Musings on Markets

FEBRUARY 12, 2025

To the extent that you have cash on your balance, you will generate interest income which adds on to net income, but interest expenses on debt will reduce income, with the net effect being positive for companies with large cash balance, relative to the debt that they owe, and negative for firms with large net debt outstanding.

Equity 74

Equity Start-ups Banking EBITDA 74

Benzinga

OCTOBER 31, 2022

Adjusted EBITDA for the Target over the last twelve months was approximately $7.8 Based on recently added assets and corresponding rental contracts, Management expects growth in Target's Adjusted EBITDA in 2023. Pro-forma the acquisition, Black Diamond will remain at the mid-point of its targeted Net Debt to trailing.

Net Debt 40

Net Debt EBITDA Marketability 40

Benzinga

AUGUST 9, 2022

per BBQ Holdings share representing total transaction value of approximately US$200 million (C$257 million) (the "Transaction"), including BBQ Holdings' net debt. multiple of BBQ Holdings' mid-point FY2022E run-rate cash EBITDA guidance of US$26.5M. and US$27.5M, respectively. The Transaction represents a 7.5x

Net Debt 40

Net Debt EBITDA Finance Marketability 40

Benzinga

NOVEMBER 7, 2024

times Adjusted EBITDA 1 of the AmerCable business for the trailing twelve-month ("TTM") period ended June 30, 2024. EBITDA, Adjusted EBITDA and Total Net Debt to Adjusted EBITDA, are non-GAAP measures. ("Nexans") (EPA: NEX) for a purchase price of US$280M, or approximately C$390M (the "Transaction").

EBITDA 45

EBITDA Marketability Net Debt Technology 45

Benzinga

JUNE 10, 2024

The company intends to use the majority of proceeds from the transaction to reinvest in its business and reduce its debt as it continues to progress toward its target of achieving a net-debt-to-adjusted-EBITDA ratio of less than 3.5

Net Debt 40

Net Debt EBITDA Technology Marketability 40

Valutico

MARCH 1, 2023

Compared with last year’s net income of GBP 10.3 (USD billion in net debt, reducing total debt to GBP 17.5 (USD The Trading Comparables analysis resulted in a valuation range of GBP 98 (USD 199) billion to GBP 137 (USD 166) billion by applying the observed trading multiples EV/EBITDA, EV/EBIT, P/E and P/B.

Discounted Cash Flow 52

Discounted Cash Flow Net Debt EBIT Equity 52

Benzinga

JULY 18, 2024

million in Net Revenue and $12.0 - $13.0 million in Adjusted EBITDA for fiscal year 2024. The Transaction values Galaxy Gaming at a total equity value of approximately $85 million, and approximately $124 million including net debt. The consideration will be financed with cash on hand.

Technology 40

Technology Net Debt EBITDA Finance 40

Musings on Markets

OCTOBER 12, 2023

On the alternative energy front, as money has flowed into these companies, there has been a surge in enterprise value (equity and net debt) and market capitalization (equity value); I report both because impact investing can also take the form of green bonds, or debt, at these companies. in the 1998-2010 time period to 5.95

Market Capitalization 109

Market Capitalization Enterprise Value Start-ups Marketability 109

Benzinga

JUNE 13, 2024

The Company expects to pay down a portion of the $490 million in total term loan debt during the balance of fiscal year 2024 and is targeting a net debt to Adjusted EBITDA ratio of around 1.25x by fiscal year-end August 2024. The incremental portion of the term loan was priced to lenders at par.

Net Debt 40

Net Debt eCommerce EBITDA Marketability 40

Valutico

SEPTEMBER 22, 2023

This method is common in industries where valuations are commonly expressed as a multiple of Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) or Earnings Before Interest and Taxes (EBIT). It indicates how much an investor is willing to pay for a company’s operating earnings (EBITDA).

