Sentences with phrase «debt adjustment»

Total net proceeds from the spin - out will go towards reducing debt, but a further negative debt adjustment is clearly required.

I normally prefer to avoid companies with a ratio above 15 % — otherwise, I'll add a specific / severe debt adjustment to my intrinsic valuation.

Now, this means underlying interest coverage isn't great either — I should probably haircut my P / S valuation accordingly, with a negative debt adjustment.

Operating free cashflow margins continue to outpace operating profit — at 28.2 %, a 3.25 Price / Sales ratio still looks fair, while a substantial positive debt adjustment is clearly appropriate in light of the balance sheet strength & the ringing success to date of their Australian acquisition.

The unanimous vote by the financial review commission, which was created as part of the city's federal court - approved debt adjustment plan, enables Detroit's elected officials to enact budgets and enter into contracts without first obtaining the board's approval.

Kentz» operating margin (adjusting for average minority interest in the past year) remains around 6.3 %, so a 0.6 Price / Sales ratio still looks about right, together with a substantial debt adjustment to reflect their financial strength (they're interested in acquisitions).

That year Maine, Massachusetts and Pennsylvania outlawed debt adjustment, an industry that included «debt poolers,» the precursors to modern debt settlement firms.

Businesses advertising voluntary debt reorganization plans or «Chapter 13» relief may fail to explain that Chapter 13 debt adjustment actually is a form of bankruptcy.

And with a mere $ 18 million of net debt outstanding, we can adjust for cash (& investment property), plus an incremental debt adjustment — noting actual finance expense paid of $ 7.2 million, we could comfortably add another $ 49 million of debt, but let's haircut that by our usual 50 %.

I calculate total debt (of 5.5 B) would need to be reduced by about 39 %, to limit net interest to 15 % of Op FCF — therefore, we'll include a 2.1 B (negative) debt adjustment in our valuation, plus a 336 M adjustment for the net pension deficit.

The fact ICLR's margins max out far below 20 % (perfectly achievable for this type of business), attests to the power of Pfizer, BMS, etc.] My approach was a valuation based on averaging current & historic margins, plus a significant debt adjustment to reflect its financial strength.

On the other hand, operating free cashflows have consistently exceeded operating profit in the past few years, so I was happy to utilize a higher 3.25 P / S ratio (plus an upwards debt adjustment to reflect inherent debt capacity — perhaps to pursue other acquisitions like Sportsbet in Australia).

Finally, the negative debt adjustment required here (to adjust debt down to sustainable levels) is substantial — in fact, looking at the numbers, it's a little higher than last year.

The company's much improved financial situation also permits a positive GBP 25 mio debt adjustment (slightly greater than IFG's GBP 21 mio of net cash) to my valuation, reflecting the capacity for acquisition / consolidation opportunities.

I reckon an 11 P / E, together with a 0.5625 P / S ratio (reflecting a 6.2 % operating margin), look about right now for OGN — and we can supplement that with a flip to a positive debt adjustment.

Whether a highly regulated formal proceeding, an unregulated corporate restructuring, informal creditor workout or debt adjustment plan, MI's Banking and Insolvency members can be relied upon for their jurisdiction expertise, knowledge of local statutory or regulatory schemes, awareness of local practices and access to skilled resource.

Let's be disciplined though, and haircut our debt again to bring this ratio back down to my usual 15 % limit — this now equates to a 42 M negative debt adjustment to my P / S multiple:

This debt adjustment represents 17 % of CLX's market value.

The current cycle of globalization could end in a painful period of debt adjustment and payment imbalances across the globe, with a likely slowdown of growth in China, a possible abandonment of the euro, and the risk of increasing U.S. protectionism.

This debt adjustment represents 1 % of GOOGL's market cap.

To this, we'll add available cash of EUR 175 million, plus a debt adjustment of 409 M (which would bump interest expense up to 15 % of current operating profit — as per usual, let's conservatively haircut this debt figure by 50 %).

And noting FDP's financial strength (with net debt of just # 15 million), we can adjust for (surplus) cash & also add a debt adjustment.

I continue to value CPL on that basis, plus a positive debt adjustment to reflect their capacity for further acquisitions (and / or another share tender offer)-- it still offers some decent upside.

I'll increase their P / E to 14, but the continued Energy - led decline in their operating margin (to a likely 1.8 %) now deserves a 0.175 Price / Sales ratio (plus a small / positive debt adjustment to reflect further acquisition capacity).

A positive debt adjustment is also appropriate, considering RYA's currently sporting 10 times interest coverage & has a history of share buybacks & a special dividend in the past year.

To be conservative, let's haircut this figure by 50 % & apply as a positive debt adjustment:

With net interest expense now standing at about 15 % of operating profit, there's no need for any debt adjustment to my valuation, positive or negative.

We can obviously add (post-acquisitions) cash of 11.6 M, and the company can accommodate another 10.7 M of debt without a strain — as usual, let's haircut this debt adjustment by 50 % to be conservative:

To bring this back to my usual 15 % limit, we'd need to see a debt haircut of about 75 M — we'll add this as a negative debt adjustment to my P / S multiple, so my fair value's now:

With zero interest expense, one might also expect a debt adjustment — unfortunately, INM still has an $ 86 million pension deficit on the balance sheet, and if we consider it a debt - proxy, it effectively absorbs what would otherwise be available debt capacity:

With net finance cost just under 10 % of trading margin, an additional $ 0.7 billion debt adjustment is appropriate — which we'll haircut by 50 %, as usual.

You'll note I also included cash & debt adjustments for Origin, for similar reasons, but included no cash adjustment for Kerry & (particularly) Aryzta as their numbers & financial strength don't stack up as well.

As usual, let's cut that figure in half (to be conservative), and add it to our P / S valuation as a (positive) debt adjustment.

Since the company remains financially strong (with additional property to sell), we can still apply a (positive) debt adjustment — but it's much reduced now at just GBP 8 million, and I'll haircut it by 50 % as usual.

Could I ask regarding your debt adjustments — I haven't seen you make mention of operating leases as debt.

I calculate 385 M of debt would put net interest expense around 15 % of operating profit — let's count just 50 % of that debt, plus 100 % of available net cash, and include it as a (positive) cash / debt adjustment to my P / S valuation.

Also note, when I adjust for surplus cash, I'm usually adjusting for additional debt capacity too — but I generally haircut this figure by 50 %, so that will provide some reasonable wiggle room on my cash / debt adjustments.

And with actual interest paid amounting to just 8.3 % of operating profit, debt could increase an additional $ 101 million (again, at a 5 % rate) & still leave interest coverage at a manageable 6.7 times (i.e. 15 % of operating profit)-- as usual, to be prudent, we'll haircut this debt adjustment by 50 %.

However, Tullow's generating 2.0 B of cash from operations, so it has ample flexibility to deal with its debt / debt servicing — no (negative) debt adjustment's required here.