Musings on Markets

JANUARY 20, 2021

Sources: S&P and Moody's Default rates increased in 2020, with spillover effects expected into 2021, but the corporate bond default spreads do not seem to reflect this. The other is to look at corporate defaults over time to see if markets are building in enough of a buffer against future defaults.

Risk Premium 52

Risk Premium Risk-free Rate Equity Dividends 52

Global Finance

DECEMBER 27, 2024

between 2021 and 2022, reaching approximately $1.3 As long as foreign companies fulfill all tax obligations and issue a dividend notice, they can repatriate profits without any penalty. UNCTADs 2024 World Investment Report shows that while FDI inflows into Africa declined by 3% in 2023, Tanzania was a standout. Inflows rose by 6.3%

Alpha 144

Alpha Start-ups Finance Marketability 144

ThomsonReuters

JUNE 14, 2021

The IRS has posted a June 2021 draft version of the Form 941 , Employer’s Quarterly Federal Tax Return, instructions that take into account the amended and expanded coronavirus (COVID-19) pandemic tax credits and the new COBRA premium assistance credit from the American Rescue Plan Act (ARPA). Draft instructions of Form 941 and schedules.

Dividends 98

Dividends 98

Brian DeChesare

JANUARY 4, 2023

2021: +25%. The main reasons I outperformed the S&P and Nasdaq in 2022 were: Good-But-Not-Perfect Timing with Crypto – I sold most of my position in Q4 of 2021 into Q1 of 2022, missing the peak but still selling at a high enough level to earn a ~4x overall gain, mostly on purchases made in 2020 and some as far back as 2017 and 2013.

Marketability 98

Marketability Start-ups Dividends Treasury 98

ThomsonReuters

JULY 13, 2021

The Tax Equity and Fiscal Responsibility Act of 1982 and Interest and Dividend Compliance Act of 1983 requires payers to backup withhold tax from certain reportable payments. The Savings for All Vocations Enhancement Act (SAVE) of 2021 is currently under review in the House Committees on Ways and Means and Education and Labor.

Dividends 98

Dividends Treasury Compliance Equity 98

Auto Dealer Valuation Insights

FEBRUARY 24, 2023

It Pays Dividends to Pay Dividends Since late 2021, E&P operators and mineral aggregators have seen. The common themes among E&P operators and mineral aggregators’ in the Q3 2022 upstream earning calls included continued share buybacks, growth in production levels, and inflation’s impact on limiting growth.

Dividends 52

Dividends 52

Benzinga

APRIL 26, 2023

Net Interest and Dividend Income Tax equivalent net interest income of $11.3 See SUPPLEMENTAL INFORMATION – Net Interest and Dividend Income on page 9 of this release for additional details. million, were partially offset by common stock dividends paid of $0.9 Non-Interest Income Non-interest income of $2.7

Dividends 40

Dividends Banking Equity Book Value 40

Valutico

SEPTEMBER 1, 2022

This year McDonald’s will pay out a dividend of USD 5.52. At the current share price of approximately USD 260, the dividend yield is 2.10% (as of September 2022). McDonald’s has increased its dividend payo ut every year since 1976, when the company first started paying dividends.

Dividends 59

Dividends Marketability 59

Andrew Stolz

NOVEMBER 17, 2021

Consider research done by Kroen (2021) that shows that since about 1998, U.S. companies have distributed more money through buybacks than through dividends. Chart from Kroen (2021). This pushes companies to buy back shares rather than issue dividends. Another interesting study by Manconi et al.

Dividends 52

Dividends Capital Structure Banking Start-ups 52

Musings on Markets

SEPTEMBER 27, 2022

In my early 2021 posts on inflation, I argued that while the higher inflation that we were just starting to see could be explained by COVID and supply chain issues, prudence on the part of policy makers required that it be taken as a long term threat and dealt with quickly. in the NY Fed survey. from what it was on January 1.

Risk Premium 99

Risk Premium Treasury Start-ups Equity 99

Valutico

AUGUST 23, 2022

Its customers include Apple, Intel, Qualcomm, AMD and Nvidia, and it posted $50 billion in revenue in 2021. The current dividend yield is 2.14%. TSM has a dividend payout ratio of slightly below 43% and a 5-year dividend growth rate of 10.83%. TSM has never cut its dividend since its first distribution in 2004.

