Andrew Stolz

FEBRUARY 4, 2022

Download the full report as a PDF. The company started to reduce its long-term debt. In 3Q21, its net debt-to-equity ratio stood at 0.3x, compared to 0.6x Download the full report as a PDF. Highlights: Heavy gov’t spending on infrastructure drives top-line growth. Costs cuts to drive sustainably higher margins.

Start-ups 52

Start-ups Net Debt Beta Equity 52

Andrew Stolz

JANUARY 28, 2022

Download the full report as a PDF. Its net-debt to equity ratio stood at 0.9x Download the full report as a PDF. Highlights: Slowing oil consumption could result in declining revenue. Ramp-up of CAPEX necessary to ensure longevity. Attractive dividend yield could rise to 2x Japanese average. Ratios – Idemitsu Kosan.

Dividends 52

Dividends Risk-free Rate Net Debt Equity 52

Andrew Stolz

FEBRUARY 7, 2022

Download the full report as a PDF. The company has almost no long-term debt, thought is does have short term debt, leading to a negative net debt-to-equity ratio of 0.7x. Download the full report as a PDF. Highlights: End markets mature, no opportunities to grow. Sideward movement could last much longer.

Dividends 52

Dividends Net Debt EBIT Marketability 52

Andrew Stolz

JANUARY 17, 2022

Download the full report as a PDF. Net assets have fallen in 2020 after selling UD truck segment to Isuzu Motors. However, increased CAPEX for capacity expansion and battery development lead to increase in net fixed assets again. In 2020, its net-debt to equity ratio stood at 0.9x. Cash flow statement – Volvo.

Marketability 52

Marketability Dividends Net Debt Start-ups 52

Andrew Stolz

FEBRUARY 1, 2022

Download the full report as a PDF. Net fixed assets decreased as a result of its divestments. Its net-debt to equity ratio stood at 0.3x Download the full report as a PDF. Highlights: Growing US defense spending boosts core segment revenue. Strategic divestments to drive future profitability.

Technology 52

Technology Net Debt Marketability Equity 52

Andrew Stolz

JANUARY 28, 2022

Download the full report as a PDF. Gazprom is a capital-intensive business, with more than 70% of total assets being net fixed assets. Its net-debt to equity ratio stood at 0.3 Download the full report as a PDF. Highlights: Bright future of natural gas as a transition fuel. Gazprom’s revenue breakdown 2020.

Risk-free Rate 52

Risk-free Rate Net Debt Start-ups Marketability 52

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.

Equity 52

Equity EBITDA Start-ups Net Debt 52