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 trillion in value last week, a 9.24% decline in value from the Friday close on March 28, 2025.

Marketability 93

Marketability Risk Premium Start-ups Equity 93

Benzinga

JUNE 9, 2025

MINNEAPOLIS, June 09, 2025 (GLOBE NEWSWIRE) -- Vireo Growth Inc. The purchase price of the Deep Roots transaction represents a multiple of 4.175x 2024 "Closing EBITDA" of $30 million. The transaction is subject to clawback provisions if 2026 EBITDA is below Closing EBITDA as of December 31, 2026. Deep Roots").

EBITDA 40

EBITDA Equity Marketability 40

Brian DeChesare

JUNE 11, 2025

If you go against my advice and discuss an equity or debt deal instead, you’d have to search for documents like the S-1 for an IPO or a credit rating update issued by the credit rating agencies. billion acquisition of Alani Nu, announced in February 2025, as an example. billion in revenue and ~$160 million in EBITDA.

EBITDA 59

EBITDA Banking Start-ups Finance 59

Benzinga

AUGUST 16, 2024

The net purchase price is about 14 times the projected 2025 EBITDA, the company said on Thursday. (NASDAQ: ROP ) has agreed to acquire Transact Campus, Inc. for a net purchase price of $1.5 billion, which includes a $100 million tax benefit from the transaction.

EBITDA 59

EBITDA Technology Equity 59

Benzinga

AUGUST 12, 2024

Additionally, the combined company expects mid-teens year-over-year revenue growth in fiscal years 2025 and 2026. Through optimizing marketing spend and back office functions, the combined company expects to realize at least $15 million of annualized cost savings, most of which will be realized in fiscal year 2025. Following the.

EBITDA 52

EBITDA Marketability Equity 52

Valutico

MAY 28, 2025

Valutico | June 3 2025 Were thrilled to begin rolling out a suite of powerful new features designed to take your valuation process to the next level. Weve enhanced the standalone Cost of Capital step with updated chartsnow including visuals for the Cost of Equity premium, Spread over Risk-Free Rate, and Debt/Equity ratio, among others.

Risk-free Rate 52

Risk-free Rate EBIT Equity Enterprise Value 52

Benzinga

NOVEMBER 19, 2024

2025 EBITDA multiple. The transaction is expected to increase DT Midstream's pipeline segment to approximately 70% of Adjusted EBITDA in 2025 and will increase the backlog of organic growth projects. The pipelines have a total capacity of more than 3.7 The acquisition price represents an approximately 10.5x

EBITDA 45

EBITDA Finance Marketability Equity 45

Benzinga

MARCH 14, 2024

Turtle Beach expects combined company revenues of $390 million to $410 million in the first 12 months of ownership (second-quarter 2024 through first-quarter 2025). at the mid-point of estimated.

Enterprise Value 52

Enterprise Value EBITDA Equity 52

Benzinga

NOVEMBER 19, 2024

2025 EBITDA multiple. The transaction is expected to increase DT Midstream's pipeline segment to approximately 70% of Adjusted EBITDA in 2025 and will increase the backlog of organic growth projects. The pipelines have a total capacity of more than 3.7 The acquisition price represents an approximately 10.5x

EBITDA 40

EBITDA Finance Marketability Equity 40

Benzinga

NOVEMBER 19, 2024

The share price applied to determine the number of shares of Lesaka's common stock to be issued for the equity consideration will be based on the volume-weighted average price of Lesaka shares for the three-month period prior to the disbursal of each tranche. About Recharger ( Full story available on Benzinga.com

EBITDA 40

EBITDA Equity Technology 40

Benzinga

JANUARY 4, 2024

In addition, five RevenueZen founders received a total of a 12% roll-over equity interest from RevenueZen Delaware, and they will serve in leadership roles with RevenueZen Delaware team. in revenue and $227,000 in unaudited adjusted EBITDA. In 2023, RevenueZen had around $1.4m By switching this spend to our own companies, we.

B2B 40

B2B EBITDA Equity Marketability 40

Benzinga

SEPTEMBER 18, 2024

Bel will acquire an 80% stake upfront for $320 million in cash (subject to customary adjustments), plus up to $10 million of potential earnout payments for the 2025-2026 period, with the intent to purchase the remaining 20% by early 2027 based on future EBITDA performance. and Adjusted EBITDA margin of 32.5%

Technology 45

Technology EBITDA Marketability Enterprise Value 45

Benzinga

FEBRUARY 27, 2024

LPM Acquisition Details A-Mark has acquired 100% of the issued and outstanding equity interests of LPM from AMS for a total upfront consideration of $41.9 million in cash based on achievement of certain Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) targets for 2024, 2025 and 2026.

