Musings on Markets

JULY 17, 2023

I am not a market prognosticator for a simple reason. I am just not good at it, and the first six months of 2023 illustrate why market timing is often the impossible dream, something that every investor aspires to be successful at, but very few succeed on a consistent basis.

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Marketability Risk Premium Start-ups Treasury 98

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.

Risk Premium 99

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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

Andrew Stolz

JANUARY 17, 2022

Value play with strong dividend growth potential. Leading role in EV and hydrogen to reclaim market share. China is by far the strongest and fastest-growing market for heavy duty trucks in the world. It is the primary market for the company to realize future growth opportunities. Download the full report as a PDF.

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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.

Equity 95

Equity Risk Premium Start-ups Dividends 95

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

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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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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Marketability Start-ups Equity Dividends 59

Valutico

SEPTEMBER 1, 2022

This was an important step as the competition, such as the likes of Burger King, is already offering all their burgers as plant based versions in certain markets. 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).

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Andrew Stolz

FEBRUARY 9, 2022

Superior network quality helps to defend market share. 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. Maintaining a superior quality is necessary to avoid losing customers in a mature market.

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Marketability Dividends Start-ups Banking 52

Andrew Stolz

NOVEMBER 17, 2021

A company executes a share buyback when it pays out cash from its balance sheet to purchase its previously issued shares in the stock market or directly from shareholders. Consider research done by Kroen (2021) that shows that since about 1998, U.S. companies have distributed more money through buybacks than through dividends.

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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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Valutico

AUGUST 23, 2022

Its customers include Apple, Intel, Qualcomm, AMD and Nvidia, and it posted $50 billion in revenue in 2021. It is one of the 10 largest companies in the world with a market capitalisation of ~$450 billion and is based in Taiwan. The current dividend yield is 2.14%. The company prioritises the dividend over share buybacks.

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Musings on Markets

JANUARY 17, 2024

That positive result notwithstanding, the recovery was uneven, with a big chunk of the increase in market capitalization coming from seven companies (Facebook, Amazon, Apple, Microsoft, Alphabet, NVidia and Tesla) and wide divergences in performance across stocks, in performance. increase in market capitalization.

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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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Start-ups Equity Book Value Marketability 99

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. 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.

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Dividends EBIT Marketability Business Valuation 52

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%. Volume RSI stayed above the 50%-line since the end of 2021. Smartphone market matures, focus on emerging countries. Download the full report as a PDF.

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Dividends Start-ups Marketability Technology 52

Chris Mercer

MARCH 29, 2024

Introduction and Conclusion My musings on the use of restricted stock discounts to estimate marketability discounts (or DLOMs) have led me to the conclusion: Restricted stock studies/discounts cannot be used to estimate DLOMs in any credible, standards-compliant manner. Three of the first four Mercer’s Musings posts address this issue.

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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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Start-ups Market Capitalization Marketability Dividends 106

Andrew Stolz

JANUARY 28, 2022

Attractive dividend yield could rise to 2x Japanese average. I think that the market is too pessimistic about the long-term outlook. 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. Conclusions.

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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. HSF partner Gabrielle Wong echoes Lang’s view on the need for greater collaboration, noting a growing willingness by treasurers to invest time and money to access the market.

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Treasury Banking Finance Dividends 105

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.

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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).

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Dividends Technology Business Valuation Marketability 52

Benzinga

NOVEMBER 23, 2022

Exoskeleton Market Research Report. USD 499 million in 2021. Chicago, Nov. Chicago, Nov. Ask for PDF Brochure: [link]. Scope of the Report. Report Metric. 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.

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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 Accelerating expansion is necessary to avoid losing market share. In March 2021, the China-backed company Dito started its commercial operations. Download the full report as a PDF.

Start-ups 52

Start-ups Dividends Equity Marketability 52

Andrew Stolz

JANUARY 13, 2022

Ralph Lauren’s revenue breakdown 2021. However, there is not much further room to improve, and we think that the market already acknowledged past efforts of margin expansion. The company has a massive cash position, holding around 33% of its assets in cash as of 2021. Sector-leading margin reaching a peak. Conclusions.

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EBIT Dividends Marketability Business Valuation 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. 2021 = 3.01 (8 comps). In this case, we cannot ignore 2020 or 2021.

Comps 52

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Benzinga

SEPTEMBER 29, 2022

28, 2022 (GLOBE NEWSWIRE) -- The Data Monetization Market size is expected to grow from USD 2.9 The presence of many data monetization providers has made the market competitive. Browse in-depth TOC on " Data Monetization Market " 263 - Tables 56 - Figures 256 – Pages. Market size available for years.

Marketability 40

Marketability Dividends 40

Andrew Stolz

NOVEMBER 28, 2021

Tata Motors’ revenue breakdown 2021. Also, Tata is likely to maintain its current dominant market share of 70% in India. 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. Pure play approach to ride EV momentum. Conclusions.

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Dividends EBIT Equity Business Valuation 52

Chris Mercer

JULY 15, 2022

While a growing number of appraisers use a discounted cash flow model to value illiquid minority interests of businesses ( 22% according to a recent Business Valuation Resources Survey ), the majority of appraisers continue to rely on restricted stock studies and pre-IPO studies in their marketability discount determinations.

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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

Musings on Markets

NOVEMBER 15, 2022

In my first two posts on Facebook, I noted that its most recent earnings report, and the market reaction to it, offers an opportunity for us to talk about bigger issues. If you are a number cruncher like me, you will find that adding a story to your valuation will only augment your number skills and improve your valuations.

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Start-ups Marketability Market Capitalization Technology 99

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%. Failure to keep up with technological changes could result in loss of market share.

Dividends 52

Dividends EBIT Treasury Equity 52

Benzinga

MAY 23, 2022

Diamondback Energy (FANG) was the spotlight idea for our October 2021 Special Situations Newsletter, after the company announced a large $2 billion share buyback, that represented nearly 14% of the company's market cap at the time of announcement. per diluted share.

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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.

Risk Premium 103

Risk Premium Treasury Start-ups Equity 103

Valutico

JUNE 7, 2022

On 17 May, Walmart announced its 2021 results, featuring a 23% decline in operating income due to rising costs and supply-chain issues. increased its dividend for the past 49 consecutive years. The market cap is in the middle of our approaches at USD 354bn. The market cap is in the middle of our approaches at USD 354bn.

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Dividends Marketability Equity 52

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. The Global Impact Investing Network (GIIN), a non-profit that tracks the growth of this investing movement, estimated that more than $1.16

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Market Capitalization Enterprise Value Start-ups Marketability 110