Musings on Markets

OCTOBER 6, 2023

A few days ago, I valued Instacart ahead of its initial public offering , and noted that the reception that the stock gets will be a good barometer of where risk capital stands in the market, right now. That would suggest that intangible assets are being valued and incorporated into balance sheets much more now than in the past.

Intangible Assets 106

Intangible Assets Book Value Equity Start-ups 106

Benzinga

DECEMBER 6, 2023

06, 2023 (GLOBE NEWSWIRE) -- Equity Bancshares, Inc. Our teams continue to work diligently to add customers, colleagues, and market locations within our four-state footprint, and we're pleased to enter Kirksville and serve a vibrant customer base." "We billion as of September 30, 2023. WICHITA, Kan., Equity reported $4.9

Banking 40

Banking Equity Book Value Marketability 40

Benzinga

MAY 4, 2022

The proposed transaction will expand Seacoast's presence into new and growing Florida markets including Ocala and Gainesville. The proposed transaction is a natural continuation of Seacoast's M&A strategy and adds a stable, high-quality franchise in growing markets. Shaffer, Seacoast's Chairman and CEO.

Banking 40

Banking Book Value Marketability Technology 40

Benzinga

MARCH 29, 2022

The proposed transaction, a natural continuation of Seacoast's M&A strategy, adds a premier, high-quality Miami banking franchise and a leadership team with deep relationships and experience in this financially attractive market. Following the merger, Arriola will remain with Seacoast, serving as Miami-Dade Market Executive.

Banking 40

Banking Book Value Marketability 40

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

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 or 35% of Touchstone's noninterest expense.

Banking 52

Banking Book Value Marketability 52

Benzinga

FEBRUARY 13, 2023

13, 2023 (GLOBE NEWSWIRE) -- United Community Banks, Inc. as of February 10, 2023. (OTC: as of February 10, 2023. I know firsthand the strength and vibrancy of the Miami market from my past career experience. GREENVILLE, S.C. and SOUTH MIAMI, Fla., NASDAQ: UCBI ) ("United") and First Miami Bancorp, Inc.

Banking 40

Banking Book Value Dividends 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

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

AUGUST 23, 2022

Town and Country Bank is a community bank serving markets in Central Illinois and St. Louis Metro East, Decatur, Jacksonville and Quincy markets. Strong EPS accretion of 17% expected in 2023 (excluding transaction expenses, assuming transaction closes in first quarter of 2023). years using the crossover method.

Banking 40

Banking Book Value Marketability 40

Benzinga

AUGUST 23, 2022

Town and Country Bank is a community bank serving markets in Central Illinois and St. Louis Metro East, Decatur, Jacksonville and Quincy markets. Strong EPS accretion of 17% expected in 2023 (excluding transaction expenses, assuming transaction closes in first quarter of 2023). years using the crossover method.

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

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

Reynolds Holding

FEBRUARY 12, 2024

The San Fransisco-based bank’s loan accounting uses “fair value” treatment rather than the standard amortized cost/CECL approach, which is delivering earnings — and more importantly capital levels — wildly different from those reported by other banks and consumer instalment lenders with similar products and credit profiles. percent to 8.9

Banking 59

Banking Book Value Start-ups Technology 59

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

MAY 4, 2022

(NASDAQ: UCBI ) ("United") and Progress Financial Corporation ("Progress") announced today the execution of a definitive merger agreement pursuant to which United will acquire Progress, and its wholly-owned subsidiary, Progress Bank & Trust (the "Merger"), in an all-stock transaction with an aggregate value of approximately $271.5

Banking 40

Banking Book Value Marketability 40

Benzinga

MARCH 28, 2024

IFH's expertise originating and servicing USDA and SBA loans fits well with our strategic objectives and will allow us to serve a market with substantial need and growth potential." "We We are excited for this partnership with Capital and for the benefits that it brings to both banks. 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

Benzinga

AUGUST 18, 2022

The proposed transaction will solidify TowneBank's number one market share in the Virginia Beach-Norfolk-Newport News MSA adding Isle of Wight and Southampton counties to the company's service area while expanding Towne Insurance revenues. This implies a deal value per share of $17.82, or approximately $56.0

Banking 40

Banking Book Value Marketability 40

Benzinga

JUNE 14, 2022

Based on FMAO's closing share price as of June 14, 2022 of $34.28, the implied aggregate acquisition value equals $27.0 Peoples expands F&M's community banking franchise into compelling Sidney, Ohio and surrounding markets in Shelby County. accretive to estimated 2023 and 2024 diluted earnings per share, respectively.