Equity 40

Equity EBITDA Marketability 40

Benzinga

JANUARY 24, 2023

Immediately Accretive Addition to the Hemp/Cannabis Business with Positive EBITDA 1,276 Novel Food Applications for Cannabinoid Products to Accelerate Growth in the U.K. Terms of the agreement include an up-front payment of $650,000 in cash and stock and a three-year equity earn-out based on revenue milestones.

Marketability 40

Marketability EBITDA Compliance Equity 40

Benzinga

NOVEMBER 6, 2024

Generated EBITDA of $3.1 The transaction is anticipated to close in Q1 2025. The Following is a tabular presentation of EBITDA, including a reconciliation to net income which the Company believes to be the most directly comparable US GAAP financial measure. million, compared to $14.9 million Gross profit of $8.3

EBITDA 40

EBITDA Intangible Assets Equity Treasury 40

Benzinga

JULY 22, 2024

The transaction is expected to be more than 10% accretive to earnings per share and more than 20% accretive to cash available for dividend per share in 2025, and will enable us to continue investing in our business while increasing shareholder returns and maintaining a strong balance sheet." third quarter of 2024 annualized adjusted EBITDA.

Dividends 45

Dividends EBITDA Enterprise Value Equity 45

Benzinga

DECEMBER 29, 2022

With this acquisition, Boralex's total installed capacity worldwide will increase to 2,956 MW, marking a significant step towards achieving Boralex's 2025 Strategic Plan. "Located There is no existing project debt and the existing tax equity investors will continue to monetize the remaining production tax credits.

EBITDA 52

EBITDA Marketability Equity 52

Valutico

DECEMBER 16, 2024

Check out the new features below, and stay tuned for more exciting updates in our first release of 2025 coming early in the year. EV/Sales, EV/EBITDA) and financial metrics (e.g., Sales, EBITDA, Net Income). Stay tuned for even more exciting and valuable enhancements coming in early 2025.

Normalized Earnings 52

Normalized Earnings EBITDA Equity Marketability 52

Benzinga

JULY 18, 2024

Galaxy Gaming") (OTC: GLXZ ) for a total equity value of approximately $ 85 million (the "Transaction"), payable in cash. million in Adjusted EBITDA for fiscal year 2024. The Transaction values Galaxy Gaming at a total equity value of approximately $85 million, and approximately $124 million including net debt.

Technology 40

Technology Net Debt EBITDA Finance 40

Benzinga

JUNE 16, 2023

We expect this transaction to increase our Adjusted EBITDA potential in 2025 and beyond and not impact our expectations of achieving positive Adjusted EBITDA in 2024," said Jason Park, DraftKings' Chief Financial Officer. "We We are excited about the potential synergies available by acquiring PointsBet's U.S.

EBITDA 40

EBITDA Finance Equity Technology 40

Benzinga

DECEMBER 9, 2024

EBITDA: $17M (5) / 2023 Adj. EBITDA: $20M (5) One production stage asset, two exploration stage assets As of December 31, 2023, total measured and indicated mineral resources: 1.6Moz at 3.92 3) Unaudited interim financial statements and notes of Greenstone as of and for the six months ended June 30, 2024. (4)

EBITDA 45

EBITDA Enterprise Value Equity Compliance 45

Benzinga

AUGUST 12, 2024

Enhancing Financial Profile: Expected to be immediately accretive to adjusted net earnings per share 3 with significant further opportunities for Adjusted EBITDA margin 3 enhancement and revenue and cost synergies. Preparing for the Future: Financing package includes equity raise to preserve flexibility for future growth.

Equity Financing 45

Equity Financing EBITDA Finance Equity 45

Benzinga

MARCH 2, 2023

GLAAM Investment Highlights Significant and Expanding Total Addressable Market Centered on Digital Out-of-Home (DOOH) Media Market: The global DOOH content delivery market has a current estimated value of approximately $20 billion, growing by an estimated 12% per annum between 2021 and 2025.¹

EBITDA 40

EBITDA Enterprise Value Technology Marketability 40

Benzinga

JULY 12, 2022

Capital Power will finance the transaction using cash on hand and its credit facilities and will not need to access the equity markets to finance the transaction. On the strength of the contracted cash flows from this acquisition, we are increasing our annual dividend growth guidance to 6% through 2025 from the previous 5%.

Dividends 40

Dividends Finance EBITDA Equity 40

Benzinga

FEBRUARY 6, 2024

LPM Transaction Details The letter of intent provides that A-Mark will acquire 100% of the issued and outstanding equity interests of LPM Group Limited (LPM) from AMS for total upfront consideration of $41.5 million, consisting of $37.5 million in cash, subject to certain closing adjustments, and $4.0 million of A-Mark common stock.

