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. In early 2021, activist investors with around 9% share aimed to take control of the company’s board. EBIT margin expansion in 22E probably only short-lived.

Dividends 52

Dividends EBIT Marketability Business Valuation 52

Valutico

JANUARY 9, 2023

Net profit in 2022 is lower than in 2021, mainly due to an increase in operating expenses and the fact that the company received $860 million for divestments in 2021. . The Trading Comparables analysis resulted in a valuation range of $83 billion to $118 billion, by applying the observed trading multiples EV/EBITDA, EV/EBIT and P/E.

Discounted Cash Flow 52

Discounted Cash Flow EBIT EBITDA Market Capitalization 52

Valutico

JANUARY 9, 2023

Net profit in 2022 is lower than in 2021, mainly due to an increase in operating expenses and the fact that the company received $860 million for divestments in 2021. . The Trading Comparables analysis resulted in a valuation range of $83 billion to $118 billion, by applying the observed trading multiples EV/EBITDA, EV/EBIT and P/E.

Discounted Cash Flow 52

Discounted Cash Flow EBIT EBITDA Market Capitalization 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. EBIT margin is likely to expand significantly through better cost control. We see an EBIT margin around 15% as a maximum for this Ralph Lauren. Sector-leading margin reaching a peak.

EBIT 52

EBIT Dividends Marketability Business Valuation 52

Valutico

JUNE 1, 2023

The easing of travel restrictions and vaccine distribution in 2021 prompted a recovery, with the stock achieving an all-time high of USD 188.14 billion by applying the observed trading multiples EV/Sales, EV/EBITDA, EV/EBIT and P/E. on April 20, 2022. 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

With the economic recovery in 2021 and a resurgence in energy demand, Oneok’s operations and financial performance improved, leading to a rebound in its share price. billion by applying the observed trading multiples EV/Sales, EV/EBITDA, EV/EBIT and P/E. The Discounted Cash Flow analysis produced a value of USD 21.8

Discounted Cash Flow 52

Discounted Cash Flow EBITDA EBIT Capital Structure 52

Valutico

FEBRUARY 8, 2023

After following the rest of the market down during the early Covid-19 period, the share price steadily increased, achieving an all time high of $250 per share in July 2021. 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.

Discounted Cash Flow 52

Discounted Cash Flow EBIT Equity EBITDA 52

Valutico

OCTOBER 21, 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). . billion ($430 million) in 2020 after the release of Cyberpunk 2077, but in the following year, 2021, revenue dropped to PLN 890 million ($180 million). Recent Financial Performance. billion ($2.2

Discounted Cash Flow 52

Discounted Cash Flow EBIT EBITDA Marketability 52

Valutico

DECEMBER 4, 2023

Stock Market Implications In the recent past, most notably in 2020 and 2021, Netflix experienced considerable growth in the stock market. billion to USD 150 billion, by utilizing observed metrics such as EV/EBITDA, EV/EBIT, and P/E ratios. Due to the COVID-19 shutdowns in 2020, new subscriptions increased dramatically.

Discounted Cash Flow 52

Discounted Cash Flow Start-ups EBIT EBITDA 52

Andrew Stolz

JANUARY 12, 2022

In 2021, it sold more than 100,000 battery electric vehicles (BEV). If it can maintain a 6-7% EBIT margin it changes the market’s assessment of the company. The company missed its 2021 sales target by 4% amid the chip crisis. 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

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

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

JANUARY 3, 2024

As the overall market recovered and digital payments replaced cash, Visa’s stock grew by almost 50% in July 2021 from the lows of March 2020. Additionally, the Trading Comparables analysis generated a v aluation range of USD 220 billion to USD 290 billion, by utilizing observed metrics such as EV/EBITDA, EV/EBIT, and P/E ratios.

