Musings on Markets

MAY 7, 2023

In this post, I will begin by looking at how to value banks and follow up with an examination of investor views of banking have changed, by looking at pricing, before examining divergences in how banks are priced in the market today. All Equity, All the time!

Banking 64

Banking Price to Book Dividends Book Value 64

Valutico

OCTOBER 1, 2022

Founded in 1995, Lockheed Martin Corporation is a Bethesda, Maryland-based aerospace company with a $106 billion market capitalization. . It narrowly missed analysts’ expectations and the market punished it with a 5% drop in the share price within the first two days of publishing its results. A WACC of 5.7%

Discounted Cash Flow 52

Discounted Cash Flow Dividends Market Capitalization Marketability 52

Musings on Markets

NOVEMBER 9, 2021

The graph below contains Tesla's stock price, adjusted for stock splits, going back to 2010, and ending in November 2021: While the graph illustrates the surge in the stock price, the table embedded in the graph conveys the rise more vividly, by listing Tesla's market capitalization in millions of dollars.

Start-ups 99

Start-ups Dividends Marketability Market Capitalization 99

Valutico

MARCH 28, 2023

UBS maintained a strong capital position, ending the year 2022 with a CET1 capital ratio of 14.2% As of now, UBS is offering a dividend of USD 0.55 per common stock, with a dividend yield of 2.70%. The Flow-to-Equity analysis produced a value of CHF 120 (USD 130.5) billion using a Cost of Equity of 7.9%.

Banking 52

Banking Dividends Equity Marketability 52

Musings on Markets

OCTOBER 12, 2023

The effect of impact investing in the inclusionary and exclusionary paths is through the stock price , with the buying (selling) in inclusionary (exclusionary) investing pushing stock prices up (down), which, in turn, decreases (increases) the costs of equity and capital at these firms.

Market Capitalization 83

Market Capitalization Enterprise Value Start-ups Marketability 83

Valutico

NOVEMBER 28, 2022

Interogo Holding’s equity strategy fund, the family office Moyreal and Michael Halbherr, chairman of ABB E-Mobility, are participating in the private placement. Currently the company is trading at CHF 30 per share with a market capitalization of CHF 56.1 At this level the dividend yield is 2.8%. . Valutico Analysis.

Discounted Cash Flow 52

Discounted Cash Flow EBIT Market Capitalization Equity 52

Valutico

NOVEMBER 28, 2022

Interogo Holding’s equity strategy fund, the family office Moyreal and Michael Halbherr, chairman of ABB E-Mobility, are participating in the private placement. Currently the company is trading at CHF 30 per share with a market capitalization of CHF 56.1 At this level the dividend yield is 2.8%. . Valutico Analysis.

Discounted Cash Flow 52

Discounted Cash Flow EBIT Market Capitalization Equity 52

Benzinga

AUGUST 21, 2024

Chubb is one of the world's largest providers of property and casualty (P&C) insurance and reinsurance and the largest publicly traded P&C insurer based on a market capitalization of $108.5 Return on equity in the trailing 12 months was 15.8%, better than the industry average of 8%.

Market Capitalization 52

Market Capitalization Equity Finance Marketability 52

Valutico

MARCH 1, 2023

Furthermore, the company increased dividends by 10% and announced that it will buy back GBP 2.3 (USD by using the Discounted Cash Flow method, specifically our Flow-to-Equity approach, as well as a Trading Comparables analysis. The Flow-to-Equity analysis produced a value of GBP 102 (USD 123) billion using a Cost of Equity of 7.7%.

Discounted Cash Flow 52

Discounted Cash Flow Net Debt EBIT Equity 52

Valutico

NOVEMBER 14, 2022

This strong financial performance is also reflected in the stock market as TotalEnergies is currently trading at €57 per share, which is a year-on-year increase of roughly 30%. This strong share price performance was further bolstered by an average gross annual dividend yield of roughly 6% over the past 10 years. Valutico Analysis.

EBIT 52

EBIT Equity Dividends EBITDA 52

Valutico

NOVEMBER 14, 2022

This strong financial performance is also reflected in the stock market as TotalEnergies is currently trading at €57 per share, which is a year-on-year increase of roughly 30%. This strong share price performance was further bolstered by an average gross annual dividend yield of roughly 6% over the past 10 years. Valutico Analysis.