Dividends 52

Dividends EBIT Marketability Equity 52

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. Data Update 2 for 2021: The Price of Risk!

Risk Premium 52

Risk Premium Market Capitalization Equity Start-ups 52

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 106

Dividends Risk Premium Equity Book Value 106

Musings on Markets

JANUARY 21, 2023

In 2022, we needed that reminder more than ever before, especially after markets came roaring back from the COVID drop in 2020 and 2021. 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.

Equity 95

Equity Risk Premium Start-ups Dividends 95

Andrew Stolz

JANUARY 16, 2022

Kohl’s revenue breakdown 2021. In Dec 2021, an activist hedge fund called for a split-off of Kohl’s e-commerce business making up around 29% of revenue. Share repurchases and dividends. In early 2021, activist investors with around 9% share aimed to take control of the company’s board. Advancing ESG issues.

Dividends 52

Dividends EBIT Marketability Business Valuation 52

Benzinga

OCTOBER 7, 2024

Since implementing our value strategy in 2021, Genco has invested approximately $285 million in fleet expansion and modernization, including this latest acquisition. About Genco Shipping & Trading Limited Genco Shipping & Trading Limited is a U.S.

Dividends 45

Dividends 45

Andrew Stolz

JANUARY 28, 2022

Attractive dividend yield could rise to 2x Japanese average. Attractive dividend yield could rise to 2x Japanese average. In the past share, the company has increased its dividend per share and is likely to maintain that level. This could result in a massive dividend yield of 5%+ (Japanese average is 2.5%). Conclusions.

Dividends 52

Dividends Risk-free Rate Net Debt Equity 52

Musings on Markets

NOVEMBER 9, 2021

In 2021, looking at the company, I feel more convinced than I was a few years that it is, at its core, an automobile company, and while it will continue to derive revenues from batteries and perhaps even software, its pathway to becoming a trillion dollar market cap company still runs through the "car company" story.

Start-ups 101

Start-ups Dividends Marketability Market Capitalization 101

Andrew Stolz

JANUARY 24, 2022

Strong years ahead lead to attractive dividend yields. As of 2021, it has a renewable energy capacity of 1.6 In 2021, in produced in 15 countries compared to 30 countries in 2017. In 2021, renewable CAPEX made up 12% of its total CAPEX, compared to 4% in 2020. Strong years ahead lead to attractive dividend yields.

Dividends 52

Dividends Start-ups Business Valuation Marketability 52

Andrew Stolz

JANUARY 27, 2022

Attractive dividend yield despite rise in invested capital. PTT’s revenue breakdown 2021. PTT continues to expand its natural gas production which already contributed 21% in 2021 (vs. In 2021, PTT entered the renewable energy market with a capacity of 200MW. Download the full report as a PDF. 14% in 2014).

Dividends 52

Dividends Technology Business Valuation Marketability 52

Andrew Stolz

FEBRUARY 2, 2022

Attractive dividend yield could rise above 5%. Volume RSI stayed above the 50%-line since the end of 2021. Attractive dividend yield could rise above 5%. Also, the dividend yield might be worth a look from an investor perspective. The company is likely to benefit from the consumer demand rebound in 2021.

Dividends 52

Dividends Start-ups Marketability Technology 52

Andrew Stolz

JANUARY 20, 2022

Sumitomo’s revenue breakdown 2021. 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% LT-debt has tripled between 2019 and 2021. The company only recorded a drop of 4% in 2020 and 2% in 2021. It aims to get back to 8.5%

Dividends 52

Dividends Business Valuation 52

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.

Start-ups 99

Start-ups Equity Book Value Marketability 99

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.

Dividends 45

Dividends Debt Financing Finance Marketability 45

Musings on Markets

JANUARY 17, 2024

The post-2008 time period also was a period of historically low interest rates, and expected returns bottomed out in 2021, before rising again in 2022. The cash flows to equity investors, especially in the United States, have increasingly taken the form of buybacks, not just supplementing but supplanting dividends.