Discounted Cash Flow 52

Discounted Cash Flow EBIT Start-ups Banking 52

Valutico

JANUARY 5, 2023

However, sales growth slowed to 16% in 2021 and is expected to be -1% in 2022, contributing to a sharp decline in the share price to USD 25 (HKD 195) in October 2022. billion to HKD 3,905 (USD 501) billion, by applying the observed trading multiples EV/EBITDA, EV/EBIT and P/E. billion to HKD 3,905 (USD 501) billion.

Discounted Cash Flow 52

Discounted Cash Flow EBIT EBITDA Technology 52

Valutico

JANUARY 5, 2023

However, sales growth slowed to 16% in 2021 and is expected to be -1% in 2022, contributing to a sharp decline in the share price to USD 25 (HKD 195) in October 2022. billion to HKD 3,905 (USD 501) billion, by applying the observed trading multiples EV/EBITDA, EV/EBIT and P/E. billion to HKD 3,905 (USD 501) billion.

Discounted Cash Flow 52

Discounted Cash Flow EBIT EBITDA Technology 52

Valutico

JANUARY 5, 2023

However, sales growth slowed to 16% in 2021 and is expected to be -1% in 2022, contributing to a sharp decline in the share price to USD 25 (HKD 195) in October 2022. billion to HKD 3,905 (USD 501) billion, by applying the observed trading multiples EV/EBITDA, EV/EBIT and P/E. billion to HKD 3,905 (USD 501) billion.

Discounted Cash Flow 52

Discounted Cash Flow EBIT EBITDA Technology 52

Valutico

DECEMBER 19, 2022

After this shock to the price of the company’s shares, they recovered to €80 per share in November 2021, after which they went steadily downhill until they reached €46 per share in early October this year. The Discounted Cash Flow analysis produced a value of €189 billion using a Cost of Equity of 6.7%. .

Discounted Cash Flow 52

Discounted Cash Flow EBITDA EBIT Market Capitalization 52

Valutico

DECEMBER 19, 2022

After this shock to the price of the company’s shares, they recovered to €80 per share in November 2021, after which they went steadily downhill until they reached €46 per share in early October this year. The Discounted Cash Flow analysis produced a value of €189 billion using a Cost of Equity of 6.7%. .

Discounted Cash Flow 52

Discounted Cash Flow EBITDA EBIT Market Capitalization 52

Valutico

NOVEMBER 14, 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 Our Trading Comparables analysis produced a valuation range of €178 billion to €222 billion, by applying the observed trading multiples EV/EBITDA, EV/EBIT, P/E and P/B.

EBIT 52

EBIT Equity Dividends EBITDA 52

Valutico

NOVEMBER 14, 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 Our Trading Comparables analysis produced a valuation range of €178 billion to €222 billion, by applying the observed trading multiples EV/EBITDA, EV/EBIT, P/E and P/B.

EBIT 52

EBIT Equity Dividends EBITDA 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

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. It will be a challenge for the company to drive its EBIT margin to the industry average of 7-9%. Pure play approach to ride EV momentum.

Dividends 52

Dividends EBIT Equity Business Valuation 52

Andrew Stolz

JANUARY 19, 2022

EasyJet’s revenue breakdown 2021. In 2021, it signed 40 new exclusive partnerships with hotels. 4-5 years from now, this segment could contribute GPB100m, equaling around 15-20% of overall EBIT. Highlights: Cash injection to avert another takeover attempt. Rival price cutting puts strong pressure on margin.

Start-ups 52

Start-ups EBIT Equity Business Valuation 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. Competitors like VW and GM only achieve EBIT margin between 5 and 7%. Highlights: EV skepticism could become costly in woke environment. Demand rebound makes up for lost production. Cash flow – Toyota.

Dividends 52

Dividends EBIT Treasury Equity 52

Andrew Stolz

FEBRUARY 7, 2022

In July 2021, the stock price faced a sharp drop by more than 30%. EBIT margin on a slightly lower level given an increase of low-cost manufacturers. Massive dividend yield secured by strong cash generation. Download the full report as a PDF. Radiant Opto-Electronics Corporation’s revenue breakdown 2020.

