Brian DeChesare

OCTOBER 26, 2022

For example, if the company claims it will generate $5 billion of Free Cash Flow and use it to repay $1 billion of Debt and issue $4 billion in Dividends, is that realistic? One exception to these simple rules is the Dividends line, which we forecast based on the Dividend Payout Ratio (i.e., Dividends / Net Income).

Dividends 72

Dividends Start-ups Finance Equity 72

Andrew Stolz

JANUARY 27, 2022

Attractive dividend yield despite rise in invested capital. Download the full report as a PDF. Attractive dividend yield despite rise in invested capital. Dividend yield is attractive and could reach a comfortable 5%+ in 22E. Attractive dividend yields despite growing CAPEX requirements. Conclusions.

Dividends 52

Dividends Technology Business Valuation Marketability 52

Andrew Stolz

FEBRUARY 2, 2022

Attractive dividend yield could rise above 5%. Download the full report as a PDF. Attractive dividend yield could rise above 5%. Also, the dividend yield might be worth a look from an investor perspective. Valuation is attractive; dividend yield adds some good return on top of upside. Conclusions.

Dividends 52

Dividends Start-ups Marketability Technology 52

Andrew Stolz

JANUARY 20, 2022

Download the full report as a PDF. The company focus on a constant payout ratio of 30% for dividends. Enhanced profit prospects could lead to a juicy dividend yield of 3.3% Attractive dividend yield adds additional return. Download the full report as a PDF. Growing CAPEX lays foundation for organic growth.

Dividends 52

Dividends Business Valuation 52

Musings on Markets

JANUARY 21, 2023

The first is the dividends you receive, while you hold stocks, a cash flow stream that provides a measure of stability to investors who seek it. Actual Returns Your returns on equities come in one of two forms. There are clearly input estimates that you can take issue with, especially on earnings and cashflows.

Equity 72

Equity Risk Premium Start-ups Dividends 72

Musings on Markets

MAY 7, 2023

The first was that banks were run by sensible people , who paid out what they could afford to in dividends, neither holding back on paying dividends nor paying too much in dividends. Note the differences between the bank FCFE and bank dividend discount models.

Banking 64

Banking Price to Book Dividends Book Value 64

Andrew Stolz

NOVEMBER 21, 2021

Download the full report as a PDF. The company pays out dividends on a consistent basis. Dividend payout ratio is almost constant around 30%. Solid dividend and share buyback offer attractive return even without upside. Download the full report as a PDF. Do you own Toyota? Toyota’s revenue breakdown 2021.

Dividends 52

Dividends EBIT Treasury Equity 52

Andrew Stolz

JANUARY 13, 2022

Download the full report as a PDF. Strong operating cash flow allows the company to pay out dividends which are in line with its pre=pandemic policy. We expect that the dividend yield over the near-term to range between 2-3%. Dividend yield and share repurchases are not sufficient to compensate lack of upside.

EBIT 52

EBIT Dividends Marketability Business Valuation 52

Musings on Markets

JANUARY 11, 2024

In the years that I have taught these two classes, I find myself using my corporate finance framework constantly, when valuing companies, and bringing my understanding of valuation into play, when examining how companies should make investing, financing and dividend decisions.

Corporate Finance 131

Corporate Finance Finance Start-ups Dividends 131

Andrew Stolz

NOVEMBER 28, 2021

Download the full report as a PDF. Given its losses over the past years, it did not pay out any dividends since 2016. We assume that there will be no dividends at least for the next 3 years. No dividend policy requires return generation from price. Download the full report as a PDF. Cash flow – Tata Motors.

Dividends 52

Dividends EBIT Equity Business Valuation 52

Andrew Stolz

FEBRUARY 10, 2022

Download the full report as a PDF. FGEN paid out stable and growing dividends. The small payout ratio of less than 15% still delivers a dividend yield of around 3%, which is above Philippine average. There is potential to pay out more and it could turn into a dividend play over the next few years. Ratios – First Gen.

Dividends 52

Dividends Start-ups Marketability Business Valuation 52

Musings on Markets

AUGUST 5, 2023

Implied ERP I start with the same general model for value that the earnings yield approach does, which is the dividend discount model but change three components Augmented Dividends : It is undeniable that companies around the world, but especially in the US, have shifted from returning cash in the form of dividends to stock buybacks.

