2023 Book Value EBITDA 
Musings on Markets
JANUARY 6, 2023
By the same token, it is impossible to use a pricing metric (PE or EV to EBITDA), without a sense of the cross sectional distribution of that metric at the time. For example, I have seen it asserted that a stock that trades at less than book value is cheap or that a stock that trades at more than twenty times EBITDA is expensive.
Musings on Markets
JANUARY 10, 2025
Not surprisingly, the company listings are across the world, and I look at the breakdown of companies, by number and market cap, by geography: As you can see, the market cap of US companies at the start of 2025 accounted for roughly 49% of the market cap of global stocks, up from 44% at the start of 2024 and 42% at the start of 2023.
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Musings on Markets
FEBRUARY 15, 2023
Finally, I look at the aggregated values across all companies on all three income measures, across all global companies, again broken down by sector: Collectively, global companies reported $16.9 billion in gross profit in the last twelve months leading into 2023, but operating income drops off to $6.4
Musings on Markets
OCTOBER 6, 2023
Looking at the top ten companies in 2020 and 2023, you see the dominance of technology companies, many of which sell products that you cannot see, often in production facilities that are just as invisible. That would suggest that intangible assets are being valued and incorporated into balance sheets much more now than in the past.
Musings on Markets
JANUARY 31, 2024
In this post, I start by looking at the end game for businesses, and how that choice plays out in investment rules for these businesses, and then examine how much businesses generated in profits in 2023, scaled to both revenues and invested capital. The End Game in Business If you start a business, what is your end game? trillion ($1.8
Musings on Markets
JANUARY 5, 2024
Standard Deviation in Equity/Firm Value 2. Book Value Multiples 3. EBIT & EBITDA multiple s 5. Working capital needs Thus, I compute pricing multiples based on revenues (EV to Sales, Price to Sales), earnings (PE, PEG), book value (PBV, EV to Invested Capital) or cash flow proxies (EV to EBITDA).
Valutico
DECEMBER 15, 2022
The ratio used might be EV/EBITDA, EV/Sales, P/E or another, depending on the valuation performed and the type of business being valued. The ratio is then used in a simple multiplication calculation, to determine the value of the company in question. Broadly, there are two different common ways to value using multiples. .
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