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). Revenue Multiples 4.

Dividends 105

Dividends Risk Premium Equity Book Value 105

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. Price to Book 3. Standard deviations in equity and firm value 4. Cost of Debt 2. Standard deviation in operating income 3. Cost of Capital 3.

Risk Premium 52

Risk Premium Dividends Start-ups EBITDA 52

Musings on Markets

JANUARY 10, 2025

Not surprisingly, the company listings are across the world, and I look at the breakdown of companies, by number and market cap, by geography: As you can see, the market cap of US companies at the start of 2025 accounted for roughly 49% of the market cap of global stocks, up from 44% at the start of 2024 and 42% at the start of 2023.

Risk Premium 119

Risk Premium Dividends Start-ups Corporate Finance 119

Musings on Markets

FEBRUARY 6, 2025

In this post, I will expand my analysis of data in 2024, which has a been mostly US-centric in the first four of my posts, and use that data to take you on my version of the Disney ride, but on this trip, I have no choice but to face the world as is, with all of the chaos it includes, with tariffs and trade wars looming.

Risk Premium 67

Risk Premium Start-ups Enterprise Value Equity 67