Risk Premium 81

Risk Premium Equity Start-ups Treasury 81

Benzinga

SEPTEMBER 3, 2024

No record date has been set for such dividend and the Scilex board of directors may determine not to proceed with such dividend. Download the presentation by clicking here. Download the publication by clicking here. PALO ALTO, Calif., 03, 2024 (GLOBE NEWSWIRE) -- Semnur Pharmaceuticals, Inc.

Equity 40

Equity Dividends Marketability 40

Andrew Stolz

FEBRUARY 8, 2022

Download the full report as a PDF. Dividend payout is high which means it could continue to deliver a solid dividend yield of 3%+. Download the full report as a PDF. Highlights: Home broadband expansion offers solid top-line driver. New entrant Dito challenges previous Filipino duopoly. Ratios – Globe Telecom.

Start-ups 52

Start-ups Dividends Equity Marketability 52

Musings on Markets

JANUARY 20, 2021

It is true that some companies pay dividends, and that these dividends are sticky, but it is also true that companies are under no contractual obligation to continue paying those same dividends. This difficulty in observing the equity risk premium leads many to look backwards, when asked to estimate the equity risk premium.

Risk Premium 52

Risk Premium Risk-free Rate Equity Dividends 52

Andrew Stolz

JANUARY 25, 2022

Download the full report as a PDF. Future cash flow proceeds serve debt repayments; don’t expect any dividends in near term. Download the full report as a PDF. Highlights: Scaling necessary to survive in thin-margin business. High oil price could offset gains from demand rebound. PBF Energy’s revenue breakdown 2020.

Dividends 52

Dividends Compliance Equity Business Valuation 52

Musings on Markets

SEPTEMBER 27, 2022

Source: Factset Cash Flows : Investors in public equities have no direct claim on earnings, and are reliant on companies returning cash to them in dividends, and increasingly over the last few decades, in stock buybacks.

Risk Premium 76

Risk Premium Treasury Start-ups Equity 76

Musings on Markets

NOVEMBER 9, 2021

In this post , I argued that one of the key dividing lines between the two groups was flexibility , with companies with more flexible investing, financing and dividend policies winning out over companies with more rigidity on those dimensions.

Start-ups 99

Start-ups Dividends Marketability Market Capitalization 99

Musings on Markets

SEPTEMBER 5, 2024

Just as Meta and Alphabet’s dividend initiations signaled that they were approaching middle age, Nvidia’s buyback announcement may be signaling that the company is entering a new phase in the life cycle, intentionally or by accident. Download spreadsheet As always, the normal caveats apply.

Marketability 118

Marketability Start-ups Discounted Cash Flow Market Capitalization 118

Benzinga

SEPTEMBER 29, 2022

Download PDF Brochure: [link]. The rising adoption of AI for data processing is likely to support the growth of data monetization tools in coming years. Browse in-depth TOC on " Data Monetization Market " 263 - Tables 56 - Figures 256 – Pages. Scope of the Report: Report Coverage. Market size available for years. Base year considered.

Marketability 40

Marketability Dividends 40

Musings on Markets

MAY 6, 2022

Earnings Estimates : The strength of the economy has been a big contributor to boosting actual and expected earnings on companies in the last two years, and these higher earnings have translated into more cash returned in dividends and buybacks.

Risk Premium 95

Risk Premium Treasury Start-ups Equity 95

Benzinga

JULY 2, 2024

Download the presentation by clicking here. Download the publication by clicking here. Scilex is expected to be the majority holder of the combined company following completion of the proposed business combination.

Dividends 40

Dividends Equity Marketability 40

Musings on Markets

JULY 17, 2023

In the table below, I list the ten worst performing and best performing industry groups, based purely on market capitalization change in the first half of 2023: Download market performance in 2023, by industry The worst performing industry groups are in financial services and energy, with oilfield services companies being the worst impacted.

Marketability 96

Marketability Risk Premium Start-ups Treasury 96

Musings on Markets

SEPTEMBER 9, 2024

Destructive Denial : When management of a declining business is in denial about its problems, attributing the decline in revenues and profit margins to extraordinary circumstances, macro developments or bad luck, it will act accordingly, staying with existing practices on investing, financing and dividends.

Start-ups 109

Start-ups Marketability Market Capitalization Equity 109

Musings on Markets

FEBRUARY 8, 2022

Download sector average betas ( US , Global ) Note the preponderance of financial service firms on the lowest risk ranks, but note also that almost all of them are substantial borrowers, and end up with levered risk levels close to average (one) or above.