Discounted Cash Flow 52

Discounted Cash Flow Intangible Assets Book Value Asset-based Approach 52

Benzinga

OCTOBER 13, 2022

Discretionary cash flow will initially be directed at strengthening the Company's financial position, with Enerflex targeting its bank-adjusted net debt to EBITDA ratio to be below 2.5 .$60 million annually. times within 12 to 18 months. CAPITAL STRUCTURE.

Capital Structure 40

Capital Structure Net Debt EBITDA Banking 40

Benzinga

JANUARY 29, 2024

Billion and Adjusted EBITDA of $1.4 billion and adjusted EBITDA of $1.4 billion and adjusted EBITDA of $1.4 billion, including approximately $800 million of net debt, and the per-share consideration represents a premium of 10.1% billion 3 , including run-rate operating synergies.

EBITDA 40

EBITDA Net Debt Enterprise Value Finance 40

Benzinga

MARCH 29, 2023

billion, including net debt. billion of revenue and $500 million of adjusted EBITDA in 2023, reflecting over 8% organic constant currency growth. Additionally, Webhelp's targeted net debt of approximately. Webhelp is expected to generate approximately $3.0 Shareholders of Webhelp will receive 14.9

Net Debt 40

Net Debt Technology Marketability EBITDA 40

Benzinga

JULY 27, 2023

For the trailing 12 months ended March 31, 2023, SPI generated pro forma revenue of approximately $703 million and adjusted EBITDA of $77 million. The Company's net debt to pro forma adjusted EBITDA is expected to be approximately 2.0 times, based on March 31, 2023, trailing twelve months pro forma results.

Net Debt 40

Net Debt EBITDA Marketability Equity 40

Benzinga

JUNE 16, 2022

billion, and the assumption of net debt of approximately $600 million, subject to required court, LifeWorks shareholder, stock exchange and regulatory approvals (the " Transaction "). (TSX: LWRK ) pursuant to which TELUS will acquire all of the issued and outstanding common shares of LifeWorks for $33.00

EBITDA 40

EBITDA Net Debt Technology Dividends 40

Benzinga

OCTOBER 27, 2022

Included in the Q3 2021 net sales are revenues of approximately $41.3 Net Income for the third quarter of 2022 was $33.6 Non-GAAP adjusted EBITDA* was $92.1 The Company ended the quarter with total gross debt of $1.06 billion and net debt* of approximately $860 million. million, or 7.2%

Gross Debt 40

Gross Debt Net Debt Debt Financing Enterprise Value 40

Benzinga

AUGUST 12, 2024

Enhancing Financial Profile: Expected to be immediately accretive to adjusted net earnings per share 3 with significant further opportunities for Adjusted EBITDA margin 3 enhancement and revenue and cost synergies. million), reflects POWER's estimated 2024 pre-IFRS 16 adjusted EBITDA 3 at a multiple of 15.2x, or 12.5x

Equity Financing 45

Equity Financing EBITDA Finance Equity 45

Erik A. Lopez

SEPTEMBER 23, 2015

Hexion focused its arguments on Huntsman’s repeated failure to achieve its forecasts as well as an increase in Huntsman’s net debt as compared to its projected decrease and the underperformance of two of Huntsman’s operating divisions. Thus, all considered, no MAE had occurred.

Net Debt 52

Net Debt EBIT Marketability Specific Risk 52

Benzinga

NOVEMBER 2, 2022

Including the Company's pro-rata share of joint venture cash and debt of $4.5 million, respectively, results in a third quarter 2022 net debt to annualized adjusted EBITDA ratio of 7.0x. million of undrawn forward equity, the net debt to annualized adjusted EBITDA ratio would be 6.0x.

Dividends 40

Dividends Equity Net Debt Finance 40

Benzinga

JUNE 14, 2023

The Transaction implies a multiple of less than 9x the projected forward Adjusted EBITDA and is immediately accretive, with DCF per share accretion in the mid-teens 4 , 5 , 6. range stated in Gibson's Financial Governing Principles 11.

Dividends 40

Dividends Equity Finance EBITDA 40

Musings on Markets

FEBRUARY 27, 2023

Cash generating capacity : Debt payments are serviced with operating cash flows, and the more operating cash flows that firms generate, as a percent of their market value, the more that they can afford to borrow. Debt to EBITDA, Interest Coverage Ratios If debt to capital is not a good measure for judging over or under leverage, what is?

