Musings on Markets

JANUARY 11, 2024

In the years that I have taught these two classes, I find myself using my corporate finance framework constantly, when valuing companies, and bringing my understanding of valuation into play, when examining how companies should make investing, financing and dividend decisions.

Corporate Finance 128

Corporate Finance Finance Start-ups Dividends 128

Benzinga

DECEMBER 21, 2023

We urge you to vote "FOR" the Merger on SomaLogic's proxy card for three key reasons: 1. The Merger delivers compelling long-term upside, positions SomaLogic for leadership in the current market and reduces risk. The capital structure of the combined company is not risky. To be clear, this transaction is not a sale.

Capital Structure 40

Capital Structure Dividends Equity Marketability 40

Valutico

DECEMBER 15, 2022

Valuations using multiples is one of the three main approaches to valuing a business, sometimes referred to as the ‘market-based approach’. Comparable data is based on market prices of comparable, listed companies (a so called ‘peer group’). This valuation method reflects investor sentiment in sectors and markets. Examples: .

Precedent Transaction Analysis 52

Precedent Transaction Analysis EBITDA Comparable Company Analysis Enterprise Value 52

Valutico

DECEMBER 15, 2022

Valuations using multiples is one of the three main approaches to valuing a business, sometimes referred to as the ‘market-based approach’. Comparable data is based on market prices of comparable, listed companies (a so called ‘peer group’). This valuation method reflects investor sentiment in sectors and markets. Examples: .

Precedent Transaction Analysis 52

Precedent Transaction Analysis EBITDA Comparable Company Analysis Enterprise Value 52

Valutico

APRIL 17, 2023

Determining a company’s “Cost of Capital” is vital in corporate finance and valuation, and the Weighted Average Cost of Capital (WACC) provides a specific way of doing so. This model takes into account a variety of factors, such as risk-free rate, beta, and expected market returns. A beta of 1.0 A beta of 1.0

Weighted Average Cost of Capital 52

Weighted Average Cost of Capital Discounted Cash Flow Beta Risk-free Rate 52

Valutico

APRIL 17, 2023

Determining a company’s “Cost of Capital” is vital in corporate finance and valuation, and the Weighted Average Cost of Capital (WACC) provides a specific way of doing so. This model takes into account a variety of factors, such as risk-free rate, beta, and expected market returns. A beta of 1.0 A beta of 1.0

Weighted Average Cost of Capital 52

Weighted Average Cost of Capital Discounted Cash Flow Beta Risk-free Rate 52

Valutico

APRIL 12, 2023

Determining a company’s “Cost of Capital” is vital in corporate finance and valuation, and the Weighted Average Cost of Capital (WACC) provides a specific way of doing so. This model takes into account a variety of factors, such as risk-free rate, beta, and expected market returns. A beta of 1.0 A beta of 1.0

Weighted Average Cost of Capital 52

Weighted Average Cost of Capital Discounted Cash Flow Beta Risk-free Rate 52

Brian DeChesare

JUNE 1, 2022

Traditionally, the sector was viewed as a defensive play for investors who wanted stable dividends and no drama. But over time, trends like market liberalization, deregulation, the shift to renewables, and the ESG religion “movement” have shaken up a sleepy sector. It’s safe to say that they have encouraged more deal activity.

Banking 96

Banking Equity Book Value Capital Structure 96

Benzinga

FEBRUARY 29, 2024

million one-time special dividend payment, $59.0 Note: "NA" indicates not applicable information. "We were pleased with our performance for 2023 as we successfully navigated the uncertain macroeconomic environment and evolving labor market. Full Year 2023 Highlights 1 Revenues of $763.8 million Net Income of $37.3

EBITDA 40

EBITDA Dividends Technology Total Shareholder Return 40

Brian DeChesare

AUGUST 10, 2022

Oil & Gas Investment Banking Definition: In oil & gas investment banking, professionals advise companies that search for, produce, store, transport, refine, and market energy on raising debt and equity and completing mergers and acquisitions. Also, there are few “independent” Downstream companies in major markets like the U.S.,

Banking 88

Banking EBITDA Dividends Equity 88

Class VI Partner

JULY 28, 2021

Adjusted Net Book Value Adjusted Net Book Value is the Book Value of a business that has been adjusted to reflect the current market value of the assets and liabilities of a company. what is the value of an asset as listed on the company’s accounting records), or the fair market value of a specific asset or group of assets.

Book Value 52

Book Value Equity Enterprise Value Fair Market Value 52

Musings on Markets

OCTOBER 25, 2022

It is never pleasant to be in the midst of a market correction, but a market correction does operate as a cleanser for excesses that enter into even the most disciplined investors' playbooks in the good times. It is the rare firm that follows a residual cash policy, returning its FCFE every year as dividends and/or buybacks.

Dividends 92

Dividends EBITDA Equity Start-ups 92