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Good (Bad) Banks and Good (Bad) Investments: At the right price.

Musings on Markets

Consequently, you can only value the equity in a bank, and by extension, the only pricing multiples you can use to price banks are equity multiples (PE, Price to Book etc.). at the end of 2022 to 0.94 in May 2022.

Banking 63
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Earnings and Cash Flows: A Primer on Free Cash Flow

Musings on Markets

For Microsoft, this would yield values of $69,916 million for operating income and an effective tax rate of 13.83% in 2021, resulting in a FCFF of $40,879 million in 2021. During the 2021 fiscal year, Microsoft bought Nuance Communications for $19.76