Musings on Markets

MARCH 15, 2025

Thus, my estimates of equity risk premiums, updated every month, are not designed to make big statements about markets but more to get inputs I need to value companies. Not only does the world tilt more authoritarian than democratic in 2024, the trend line indicates that the world is becoming less democratic over time.

Start-ups

Musings on Markets

FEBRUARY 8, 2025

The Hurdle Rate - Intuition and Uses You don't need to complete a corporate finance or valuation class to encounter hurdle rates in practice, usually taking the form of costs of equity and capital, but taking a finance class both deepens the acquaintance and ruins it.

Risk Premium

Global Finance

APRIL 5, 2025

The global mergers and acquistions (M&A) market might not have fulfilled every dealmakers fantasy of a roaring comeback in 2024. At last check, global M&A is down 7% in 2025 compared to 2024; in the US, its down 32%. The top five IPOs by valuation in 2024 were Lineage on the Nasdaq ($5.1 In Europe, IPOs are down 19%.

Banking

Global Finance

APRIL 5, 2025

Another sector that made a major jump is banking, which includes private equity. Anthony Noto Global Winners By Sector Financial Institutions: UBS In 2024, UBS showed strong net profit and high client activities. This year, UBS expects attractive capital returns to continue, accruing around 10% growth in dividends per share.

Banking

Musings on Markets

JULY 18, 2025

The first is the role that cash holdings play in a business , an extension of the dividend policy question, with an examination of why businesses often should not pay out what they have available to shareholders. In this post, I will bring together two disparate and very different topics that I have written about in the past.

Start-ups

Musings on Markets

APRIL 7, 2025

Not surprisingly, the markets opened down on Thursday and spent the next two days in that mode, with US equity indices declining almost 10% by close of trading on Friday. US equities had the biggest decline in dollar value terms, losing $5.3

Marketability

Benzinga

JUNE 10, 2024

premium over Diamond’s closing share price on June 7, 2024. Dividend Boost : Additionally, Noble’s Board of Directors has approved a 25% increase in its quarterly dividend to $0.50 The implied cash and stock consideration for Diamond shareholders is $15.52 per share, reflecting an 11.4%

Dividends

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. Return on Equity 1. Dividends and Potential Dividends (FCFE) 1. Return on Equity 2.

Dividends

Musings on Markets

JANUARY 21, 2023

In this post, I will begin by chronicling the damage done to equities during 2022, before putting the year in historical context, and then examine how developments during the year have affected expectations for the future. Actual Returns Your returns on equities come in one of two forms. Stocks: The What? at the start of that year.

Equity

Musings on Markets

JANUARY 17, 2024

Heading into 2023, US equities looked like they were heading into a sea of troubles, with inflation out of control and a recession on the horizon. Breaking equities down by sub-region, and looking across the globe, I computed the change in aggregate market capitalization, by region: While US stocks accounted for about $9.5

Risk Premium

Musings on Markets

JANUARY 31, 2024

In my last three posts, I looked at the macro (equity risk premiums, default spreads, risk free rates) and micro (company risk measures) that feed into the expected returns we demand on investments, and argued that these expected returns become hurdle rates for businesses, in the form of costs of equity and capital.

Equity

Benzinga

JULY 25, 2024

July 25, 2024 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. per basic and diluted share for the three months ended June 30, 2024, compared to net income of $32.1 per basic and diluted share, for the three months ended March 31, 2024 and $32.0 For the six months ended June 30, 2024, net income totaled $20.6

Dividends

Benzinga

SEPTEMBER 9, 2024

The acquisition is expected to close within Progress’ fiscal year, ending November 30, 2024, pending. ShareFile is expected to contribute over $240 million in annual revenue and add more than 86,000 customers to Progress. Full story available on Benzinga.com

Dividends

Reynolds Holding

JANUARY 28, 2024

Entering 2024, ongoing international instability, rapidly changing technology and the United States presidential campaign are certain to impact the corporate landscape. The ISS 2024 compensation policy updates include a roadmap for companies seeking to change an ISS say-on-pay voting recommendation. Compensation Clawbacks.

