Andrew Stolz

FEBRUARY 7, 2022

Highlights: End markets mature, no opportunities to grow. Download the full report as a PDF. It measures of how much free cash flow the company generates annually relative to the company’s size as measured in market capitalization. Download the full report as a PDF. Sideward movement could last much longer.

Dividends 52

Dividends Net Debt EBIT Marketability 52

Musings on Markets

MARCH 19, 2022

The table below summarizes the market cap change, by region of the world: It is no surprise that Eastern Europe and Russia, which are in the eye of the hurricane, have seen the most damage to equities, but other than the Middle East, every other equity market in the world is down, with the US, EU and China shedding significant market capitalization.

Start-ups 100

Start-ups Risk Premium Equity Market Capitalization 100

Musings on Markets

JUNE 23, 2023

As the semiconductor business has acquired heft, in terms of revenues and profitability, investors have priced those operating results into the market capitalization assigned to these companies. Over time, I will assume that this cost of capital will drift down towards the overall market average cost of capital of 8.85%.

Start-ups 104

Start-ups Marketability Market Capitalization Technology 104

Musings on Markets

FEBRUARY 27, 2023

In fact, at a zero percent tax rate, the optimal debt ratio, if you define it as the mix that minimizes cost of capital is zero. Book versus Market : The book debt ratio is built around using the accounting measure of equity, usually shareholder's equity, as the value of equity.

EBITDA 52

EBITDA Equity Start-ups Net Debt 52

Musings on Markets

APRIL 20, 2025

For the market, it is often built on papers (or books) that look at the historical data on what equity markets have delivered as returns over long periods, relative to what you would have made investing elsewhere.

Start-ups 136

Start-ups Price to Book Marketability Equity 136