Musings on Markets

NOVEMBER 9, 2021

I have been writing about, and valuing, Tesla for most of its lifetime in public markets, and while it remains a company that draws strong reactions, it is also one that I truly enjoy valuing. Tesla: The Back Story I first valued Tesla in 2013 , as a "luxury automobile company" and I have valued almost every year since.

Start-ups 101

Start-ups Dividends Marketability Market Capitalization 101

Musings on Markets

JANUARY 9, 2021

I spent the first week of 2021 in the same way that I have spent the first week of every year since 1995, collecting data on publicly traded companies and analyzing how they navigated the cross currents of the prior year, both in operating and market value terms.

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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.

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Dividends Risk Premium Equity Book Value 107

Musings on Markets

SEPTEMBER 27, 2022

By the start of 2022, the window for early action had closed and for much of this year, inflation has been the elephant in the room, driving markets and forcing central banks to be reactive, and its presence has already induced me to write three posts on its impact.

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Musings on Markets

JANUARY 21, 2023

It is the nature of stocks that you have good years and bad ones, and much as we like to forget about the latter during market booms, they recur at regular intervals, if for no other reason than to remind us that risk is not an abstraction, and that stocks don't always win, even in the long term. at the start of that year.

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Equity Risk Premium Start-ups Dividends 95

Brian DeChesare

JANUARY 3, 2024

The markets in 2023 were almost a complete reversal of 2022, and hardly anyone – me included – saw it coming. This result is disappointing because it ends my 4-year streak of matching or beating the market, and it’s all because of my bad decisions. But my real estate investment funds were down ~10% , which hurt.

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Benzinga

APRIL 26, 2023

Salisbury"), (NASDAQ Capital Market: "SAL"), the holding company for Salisbury Bank and Trust Company (the "Bank"), announced results for its first quarter ended March 31, 2023. Net Interest and Dividend Income Tax equivalent net interest income of $11.3 million, were partially offset by common stock dividends paid of $0.9

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Dividends Banking Equity Book Value 40

Andrew Stolz

FEBRUARY 9, 2022

Superior network quality helps to defend market share. PLDT’s revenue breakdown 2020. While the mobile market in the Philippines is already quite mature, PLDT sees good growth prospects for home broadband. Superior network quality helps to defend market share. Ancillary businesses are important in the long-term.

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Global Finance

SEPTEMBER 9, 2024

Access to finance was a huge concern at the start of the pandemic [in 2020] as thoughts turned to the global financial crisis and a potential repeat of bank insolvency,” notes Kristen Roberts, partner and head of the London corporate debt practice at HSF. “So How they access the market has also changed.

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Musings on Markets

JUNE 17, 2025

These ignored investment classes are what fall under the rubric of alternative investments, and while many of these choices have been with us for as long as we have had financial markets, they were accessible to only a small subset of investors for much of that period.

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Musings on Markets

OCTOBER 12, 2023

In response, I have been told that the problem is not with the idea of ESG, but in its measurement and application, and that impact investing is the solution to both market and society's problems. If impact investing were measured entirely on fund flows into green energy companies and out of fossil fuel companies, it has clearly succeeded.

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Market Capitalization Enterprise Value Start-ups Marketability 110

Valutico

MARCH 28, 2023

UBS Group AG Weekly Valuation – Valutico | 28 March 2023 Link to the valuation Context In recent days, the financial markets have experienced increased turmoil, causing growing concerns about financial stability. As a result, they have been pouring into money market funds at the highest rate since the COVID pandemic began.

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Andrew Stolz

APRIL 17, 2020

This is a Valuation Master Class student essay by Kontee Siravongtanawadi from January 16, 2020. Rather it is based on investors’ critical thinking, due diligence, and using methods that combine value and growth strategies such as Peter Lynch’s PEG and dividend adjusted-PEG ratios. However, the best investment strategy is neither.