EBIT 52

EBIT Equity Dividends EBITDA 52

Musings on Markets

NOVEMBER 4, 2022

Investors, used to a decade of better-than-expected earnings and rising stock prices at these companies, have been blindsided by unexpected bad news in earnings reports, and have knocked down the market capitalization of these companies by hundreds of billions of dollars in the last few weeks.

Start-ups 100

Start-ups Market Capitalization Marketability Dividends 100

Valutico

SEPTEMBER 22, 2023

The income-based approach determines a company’s value by assessing its anticipated future income-generating potential, employing methodologies such as Discounted Cash Flow (DCF) Analysis, Capitalization of Earnings, the Income Multiplier Method, Dividend Discount Model (DDM), and Earnings-Based Valuation.

Discounted Cash Flow 52

Discounted Cash Flow Intangible Assets Book Value Asset-based Approach 52

Musings on Markets

FEBRUARY 27, 2022

After paying taxes on this income, the residual amount represents net income, the final measure of equity earnings, and the basis for computing earnings per share and other widely used measures of profitability used by equity investors.

Start-ups 82

Start-ups Equity Book Value Marketability 82

Benzinga

NOVEMBER 7, 2023

vi In addition, following the closing of the Merger(s), as applicable, MFIC will pay a cash dividend of $0.20 per share special dividend will be determined by the MFIC Board of Directors based upon the timing of the closings of the Merger(s). The exact record date for the $0.20 The exact record date for the $0.20

Dividends 40

Dividends Marketability Equity Market Capitalization 40

Musings on Markets

SEPTEMBER 9, 2024

While management decisions have clearly contributed to the problems, it is also true that the pharmacy business, which forms Walgreen's core, has deteriorated over the last two years, and that can be seen by comparing its market performance to CVS, its highest profile competitor.

Start-ups 112

Start-ups Marketability Market Capitalization Equity 112

Reynolds Holding

NOVEMBER 30, 2023

23 Question: Some stock awards entitle the holder to receive dividends or dividend equivalents paid on the underlying shares prior to the vesting date. Item 402(v)(2)(iv) does not contemplate the use of a broad-based equity index as a peer group for purposes of the pay versus performance disclosure. Answer: Yes. Answer: No.

Compliance 40

Compliance Total Shareholder Return Dividends Market Capitalization 40

Musings on Markets

SEPTEMBER 5, 2024

That drop of more than $200 billion in market capitalization in response to what looked like good news, at least on the surface, puzzled market observers, though, as is their wont, they had found a reason by day end.

Marketability 118

Marketability Start-ups Discounted Cash Flow Market Capitalization 118

Benzinga

MAY 18, 2023

The combined company is expected to have a pro forma equity market capitalization of approximately $11 billion and total enterprise value of approximately $16 billion. UBP is expected to align the timing of its quarterly dividend payments to Regency's during the pendency of the merger.

Equity 40

Equity Enterprise Value Dividends Market Capitalization 40

Reynolds Holding

JUNE 24, 2024

They allow founders and other insiders to control a majority of the voting power while holding relatively little equity. The three most common triggers are dividends or distributions, liquidation events, and transactions. In recent years, nearly a quarter of U.S. companies have gone public as dual-class companies.

Dividends 45

Dividends Mergers & Acquisitions Market Capitalization Equity 45

Musings on Markets

NOVEMBER 15, 2022

In this post, I want to focus on that point, starting with a discussion of why stories matter to investors and traders and the story that propelled the company to a trillion-dollar market capitalization not that long ago. billion in revenues in 2021.

Start-ups 92

Start-ups Marketability Market Capitalization Technology 92

Reynolds Holding

SEPTEMBER 6, 2022

Peer group TSR will be weighted based on the initial market capitalization of each peer group company as of the beginning of the earliest year included in the table. subtract the amount of any credit for reduced benefits introduced in connection with a negative plan amendment during the fiscal year.

Total Shareholder Return 45

Total Shareholder Return Equity Dividends Market Capitalization 45

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. Return on Equity 1. Dividends and Potential Dividends (FCFE) 1. Beta & Risk 1.

