Harvard Corporate Governance

OCTOBER 27, 2023

Osterrieder is Professor of Finance and Artificial Intelligence at the University of Twente. While companies put forth various reasons for pursuing share buybacks, it is the argument that frames them as an attractive alternative to dividends for returning capital to shareholders that generates the most contention.

Dividends 157

Dividends Finance Equity 157

Benzinga

APRIL 8, 2024

million convertible note bridge financing. Dividends on the Preferred Shares shall accrue at 10.0% Completion of the Varian asset acquisition and the bridge financing represents a potentially transformative next step for Windtree. The Company also completed a $1.5 per annum, subject to limited exceptions.

Finance 45

Finance Dividends 45

Benzinga

APRIL 26, 2023

Net Interest and Dividend Income Tax equivalent net interest income of $11.3 See SUPPLEMENTAL INFORMATION – Net Interest and Dividend Income on page 9 of this release for additional details. million, were partially offset by common stock dividends paid of $0.9 Non-Interest Income Non-interest income of $2.7

Dividends 40

Dividends Banking Equity Book Value 40

Benzinga

APRIL 28, 2023

With the success of the first quarter, the Board announced a quarterly cash dividend of $0.20 million in dividends during the first quarter of 2023. Our focus throughout the remainder of 2023 will be on continued quality growth in loans and deposits, a laser focus on expense control and a laser focus on asset quality. 31, 2023 Dec.

Dividends 40

Dividends Banking Book Value Equity 40

Musings on Markets

MARCH 8, 2023

This is the last of my data update posts for 2023, and in this one, I will focus on dividends and buybacks, perhaps the most most misunderstood and misplayed element of corporate finance. Viewed in that context, dividends as just as integral to a business, as the investing and financing decisions.

Dividends 91

Dividends Start-ups Finance Corporate Finance 91

Musings on Markets

JANUARY 11, 2024

The six classes that I prepped for in those two years ranged from banking to investments to corporate finance, and while I have never worked harder, much of what I teach today came out of those classes. In 1984, I moved on to the University of California at Berkeley, as a visiting lecturer, teaching anything that needed to be taught.

Corporate Finance 128

Corporate Finance Finance Start-ups Dividends 128

Reynolds Holding

DECEMBER 10, 2023

As a capital allocation decision, share buybacks intersect all three of the main corporate finance activities of investing, financing, and dividends [1]. The point being that although the logic for each of these rationales is distinct, the very act of doing a share buyback influences the whole of the corporate finance ecosystem.

Dividends 45

Dividends Total Shareholder Return Corporate Finance Finance 45

Benzinga

JANUARY 30, 2024

Through the Spin-Off, shareholders of the Company will receive a stock dividend of Nelson Lake shares at a ratio of 0.02 Nelson Lake Shares for every Lancaster share owned (the " Stock Dividend ") as of the record date of February 5, 2024 (the " Record Date" ).

Dividends 40

Dividends Finance 40

Valutico

AUGUST 30, 2023

Explaining Free Cash Flow: Cash flow is like the lifeblood of a business (or your personal finances). Beyond valuations, the Terminal Growth Rate is used in various areas within the realm of finance and business decision-making. The rate at which dividends can grow sustainably is linked to the Terminal Growth Rate.

Terminal Value 98

Terminal Value Dividends Weighted Average Cost of Capital Discounted Cash Flow 98

Essentials of Corporate Finance

AUGUST 10, 2022

As we showed in the text, dividends and stock repurchases affect a company and investors in much the same way. The tax may push companies toward dividends, although since the new tax wouldn't take effect until 2023, analysts are expecting large repurchases to be completed by the end of 2022.

Dividends 52

Dividends 52

Andrew Stolz

NOVEMBER 17, 2021

When I started in finance, buybacks were almost unheard of; now, companies prefer to distribute cash through buybacks. companies have distributed more money through buybacks than through dividends. This pushes companies to buy back shares rather than issue dividends. Chart from Kroen (2021).

