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

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. Macro Data I do not report much macroeconomic data for two reasons.

Risk Premium 52

Risk Premium Market Capitalization Equity Start-ups 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

Global Finance

APRIL 5, 2025

You saw some big [TMT] deals in the US, but also here in Europe, McKinseys Mieke Van Oostende, a senior partner in Brussels and co-leader of the consultancys global M&A practice, tells Global Finance. This year, UBS expects attractive capital returns to continue, accruing around 10% growth in dividends per share. Morgan J.P.

Banking 52

Banking Finance Equity Marketability 52

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]. The point being that although the logic for each of these rationales is distinct, the very act of doing a share buyback influences the whole of the corporate finance ecosystem.

Dividends 45

Dividends Total Shareholder Return Corporate Finance Finance 45

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

Global Finance

MAY 6, 2025

According to Macrotrends, a research platform for investors, in 2021, FDI inflows into Ghana rose by 35%, to $2.5 The reserves are too low to offer tangible protection to investors in the event of external shocks, says Emeka Ucheaga, head of Research and Business Intelligence at Credit Direct, a Lagos- based finance company.

Banking 52

Banking Finance Dividends Technology 52

Global Finance

OCTOBER 31, 2024

Understandably, then, innovation is the common thread among Global Finance ’s Stars of China award winners this year. At some institutions, even the front office offers clients guidance for portfolio management: Industrial Bank chief economist Lu Zhengwei recently recommended that clients practice dividend-focused stock picking.

Banking 52

Banking Finance Technology Start-ups 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

Musings on Markets

JANUARY 12, 2021

Corporate Finance : Corporate finance is the development of the first financial principles that govern how to run a business. It is that mission that makes corporate finance the ultimate big picture class, one that everyone (entrepreneurs, investors, analysts, business observers) should take.

Corporate Finance 52

Corporate Finance Start-ups Finance Marketability 52

Benzinga

JUNE 14, 2023

In March 2021, STGT completed the final construction phase of incremental storage facilities bringing the total terminalling capacity to 8.6 Fully Financed Transaction, Structured to Maintain Investment Grade Ratings Gibson has fully committed bridge financing facilities totaling US$1.1

Dividends 40

Dividends Equity Finance EBITDA 40

Musings on Markets

JANUARY 6, 2023

Check rules of thumb : Investing and corporate finance are full of rules of thumb, many of long standing. The second is that in my line of work, which is corporate finance and valuation, the numbers I need lie in micro or company-level data, not in the macro space. Dividend Payout & Yield 1. Goodwill & Impairment 4.

Risk Premium 52

Risk Premium Dividends Start-ups EBITDA 52

Benzinga

NOVEMBER 2, 2022

per diluted share for the same period in 2021. versus the same period in 2021. per diluted share for the same period in 2021. per diluted share for the same period in 2021. per diluted share, for the same period in 2021. compared to the same period in 2021. September 30, 2021. FINANCING ACTIVITY.

Dividends 40

Dividends Equity Net Debt Finance 40

Musings on Markets

NOVEMBER 4, 2022

After a rough start, with its stock price halving by August 2012 , the company embarked on an extraordinary run in markets, adding almost $900 billion to its market capitalization to briefly breach a trillion dollars in July 2021. billion, but it generated an operating margin of 47.3%, with its online advertising model.

Start-ups 106

Start-ups Market Capitalization Marketability Dividends 106

Valutico

NOVEMBER 28, 2022

ABB performed particularly well in the COVID years 2020-2021, almost doubling its share price during this period. At this level the dividend yield is 2.8%. . ABB’s five-year share price chart is shown below: Source: Yahoo Finance, [link]. Valutico Analysis.

Discounted Cash Flow 52

Discounted Cash Flow EBIT Market Capitalization Dividends 52

Valutico

NOVEMBER 28, 2022

ABB performed particularly well in the COVID years 2020-2021, almost doubling its share price during this period. At this level the dividend yield is 2.8%. . ABB’s five-year share price chart is shown below: Source: Yahoo Finance, [link]. Valutico Analysis.

