Not exact matches
We believe that adjusted diluted net income per
share, adjusted net income, adjusted operating income, adjusted operating income margin and adjusted EBITDA are useful measures for investors to review, because they provide a consistent measure of the
underlying financial results of our ongoing
business and,
in our management's view, allow for a supplemental comparison against historical results and expectations for future performance.
The profit illusion created by Jarden's corporate strategy has driven
shares up over 230 %
in the past five years, to the point where the company's
underlying business simply can not justify the
share price.
What I am interested
in is acquiring as much ownership as I can
in a broad collection of wonderful
businesses; firms that reward me, my husband, and our family with our
share of the sales and profits from the
underlying productive enterprise.
We believe it is useful to exclude non-cash charges, such as depreciation and amortization and
share - based compensation expenses, from our Adjusted EBITDA because the amount of such expenses
in any specific period may not directly correlate to the
underlying performance of our
business operations.
If a stock price is somehow chronically low
in relation to the fundamentals of the
underlying business, buying 100 % of the outstanding
shares removes the veil, and closes the gap between price and value.
Below the 20 % ownership figure, however, only our
share of dividends paid by the
underlying business units is included
in our accounting numbers; undistributed earnings of such less - than - 20 % - owned
businesses are totally ignored.
«The appended financial statements reflect «accounting» earnings that generally include our proportionate
share of earnings from any
underlying business in which our ownership is at least 20 %.
Although both categories
share the same
underlying platform
business model, there are very basic differences
in how exchange and maker platforms function.
He learned from Ben Graham that the key to successful investing was the purchase of
shares in good
businesses when market prices were at a large discount from
underlying business values.
«The appended financial statements reflect «accounting» earnings that generally include our proportionate
share of earnings from any
underlying business in which our ownership is at least 20 %.
Below the 20 % ownership figure, however, only our
share of dividends paid by the
underlying business units is included
in our accounting numbers; undistributed earnings of such less - than - 20 % - owned
businesses are totally ignored.
Certain capital gains made by Australian companies on the disposal of their
shares in foreign companies with
underlying active
businesses, subject to conditions
Regarding deductibility — my opinion is that investing
in shares of a company (or ETF) that won't pay direct dividends, but the
underlying business will make income which will be «distributed»
in the form of capital gains makes that investment deductible.
While the
underlying operations are very diverse (i.e. railroads, utilities, carpet manufacturers, and even Dairy Queen), the
businesses tend to
share a common characteristic
in that almost all maintain leading market
share for either their industry or their geography.
This was pretty unexpected...
in fact, seeing the
shares down (23) % last year was quite the disconnect vs. the
underlying business itself, which boasted a huge turnaround
in sales & profitability.
I believe these risks can be countered with: a) a greater level of pre / post-acquisition financial disclosure (as
in i) above), allowing investors to better evaluate the
underlying intrinsic value of an acquisition, and b) paying acquisition consideration
in newly issued
shares, rather than cash — vendor / employee ownership of EIIB
shares would create far better alignment
in newly - acquired
businesses.
In short, by presenting a detailed case study of a highly specialized court that operates under government auspices, this Article argues that formal state law can outperform informal group norms by satisfying the
business needs of close - knit merchants while simultaneously contributing to the
shared values that
underlie the success of their future transactions.