Dividends 52

Dividends Banking Capital Structure Start-ups 52

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

Andrew Stolz

AUGUST 7, 2020

Within corporate finance, the agency problem is considered as the conflict of interest between the company’s managers and its stockholders. A secondary conflict is that managers want to re-invest profits in the business, while shareholders may prefer more dividends paid out. Definition of the Agency Problem.

Dividends 52

Dividends Corporate Finance Finance Banking 52

Andrew Stolz

AUGUST 5, 2020

Dividend per share . The growth rate of dividends . There are two ways you can calculate the cost of equity, which are the CAPM and the Dividend capitalization model. Dividend capitalization model: Cost of equity = (DPS/CMV) + GRD. The dividend capitalization model can only be used for firms that pay out dividends.

Equity 52

Equity Risk-free Rate Dividends Beta 52

Brian DeChesare

OCTOBER 26, 2022

For example, if the company claims it will generate $5 billion of Free Cash Flow and use it to repay $1 billion of Debt and issue $4 billion in Dividends, is that realistic? Might it need outside financing? One exception to these simple rules is the Dividends line, which we forecast based on the Dividend Payout Ratio (i.e.,

Dividends 72

Dividends Start-ups Finance Equity 72

Andrew Stolz

AUGUST 6, 2020

The Gordon growth model, or GGM, is used to calculate the intrinsic value of a stock from future dividends. The model only works for companies that pay out dividends, which have a constant growth rate. Dividend growth rate . What Impacts the Gordon Growth Model? The required rate of return . P = D 1 /r – g.

Dividends 52

Dividends Equity Business Valuation Finance 52

Benzinga

JUNE 14, 2023

Fully Financed Transaction, Structured to Maintain Investment Grade Ratings Gibson has fully committed bridge financing facilities totaling US$1.1 The Dividend Equivalent Payment will be made on the later of the closing date of the Transaction and the date the dividend is paid to holders of Common Shares.

Dividends 40

Dividends Equity Finance EBITDA 40

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 40

Dividends Finance Equity 40

Valutico

MARCH 20, 2023

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 to be paid in Q1 once the Canada disposal is completed as well as additional share buybacks.

Dividends 52

Dividends Banking Equity Market Capitalization 52

Benzinga

JUNE 6, 2022

A majority of the financing for the transaction is anticipated to be provided on the basis of the real estate assets of Kohl's Corporation. Other than the increased secured debt facilities of Franchise Group, none of the financing for the transaction is expected to be recourse to Franchise Group.

Dividends 40

Dividends EBITDA Finance 40

Musings on Markets

DECEMBER 21, 2022

Starting in late January 2023, I will be back in the classroom, teaching valuation and corporate finance to the MBAs and valuation to the undergraduates, and these classes will continue through May 2023. The class starts with a question of what the end game should be for a business (profitability, value, social good?)

Corporate Finance 89

Corporate Finance Finance Start-ups Marketability 89

Andrew Stolz

AUGUST 6, 2020

Absolute valuation is calculated through the discounted dividend model (DDM) method and discounted cash flow (DCF) method where you only focus on the stock and look at its dividends, cash flow, and growth. Often companies don’t pay dividends every quarter or every year hence making their payouts irregular. D0 = D1 ÷ (r – g).

Discounted Cash Flow 52

Discounted Cash Flow Dividends Price to Earnings Net Present Value 52

ThomsonReuters

OCTOBER 12, 2023

Passive income, such as interest, dividends, and rental income, does not qualify for the FEIE. It does not apply to other types of foreign income, such as rental income, dividends, interest, or capital gains, which may be subject to different tax rules and may not be eligible for the FEIE. To report foreign dividend income on your U.S.

Dividends 40

Dividends Compliance Banking Accounting Firms 40

Benzinga

JUNE 22, 2023

4 3 per Talaris share, including a cash dividend up to approximately $64. In addition, Talaris anticipates making a cash dividend of up to approximately $64.8 Tourmaline previously completed a $112 million Series A financing in 2023 that was co-led by Deep Track Capital, Cowen Healthcare Investments, and TCGX.