Dividends

Brian DeChesare

JANUARY 3, 2024

and far too little in equities. When the markets rallied after the initial COVID sell-off in March 2020, I put more cash into equities and real estate. And I reallocated these proceeds into crypto and equities and put in some excess cash. But my real estate investment funds were down ~10% , which hurt. I sold most of my U.S.

Marketability

Benzinga

AUGUST 13, 2024

from a strong Q1 2024 Reports record origination volume; up 28.2% from Q1 2024 and up 4.6% 13, 2024 (GLOBE NEWSWIRE) -- Element Fleet Management Corp. ("Autofleet") TORONTO, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Element Fleet Management Corp. Q1 2024 revenue benefitted from US$7.0 million and US$2.1

Dividends

Benzinga

OCTOBER 16, 2024

NASDAQ: DECA , the "SPAC")), which provides for a pre-transaction equity value of Semnur of $2.5 The closing of the Business Combination is expected to occur by the end of fourth quarter of 2024 or the first quarter of 2025. NASDAQ: DECA ) for a pre-transaction equity value of $2.5 PALO ALTO, Calif., PALO ALTO, Calif.,

Equity

Benzinga

OCTOBER 22, 2024

22, 2024 (GLOBE NEWSWIRE) -- Retail Opportunity Investments Corp. NASDAQ: ROIC ) announced today financial and operating results for the three and nine months ended September 30, 2024. per diluted share) FFO per diluted share guidance for 2024 updated ($1.03 - $1.05 Included in 2024 GAAP net income is $26.7

Dividends

Benzinga

APRIL 23, 2024

SAN DIEGO, April 23, 2024 (GLOBE NEWSWIRE) -- Retail Opportunity Investments Corp. NASDAQ: ROIC ) announced today financial and operating results for the three months ended March 31, 2024. per diluted share) FFO per diluted share guidance for 2024 reaffirmed ($1.03 - $1.09 FFO for the first quarter of 2024 was $37.9

Dividends

Benzinga

MARCH 5, 2024

dollar exchange rate on March 4, 2024. pence per share in cash along with a special dividend per share of 2.5 pence in place of a final dividend for the year ended December 31, 2023. pence per share in cash along with a special dividend per share of 2.5 As per the terms, Spirent shareholders will receive 172.5

Dividends

Benzinga

AUGUST 12, 2024

12, 2024 (GLOBE NEWSWIRE) -- Enservco Corporation (NYSE: ENSV ) ("Enservco" or the "Company"), today announced the closing of its previously-announced acquisition of Buckshot Trucking LLC ("Buckshot") (the "Buckshot Transaction"). million of stockholders' equity. million of stockholders' equity.

Equity

Global Finance

MAY 8, 2024

Last year, UOB fully integrated its acquired Indonesian and Malaysian businesses onto the bank’s platforms while the migration of the Thai and Vietnamese businesses will be completed in the first half of 2024 and 2025, respectively. Maybank’s 60 sen (about $0.13) dividend was the highest payout since the pandemic. billion; a 2.3%

Banking

Reynolds Holding

MAY 20, 2024

One of the keys of successful private equity investing is properly aligning the economic incentives and interests of the sponsor and its portfolio companies’ management teams as they evolve over time. private equity transactions, sponsors now often grant tax-advantaged profits interests to the U.S.

Equity

Benzinga

MAY 29, 2024

premium to the closing share price of Marathon Oil on May 28, 2024, and a 16.0% The acquisition deal is projected to close in the fourth quarter of 2024, subject to the approval of Marathon Oil stockholders and other customary closing conditions. The acquisition price represents a 14.7%

Enterprise Value

Global Finance

JULY 24, 2024

DBS is the first Asian bank to offer custody for five asset classes: equities, bonds, funds, securities tokens, and cryptocurrencies. The local central securities depository (CSD) in Panama is modernizing its core system for greater automation of transactions by the end of 2024. Citi is collaborating to align with the new platform.

