Valutico

DECEMBER 6, 2022

Weekly Valuation – Valutico | 6 December 2022. At the current level Salesforce has a P/E ratio of 100x and an EV/EBITDA ratio of 47x for 2022. Salesforce experienced a terrible year financially in 2022, which explains these very high multiples. Salesforce Inc. Link to detailed valuation. About Salesforce.

Discounted Cash Flow 52

Discounted Cash Flow EBITDA EBIT Market Capitalization 52

Valutico

DECEMBER 6, 2022

Weekly Valuation – Valutico | 6 December 2022. At the current level Salesforce has a P/E ratio of 100x and an EV/EBITDA ratio of 47x for 2022. Salesforce experienced a terrible year financially in 2022, which explains these very high multiples. Salesforce Inc. Link to detailed valuation. About Salesforce.

Discounted Cash Flow 52

Discounted Cash Flow EBITDA EBIT Market Capitalization 52

Valutico

OCTOBER 17, 2022

Weekly Valuation – Valutico | 17 October 2022. In the fo rmer, we compared Porsche with peers such as BMW, Mercedes-Benz, Ferrari and Ford using thethe EV/EBITDA and the EV/EBIT multiples. Porsche AG. Link to detailed valuation . About Porsche. The Dr. Ing. per share, the top end of its target range.

Discounted Cash Flow 52

Discounted Cash Flow EBIT Equity EBITDA 52

Valutico

DECEMBER 4, 2023

which is a 25% increase from 2022 Q3. This positive influx persisted until 2022 when Netflix began to crack down on password sharing. billion to USD 150 billion, by utilizing observed metrics such as EV/EBITDA, EV/EBIT, and P/E ratios. Netflix’s operating income in Q3 was $1.9B Youtube), Apple Inc. Apple TV) and Amazon.com Inc.

Discounted Cash Flow 52

Discounted Cash Flow Start-ups EBIT EBITDA 52

Valutico

AUGUST 16, 2022

Weekly Valuation – Valutico | 16 August 2022. The trading comparables approach confirms this view with the median EV/EBITDA, EV/EBIT and P/E multiples applied to the 2023 forecasts producing a valuation range of USD 600 million to USD 1.1 iRobot Inc. Link to the detailed valuation: here. billion.

EBIT 59

EBIT EBITDA Equity Marketability 59

Valutico

JANUARY 5, 2023

Despite facing negative growth for the first time in its history, Tencent managed to keep its operating margin stable at 29% in 2022, resulting in a quarterly profit of HKD 45.8 (5.9 Last week, Tencent received good news when the Chinese government released new publishing licenses for video games for the first time since April 2022.

Discounted Cash Flow 52

Discounted Cash Flow EBIT EBITDA Technology 52

Valutico

JANUARY 5, 2023

Despite facing negative growth for the first time in its history, Tencent managed to keep its operating margin stable at 29% in 2022, resulting in a quarterly profit of HKD 45.8 (5.9 Last week, Tencent received good news when the Chinese government released new publishing licenses for video games for the first time since April 2022.

Discounted Cash Flow 52

Discounted Cash Flow EBIT EBITDA Technology 52

Valutico

JANUARY 5, 2023

Despite facing negative growth for the first time in its history, Tencent managed to keep its operating margin stable at 29% in 2022, resulting in a quarterly profit of HKD 45.8 (5.9 Last week, Tencent received good news when the Chinese government released new publishing licenses for video games for the first time since April 2022.

Discounted Cash Flow 52

Discounted Cash Flow EBIT EBITDA Technology 52

Valutico

JANUARY 3, 2024

As per the statistics published by Nilson Report in May 2023, the market share of Visa in the total purchase transactions on global general card networks for 2022 was 39% whereas the shares of Mastercard and UnionPay were 24% and 34% respectively. Financial Outlook Visa closed FY2023 (ending September 30) with a revenue of $32.7

Discounted Cash Flow 52

Discounted Cash Flow EBIT Start-ups Banking 52

Valutico

MARCH 9, 2023

Recent Financial Performance In late January 2023, LVMH released its 2022 annual report, posting record revenue and income levels. billion in profit from recurring operations in 2022, an increase of 23% in both metrics. The company made €79.2 billion in revenue and €21.1

Discounted Cash Flow 52

Discounted Cash Flow Marketability EBIT Market Capitalization 52

FE International

DECEMBER 31, 2021

That is, were the companies in those transactions valued as a multiple of EBIT , EBITDA , revenue, or some other parameter? LinkedIn | The post How to Value a Website or Internet Business in 2022 appeared first on FE International. It is important to identify the key valuation parameter for each deal.