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Musings on Markets

JANUARY 20, 2021

Investors are constantly in search of a single metric that will tell them whether a market is under or over valued, and consequently whether they should buying or selling holdings in that market. Risk premiums can and will change over time : Risk premiums are driven by risk aversion, and risk aversion itself can change over time.

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Musings on Markets

MAY 6, 2022

The nature of markets is that they are never quite settled, as investors recalibrate expectations constantly and reset prices. Clearly, we are not in one of those time periods, as markets approach bipolar territory, with big moves up and down.

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Risk Premium Treasury Start-ups Equity 103

Andrew Stolz

JANUARY 24, 2022

Strong years ahead lead to attractive dividend yields. Equinor’s revenue breakdown 2020. In 2021, renewable CAPEX made up 12% of its total CAPEX, compared to 4% in 2020. Strong years ahead lead to attractive dividend yields. I also expect a strong increase in dividends over next 3 years. Ratios – Equinor.

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Andrew Stolz

FEBRUARY 2, 2022

Highlights: Smartphone market matures, focus on emerging countries. EV market might turn into growth catalyst soon. Attractive dividend yield could rise above 5%. Hon Hai’s revenue breakdown 2020. Smartphone market matures, focus on emerging countries. EV market might turn into growth catalyst soon.

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Dividends Start-ups Marketability Technology 52

Andrew Stolz

JANUARY 16, 2022

The hedge fund values the e-commerce business as a stand-alone business more than the total market cap of Kohl’s. Share repurchases and dividends. Kohl’s share price has chronically underperformed the market. The dividend yield could return to 5% in 2022. Changes like: Board composition. Advancing ESG issues. Conclusions.

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Dividends EBIT Marketability Business Valuation 52

Reynolds Holding

OCTOBER 10, 2022

trillion to buy back their shares, which is significantly more than these firms spent on dividend payments to their shareholders (Lazonick, Sakinç, and Hopkins, 2020). Nguyen, Vu, and Yin (2020) reveal a negative association between firms’ stock repurchases and innovation. Journal of Marketing, 82 (2), 19-41. REFERENCES.

Finance 56

Finance Marketability Dividends Corporate Finance 56

Andrew Stolz

JANUARY 28, 2022

Attractive dividend yield could rise to 2x Japanese average. Idemitsu Kosan’s revenue breakdown 2020. I think that the market is too pessimistic about the long-term outlook. Attractive dividend yield could rise to 2x Japanese average. This could result in a massive dividend yield of 5%+ (Japanese average is 2.5%).

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Dividends Risk-free Rate Net Debt Equity 52

GCF Value

SEPTEMBER 28, 2022

and the small business acquisition market has changed significantly. In basic terms, you value a company with two variables, (1) cash flow to the owner (dividends to the investor), and (2) a required rate of return based on the risk of that investment. 2020 = 2.94 (64 comps). Cash Flow and 2020. One year later.

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Valutico

MARCH 20, 2023

HSBC Holdings plc Weekly Valuation – Valutico | 20 March 2023 Link to the valuation Context The past weeks, the financial market was rattled by the collapse of Silicon Valley Bank, the go-to bank for tech startups, serving half of America’s venture capital-backed tech firms. HSBC is also planning a special dividend of $0.21

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Andrew Stolz

FEBRUARY 10, 2022

First Gen’s revenue breakdown 2020. Hence, the market raised huge concerns about the longevity and profitability of FGEN’s business to compensate for the lack of gas supply. In 2020, the US-based investment company KKR acquired a 12.6% stake for PHP33 per share, which is a 20% premium to market price. metric tons.

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Reynolds Holding

OCTOBER 3, 2024

percent in 2020, the highest since the Great Depression. Additionally, the pandemic destabilized financial markets and caused significant losses for firms that led to widespread liquidity challenges. During the recent pandemic, for example, many companies were forced to reduce expenses or lay off employees, driving the U.S.

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Equity Equity Financing Dividends Finance 45

Andrew Stolz

NOVEMBER 21, 2021

In 2020, the Japanese gov’t announced the intention to ban gasoline-powered cars by 2030. Operating cash flows were not able to cover investing activities in 2020 and 2021. The company pays out dividends on a consistent basis. Dividend payout ratio is almost constant around 30%. Cash flow – Toyota. Ratios – Toyota.

