Musings on Markets

JULY 17, 2023

I am not a market prognosticator for a simple reason. I am just not good at it, and the first six months of 2023 illustrate why market timing is often the impossible dream, something that every investor aspires to be successful at, but very few succeed on a consistent basis.

Marketability 95

Marketability Risk Premium Start-ups Treasury 95

Musings on Markets

JANUARY 9, 2021

I spent the first week of 2021 in the same way that I have spent the first week of every year since 1995, collecting data on publicly traded companies and analyzing how they navigated the cross currents of the prior year, both in operating and market value terms.

Risk Premium 52

Risk Premium Market Capitalization Equity Start-ups 52

Andrew Stolz

JANUARY 12, 2022

They have 90% market share of in FCEV. This gives it a market share of 5%, compared to Tesla’s 14.6%. Book value is the value attributable to shareholders in case the company sells all its assets and repays its liabilities (also called liquidation value). Analysts are more positive about Hyundai than the market.

EBIT 52

EBIT Price to Book Book Value Liquidation Value 52

Musings on Markets

JULY 22, 2021

Zomato, an Indian online food-delivery company, was opened up to public market investors on July 14, 2021, and its market debut is being watched for clues by a number of other online ventures in India, waiting in the wings to go public.

Marketability 86

Marketability Start-ups Equity Price to Book 86

Musings on Markets

JANUARY 6, 2023

Counter made-up numbers : It remains true that people (analysts, market experts, politicians) often make assertions based upon either incomplete or flawed data, or no data at all. For instance, is it true, as some assert, that inflation was high last year because companies raised prices to increase profits? Cost of Equity 1.

Risk Premium 52

Risk Premium Dividends EBITDA Start-ups 52

IVSC

FEBRUARY 7, 2022

Jeremy Stuber is a global equity analyst at Newton Investment Management , leading on valuation and accounting issues across all sectors. Jeremy Stuber chairs the Corporate Reporting Users’ Forum (CRUF) UK and co-chairs the Capital Markets Advisory Committee (CMAC). Comment: The importance of (and challenges with) valuing intangibles.

Discounted Cash Flow 252

Discounted Cash Flow Intangible Assets Marketability Price to Book 252

Musings on Markets

MAY 24, 2021

As we approach the mid point of 2021, financial markets, for the most part, have had a good year so far. With other items, where prices can be volatile over short period, like gasoline, services often measure inflation with and without these items to reduce the effect of volatility.

Treasury 55

Treasury Start-ups Risk Premium Price to Book 55

Musings on Markets

DECEMBER 10, 2023

Key Person(s): Pricing effects It is true that markets are pricing mechanisms, not instruments for reflecting value, at least in the short term, and it should come as no surprise then that the effects of a key person are captured in pricing premiums or discounts, sometime arbitrary, and sometimes based upon data.

Key Person Discount 113

Key Person Discount Start-ups Price to Book Marketability 113

Equilest

AUGUST 6, 2023

Various Approaches to Valuation: Valuation can be approached through three main methods - market-based, asset-based, and income-based valuation. Key Financial Ratios: Ratios such as Price-Earnings Ratio (P/E), Price-to-Book Ratio (P/B), and Debt-to-Equity Ratio provide valuable insights into the company's performance and market position.

Discounted Cash Flow 40

Discounted Cash Flow Business Valuation Precedent Transaction Analysis Comparable Company Analysis 40

Musings on Markets

FEBRUARY 4, 2023

The History The Adani Group, founded by Gautam Adani, started life as a commodity trading partnership business in Gujarat, and listed on stock markets in 1994, as Adani Exports, with a large chunk of its revenues coming from its operation of a local port in Mundra, with a subsequent entry into the edible oil business.

Start-ups 100

Start-ups Market Capitalization Equity Marketability 100