Dividends 100

Dividends Risk Premium Equity Book Value 100

Chris Mercer

APRIL 7, 2023

He acquires a literal “stock certificate” representing a very, very small but pro-rata claim on all the cash flows of the company, and is the pro-rata beneficiary of any future dividends or stock repurchases. The current market price of $210 per share represents the current consensus pricing (per share) for all of META in the market today.

Marketability 52

Marketability Fair Market Value Appraisal EBITDA 52

Musings on Markets

JANUARY 19, 2022

If equity markets surprised us with their resilience in 2020, not just weathering a pandemic for the ages, but prospering in its midst, US equity markets, in particular, managed to find light even in the darkest news stories, and continued their rise through 2021. The year that was.

Risk Premium 82

Risk Premium Risk-free Rate Start-ups Equity 82

Musings on Markets

JANUARY 8, 2022

Regional Breakdown My data sample for 2022 includes every publicly traded firm that is traded anywhere in the world, with a market capitalization that exceeds zero. It is also why I report only aggregated data on industries, rather than company-level data.

Risk Premium 93

Risk Premium Start-ups Market Capitalization Corporate Finance 93

Musings on Markets

JANUARY 6, 2023

Data universe : In my sample, I include all publicly traded firms with market capitalizations that exceed zero, traded anywhere in the world. I do report on a few market-wide data items especially on risk premiums for both equity and debt. Cost of Equity 1. Cost of Capital 3. Return on Equity 1.

Risk Premium 52

Risk Premium Dividends Start-ups EBITDA 52

Musings on Markets

OCTOBER 18, 2024

The regional phone companies continued to behave like the old Ma Bell, investing little in new technologies, and continuing with the high debt and high dividend policies of the original. In each case, that bundling was used to illustrate how dependent the US equity markets have become on just a few stocks, to deliver overall equity returns.

Start-ups 73

Start-ups Market Capitalization Marketability Technology 73

Valutico

MARCH 20, 2023

million for the financial year ending 31 December 2022, and its tangible equity is expected to be around GBP 1.4 (USD Recent Financial Performance In late February 2023, HSBC released its 2022 annual results, showing strong financial performance and higher capital distributions. HSBC is also planning a special dividend of $0.21

Dividends 52

Dividends Banking Equity Market Capitalization 52

Musings on Markets

JANUARY 9, 2021

The second was that, starting mid-year in 2020, equity markets and the real economy moved in different directions, with the former rising on the expectations a post-virus future, and the latter languishing, as most of the world continued to operate with significant constraints.

Risk Premium 52

Risk Premium Market Capitalization Equity Start-ups 52

Global Finance

MAY 8, 2024

rise in return on equity (ROE) to 14.2%; and gains in tier 1 equity capital and assets of 5% and 4%, respectively. This was primarily based on revenue growth, which registered a heady 30% rise, allowing the bank to distribute its highest full-year dividend since 2008. billion; a 2.3% billion after-tax profit versus $8.3

Banking 52

Banking Dividends Start-ups Finance 52

Musings on Markets

OCTOBER 25, 2022

Since a business can raise capital from owners (equity) and lenders (debt), the free cash flows that you compute can be to just the equity investors in the business, in which case it is free cash flow to equity , or to all capital providers in the business, as free cash flow to the firm.

Dividends 94

Dividends EBITDA Equity Start-ups 94

Musings on Markets

FEBRUARY 4, 2023

Given the historical roots of the biggest Indian family groups, the Adani Group has been a recent entrant, not making the top ten list (in terms of either operating metrics like revenues or market-based numbers like market capitalization or enterprise value) as recently as ten years ago, and barely making the top ten list five or six years ago.

Start-ups 100

Start-ups Market Capitalization Equity Marketability 100

Musings on Markets

APRIL 20, 2021

Financing Mix : Companies can raise capital either from equity or debt, and the costs of equity and debt can be altered when the tax rate changes. To see if this is true, across companies, I broke US companies down my market capitalization into ten deciles and looked at the tax behavior in each grouping.

Start-ups 52

Start-ups Debt Financing Finance Equity 52

Musings on Markets

OCTOBER 28, 2024

That was the thought that came to mind, as I was writing about the US government's plans to break up big tech, and chronicling how much the big tech companies have struggled, trying to enter new businesses, notwithstanding the capital and brainpower that they have at their disposal.

Start-ups 67

Start-ups Alpha Equity Marketability 67