Risk Premium 69

Risk Premium Beta Start-ups Equity 69

Musings on Markets

AUGUST 25, 2023

That appeal may be only to a subset of individuals, but these buyers want to own the asset more for the emotional dividends, not the cashflows. It is unique : Trophy assets pack a punch because they are unique, insofar as they cannot be replicated by someone, even if that someone has substantial financial resources.

Start-ups 94

Start-ups Dividends Marketability Finance 94

Musings on Markets

NOVEMBER 15, 2022

While this may strike some as giving up, it does provide a pathway for Facebook to become a cash cow, investing just enough in R&D to keep its existing business going for the foreseeable future, while returning huge amounts of cash to its investors each year (as dividends or buybacks).

Start-ups 92

Start-ups Marketability Market Capitalization Technology 92

Reynolds Holding

AUGUST 30, 2023

Meanwhile, companies with robust balance sheets continue to face calls to return more cash to investors in the form of buybacks and special dividends. Monitor investor conference call participants, one-on-one requests and transcript downloads. Monitor company website traffic for unusual activity.

Equity 40

Equity Dividends Total Shareholder Return Finance 40

Musings on Markets

JANUARY 12, 2021

Last week, was my data week, where I download and analyze data on all publicly traded companies, listed anywhere in the world, and I will post extensively on what the numbers look like after a most tumultuous year. As we approach the turn of the calendar year, I have my own set of rituals that prepare me for the new year.

Corporate Finance 52

Corporate Finance Start-ups Finance Marketability 52

Reynolds Holding

SEPTEMBER 7, 2022

Review broader capital allocation framework (including reinvestment in the business and inorganic as well as organic growth strategies), capital return policy (dividends and buybacks), analyst and investor presentations and other financial public relations matters (including disclosed metrics, key performance indicators (KPIs) and guidance).

Equity 45

Equity Dividends Total Shareholder Return Marketability 45

Musings on Markets

JANUARY 19, 2022

When you augment this price change with the dividends on the index during 2021, the total return on the S&P 500 for 2021 was 28.47%. With equities, the cash flows take the form of dividends and buybacks, and in addition to estimating them using future growth rates, you have to assume that they continue in perpetuity.

Risk Premium 82

Risk Premium Risk-free Rate Start-ups Equity 82

Musings on Markets

JANUARY 5, 2024

I have also developed a practice in the last decade of spending much of January exploring what the data tells us, and does not tell us, about the investing, financing and dividend choices that companies made during the most recent year. Dividends and Potential Dividends (FCFE) 1. Dividend yield & payout 3. Buybacks 2.

Dividends 100

Dividends Risk Premium Equity Book Value 100

ThomsonReuters

JULY 7, 2022

Gains from the sale of an investment held for more than one year (as well as dividends on certain stocks) are generally taxed at preferential capital gains rates. Dividends from any gifted stock also may qualify for the lower rate. 2—Take advantage of lower tax rates on investment income.

Start-ups 98

Start-ups Dividends Fair Market Value Equity 98

Musings on Markets

JANUARY 8, 2022

Most of the variables that I report are micro variables, relating to company choices on investing, financing and dividend policies, or to data that may be needed to value these companies. You can find the data to download on my website , at this link.

Risk Premium 93

Risk Premium Start-ups Market Capitalization Corporate Finance 93

Musings on Markets

MAY 11, 2021

The Taxation of Investment Income In much of the world, income from investments (interest, dividends) is treated differently than earned income (salary, wages), by the tax code, and the reasons for the divergence are both practical and political: 1.

Dividends 52

Dividends Start-ups Risk Premium Treasury 52

Musings on Markets

JANUARY 9, 2021

With cost of capital, for instance, I report the cost of capital by industry for the US at this link, and datasets that can be downloaded by geography: Europe, Emerging Markets (China and India), Australia, NZ & Canada, Japan & Global). Data Use: I know that those who download my data use it in many different contexts.

Risk Premium 52

Risk Premium Market Capitalization Equity Start-ups 52

Reynolds Holding

FEBRUARY 19, 2024

A pre-publication draft is available for download here. Our analysis of these dimensions reveals a surprisingly complex topography. Louis and Talia Gillis and Eric Talley at Columbia Law School. Their newly released study , Sex & Startups, is forthcoming in the Yale Journal on Regulation.

Dividends 45

Dividends Finance Marketability Compliance 45