Banking 40

Banking Book Value Equity Marketability 40

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

Global Finance

JULY 29, 2024

Some 70% of residential mortgages in the US, the world’s largest banking market, are processed by nonbanks, according to Brian Graham, partner at the Klaros Group, which advises and invests in financial firms. In order for the banking sector to regain market share from nonbanks, banks will need to change how they compete for customers.

Banking 59

Banking Start-ups Technology Marketability 59

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

Valutico

DECEMBER 15, 2022

Below, we outline what this method is, the different ways it works as well as key considerations when using this approach to value a company. Valuations using multiples is one of the three main approaches to valuing a business, sometimes referred to as the ‘market-based approach’. are included in the transaction values.

Precedent Transaction Analysis 52

Precedent Transaction Analysis EBITDA Comparable Company Analysis Enterprise Value 52

Valutico

DECEMBER 15, 2022

Below, we outline what this method is, the different ways it works as well as key considerations when using this approach to value a company. Valuations using multiples is one of the three main approaches to valuing a business, sometimes referred to as the ‘market-based approach’. are included in the transaction values.

Precedent Transaction Analysis 52

Precedent Transaction Analysis EBITDA Comparable Company Analysis Enterprise Value 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

JULY 10, 2023

HOUSTON, Texas, July 10, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- SMG Industries Inc. million in estimated cost saving synergies), this acquisition positions SMGI as a leading regional transportation and logistics player across multiple markets in the United States. million (including $2.5

EBITDA 40

EBITDA Book Value Capital Structure Marketability 40

Musings on Markets

JANUARY 6, 2023

Counter made-up numbers : It remains true that people (analysts, market experts, politicians) often make assertions based upon either incomplete or flawed data, or no data at all. Data universe : In my sample, I include all publicly traded firms with market capitalizations that exceed zero, traded anywhere in the world.

Risk Premium 52

Risk Premium Dividends Start-ups EBITDA 52

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. The evidence is that amortization does not contribute directly to “value-relevance” [8] for it does not directly affect share prices.

Intangible Assets 45

Intangible Assets Book Value Banking Finance 45

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 59

Banking Equity Book Value Treasury 59

Benzinga

JULY 25, 2023

July 25, 2023 (GLOBE NEWSWIRE) -- Banc of California, Inc. The merger will create the premier California business banking franchise, which will be well-positioned to capitalize on market opportunities and broaden the channels and customers it serves through increased scale and expanded product offerings. and BEVERLY HILLS, Calif.,

Equity 40

Equity Banking Book Value Treasury 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 78

Equity Book Value Start-ups Corporate Finance 78

Shephard Mullin M&A

JUNE 8, 2023

Furniture, Fixture, Equipment, other personal property: FF&E and other personal properties are typically priced based on their depreciated book value. The parties have to assess the risk of the OEM’s exercising the ROFR based on their existing relationships, current market conditions (i.e., Despite larger U.S.

Finance 52

Finance Going Concern Value Book Value Marketability 52

Musings on Markets

JANUARY 5, 2024

Thus, looking at only the companies in the S&P 500 may give you more reliable data, with fewer missing observations, but your results will reflect what large market cap companies in any sector or industry do, rather than what is typical for that industry.

Dividends 100

Dividends Risk Premium Equity Book Value 100

Benzinga

JUNE 12, 2023

The Acquisitions will offer investors exposure to new rental markets, supporting the REIT's growth objectives, including increased rental revenue and net operating income, while also expecting to provide a strong foundation for future acquisition and development opportunities. per unit for the Redeemable Units).

Book Value 40

Book Value Marketability Fair Market Value Banking 40

Musings on Markets

FEBRUARY 4, 2023

The History The Adani Group, founded by Gautam Adani, started life as a commodity trading partnership business in Gujarat, and listed on stock markets in 1994, as Adani Exports, with a large chunk of its revenues coming from its operation of a local port in Mundra, with a subsequent entry into the edible oil business.

Start-ups 100

Start-ups Market Capitalization Equity Marketability 100