Dividends 40

Dividends Finance 40

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. These costs are then combined into a “weighted average” which represents the overall cost of financing a business.

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. These costs are then combined into a “weighted average” which represents the overall cost of financing a business.

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. These costs are then combined into a “weighted average” which represents the overall cost of financing a business.

Weighted Average Cost of Capital 52

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

Equilest

NOVEMBER 25, 2023

Uncover the intricacies of financial modeling, from understanding fundamental concepts like Free Cash Flow to Firm and Dividend Discount Model, to navigating advanced methodologies such as LBO and DCF. These interviews are not just a mere formality but a critical component of the hiring process in finance, investment banking, and consulting.

Discounted Cash Flow 52

Discounted Cash Flow Dividends Enterprise Value Terminal Value 52

Reynolds Holding

NOVEMBER 19, 2023

The Access‑To‑Finance Hypothesis : Private firms typically face a higher cost of capital due to factors such as lower asset liquidity, concentrated ownership, and less public disclosure. Such higher financing costs might discourage private firms from investing optimally. Finally, we test the access‑to‑finance hypothesis.

Finance 52

Finance Compliance Dividends Banking 52

Valutico

JUNE 14, 2023

Understanding Free Cash Flow: A Key Metric for Financial Analysis In the dynamic landscape of finance, it is essential to have a comprehensive understanding of a company’s financial health. Dividends and Share Repurchases : Companies with positive free cash flow can distribute value to shareholders through dividends or share buybacks.

Dividends 52

Dividends Discounted Cash Flow Finance Intangible Assets 52

Valutico

MARCH 28, 2023

As of now, UBS is offering a dividend of USD 0.55 per common stock, with a dividend yield of 2.70%. Five-year share price chart is shown below: Source: Yahoo Finance, [link] Valutico Analysis We analyzed UBS Group AG by using our Flow-to-Equity simplified approach, as well as a Trading Comparables analysis.

Banking 52

Banking Dividends Equity Marketability 52

Benzinga

OCTOBER 17, 2023

Acquisition Financing The Acquisition was partially funded by a previously closed bought deal financing whereby Peyto issued 16,916,500 subscription receipts (the " Subscription Receipts ") at a price of $11.90 Peyto has plans to begin drilling operations on the Repsol lands, immediately.

Dividends 40

Dividends Finance Banking 40

Andrew Stolz

AUGUST 4, 2020

Dividends . There are two methods of calculating expected market returns, an earnings-based or a dividend-based approach. Dividend model ? What Impacts the Equity Risk Premium? Market expected return: Stock prices are influenced by internal factors (management), economic factors, political factors, demand, and supply, etc.

Risk Premium 52

Risk Premium Equity Risk-free Rate Dividends 52

Benzinga

MAY 15, 2022

Evolution Energy Minerals Ltd (ASX:EV1) has appointed highly experienced, leading financial advisory group Auramet International to advise and secure project financing for its Chilalo Graphite Project in Tanzania. Australian Strategic Materials Ltd (ASX:ASM)'s South Korean connection is paying dividends with KCF Energy Co.

Dividends 40

Dividends Finance Equity 40

Musings on Markets

JANUARY 28, 2024

In this post, I look at risk, a central theme in finance and investing, but one that is surprisingly misunderstood and misconstrued. I do believe that, in finance, we have significant advances in understanding what risk, I also think that as a discipline, finance has missed the mark on risk, in three ways. What is risk?

Risk Premium 93

Risk Premium Beta Start-ups Equity 93

Essentials of Corporate Finance

SEPTEMBER 14, 2021

In the textbook, we discussed how buybacks have a tax advantage over dividends because it results in a lower effective tax rate for shareholders. A new law being proposed in the Senate would levy a 2 percent excise tax on all funds used for share buybacks.

Dividends 40

Dividends 40

Reynolds Holding

JUNE 15, 2022

But they have become even more so recently because of the perception that the excess funds used to finance buybacks have come from tax cuts and other sources (such as government bailouts) that were intended to stimulate reinvestment or enhance wages and benefits for workers.

Dividends 59

Dividends Equity Finance Marketability 59