.

Banking 40

Banking Dividends Book Value Equity 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

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

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. Upon completion of the merger, Ready Capital is expected to have a pro forma equity capital base of $2.8

Book Value 40

Book Value Finance Market Capitalization Equity 40

Valutico

DECEMBER 15, 2022

“Wind farms are valued at €0.8m – €1.2m SaaS start-ups are valued at 10x Sales”. 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.

Precedent Transaction Analysis 52

Precedent Transaction Analysis EBITDA Comparable Company Analysis Enterprise Value 52

Valutico

DECEMBER 15, 2022

“Wind farms are valued at €0.8m – €1.2m SaaS start-ups are valued at 10x Sales”. 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.

Precedent Transaction Analysis 52

Precedent Transaction Analysis EBITDA Comparable Company Analysis Enterprise Value 52

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 59

Banking Book Value Start-ups Technology 59

Musings on Markets

MARCH 8, 2023

This is the last of my data update posts for 2023, and in this one, I will focus on dividends and buybacks, perhaps the most most misunderstood and misplayed element of corporate finance. To illustrate the heat that buybacks evoke, consider two stories in the last two weeks where they have been in the news.

Dividends 94

Dividends Start-ups Finance Corporate Finance 94

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

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

JUNE 14, 2022

million in tangible common equity. 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 At March 31, 2022, PPSF reported $132.7 million in total assets, $99.9

Banking 40

Banking Book Value Equity Marketability 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. percent per year).

Banking 59

Banking Equity Book Value Treasury 59

Global Finance

JULY 29, 2024

Higher interest rates have given banks some relief over the past few years, increasing their net interest income while hampering competitors—particularly fintech startups dependent on equity financing. Equity investors value Visa at 29 times earnings and 13 times book value, according to Bloomberg.

Banking 59

Banking Start-ups Technology Marketability 59

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. Cost of Equity 1.

Risk Premium 52

Risk Premium Dividends Start-ups EBITDA 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. trillion ($1.8

Equity 78

Equity Book Value Start-ups Corporate Finance 78

Musings on Markets

JANUARY 5, 2024

Return on Equity 1. Equity Risk Premiums 2. Costs of equity & capital 4. Costs of equity & capital 1. Fundamental Growth in Equity Earnings 2. Return on Equity 2. Standard Deviation in Equity/Firm Value 2. Book Value Multiples 3. Beta & Risk 1. Debt Details 1.

Dividends 100

Dividends Risk Premium Equity Book Value 100

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.

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. This derives from value-relevance being the main accounting objective in the U.S., Initially they favored hiding goodwill. In the U.S.

Intangible Assets 45

Intangible Assets Book Value Banking Finance 45

Musings on Markets

FEBRUARY 4, 2023

Given the historical roots of the biggest Indian family groups, the Adani Group has been a recent entrant, not making the top ten list (in terms of either operating metrics like revenues or market-based numbers like market capitalization or enterprise value) as recently as ten years ago, and barely making the top ten list five or six years ago.

Start-ups 100

Start-ups Market Capitalization Equity Marketability 100