Weighted Average Cost of Capital 52

Weighted Average Cost of Capital Business Valuation Precedent Transaction Analysis Start-ups 52

Valutico

FEBRUARY 21, 2023

Recent Financial Performance Three weeks ago the company released its 2022 annual report, which showed strong revenue figures – growing by 10% to $283 billion compared to 2021. Despite this revenue growth, Alphabet was unable to maintain its healthy net profit margin, as net profit fell by around 5% to $75 billion.

Discounted Cash Flow 52

Discounted Cash Flow Technology EBIT Market Capitalization 52

Valutico

NOVEMBER 14, 2022

Weekly Valuation – Valutico | 14 November 2022. Two weeks ago TotalEnergies announced its net income for the third quarter of 2022 which increased by 43% compared to 2021 and amounted to €6.6 In the first three quarters of 2022 the company generated a net income of €17.3 TotalEnergies SE. Link to detailed valuation.

EBIT 52

EBIT Equity Dividends EBITDA 52

Valutico

NOVEMBER 14, 2022

Weekly Valuation – Valutico | 14 November 2022. Two weeks ago TotalEnergies announced its net income for the third quarter of 2022 which increased by 43% compared to 2021 and amounted to €6.6 In the first three quarters of 2022 the company generated a net income of €17.3 TotalEnergies SE. Link to detailed valuation.

EBIT 52

EBIT Equity Dividends EBITDA 52

Valutico

MARCH 1, 2023

Recent Financial Performance In the first week of February 2023, BP released its 2022 annual report, boasting the highest net profit in the company’s history of GBP 22.7 (USD Compared with last year’s net income of GBP 10.3 (USD billion, profit increased by an unbelievable 120%. billion worth of shares.

Discounted Cash Flow 52

Discounted Cash Flow Net Debt EBIT Equity 52

Valutico

JUNE 9, 2023

in February 2022 and closed at USD 91.78 billion to USD 108 billion by applying the observed trading multiples EV/Sales, EV/EBITDA, EV/EBIT and P/E. The year 2018 ended with PMI’s stock down by 36.8%, further impacted by a downgrade from Credit Suisse and Altria’s significant investment in e-cigarette company JUUL Labs.

Discounted Cash Flow 52

Discounted Cash Flow EBIT EBITDA Market Capitalization 52

Valutico

JUNE 1, 2023

on April 20, 2022. billion by applying the observed trading multiples EV/Sales, EV/EBITDA, EV/EBIT and P/E. Share Price Performance Marriott’s stock saw a sharp decline in 2020 due to COVID-19, plummeting from around USD 140-150 to USD 60-70. The past year’s high and low were USD 183.27 billion using a WACC of 11.3%.

Discounted Cash Flow 52

Discounted Cash Flow EBITDA EBIT Market Capitalization 52

Valutico

MAY 24, 2023

2022 saw a robust cash and capital structure with a staggering USD 967 million adjusted EBITDA in Q4, up by 14% from the previous year. billion by applying the observed trading multiples EV/Sales, EV/EBITDA, EV/EBIT and P/E. Marked improvements in net income saw return ratios reaching new heights, with ROA at 7.06% and ROE over 26.5%.

Discounted Cash Flow 52

Discounted Cash Flow EBITDA EBIT Capital Structure 52

Valutico

FEBRUARY 8, 2023

Since then, the share price has sagged to $180 in September 2022. The Trading Comparables analysis resulted in a valuation range of $257 billion to $296 billion by applying the observed trading multiples EV/EBITDA, EV/EBIT and P/E. The Flow-to-Equity analysis produced a value of $308 billion using a Cost of Equity of 9.2%.