Equity 52

Equity EBITDA Start-ups Net Debt 52

Musings on Markets

MARCH 19, 2022

Slicing the data based on sector yields the following: Against, there are no surprises, with energy being the only sector to post positive returns and with consumer discretionary and technology generating the most negative returns.

Start-ups 100

Start-ups Risk Premium Equity Market Capitalization 100

Benzinga

JANUARY 8, 2025

Following the transaction, Flowers’ proforma total net debt is expected to be around $1.9 billion, with a net debt-to-EBITDA ratio of 3.1x Flowers aims to uphold its balanced capital deployment strategy while maintaining its investment-grade debt rating.

Net Debt 52

Net Debt EBITDA Banking Finance 52

Benzinga

FEBRUARY 13, 2025

Adjusted EBITDA grew 15% YoY to $438 million, with the margin slightly rising to 46.1% Net debt stood at $4 billion as of December 31, 2024, with 2.5x. Adjusted EPS was $3.58, up from $3.24 but below the analyst consensus estimate of $3.94. Direct operating expenses rose to $324 million (38.6% from 46.0%.

Net Debt 52

Net Debt EBITDA 52

Musings on Markets

FEBRUARY 23, 2025

We can start with dollar value debt, with two broad measures gross debt , representing all interest-bearing debt and lease debt, and net debt, which nets cash and marketable securities from gross debt.

Equity 77

Equity EBITDA Risk Premium Gross Debt 77

Benzinga

JANUARY 14, 2025

billion of net debt. On a trailing 12-month basis through September 30, 2024, H&E generated $696 million of adjusted EBITDA on total revenues of $1,518 million, translating to an adjusted EBITDA margin of approximately 45.8%. adjusted EBITDA for the trailing 12 months ended September 30, 2024, or 5.8x

Net Debt 40

Net Debt EBITDA Net Present Value Enterprise Value 40

Benzinga

APRIL 3, 2025

net debt to adjusted EBITDA. Stantec intends to fund the acquisition through existing funds and credit facilities. Post close, the Company expects to remain within its internal range of 1.0x Founded in 1898 in Austin, Texas, Page has offices in 20 cities across the US and Mexico, including.

Net Debt 40

Net Debt EBITDA Technology Marketability 40

Musings on Markets

APRIL 20, 2025

To provide just an illustration of constrained contrarianism, I again returned to the universe of about 6,000 publicly traded US stocks on April 18, 2025, and after removing firms with market capitalizations less than $100 million (with the rationale that these companies will have more liquidity risk and transactions costs), I screened first for stocks (..)

Start-ups 136

Start-ups Price to Book Marketability Equity 136

Benzinga

DECEMBER 18, 2024

Vireo estimates proforma revenue and EBITDA of the combined company of approximately $394 million and $94 million, respectively, for calendar year 2024. The Company also announced that John Mazarakis, co-founder at Chicago Atlantic, has been appointed to the role of CEO and Co-Executive Chairman, effective immediately.

Finance 40

Finance EBITDA Equity Net Debt 40

Benzinga

MAY 13, 2025

2025) Adjusted EBITDA 1 , including the impact of IFRS 16 and anticipated run-rate synergies of 2.0 million and after adding back amortization of Acquisition-related intangibles On closing of the Acquisition, pro forma net debt / TTM Adjusted EBITDA will be ~3.3x

Dividends 40

Dividends Banking EBITDA Net Debt 40

Brian DeChesare

MARCH 19, 2025

Excluding operating leases (which Capital IQ incorrectly adds to Net Debt for U.S. LTM EBITDA multiple on ~2% projected revenue growth and ~2% projected EBITDA margins. So, theyve been able to squeeze companies such as Walgreens and effectively force down their margins by reimbursing them at less than cost.

Equity 59

Equity Private Equity Firm EBITDA Start-ups 59