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Dividends EBIT Treasury Equity 52

Valutico

NOVEMBER 28, 2022

The company already paid over CHF 100 million in settlement in this matter in 2020. . The IPO of ABB’s E-Mobility division was planned for mid-2022 but has been delayed due to unfavorable market conditions. ABB performed particularly well in the COVID years 2020-2021, almost doubling its share price during this period.

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Valutico

NOVEMBER 28, 2022

The company already paid over CHF 100 million in settlement in this matter in 2020. . The IPO of ABB’s E-Mobility division was planned for mid-2022 but has been delayed due to unfavorable market conditions. ABB performed particularly well in the COVID years 2020-2021, almost doubling its share price during this period.

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Discounted Cash Flow EBIT Market Capitalization Dividends 52

Andrew Stolz

JANUARY 27, 2022

Attractive dividend yield despite rise in invested capital. In 2021, PTT entered the renewable energy market with a capacity of 200MW. Attractive dividend yield despite rise in invested capital. With exception in 2020, PTT was able to create value for its shareholders. Download the full report as a PDF. Conclusions.

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Dividends Technology Business Valuation Marketability 52

Reynolds Holding

MAY 16, 2022

firms have more than tripled inflation-adjusted dividends, while real share repurchase values have ballooned from $5 billion in 1971 to almost $1 trillion in 2018 and become the dominant form of payout. New research shows that firms do not directly substitute repurchases for dividends; often these payouts complement one another.

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Dividends Debt Financing Finance Marketability 45

Reynolds Holding

DECEMBER 10, 2023

As a capital allocation decision, share buybacks intersect all three of the main corporate finance activities of investing, financing, and dividends [1]. For many mid and large cap companies in the UK and EU, share buybacks are implemented using Open Market Repurchases (OMRs) [9].

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Dividends Total Shareholder Return Corporate Finance Finance 45

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.

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Andrew Stolz

NOVEMBER 28, 2021

Tata will set up a new subsidiary in 2020, in its attempt to move forward EV. Also, Tata is likely to maintain its current dominant market share of 70% in India. 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.

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Dividends EBIT Equity Business Valuation 52

ThomsonReuters

JUNE 12, 2025

It’s a decision that paid big dividends. When Cisco needed an indirect tax solution to address its rapid expansion into new markets and increased distribution channels, it turned to ONESOURCE Determination. Adobe used Determination to transform its manual processes into a single, global platform for managing indirect tax.

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Musings on Markets

FEBRUARY 27, 2022

That said, about 31% of the net profits of all publicly traded firms listed globally in 2021 were generated by financial service firms; that percent is lower in the US and higher in emerging markets. IFRS and GAAP now treat as leases as debt, but that is still not the case in many other markets that are not covered by either standard).

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Andrew Stolz

FEBRUARY 8, 2022

Accelerating expansion is necessary to avoid losing market share. The entrant of Dito makes the market more competitive. One way to increase quantity is to bring new products to the market, this is what cell phone companies did when the rolled-out fiber optics networks. New entrant Dito challenges previous Filipino duopoly.

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Benzinga

SEPTEMBER 3, 2024

Based on the independent market research conducted by Syneos Health Consulting in 2020 and 2021, given the potential substantial utilization of SP-102 (SEMDEXA™), by the 5 th year of launch, sales of SEMDEXA™ in sciatica are projected to reach $1.5 billion to $2.0 billion annually. PALO ALTO, Calif.,

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Equity Dividends Marketability 40

Andrew Stolz

JANUARY 25, 2022

PBF Energy’s revenue breakdown 2020. Currently, it could produce up to almost 1m barrels per day, which gives it around 5% market share in the US. In 2020, PBF paid $350m to comply with environmental standards. Debt-to-equity ratio in 2020 stood at 2.9x High oil price could offset gains from demand rebound.

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