Discounted Cash Flow 52

Discounted Cash Flow EBIT Market Capitalization Dividends 52

Musings on Markets

FEBRUARY 8, 2022

In the four decades that I have been teaching finance, I have always started my discussion of risk with a Chinese symbols for crisis, as a combination of danger plus opportunity: Over the decades, though, I have been corrected dozens of times on how the symbols should be written, with each correction being challenged by a new reader.

Risk Premium 92

Risk Premium Beta Start-ups Equity 92

Global Finance

MAY 8, 2024

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. This underscored Hana’s commitment to ESG alignment, the bank having joined the Equator Principles in 2021 and the Net-Zero Banking Alliance in 2022. billion in 2022.

Banking 52

Banking Dividends Start-ups Finance 52

Reynolds Holding

NOVEMBER 30, 2023

On November 21, 2023, the staff of the Securities and Exchange Commission’s (SEC’s) Division of Corporation Finance issued eight new Compliance & Disclosure Interpretations (C&DIs), and revised two previously issued C&DIs, relating to the final pay-versus-performance (PVP) disclosure rules adopted last year. Answer: Yes.

Compliance 40

Compliance Total Shareholder Return Dividends Market Capitalization 40

Musings on Markets

JANUARY 31, 2024

Your answer to that question will determine not just how you approach running the business, but also the details of how you pick investments, choose a financing mix and decide how much to return to shareholders, as dividend or buybacks.

Equity 82

Equity Book Value Start-ups Corporate Finance 82

Brian DeChesare

SEPTEMBER 11, 2024

Finally, many renewable energy debt deals take place within Project Finance teams at banks – but Project Finance and corporate finance are very different ! The same criteria as always apply: High grades, a good university or business school, previous finance internships, and a good amount of networking and interview prep.

Banking 59

Banking Finance Start-ups Equity 59

Musings on Markets

NOVEMBER 15, 2022

In the second post, I pointed to inconsistencies in how accountants classify operating, capital and financing expenses , and the consequences for reported accounting numbers. Facebook, I argued, is a corporate autocracy, with Mark Zuckerberg at its helm. The reason is simple. Facebook: A Narrative Reset?

Start-ups 99

Start-ups Marketability Market Capitalization Technology 99

Benzinga

NOVEMBER 23, 2022

USD 499 million in 2021. Chicago, Nov. Ask for PDF Brochure: [link]. Scope of the Report. Report Metric. Exoskeleton Market Research Report. CAGR 46.2%. USD 3,340 million by 2026. Forecast Period. Forecast Unit. Value (USD Million). Segments Covered. By Component, By Type, By Mobility, By Body Part, By Vertical. Geographic Regions Covered.

Marketability 40

Marketability Technology Dividends Finance 40

Brian DeChesare

AUGUST 31, 2022

For simplicity, I am ignoring the interest, dividends, borrowing costs, and other fees, but this example is the general idea with convertible arbitrage. Convertible Securities: A Complete Guide to Investment and Corporate Financing Strategies. billion, up from $4.7 billion, so your $2,000 of convertible bonds would be up by ~14%.

Banking 89

Banking Risk-free Rate Equity Start-ups 89

Benzinga

SEPTEMBER 6, 2023

Direct Line's brokered Commercial Lines generated written premiums 4 of £530 million in 2022, and delivered an average combined ratio 5 6 of approximately 96% across 2021 and 2022. BVPS 3 is expected to increase by approximately 2% upon the issuance of common shares to finance the transaction.

Discounted Cash Flow 40

Discounted Cash Flow Net Present Value Book Value Dividends 40

Reynolds Holding

MARCH 5, 2023

The staff of the Securities and Exchange Commission’s (SEC’s) Division of Corporate Finance recently issued guidance to address open questions related to the final pay-versus-performance (PVP) disclosure rules adopted in 2022. However, it is not clear whether or how this informal guidance from 2014 applies to the PVP rules.