Risk Premium 81

Risk Premium Start-ups Equity Dividends 81

Andrew Stolz

NOVEMBER 28, 2021

Tata Motors’ revenue breakdown 2021. The company has a strong cash position, holding around 19% of its assets in cash as of 2021. Liabilities-to-assets ratio stood at 82% in 2021. Given its losses over the past years, it did not pay out any dividends since 2016. Pure play approach to ride EV momentum. Conclusions.

Dividends 52

Dividends EBIT Equity Business Valuation 52

GCF Value

SEPTEMBER 28, 2022

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. 2021 = 3.01 (8 comps). We only have a few months of data for 2021, but you can see multiples of SDE have increased slightly.

Comps 52

Comps Dividends Appraisal Marketability 52

Andrew Stolz

FEBRUARY 8, 2022

Globe Telecom’s revenue breakdown 2021. In August 2021, Globe saw a massive 50%+ share price increase. In 2021, it reached 1.4m In March 2021, the China-backed company Dito started its commercial operations. Dividend payout is high which means it could continue to deliver a solid dividend yield of 3%+.

Start-ups 52

Start-ups Dividends Equity Marketability 52

Andrew Stolz

NOVEMBER 21, 2021

Toyota’s revenue breakdown 2021. 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%. Solid dividend and share buyback offer attractive return even without upside.

Dividends 52

Dividends EBIT Treasury Equity 52

Andrew Stolz

JANUARY 13, 2022

Ralph Lauren’s revenue breakdown 2021. The company has a massive cash position, holding around 33% of its assets in cash as of 2021. 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%.

EBIT 52

EBIT Dividends Marketability Business Valuation 52

Andrew Stolz

JANUARY 17, 2022

Value play with strong dividend growth potential. Since 2021, Volvo Car is a separate listed entity under majority control of Geely. Strong operating cash flow allows the company to resume its dividend payments in line with its pre-pandemic policy. I expect dividend yield over the near-term to range between 2.5-3.5%.

Marketability 52

Marketability Dividends Net Debt EBIT 52

Benzinga

FEBRUARY 15, 2023

growth in Funds From Operations per diluted share (2022 vs. 2021) 4.6% increase in same-center cash net operating income (2022 vs. 2021) 98.1% per share cash dividend paid _ (1) A reconciliation of GAAP net income to Funds From Operations (FFO) is provided at the end of this press release. YEAR 2022 HIGHLIGHTS $51.9

Dividends 40

Dividends Intangible Assets EBITDA Equity 40

Global Finance

SEPTEMBER 9, 2024

Corporates are hoarding cash, and that has meant a return to dividends and distributions but also more conservative cash management. Some early adopters of sustainability-linked loans in 2020-2021 are now questioning the necessity of these provisions, with some removing them from revolving credit facilities.

Treasury 105

Treasury Banking Finance Dividends 105

Farrel Fritz

JANUARY 22, 2024

For one, stock dilution impairs the minority owner’s ability to influence company action by voting his shares, and it lessens the owner’s right to participate pari passu in the distributions or dividends of the company. Fifteen years later, in 2021, the Delaware Supreme Court overruled Gentile in Brookfield Asset Mgt.,

Equity 59

Equity Dividends Appraisal Marketability 59

Benzinga

JULY 26, 2022

per basic and diluted share, for the second quarter of 2021. Net income for the second quarter of 2022 included a provision for loan losses totaling $400 thousand, or $316 thousand, net of tax, and net income for the second quarter of 2021 included a recovery of loan losses totaling $1.0 This compares to net income of $3.3

Banking 40

Banking Dividends Marketability Equity 40

Chris Mercer

JULY 15, 2022

Expected Dividends/Distributions. Expected future dividends have present values and their present values must be calculated by developing an appropriate discount rate. Expected future dividends have present values and their present values must be calculated by developing an appropriate discount rate. Timing of Distributions.

Discounted Cash Flow 52

Discounted Cash Flow Terminal Value Dividends Appraisal 52

Brian DeChesare

JANUARY 3, 2024

However, I still outperformed because I made small bets on risky assets that did extremely well and were meaningful percentages of my total assets: I bought Bitcoin for under $1,000 in 2013 and under $10,000 in 2020 and sold it for $30,000 to $50,000 in 2021 – 2022. But my real estate investment funds were down ~10% , which hurt.

Marketability 59

Marketability Start-ups Equity Dividends 59