Valutico

APRIL 25, 2023

We performed a detailed linear regression analysis, considering the betas and credit spread of listed companies, regressed against their ESG scores, for the universe of listed companies globally. The ESG industry is relatively nascent and thus, as a new tool, this approach is not yet a widely adopted standard across the industry.

Discounted Cash Flow 52

Discounted Cash Flow Equity Beta Alpha 52

Valutico

APRIL 25, 2023

We performed a detailed linear regression analysis, considering the betas and credit spread of listed companies, regressed against their ESG scores, for the universe of listed companies globally. The ESG industry is relatively nascent and thus, as a new tool, this approach is not yet a widely adopted standard across the industry.

Discounted Cash Flow 52

Discounted Cash Flow Equity Beta Alpha 52

Brian DeChesare

NOVEMBER 9, 2022

And if the industry is dying, ironically, the exit opportunities are even more important because you’ll need an escape route ASAP. People usually start this discussion by comparing S&T exits to investment banking exit opportunities and saying that S&T exit options are “worse.”.

Banking 74

Banking Equity Start-ups Marketability 74

Musings on Markets

FEBRUARY 27, 2023

That may reflect the concern that once a person or entity starts borrowing to fund its needs, it is easy to overuse debt, and risk its wellbeing in the process. It is for this reason that debt policy is far more likely to vary across industry groups than it is to vary within an industry group.

Equity 52

Equity EBITDA Start-ups Net Debt 52

Brian DeChesare

AUGUST 10, 2022

But before delving into the exit opportunities and the long-term outlook, let’s start with the fundamentals: Oil & Gas Investment Banking Defined. Oil & gas is highly specialized , so you have a substantial advantage if you enter interviews with industry experience or technical knowledge (e.g.,

Banking 88

Banking EBITDA Dividends Equity 88

Musings on Markets

FEBRUARY 8, 2022

In this post, I will start with a working definition of riskt that we can get some degree of agreement about, and then look at multiple measures of risk, both at the company and country level. In closing, I will talk about some of the more dangerous delusions that undercut good risk taking. What is risk?

Risk Premium 67

Risk Premium Beta Start-ups Equity 67

Brian DeChesare

JUNE 29, 2022

And similar to long/short equity hedge funds , they target undervalued and misunderstood companies and profit when the rest of the market catches up. If you can win an offer at an activist fund, you’ll arguably get some of the most interesting work in the industry.

Private Equity Firm 52

Private Equity Firm Equity Banking Start-ups 52

Musings on Markets

FEBRUARY 16, 2024

If you start enumerating every risk a business is exposed to, you will find yourself being overwhelmed by that list, and it is for that reason that I categorize risk into the groupings that I described in an earlier post on risk.

Risk Premium 74

Risk Premium Start-ups Beta Marketability 74

Musings on Markets

JANUARY 5, 2024

In pursuit of an answer to that question, I used company-specific data from Value Line, one of the earliest entrants into the investment data business, to compute an industry average.

Dividends 98

Dividends Risk Premium Equity Book Value 98

Brian DeChesare

JULY 27, 2022

Credit Hedge Fund Definition: Credit hedge funds buy and sell fixed-income securities, such as high-yield bonds, distressed bonds, structured credit, and their derivatives; they profit by setting up trades that reduce one type of credit risk while betting on mispriced securities whose prices are likely to change in the future.

Equity 52

Equity Start-ups Private Equity Firm Beta 52

Musings on Markets

NOVEMBER 1, 2023

I was planning to start this post by telling you that Tesla was back in the news, but that would be misleading, since Tesla never leaves the news. As a lead in to updating the company’s valuation, it makes sense to start with the stock price, the market’s barometer for the company's health.

Start-ups 114

Start-ups Marketability Market Capitalization Equity 114

Musings on Markets

JANUARY 6, 2023

In my last post, I talked about the ritual that I go through every year ahead of my teaching each spring, and in this one, I will start on the first of a series of posts that I make at the start of each year, where I look at data, both macro and company-level. That is not true!

Risk Premium 52

Risk Premium Dividends EBITDA Start-ups 52

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?

Equity 79

Equity Book Value Start-ups Corporate Finance 79

Brian DeChesare

MAY 24, 2023

But, as usual, I want to start with the definitions and fund types: What is an “Event-Driven Hedge Fund”? Translating that to English: “We can grow more quickly and get higher margins without CMS, so our multiples will increase, and our share price will go up.” For example, if Jacobs trades up from an 11.5x

Equity 64

Equity Start-ups EBITDA Banking 64

Brian DeChesare

DECEMBER 6, 2023

They do this by setting up entire teams (“pods”) for specific sectors, having each team learn their stocks or other securities in-depth, and then trading frequently based on catalysts and changes in investor sentiment. Beta-Neutral Portfolios: For example, if the S&P 500 goes up or down by 5%, your team’s portfolio should move by ~0%.

Start-ups 90

Start-ups Beta Marketability Comps 90

Brian DeChesare

SEPTEMBER 13, 2023

A few years later, the company’s industry declined, and it was slow to cut costs and enter new markets. Most dedicated distressed funds offer less liquidity and longer lock-up periods than other hedge funds, and they tend to hold positions for months or years with fairly concentrated portfolios.

Equity 88

Equity Banking EBITDA Start-ups 88

Brian DeChesare

JULY 19, 2023

I’ll answer both questions here, but I want to start with a few definitions: What is a Long-Only Hedge Fund? But this is extremely difficult because very few sizable companies have negative Betas – and when they do, it’s usually due to an anomaly or special situation. hiring MDs to analyze biotech companies).

Equity 52

Equity Beta Banking Start-ups 52

FE International

MARCH 14, 2018

Software development is a unique and ever-evolving industry. As the technical evolution of the industry continues to take it in a more accessible direction , and consumer demand for useful and disruptive software increases, the market is getting more lucrative for innovative, independent developers. How to Value an App. Conclusion.

Marketability 52

Marketability Start-ups EBITDA Business Valuation 52

Value Scope

SEPTEMBER 24, 2020

It started sometime last year, during the fourth quarter. The paper, entitled “From Transparency to Performance: Industry-Based Sustainability Reporting on Key Issues,” was drafted to establish standards to be used in Securities and Exchange Commission (“SEC”) filings, such as 10Q or 10K reports.

Intangible Assets 130

Intangible Assets Alpha Beta Marketability 130