Musings on Markets

JANUARY 6, 2023

Check rules of thumb : Investing and corporate finance are full of rules of thumb, many of long standing. 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

Global Finance

SEPTEMBER 5, 2024

The SoftBank-backed company’s shares surged nearly 82% in less than two weeks after the IPO, rising 20% over its initial share price of 91 cents on August 16, to lift its market capitalization across the $7 billion mark after it announced the launch of new electric motorcycles and that it would manufacture its own batteries to cut costs.

Market Capitalization 52

Market Capitalization Finance Marketability Equity 52

Musings on Markets

JANUARY 9, 2021

While the universe of companies is diverse, with approximately half of all firms from emerging markets, it is more concentrated in market capitalization, with the US accounting for 40% of global market capitalization at the start of the year. Macro Data I do not report much macroeconomic data for two reasons.

Risk Premium 52

Risk Premium Market Capitalization Equity Start-ups 52

Benzinga

MARCH 20, 2024

Enhances Capital Markets Profile and Shareholder Base : The pro forma Company is expected to have a market capitalization of over ~C$129 million and ~C$11 million 3 in combined cash to fund exploration, allowing increased access to capital and trading liquidity. Mega Uranium Ltd., and enCore Energy Corp.

Market Capitalization 59

Market Capitalization Corporate Finance Marketability Finance 59

Musings on Markets

FEBRUARY 27, 2022

A Life Cycle View If you have been reading my posts for a while, you know that I find the corporate life cycle a useful device in explaining everything from what companies should focus on, in corporate finance, to the balance between stories and numbers, when investor value companies.

Start-ups 98

Start-ups Equity Book Value Marketability 98

Musings on Markets

DECEMBER 10, 2023

As someone who teaches corporate finance, I have always tried to pass on the message, especially to those who are headed to finance jobs at companies or investment banks, that of all of the players in an organization, finance people are among the most replaceable, and thus least likely to be key people.

Key Person Discount 128

Key Person Discount Start-ups Price to Book Marketability 128

Musings on Markets

FEBRUARY 27, 2023

In fact, as you can see from the cost of capital graph, there is little, if any, benefit in terms of value added to Adani from using debt, and significant downside risk, unless the debt is being subsidized by someone (government, sloppy bankers, green bondholders).

Equity 52

Equity EBITDA Start-ups Net Debt 52

Reynolds Holding

NOVEMBER 30, 2023

On November 21, 2023, the staff of the Securities and Exchange Commission’s (SEC’s) Division of Corporation Finance issued eight new Compliance & Disclosure Interpretations (C&DIs), and revised two previously issued C&DIs, relating to the final pay-versus-performance (PVP) disclosure rules adopted last year.

Compliance 40

Compliance Total Shareholder Return Dividends Market Capitalization 40

Musings on Markets

JANUARY 10, 2025

In corporate finance and investing, which are areas that I work in, I find myself doing double takes as I listen to politicians, market experts and economists making statements about company and market behavior that are fairy tales, and data is often my weapon for discerning the truth. Costs of equity & capital 4.

Risk Premium 115

Risk Premium Dividends Start-ups Corporate Finance 115

Musings on Markets

FEBRUARY 8, 2025

In the first five posts, I have looked at the macro numbers that drive global markets, from interest rates to risk premiums, but it is not my preferred habitat. A few years ago, I wrote a paper for practitioners on the cost of capital , where I described the cost of capital as the Swiss Army knife of finance, because of its many uses.

Risk Premium 72

Risk Premium Beta Start-ups Equity 72

Global Finance

DECEMBER 26, 2024

The sale of a 20% stake represents a market capitalization of around $10 billion. The Middle East subsidiary of Delivery Hero, Talabat, raised $2 billion from an initial public offering on Dec. Talabat sold more than 4.65 billion shares at AED1.60 ($0.44) per share.

Price to Earnings 59

Price to Earnings Market Capitalization Finance Marketability 59

Musings on Markets

JANUARY 31, 2025

Since the companies involved in building the AI infrastructure are the ones that are most tangibly (and immediately) benefiting from the AI boom, they are also the companies that have seen the biggest boost in market cap, as the AI story heated up.

Start-ups 131

Start-ups Marketability Technology Risk Premium 131

Global Finance

FEBRUARY 28, 2025

In less than a decade, Amazon reached a market capitalization three times that of Walmart, with $59 billion in profits last year, compared to its rival with $19.4 However, while Amazon is a powerhouse in retail, it is a diversified group that draws its sales from a wide variety of areas.

Market Capitalization 52

Market Capitalization Finance Marketability Corporate Finance 52