EBITDA 40

EBITDA Equity Marketability 40

Benzinga

AUGUST 1, 2024

Highlights: Outbrain will acquire Teads in an approximately $1 billion transaction, consisting of $725 million upfront cash and $25 million deferred cash, 35 million shares of common stock of Outbrain, and $105 million of convertible preferred equity. The initial conversion price is $10.00 per share (subject to customary adjustments).

Debt Financing 40

Debt Financing EBITDA Finance Banking 40

Benzinga

OCTOBER 22, 2024

net principal debt-to-annualized EBITDA ratio for 3Q‘24 (vs. For the third quarter of 2024, ROIC's net principal debt-to-annualized EBITDA ratio was 6.3 per share, payable on January 10, 2025 to stockholders of record on December 20, 2024. HIGHLIGHTS $32.1 million of net income attributable to common stockholders ($0.25

Dividends 40

Dividends Intangible Assets EBITDA Equity 40

FE International

APRIL 13, 2022

At the lower end of the market, individuals are still leaving their jobs to buy businesses and, at the higher end, institutional investors and private equity firms have more capital available than ever before. According to forecasts and analysis of the global SaaS industry, it is expected to grow by $100 billion during 2021-2025.

Private Equity Firm 52

Private Equity Firm Equity B2C Start-ups 52

Benzinga

NOVEMBER 2, 2022

Subsequent to the end of the third quarter 2022, the company repaid a mortgage secured by The Shops on Lane Avenue, eliminating all debt maturities until 2025. million, respectively, results in a third quarter 2022 net debt to annualized adjusted EBITDA ratio of 7.0x. NEW YORK, Nov. Our record level signed not commenced balance, 94.0%

Dividends 40

Dividends Equity Net Debt Finance 40

Benzinga

APRIL 23, 2024

net principal debt-to-annualized EBITDA ratio for 1Q‘24 (vs. For the first quarter of 2024, ROIC's net principal debt-to-annualized EBITDA ratio was 6.4 million, maturing in October 2025. HIGHLIGHTS $11.0 million of net income attributable to common stockholders ( $0.09 per diluted share) $37.9 per diluted share) 5.7%

Dividends 40

Dividends Intangible Assets Start-ups EBITDA 40

Musings on Markets

DECEMBER 2, 2020

After its recovery from COVID in 2021, gross bookings will continue to grow at a compounded annual growth rate of 25% between 2022 and 2025, and growth will drop down over the following years. Growth in Gross Bookings : In 2019, Airbnb’s gross bookings grew 29.25%, lower than the growth rate in prior years, reflecting its increasing scale.

Start-ups 52

Start-ups Marketability Equity Market Capitalization 52

Benzinga

JULY 27, 2022

million of estimated EBITDA and $81.5 million estimated equity. EBITDA multiple: 5.1x (Purchase price/ estimated EBITDA). Unlevered yield: 20% (estimated EBITDA/gross purchase price). Free cash return on equity: 21% (estimated free cash/estimated equity). million of estimated free cash in 2023.

EBITDA 40

EBITDA Equity Banking Finance 40

Musings on Markets

FEBRUARY 23, 2025

The Debt Trade off As a prelude to examining the debt and equity tradeoff, it is best to first nail down what distinguishes the two sources of capital. To me, the key distinction between debt and equity lies in the nature of the claims that its holders have on cash flows from the business.

Equity 77

Equity EBITDA Risk Premium Gross Debt 77

Benzinga

APRIL 21, 2025

The company disclosed preliminary results for the first quarter of 2025 and senior notes offering. Preliminary Results : The company projects income before taxes expected of $52 million-$59 million and adjusted EBITDA of $96 million-$ 101 million for the first quarter. million from the public offering received on April 2, 2025.

EBITDA 52

EBITDA Equity 52

Benzinga

JANUARY 14, 2025

multiple of projected 2025 EBITDA, adjusted for transaction costs, tax benefits, and anticipated cost synergies of $25 million. The transaction is subject to customary closing conditions and regulatory approvals, with the acquisition of Inspection Technologies expected to be completed by mid-2025. Synergies : The acquisition.

EBITDA 97

EBITDA Technology Equity 97

Scott Mashuda

MAY 18, 2025

Listen to the Full Presentation REAGWebinar-1 The lower middle market remains resilient, but uncertainty around tariffs and profitability is tempering earlier optimism The mergers and acquisitions landscape in 2025 presents a complex picture for business owners considering their exit strategies. EBITDA in 2022 versus 6.5x

Marketability 52

Marketability EBITDA Start-ups Equity 52

Benzinga

DECEMBER 30, 2024

("Paltalk") (NASDAQ: PALT ) will host a conference call on January 2, 2025, to discuss the anticipated January 2, 2025 closing of Paltalk's acquisition (the "Acquisition") of Newtek Technology Solutions, Inc. ("NTS"). Full story available on Benzinga.com

Technology 40

Technology EBITDA Banking Equity 40