Musings on Markets

AUGUST 19, 2024

While the writing for the book was largely done by November 2022, publishing does have a long lead time, and the book, published by Penguin Random House, will be available on August 20, 2024, at a book shop near you. If you are concerned that you are going to be hit with a sales pitch for that book, far from it!

Corporate Finance 121

Corporate Finance Finance Start-ups Dividends 121

Benzinga

SEPTEMBER 3, 2024

will be distributed to Better Choice shareholders via dividend SRx founders, management, board, and insiders to own 75%+ and Better Choice shareholders to own 15% of combined company at closing TAMPA, Fla., 03, 2024 (GLOBE NEWSWIRE) -- Better Choice Company Inc. 03, 2024 (GLOBE NEWSWIRE) -- Better Choice Company Inc.

EBITDA 40

EBITDA Dividends Technology 40

Benzinga

JULY 17, 2023

The transaction is structured such that $50 million will be paid at closing and the remainder paid in July 2024. This is a value creating transaction for Berry and our shareholders that we expect to be fully paid for by mid-year 2024 based on current projections for the pro forma company and $75/barrel Brent pricing.

Dividends 40

Dividends EBITDA Technology 40

Benzinga

FEBRUARY 29, 2024

Introduces Full Year 2024 Guidance Announces Agreement to Acquire Sterling Check Corp. million Adjusted EBITDA of $237.6 million one-time special dividend payment, $59.0 million Adjusted EBITDA of $68.2 million Adjusted EBITDA of $237.6 million one-time special dividend payment, $59.0 ATLANTA, Feb.

EBITDA 40

EBITDA Dividends Technology Total Shareholder Return 40

Benzinga

NOVEMBER 25, 2024

25, 2024 (GLOBE NEWSWIRE) -- Clearway Energy, Inc. Through our diversified and primarily contracted clean energy portfolio, Clearway Energy endeavors to provide our investors with stable and growing dividend income. PRINCETON, N.J., Our portfolio comprises approximately 11.7 Clearway Energy, Inc.'s respectively.

Dividends 49

Dividends Capital Structure EBITDA Finance 49

Musings on Markets

JANUARY 6, 2023

By the same token, it is impossible to use a pricing metric (PE or EV to EBITDA), without a sense of the cross sectional distribution of that metric at the time. 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.

Risk Premium 52

Risk Premium Dividends Start-ups EBITDA 52

Chris Mercer

FEBRUARY 14, 2024

RSDs are not value drivers like EBITDA, gross profit, number of cases, or any other value drivers. And more than a few appraisers use these stale and tired studies to guess at marketability discounts in 2024. ” The pricing and discounts of these ancient studies have nothing to do with private company valuation in 2024.

Marketability 52

Marketability Dividends Appraisal Business Valuation 52

Benzinga

AUGUST 12, 2024

Enhancing Financial Profile: Expected to be immediately accretive to adjusted net earnings per share 3 with significant further opportunities for Adjusted EBITDA margin 3 enhancement and revenue and cost synergies. million), reflects POWER's estimated 2024 pre-IFRS 16 adjusted EBITDA 3 at a multiple of 15.2x, or 12.5x

Equity Financing 45

Equity Financing EBITDA Finance Equity 45

Benzinga

OCTOBER 24, 2023

million in Horizon Adjusted EBITDA in 2022. Transaction Details The Transaction is subject to certain regulatory approvals and other customary closing conditions and is expected to close in the first half of 2024. The dividend can be paid in cash or in-kind at the option of the Company. million in revenues, $12.0 3 Includes $9.6

EBITDA 40

EBITDA Banking Finance Dividends 40

Benzinga

APRIL 21, 2024

1 Value assumes GBP:USD exchange rate of 1.2373 as of April 19, 2024. The combined company achieves greater scale and reach with combined fiscal year 2023 revenues of approximately $2 billion and higher EBITDA margin pro forma for full cost synergies 4. on April 19, 2024. ET / 7:30 a.m. CT / 1:30 p.m. Earnings Accretive.

Banking 45

Banking Finance Enterprise Value Dividends 45

Benzinga

SEPTEMBER 30, 2022

The Company expects to complete the separation by early 2024. billion in sales and adjusted EBITDA of $340 million, an increase of 47% compared to the $232 million of adjusted EBITDA generated during fiscal year 2021. federal income tax purposes.

EBITDA 40

EBITDA Marketability Dividends Technology 40

Benzinga

MAY 30, 2024

May 30, 2024 (GLOBE NEWSWIRE) -- Cansortium Inc. 1 Cash balance of RIV Capital as of March 31, 2024. 5 Adjusted EBITDA is a non-IFRS measure. 5 Adjusted EBITDA is a non-IFRS measure. 2 All references to "$" in this news release are to United States dollars. 3 Based on gross proceeds received in U.S.

Marketability 40

Marketability EBITDA Dividends Finance 40

Musings on Markets

JANUARY 28, 2024

Risk Differences across Companies With that long lead-in on risk, we are positioned to take a look at how risk played out, at the company level, in 2024. Using the construct from the last section, I will start by looking at price-based risk measures and then move on to intrinsic risk measures in the second section.

Risk Premium 121

Risk Premium Beta Start-ups Equity 121

Benzinga

AUGUST 1, 2024

The two companies are expected to generate a combined Ex-TAC Gross Profit of $660 - $680 million (1)(2) and Adjusted EBITDA of $180 - $190 million (1)(2) in 2024E. Adjusted EBITDA of at least $6 million (2) , above the upper end of the previously-issued guidance range of $1 - $4 million (2). NEW YORK, Aug. billion in 2024E.

Debt Financing 40

Debt Financing EBITDA Finance Banking 40

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

APRIL 7, 2025

Staying with the safety theme, I looked at US companies, broken down by debt burden (measured as debt to EBITDA): On this dimension, the numbers actually push against the flight to safety hypothesis, since the companies with the least debt performed worse than those with the most debt.

Marketability 91

Marketability Risk Premium Start-ups Equity 91

Benzinga

JANUARY 14, 2025

On a trailing 12-month basis through September 30, 2024, H&E generated $696 million of adjusted EBITDA on total revenues of $1,518 million, translating to an adjusted EBITDA margin of approximately 45.8%. adjusted EBITDA for the trailing 12 months ended September 30, 2024, or 5.8x

Net Debt 40

Net Debt EBITDA Net Present Value Enterprise Value 40

Brian DeChesare

NOVEMBER 20, 2024

billion market cap that trades at 7x trailing revenue on expected revenue growth rates of 15 – 20% and projected EBITDA margins of ~20%. So, most of the returns will have to come from EBITDA growth, with a small amount coming from Cash generated during the holding period (if any). A 2x multiple over 5 years is a 15% IRR.

Equity 59

Equity Enterprise Value Start-ups Marketability 59

Musings on Markets

FEBRUARY 23, 2025

Equity is cheaper than debt: There are businesspeople (including some CFOs) who argue that debt is cheaper than equity, basing that conclusion on a comparison of the explicit costs associated with each interest payments on debt and dividends on equity.

Equity 75

Equity EBITDA Risk Premium Gross Debt 75