Discounted Cash Flow 52

Discounted Cash Flow EBIT Equity EBITDA 52

Valutico

APRIL 24, 2023

While expanding its portfolio in 2021 and 2022 with acquisitions like Brazil’s Hemmer condiment and sauce company and an 85% stake in Germany’s Just Spices GmbH, the company has also recently agreed to sell its Russian baby food business to Chernogolovka. billion in 2020. billion using a WACC of 6.3%. billion to USD 74.5

Discounted Cash Flow 52

Discounted Cash Flow EBITDA Net Debt EBIT 52

Valutico

APRIL 24, 2023

While expanding its portfolio in 2021 and 2022 with acquisitions like Brazil’s Hemmer condiment and sauce company and an 85% stake in Germany’s Just Spices GmbH, the company has also recently agreed to sell its Russian baby food business to Chernogolovka. billion in 2020. billion using a WACC of 6.3%. billion to USD 74.5

Discounted Cash Flow 52

Discounted Cash Flow EBITDA Net Debt EBIT 52

Andrew Stolz

JANUARY 16, 2022

The dividend yield could return to 5% in 2022. EBIT margin expansion in 22E probably only short-lived. Going forward, we see the EBIT margin to range between 7-8%. The revenue growth CAGR is distorted by growth rebound in 2022. Ramp-up of share repurchases spices up returns. Long-term share price performance potential.

Dividends 52

Dividends EBIT Marketability Business Valuation 52

Valutico

OCTOBER 28, 2022

Weekly Valuation – Valutico | 28 October 2022. The next earnings call will be on 11/17/2022 and is eagerly anticipated as it will provide an indication of whether the company can return to growth in the short term. Alibaba Group Holding Ltd. Link to detailed valuation. About Alibaba. Political tensions.

Discounted Cash Flow 52

Discounted Cash Flow EBIT Market Capitalization EBITDA 52

Valutico

OCTOBER 21, 2022

Weekly Valuation – Valutico | 21 October 2022. As a result, the share price tanked to PLN 168 ($35) in May 2021 and slipped further in 2022 to its current level or around PLN 120 ($25). . CD Projekt S.A. . Link to detailed valuation. About CD Projekt. CD Projekt is a polish distributor and publisher of computer games.

Discounted Cash Flow 52

Discounted Cash Flow EBIT EBITDA Marketability 52

Valutico

DECEMBER 15, 2022

An example of an enterprise multiple: EV/Sales, EV/EBITDA, EV/EBIT and practically all non-financial multiples (e.g. Note that, because the impact of debt (in the form of interest), falls below EBIT on the P&L, typically any metric below that would be an equity metric and any metric above that would be an enterprise metric.

Precedent Transaction Analysis 52

Precedent Transaction Analysis EBITDA Comparable Company Analysis Enterprise Value 52

Valutico

DECEMBER 15, 2022

An example of an enterprise multiple: EV/Sales, EV/EBITDA, EV/EBIT and practically all non-financial multiples (e.g. Note that, because the impact of debt (in the form of interest), falls below EBIT on the P&L, typically any metric below that would be an equity metric and any metric above that would be an enterprise metric.

Precedent Transaction Analysis 52

Precedent Transaction Analysis EBITDA Comparable Company Analysis Enterprise Value 52

Valutico

SEPTEMBER 19, 2022

A useful tip is to check for consistency between the forecast margins and historical margins—EBITDA margin, EBIT margin, and Net Income margin. Hockey stick-like growth in your DCF projections may indicate these projections are not realistic.

Business Valuation 78

Business Valuation EBITDA EBIT Discounted Cash Flow 78

Andrew Stolz

JANUARY 12, 2022

Hyundai has allocated 2022 CAPEX of US$1.1bn, roughly 15% of its total CAPEX budget, to develop two further fuel cell plants. If it can maintain a 6-7% EBIT margin it changes the market’s assessment of the company. If it can maintain a 6-7% EBIT margin, then this could be a catalyst for share price performance.