Equity 45

Equity Dividends Total Shareholder Return Corporate Finance 45

Reynolds Holding

APRIL 3, 2024

For example, market makers generate quotations for exchange-listed options by deriving their value from real-time stock prices and five additional factors: exercise price, the risk-free interest rate, time to expiration, volatility of the stock, and dividends. 3 (2021). [8] Econometrics 129-177 tbl. 8] 569 U.S. 27 (2013). [9]

Marketability 45

Marketability Market Capitalization Dividends Finance 45

Musings on Markets

AUGUST 25, 2023

I also like finance, perhaps not as much as sports, but there are winners and losers in the investment game as well. In 2021, we saw the NFL, the richest franchise in the world, enter into new media contracts to cover the next decade of broadcasting rights for the sport.

Start-ups 98

Start-ups Dividends Marketability Finance 98

Reynolds Holding

MAY 9, 2023

A nominating stockholder with a limited investment horizon may not be shy about cutting R&D expenses or long-term capital expenditures in favor of shorter-term payouts, or may be less adverse to incurring debt to finance a large dividend in the near term, even if financing costs will rise as a result. [20] CytoDyn Inc.

Dividends 45

Dividends Finance Equity Marketability 45

Musings on Markets

JANUARY 19, 2022

Leading into 2021, the big questions facing investors were about how quickly economies would recover from COVID, with the assumption that the virus would fade during the year, and the pressures that the resulting growth would put on inflation.

Risk Premium 99

Risk Premium Risk-free Rate Start-ups Equity 99

Reynolds Holding

APRIL 11, 2022

Significant corporate events, such as assets sales or dispositions, mergers and tender offers, and changes in dividends rates, may give the bank counterparty adjustment and/or termination rights under the terms of the ASR. Why should a company repurchase its shares?

Banking 45

Banking Marketability Equity Compliance 45

Reynolds Holding

JUNE 20, 2024

A nice benefit of going to T+1 is in the area of corporate actions, in that ex-dividend dates and record dates now are aligned on the same day. Family Finances from 2019 to 2022” (October 2023), Page 19, available at [link]. [2] Gilt markets settle in one day. [15] similar benefits. 12, 2001), Pages 9-10, available at [link]. [4]

Treasury 45

Treasury Start-ups Banking Equity 45

Musings on Markets

SEPTEMBER 9, 2024

A new CEO, Roz Brewer, was brought into the company in 2021, from Sam's Club, and wagered the company's future on acquisitions, buying four companies in 2021, with a majority stake in Village MD , a chain of doctor practices and clinics, representing the biggest one. That acquisition, which cost Walgreens $5.2

Start-ups 135

Start-ups Marketability Market Capitalization Equity 135

Musings on Markets

JANUARY 8, 2022

Those measures took a beating in 2020, as COVID decimated the earnings of companies in many sectors and regions of the world, and while 2021 was a return to some degree of normalcy, there is still damage that has to be worked through. Louis, FRED , which contains historical data on almost every macroeconomic variable, at least for the US.

Risk Premium 99

Risk Premium Start-ups Market Capitalization Corporate Finance 99

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 illustrate, for US pharmaceutical companies, at the start of 2021, and using income from the trailing 12 months (through September 2020), we find that the these companies collectively paid $9.43

Start-ups 52

Start-ups Debt Financing Finance Equity 52

Benzinga

JUNE 22, 2023

4 3 per Talaris share, including a cash dividend up to approximately $64. In addition, Talaris anticipates making a cash dividend of up to approximately $64.8 Tourmaline previously completed a $112 million Series A financing in 2023 that was co-led by Deep Track Capital, Cowen Healthcare Investments, and TCGX.

Dividends 40

Dividends Finance 40