Andrew Stolz

JANUARY 16, 2022

In Dec 2021, an activist hedge fund called for a split-off of Kohl’s e-commerce business making up around 29% of revenue. The hedge fund values the e-commerce business as a stand-alone business more than the total market cap of Kohl’s. Kohl’s share price has chronically underperformed the market. Conclusions.

Dividends 52

Dividends EBIT Marketability Business Valuation 52

Andrew Stolz

JANUARY 13, 2022

However, there is not much further room to improve, and we think that the market already acknowledged past efforts of margin expansion. 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. Avoid overly optimistic gross margin forecast.

EBIT 52

EBIT Dividends Marketability Business Valuation 52

Andrew Stolz

FEBRUARY 7, 2022

Highlights: End markets mature, no opportunities to grow. End markets mature, no opportunities to grow. ROEC’s revenue is mainly dependent on the growth of the end markets such as computers, phones, and tablets. A mature market for smartphones translates into low demand for displays and ROEC’s backlights.

Dividends 52

Dividends Net Debt EBIT Marketability 52

Andrew Stolz

JANUARY 19, 2022

In a rights offering, the company offers existing shareholders to purchase additional shares (generally at a large discount to market price). 4-5 years from now, this segment could contribute GPB100m, equaling around 15-20% of overall EBIT. Fundamentals, Valuation, Momentum, and Risk (FVMR). No underwriting fees.

Start-ups 52

Start-ups EBIT Equity Business Valuation 52

Andrew Stolz

NOVEMBER 21, 2021

Competitors like VW and GM only achieve EBIT margin between 5 and 7%. Failure to keep up with technological changes could result in loss of market share. The company targets to keep its ROE around 10% (with the help of its buyback program). Toyota is among the most consistent and most profitable car makers in the world. Conclusions.

Dividends 52

Dividends EBIT Treasury Equity 52

Andrew Stolz

JANUARY 19, 2022

Aerospace’s EBIT margin of 20.5% Key risk is intensified competition in local markets. Risk of overpaying acquisitions, impairment charges or failure to integrate the business. The primary drivers are a rebound in commercial airline industry and increase in US defense budget. vs. total company’s margin of 15.6% (5-yr avg.).

Intangible Assets 52

Intangible Assets EBIT Market Risk Technology 52

Andrew Stolz

NOVEMBER 28, 2021

Also, Tata is likely to maintain its current dominant market share of 70% in India. It will be a challenge for the company to drive its EBIT margin to the industry average of 7-9%. By 2026, Tata plans to roll out 10 electric vehicles models. This should help to bring EV contribution to 20% of total sales by the end of 2026.

Dividends 52

Dividends EBIT Equity Business Valuation 52

FE International

DECEMBER 31, 2021

From experience of over 1000 transactions , we’ve pulled together some of the best practices from our most experienced investors and snippets of knowledge from our own acquisitions to provide some guidance for new and seasoned buyers alike to answer: how do you value a website or internet business? Buying an online business?

Weighted Average Cost of Capital 52

Weighted Average Cost of Capital Business Valuation Precedent Transaction Analysis Start-ups 52