EBIT 52

EBIT Price to Book Book Value Liquidation Value 52

ThomsonReuters

MARCH 9, 2023

Year-end tax planning Individuals What’s new for individuals for the 2022 tax season? The contribution amounts and carryover periods for unused amounts in a health flexible spending arrangement (health FSA) and dependent care (DC) FSAs have changed as follows: • For plan years ending in 2022, the contribution limit for health FSAs is $2,850.•

EBIT 59

EBIT EBITDA Technology Compliance 59

Andrew Stolz

NOVEMBER 21, 2021

Strong demand from the US and Asia brings car sales almost back to normal by March 2022. The company announced that by March 2022, it will buy back shares worth JPY150bn ($1.3bn). That should improve in 2022. Competitors like VW and GM only achieve EBIT margin between 5 and 7%. Demand rebound makes up for lost production.

Dividends 52

Dividends EBIT Treasury Equity 52

Andrew Stolz

JANUARY 17, 2022

Volvo’s biggest competitor Daimler followed a similar strategy by spinning-off its truck segment in January 2022. Beyond 2022, I see a healthy annual revenue growth potential around 5%. EBIT margin expansion in 21E likely to stay. Since 2021, Volvo Car is a separate listed entity under majority control of Geely. Ratios – Volvo.

Marketability 52

Marketability Dividends Net Debt Start-ups 52

Andrew Stolz

NOVEMBER 28, 2021

Tata is likely to recognize in 2022 for the 4th year in a row. Retained earnings continue to decline in 2022 as Tata is likely to record a net loss again; we expect a turnaround in 2023. It will be a challenge for the company to drive its EBIT margin to the industry average of 7-9%. P&L – Tata Motors.

Dividends 52

Dividends EBIT Equity Business Valuation 52

Andrew Stolz

JANUARY 19, 2022

The company is not constrained by capacity to capture the likely rebound in 2022. 4-5 years from now, this segment could contribute GPB100m, equaling around 15-20% of overall EBIT. The enhanced liquidity also allows for flexible expansion of its fleets and securing additional slots at key destinations. FVMR Scorecard – EasyJet.

Start-ups 52

Start-ups EBIT Equity Business Valuation 52

Andrew Stolz

JANUARY 19, 2022

Aerospace’s EBIT margin of 20.5% Beyond 2022, I see a strong asset growth, providing the basis for revenue to grow in a similar direction. The primary drivers are a rebound in commercial airline industry and increase in US defense budget. This segment plays a critical role in realizing future growth and enhancing profitability.

Intangible Assets 52

Intangible Assets EBIT Market Risk Technology 52

Musings on Markets

JANUARY 6, 2023

I also report on pricing statistics, again broken down by industry grouping, with equity (PE, Price to Book, Price to Sales) and enterprise value (EV/EBIT, EV/EBITDA, EV/Sales, EV/Invested Capital) multiples. EV/EBIT and EV/EBITDA 4. EBITDA, EBIT and EBITDAR&D Margins 3. Cost of Equity 1. PE & PEG 2. Cost of Debt 2.

Risk Premium 52

Risk Premium Dividends EBITDA Start-ups 52

Valutico

NOVEMBER 21, 2022

Weekly Valuation – Valutico | 21 November 2022. Despite a -21% performance in 2022 to date, Home Depot’s share price gained 64% over the past five years, with particularly good performance during the 2020-2021 COVID years. Home Depot Inc. Link to valuation. About Home Depot. billion in 2021. Share Price Performance.

Discounted Cash Flow 52

Discounted Cash Flow EBIT EBITDA Market Capitalization 52

Valutico

NOVEMBER 21, 2022

Weekly Valuation – Valutico | 21 November 2022. Despite a -21% performance in 2022 to date, Home Depot’s share price gained 64% over the past five years, with particularly good performance during the 2020-2021 COVID years. Home Depot Inc. Link to valuation. About Home Depot. billion in 2021. Share Price Performance.

Discounted Cash Flow 52

Discounted Cash Flow EBIT EBITDA Market Capitalization 52