Dividends 52

Dividends Net Debt EBIT Marketability 52

Andrew Stolz

JANUARY 17, 2022

Since 2021, Volvo Car is a separate listed entity under majority control of Geely. EBIT margin expansion in 21E likely to stay. Volvo’s impressive ROIC is attributable to its specialization in high-margin trucks and construction equipment. I expect dividend yield over the near-term to range between 2.5-3.5%. Ratios – Volvo.

Marketability 52

Marketability Dividends Net Debt Start-ups 52

ThomsonReuters

MARCH 9, 2023

For tax years 2021-2025, many public and private student loan discharges are excluded from gross income. Second, the limitation on business net interest deduction is reduced to 30% of earnings before interest and taxes (EBIT) instead of earnings before interest, taxes, depreciation, and amortization (EBITDA). What’s new? •

EBIT 59

EBIT EBITDA Technology Compliance 59

Valutico

JULY 25, 2023

Stock Market Implications Meta Platforms’ stock has been recovering steadily, now just 20% below its September 2021 peak. The Trading Comparables analysis resulted in a valuation range of USD 503 billion to USD 812 billion by applying the observed trading multiples EV/Sales, EV/EBITDA, EV/EBIT and P/E. Microsoft Corporation.

Discounted Cash Flow 10

Discounted Cash Flow EBIT Start-ups EBITDA 10

Valutico

NOVEMBER 21, 2022

billion in 2021. 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. It achieved an all time high of $415 in December 2021 and is currently trading at $314 per share with a market cap of $319 billion.

Discounted Cash Flow 52

Discounted Cash Flow EBIT EBITDA Market Capitalization 52

Valutico

NOVEMBER 21, 2022

billion in 2021. 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. It achieved an all time high of $415 in December 2021 and is currently trading at $314 per share with a market cap of $319 billion.

Discounted Cash Flow 52

Discounted Cash Flow EBIT EBITDA Market Capitalization 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

Benzinga

JULY 26, 2023

The Transaction emerged through continued dialogue with MacKellar over the past two years, following NACG's entry into Australia through the acquisition of DGI Trading Pty Limited in 2021. The Transaction provides diversification with no single end market contributing more than approximately a third of adjusted EBIT.

EBIT 40

EBIT Debt Financing Book Value Finance 40

Valutico

NOVEMBER 7, 2022

billion in 2021. We came up with this valuation range by using the observed trading multiples EV/EBITDA, EV/EBIT and P/E of peers such as Nike and Puma. . Two weeks ago the firm announced that it terminated its contract with the US rapper Ye (formerly known as Kanye West) due to his antisemitic statements. billion and €26.2

Discounted Cash Flow 52

Discounted Cash Flow EBIT EBITDA Market Capitalization 52

Valutico

NOVEMBER 7, 2022

billion in 2021. We came up with this valuation range by using the observed trading multiples EV/EBITDA, EV/EBIT and P/E of peers such as Nike and Puma. . Two weeks ago the firm announced that it terminated its contract with the US rapper Ye (formerly known as Kanye West) due to his antisemitic statements. billion and €26.2

Discounted Cash Flow 52

Discounted Cash Flow EBIT EBITDA Market Capitalization 52

Musings on Markets

JANUARY 5, 2024

EBIT & EBITDA multiple s 5. That said, there are some of you who are not doing your analysis in real time, either because you are in the appraisal business and must value your company as of the start of 2020 or 2021, or a researcher looking at changes over time. Standard Deviation in Equity/Firm Value 2. Book Value Multiples 3.

Dividends 98

Dividends Risk Premium Equity Book Value 98

Valutico

DECEMBER 27, 2022

The company’s share price was $45 at the beginning of 2018 and has since surged by over 100% to reach an all-time high of $102 by the end of 2021. The Trading Comparables analysis resulted in a valuation range of $174 billion to $391 billion, by applying the observed trading multiples EV/EBITDA, EV/EBIT and P/E.

Discounted Cash Flow 52

Discounted Cash Flow EBIT EBITDA Market Capitalization 52