Banking

Global Finance

JULY 24, 2024

DBS is the first Asian bank to offer custody for five asset classes: equities, bonds, funds, securities tokens, and cryptocurrencies. The local central securities depository (CSD) in Panama is modernizing its core system for greater automation of transactions by the end of 2024. Citi is collaborating to align with the new platform.

Banking

Valutico

MARCH 20, 2023

million for the financial year ending 31 December 2022, and its tangible equity is expected to be around GBP 1.4 (USD They announced a 50% dividend payout ratio projected for 2023 and 2024 as well as a return to quarterly dividends from Q1 this year. HSBC is also planning a special dividend of $0.21

Dividends

Benzinga

SEPTEMBER 3, 2024

(NASDAQ: DECA , the "SPAC")) announce the signing of an agreement and plan of merger for a proposed business combination (the "Business Combination Agreement"), which provides for a pre-transaction equity value of Semnur of $2.5 03, 2024 (GLOBE NEWSWIRE) -- Semnur Pharmaceuticals, Inc. have approved the proposed transaction.

Equity

Benzinga

DECEMBER 26, 2023

HSBC said in an exchange filing that the transaction is expected to close in the first quarter of 2024. The company is also planning to pay a special dividend of $0.21 The Canadian government has approved the acquisition. per share as a priority use of the proceeds from this sale in the. Full story available on Benzinga.com

Banking

Musings on Markets

AUGUST 19, 2024

While the writing for the book was largely done by November 2022, publishing does have a long lead time, and the book, published by Penguin Random House, will be available on August 20, 2024, at a book shop near you. If you are concerned that you are going to be hit with a sales pitch for that book, far from it!

Corporate Finance

Musings on Markets

SEPTEMBER 5, 2024

In fact, a significant portion of sell side equity research is dedicated to this activity, with revisions made to the expected earnings, as you get closer and closer to the next earnings report. on June 18, 2024, and a low of $92.06, on August 5, before ending at $125.61

Marketability

Benzinga

MAY 30, 2024

Yesterday, ConocoPhillips also disclosed that it expects to increase its ordinary base dividend per share by 34% to $0.78 starting in the fourth quarter of 2024. It targets repurchasing over $7 billion in shares in the first full year (up from over $5 billion standalone) and over $20 billion in shares in the first three years.

Enterprise Value

Benzinga

AUGUST 22, 2024

Image Source: Zacks Investment Research Robust Growth Prospects The Zacks Consensus Estimate for MarketAxess' 2024 earnings is pegged at $7.06 from the 2024 estimated figure. from the 2024 estimated figure. Northbound Estimate Revision The Zacks Consensus Estimate for 2024 earnings has been revised 0.7%

Equity

Benzinga

MARCH 28, 2024

March 28, 2024 (GLOBE NEWSWIRE) -- Capital Bancorp, Inc. ("CBNK" or "Capital") (NASDAQ: CBNK ) and Integrated Financial Holdings, Inc. ("IFH") on March 26, 2024, the implied per share purchase price, inclusive of the cash consideration, is $27.66. ROCKVILLE, Md., Based on the closing price of Capital common stock of $20.00

Dividends

Benzinga

DECEMBER 11, 2023

billion within 12 months and expect to retain its investment grade credit ratings Combined position builds upon Occidental's subsurface understanding and leading well performance, while providing operational flexibility and upside Occidental also announced its intention to increase the quarterly common stock dividend per share by $0.04

Dividends

Benzinga

JULY 22, 2024

ET HOUSTON and MIDLAND, Texas, July 22, 2024 (GLOBE NEWSWIRE) -- Archrock, Inc. Acquired assets are expected to generate approximately $136 million of third quarter 2024 annualized adjusted EBITDA, exclusive of any anticipated synergies. third quarter of 2024 annualized adjusted EBITDA. Full story available on Benzinga.com

Dividends

Chris Mercer

FEBRUARY 14, 2024

And more than a few appraisers use these stale and tired studies to guess at marketability discounts in 2024. ” The pricing and discounts of these ancient studies have nothing to do with private company valuation in 2024. The valuation date is January 31, 2024. of Integrated Theory 3.

Marketability